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Puerto Rico 2017 Report

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Puerto Rico 2017 Report LIBERTY CABLEVISION OF PUERTO RICO LLC Consolidated Financial Statements December 31, 2017 LIBERTY CABLEVISION OF PUERTO RICO LLC 279 Ponce de Leon Ave. San Juan, Puerto Rico 00918-1485 LIBERTY CABLEVISION OF PUERTO RICO LLC CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2017 TABLE OF CONTENTS Page Number CONSOLIDATED FINANCIAL STATEMENTS Independent Auditors’ Report................................................................................................................................. 1 Consolidated Balance Sheets as of December 31, 2017 and 2016......................................................................... 2 Consolidated Statements of Operations for the Years Ended December 31, 2017, 2016 and 2015....................... 3 Consolidated Statements of Changes in Members’ Capital for the Years Ended December 31, 2017, 2016 and 4 2015..................................................................................................................................................................... Consolidated Statements of Cash Flows for the Years Ended December 31, 2017, 2016 and 2015...................... 5 Notes to Consolidated Financial Statements .......................................................................................................... 6 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF 26 OPERATIONS........................................................................................................................................................... Independent Auditors’ Report The Board of Directors Liberty Cablevision of Puerto Rico LLC We have audited the accompanying consolidated financial statements of Liberty Cablevision of Puerto Rico LLC and its subsidiary, which comprise the consolidated balance sheets as of December 31, 2017 and 2016, and the related consolidated statements of operations, changes in members’ capital, and cash flows for each of the years in the three-year period ended December 31, 2017, and the related notes to the consolidated financial statements. Management’s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Liberty Cablevision of Puerto Rico LLC and its subsidiary as of December 31, 2017 and 2016, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2017, in accordance with U.S. generally accepted accounting principles. /s/ KPMG LLP Denver, Colorado March 21, 2018 1 LIBERTY CABLEVISION OF PUERTO RICO LLC CONSOLIDATED BALANCE SHEETS December 31, 2017 2016 in millions ASSETS Current assets: Cash and cash equivalents ............................................................................................................... $ 41.0 $ 78.5 Trade receivables and unbilled revenue, net.................................................................................... 10.5 16.4 Prepaid expenses.............................................................................................................................. 5.9 5.1 Other current assets.......................................................................................................................... 7.3 2.9 Total current assets ........................................................................................................................ 64.7 102.9 Property and equipment, net............................................................................................................... 400.8 391.4 Goodwill............................................................................................................................................. 277.7 277.7 Cable television franchise rights ........................................................................................................ 540.0 584.1 Customer relationships, net................................................................................................................ 86.7 102.4 Other assets, net.................................................................................................................................. 4.0 8.0 Total assets .................................................................................................................................. $ 1,373.9 $ 1,466.5 LIABILITIES AND MEMBERS’ CAPITAL Current liabilities: Accounts payable............................................................................................................................. $ 18.1 $ 17.9 Deferred revenue and advance payments from subscribers............................................................. 10.3 12.3 Accrued capital expenditures........................................................................................................... 61.8 19.7 Third-party accrued interest............................................................................................................. 10.9 10.6 Derivative instruments..................................................................................................................... 4.3 8.9 Current portion of third-party debt and capital lease obligations .................................................... — 0.2 Other accrued and current liabilities................................................................................................ 11.9 22.2 Total current liabilities................................................................................................................... 117.3 91.8 Long-term debt and capital lease obligations: Third-party ....................................................................................................................................... 971.2 927.2 Related-party.................................................................................................................................... 25.0 — Other long-term liabilities .................................................................................................................. 4.7 10.2 Total liabilities............................................................................................................................... 1,118.2 1,029.2 Commitments and contingencies Members’ capital: Members’ capital.............................................................................................................................. 311.4 505.3 Cayman Holding Receivable ........................................................................................................... (55.7) (68.0) Members’ capital after deducting loan receivable from member.................................................. 255.7 437.3 Total liabilities and members’ capital.......................................................................................... $ 1,373.9 $ 1,466.5 The accompanying notes are an integral part of these consolidated financial statements. 2 LIBERTY CABLEVISION OF PUERTO RICO LLC CONSOLIDATED STATEMENTS OF OPERATIONS Year ended December 31, 2017 2016 2015 in millions Revenue...................................................................................................................... $ 320.5 $ 420.8 $ 379.2 Operating costs and expenses (exclusive of depreciation and amortization, shown separately below): Programming and other direct costs of services ...................................................... 82.2 113.3 110.3 Other operating ........................................................................................................ 57.2 58.3 55.3 Selling,
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