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Item 5. Market for Registrant’s Common Equity

2021-03-01 compared with 2020-02-19 · 38 added, 21 removed, 55 unchanged (52% of the section changed)

4 unchanged sentences

Our outstanding share capital comprises Class A, Class B and Class C common shares.

Our Class A and Class C common shares trade on the Nasdaq Global Select Market under the symbols “LILA” and “LILAK,” respectively, and began trading effective January 2, 2018 following the consummation of the Split-Off .

Our Class A and Class C common shares trade on the Nasdaq Global Select Market under the symbols “LILA” and “LILAK,” respectively.

Our Class B common shares are eligible to be traded on the OTC Grey Markets under the symbol “LILAB,” although they do not have an established public trading market.

4 unchanged sentences

Second quarter $ 18.00 $ 18.00

Third quarter

Fourth quarter

Third quarter (a) $ 18.00 $ 18.00

Fourth quarter (a) $ 18.00 $ 18.00

Year ended December 31, 2020

3 unchanged sentences

Fourth quarter (b) $ 17.00 $ 17.00

No trades occurred during the first quarter of 2018.

The Class B common shares trade infrequently.

(a) The Class B common shares trade infrequently.

During the third and fourth quarters of 2019, no trades occurred.

As such, the high and low prices shown for this period relate to the second quarter of 2019.

(b) During the third and fourth quarters of 2020, no trades occurred.

As such, the high and low prices shown for this period relate to the second quarter of 2020.

As of January 31, 2021, we had the following number of holders of record of our common stock:

11 unchanged sentences

All information under this Item has been previously reported on our Current Reports on Form 8-K.

Issuer Purchase of Equity Securities

On March 17, 2020, we announced that our Directors authorized a share repurchase program, which authorizes us to repurchase from time to time up to $100 million of our Class A common shares and/or Class C common shares, as the case may be, over two years (the Share Repurchase Program ).

The Share Repurchase Program does not obligate us to repurchase any of our Class A or C common shares.

Under the Share Repurchase Program, we may repurchase our common shares from time to time in open market purchases at prevailing market prices, in privately negotiated transactions, in block trades, derivative transactions and/or through other legally permissible means.

There were no repurchases of our Class A or C common shares during the three months ended December 31, 2020.

At December 31, 2020, the remaining amount authorized for repurchases of Liberty Latin America Shares was $91 million.

Stock Performance Graph

The following graph compares the changes in the cumulative total shareholder return on our Liberty Latin America Class A and Class C ordinary shares from January 2, 2018 (the day the shares began trading following the Split-Off ) to December 31, 2019, to the change in the cumulative total return on the Nasdaq Emerging Telecom TR Index, the MSCI Emerging Markets NTR Index and the Nasdaq Composite TR Index (assuming reinvestment of dividends, where applicable).

The following graph compares the changes in the cumulative total shareholder return on our Liberty Latin America Class A and Class C ordinary shares from January 2, 2018 (the day the shares began trading following the Split-Off) to December 31, 2020, to the change in the cumulative total return on the MSCI Emerging Markets NTR Index and the Nasdaq Composite TR Index (assuming reinvestment of dividends, where applicable).

The graph assumes that $100 was invested on January 2, 2018.

September 30,

January 2, June 30, December 31, June 30, December 31,

Liberty Latin America Shares - Class A

$ 100.00 $ 88.60 $ 67.10 $ 79.84 $ 89.43

Liberty Latin America Shares - Class C

Nasdaq Emerging Telecom TR Index

$ 100.00 $ 90.60 $ 68.12 $ 80.36 $ 90.98

MSCI Emerging Markets NTR Index

$ 100.00 $ 91.79 $ 84.00 $ 92.90 $ 99.48

Nasdaq Composite TR Index

September 30,

$ 100.00 $ 107.75 $ 95.72 $ 116.13 $ 130.84

June 30, December 31,

Liberty Latin America Shares - Class A

$ 42.43 $ 51.58

Liberty Latin America Shares - Class C

Nasdaq Emerging Telecom TR Index

$ 41.52 $ 51.85

MSCI Emerging Markets NTR Index

$ 89.75 $ 117.73

Nasdaq Composite TR Index

$ 147.42 $ 189.61

SELECTED FINANCIAL DATA

3 unchanged sentences

Management’s Discussion and Analysis of Financial Condition and Results of Operations and our consolidated financial statements.

2020 2019 2018 2017 2016

Summary Balance Sheet Data (a):

Goodwill $ 4,885.5 $ 4,906.4 $ 5,133.3 $ 5,673.6 $ 6,353.5

Property and equipment, net $ 4,911.4 $ 4,301.1 $ 4,236.9 $ 4,169.2 $ 3,860.9

1 unchanged sentence

Debt and finance lease obligations, including current portion

$ 8,357.2 $ 8,370.0 $ 6,682.1 $ 6,371.5 $ 6,047.9

Total equity $ 3,443.7 $ 870.1 $ 4,123.4 $ 4,690.6 $ 5,660.4

Year ended December 31,

2020 2019 2018 2017 2016

in millions, except per share amounts

Summary Statement of Operations Data (a):

Revenue $ 3,764.6 $ 3,867.0 $ 3,705.7 $ 3,590.0 $ 2,723.8

Operating income (loss) $ 91.7 $ 353.8 $ (23.6) $ (162.9) $ 315.3

Net earnings (loss)

Net earnings (loss) attributable to Liberty Latin America shareholders

Basic and diluted net earnings (loss) per share attributable to Liberty Latin America shareholders (c)

We acquired UTS effective March 31, 2019, Cabletica on October 1, 2018, C&W on May 16, 2016 and Choice Cable TV on June 3, 2015.

We adopted ASU 2016-02 , as defined and described in note 2 to our consolidated financial statements, on January 1, 2019 using the effective date transition method.

Net loss $ (808.9) $ (182.4) $ (635.8) $ (798.7) $ (404.0)

Net loss attributable to Liberty Latin America shareholders $ (687.2) $ (80.1) $ (345.2) $ (778.1) $ (432.3)

Basic and diluted net loss per share attributable to Liberty Latin America shareholders (c) $ (3.51) $ (0.43) $ (1.96) $ (4.46) $ (3.39)

(a) We completed the AT&T Acquisition on October 31, 2020 and acquired UTS effective March 31, 2019, Cabletica on October 1, 2018 and C&W on May 16, 2016.

(b) We adopted ASU 2016-02, as defined and described in note 2 to our consolidated financial statements, on January 1, 2019 using the effective date transition method.

The main impact of the adoption of this standard was the recognition of right-of-use assets and lease liabilities.

At December 31, 2019 , we had $151 million in right-of-use assets recorded in our consolidated balance sheet associated with contracts that qualify as operating leases under ASU 2016-02 .

Amounts are calculated based on weighted average number of shares outstanding of 181,506,875 , 173,313,575 , 171,850,041 , 125,627,811 and 43,925,871, respectively.

The 2019 and 2018 amounts represent the weighted average number of Liberty Latin America Shares outstanding during the year, respectively.

The 2017 amount represents (i) the weighted average number of LiLAC Shares outstanding during the year prior to the Split-Off and (ii) the weighted average number of Liberty Latin America Shares outstanding during the year subsequent to the Split-Off .

The 2016 amount represents the actual weighted average number of LiLAC Shares outstanding, as adjusted to reflect the total 117,430,965 Class A and Class C LiLAC Shares issued to holders of Class A and Class C Liberty Global Shares pursuant to the LiLAC Distribution as if such distribution was completed on the May 16, 2016 date of the C&W Acquisition .

The 2015 amount represents the actual weighted average number of LiLAC Shares outstanding for the period from July 1, 2015 through December 31, 2015, as adjusted to reflect the LiLAC Transaction as if such transaction was completed on January 1, 2015.

(c) Amounts are calculated based on weighted average number of shares outstanding of 195,535,301 , 184,369,078, 176,001,049, 174,490,845 and 127,542,735, respectively.

The 2020, 2019 and 2018 amounts represent the weighted average number of Liberty Latin America common shares outstanding during the year, respectively.

The 2017 amount represents (i) the weighted average number of LiLAC Shares outstanding during the year prior to the Split-Off and (ii) the weighted average number of Liberty Latin America common shares outstanding during the year subsequent to the Split-Off.

The 2016 amount represents the actual weighted average number of LiLAC Shares outstanding, as adjusted to reflect the total 119,210,601 Class A and Class C LiLAC Shares issued to holders of Class A and Class C Liberty Global ordinary shares in recognition of the Liberty Global ordinary shares that were issued to acquire C&W as if such distribution was completed on the May 16, 2016 date of the C&W Acquisition.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity