Liberty Latin America Ltd. 10-K

Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES General The capitalized terms used in Part II of this Annual Report on Form 10-K are defined in the consolidated financial statements and the notes thereto. In the following text, the terms “ we ,” “ our ,” “ our company ” and “ us ” may refer, as the context requires, to Liberty Latin America or collectively to Liberty Latin America and its subsidiaries. Market Information 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. 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. The following table sets forth the range of highest and lowest prices for our Class B common shares for each of the periods indicated, as reported by Bloomberg, taking into account both opening and closing prices. Over-the-counter market prices reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions. Class B High Low Year ended December 31, 2019 First quarter $ 23.80 $ 18.00 Second quarter $ 18.00 $ 18.00 Third quarter (a) $ 18.00 $ 18.00 Fourth quarter (a) $ 18.00 $ 18.00 Year ended December 31, 2020 First quarter $ 15.00 $ 15.00 Second quarter $ 17.00 $ 17.00 Third quarter (b) $ 17.00 $ 17.00 Fourth quarter (b) $ 17.00 $ 17.00 (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. Holders As of January 31, 2021, we had the following number of holders of record of our common stock: 10,905 Class A; 24 Class B; and 24,977 Class C. The foregoing does not include the number of shareholders whose shares are nominally held by banks, brokerage houses or other institutions, but include each such institution as one record holder. Dividends We have not paid any cash dividends on our shares, and we have no present intention of doing so. Any future payment of cash dividends will be determined by our board of directors in light of our earnings, financial condition and other relevant considerations . Except as noted in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and note 10 to our consolidated financial statements, there are currently no contractual restrictions on our ability to pay dividends in cash or shares. Securities Authorized for Issuance Under Equity Compensation Plans Information required by this item is incorporated by reference to our definitive proxy statement for our 2021 Annual General Meeting of Shareholders. II-1 Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities 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, 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. January 2, June 30, December 31, June 30, December 31, 2018 2019 Liberty Latin America Shares - Class A $ 100.00 $ 88.60 $ 67.10 $ 79.84 $ 89.43 Liberty Latin America Shares - Class C $ 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 $ 100.00 $ 107.75 $ 95.72 $ 116.13 $ 130.84 II-2 June 30, December 31, 2020 Liberty Latin America Shares - Class A $ 42.43 $ 51.58 Liberty Latin America Shares - Class C $ 41.52 $ 51.85 MSCI Emerging Markets NTR Index $ 89.75 $ 117.73 Nasdaq Composite TR Index $ 147.42 $ 189.61 Item 6. SELECTED FINANCIAL DATA The following tables present selected historical financial information of Liberty Latin America. The selected financial data (i) as of December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018 has been derived from our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K and (ii) as of December 31, 2018, 2017 and 2016 and for the years ended December 31, 2017 and 2016 has been derived from our audited consolidated financial statements that are not included in this Annual Report on Form 10-K. This information is only a summary and should be read in conjunction with Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and our consolidated financial statements. December 31, 2020 2019 2018 2017 2016 in millions 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 Total assets (b) $ 15,230.0 $ 14,937.5 $ 13,446.6 $ 13,616.9 $ 14,143.9 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 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. (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. II-3