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Item 5. Market for Registrant’s Common Equity

2022-02-23 compared with 2021-03-01 · 37 added, 51 removed, 42 unchanged (68% of the section changed)

MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

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.

See the Glossary of defined terms at the beginning of this Annual Report on Form 10-K.

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.

2 unchanged sentences

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.

Our Class B common shares are eligible to be traded on the OTC 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.

1 unchanged sentence

Year ended December 31, 2021

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

First quarter (a) $ 17.00 $ 17.00

Second quarter (a) $ 17.00 $ 17.00

Third quarter $ 10.25 $ 10.25

Fourth quarter $ 10.80 $ 10.30

Year ended December 31, 2020

3 unchanged sentences

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.

(a) During the first two quarters of 2021, no trades occurred.

As such, the high and low prices shown for these periods relate to the last actual trade, which was during the second quarter of 2020.

(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 such, the high and low prices shown for these periods relate to the second quarter of 2020.

As of January 31, 2022, we had the following number of holders of record of our common stock:

12 unchanged sentences

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 ).

On March 17, 2020, we announced that our Directors authorized the 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 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.

On February 22, 2022, our Directors approved a new Share Repurchase Program.

The new program authorizes us to repurchase from time to time up to an additional $200 million of our Class A common shares and/or Class C common shares through December 2024.

The following table sets forth information concerning our company’s purchase of its own equity securities during the three months ended December 31, 2021:

Period Total number of shares purchased Average price

paid per share (a) Total number of

shares purchased as part of publicly

announced plans

or programs Approximate

dollar value of

shares that may

yet be purchased

under the plans or programs

October 1, 2021 through October 31, 2021:

Class A 676,100 $ 12.58 676,100 (b)

Class C — $ — —

November 1, 2021 through November 30, 2021:

Class A 718,800 $ 12.65 718,800 (b)

Class C — $ — —

December 1, 2021 through December 31, 2021:

Class A 786,700 $ 11.62 786,700 (b)

Class C 699,800 $ 11.16 699,800

Total — October 1, 2021 through December 31, 2021:

Class A 2,181,600 $ 12.26 2,181,600 (b)

Class C 699,800 $ 11.16 699,800

(a) Average price paid per share includes direct acquisition costs.

(b) At December 31, 2021, the remaining amount authorized for repurchases of Liberty Latin America Shares was $26 million.

Stock Performance Graph

1 unchanged sentence

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

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

$ 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

January 2, December 31,

2018 2018 2019 2020 2021

June 30, December 31,

Liberty Latin America Shares - Class A

6 unchanged sentences

$ 100.00 $ 95.72 $ 130.84 $ 189.61 $ 231.66

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.

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

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.

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