What changed in this filing

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Item 9A. Controls and Procedures

2023-02-22 compared with 2022-02-23 · 574 added, 846 removed, 1754 unchanged (45% of the section changed)

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Our management, with the participation of the Executives and Board of Directors, assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2022, using the criteria in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Our evaluation of internal control over financial reporting did not include the internal control over financial reporting of the Telefónica Costa Rica Acquisition and the Broadband VI, LLC Acquisition , which were acquired in 2021.

The amount of total assets and revenue included in our consolidated financial statements as of and for the year ended December 31, 2021 that is attributable to the Telefónica Costa Rica Acquisition and the Broadband VI, LLC Acquisition was $807 million and $112 million, respectively.

Our evaluation of internal control over financial reporting did not include the internal control over financial reporting of the Claro Panama Acquisition, which was acquired in 2022.

The amount of total assets and revenue included in our consolidated financial statements as of and for the year ended December 31, 2022 that is attributable to the Claro Panama Acquisition was $374 million and $70 million, respectively.

In our Annual Report on Form 10-K for our fiscal year ended December 31, 2018, management identified the following material weaknesses in internal control over financial reporting, which continue to exist as of December 31, 2022:

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We believe that these actions and the improvements we expect to achieve, when fully implemented, will strengthen our internal control over financial reporting and remediate the remaining material weaknesses.

Remediation of Material Weaknesses

Based on the remediation actions we completed and our testing of the control improvements implemented as of December 31, 2021, we believe the following material weaknesses disclosed as of December 31, 2020 no longer exist:

• The company did not provide sufficient training related to internal control over financial reporting and the design and implementation of information technology solutions.

• The Company did not have an effective risk assessment process that successfully identified and assessed risks of misstatement to ensure controls were designed and implemented to respond to those risks.

The Company did not adequately communicate the changes necessary in financial reporting and related internal controls throughout its organization and to affected third parties.

• The Company did not have an effective monitoring process to assess the consistent operation of internal control over financial reporting and to remediate known control deficiencies.

Throughout fiscal year 2021, we implemented the following measures which resulted in the remediation of these material weaknesses during the year ended December 31, 2021:

• Enhanced our training programs related to internal controls over financial reporting and the design and implementation of information technology solutions and held trainings to reinforce control concepts and responsibilities for control performers.

• Hired third-party resources to assist in training and coaching existing personnel regarding control design and execution, designing and implementing new controls, and monitoring the execution of internal controls over financial reporting.

• Enhanced our risk assessment process to include continuous activities to identify and assess risks of material misstatement to ensure that internal controls over financial reporting were designed and implemented or will be implemented to mitigate those risks.

• Designed and implemented a process to ensure that changes in financial reporting and related internal controls are identified and communicated throughout the Company and to affected third parties.

• Designed and implemented monitoring processes to ensure the consistent operation of internal control over financial reporting and to remediate known control deficiencies.

• Created and published policies and procedures through which general information technology controls can be deployed across the organization.

We are committed to making further progress in our remediation efforts during 2023;

however, if our remedial measures are insufficient to address the material weaknesses, or if one or more additional material weaknesses in our internal controls over financial reporting are discovered, we may be required to take additional remedial measures from our plan as disclosed above.

however, if our remedial measures are insufficient to address the material weaknesses, or if one or more additional material weaknesses in our internal controls

over financial reporting are discovered, we may be required to take additional remedial measures from our plan as disclosed above.

Changes in Internal Control over Financial Reporting

Except as listed below, there have been no changes in our internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during our fourth quarter of 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

During our fourth quarter, changes in our internal control over financial reporting include that we:

• designed and implemented a process to ensure that changes in financial reporting and related internal controls are identified and communicated throughout the Company and to affected third parties,

• designed and implemented monitoring processes to ensure the consistent operation of internal control over financial reporting and to remediate known control deficiencies,

• designed and implemented additional manual procedures and controls to enhance our internal control process through a combination of preventative and detective controls,

• hired additional accounting, finance, and technology and information resources to design, implement, and perform internal controls over financial reporting,

• hired third-party resources to assist in training and coaching existing personnel regarding control design and execution, designing and implementing new controls, and monitoring the execution of internal controls over financial reporting,

• hired additional technology and information compliance staff to design, implement, and monitor the execution of general IT controls, including the system development lifecycle process,

• enhanced our risk assessment process to include activities to identify and assess risks of material misstatement to ensure that internal controls over financial reporting were designed to mitigate those risks and certain controls were designed or enhanced and implemented to mitigate the assessed risks,

• created and published policies and procedures through which general information technology controls can be deployed across the organization;

• created templates and control guidance to facilitate compliance with control activities and held trainings to reinforce control concepts and responsibilities for control performers.

During the quarter, we made the following changes in our internal control over financial reporting:

• additional manual procedures and controls were designed and implemented to enhance our internal control process through a combination of preventative and detective controls,

• key information technology resources were hired to design, implement, and monitor the execution of general IT controls,

• the central enterprise resource planning software was implemented for another one of our segments to standardize and enhance the related processes and controls,

• the system development lifecycle process was executed for the central enterprise resource planning software implementation,

• general IT controls for the implemented central enterprise resource planning software were executed;

• trainings were held to reinforce control concepts and responsibilities for control performers.

OTHER INFORMATION

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In our opinion, because of the effect of the material weaknesses, described below, on the achievement of the objectives of the control criteria, the Company has not maintained effective internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2021 and 2020, the related consolidated statements of operations, comprehensive loss, equity, and cash flows for each of the years in the three-year period ended December 31, 2021, and the related notes (collectively, the consolidated financial statements), and our report dated February 23, 2022 expressed an unqualified opinion on those consolidated financial statements.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2022 and 2021, the related consolidated statements of operations, comprehensive loss, equity, and cash flows for each of the years in the three-year period ended, and the related notes (collectively, the consolidated financial statements), and our report dated February 22, 2023 expressed an unqualified opinion on those consolidated financial statements.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.

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The material weaknesses were considered in determining the nature, timing, and extent of audit tests applied in our audit of the 2022 consolidated financial statements, and this report does not affect our report on those consolidated financial statements.

The Company acquired Telefónica de Costa Rica TC, S.A.

and Broadband VI, LLC during 2021, and management excluded from its assessment of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2021, Telefónica de Costa Rica TC, S.A.

and Broadband VI, LLC’s internal control over financial reporting associated with total assets of $807 million and total revenues of $112 million included in the consolidated financial statements of the Company as of and for the year ended December 31, 2021.

Our audit of internal control over financial reporting of the Company also excluded an evaluation of the internal control over financial reporting of Telefónica de Costa Rica TC, S.A.

and Broadband VI, LLC.

The Company acquired Claro Panama, S.A.

during 2022, and management excluded from its assessment of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2022, Claro Panama, S.A.’s internal control over financial reporting associated with total assets of $374M and total revenues of $70M included in the consolidated financial statements of the Company as of and for the year ended December 31, 2022.

Our audit of internal control over financial reporting of the Company also excluded an evaluation of the internal control over financial reporting of Claro Panama, S.A..

Basis for Opinion

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Assessment of impairment of goodwill for certain reporting units

As discussed in Note 6 and 8 to the consolidated financial statements, the Company tests for impairment of goodwill at least annually and whenever facts and circumstances indicate that the carrying value of a reporting unit might exceed its fair value.

As discussed in Notes 6 and 7 to the consolidated financial statements, the Company tests for impairment of goodwill at least annually and whenever facts and circumstances indicate that the carrying value of a reporting unit might exceed its fair value.

The fair value of each reporting unit was measured using an income approach, utilizing a discounted cash flow.

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Depending on the reporting unit, the key assumptions were projected revenues, projected direct costs, projected operating expenses, projected capital expenditures, discount rates and terminal growth rates.

For these reporting units, certain valuations were sensitive to minor changes in these inputs which could have a significant impact on the estimated fair value.

For these reporting units, certain valuations

were sensitive to minor changes in these inputs which could have a significant impact on the estimated fair value.

Additionally, the audit effort associated with this estimate required specialized skills and knowledge.

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evaluating the terminal growth rates used in the valuations by comparing them to publicly available market data, and comparing the implied market multiples from the Company’s fair value estimates using the income approach to the observed range of market multiples derived from comparable companies.

Valuation of spectrum intangible assets of the AT&T Acquired Entities

As discussed in Notes 4 and 6 to the consolidated financial statements, the Company acquired the wireless and wireline operations of AT&T, Inc.

located in Puerto Rico and the U.S.

Virgin Islands on October 31, 2020, for consideration of $1,932 million.

The Company finalized its measurement of the assets acquired and liabilities assumed at fair value, which resulted in the recognition of $1,043 million of spectrum intangible assets.

The Company determined the fair value of spectrum intangible assets based primarily on the Greenfield method.

We identified the valuation of the spectrum intangible assets of the AT&T Acquired Entities as a critical audit matter.

Evaluation of the key assumptions, specifically, market share, projected capital expenditures and discount rate, involved a high degree of auditor judgment due to sensitivity of the valuation of these intangible assets to changes in the key assumptions.

The key assumptions were also challenging to test as they represented subjective determinations of future market and economic conditions.

Additionally, the audit effort associated with this estimate required specialized skills and knowledge.

The following are the primary procedures we performed to address this critical audit matter.

We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s determination of the estimated fair value of the acquired spectrum intangible assets, including controls over the application of the Greenfield method, and over the key assumptions, as well as the Company’s analysis of market transactions.

We performed procedures to test the market share and projected capital expenditures by comparing them with historical and industry data.

We involved valuation professionals with specialized skills and knowledge who assisted in:

• evaluating the appropriateness of the application of the Greenfield method

• evaluating the discount rate used to determine the fair value of the acquired spectrum intangible assets by comparing the Company’s inputs to the discount rate to publicly available data and assessing the resulting discount rate to the overall transaction, and

• evaluating the overall fair value of the acquired spectrum intangible assets by performing an independent valuation utilizing market transactions.

We have served as the Company’s auditor since 2016.

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Cash and cash equivalents $ 781.0 $ 956.7

Trade receivables, net of allowances of $ 80.3 million and $ 100.0 million, respectively

Trade receivables, net 603.3 526.6

Prepaid expenses 65.1 67.7

Current notes receivable, net of allowances of $ 18.9 million and $ 8.3 million, respectively

Current notes receivable, net 92.0 100.2

Current contract assets 107.3 78.2

Other current assets, net 430.2 322.5

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Property and equipment, net 4,293.6 4,168.4

Intangible assets subject to amortization, net

Intangible assets not subject to amortization

1,592.8 1,592.4

Intangible assets subject to amortization, net

Assets held for sale — 1,568.7

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Accrued payroll and employee benefits 82.1 100.5

Derivative instruments 39.1 90.2

Current operating lease liabilities 76.7 82.0

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Class A, $ 0.01 par value;

500,000,000 shares authorized;

50,127,969 and 45,482,853 shares issued and outstanding, respectively, at December 31, 2021;

49,303,401 and 49,009,585 shares issued and outstanding, respectively, at December 31, 2020

500.0 million shares authorized;

51.8 million and 42.7 million shares issued and outstanding, respectively, at December 31, 2022;

50.1 million and 45.5 million shares issued and outstanding, respectively, at December 31, 2021

Class B, $ 0.01 par value;

50,000,000 shares authorized;

1,930,907 shares issued and outstanding at December 31, 2021 and 1,932,386 shares issued and outstanding at December 31, 2020

50.0 million shares authorized;

2.1 million shares issued and outstanding at December 31, 2022 and 1.9 million shares issued and outstanding at December 31, 2021

Class C, $ 0.01 par value;

500,000,000 shares authorized;

183,643,584 and 182,270,626 shares issued and outstanding, respectively, at December 31, 2021;

181,786,924 and 181,113,766 shares issued and outstanding, respectively, at December 31, 2020

500.0 million shares authorized;

187.4 million and 171.3 million shares issued and outstanding, respectively, at December 31, 2022;

183.6 million and 182.3 million shares issued and outstanding, respectively, at December 31, 2021

Undesignated preference shares, $ 0.01 par value;

50,000,000 shares authorized;

50.0 million shares authorized;

nil shares issued and outstanding at each period

Treasury shares, at cost;

6,018,074 and 966,974 shares, respectively

25.3 million and 6.0 million shares, respectively

( 243.4 ) ( 74.0 )

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Operating income 94.1 67.3 86.7

Non-operating income (expense):

Non-operating expense:

Interest expense ( 556.7 ) ( 527.4 ) ( 533.4 )

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Foreign currency transaction gains (losses), net ( 194.3 ) ( 319.6 ) 1.2

Losses on debt modification and extinguishment, net ( 57.2 ) ( 45.1 ) ( 19.8 )

Gains (losses) on debt modification and extinguishment, net 41.1 ( 57.2 ) ( 45.1 )

Gain on disposal of the Chile JV Entities 169.4 — —

Other income (expense), net ( 28.4 ) ( 41.7 ) 5.1

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Comprehensive loss attributable to noncontrolling interests 26.8 50.9 122.5

50.9 122.5 102.6

Comprehensive loss attributable to Liberty Latin America shareholders $ ( 235.1 ) $ ( 401.9 ) $ ( 798.1 )

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interests Total equity

Common shares Additional paid-in capital Accumulated deficit Accumulated

Common shares Treasury Stock Additional paid-in capital Accumulated deficit Accumulated

comprehensive

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Balance at January 1, 2020 $ 0.5 $ — $ 1.3 $ — $ 4,569.9 $ ( 1,568.6 ) $ ( 14.8 ) $ 2,988.3 $ 870.1 $ 3,858.4

Accounting change (note 2) — — — — — ( 0.2 ) — ( 0.2 ) 0.2 —

Balance at January 1, 2020, as adjusted for accounting change 0.5 — 1.3 — 4,569.9 ( 1,568.8 ) ( 14.8 ) 2,988.1 870.3 3,858.4

Net loss — — — — — ( 687.3 ) — ( 687.3 ) ( 121.7 ) ( 809.0 )

Other comprehensive earnings — — — — — 1.5 1.5 ( 0.3 ) 1.2

Impact of the UTS Acquisition — — — — — — — 11.6 11.6

Other comprehensive loss — — — — — — ( 110.8 ) ( 110.8 ) ( 0.8 ) ( 111.6 )

Repurchase of Liberty Latin America common shares — — — ( 9.5 ) — — — ( 9.5 ) — ( 9.5 )

Issuance of Liberty Latin America common shares, net — — 0.5 — 344.6 — — 345.1 — 345.1

Distributions to noncontrolling interest owners — — — — — — — — ( 18.8 ) ( 18.8 )

Conversion Option, net — — — 77.3 — — 77.3 — 77.3

Capped Calls — — — ( 45.6 ) — — ( 45.6 ) — ( 45.6 )

UTS NCI Acquisition — — — 0.1 — — 0.1 ( 11.7 ) ( 11.6 )

Shared-based compensation — — — — 66.6 — — 66.6 — 66.6

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Balance at January 1, 2021 $ 0.5 $ — $ 1.8 $ ( 9.5 ) $ 4,982.0 $ ( 2,256.1 ) $ ( 125.6 ) $ 2,593.1 $ 729.0 $ 3,322.1

Accounting change (note 2) — — — — — ( 0.2 ) — ( 0.2 ) 0.2 —

Balance at January 1, 2020, as adjusted for accounting change 0.5 — 1.3 — 4,569.9 ( 1,555.6 ) ( 14.8 ) 3,001.3 870.3 3,871.6

Net loss — — — — — ( 437.8 ) — ( 437.8 ) ( 50.0 ) ( 487.8 )

Other comprehensive loss — — — — — — ( 110.8 ) ( 110.8 ) ( 0.8 ) ( 111.6 )

Other comprehensive earnings — — — — — — 35.9 35.9 ( 0.9 ) 35.0

Repurchase of Liberty Latin America common shares — — — ( 64.5 ) — — — ( 64.5 ) — ( 64.5 )

Issuance of Liberty Latin America common shares, net — — 0.5 — 344.6 — — 345.1 — 345.1

Distributions to noncontrolling interest owners — — — — — — — — ( 47.6 ) ( 47.6 )

Contributions to noncontrolling interest owners — — — — — — — — 46.9 46.9

Share-based compensation — — — — 93.3 — — 93.3 — 93.3

Other — — — — 0.9 — — 0.9 — 0.9

Balance at December 31, 2021 $ 0.5 $ — $ 1.8 $ ( 74.0 ) $ 5,075.3 $ ( 2,693.9 ) $ ( 89.7 ) $ 2,220.0 $ 677.4 $ 2,897.4

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Distributions to noncontrolling interest owners — — — — — — — — ( 1.9 ) ( 1.9 )

Contribution from noncontrolling interest owner — — — — — — — — 46.9 46.9

Share-based compensation — — 0.1 — 101.8 — — 101.9 — 101.9

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Depreciation and amortization 910.7 964.7 918.7

Impairment 609.2 277.7 204.8

Loss (gain) on dispositions ( 6.2 ) 6.1 7.8

Impairments and other non-cash charges 593.1 645.1 283.8

Amortization of debt financing costs, premiums and discounts, net 36.6 33.5 30.4

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Foreign currency transaction losses (gains), net 194.3 319.6 ( 1.2 )

Losses on debt modification and extinguishment, net 57.2 45.1 19.8

Impairment of an investment 41.1 — —

Losses (gains) on debt modification and extinguishment, net ( 41.1 ) 57.2 45.1

Gain on disposal of the Chile JV Entities ( 169.4 ) — —

Deferred income tax expense (benefit) ( 6.7 ) 87.8 ( 65.1 )

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Cash flows from investing activities:

Capital expenditures ( 736.3 ) ( 565.8 ) ( 589.1 )

Capital expenditures, net ( 660.1 ) ( 736.3 ) ( 565.8 )

Cash paid in connection with acquisitions, net of cash acquired ( 230.8 ) ( 520.6 ) ( 1,886.1 )

Recovery on damaged or destroyed property and equipment — — 33.9

Proceeds from dispositions 20.8 2.4 81.1

Cash outflow upon disposal of the Chile JV Entities ( 188.8 ) — —

Other investing activities, net ( 42.9 ) ( 11.7 ) 1.1

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Payments of principal amounts of debt and finance lease obligations ( 276.7 ) ( 632.5 ) ( 1,439.4 )

Repurchase of Liberty Latin America common shares ( 170.4 ) ( 63.0 ) ( 9.5 )

Net cash received (paid) related to derivative instruments 97.6 ( 43.0 ) 182.5

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Payment of financing costs and debt redemption premiums ( 7.8 ) ( 74.8 ) ( 99.0 )

Repurchase of Liberty Latin America common shares ( 63.0 ) ( 9.5 ) —

Issuance of Liberty Latin America common shares, net — — 347.0

Capped Calls — — ( 45.6 )

Cash payments for the acquisition of noncontrolling interest — ( 5.6 ) ( 5.1 )

Capital contribution from noncontrolling interest owner — 46.9 —

Other financing activities, net ( 7.6 ) ( 8.8 ) ( 10.7 )

Net cash provided by financing activities

426.6 271.1 1,539.8

Net cash provided (used) by financing activities ( 29.2 ) 426.6 271.1

Effect of exchange rate changes on cash, cash equivalents and restricted cash ( 2.3 ) ( 12.5 ) ( 4.9 )

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(ii) Liberty Communications PR;

and (iv) LBT CT Communications, S.A.

(a less than wholly-owned entity) and its subsidiaries, which include Cabletica and, as of August 9, 2021 and as further described in note 4, Telefónica Costa Rica.

(iii) LBT CT Communications, S.A.

(a less than wholly-owned entity) and its subsidiaries, which include Liberty Servicios and, as of August 9, 2021 and as further described in note 4, Liberty Telecomunicaciones;

and (iv) prior to the closing of the formation of the Chile JV, VTR.

C&W owns less than 100 % of certain of its consolidated subsidiaries, including C&W Bahamas, C&W Jamaica and CWP.

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residential and B2B services in:

over 20 countries across Latin America and the Caribbean through two of our reportable segments, C&W Caribbean and Networks, and C&W Panama;

over 20 countries across Latin America and the Caribbean through two of our reportable segments, C&W Caribbean and C&W Panama;

Puerto Rico, through our reportable segment Liberty Puerto Rico;

Chile, through our reportable segment VTR;

Costa Rica, through Cabletica and its subsidiary, Telefónica Costa Rica;

through the Networks & LatAm business of our C&W Caribbean and Networks segment, (i) B2B services in certain other countries in Latin America and the Caribbean and (ii) wholesale communication services over its subsea and terrestrial fiber optic cable networks that connect approximately 40 markets in that region.

Costa Rica, through our reportable segment Liberty Costa Rica;

Chile, through our reportable segment VTR through September 30, 2022;

through our reportable segment C&W Networks & LatAm, (i) B2B services in certain other countries in Latin America and the Caribbean, and (ii) wholesale communication services over its subsea and terrestrial fiber optic cable networks that connect approximately 40 markets in that region.

The accompanying consolidated financial statements have been prepared in accordance with U.S.

Prior to the first quarter of 2021, VTR and Cabletica were collectively one operating segment.

As a result of organizational changes during 2021, these operations became separate operating segments.

Following the Telefónica Costa Rica Acquisition on August 9, 2021, as further described in note 4, Cabletica and Telefónica Costa Rica now comprise our Costa Rica operating and reportable segment.

For additional information regarding our segments, see note 21.

Effective September 29, 2021, in connection with the pending formation of the Chile JV, as further described in note 8, we began accounting for the Chile JV Entities as “held for sale.” Accordingly, the assets and liabilities of the Chile JV Entities, excluding certain cash balances, are included in assets held for sale and liabilities associated with assets held for sale, respectively, on our December 31, 2021 consolidated balance sheet.

Consistent with the applicable guidance, we have not reflected similar reclassifications to exclude the Chile JV Entities from continuing operations in our consolidated statements of operations or cash flows and related footnote disclosures.

For additional information, see note 9.

In October 2022, we contributed the Chile JV Entities to the Chile JV and began accounting for our 50 % interest in the Chile JV as an equity method investment.

For additional information, see notes — and 8.

Correction of Immaterial Errors

During the third quarter of 2022, we identified certain errors in our previously reported consolidated financial statements, primarily related to revenue, programming and other direct costs of services, trade receivables, note receivables, and other assets.

We have completed a quantitative and qualitative evaluation of the errors and concluded that they are immaterial to the previously issued consolidated financial statements.

Notwithstanding this evaluation, we have revised (i) our December 31, 2021 consolidated balance sheet, and (ii) our consolidated statements of operations, comprehensive loss, equity and cash flows for the years ended December 31, 2021 and 2020 for these errors.

Liberty Latin America Ltd.

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December 31, 2022, 2021 and 2020

Correction of Immaterial Errors

During 2021, we identified certain errors in our previously reported consolidated financial statements, primarily related to the understatement of depreciation and amortization of long-lived assets, and to a lesser extent, asset impairments.

The errors are predominantly related to the understatement of depreciation expense associated with property and equipment that was acquired in connection with business combination transactions at Liberty Puerto Rico that closed during 2012 and 2015.

The errors did not have an impact on our revenue, key segment performance measure (Adjusted OIBDA), cash flow from operations or property and equipment additions.

We have completed a quantitative and qualitative evaluation of the errors and concluded that they are immaterial to the previously issued consolidated financial statements.

Notwithstanding this evaluation, we have revised our December 31, 2020 consolidated balance sheet and our consolidated statements of operations, comprehensive loss, equity and cash flows for the years ended December 31, 2020 and 2019 for these errors.

The tables below set forth the adjustments to the primary consolidated financial statement line items resulting from these adjustments:

In addition, we recorded an adjustment to increase our January 1, 2019 accumulated deficit by $ 82 million, which represents the cumulative correction of the immaterial errors prior to January 1, 2019.

Year ended December 31, 2021 Year ended December 31, 2020

As Previously Reported Adjustments As Adjusted As Previously Reported Adjustments As Adjusted

Revenue $ 4,799.0 $ 15.8 $ 4,814.8 $ 3,764.6 $ 17.8 $ 3,782.4

Operating income $ 81.2 $ ( 13.9 ) $ 67.3 $ 93.2 $ ( 6.5 ) $ 86.7

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Current assets $ 2,066.2 $ ( 14.3 ) $ 2,051.9

Total assets (a) $ 15,230.0 $ ( 153.7 ) $ 15,076.3

Current liabilities $ 1,705.0 $ ( 6.0 ) $ 1,699.0

Total assets $ 15,386.0 $ ( 20.3 ) $ 15,365.7

Total liabilities $ 12,472.6 $ ( 4.3 ) $ 12,468.3

Total Liberty Latin America shareholders $ 2,714.7 $ ( 103.3 ) $ 2,611.4

Total equity $ 2,913.4 $ ( 16.0 ) $ 2,897.4

(a) The adjustments to total assets includes an overstatement of property and equipment of $ 160 million primarily related to the accumulated understatement of depreciation expense following the aforementioned acquisitions in 2012 and 2015.

(2) Accounting Changes and Recent Accounting Pronouncements

Accounting Changes

In June 2016, the FASB issued ASU No.

2016-13, Financial Instruments—Credit Losses—Measurement of Credit Losses on Financial Instruments ( ASU 2016-13 ), as amended by (i) ASU No.

2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842):

Effective Dates , which amended certain effective dates,

In August 2020, the FASB issued ASU No.

2020-06, Debt—Debt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity’s Own Equity:

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ( ASU 2020-06 ), which (i) reduces the number of accounting models for convertible instruments and allows more contracts to qualify for equity classification and (ii) makes targeted improvements to convertible instruments and earnings-per-share disclosure requirements.

We adopted ASU 2020-06 effective January 1, 2022 and it did not have a material impact on our consolidated financial statements.

Recent Accounting Pronouncements

In September 2022, the FASB issued ASU No.

2022-04, Liabilities—Supplier Finance Programs ( ASU 2022-04) , which requires that a buyer in a supplier finance program disclose certain information about the program to allow financial statement users to understand the nature of the program, activity during the period and changes to the program from period to period.

The disclosure requirements include (i) the key terms of the program, including payments terms, (ii) the amount and location in the balance sheet of obligations outstanding with the finance provider or intermediary, and (iii) a rollforward of the obligations during the annual period.

With the exception of the rollforward disclosure requirements, ASU 2022-04 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years.

The rollforward information is effective for fiscal years beginning after December 15, 2023.

We are currently evaluating the impact ASU 2022-04 will have to our consolidated financial statement disclosures.

Liberty Latin America Ltd.

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December 31, 2022, 2021 and 2020

and (ii) ASU No.

2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses , which clarifies guidance around how to report expected recoveries.

ASU 2016-13 replaced the incurred loss impairment methodology for recognizing credit losses with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates.

We are required to use a forward-looking expected credit loss model for accounts receivables, loans and other financial instruments.

We adopted ASU 2016-13 effective January 1, 2020 using a modified retrospective approach through a cumulative-effect adjustment to accumulated deficit to align our credit loss methodology with the new standard.

The comparative information for 2019 was not restated and continues to be reported under the accounting standards in effect for that period.

Under the new model, we bifurcate our receivables, unbilled revenue and contract assets based on days past due and record an allowance for current expected credit losses using average rates applied against each account’s applicable aggregate balance for each aging bucket.

We establish the average rates based on consideration of the actual credit loss experience over the prior 12-month period, recent collection trends, current economic conditions and other reasonable expectations of future payment delinquency.

The cumulative effect of the changes to our consolidated consolidated statement of equity as of January 1, 2020 was not material.

In August 2018, the FASB issued ASU No.

2018-14, Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans ( ASU 2018-14 ), which removes and modifies certain existing disclosure requirements and adds new disclosure requirements related to employer sponsored defined benefit pension or other postretirement plans.We adopted ASU 2018-14 effective January 1, 2021 and it did not have a material impact on the disclosures in our consolidated financial statements.

Recent Accounting Pronouncements

ASU 2020-04 and ASU 2021-01

ASU 2020-04, ASU 2021-01 and ASU 2022-06

In March 2020, the FASB issued ASU No.

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In January 2021, the FASB issued ASU No.

2021-01, Reference Rate Reform (Topic 848) ( ASU 2021-01 ), which clarifies certain optional expedients and exceptions in ASC 848.

2021-01, Reference Rate Reform (Topic 848) ( ASU 2021-01 ), which clarifies certain optional expedients and exceptions in Topic 848.

The expedients and exceptions provided by ASU 2020-04 and ASU 2021-01 are for the application of U.S.

GAAP to contracts, hedging relationships and other transactions affected by the rate reform, and will not be available after December 31, 2022, other than for certain hedging relationships entered into before December 31, 2022.

GAAP to contracts, hedging relationships and other transactions affected by the rate reform, and was initially not intended to be available after December 31, 2022, other than for certain hedging relationships entered into before December 31, 2022.

In December 2022, the FASB issued ASU No.

2022-06, Reference Rate Reform (Topic 848):

Deferral of the Sunset Date of Topic 848 ( ASU 2022-06 ), which defers the expiration date of Topic 848 from December 31, 2022, to December 31, 2024, and permits companies to apply the guidance in Topic 848 through the expected cessation date of USD LIBOR.

We do not currently expect that the phase out of LIBOR will have a material impact on our consolidated financial statements.

In August 2020, the FASB issued ASU No.

2020-06, Debt—Debt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity’s Own Equity:

ASU 2020-06 is effective for annual reporting periods after December 15, 2021, including interim periods within those fiscal years.

ASU 2020-06 will not have a material impact on our consolidated financial statements.

(3) Summary of Significant Accounting Policies

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GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2021, 2020 and 2019

assessments, capitalization of internal costs associated with construction and installation activities, useful lives of long-lived assets and actuarial liabilities associated with certain benefit plans.

Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, expected credit losses, programming and copyright expenses, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, useful lives of long-lived assets, and actuarial liabilities associated with certain benefit plans.

Actual results could differ from those estimates.

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Intercompany accounts have been eliminated in consolidation.

Cash, Cash Equivalents and Restricted Cash

Cash and Cash Equivalents

Cash equivalents consist of money market funds and other investments that are readily convertible into cash and have maturities of three months or less at the time of acquisition.

We record money market funds at the net asset value as there are no restrictions on our ability, contractual or otherwise, to redeem our investments.

Restricted cash may consist of cash held in restricted accounts, including cash held as collateral for acquisitions, debt and other compensating balances, as applicable.

Cash that is restricted to a specific use is classified as current or long-term based on, among other things, the expected use and timing of disbursement of the restricted cash.

At December 31, 2021 and 2020, the total of our current and long-term restricted cash balances aggregated $ 8 million and $ 18 million, respectively.

Our current and long-term restricted cash balances are included in other current assets, net, and other assets, net, respectively in our consolidated balance sheets.

We have trade and notes receivables that are each reported net of an allowance for expected credit losses.

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The long-term portion of our notes receivable, net of allowances for expected credit losses, is included in other assets, net, in our consolidated balance sheets.

Concentration of credit risk with respect to trade and notes receivables is limited due to the large number of customers and their dispersion across many different countries, with the exception of $ 85 million and $ 72 million at December 31, 2021 and 2020, respectively, due from a single government.

The allowances on each of our trade and notes receivables are established using our best estimates of current expected credit losses based upon, among other things, actual credit loss experience over the prior 12-month period, recent collection trends, prevailing and anticipated economic conditions and specific customer credit risk.

Receivables outstanding greater than 30 days are considered past due and we generally write-off receivables after they become past due for 365 days, with the exception of amounts due from certain governments.

From time to time, we may sell our trade or notes receivables to third parties.

During 2022, we generated approximately $ 48 million from the sale of receivables to third parties that is reflected in cash provided by operating activities in our consolidated statement of cash flows.

Liberty Latin America Ltd.

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December 31, 2022, 2021 and 2020

The changes in our allowance for expected credit losses associated with trade receivables are set forth below:

Concentration of credit risk with respect to trade and notes receivables is limited due to the large number of customers and their dispersion across many different countries, with the exception of $ 81 million and $ 85 million at December 31, 2022 and 2021, respectively, due from a single government.

The aggregate changes in our allowance for expected credit losses and associated with trade receivables, and current and long-term note receivables are set forth below:

Year ended December 31,

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Ending balance $ 101.1 $ 112.6 $ 116.2

The changes in our allowance for expected credit losses associated with our current and long-term notes receivable are set forth below:

Year ended December 31,

Beginning balance $ 16.2 $ —

Provision for expected losses 10.8 1.3

Additions upon acquisition 5.4 14.9

Foreign currency translation adjustments and other ( 0.1 ) —

Ending balance $ 32.3 $ 16.2

From time to time, we may hold investments in (i) equity method investments;

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We apply the equity method to investments when we have the ability to exercise significant influence over the operating and financial policies of the investee.

Under the equity method, investments are originally recorded at cost and are adjusted to recognize our share of net earnings or losses of the affiliates as they occur.

Under the equity method, investments are originally recorded at cost and are adjusted to recognize our share of net earnings or losses of the affiliates as they occur with our recognition of losses generally limited to the extent of our investment in, and advances and commitments to, the investee.

Our share of the investee’s net earnings or losses is included in other income (expense), net, in our consolidated statements of operations.

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Government Gilts falls under Level 1 of the fair value hierarchy.

At December 31, 2021 and 2020, the carrying value of our investment in U.K.

Government Gilts was $ 39 million and $ 38 million, respectively, which is included in other assets, net, in our consolidated balance sheets.

At December 31, 2022 and 2021, the carrying values of our investment in U.K.

Government Gilts were $ 30 million and $ 39 million, respectively, which are included in other assets, net, in our consolidated balance sheets.

We hold an equity security for which the fair value is not readily determinable.

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Any impairment charges are recorded in other income (expense), net, in our consolidated statements of operations.

For additional information regarding our fair value measurements, see note 6.

Liberty Latin America Ltd.

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December 31, 2022, 2021 and 2020

For additional information regarding our fair value measurements, see note 6.

Financial Instruments

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Ineffective portions of changes in the fair value of cash flow hedges are recognized in realized and unrealized gains or losses on derivative instruments in our consolidated statements of operations.

With the exception of certain foreign currency forward contracts, we do not apply hedge accounting to our derivative instruments.

As of December 31, 2022, we do not apply hedge accounting to any of our derivative instruments.

The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying cash flows, as follows:

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the net cash paid or received related to principal and current interest is classified as a financing or operating activity, respectively;

• foreign currency forward contracts that are used to hedge operating expenditures:

the net cash paid or received is classified as an operating activity;

• foreign currency forward contracts that are used to hedge capital expenditures:

the net cash paid or received is reflected in capital expenditures, which are classified as an investing activity.

the net cash paid or received is reflected in capital expenditures, net, which are classified as an investing activity;

• foreign currency forward contracts that are used to hedge principal exposure on foreign currencies:

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the cash paid or received upon termination that relates to future periods is classified as a financing activity.

Weather Derivatives

Our Weather Derivatives provide us with insurance coverage for certain weather-related events and are not accounted for at fair value.

The premiums paid associated with the Weather Derivatives are recorded in other current assets, net, in our consolidated balance sheets, and the amortization of the premiums is included in realized and unrealized gains or losses on derivative instruments, net, in our consolidated statements of operations.

The cash paid associated with the premiums is classified as an operating activity in our consolidated statements of cash flows.

In the event of a payout under our Weather Derivatives, the cash received would be classified as an operating activity in our consolidated statements of cash flows.

For information regarding our derivative instruments, see note 5.

Inventories consist primarily of mobile handset devices and accessories and are valued at the lower of cost or net realizable value.

We maintain inventory valuation reserves for obsolete and slow-moving inventory based on analysis of recent historical sales activity and current retail, stand-alone selling prices.

We record sales of inventories under the average cost method.

Property and Equipment

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The capitalization of these costs is based on time sheets, time studies, standard costs, call tracking systems and other verifiable means that directly link the costs incurred with the applicable capitalizable activity.

We continuously monitor the appropriateness of our capitalization policies and update the policies when necessary to respond to changes in facts and circumstances, such as the development of new products and services and changes in the manner that installations or construction activities are performed.

Installation activities that are capitalized include (i) the initial connection

Liberty Latin America Ltd.

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December 31, 2022, 2021 and 2020

continuously monitor the appropriateness of our capitalization policies and update the policies when necessary to respond to changes in facts and circumstances, such as the development of new products and services and changes in the manner that installations or construction activities are performed.

Installation activities that are capitalized include (i) the initial connection (or drop) from our cable system to a customer location, (ii) the replacement of a drop and (iii) the installation of equipment for additional services, such as digital cable, telephone or broadband internet service.

(or drop) from our cable system to a customer location, (ii) the replacement of a drop and (iii) the installation of equipment for additional services, such as digital cable, telephone or broadband internet service.

The costs of other customer-facing activities, such as reconnecting and disconnecting customer locations and repairing or maintaining drops, are expensed as incurred.

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Spectrum licenses provide us with the exclusive right to utilize a certain radio frequency spectrum to provide wireless communications services.

While spectrum licenses are issued for only a fixed time (generally, 10 years), renewals of spectrum licenses occur routinely and at nominal cost.

Moreover, we believe there are currently no significant legal, regulatory, contractual, competitive, economic or other factors limiting the useful lives of most of our spectrum licenses, and therefore we generally treat these spectrum licenses as indefinite-lived intangible assets.

While spectrum licenses are issued for only a fixed time (generally 10 years or less), renewals of spectrum licenses occur routinely and at nominal cost.

Moreover, we believe there are currently no significant legal, regulatory, contractual, competitive, economic or other factors limiting the useful lives of most of our spectrum licenses, and therefore while spectrum licenses in certain markets are amortized over a finite period, we generally treat these spectrum licenses as indefinite-lived intangible assets.

We believe we will be able to meet all requirements necessary to secure renewal of such spectrum licenses.

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Impairment of Property and Equipment and Intangible Assets

When circumstances warrant, we review the carrying amounts of our property and equipment and our intangible assets (other than goodwill and other indefinite-lived intangible assets) to determine whether such carrying amounts continue to be

Liberty Latin America Ltd.

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December 31, 2022, 2021 and 2020

Such changes in circumstance may include (i) the impact of natural disasters, such as hurricanes, (ii) an expectation of a sale or disposal of a long-lived asset or asset group, (iii) adverse changes in market or competitive conditions, (iv) an adverse change in legal factors or business climate in the markets in which we operate and (v) operating or cash flow losses.

(iv) an adverse change in legal factors or business climate in the markets in which we operate and (v) operating or cash flow losses.

For purposes of impairment testing, long-lived assets are grouped at the lowest level for which cash flows are largely independent of other assets and liabilities, generally at or below the reporting unit level (see below).

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Assets to be disposed of are recorded at the lower of their carrying amount or fair value less costs to sell.

We evaluate goodwill and other indefinite-lived intangible assets for impairment at least annually on October 1 and whenever facts and circumstances indicate that the fair value of a reporting unit or an indefinite-lived intangible asset may be less than its carrying value.

We evaluate goodwill and other indefinite-lived intangible assets for impairment at least annually on July 1, which we changed from October 1 during 2022, and whenever facts and circumstances indicate that the fair value of a reporting unit or an indefinite-lived intangible asset may be less than its carrying value.

For impairment evaluations with respect to both goodwill and other indefinite-lived intangibles, we first make a qualitative assessment to determine if the goodwill or other indefinite-lived intangible may be impaired.

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Contract assets are reclassified to trade receivables, net, in our consolidated balance sheet at the point in time we have the unconditional right to payment.

Our aggregate contract assets were $ 142 million and $ 82 million as of December 31, 2021 and 2020, respectively.

The current and long-term portion of contract assets are included in other current assets, net, and other assets, net, respectively, in our consolidated balance sheets.

The long-term portion of contract assets are $ 107 million and $ 86 million as of December 31, 2022 and 2021, respectively, and are included in other assets, net, in our consolidated balance sheets.

Deferred Contract Costs

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The current and long-term portion of deferred contract costs are included in other current assets, net, and other assets, net, respectively, in our consolidated balance sheets.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2021, 2020 and 2019

Deferred Revenue

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Our aggregate current and long-term deferred revenue as of December 31, 2022 and 2021 was $ 261 million and $ 301 million, respectively.

The decrease in our current and long-term deferred revenue balances during 2021, primarily relates to amortization of long-term capacity contracts and the reclassification of amounts related to the Chile JV into liabilities associated with assets held for sale, which were partially offset by new contracts entered into during the year.

The decrease in our current and long-term deferred revenue balances during 2022, primarily relates to amortization of long-term capacity contracts, which were partially offset by new contracts entered into during the year.

Operating Leases

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We classify leases with a term of greater than 12 months where substantially all risks and rewards incidental to ownership are retained by the third-party lessors as operating leases.

We record a right-of-use asset and an operating lease liability at inception of the lease at the present value of the lease payments plus certain other payments, including variable lease payments and amounts probable of being owed by us under residual value guarantees.

We record a right-of-use asset and an operating lease liability at

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

inception of the lease at the present value of the lease payments plus certain other payments, including variable lease payments and amounts probable of being owed by us under residual value guarantees.

Payments made under operating leases, net of any incentives received from the lessors, are recognized to expense on a straight-line basis over the term of the lease.

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We use a credit-adjusted discount rate to measure our operating lease liabilities.

We derive the discount rates associated with each of our borrowing groups starting with a risk free rate, generally the U.S.

Treasury Bill rate.

To determine credit risk, we create an industry benchmark CDS curve from an observable high-yield debt index using comparable telecommunication companies as a proxy.

We then determine the maximum curve shift against this CDS curve derived from our own tradable debt within each borrowing group, and make adjustments to correct for the collateralized interest rate spread by comparing unsecured debt to asset-backed securities (secured debt) trades, which is based on the spread between the BB- and B+ industrial curves.

We determine the discount factor from this adjusted curve for each borrowing group.

We derive the discount rates associated with each of our borrowing groups by firstly constructing a credit curve which is based on the implied credit spread between the risk free rate (generally U.S.

dollar denominated U.S.

Treasuries) and a credit curve constructed using an index of observable U.S.

dollar denominated fixed rate corporate bonds issued by U.S.

telecommunications companies with the same rating as the respective borrowing group.

Next, we apply a linear fixed spread to this credit curve reflecting the difference between the observable price on the longest tradable debt instrument in each borrowing group and the credit curve at the maturity date of the observed debt instrument.

Lastly, we make adjustments for all tenors to correct for the collateralized interest rate spread by comparing unsecured debt to asset-backed securities (secured debt) trades, this adjustment is based on the difference between the index of observable U.S.

dollar denominated fixed rate corporate bonds issued by U.S.

telecommunications companies with the same rating as the borrowing group and a similar index for companies rated one-class higher on the rating-code scale.

The income taxes of Liberty Latin America are presented on a standalone basis, and each tax paying entity or group within Liberty Latin America is presented on a separate return basis.

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Net deferred tax assets are then reduced by a valuation allowance if we believe it is more-likely-than-not that such net deferred tax assets will not be realized.

Certain of our valuation allowances and tax uncertainties are associated with entities that we acquired in business combinations.

Certain of our valuation allowances are associated with entities that we acquired in business combinations.

The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date.

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For additional information regarding our income taxes, see note 13.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2021, 2020 and 2019

Foreign Currency Translation and Transactions

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The effect of exchange rates on cash balances held in foreign currencies are separately reported in our consolidated statements of cash flows.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

Transactions denominated in currencies other than our or our subsidiaries’ functional currencies are recorded based on exchange rates at the time such transactions arise.

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We recognize revenue from mobile services in the period the related services are provided.

Payments received from prepay customers are recorded as deferred revenue prior to the commencement of services and are recognized as revenue as the services are rendered or usage rights expire.

Payments received from prepaid customers are recorded as deferred revenue prior to the commencement of services and are recognized as revenue as the services are rendered or usage rights expire.

Mobile Revenue – Handset Revenue.

Arrangement consideration allocated to handsets is recognized as revenue when the goods have been transferred to the customer.

Mobile Revenue – Handset Insurance Revenue.

We recognize revenue associated with handset insurance on a straight-line basis over the coverage period.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2021, 2020 and 2019

B2B Subsea Network Revenue – Long-term Capacity Contracts.

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The revenue associated with prepaid capacity contracts is deferred and generally recognized on a straight-line basis over the life of the contract.

As of December 31, 2021, we have approximately $ 360 million of unfulfilled performance obligations relating to our long-term capacity contracts, primarily subsea contracts, that generally will be recognized as revenue over an average remaining life of six years .

As of December 31, 2022, we have approximately $ 355 million of unfulfilled performance obligations relating to our long-term capacity contracts, primarily subsea contracts, that generally will be recognized as revenue over an average remaining life of five years .

Government Funding Revenue.

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Revenue is recorded net of applicable sales, use and other value-added taxes.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

Share-based Compensation

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We use the legal life of the award for the expected life of SARs granted to executives.

For SARs granted to non-executives, the expected life is calculated using the “simplified method.” We believe the simplified method is appropriate for these awards as we do not have historical exercise data for periods prior to the Split-Off.

For SARs granted to non-executives, the expected life is calculated using the “simplified method” as we do not have sufficient historical exercise data.

The expected volatility of SARs is based on a weighted average calculation that may include (i) data from a comparable group of peer companies, (ii) Liberty Latin America’s share trading history and/or (iii) the implied volatility from traded LILA and LILAK options.

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For additional information regarding our share-based compensation, see note 15.

Earnings (Loss) per Share

Basic EPS is computed by dividing net earnings (loss) attributable to Liberty Latin America shareholders by the weighted average number of Liberty Latin America Shares during the years presented, as further described below.

Diluted EPS presents the dilutive effect, if any, on a per share basis of potential shares as if they had been exercised, vested or converted at the beginning of the periods presented.

The details of our weighted average shares outstanding are set forth below:

Year ended December 31,

2021 2020 2019

Weighted average shares outstanding - basic and dilutive 232,609,928 195,535,301 184,369,078

We reported losses attributable to Liberty Latin America shareholders during 2021, 2020 and 2019.

As a result, the potentially dilutive effect at December 31, 2021, 2020 and 2019 of the following items was not included in the computation of diluted loss per share for such periods because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs and PSARs, because such awards had not yet met the applicable performance criteria:

(i) using the if-converted method, the aggregate number of shares potentially issuable under our Convertible Notes of approximately 19.5 million, 19.5 million and 18.1 million, respectively, (ii) the aggregate number of shares issuable pursuant to outstanding options, SARs and RSUs of approximately 24.7 million, 19.1 million and 15.2 million, respectively, and (iii) the aggregate number of shares

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2021, 2020 and 2019

issuable pursuant to outstanding PSUs and PSARs of approximately 10.1 million, 1.1 million and 2.0 million, respectively.

With regards to the aggregate number of shares potentially issuable under our Convertible Notes, the Capped Calls provide an economic hedge to reduce or offset potential dilution to our Class C common shares upon any conversion of the Convertible Notes and/or offset any cash payments we are required to make in excess of the principal amount of such converted notes, as the case may be, with such reduction and/or offset subject to a cap.

Litigation Costs

Legal fees and related litigation costs are expensed as incurred .

(4) Acquisitions and Disposition

Pending Acquisitions

(4) Acquisitions

2022 Acquisition

Claro Panama Acquisition.

On September 14, 2021, we entered into a definitive agreement to acquire América Móvil’s operations in Panama in an all-cash transaction based upon an enterprise value of $ 200 million on a cash- and debt-free basis.

The transaction is subject to certain customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2022.

On July 1, 2022, we completed the acquisition of Claro Panama, which was financed through a combination of debt and existing cash.

The following table sets forth a reconciliation of the stated purchase price to the net cash paid (in millions):

Stated purchase price

Preliminary working capital adjustments 9.3

Total purchase price 209.3

Opening balance sheet cash

Net cash paid for the Claro Panama Acquisition

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

We have accounted for the Claro Panama Acquisition as a business combination using the acquisition method of accounting, whereby the total purchase price was allocated to the acquired identifiable net assets of Claro Panama based on assessments of their respective fair values.

The preliminary opening balance sheet is subject to adjustment based on our final assessment of the fair values of the acquired identifiable net assets and liabilities.

The items with the highest likelihood to change upon finalization of the valuation process includ e property and equipment, intangible assets, leases and income taxes.

A summary of the purchase price and the preliminary opening balance sheet of Claro Panama at the July 1, 2022 acquisition date is presented in the following table (in millions):

Current assets $ 42.8

Property and equipment 136.4

Intangible assets subject to amortization (a) 47.9

Other assets (b) 180.9

Current liabilities ( 64.9 )

Long-term liabilities (c) ( 133.8 )

Total purchase price $ 209.3

(a) At July 1, 2022, the preliminary assessment of the weighted average useful life of the spectrum intangible assets was approximately 6 years.

(b) Primarily consists of operating lease right-of-use assets.

Our consolidated statements of operations for the year ended December 31, 2022 includes third-party revenue and a net loss of $ 70 million and $ 14 million, respectively, attributable to Claro Panama..

2021 Acquisitions

Telefónica Costa Rica Acquisition.

Liberty Telecomunicaciones Acquisition.

On July 30, 2020, we entered into the Telefónica Acquisition Agreement to acquire Telefónica S.A.’s operations in Costa Rica in an all-cash transaction based upon an enterprise value of $ 500 million on a cash- and debt-free basis.

On August 9, 2021, we completed the acquisition of all of the outstanding shares of Telefónica Costa Rica.

The Telefónica Costa Rica Acquisition was financed through a combination of debt, existing cash and a $ 47 million equity contribution from the noncontrolling interest owner of our Cabletica entity, as further described in note 19.

The following table sets forth a reconciliation of the stated purchase price included in the Telefónica Acquisition Agreement to the net cash paid for the Telefónica Costa Rica Acquisition (in millions):

On August 9, 2021, we completed the acquisition of all of the outstanding shares of Liberty Telecomunicaciones.

The Liberty Telecomunicaciones Acquisition was financed through a combination of debt, existing cash and a $ 47 million equity contribution from the noncontrolling interest owner of our Liberty Servicios entity, as further described in note 17.

During 2022, we finalized the purchase price for the Liberty Telecomunicaciones Acquisition, which resulted in a reduction in total consideration paid of $ 12 million.

The proceeds received from the final purchase price adjustments have been reflected as an investing activity in our condensed consolidated statement of cash flows.

Stated Telefónica Acquisition Agreement purchase price

Preliminary working capital adjustments 37.6

Working capital adjustments 25.1

Total purchase price 525.1

Opening balance sheet cash

Net cash paid for the Telefónica Costa Rica Acquisition

Net cash paid for the Liberty Telecomunicaciones Acquisition

We have accounted for the Liberty Telecomunicaciones Acquisition as a business combination using the acquisition method of accounting, whereby the total purchase price was allocated to the acquired identifiable net assets of Liberty Telecomunicaciones based on assessments of their respective fair values, and the excess of the purchase price over the fair values of these identifiable net assets was allocated to goodwill.

A summary of the purchase price and the opening balance sheet of Liberty Telecomunicaciones at the August 9, 2021 acquisition date is presented in the following table.

The opening balance sheet presented below reflects our final purchase price allocation (in millions):

Liberty Latin America Ltd.

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December 31, 2022, 2021 and 2020

We have accounted for the Telefónica Costa Rica Acquisition as a business combination using the acquisition method of accounting, whereby the total purchase price was allocated to the acquired identifiable net assets of Telefónica Costa Rica based on assessments of their respective fair values, and the excess of the purchase price over the fair values of these identifiable net assets was allocated to goodwill.

The preliminary opening balance sheet is subject to adjustment based on our final assessment of the fair values of the acquired identifiable net assets and liabilities.

The items with the highest likelihood to change upon finalization of the valuation process include property and equipment, goodwill, intangible assets, leases and income taxes.

A summary of the purchase price and preliminary opening balance sheet of Telefónica Costa Rica at the August 9, 2021 acquisition date are presented in the following table (in millions):

Current assets (a) $ 74.7

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(a) Primarily consists of trade receivables, notes receivables related to EIP receivables, and cash.

(b) The goodwill recognized in connection with the Telefónica Costa Rica Acquisition is primarily attributable to (i) the ability to take advantage of Telefónica Costa Rica’s existing mobile network to gain immediate access to potential customers, and (ii) synergies that are expected to be achieved through the integration of Telefónica Costa Rica with Liberty Latin America’s existing business in Costa Rica, Cabletica.

Due to the nature of the Telefónica Costa Rica Acquisition, no tax deductions related to goodwill are expected.

(c) At August 9, 2021, the preliminary assessments of the weighted average useful lives of the acquired customer relationship intangible assets and spectrum intangible assets were approximately 7 years and 25 years, respectively.

(d) Long-term assets primarily consist of the long-term portion of note receivables related to equipment installment-plan receivables and operating lease right-of-use assets.

(e) Primarily consist of accounts payable and current operating lease obligations.

(f) Primarily consist of the non-current portion of operating lease obligations and deferred tax liabilities.

(b) The goodwill recognized in connection with the Liberty Telecomunicaciones Acquisition is primarily attributable to (i) the ability to take advantage of Liberty Telecomunicaciones’s existing mobile network to gain immediate access to potential customers, and (ii) synergies that are expected to be achieved through the integration of Liberty Telecomunicaciones with Liberty Latin America’s existing business in Costa Rica, Liberty Servicios.

Due to the nature of the Liberty Telecomunicaciones Acquisition, no tax deductions related to goodwill are expected.

(c) At August 9, 2021, the weighted average useful lives of the acquired customer relationship intangible assets and spectrum intangible assets were approximately 7 years and 25 years, respectively.

(d) Primarily consists of operating lease right-of-use assets and the long-term portion of note receivables related to EIP receivables.

(e) Primarily consists of accounts payable and current operating lease obligations.

(f) Primarily consists of the non-current portion of operating lease obligations and deferred tax liabilities.

(g) Amount excludes $ 9 million of direct acquisition costs incurred during 2021.

Direct acquisition costs are included in impairment, restructuring and other operating items, net, in our consolidated statement of operations.

Our consolidated statement of operations for the year ended December 31, 2021 includes revenue and net earnings of $ 112 million and $ 5 million, respectively, attributable to Telefónica Costa Rica.

Broadband VI, LLC Acquisition.

Our consolidated statement of operations for the year ended December 31, 2021 includes revenue and net earnings of $ 112 million and $ 5 million, respectively, attributable to Liberty Telecomunicaciones.

BBVI Acquisition.

Effective December 31, 2021, we acquired 96 % of the outstanding shares of Broadband VI, LLC for $ 33 million, the payment of which occurred in January 2022, subject to certain post-closing adjustments.

Broadband VI, LLC provides fixed services to residential and business customers in the U.S.

Virgin Islands and will be included in our Liberty Puerto Rico reportable segment.

Virgin Islands and is included in our Liberty Puerto Rico reportable segment.

2020 Acquisition

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Virgin Islands.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2021, 2020 and 2019

As a condition of approval of the AT&T Acquisition, the United States Department of Justice required us to divest certain B2B operations that were a part of our then-existing operations in Puerto Rico.

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In connection with this divestiture, we recognized a gain on sale of $ 9 million, which is included in impairment, restructuring and other operating items, net, in our consolidated statement of operations.

We have reflected the assets and liabilities associated with this B2B operation as held for sale on our December 31, 2020 consolidated balance sheet.

AT&T is providing ongoing support to the AT&T Acquired Entities under the AT&T TSA for a period up to 36 months following the closing of the AT&T Acquisition.

Services under the AT&T TSA include, but are not limited to, (i) network operations, (ii) customer service, (iii) finance and accounting, (iv) information technology, (v) sales and marketing and (vi) content-related services.

Services under the AT&T TSA include, but are not limited to, (i) network operations, (ii) customer service, (iii) finance and accounting, (iv) information technology, (v) sales and marketing and (vi)

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

content-related services.

We may terminate any services under the AT&T TSA upon sixty business days’ notice to AT&T in accordance with the terms and conditions of the AT&T TSA.

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(c) Represents cash paid subsequent to the closing of the AT&T Acquisition related to certain liabilities of the AT&T Acquired Entities that were not assumed by us under the terms of the Acquisition Agreement.

(d) The net cash paid for the AT&T Acquisition is comprised of (i) the AT&T Acquisition Restricted Cash, as described in note 10, which comprised $ 1,353 million and was released upon consummation of the AT&T Acquisition, and (ii) $ 533 million of cash and cash equivalents from available liquidity.

(d) The net cash paid for the AT&T Acquisition is comprised of (i) borrowings in our Liberty Puerto Rico segment during 2019 of $ 1,353 million, and (ii) $ 533 million of cash and cash equivalents from available liquidity.

(e) Prior to the closing of the AT&T Acquisition, AT&T made prepayments to the tax authorities of Puerto Rico and the U.S.

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(g) Other assets, current liabilities and other long-term liabilities include $ 182 million, $ 33 million and $ 163 million related to operating lease right-of-use assets, current operating lease obligations and non-current operating lease obligations, respectively.

(h) Amount excludes $ 51 million and $ 5 million of direct acquisition costs, incurred during 2020 and 2019, respectively.

(h) Amount excludes $ 51 million of direct acquisition costs, incurred during 2020.

Our consolidated statement of operations for the year ended year ended December 31, 2020 includes revenue of $ 170 million and a net loss of $ 88 million attributable to the AT&T Acquired Entities.

Liberty Latin America Ltd.

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the impact of estimated costs associated with the AT&T TSA that replaced parent-company allocations included in the historical financial statements of the AT&T Acquired Entities;

the impact of estimated revenue and costs associated with the transition services agreement entered into in connection with the Telefónica Costa Rica Acquisition;

the impact of estimated costs associated with the transition services agreement entered into in connection with the Liberty Telecomunicaciones Acquisition;

the impact of new rate agreements associated with roaming, subsea and ethernet services stemming from the AT&T Acquisition;

the alignment of accounting policies;

interest expense related to additional borrowings in conjunction with the AT&T Acquisition and the Telefónica Costa Rica Acquisition;

interest expense related to additional borrowings in conjunction with the Claro Panama Acquisition, the Liberty Telecomunicaciones Acquisition and the AT&T Acquisition;

depreciation expense related to acquired tangible assets;

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the elimination of direct acquisition costs.

The following unaudited pro forma consolidated operating results give effect to the Telefónica Costa Rica Acquisition, as if it had been completed as of January 1, 2020:

Year ended December 31, 2021

Revenue $ 4,964.9

Net loss attributable to Liberty Latin America shareholders $ ( 429.1 )

The following unaudited pro forma consolidated operating results give effect to (i) the Telefónica Costa Rica Acquisition, as if it had been completed as of January 1, 2020, and (ii) the AT&T Acquisition, as if it had been completed as of January 1, 2019:

The following unaudited pro forma consolidated operating results give effect to (i) the Claro Panama Acquisition, as if it had been completed as of January 1, 2021, (ii) the Liberty Telecomunicaciones Acquisition, as if it had been completed as of January 1, 2020, and (iii) the AT&T Acquisition, as if it had occurred on January 1, 2019:

Year ended December 31,

2022 2021 2020

Revenue $ 4,879.6 $ 5,119.6 $ 4,785.3

Net loss attributable to Liberty Latin America shareholders $ ( 186.1 ) $ ( 464.7 ) $ ( 568.0 )

2019 Acquisition

Effective March 31, 2019, we completed the acquisition of an 87.5 % interest in UTS for an initial cash purchase price of $ 162 million, which was subject to certain potential post-closing adjustments, based on an enterprise value of $ 189 million.

As noted below, during the first quarter of 2020, the purchase price was reduced by $ 6 million due to certain post-closing working capital adjustments.

During the third quarter of 2019, we increased our ownership interest in UTS from 87.5 % to 100 %.

UTS provides fixed and mobile services to the island nations of Curaçao, St.

Martin, Bonaire, St.

Eustatius and Saba.

The UTS Acquisition was funded through a $ 170 million draw on the C&W Revolving Credit Facility.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2021, 2020 and 2019

We have accounted for the UTS Acquisition as a business combination using the acquisition method of accounting, whereby the total purchase price was allocated to the acquired identifiable net assets of UTS based on assessments of their respective fair values, and the excess of the purchase price over the fair values of these identifiable net assets was allocated to goodwill.

A summary of the purchase price and opening balance sheet of UTS at the effective March 31, 2019 acquisition date is presented in the following table.

The opening balance sheet presented below reflects our final purchase price allocation (in millions):

Trade receivables 19.0

Other current assets 6.7

Property and equipment 158.4

Goodwill (a) 17.1

Intangible assets subject to amortization 24.0

Other assets 18.2

Accounts payable ( 27.9 )

Other accrued and current liabilities ( 31.9 )

Other long-term liabilities ( 18.8 )

Noncontrolling interest (b) ( 11.6 )

Total purchase price (c) $ 155.9

(a) The goodwill recognized in connection with the UTS Acquisition is primarily attributable to the ability to take advantage of UTS’s existing broadband communications and mobile networks to gain immediate access to potential customers.

(b) Amount represents the aggregate fair value of the noncontrolling interest in UTS as of March 31, 2019.

Supplemental pro forma information related to the UTS Acquisition has not been included as it would not have had a significant impact on our results of operations during 2019.

2019 Disposition

During the fourth quarter of 2019, we disposed of our operations in the Seychelles receiving $ 78 million in net cash flows that has been reflected in investing activities in the consolidated statement of cash flows.

(5) Derivative Instruments

In general, we seek to enter into derivative instruments to protect against (i) increases in the interest rates on our variable-rate debt and (ii) foreign currency movements, particularly with respect to borrowings that are denominated in a currency other than the functional currency of the borrowing entity.

In this regard, through our subsidiaries, we have entered into various derivative instruments to manage interest rate exposure and foreign currency exposure with respect to the U.S.

dollar, the CLP, the COP and the CRC.

With the exception of certain foreign currency forward contracts, we do not apply hedge accounting to our derivative instruments.

Accordingly, changes in the fair values of most of our derivative instruments are recorded in realized and unrealized gains or losses on derivative instruments in our consolidated statements of operations.

In this regard, through our subsidiaries, we have entered into various derivative instruments to manage interest rate exposure and foreign currency exposure.

Liberty Latin America Ltd.

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December 31, 2022 December 31, 2021

Current (a)(b) Long-term (a)(b) Total Current (a) Long-term (a) Total

Current (a) Long-term (a) Total Current (a) Long-term (a) Total

Cross-currency and interest rate derivative contracts (c) $ 91.3 $ 224.2 $ 315.5 $ 15.1 $ 25.3 $ 40.4

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Total $ 91.3 $ 224.2 $ 315.5 $ 15.2 $ 25.3 $ 40.5

Liabilities (b):

Cross-currency and interest rate derivative contracts (c) $ 30.4 $ — $ 30.4 $ 33.3 $ 62.1 $ 95.4

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Total $ 42.3 $ — $ 42.3 $ 39.1 $ 62.1 $ 101.2

(a) Our current derivative assets, long-term derivative assets and long-term derivative liabilities are included in other current assets, net, other assets, net, and other long-term liabilities, respectively, in our consolidated balance sheets.

(b) In connection with the pending formation of the Chile JV, the derivative assets and liabilities associated with the Chile JV Entities have been included in assets held for sale and liabilities associated with assets held for sale, respectively, on our December 31, 2021 consolidated balance sheet.

For information regarding the pending formation of the Chile JV and the held for sale presentation of the Chile JV Entities, see note 9.

(a) Our current derivative assets, long-term derivative assets, current derivative liabilities and long-term derivative liabilities are included in other current assets, net, other assets, net, other accrued and current liabilities and other long-term liabilities, respectively, in our consolidated balance sheets.

(b) Effective with the agreement to form the Chile JV, the derivative assets and liabilities associated with the Chile JV Entities are included in assets held for sale and liabilities associated with assets held for sale, respectively, on our December 31, 2021 consolidated balance sheet.

For information regarding the formation of the Chile JV and the held-for-sale presentation of the Chile JV Entities as of December 31, 2021, see note 8.

(c) We consider credit risk relating to our and our counterparties’ nonperformance in the fair value assessment of our derivative instruments.

In all cases, the adjustments take into account offsetting liability or asset positions within each of our primary borrowing groups (see note 10) and are recorded in realized and unrealized gains (losses) on derivative instruments, net, in our consolidated statements of operations.

In all cases, the adjustments take into account offsetting liability or asset positions within each of our primary borrowing groups (see note 9) and are recorded in realized and unrealized gains or losses on derivative instruments, net, in our consolidated statements of operations.

For further information regarding our fair value measurements, see note 6.

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Included in the 2021 credit risk valuation adjustment is a net loss of $ 30 million related to the Chile JV Entities.

The gain during the 2020 period is primarily due to increased credit risk stemming from market reaction to the COVID-19 outbreak, as further described and defined in note 8.

These amounts are included in realized and unrealized gains (losses) on derivative instruments, net, in our consolidated statements of operations.

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Total $ 69.7 $ ( 138.7 ) $ 139.8

(a) The 2021 amount is primarily related to (i) $ 11 million associated with the settlement of interest rate swaps at VTR in connection with the refinancing of the VTR Credit Facilities and (ii) $ 32 million associated with the settlement of interest rate swaps at Liberty Puerto Rico in connection with the refinancing of the LPR Credit Facilities.

(a) The 2022 amount is primarily related to the settlement of certain cross currency swaps at VTR prior to the formation of the Chile JV.

The 2021 amount is primarily related to (i) $ 11 million associated with the settlement of interest rate swaps at VTR in connection with the refinancing of the VTR Credit Facilities and (ii) $ 32 million associated with the settlement of interest rate swaps at Liberty Puerto Rico in connection with the refinancing of the LPR Credit Facilities.

The 2020 amount is primarily related to the settlement of certain cross-currency interest rate swaps at VTR.

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Collateral has not been posted by either party under the derivative instruments of our borrowing groups.

At December 31, 2021, our exposure to counterparty credit risk resulting from our net derivative position was not material.

At December 31, 2022, our exposure to counterparty credit risk resulting from our net derivative position was $ 282 million.

Each of our borrowing groups has entered into derivative instruments under agreements with each counterparty that contain master netting arrangements that are applicable in the event of early termination by either party to such derivative instrument.

The master netting arrangements under each of these master agreements are limited to the derivative instruments governed by the relevant master agreement within each individual borrowing group and are independent of similar arrangements of our other subsidiary borrowing groups.

Details of our Derivative Instruments

Cross-currency Derivative Contracts

As noted above, we are exposed to foreign currency exchange rate risk in situations where our debt is denominated in a currency other than the functional currency of the operations whose cash flows support our ability to service, repay or refinance such debt.

Although we generally seek to match the denomination of our borrowings with the functional currency of the operations that are supporting the respective borrowings, market conditions or other factors may cause us to enter into borrowing arrangements that are not denominated in the functional currency of the underlying operations (unmatched debt).

Our policy is generally to provide for an economic hedge against foreign currency exchange rate movements, whenever possible and when cost effective to do so, by using derivative instruments to synthetically convert unmatched debt into the applicable underlying currency.

At December 31, 2021, our C&W borrowing group had a cross-currency swap contract with notional amounts due from and to counterparties of $ 56 million and COP 197,014 million, respectively, with a remaining contractual life of 4.6 years.

Liberty Latin America Ltd.

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December 31, 2022, 2021 and 2020

Details of our Derivative Instruments

Interest Rate Derivative Contracts

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in millions in years

C&W (a) $ 2,100.0 1.5

Liberty Puerto Rico (a) $ 620.0 1.5

(a) Includes forward-starting derivative instruments.

C&W $ 2,100.0 0.5

Liberty Puerto Rico $ 620.0 0.5

Foreign Currency Forwards Contracts

We enter into foreign currency forward contracts with respect to non-functional currency exposure.

The following table sets forth the total U.S.

dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our foreign currency forwards contracts at December 31, 2021:

Notional amount due from counterparty Notional amount due

to counterparty Weighted average remaining life

in millions in years

LLA UK Holding Limited (a) CLP 73,000.0 $ 88.1 0.7

Costa Rica borrowing group $ 14.0 CRC 8,953.1 0.1

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2021, 2020 and 2019

(a) Foreign currency forward contract entered into in connection with the Chile JV transaction, as discussed further in note 9.

At December 31, 2022, our foreign currency forward contracts had total notional amounts due from and to counterparties of $ 150 million and CRC 96 billion, respectively, with a weighted average remaining contractual life of 0.5 years.

Interest Rate Floors

Interest rate floors provide protection against interest rates falling below a pre-set level.

During 2021, we entered into interest rate floors, which include forward starting derivative instruments, at Liberty Puerto Rico related to certain financing activity associated with the LPR Credit Facilities, as described in note 10.

During 2021, we entered into interest rate floors at Liberty Puerto Rico related to certain financing activity associated with the LPR Credit Facilities, as described in note 9.

At December 31, 2022, the total notional amount of our interest rate floors was $ 620 million with a weighted average remaining contractual life of 5.8 years.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

Interest Rate Caps

Interest rate caps provide protection against interest rates rising above a pre-set level.

During 2021, we entered into interest rate caps, which include forward starting derivative instruments, at Liberty Puerto Rico associated with the 2028 LPR Term Loan add-on financing, as described in note 10.

During 2021, we entered into interest rate caps at Liberty Puerto Rico associated with the 2028 LPR Term Loan, as described in note 9.

At December 31, 2022, the total notional amount of our interest rate caps was $ 120 million with a remaining contractual life of 5.8 years.

(6) Fair Value Measurements

We use the fair value method to account for most of our derivative instruments and the available-for-sale method to account for our investment in U.K.

Government Gilts.

The reported fair values of our derivative instruments likely will not represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities, as we expect that the values realized generally will be based on market conditions at the time of settlement, which may occur at the maturity of the derivative instrument or at the time of the repayment or refinancing of the underlying debt instrument.

We use the fair value method to account for most of our derivative instruments.

The reported fair values of our derivative instruments likely will not represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities, as we expect that the values realized generally will be based on market conditions at the time of settlement, which generally occurs at the maturity of the derivative instrument or at the time of the repayment or refinancing of the underlying debt instrument.

GAAP provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels.

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Our and our counterparties’ credit spreads represent our most significant Level 3 inputs, and these inputs are used to derive the credit risk valuation adjustments with respect to these instruments.

As we would not expect changes in our or our counterparties’ credit spreads to have a significant impact on the valuations of these

As we would not expect changes in our or our counterparties’ credit spreads to have a significant impact on the valuations of these instruments, we have determined that these valuations fall under Level 2 of the fair value hierarchy.

Our credit risk valuation adjustments with respect to our interest rate and cross-currency derivative contracts are quantified and further explained in note 5.

Non-recurring Fair Value Measurements

Fair value measurements may also be used for purposes of non-recurring valuations performed in connection with our acquisition accounting, impairment assessments and the initial valuation related to our equity method investment in the Chile JV.

For information concerning our investment in the Chile JV, including the initial fair value assessment, see note 8.

Liberty Latin America Ltd.

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December 31, 2022, 2021 and 2020

instruments, we have determined that these valuations fall under Level 2 of the fair value hierarchy.

Our credit risk valuation adjustments with respect to our interest rate and cross-currency derivative contracts are quantified and further explained in note 5.

Nonrecurring Fair Value Measurements

Fair value measurements are also used for purposes of nonrecurring valuations performed in connection with our Convertible Notes, acquisition accounting and impairment assessments.

Conversion Option – Convertible Notes

As further described and defined in note 10, our Convertible Notes include a Conversion Option that we bifurcated from the Convertible Notes and recorded at fair value upon issuance as an equity component in our 2019 consolidated statement of equity.

The fair value of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature, which was established using the present value of cash flows associated with such instrument based on a 5-year tenor and an estimated yield rate of 7 %, which is a Level 2 input.

The fair value of the equity component was determined by deducting the fair value of the liability component from the proceeds received on issuance of the Convertible Notes.

Acquisition Accounting

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• Spectrum intangible assets.

The valuation of spectrum intangible assets may use either an adjusted market-based approach, which requires the calibration of observable market inputs to reflect the fair value of the assets acquired, and/or an adjusted market-based approach with other methods, such as an income-based approach (e.g.

The valuation of spectrum intangible assets may use either an adjusted market-based approach, which requires the calibration of observable market inputs to reflect the fair value of the assets acquired, or a combination of an adjusted market-based approach with other methods, such as an income-based approach (e.g.

the “greenfield” valuation method), which requires a wide range of assumptions and inputs, including forecasting costs associated with building a complementary asset base.

During 2021, we performed nonrecurring valuations related to the preliminary acquisition accounting for the Telefónica Costa Rica Acquisition and finalized our acquisition accounting for the AT&T Acquisition.

The weighted average discount rates used in the valuations of the customer relationships acquired in the Telefónica Costa Rica Acquisition and the AT&T Acquisition were approximately 11 % and 10 %, respectively.

The weighted average discount rate used in the valuation of the spectrum licenses acquired in the AT&T Acquisition was approximately 8 %.

In March 2020, we performed a nonrecurring valuation related to the final acquisition accounting for the UTS Acquisition.

The weighted average discount rate used in the valuation of the customer relationships acquired was approximately 14 %.

For information related to the status of valuation work associated with assets acquired in connection with our business acquisitions, see note 4.

During the third quarter of 2022, we performed certain nonrecurring valuations related to the preliminary acquisition accounting for the Claro Panama Acquisition.

For information related to the status of valuation work associated with assets acquired in connection with the Claro Panama Acquisition, see note 4.

During 2021, we performed a nonrecurring valuation related to the preliminary acquisition accounting for the Liberty Telecomunicaciones Acquisition using an 11 % weighted average discount rate for the valuation of the customer relationships acquired.

During 2022, we finalized our acquisition accounting for the Liberty Telecomunicaciones Acquisition, which did not result in any material changes to our opening balance sheet.

Also during 2021, we finalized our acquisition accounting for the AT&T Acquisition.

The weighted average discount rates used in the valuation of the customer relationships and spectrum licenses acquired in the AT&T Acquisition was approximately 10 % and 8 %, respectively.

For additional information relating to our acquisitions, see note 4.

Impairment Assessments

The nonrecurring valuations associated with impairment assessments, which use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy, primarily include the valuation of reporting units for the purpose of

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2021, 2020 and 2019

testing for goodwill impairment.

Unless a reporting unit has a readily determinable fair value, we estimate the fair value of the reporting unit using either a market-based or income-based approach.

As part of our annual goodwill impairment assessment in the fourth quarter of 2021, we performed goodwill impairment analyses of several reporting units within the C&W Caribbean and Networks segment and the C&W Panama segment.

During the second quarter of 2022, primarily due to significant increases in interest rates, we performed goodwill impairment analyses of all of our reporting units.

We used an income approach to determine the estimated fair values of these reporting units.

Under this approach, we utilized a discounted cash flow model as the valuation technique to estimate the fair values of the reporting units from a market participant’s perspective.

This approach uses certain inputs and assumptions that require estimates and judgments, including forecasted cash flows and appropriate discount rates.

This approach uses certain inputs and assumptions that require estimates and judgments, including forecasted cash flows and an appropriate discount rate.

Forecasts of future cash flows are largely based on our assumptions using Level 3 inputs, which we consider to be consistent with a market participant’s approach.

We used the weighted-average cost of capital for each reporting unit as the basis for the discount rate to establish the present value of the expected cash flows for the respective reporting unit.

The inputs for our weighted average cost of capital calculations include Level 2 and Level 3 inputs, generally derived from third-party pricing services.

We used discount rates ranging from approximately 8 % to 11 % in the valuation of the various reporting units within our C&W Caribbean and Networks segment and approximately 8 % in the valuation of our C&W Panama segment

During the second quarter of 2020, we performed goodwill impairment analyses of several reporting units within the C&W Caribbean and Networks segment and the C&W Panama segment, primarily due to the ongoing economic impacts associated with COVID-19 and organizational restructuring of certain markets within our C&W Caribbean and Networks segment.

We used an income approach to determine the estimated fair values of these reporting units.

We used discount rates ranging from approximately 9 % to 10 % in the valuation of the various reporting units within our C&W Caribbean and Networks segment and approximately 10 % in the valuation of our C&W Panama segment.

During the third quarter of 2019, based on declines in the operating results of our C&W Panama segment, we conducted a goodwill impairment assessment of that reporting unit.

We used a market-based valuation approach to determine the fair value of this reporting unit.

The fair value of a reporting unit using a market-based approach is estimated based upon a market multiple typically applied to the reporting unit’s Adjusted OIBDA.

We determined the market multiple for each reporting unit taking the following into consideration:

(i) public company trading multiples for entities with similar business characteristics as the respective reporting unit, adjusted to reflect an appropriate control premium or discount, a “trading multiple,” and (ii) multiples derived from the value of recent transactions for businesses with similar operations and in geographically similar locations, a “transaction multiple.”

The inputs for our weighted average cost of capital calculations include Level 2 and Level 3 inputs, generally derived from third-party pricing services and estimated discount rates.

Based upon the results of the aforementioned analysis, we recognized impairment charges associated with certain reporting units of our C&W Caribbean segment.

For additional information regarding goodwill impairment charges resulting from these impairment analyses, see note 7.

During 2021, we recorded a $ 41 million impairment charge in connection with an impairment assessment of a cost basis investment.

(7) Insurance Recoveries

Prior to 2019, a number of our markets in the Caribbean were impacted by numerous hurricanes, resulting in varying degrees of damage to homes, businesses and infrastructure in these markets.

During 2019, we received the then outstanding insurance settlement amount of $ 67 million, of which $ 33 million and $ 34 million have been presented as operating and investing activities, respectively, in our consolidated statement of cash flows.

With respect to the cash received, $ 37 million, $ 27 million and $ 3 million was provided to C&W Caribbean and Networks, Liberty Puerto Rico and our Corporate operations, respectively.

Liberty Latin America Ltd.

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December 31, 2022, 2021 and 2020

We used an income approach to determine the estimated fair values of these reporting units.

Under this approach, we utilized a discounted cash flow model as the valuation technique to estimate the fair values of the reporting units from a market participant’s perspective.

This approach uses certain inputs and assumptions that require estimates and judgments, including forecasted cash flows and appropriate discount rates.

Forecasts of future cash flows are largely based on our assumptions using Level 3 inputs, which we consider to be consistent with a market participant’s approach.

We used the weighted-average cost of capital for each reporting unit as the basis for the discount rate to establish the present value of the expected cash flows for the respective reporting unit.

The inputs for our weighted average cost of capital calculations include Level 2 and Level 3 inputs, generally derived from third-party pricing services and estimated discount rates.

For additional information regarding goodwill impairment charges resulting from these impairment analyses, see note 7.

(7) Long-lived Assets

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The following table sets forth the details of our impairment charges:

C&W Caribbean and Networks C&W Panama Liberty Puerto Rico VTR Costa Rica Total

C&W Caribbean C&W Panama C&W Networks & LatAm Liberty Puerto Rico VTR (a) Liberty Costa Rica Total

Year ended December 31, 2022:

Goodwill $ 605.1 $ — $ — $ — $ — $ 605.1

Goodwill (b) $ 555.3 $ — $ — $ — $ — $ — $ 555.3

Property and equipment and other 3.1 — 1.0 3.6 0.1 0.7 8.5

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Total impairment charges $ 100.9 $ 173.6 $ — $ 1.5 $ 1.6 $ 0.1 $ 277.7

We evaluate goodwill and other indefinite-lived intangible assets for impairment at least annually on October 1 and whenever facts and circumstances indicate that their carrying amounts may not be recoverable, as further outlined in note 3.

During our 2021 annual goodwill impairment test, we concluded a $ 605 million impairment was necessary at our C&W Caribbean and Networks segment.

If, among other factors, (i) our equity values were to decline significantly or (ii) the adverse impacts stemming from COVID-19, competition, economic, regulatory or other factors, including macro-economic and demographic trends, were to cause our results of operations or cash flows to be worse than anticipated, we could conclude in future periods that additional impairment charges are required in order to reduce the carrying values of the goodwill and, to a lesser extent, other long-lived assets of our C&W Caribbean and Networks segment or our C&W Panama segment.

(a) During October 2022, we contributed the Chile JV Entities into the Chile JV.

As such, subsequent to September 30, 2022, VTR is no longer included in our consolidated results of operations.

(b) During 2022, we recorded a $ 555 million impairment of goodwill within certain reporting units of our C&W Caribbean segment.

This impairment was driven primarily by macroeconomic factors, including higher interest rates, that drove an increase in the discount rates used to value these reporting units.

After recording these impairments, the associated reporting units have $ 498 million of goodwill remaining at December 31, 2022.

If, among other factors, (i) our equity values were to decline significantly, (ii) we experience additional adverse impacts associated with macroeconomic factors, including increases in our estimated weighted average cost of capital, or (iii) the adverse impacts stemming from competition, economic, regulatory or other factors were to cause our results of operations or cash flows to be worse than currently anticipated, we could conclude in future periods that additional impairment charges of certain reporting units are required in order to reduce the carrying values of goodwill.

Any such impairment charges could be significant.

During the first quarter of 2020, the World Health Organization declared the outbreak of a novel strain of Coronavirus ( COVID-19 ) a “pandemic,” pointing to the sustained risk of further global spread.

COVID-19 negatively impacted our results of operations and resulted in systemic disruption of the worldwide equity markets, and the market values of our publicly-traded equity declined significantly beginning in late February 2020.

As a result of the impact of COVID-19 on our results of operations, we evaluated whether the facts and circumstances and available information resulted in the need for an impairment assessment for any of our long-lived assets, including goodwill, and during the second quarter of 2020, concluded assessments were required with respect to our goodwill, which resulted in goodwill impairments in our C&W Caribbean and Networks segment and our C&W Panama segment.

During our 2019 annual goodwill impairment test, we concluded a $ 185 million impairment was necessary for our C&W Panama segment, and during the second quarter of 2020, we concluded that an additional $ 174 million goodwill impairment charge was necessary based on further deterioration in the C&W Panama segment's operating results.

These impairments primarily resulted from the impact of a significant increase in competition, particularly with respect to our prepaid mobile business.

The accumulation of prepaid mobile subscriber losses, together with associated adverse impacts to average monthly subscription revenue per mobile subscriber, negatively impacted the actual results during these periods and the then expected future financial performance of the Panamanian reporting unit, resulting in the impairments during 2019 and 2020.

Hurricane Dorian.

In September 2019, our operations in the Bahamas, which is part of our C&W Caribbean and Networks segment, were impacted by Hurricane Dorian resulting in significant damage to homes, businesses and infrastructure.

For additional information regarding the fair value methods and related assumptions used in our impairment assessments, see note 6.

Liberty Latin America Ltd.

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December 31, 2022, 2021 and 2020

our initial estimates of the impacts of the hurricane to our operations, during the third quarter of 2019, we recorded an impairment charge of $ 17 million to write-off the net carrying amount of property and equipment that was damaged beyond repair.

For additional information regarding the fair value methods and related assumptions used in our impairment assessments, see note 6.

Changes in the carrying amount of our goodwill during 2022 are set forth below:

January 1, 2022 Acquisitions

adjustments Reclassification to assets held for sale (a) Foreign currency translation

adjustments Foreign currency translation

adjustments and other Impairments December 31, 2022

C&W Caribbean and Networks $ 3,112.0 $ — $ — $ ( 73.0 ) $ ( 605.1 ) $ 2,433.9

C&W Caribbean $ 1,787.1 $ ( 16.5 ) $ 5.1 $ ( 555.3 ) $ 1,220.4

C&W Panama 617.1 — — — 617.1

C&W Networks & LatAm 646.8 11.5 ( 4.3 ) — 654.0

Liberty Puerto Rico 498.3 2.8 — — 501.1

VTR 374.6 — ( 313.0 ) ( 61.6 ) — —

Costa Rica 151.9 262.0 — ( 15.2 ) — 398.7

Liberty Costa Rica 398.7 ( 3.8 ) 33.8 — 428.7

Total $ 3,948.0 $ ( 6.0 ) $ 34.6 $ ( 555.3 ) $ 3,421.3

(a) In connection with the pending formation of the Chile JV, the goodwill associated with the Chile JV Entities has been included in assets held for sale on our December 31, 2021 consolidated balance sheet.

For information regarding the pending formation of the Chile JV and the held-for-sale presentation of the Chile JV Entities, see note 9.

Changes in the carrying amount of our goodwill during 2021 are set forth below:

January 1, 2020 Acquisitions and related adjustments Foreign

and other Impairments (a) December 31,

C&W Caribbean and Networks $ 3,316.7 $ ( 12.0 ) $ ( 93.7 ) $ ( 99.0 ) $ 3,112.0

January 1, 2021 Acquisitions and related adjustments Reclassification to assets held for sale (a) Foreign

and other Impairments December 31,

C&W Caribbean $ 2,459.3 $ — $ — $ ( 67.1 ) $ ( 605.1 ) $ 1,787.1

C&W Panama 617.1 — — — — 617.1

C&W Networks & LatAm 652.7 — — ( 5.9 ) — 646.8

Liberty Puerto Rico 629.9 ( 131.6 ) — — — 498.3

Liberty Costa Rica 151.9 262.0 — ( 15.2 ) — 398.7

VTR 374.6 — ( 313.0 ) ( 61.6 ) — —

Costa Rica 163.4 — ( 11.5 ) — 151.9

Total $ 4,885.5 $ 130.4 $ ( 313.0 ) $ ( 149.8 ) $ ( 605.1 ) $ 3,948.0

(a) Amounts primarily relate to impairment charges associated with various reporting units based primarily on the economic impacts associated with COVID-19, as further described above.

(a) In connection with the then pending formation of the Chile JV, the goodwill associated with the Chile JV Entities was included in assets held for sale on our December 31, 2021 consolidated balance sheet.

For information regarding the formation of the Chile JV and the held-for-sale presentation of the Chile JV Entities, see notes 8 and 8.

At December 31, 2022 and 2021, our accumulated goodwill impairments were $ 2,784 million and $ 2,229 million, respectively.

6 unchanged sentences

December 31, 2022 December 31,

2021 (a) 2020

Distribution systems 3 to 25 years

$ 4,419.1 $ 4,208.8

Customer premises equipment 3 to 5 years

893.7 1,423.5

Support equipment, buildings and land 3 to 40 years

Support equipment, buildings, land and CIP 3 to 40 years

2,232.7 1,641.6

CPE 3 to 5 years

7,570.8 6,744.1

Accumulated depreciation ( 3,277.2 ) ( 2,575.7 )

Net carrying amount $ 4,168.4 $ 4,751.4

(a) In connection with the pending formation of the Chile JV, the property and equipment and related accumulated depreciation associated with the Chile JV Entities has been included in assets held for sale on our December 31, 2021 consolidated balance sheet.

Total $ 4,293.6 $ 4,168.4

Depreciation expense related to our property and equipment was $ 726 million, $ 771 million and $ 730 million during 2022, 2021 and 2020, respectively.

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The details of our intangible assets subject to amortization, which had estimated useful lives ranging from four to 25 years at December 31, 2022, are set forth below:

Gross carrying amount:

Customer relationships $ 1,464.4 $ 1,527.6

Licenses and other (a) 278.9 220.2

Total gross carrying amount 1,747.8 1,714.2

1,743.3 1,747.8

Accumulated amortization ( 1,055.2 ) ( 959.2 )

Customer relationships ( 905.4 ) ( 813.0 )

Licenses and other ( 53.8 ) ( 42.3 )

Total accumulated amortization ( 959.2 ) ( 855.3 )

Net carrying amount $ 788.6 $ 858.9

(a) The 2021 amount includes an estimated $ 65 million of spectrum licenses attributable to the Telefónica Costa Rica Acquisition.

For additional information regarding the assets acquired as part of the Telefónica Costa Rica Acquisition, see note 4.

Total $ 688.1 $ 788.6

(a) The 2022 amount includes $ 50 million of spectrum licenses attributable to the Claro Panama Acquisition.

For additional information regarding the assets acquired as part of the Claro Panama Acquisition, see note 4.

Amortization expense related to intangible assets with finite useful lives was $ 185 million, $ 193 million and $ 189 million during 2022, 2021 and 2020, respectively.

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The details of our intangible assets not subject to amortization are set forth below:

2021 (a) 2020

Spectrum licenses (b) $ 1,050.9 $ 909.7

Cable television franchise rights 540.0 540.0

Other 1.5 15.9

Spectrum licenses $ 1,051.0 $ 1,050.9

Cable television franchise rights and other 541.8 541.5

Total intangible assets not subject to amortization $ 1,592.8 $ 1,592.4

(a) In connection with the pending formation of the Chile JV, intangible assets not subject to amortization associated with the Chile JV Entities have been included in assets held for sale on our December 31, 2021 consolidated balance sheet.

(b) The 2021 and 2020 amounts include $ 1,043 million and $ 894 million, respectively, attributable to the AT&T Acquisition.

For additional information regarding the assets acquired as part of the AT&T Acquisition, see note 4.

(9) Assets Held for Sale

On September 29, 2021, we entered into an agreement with América Móvil to contribute the Chile JV Entities to América Móvil’s Chilean operations to form the Chile JV that will be owned 50:50 by Liberty Latin America and América Móvil.

The consummation of the transaction is subject to certain customary closing conditions, including regulatory approvals, and is expected to close in the second half of 2022.

In connection with this transaction, we will make a balancing payment to América Móvil of CLP 73 billion ($ 0.1 billion equivalent).

The transaction will not trigger a change of control under VTR’s debt agreements, and is not subject to Liberty Latin America or América Móvil shareholder approvals.

Following completion of the transaction, we expect to account for our 50 % interest in the Chile JV as an equity method investment.

Liberty Latin America Ltd.

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December 31, 2022, 2021 and 2020

(8) Assets Held for Sale

On September 29, 2021, we entered into an agreement with América Móvil to contribute the Chile JV Entities to América Móvil’s Chilean operations to form the Chile JV.

During October 2022, we completed the formation of the Chile JV, which is owned 50 :50 by Liberty Latin America and América Móvil.

Effective with the agreement to form the Chile JV, we began accounting for the Chile JV Entities as held for sale.

Accordingly, we ceased to depreciate the long-lived assets and amortization or right of use assets of the Chile JV Entities.

We have not presented the Chile JV Entities as a discontinued operation, as this transaction does not represent a strategic shift that will have a major effect on our financial results or operations.

The carrying amounts of the major classes of assets and liabilities that are classified as held for sale at December 31, 2021 are summarized below (in millions):

Cash and cash equivalents (a) $ 109.7

Other current assets, net (b) 132.6

Accordingly, we ceased to depreciate the long-lived assets and amortization of the right of use assets of the Chile JV Entities.

The Chile JV Entities were not presented as a discontinued operation, as this transaction did not represent a strategic shift that will have a major effect on our financial results or operations.

The carrying amounts of the major classes of assets and liabilities that are classified as held for sale on our December 31, 2021 consolidated balance sheet are summarized below (in millions):

Cash and cash equivalents $ 109.7

Other current assets, net 132.6

Property and equipment, net 686.0

Goodwill 313.0

Other assets, net (b) 327.4

Other assets, net 327.4

Total assets $ 1,568.7

Current portion of debt $ 82.2

Other accrued and current liabilities (c) 294.2

Other accrued and current liabilities 294.2

Long-term debt 1,416.8

Other long-term liabilities (c) 60.9

Other long-term liabilities 60.9

Total liabilities $ 1,854.1

(a) Amount excludes certain cash and cash equivalent balances of the Chile JV Entities that will be retained by Liberty Latin America upon the formation of the Chile JV and are therefore not classified as held for sale.

(b) Other current assets, net, and other assets, net, include $ 27 million and $ 277 million, respectively, related to derivative assets.

(c) Other accrued and current liabilities and other long-term liabilities include $ 16 million and $ 2 million, respectively, related to derivative liabilities.

Our consolidated statements of operations include earnings (loss) before income taxes attributable to the Chile JV Entities of $ 271 million , ($ 118 million) and $ 82 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Our consolidated statements of operations include earnings (losses) before income taxes attributable to the Chile JV Entities of ($ 26 million ) , $ 271 million, and ($ 118 million) for the years ended December 31, 2022, 2021 and 2020, respectively.

During October 2022, and in connection with the closing on the formation of the Chile JV, we made a balancing payment to América Móvil totaling $ 76 million.

The transaction did not trigger a change of control under VTR’s debt agreements, and was not subject to Liberty Latin America or América Móvil shareholder approvals.

Beginning in October 2022, we account for our 50 % interest in the Chile JV as an equity method investment.

Liberty Latin America Ltd.

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December 31, 2022, 2021 and 2020

The carrying amounts of the major classes of assets and liabilities associated with the Chile JV Entities, which were contributed to the Chile JV, are summarized below (in millions):

Cash and cash equivalents $ 63.0

Other current assets, net 104.4

Property and equipment, net 697.5

Goodwill 275.6

Other assets, net 259.1

Total assets $ 1,399.6

Current portion of debt $ 72.4

Other accrued and current liabilities 210.1

Long-term debt 1,330.9

Other long-term liabilities 55.1

Total liabilities $ 1,668.5

In connection with the formation of the Chile JV, we recognized a pre-tax gain of $ 169 million, which is net of the recognition of a cumulative foreign currency translation loss of $ 17 million.

The gain is a result of a minimal preliminary estimated fair value of our investment in the Chile JV at formation and the negative net carrying value of the Chile JV Entities at the time of closing, and is net of a $ 50 million contribution that was provided to the Chile JV near the time of closing for working capital purposes.

In determining our preliminary value, we considered the limited qualitative and quantitative information we have available, including negative cash flows of the Chile JV and the significant discount in the fair value of the Chile JV’s debt in relation to its par value.

Our investment balance in the Chile JV was subsequently reduced to zero by December 31, 2022 after taking our share of the net losses of the Chile JV during the fourth quarter of 2022.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

(9) Debt and Finance Lease Obligations

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8.07 % $ 172.5 172.5 613.8 623.1 620.0 620.0

VTR debt (f) — % — — — 1,483.5 — 1,394.5

Costa Rica Credit Facilities (g) 7.25 % $ 7.0 7.0 407.1 119.3 408.7 119.6

Vendor financing (h) 2.72 % — — 99.8 168.1 99.8 168.1

LCR Credit Facilities (f) 10.32 % $ 7.0 7.0 382.9 407.1 419.3 408.7

Vendor financing and other (g) 6.04 % — — 223.1 99.8 223.1 99.8

Total debt before premiums, discounts and deferred financing costs 6.43 % $ 898.7 $ 7,446.5 $ 7,781.6 $ 7,966.1 $ 7,678.3

17 unchanged sentences

At December 31, 2022, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, both before and after completion of the December 31, 2022 compliance reporting requirements.

At December 31, 2021, except as may be limited by tax and legal considerations, the presence of noncontrolling interests, foreign currency exchange restrictions with respect to certain C&W subsidiaries and other factors, there were no restrictions on the respective subsidiary’s ability to upstream cash from this availability to Liberty Latin America or its

At December 31, 2022, except as may be limited by tax and legal considerations, the presence of noncontrolling interests, foreign currency exchange restrictions with respect to certain C&W subsidiaries and other factors, there were no restrictions on the respective subsidiary’s ability to upstream cash from this availability to Liberty Latin America or its subsidiaries or other equity holders.

Liberty Latin America Ltd.

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December 31, 2022, 2021 and 2020

subsidiaries or other equity holders, other than VTR that was limited to approximately CLP 194 billion ($ 228 million) under the terms of the 2028 VTR Senior Notes.

(c) The estimated fair values of our debt instruments are determined using the applicable bid prices (mostly Level 1 of the fair value hierarchy) or from quoted prices for similar instruments in active markets adjusted for the estimated credit spreads of the applicable entity, to the extent available, and other relevant factors (Level 2 of the fair value hierarchy).

1 unchanged sentence

(d) The interest rate reflects the stated rate of the Convertible Notes.

The effective interest rate of the Convertible Notes is 6.7 %, which considers the impact of the discount recorded in connection with the Conversion Option, as further described below.

The effective interest rate of the Convertible Notes is 6.7 %, which considers the impact of a discount recorded in connection with the Conversion Option, as further described below.

(e) The C&W Credit Facilities unused borrowing capacity comprise certain U.S.

1 unchanged sentence

For further information, see C&W Credit Facilities below.

(f) In connection with the pending formation of the Chile JV, $ 1,440 million of outstanding third-party debt and $ 82 million of vendor financing of the Chile JV Entities has been reflected in liabilities associated with assets held for sale on our December 31, 2021 consolidated balance sheet.

For information regarding the pending formation of the Chile JV and the held-for-sale presentation of the Chile JV Entities, see note 9.

(g) The Costa Rica Credit Facilities comprise certain CRC and U.S.

(f) The LCR Credit Facilities comprise certain CRC and U.S.

dollar term loans and a U.S.

dollar revolving credit facility.

For further information, see Costa Rica Credit Facilities below.

(h) Represents amounts owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our operating expenses and property and equipment additions.

For further information, see LCR Credit Facilities below.

(g) Represents amounts owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our operating expenses and property and equipment additions.

These obligations are generally due within one year and include VAT that were paid on our behalf by the vendor.

Our operating expenses include $ 110 million, $ 108 million and $ 130 million for 2021, 2020 and 2019, respectively, that were financed by an intermediary and are reflected on the borrowing date as a cash outflow within net cash provided by operating activities and a cash inflow within net cash provided by financing activities in our consolidated statements of cash flows.

Our operating expenses include $ 149 million, $ 110 million and $ 108 million for 2022, 2021 and 2020, respectively, that were financed by an intermediary and are reflected on the borrowing date as a cash outflow within net cash provided by operating activities and a cash inflow within net cash provided (used) by financing activities in our consolidated statements of cash flows.

Repayments of vendor financing obligations are included in payments of principal amounts of debt and finance lease obligations in our consolidated statements of cash flows.

General Information

At December 31, 2021, all of our outstanding debt had been incurred by one of our four primary “borrowing groups”:

C&W, Liberty Puerto Rico, VTR and Costa Rica, except for our Convertible Notes (as described below).

Debt associated with our VTR borrowing group, which is part of the Chile JV Entities, is reflected in liabilities associated with assets held for sale on our December 31, 2021 consolidated balance sheet.

At December 31, 2022, all of our outstanding debt had been incurred by one of our three primary “borrowing groups”:

C&W, Liberty Puerto Rico and Liberty Costa Rica, except for our Convertible Notes (as described below).

Credit Facilities.

4 unchanged sentences

• Our credit facilities require that certain entities of the relevant borrowing group guarantee the payment of all sums payable under the relevant credit facility and such entities are required to have first-ranking security granted over their shares and, in certain borrowing groups, over substantially all of their assets to secure the payment of all sums payable thereunder;

• In addition to certain mandatory prepayment events, the instructing group of lenders under the relevant credit facility may cancel the commitments thereunder and declare the loans thereunder due and payable after the applicable notice period following the occurrence of a change of control (as specified in the relevant credit facility);

• Our credit facilities contain certain customary events of default, the occurrence of which, subject to certain exceptions and materiality qualifications, would allow the instructing group of lenders to (i) cancel the total commitments, (ii) accelerate all outstanding loans and terminate their commitments thereunder and/or (iii) declare that all or part of the loans be payable on demand;

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2022, 2021 and 2020

In addition to certain mandatory prepayment events, the instructing group of lenders under the relevant credit facility may cancel the commitments thereunder and declare the loans thereunder due and payable after the applicable notice period following the occurrence of a change of control (as specified in the relevant credit facility);

Our credit facilities contain certain customary events of default, the occurrence of which, subject to certain exceptions and materiality qualifications, would allow the instructing group of lenders to (i) cancel the total commitments, (ii) accelerate all outstanding loans and terminate their commitments thereunder and/or (iii) declare that all or part of the loans be payable on demand;

• Our credit facilities require entities of the relevant borrowing group to observe certain affirmative and negative undertakings and covenants, which are subject to certain materiality qualifications and other customary and agreed exceptions;

1 unchanged sentence

Senior and Senior Secured Notes.

Our C&W, Liberty Puerto Rico and VTR borrowing groups have issued senior and/or senior secured notes.

Our C&W and Liberty Puerto Rico borrowing groups have issued senior and/or senior secured notes.

In general, our senior and senior secured notes (i) are senior obligations of each respective issuer within the relevant borrowing group that rank equally with all of the existing and future debt of such issuer and, in the case of our senior secured notes, are senior to all existing and future subordinated debt of each respective issuer within the relevant borrowing group, (ii) contain, in most instances, guarantees from other entities of the relevant borrowing group (as specified in the applicable indenture) and (iii) are secured by pledges over the shares of certain entities of the relevant borrowing group and, in certain instances, over substantially all of the assets of those entities.

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Liberty Latin America – Convertible Notes

In June 2019, Liberty Latin America issued $ 403 million principal amount of 2.0 % convertible senior notes (the Convertible Notes ) due July 15, 2024.

In June 2019, Liberty Latin America issued the Convertible Notes.

Interest on the Convertible Notes is payable semi-annually on January 15 and July 15.

1 unchanged sentence

Conversion Rights.

Subject to certain conditions, and adjustments if certain events occur (as specified in the indenture governing the Convertible Notes), including the Rights Offering (as discussed further below), as of December 31, 2021, the Convertible Notes may be converted at a conversion rate equal to 48.4315 Class C common shares per $1,000 principal amount of the Convertible Notes (equivalent to a conversion price of approximately $ 20.65 per Class C common share), the “ Conversion Option ”.

Subject to certain conditions, and adjustments if certain events occur (as specified in the indenture governing the Convertible Notes), including the Rights Offering (as discussed further below), as of December 31, 2022, the Convertible Notes may be converted at a conversion rate equal to 48.4315 Class C common shares per $1,000 principal amount of the Convertible Notes (equivalent to a conversion price of approximately $ 20.65 per Class C common share.

Any conversions of the Convertible Notes may be settled, at the election of the Company, in cash, Class C common shares or a combination thereof.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2021, 2020 and 2019

In September 2020, we completed a Rights Offering, as further described in note 19, whereby we issued 49,049,073 of our Class C common shares.

In September 2020, we completed the Rights Offering, as further described in note 17, whereby we issued 49,049,073 of our Class C common shares.

In connection with the Rights Offering, subject to certain anti-dilution provisions in the indenture governing the Convertible Notes, the conversion rate for the Convertible Notes was adjusted from 44.9767 to 48.4315 Class C common shares per $1,000 principal amount of the Convertible Notes.

1 unchanged sentence

• during any calendar quarter (and only during such calendar quarter), if the last reported sale price of our Class C common shares for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on and including the last trading day of the immediately preceding calendar quarter is greater than or equal to 130 % of the applicable conversion price of the Convertible Notes on each applicable trading day;

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

• during the five consecutive business day period immediately after any five consecutive trading day period (the “measurement period”), in which the trading price per $1,000 principal amount of the Convertible Notes for each trading day of that measurement period was less than 98 % of the product of the last reported sale price of our Class C common shares and the conversion rate on each such trading day;

7 unchanged sentences

Redemption Rights.

Other than a redemption for a change in certain tax laws, we may not redeem the Convertible Notes prior to July 19, 2022.

On or after July 19, 2022 but prior to the 85 th scheduled trading day immediately preceding July 15, 2024, we may redeem all or a portion of the notes for cash, if the last reported sale price of our Class C common shares has been at least 130 % of the conversion price then in effect on (i) each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption and (ii) the trading day immediately preceding the date we provide such notice .

On or after July 19, 2022 but prior to the 85 th scheduled trading day immediately preceding July 15, 2024, we may redeem all or a portion of the Convertible Notes for cash, if the last reported sale price of our Class C common shares has been at least 130 % of the conversion price then in effect on (i) each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption and (ii) the trading day immediately preceding the date we provide such notice .

If a fundamental change (as defined in the indenture) occurs, holders of the Convertible Notes may require the Company to repurchase all or a portion of their notes for cash at a price equal to 100 % of the principal amount of the notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

In addition, following certain corporate transactions that occur prior to the maturity date of the Convertible Notes or the delivery of a notice of redemption, we will increase the applicable conversion rate for a holder who elects to convert in connection with such corporate transactions or notice of redemption in certain circumstances by a number of additional Class C common shares, as described in the related indenture..

We used the net proceeds from the issuance of the Convertible Notes to (i) fund the cost of the Capped Calls, as further described in note 19, and (ii) for other general corporate purposes, including funding a portion of the AT&T Acquisition.

Borrowing Group – Outstanding Debt Instruments

C&W Borrowing Group Refinancing Transactions .

In January 2020, C&W completed a series of transactions contemplated by and permitted under its existing debt agreements (the C&W Borrowing Group Refinancing Transactions ) that ultimately

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2021, 2020 and 2019

resulted in the 2026 C&W Senior Notes and the 2027 C&W Senior Notes (previously issued by C&W Senior Financing Designated Activity Company) instead being directly issued by a wholly-owned subsidiary of C&W, C&W Senior Finance Limited ( C&W Senior Finance ).

In connection with the C&W Borrowing Group Refinancing Transactions, the loans previously made by C&W Senior Financing Designated Activity Company are no longer outstanding.

The terms and conditions applicable to the 2026 C&W Senior Notes and the 2027 C&W Senior Notes otherwise remained substantively unchanged.

The 2026 C&W Senior Notes were redeemed in 2021.

The details of the outstanding C&W Notes as of December 31, 2022 are summarized in the following table:

8 unchanged sentences

(a) Amounts are inclusive or net of original issue premiums and deferred financing costs, as applicable.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

Redemption Rights.

7 unchanged sentences

2024 100.859 % 100.000 %

2025 and thereafter 100.000 % 100.000 %

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2021, 2020 and 2019

C&W Credit Facilities

The C&W Credit Facilities are the senior secured credit facilities of certain subsidiaries of C&W.

The details of our borrowings under the C&W Credit Facilities as of December 31, 2022 are summarized in the following table:

2 unchanged sentences

Maturity Interest rate Borrowing currency US $ equivalent Borrowing currency US $ equivalent Carrying

C&W Revolving Credit Facility (b) January 30, 2027 LIBOR + 3.25 %

CWP Revolving Credit Facility (b) January 18, 2027 SOFR + 3.75 %

$ 20.0 20.0 $ — $ — $ —

C&W Term Loan B-5 Facility January 31, 2028 LIBOR + 2.25 % (c)

C&W Revolving Credit Facility (c) January 30, 2027 LIBOR + 3.25 %

$ 630.0 $ 630.0 $ — — —

C&W Term Loan B-6 Facility October 15, 2029 LIBOR + 3.0 % (c)

C&W Term Loan B-5 Facility January 31, 2028 LIBOR + 2.25 % (d)

$ — — $ 1,510.0 1,510.0 1,497.2

C&W Regional Facilities various dates ranging from 2022 to 2038 4.74 % (d)

(e) 149.3 (f) 351.3 348.6

C&W Term Loan B-6 Facility October 15, 2029 LIBOR + 3.0 % (d)

$ — — $ 590.0 590.0 581.1

2028 CWP Term Loan (e) January 18, 2028 4.25 % $ — — $ 435.0 435.0 429.9

C&W Regional Facilities various dates ranging from 2023 to 2038 5.35 % (f)

(g) 69.2 (h) 70.2 68.2

Total $ 719.2 $ 2,605.2 $ 2,576.4

(a) Amounts are net of discounts and deferred financing costs, as applicable.

(b) Includes $ 50 million that matures on June 30, 2023.

The C&W Revolving Credit Facility has a fee on unused commitments of 0.5 % per year.

(d) Represents a weighted average rate for all C&W Regional Facilities.

(e) The unused borrowing capacity on the C&W Regional Facilities comprise certain U.S.

(b) The CWP Revolving Credit Facility has a fee on unused commitments of 0.5 % per year.

(c) The C&W Revolving Credit Facility (i) includes $ 50 million that matures on June 30, 2023 and (ii) has a fee on unused commitments of 0.5 % per year.

(d) Subject to a LIBOR floor of 0 basis points.

(e) Certain proceeds of the 2028 CWP Term Loan were used to fund a portion of the Claro Panama Acquisition.

(f) Represents a weighted average rate for all C&W Regional Facilities.

(g) The unused borrowing capacity on the C&W Regional Facilities comprise certain U.S.

dollar, Trinidad & Tobago dollar and JMD denominated revolving credit facilities.

(f) The outstanding principal amount on the C&W Regional Facilities comprise certain U.S.

dollar, JMD and East Caribbean dollar denominated credit facilities.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

(h) The outstanding principal amount on the C&W Regional Facilities comprise certain JMD, U.S.

dollar, East Caribbean dollar denominated credit facilities.

LPR Senior Secured Notes

5 unchanged sentences

$ equivalent Carrying

2027 LPR Senior Secured Notes (b) October 15, 2027 6.750 % $ 1,161.0 $ 1,161.0 $ 1,142.4

2029 LPR Senior Secured Notes (b) July 15, 2029 5.125 % $ 820.0 820.0 803.8

2027 LPR Senior Secured Notes October 15, 2027 6.750 % $ 1,161.0 $ 1,161.0 $ 1,146.3

2029 LPR Senior Secured Notes July 15, 2029 5.125 % $ 820.0 820.0 810.5

Total $ 1,981.0 $ 1,956.8

(a) Amounts are inclusive or net of original issue premiums and deferred financing costs, as applicable.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2021, 2020 and 2019

(b) The 2027 LPR Senior Secured Notes and 2029 LPR Senior Secured Notes were issued by LCPR Senior Secured Financing.

Liberty Mobile is required to consolidate LCPR Senior Secured Financing as a result of certain variable interests in LCPR Senior Secured Financing, of which Liberty Mobile is considered the primary beneficiary.

LCPR Senior Secured Financing was created for the primary purpose of facilitating the issuance of certain debt offerings.

Redemption Rights.

6 unchanged sentences

2023 101.688 % N.A.

2024 100.000 % 102.563 %

2 unchanged sentences

LPR Credit Facilities

The LPR Credit Facilities are the senior secured credit facilities of Liberty Puerto Rico.

The details of our borrowings under the LPR Credit Facilities as of December 31, 2022 are summarized in the following table:

1 unchanged sentence

capacity Outstanding principal amount Carrying

LPR Revolving Credit Facility (a) (b) March 15, 2027 LIBOR + 3.50 %

LPR Revolving Credit Facility (a) March 15, 2027 LIBOR + 3.50 %

$ 172.5 $ — $ —

2 unchanged sentences

Total $ 172.5 $ 620.0 $ 615.6

(a) The LPR Revolving Credit Facility was entered into by LCPR Loan Financing, which was created for the primary purpose of facilitating the issuance of certain term loan debt.

LCPR is required to consolidate LCPR Loan Financing as a result of certain variable interests in LCPR Loan Financing, for which LCPR is considered the primary beneficiary.

(b) The LPR Revolving Credit Facility has a fee on unused commitments of 0.5 % per year.

(a) The LPR Revolving Credit Facility has a fee on unused commitments of 0.5 % per year.

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2022, 2021 and 2020

Costa Rica Credit Facilities

The details of the Costa Rica Credit Facilities as of December 31, 2021 are summarized in the following table:

LCR Credit Facilities

The details of the LCR Credit Facilities as of December 31, 2022 are summarized in the following table:

Unused borrowing capacity Outstanding principal

2 unchanged sentences

$ equivalent Carrying value (a)

Cabletica Term Loan B-1 Facility (b) LIBOR + 5.50 % (c)

LCR Term Loan B-1 Facility (b) LIBOR + 5.50 % (c)

$ — $ — $ 276.7 $ 276.7 $ 270.5

Cabletica Term Loan B-2 Facility (b) TBP + 6.75 %

LCR Term Loan B-2 Facility (b) TBP + 6.75 %

CRC — — CRC 79,635.2 134.6 135.5

Cabletica Revolving Credit Facility (d) August 1, 2024 LIBOR + 4.25 %

LCR Revolving Credit Facility (d) August 1, 2024 LIBOR + 4.25 %

$ 7.0 7.0 $ 8.0 8.0 8.0

1 unchanged sentence

(a) Amounts are net of deferred financing costs.

(b) Under the terms of the credit agreement, Costa Rica is obligated to repay 50 % of the outstanding aggregate principal amounts of the Cabletica Term Loan B-1 Facility and the Cabletica Term Loan B-2 Facility on February 1, 2024, with the remaining respective principal amounts due on August 1, 2024, which represents the ultimate maturity date of each facility.

(b) Under the terms of the credit agreement, Liberty Servicios was obligated to repay 50 % of the outstanding aggregate principal amounts of the LCR Term Loan B-1 Facility and the LCR Term Loan B-2 Facility on February 1, 2024, with the remaining respective principal amounts due on August 1, 2024, which represented the ultimate maturity date of each facility.

The LCR Term Loan B-1 Facility and LCR Term Loan B-2 Facility were refinanced subsequent to December 31, 2022, as further described below.

(d) The Cabletica Revolving Credit Facility has a fee on unused commitments of 1.70 % per year.

(d) The LCR Revolving Credit Facility had a fee on unused commitments of 1.70 % per year.

Subsequent to December 31, 2022, the LCR Revolving Credit Facility was amended and restated.

The amended and restated $ 60 million LCR Revolving Credit Facility bears interest at SOFR plus a margin of 4.25 %, matures on January 15, 2028 and has a fee on unused commitments of 0.5 % per year.

In January 2023, Liberty Costa Rica entered into the 2031 LCR Term Loan A and the 2031 LCR Term Loan B, both issued at par.

At any time prior to the maturity dates, the 2031 LCR Term Loan A and 2031 LCR Term Loan B outstanding principal amounts, in whole or in part, may be redeemed or repaid, as applicable, along with (i) any accrued and unpaid interest and (ii) as applicable, any prepayment fee or prepayment premium or applicable premium (each as defined in the applicable credit agreement).

The proceeds from the 2031 LCR Term Loan A and 2031 LCR Term Loan B were primarily used to repay the LCR Term Loan B-1 Facility and LCR Term Loan B-2 Facility.

Financing and Refinancing Activity

Borrowings related to significant notes we issued and credit facilities drew down, entered into or amended during 2022, 2021 and 2020 are included in the tables below.

Non-cash activity relates to cash borrowed that did not pass through our bank accounts, as financing proceeds from the issuance of debt were used to directly repay some or all of outstanding debt instruments within the same borrowing group.

Non-cash activity relates to cash borrowed that did not pass through our bank accounts, as financing proceeds from the issuance of debt were used to directly repay some or all of the outstanding debt instruments within the same borrowing group.

Borrowings during 2022 are as follows:

Borrowing group Borrowing Non-cash component

Instrument Issued at Borrowing currency USD equivalent

C&W 2028 CWP Term Loan 100 % $ 435.0 435.0 $ 272.9

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

Borrowings during 2021, including activity related to the Chile JV Entities, are as follows:

8 unchanged sentences

VTR VTR RCF – A N/A $ — $ — $ —

Costa Rica (c) Cabletica Term Loan B-1 Facility 100 % $ 227.5 $ 227.5 $ —

Costa Rica (c) Cabletica Term Loan B-2 Facility 100 % CRC 36,457.9 $ 58.8 N/A $ —

Liberty Costa Rica (c) LCR Term Loan B-1 Facility 100 % $ 227.5 $ 227.5 $ —

Liberty Costa Rica (c) LCR Term Loan B-2 Facility 100 % CRC 36,457.9 $ 58.8 N/A $ —

(a) In September 2021, the C&W Revolving Credit Facility was amended to extend the maturity of $ 580 million in underlying commitments from January 30, 2026 to January 30, 2027.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2021, 2020 and 2019

(b) Total commitments under the LPR Revolving Credit Facility were increased by $ 48 million during 2021.

(c) Borrowings under the Cabletica Term Loan B-1 Facility and Cabletica Term Loan B-2 Facility were used to fund a portion of the Telefónica Costa Rica Acquisition.

Borrowings during 2020 are as follows:

(c) Borrowings under the LCR Term Loan B-1 Facility and LCR Term Loan B-2 Facility were used to fund a portion of the Liberty Telecomunicaciones Acquisition.

Borrowings during 2020, including activity related to the Chile JV Entities, are as follows:

Borrowing group Issued at Borrowing Non-cash component

8 unchanged sentences

Liberty Puerto Rico LPR Revolving Credit Facility N/A $ 62.5 $ 62.5 $ —

Borrowings during 2019 are as follows:

Borrowing group Issued at Borrowing Non-cash component (a)

Instrument Borrowing currency USD equivalent

Liberty Latin America Convertible Notes 100 % $ 402.5 $ 402.5 $ —

C&W 2027 C&W Senior Secured Notes 99.195 % $ 400.0 $ 400.0 $ —

C&W 2027 C&W Senior Notes Add-on A 99.205 % $ 300.0 $ 300.0 $ —

C&W 2027 C&W Senior Notes Add-on B 103.625 % $ 220.0 $ 220.0 $ —

C&W C&W Revolving Credit Facility 100 % $ 170.0 $ 170.0 $ —

Liberty Puerto Rico 2027 LPR Senior Secured Notes 100 % $ 1,200.0 $ 1,200.0 $ —

Liberty Puerto Rico 2026 SPV Credit Facility 99 % $ 1,000.0 $ 1,000.0 $ 922.5

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2022, 2021 and 2020

During 2022, we made certain repurchases or repayments on the following debt instruments, including repayments related to the Chile JV Entities:

Borrowing group Redemption price Amount paid Non-cash component

Instrument Borrowing currency USD equivalent (a)

C&W C&W Regional Facilities 100 % $ 272.9 $ 272.9 $ 272.9

VTR 2029 VTR Senior Secured Notes (b) $ 12.2 $ 12.2 $ —

VTR 2028 VTR Senior Secured Notes (b) $ 4.3 $ 4.3 $ —

VTR 2028 VTR Senior Notes (b) $ 31.6 $ 31.6 $ —

(a) Translated at the transaction date, if applicable.

(b) During the third quarter of 2022, in aggregate we repurchased and cancelled approximately $ 91 million original principal amount of certain of the outstanding senior secured notes and senior notes of the Chile JV Entities.

During 2021, we made repayments on the following debt instruments, including repayments related to the Chile JV Entities:

Borrowing group Redemption price Principal amount repaid Non-cash component Loss on debt extinguishment

Borrowing group Redemption price Amount paid Non-cash component

Instrument Borrowing currency USD equivalent (a)

7 unchanged sentences

(a) Translated at the transaction date, if applicable.

During 2020, we made repayments on the following debt instruments:

Borrowing group Redemption price Principal amount repaid Non-cash component Loss on debt extinguishment

During 2020, we made repayments on the following debt instruments, including repayments related to the Chile JV Entities:

Borrowing group Redemption price Amount paid Non-cash component

Instrument Borrowing currency USD equivalent (a)

5 unchanged sentences

(a) Translated at the transaction date, if applicable.

During 2019, we made repayments on the following debt instruments:

Borrowing group Redemption price Principal amount repaid Non-cash component Loss on debt extinguishment

Instrument Borrowing currency USD equivalent (a)

C&W 2019 C&W Senior Notes 100 % £ 91.0 $ 120.0 $ — $ —

C&W 2022 C&W Senior Notes 105.156 % $ 265.0 $ 265.0 $ — $ 8.8

C&W 2022 C&W Senior Notes 103.438 % $ 210.0 $ 210.0 $ — $ 4.2

C&W C&W Term Loan B-4 Facility 100 % $ 235.0 $ 235.0 $ — $ 0.6

C&W C&W Revolving Credit Facility N/A $ 170.0 $ 170.0 $ — $ 6.9

Liberty Puerto Rico LPR Bank Facility (b) 100 % $ 942.5 $ 942.5 $ 922.5 $ —

(a) Translated at the transaction date, if applicable.

(b) The LPR Bank Facility represents then outstanding term loans of $ 850 million and $ 92.5 million.

Liberty Latin America Ltd.

3 unchanged sentences

Maturities of our debt as of December 31, 2022 are presented below.

The table below excludes the debt of the Chile JV Entities as it has been reflected in liabilities associated with assets held for sale on our December 31, 2021 consolidated balance sheet.

Amounts presented below represent U.S.

dollar equivalents based on December 31, 2022 exchange rates.

C&W Liberty Puerto Rico Costa Rica Liberty Latin America (a) Consolidated

C&W Liberty Puerto Rico Liberty

Costa Rica Liberty Latin America (a) Consolidated

Years ending December 31:

12 unchanged sentences

(a) Represents the amount held by Liberty Latin America on a standalone basis plus the aggregate amount held by subsidiaries of Liberty Latin America that are outside our borrowing groups.

Subsequent Event

In January 2022, CWP entered into the CWP Credit Facilities.

The 2028 CWP Term Loan A will be used to refinance certain existing term debt of CWP.

The 2028 CWP Term Loan B is restricted for use to fund the Claro Panama Acquisition and is subject to certain ticking fees until the Claro Panama Acquisition closing date.

The 2027 CWP Revolving Credit Facility has a fee on unused commitments of 0.50 %.

(10) Operating Leases

The following table provides details of our operating lease expense:

25 unchanged sentences

Right-of-use assets obtained in exchange for new operating lease liabilities (a) $ 237.4 $ 211.8 $ 230.5

(a) Represents non-cash transactions associated with operating leases entered into during the year, including (i) $ 155 million acquired in connection with the Telefónica Costa Rica Acquisition during 2021 and (ii) $ 196 million acquired in connection with the AT&T Acquisition during 2020.

(a) Represents non-cash transactions associated with operating leases entered into during the year, including amounts related to acquisitions, as further described in note 4.

Maturities of Operating Leases

Maturities of our operating lease liabilities as of December 31, 2022 are presented below.

The table below excludes the operating lease liabilities of the Chile JV Entities as they have been reflected in liabilities associated with assets held for sale on our December 31, 2021 consolidated balance sheet.

Amounts presented below represent U.S.

8 unchanged sentences

December 31, 2022, 2021 and 2020

(12) Restructuring Liabilities

Our restructuring charges during 2021, 2020 and 2019 primarily relate to reorganization programs at C&W Caribbean and Networks, VTR and C&W Panama.

Current and noncurrent restructuring liabilities are included in other accrued and current liabilities and other long-term liabilities, respectively, in our consolidated balance sheets.

A summary of changes in our restructuring liabilities during 2021, 2020 and 2019 is set forth in the tables below:

termination Contract termination and other Total

Restructuring liability as of January 1, 2021 $ 3.6 $ 16.6 $ 20.2

Restructuring charges 35.1 8.2 43.3

Cash paid ( 25.4 ) ( 10.6 ) ( 36.0 )

Reclassification to liabilities associated with assets held for sale (a) ( 0.4 ) ( 9.6 ) ( 10.0 )

Foreign currency translation adjustments ( 0.3 ) ( 2.0 ) ( 2.3 )

Restructuring liability as of December 31, 2021 $ 12.6 $ 2.6 $ 15.2

Current portion $ 6.7 $ 1.6 $ 8.3

Noncurrent portion 5.9 1.0 6.9

Total $ 12.6 $ 2.6 $ 15.2

(a) In connection with the pending formation of the Chile JV, the restructuring liabilities associated with the Chile JV Entities have been included in liabilities associated with assets held for sale on our December 31, 2021 consolidated balance sheet.

termination Contract termination and other Total

Restructuring liability as of January 1, 2020 $ 19.0 $ 13.3 $ 32.3

Restructuring charges 13.2 11.6 24.8

UTS liabilities at acquisition date (a) 2.1 — 2.1

Cash paid ( 25.7 ) ( 10.4 ) ( 36.1 )

Foreign currency translation adjustments ( 5.0 ) 2.1 ( 2.9 )

Restructuring liability as of December 31, 2020 $ 3.6 $ 16.6 $ 20.2

Current portion $ 3.6 $ 14.3 $ 17.9

Noncurrent portion — 2.3 2.3

Total $ 3.6 $ 16.6 $ 20.2

(a) Represents an adjustment related to the completion of our purchase price accounting for the UTS Acquisition.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2021, 2020 and 2019

termination Contract termination and other Total

Restructuring liability as of January 1, 2019 $ 7.6 $ 18.0 $ 25.6

Restructuring charges 30.9 9.3 40.2

UTS liabilities at acquisition date 8.3 — 8.3

Cash paid ( 27.6 ) ( 13.0 ) ( 40.6 )

Foreign currency translation adjustments ( 0.2 ) ( 1.0 ) ( 1.2 )

Restructuring liability as of December 31, 2019 $ 19.0 $ 13.3 $ 32.3

( 11 ) Programming and Other Direct Costs of Services

15 unchanged sentences

• Facility, provision, franchise and other, which primarily includes facility-related costs, provision for bad debt expense, franchise-related fees, bank fees, insurance, vehicle-related, travel and entertainment and other operating-related costs;

• Share-based compensation expense that relates to (i) equity awards issued to our employees and Directors and (ii) certain bonus-related expenses that are paid in the form of equity.

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2022, 2021 and 2020

• Share-based compensation expense that relates to (i) equity awards issued to our employees and Directors and (ii) and with respect to 2021 and 2020, bonus-related expenses that will be paid in the form of equity.

Our other operating costs and expenses by major category are set forth below:

12 unchanged sentences

The income taxes of Liberty Latin America are presented on a standalone basis, and each tax paying entity or group within Liberty Latin America is presented on a separate return basis, unless a combined or consolidated tax return regime is permitted.

We maintain a tax sharing agreement with Liberty Global (the Tax Sharing Agreement ) that became effective upon consummation of the Split-Off.

The Tax Sharing Agreement governs the parties’ respective rights, responsibilities and obligations with respect to taxes and tax benefits, the filing of tax returns, the control of audits and other tax matters.

Pursuant to the Tax Sharing Agreement, tax liabilities and benefits relating to taxable periods before and after the Split-Off will be computed and apportioned between Liberty Latin America and Liberty Global, and responsibility for payment of those tax liabilities (including any taxes attributable to the Split-Off and related internal restructurings) and use of those tax benefits, will be allocated between Liberty Latin America and Liberty Global.

Furthermore, the Tax Sharing Agreement sets forth the rights of Liberty Latin America and Liberty Global with respect to the preparation and filing of tax returns, the handling of audits or other tax proceedings and assistance and cooperation and other matters, in each case, for taxable periods ending on or before or that otherwise include the date of the Split-Off.

The components of our loss before income taxes are as follows:

5 unchanged sentences

(a) Liberty Latin America is considered a stand-alone Bermuda entity.

(b) Amounts for the year ended December 31, 2021 include a goodwill impairment charge of $ 605 million and a $ 41 million impairment associated with a cost method investment, both of which occurred at our C&W Caribbean and Networks segment.

Amounts for the year ended December 31, 2020, include impairment charges of $ 177 million and $ 99 million

(b) Amounts for the year ended December 31, 2022, include a goodwill impairment charge of $ 555 million and a $ 13 million impairment associated with a cost method investment, both of which occurred at our C&W Caribbean segment.

Amounts for the year ended December 31, 2021, include a goodwill impairment charge of $ 605 million and a $ 41 million impairment associated with a cost method investment, both of which occurred at our C&W Caribbean segment.

Amounts for the year ended December 31, 2020, include goodwill impairment charges of $ 177 million and $ 99 million at our C&W Panama and C&W Caribbean reporting units.

(c) For the year ended December 31, 2022, significant jurisdictions that comprise the “foreign” component of our loss before income taxes include Bahamas, Barbados, British Virgin Islands, Chile, Colombia, Costa Rica, Curacao, Jamaica, the Netherlands, Panama, Puerto Rico, Spain, Trinidad, U.S.

Virgin Islands, the U.K.

For the year ended December 31, 2021, significant jurisdictions that comprise the “foreign” component of our loss before income taxes include Bahamas, Barbados, British Virgin Islands, Chile, Costa Rica, Curacao, Jamaica, the Netherlands, Panama, Puerto Rico, Trinidad, U.S.

Virgin Islands, the U.K.

For the year ended December 31, 2020, significant jurisdictions that comprise the “foreign” component of our loss before income taxes include Bahamas, Barbados, Chile, Costa Rica, Jamaica, the Netherlands, Panama, Puerto Rico, Trinidad, the U.K.

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2022, 2021 and 2020

at our C&W Panama and C&W Caribbean and Networks reporting units.

Amounts for the year ended December 31, 2019 include impairment charges at our C&W Panama reporting unit of $ 182 million, as further described in note 8.

(c) For the year ended December 31, 2021, material jurisdictions that comprise the “foreign” component of our loss before income taxes include Bahamas, Barbados, British Virgin Islands, Chile, Costa Rica, Curacao, Jamaica, the Netherlands, Panama, Puerto Rico, Trinidad, U.S.

Virgin Islands, the U.K.

For the years ended December 31, 2020 and 2019, material jurisdictions that comprise the “foreign” component of our loss before income taxes include Bahamas, Barbados, Chile, Costa Rica, Jamaica, the Netherlands, Panama, Puerto Rico, Trinidad, the U.K.

Income tax benefit (expense) consists of:

12 unchanged sentences

Total $ ( 35.9 ) $ 65.1 $ 29.2

Income tax benefit (expense) attributable to our earnings (loss) before income taxes differs from the amounts computed by using the applicable tax rate as a result of the following:

Income tax benefit (expense) attributable to our loss before income taxes differs from the amounts computed by using the applicable tax rate as a result of the following:

Year ended December 31,

3 unchanged sentences

Basis and other differences in the treatment of items associated with investments in Liberty Latin America entities ( 1.2 ) 1.4 0.5

Increases in valuation allowances ( 321.6 ) ( 223.0 ) ( 60.9 )

(Increases) Decreases in valuation allowances 188.8 ( 321.6 ) ( 223.0 )

Expiration of deferred tax assets with full valuation allowance ( 12.7 ) ( 129.5 ) —

3 unchanged sentences

Effect of non-deductible goodwill impairments ( 174.3 ) ( 201.2 ) ( 70.3 )

Effect of tax credits 15.9 38.7 —

Withholding tax ( 13.3 ) ( 23.4 ) ( 40.0 )

1 unchanged sentence

Total income tax benefit (expense) $ ( 86.5 ) $ ( 173.3 ) $ 29.2

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2021, 2020 and 2019

(a) On July 11, 2017, Liberty Latin America was formed as a corporation in Bermuda where the company is exempt from income taxes on ordinary income and capital gains, and therefore has a “statutory” or “expected” tax rate of 0% in 2022, 2021, and 2020.

1 unchanged sentence

(b) Permanent differences primarily relate to various non-taxable income or non-deductible expenses, such as Caribbean Community (CARICOM) treaty income, limitations on deductible management fees, or executive compensation, among others.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

1 unchanged sentence

British Virgin Islands, 0%;

Colombia, 35%;

Costa Rica, 30%;

19 unchanged sentences

Net deferred tax liability $ ( 660.2 ) $ ( 666.9 )

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2021, 2020 and 2019

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below:

13 unchanged sentences

Un-remitted foreign earnings ( 2.1 ) ( 0.8 )

Accrued expenses ( 0.1 ) —

Deferred tax liabilities ( 1,219.5 ) ( 1,199.2 )

Net deferred tax liability $ ( 660.2 ) $ ( 666.9 )

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

The changes in our valuation allowances are summarized below:

2 unchanged sentences

Balance at January 1 $ 1,940.3 $ 1,630.9 $ 1,402.8

Net tax expense related to operations 321.6 223.0 60.9

Net tax expense (benefit) related to operations ( 188.8 ) 321.6 223.0

Translation adjustments ( 6.2 ) ( 9.1 ) 0.3

1 unchanged sentence

Balance at December 31 $ 1,780.4 $ 1,940.3 $ 1,630.9

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2021, 2020 and 2019

Deferred tax assets related to net operating losses may be used to offset future taxable income.

9 unchanged sentences

Puerto Rico 275.4 85.2 2024 - 2030

121.3 30.3 2025 - 2037

101.7 23.1 2025-Indefinite

Panama 64.0 16.0 2023 - 2027

Virgin Islands

9 unchanged sentences

Substantially all credits not utilized will expire at the end of 2032.

Other credit carry forwards at the end of 2021 and 2020, in the amounts of $ 52 million and $ 50 million, respectively, predominantly represent alternative minimum tax credits attributable to our operations in Puerto Rico for which the current tax law provides no period of expiration.

In 2022 and 2021, we have alternative minimum tax credit carryforwards in the amounts of $ 47 million and $ 52 million, respectively, attributable to our operations in Puerto Rico for which the current tax law provides no period of expiration.

In 2022, we have research and development credit carryforwards of $ 19 million and $ 6 million available in Puerto Rico and the U.S., respectively.

With respect to such credits in Puerto Rico, current law provides no period of expiration.

In the U.S., substantially all credits not utilized will expire at the end of 2041.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

Through our consolidated subsidiaries, we maintain a presence in many countries.

9 unchanged sentences

In general, tax returns filed by, or that include, entities comprising Liberty Latin America for years prior to 2009 are no longer subject to examination by tax authorities.

We are currently undergoing income tax audits in Chile and Trinidad and

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2021, 2020 and 2019

Tobago and certain other jurisdictions within the Caribbean and Latin America.

We are currently undergoing income tax audits in Colombia and Trinidad and Tobago and certain other jurisdictions within the Caribbean and Latin America.

Except as noted below, any adjustments that might arise from the foregoing examinations are not expected to have a material impact on our consolidated financial position or results of operations.

17 unchanged sentences

No assurance can be given as to the nature or impact of any changes in our unrecognized tax positions during 2023.

During 2021, 2020 and 2019, our income tax benefit (expense) includes interest income (expense) of ($ 1 million),$ 2 million and $ 33 million, respectively, representing the net accrual of interest and penalties incurred during the respective period.

During 2022, 2021 and 2020, our income tax benefit (expense) includes interest income (expense) of ($ 0.2 million), ($ 1 million) and $ 2 million, respectively, representing the net accrual of interest and penalties incurred during the respective

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

Our other long-term liabilities include accrued interest and penalties of $ 13 million and $ 13 million at December 31, 2022 and 2021, respectively.

(16) Pension Plans

(14) Defined Benefit Plans

1 unchanged sentence

These defined benefit plans are closed to new entrants, and existing participants do not accrue any additional benefits.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2021, 2020 and 2019

Defined benefit plan amounts included in our consolidated balance sheets are as follows:

13 unchanged sentences

The remaining investment risks in the plans have also been mitigated to a reasonable extent by a combination of matching assets and diversification of the return-seeking assets.

During 2021, 2020 and 2019, our net periodic pension cost was $ 4 million, $ 3 million and $ 1 million, respectively.

Defined Contribution Plans

We have established various defined contribution benefit plans for our employees.

Our aggregate expense for matching contributions under the various defined contribution employee benefit plans was $ 16 million, $ 14 million and $ 13 million during 2021, 2020 and 2019, respectively.

(15) Share-based Compensation

1 unchanged sentence

In 2017, we adopted the Employee Incentive Plan and the Nonemployee Director Incentive Plan, under which options, SARs, RSUs, cash awards, performance awards or any combination of the foregoing may be granted.

The maximum number of Liberty Latin America common shares that may be issued under the Employee Incentive Plan and the Nonemployee Director Incentive Plan is 75 million (of which no more than 10 million shares may consist of Class B shares) and 5 million, respectively, in each case subject to anti-dilution and other adjustment provisions in the respective plans.

Liberty Latin America

The maximum number of

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2022, 2021 and 2020

common shares issuable pursuant to awards will be made available from either authorized but unissued shares or shares that have been issued but reacquired by Liberty Latin America.

Prior to 2020, RSUs and SARs granted under the Employee Incentive Plan generally vested 12.5 % on the seven-month anniversary of the grant date and then vested at a rate of 6.25 % each quarter thereafter over a four year term.

Awards granted in 2020 vest 33.3 % on the anniversary of the grant date over a three year vesting term.

All SARs granted under the Employee Incentive Plan expire seven years after the grant date, other than SARs granted in 2021, which expire ten years after the grant date, and may be granted with an exercise price at or above the fair market value of the shares on the date of grant in any class of common shares.

Liberty Latin America common shares that may be issued under the Employee Incentive Plan and the Nonemployee Director Incentive Plan is 75 million (of which no more than 10 million shares may consist of Class B shares) and 5 million, respectively, in each case subject to anti-dilution and other adjustment provisions in the respective plans.

Liberty Latin America common shares issuable pursuant to awards will be made available from either authorized but unissued shares, or shares that have been issued but reacquired by Liberty Latin America.

Prior to 2020, RSUs and SARs granted under the Employee Incentive Plan generally vested 12.5 % on the six-month anniversary of the grant date and then vested at a rate of 6.25 % each quarter thereafter over a four year term.

SARs granted under the Employee Incentive Plan prior to 2020 expire seven years after the grant date.

Awards granted during or after 2020 generally vest 33.3 % on the anniversary of the grant date over a three year vesting term.

SARs granted under the Employee Incentive Plan during or subsequent to 2020 expire ten years after the grant date.

SARs issued under the Employee Incentive Plan may be granted with an exercise price at or above the fair market value of the shares on the date of grant in any class of common shares.

RSUs issued under the Nonemployee Director Incentive Plan vest on the first anniversary of the grant date.

17 unchanged sentences

PSUs $ 6.11 $ 11.57 $ —

Income tax benefit related to share-based compensation (in millions) $ 8.7 $ 4.9 $ 3.8

As of December 31, 2022, we have $ 102 million of total unrecognized compensation expense related to awards held by our employees that is expected to be recognized as a future expense over a weighted-average period of approximately 2 years.

2 unchanged sentences

In early 2020, our compensation committee approved the 2020 PSUs, which represent the right to receive one Liberty Latin America Class A or Class C common share, as applicable, subject to performance and vesting.

Because of the COVID-19 pandemic, and the difficulty in providing clarity on our then expected results over a two-year performance period for the 2020 PSUs, the compensation committee decided in July 2020 to delay the setting of the performance target for the 2020 PSUs in order for the compensation committee to have better visibility of the impacts of the pandemic on the long-range plans of Liberty Latin America.

As a result of this delay in setting the performance targets, no targets were communicated to award recipients, and as such, a grant date for accounting purposes was not considered to have occurred.

On February 19, 2021, in light of the ongoing COVID-19 pandemic, the compensation committee reevaluated, reset and communicated the financial and operational targets for earning the 2020 PSUs thereby establishing a grant date for the 2020 PSUs.

The performance criteria is based upon the achievement of an Adjusted OIBDA CAGR during the period from January 1, 2021 through December 31, 2021.

The earned 2020 PSUs will vest 50 % on each of March 15 and September 15 of 2022.

During February 2021, the compensation committee formally communicated the financial and operational targets for earning the 2020 PSUs thereby establishing a grant date for the 2020 PSUs.

The performance criteria was based upon the achievement of an Adjusted OIBDA CAGR during the period from January 1, 2021 through December 31, 2021.

The earned 2020 PSUs vested 50 % on each of March 15, 2022 and September 15, 2022.

During 2022, we granted a total of 0.3 million Class B PSUs, 0.1 million of which vested immediately and the remainder of which will vest in March 2023 based upon the achievement of certain 2022 performance objectives.

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2022, 2021 and 2020

During 2021, certain key employees received the 2021 PSARs.

During 2021 and 2022, certain key employees received the 2021 PSARs.

Each award represents the right to receive a payment in shares or, if the compensation committee so determines, cash or a combination of cash and shares, equal to the excess of the fair market value of the common shares on the day of exercise over the exercise price, subject to performance and vesting.

1 unchanged sentence

The 2021 PSARs include performance conditions based on the achievement of individual qualitative objectives during the performance period.

During 2021, we granted 2,733,325 Class A PSARs and 5,466,675 Class C PSARs, all of which are outstanding as of December 31, 2021.

Liability-Based Awards

Beginning in 2020, our share-based compensation expense includes estimated bonus-related expenses paid in the form of equity.

Accordingly, such expenses have been included in share-based compensation expense effective January 1, 2020 and are being accounted for using the liability-based method.

Prior to January 1, 2018, certain of our employees received share-based incentive awards in shares of Liberty Global that had a legal life of seven years .

During 2020, the expiration period for certain of these awards related to Liberty Global shares held by our employees was extended from 7 years to 10 years, which resulted in incremental expense of $ 7 million.

As of December 31, 2022 and 2021, we had 2.8 million Class A PSARs and 5.7 million Class C PSARs, and 2.7 million Class A PSARs and 5.5 million Class C PSARs outstanding, respectively.

Share-based Incentive Awards

4 unchanged sentences

SARs – Class A shares

in years in millions

in millions in years in millions

Outstanding at January 1, 2022

( 0.5 ) $ 16.46

1,922,255 $ 13.97

( 638,760 ) $ 18.97

( 152,804 ) $ 10.42

Outstanding at December 31, 2022

6 unchanged sentences

SARs – Class C shares

in years in millions

in millions in years in millions

Outstanding at January 1, 2022

( 0.9 ) $ 16.53

3,844,510 $ 14.07

( 1,270,961 ) $ 18.90

( 310,470 ) $ 10.47

Outstanding at December 31, 2022

2 unchanged sentences

8.4 $ 17.35 3.6 $ —

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2021, 2020 and 2019

shares Weighted

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RSUs – Class A shares

Outstanding at January 1, 2021

455,252 $ 12.83

Granted (a) 1,548,992 $ 13.88

( 70,577 ) $ 13.28

Released from restrictions (a) ( 800,047 ) $ 14.02

Outstanding at December 31, 2021

1,133,620 $ 13.40 2.6

(a) During March 2021, we granted 0.6 million shares of Class A RSUs that vested immediately in settlement of certain bonus liabilities relating to the year ended December 31, 2020, which are included in the amounts presented in the table.

shares Weighted

grant-date fair value per share Weighted

RSUs – Class C shares

Outstanding at January 1, 2021

910,251 $ 12.87

Granted (a) 3,204,589 $ 14.00

( 150,940 ) $ 13.19

Released from restrictions (a) ( 1,696,929 ) $ 14.09

Outstanding at December 31, 2021

2,266,971 $ 13.54 1.9

(a) During March 2021, we granted 1.2 million shares of Class C RSUs that vested immediately in settlement of certain bonus liabilities relating to the year ended December 31, 2020, which are included in the amounts presented in the table.

shares Weighted

grant-date fair value per share Weighted

PSUs – Class A shares

in millions in years

Outstanding at January 1, 2022

344,428 $ 16.97

645,704 $ 11.76

Granted 2.6 $ 9.66

( 0.1 ) $ 11.53

Released from restrictions ( 1.5 ) $ 10.82

( 292,530 ) $ 16.92

Outstanding at December 31, 2022

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grant-date fair value per share Weighted

PSUs – Class C shares

RSUs – Class C shares

in millions in years

Outstanding at January 1, 2022

718,837 $ 16.21

Granted 5.5 $ 9.49

1 unchanged sentence

Released from restrictions ( 3.3 ) $ 10.14

( 610,450 ) $ 16.65

Outstanding at December 31, 2022

11 unchanged sentences

Balance at January 1, 2020 $ ( 25.5 ) $ 10.7 $ ( 14.8 ) $ ( 8.8 ) $ ( 23.6 )

Other comprehensive earnings 4.3 ( 2.8 ) 1.5 ( 0.3 ) 1.2

Balance at December 31, 2019 ( 25.5 ) 10.7 ( 14.8 ) ( 8.8 ) ( 23.6 )

Other comprehensive loss ( 117.7 ) 6.9 ( 110.8 ) ( 0.8 ) ( 111.6 )

2 unchanged sentences

Balance at December 31, 2021 ( 137.5 ) 47.8 ( 89.7 ) ( 10.5 ) ( 100.2 )

Other comprehensive loss 53.8 ( 113.3 ) ( 59.5 ) ( 0.5 ) ( 60.0 )

Balance at December 31, 2022 $ ( 83.7 ) $ ( 65.5 ) $ ( 149.2 ) $ ( 11.0 ) $ ( 160.2 )

Liberty Latin America Ltd.

7 unchanged sentences

Pension-related adjustments and other ( 114.0 ) 0.9 ( 113.1 )

Other comprehensive earnings 39.2 ( 4.2 ) 35.0

Other comprehensive loss attributable to noncontrolling interests (a) 0.9 — 0.9

Other comprehensive earnings attributable to Liberty Latin America shareholders $ 40.1 $ ( 4.2 ) $ 35.9

Year ended December 31, 2020:

Foreign currency translation adjustments $ ( 118.5 ) $ — $ ( 118.5 )

Pension-related adjustments and other 4.9 2.0 6.9

Other comprehensive loss ( 60.9 ) 0.9 ( 60.0 )

7 unchanged sentences

Other comprehensive earnings attributable to Liberty Latin America shareholders $ 40.1 $ ( 4.2 ) $ 35.9

Year ended December 31, 2020:

Foreign currency translation adjustments $ ( 118.5 ) $ — $ ( 118.5 )

Pension-related adjustments and other 4.9 2.0 6.9

Other comprehensive loss ( 113.6 ) 2.0 ( 111.6 )

Other comprehensive loss attributable to noncontrolling interests (a) 0.8 — 0.8

Other comprehensive loss attributable to Liberty Latin America shareholders $ ( 112.8 ) $ 2.0 $ ( 110.8 )

(a) Amounts represent the noncontrolling interest owners’ share of our foreign currency translation adjustments and pension-related adjustments.

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Balance at January 1, 2020 48.8 1.9 131.2

Issued in connection with share-based compensation plans 292,486 — 596,153

Issued in connection with 401(k) company match — — 59,060

Conversion of Class B to Class A 1,263 ( 1,263 ) —

Rights Offering — — 49.0

Repurchase of Liberty Latin America common shares ( 0.3 ) — ( 0.7 )

Issued in connection with share-based compensation plans and other 0.5 — 1.6

Balance at December 31, 2020 49.0 1.9 181.1

Balance at January 1, 2021 49.0 1.9 181.1

Rights Offering — — 49,049,074

Repurchase of Liberty Latin America common shares ( 4.3 ) — ( 0.7 )

Issued in connection with share-based compensation plans 505,549 — 1,460,334

401(k) match — — 96,145

Conversion of Class B to Class A 2,300 ( 2,300 ) —

Issued in connection with share-based compensation plans and other 0.8 — 1.9

Balance at December 31, 2021 45.5 1.9 182.3

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Repurchase of Liberty Latin America common shares ( 4.5 ) — ( 14.8 )

Issued in connection with share-based compensation plans 823,089 — 1,772,686

401(k) match — — 83,974

Conversion of Class B to Class A 1,479 ( 1,479 ) —

Issued in connection with share-based compensation plans and other 1.7 0.2 3.8

Balance at December 31, 2022 42.7 2.1 171.3

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Contribution from noncontrolling interest owners

During 2021, we received an equity contribution of $ 47 million from the noncontrolling interest owner of Cabletica, the proceeds of which were used to partially fund the Telefónica Costa Rica Acquisition.

This contribution represented their pro-rata share of the equity portion of the purchase price for the Telefónica Costa Rica Acquisition, and has been reflected as a contribution from noncontrolling interest owners in our consolidated statement of equity, and as a financing activity in our consolidated statement of cash flows.

During 2021, we received an equity contribution of $ 47 million from the noncontrolling interest owner of Liberty Servicios, the proceeds of which were used to partially fund the Liberty Telecomunicaciones Acquisition.

This contribution represented their pro-rata share of the equity portion of the purchase price for the Liberty Telecomunicaciones Acquisition, and has been reflected as a contribution from noncontrolling interest owners in our consolidated statement of equity, and as a financing activity in our consolidated statement of cash flows.

Share Repurchase Program

On March 16, 2020, our Directors approved 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 through March 2022, subject to certain limitations and conditions.

On March 16, 2020, our Directors approved the 2020 Share Repurchase Program, which authorize us to repurchase from time to time up to $ 100 million of our Class A common shares and/or Class C common shares through March 2022, subject to certain limitations and conditions.

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

This 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 2022 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

Under the 2022 Share Repurchase Program, we may repurchase our common shares in open market purchases at prevailing market prices, in privately negotiated transactions, in block trades, derivative transactions and/or through other legally permissible means.

At December 31, 2022, the remaining amount authorized for share repurchases under the 2022 Share Repurchase Program was $ 57 million.

Liberty Latin America Ltd.

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December 31, 2022, 2021 and 2020

purchases at prevailing market prices, in privately negotiated transactions, in block trades, derivative transactions and/or through other legally permissible means.

At December 31, 2021, the remaining amount authorized for share repurchases was $ 26 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.

Rights Offering

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The Rights Offering expired in accordance with its terms on September 25, 2020 and was fully subscribed with 49,049,073 shares of LILAK issued to those rights holders exercising basic and, if applicable, over-subscription privileges.

In connection with the issuance of our Convertible Notes, Liberty Latin America entered into the Capped Calls, which are used as an economic hedge to reduce or offset potential dilution to our Class C common shares upon any conversion of the Convertible Notes and/or offset any cash payments we are required to make in excess of the principal amount of such converted notes, as the case may be, with such reduction and/or offset subject to a cap.

In connection with the issuance of our Convertible Notes, we entered into the Capped Calls, which are used as an economic hedge to reduce or offset potential dilution to our Class C common shares upon any conversion of the Convertible Notes and/or offset any cash payments we are required to make in excess of the principal amount of such converted notes, as the case may be, with such reduction and/or offset subject to a cap.

Collectively, the Capped Calls cover the number of the Company’s Class C common shares underlying the Convertible Notes, or 19.5 million of Class C common shares, as adjusted for the impact of the Rights Offering as described below.

The Capped Calls had an initial strike price of $ 22.2337 per Class C common share and an initial cap price of $ 31.7625 per Class C common share, subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the Convertible Notes, and expire on July 15, 2024.

Following the completion of the Rights Offering, the strike price of the Capped Calls is $ 20.65 per Class C common share and the cap price per Class C common share ranges from $ 28.00 to $ 29.50 .

The Capped Calls have a current strike price of $ 20.65 per Class C common share and the cap price per Class C common share ranges from $ 28.00 to $ 29.50 , subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the Convertible Notes, and expire on July 15, 2024.

The Capped Calls are not considered a derivative instrument under ASC 815, Derivatives and Hedging , as the contracts are indexed to our Class C common shares and therefore classified within shareholders’ equity.

The aggregate premiums paid for the Capped Calls of $ 46 million are included in additional paid-in capital in our 2019 consolidated statement of equity.

Conversion Option – Convertible Notes

In connection with the issuance of the Convertible Notes, we recorded $ 77 million in additional paid-in capital in our consolidated statement of equity for the Conversion Option, which represents the fair value of the Conversion Option at issuance less $ 1 million of allocated transaction fees and costs.

For additional information, see notes 6 and 10.

Noncontrolling interests

During 2019, we completed the UTS NCI Acquisition, whereby we increased our ownership interest in UTS from 87.5 % to 100.0 %.

We paid $ 5 million and $ 6 million in 2019 and 2020, respectively, related to the UTS NCI Acquisition.

(18) Earnings (Loss) per Share

Basic EPS is computed by dividing net earnings (loss) attributable to Liberty Latin America shareholders by the weighted average number of Liberty Latin America Shares outstanding during the years presented, as further described below.

Diluted EPS presents the dilutive effect, if any, on a per share basis of potential shares as if they had been exercised, vested or converted at the beginning of the periods presented.

The details of our weighted average shares outstanding are set forth below:

Year ended December 31,

2022 2021 2020

Weighted average shares outstanding – basic and dilutive 222.6 232.6 195.5

We reported losses attributable to Liberty Latin America shareholders during 2022, 2021 and 2020.

As a result, the potentially dilutive effect at December 31, 2022, 2021 and 2020 of the following items was not included in the computation of diluted loss per share for such periods because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs and PSARs, because such awards had not yet met the applicable performance criteria:

(i) using the if-converted method, the aggregate number of shares potentially issuable under our Convertible Notes of approximately 19.5 million in each of the years presented, (ii) the aggregate number of shares issuable pursuant to outstanding options, SARs and RSUs of approximately 35.4 million, 24.7 million and 19.1 million, respectively, and (iii) the aggregate number of shares issuable pursuant to outstanding PSUs and PSARs of approximately 8.7 million, 10.1 million and 1.1 million, respectively.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

(19) Commitments and Contingencies

2 unchanged sentences

Historically, these arrangements have not resulted in our company making any material payments and we do not believe that they will result in material payments in the future.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2021, 2020 and 2019

Legal and Regulatory Proceedings and Other Contingencies

VTR Class Action.

On August 25, 2020, VTR was notified that SERNAC had filed a class action complaint against VTR in the 14th Civil Court of Santiago.

The complaint relates to consumer complaints regarding VTR’s broadband service and capacity during the pandemic and raises claims regarding, among other things, VTR’s disclosure of its broadband speeds and aggregate capacity availability and VTR’s response to address the causes of service instability during the pandemic.

VTR was also notified in August about two additional class action complaints filed by consumer associations (ODECU and AGRECU) making similar claims and allegations.

The class action complaint of ODECU was filed in the 21st Civil Court of Santiago, and the class action complaint of AGRECU was filed in the 26th Civil Court of Santiago.

The complaint of SERNAC and ODECU seeks (i) the Court declare that VTR has infringed the rules of the Consumer Protection Law;

(ii) the responsibility of VTR for such infractions and, if so, establish the corresponding fines;

and (iii) compensatory and punitive damages.

In the case of AGRECU, the complaint only seeks compensatory damages.

On October 22, 2020, VTR was notified of a fourth class action complaint filed by CONADECUS in the 16 th Civil Court of Santiago alleging that VTR did not adhere to certain call center, technical visit and service level requirements under applicable law.

On April 21, 2021, the Court of Appeals of Santiago issued a ruling joining the four class action complaints into one legal procedure.

We believe that the allegations contained in the complaints are without merit, in particular as it relates to VTR’s service and response during the pandemic and intend to defend the complaints vigorously.

We cannot predict at this point the length of time that these actions will be ongoing.

Additionally, a liability, if any, or a reasonable range of loss is not currently determinable based upon the current facts and circumstances of these claims.

Regulatory Issues.

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(20) Segment Reporting

Our reportable segments derive their revenue primarily from residential and B2B services, including video, broadband internet and fixed-line telephony services and mobile services.

Our corporate category includes our corporate operations.

Our reportable segments derive their revenue primarily from residential and B2B services, including video, broadband internet, fixed-line telephony and mobile services.

Our corporate category includes our corporate operations, which derive revenue from mobile handset insurance services.

We generally identify our reportable segments as those operating segments that represent 10% or more of our revenue, Adjusted OIBDA or total assets.

As of December 31, 2021, our reportable segments are as follows:

• C&W Caribbean and Networks;

During 2022, we completed an organizational change with respect to our C&W operations whereby management of certain subsidiaries of C&W, which primarily operate our subsea and fiber optic cable networks, now report directly to the chief operating decision maker of Liberty Latin America and no longer report to the former C&W Caribbean and Networks segment decision maker.

As a result, the aforementioned subsidiaries of C&W are now a separate operating and reportable segment, herein referred to as the C&W Networks & LatAm segment.

In connection with this change, we have revised our segment presentation for all periods to separately present (i) C&W Caribbean and (ii) C&W Networks & LatAm.

Accordingly, a s of December 31, 2022 , unless otherwise specified below, our reportable segments are as follows:

• C&W Caribbean;

• C&W Panama;

• C&W Networks & LatAm;

• Liberty Puerto Rico;

• Costa Rica.

Prior to 2021, VTR and Cabletica were collectively one operating segment.

As a result of organizational changes during the first quarter of 2021, these operations became separate operating segments.

Following the Telefónica Costa Rica Acquisition on August 9, 2021 (as further described in note 4), Cabletica and Telefónica Costa Rica now comprise our operating and reportable segment referred to herein as “Costa Rica.”

• Liberty Costa Rica;

• VTR (through September 30, 2022, see note 8).

Performance Measures of our Reportable Segments

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In addition, we review non-financial measures, such as subscriber growth.

We account for intersegment sales as if they were to third parties, that is, at current market prices.

Adjusted OIBDA is the primary measure used by our chief operating decision maker to evaluate segment operating performance.

Adjusted OIBDA is also a key factor that is used by our internal decision makers to (i) determine how to allocate

Adjusted OIBDA is also a key factor that is used by our internal decision makers to (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of our management for purposes of incentive compensation plans.

Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate.

A reconciliation of total Adjusted OIBDA to operating income or loss and to earnings or loss before income taxes is presented below.

Liberty Latin America Ltd.

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December 31, 2022, 2021 and 2020

resources to segments and (ii) evaluate the effectiveness of our management for purposes of incentive compensation plans.

A reconciliation of total Adjusted OIBDA to operating income and to loss before income taxes is presented below.

The amounts presented below represent 100 % of the revenue and Adjusted OIBDA of each of our reportable segments and our corporate operations.

As we have the ability to control certain subsidiaries that are not wholly owned, we include 100 % of the revenue and expenses of these entities in our consolidated statements of operations despite the fact that third parties own significant interests in these entities.

The noncontrolling owners’ interests in the operating results of Costa Rica and certain subsidiaries of C&W are reflected in net earnings or loss attributable to noncontrolling interests in our consolidated statements of operations.

The noncontrolling owners’ interests in the operating results of (i) certain subsidiaries of (a) C&W and (b) Liberty Puerto Rico, and (ii) Liberty Costa Rica are reflected in net earnings or loss attributable to noncontrolling interests in our consolidated statements of operations.

Year ended December 31,

2022 2021 2020

C&W Caribbean and Networks $ 1,751.2 $ 1,706.8 $ 1,812.8

C&W Caribbean $ 1,436.8 $ 1,389.9 $ 1,354.1

C&W Panama 642.7 568.1 522.5

C&W Networks & LatAm 450.8 431.9 405.2

Liberty Puerto Rico 1,470.1 1,449.7 619.6

Liberty Costa Rica 441.3 258.5 140.0

VTR 450.6 787.5 809.0

Costa Rica 256.2 140.0 132.7

Corporate 22.2 21.6 2.7

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2022 2021 2020

C&W Caribbean and Networks $ 747.2 $ 713.2 $ 732.1

C&W Caribbean $ 535.2 $ 482.9 $ 473.4

C&W Panama 188.8 200.1 177.2

C&W Networks & LatAm 276.3 264.3 239.8

Liberty Puerto Rico 538.4 580.9 270.4

Liberty Costa Rica 134.7 80.2 54.9

VTR 115.6 259.6 307.0

Costa Rica 80.2 54.9 51.9

Corporate ( 71.5 ) ( 52.9 ) ( 44.5 )

Total $ 1,717.5 $ 1,815.1 $ 1,478.2

The following table provides a reconciliation of total Adjusted OIBDA to operating income and to loss before income taxes:

Liberty Latin America Ltd.

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December 31, 2022, 2021 and 2020

The following table provides a reconciliation of total Adjusted OIBDA to operating income and to loss before income taxes:

Year ended December 31,

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Foreign currency transaction gains (losses), net ( 194.3 ) ( 319.6 ) 1.2

Losses on debt modification and extinguishment, net ( 57.2 ) ( 45.1 ) ( 19.8 )

Gains (losses) on debt modification and extinguishment, net 41.1 ( 57.2 ) ( 45.1 )

Gain on disposal of the Chile JV Entities 169.4 — —

Other income (expense), net ( 28.4 ) ( 41.7 ) 5.1

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Property and Equipment Additions of our Reportable Segments

The property and equipment additions of our reportable segments and corporate operations (including capital additions financed under vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditure amounts included in our consolidated statements of cash flows.

The property and equipment additions of our reportable segments and corporate operations (including capital additions financed under vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditures, net, amounts included in our consolidated statements of cash flows.

For additional information concerning capital additions financed under vendor financing, see note 7.

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2022 2021 2020

C&W Caribbean and Networks $ 268.2 $ 246.8 $ 305.8

C&W Caribbean $ 230.7 $ 222.9 $ 200.1

C&W Panama 98.4 88.9 70.4

C&W Networks & LatAm 40.2 45.3 46.7

Liberty Puerto Rico 233.5 219.2 97.3

Liberty Costa Rica 65.5 45.0 24.2

VTR 107.3 199.1 172.2

Costa Rica 45.0 24.2 19.0

Corporate 40.7 35.5 20.2

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Assets acquired under capital-related vendor financing arrangements ( 161.1 ) ( 100.5 ) ( 99.1 )

Acquisition of intangible assets (a) — 7.8 —

Assets acquired under finance leases — — ( 0.2 )

Changes in current liabilities related to capital expenditures ( 19.1 ) 26.0 ( 36.1 )

Total capital expenditures $ 736.3 $ 565.8 $ 589.1

(a) Represents cash paid for the acquisition of spectrum license intangible assets.

Balance Sheet Data of our Reportable Segments

Changes in current liabilities related to capital expenditures and other 4.9 ( 19.1 ) 33.8

Total capital expenditures, net $ 660.1 $ 736.3 $ 565.8

Liberty Latin America Ltd.

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December 31, 2022, 2021 and 2020

segments, or assess the effectiveness of our management for purposes of annual or other incentive compensation plans.

Balance Sheet Data of our Reportable Segments

We do not present the balance sheet data of our reportable segments, as this information is not a primary measure used by our chief operating decision maker to evaluate segment operating performance, determine the allocation of resources to segments, or assess the effectiveness of our management for purposes of annual or other incentive compensation plans.

Revenue by Major Category

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• B2B subsea network revenue, which includes long-term capacity contracts with customers where the customer either pays a fee over time or prepays for the capacity upfront and pays a portion related to operating and maintenance of the network over time.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2021, 2020 and 2019

Year ended December 31, 2022

C&W Caribbean and Networks C&W Panama Liberty Puerto Rico VTR Costa Rica Corporate (a) Intersegment Eliminations Total

C&W Caribbean C&W Panama C&W Networks & LatAm Liberty Puerto Rico Liberty Costa Rica VTR Corporate (a) Intersegment Eliminations Total

Residential revenue:

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Subscription revenue $ 484.3 $ 102.8 $ — $ 457.3 $ 137.6 $ 392.3 $ — $ — $ 1,574.3

Video $ 132.1 $ 25.9 $ 156.7 $ 294.4 $ 74.5 $ — $ — $ 683.6

Broadband internet 273.2 44.9 253.3 313.4 59.6 — — 944.4

Fixed-line telephony 68.1 17.1 28.2 77.3 4.4 — — 195.1

Total subscription revenue 473.4 87.9 438.2 685.1 138.5 — — 1,823.1

Non-subscription revenue 32.6 7.3 — 22.1 5.1 8.9 — — 76.0

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Total residential revenue 899.3 378.2 — 1,195.8 402.6 429.9 22.2 — 3,328.0

Service revenue (c) 614.6 249.8 220.4 32.2 14.0 — ( 4.0 ) 1,127.0

Subsea network revenue 264.5 — — — — — ( 17.5 ) 247.0

Total B2B revenue 879.1 249.8 220.4 32.2 14.0 — ( 21.5 ) 1,374.0

B2B revenue (c) 537.5 264.5 450.8 220.6 38.7 20.7 — ( 99.4 ) 1,433.4

Other revenue (d) — — — 53.7 — — — — 53.7

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(a) Amount relates to services we now provide for mobile handset insurance following the AT&T Acquisition.

(b) The total amount includes $ 100 million of inbound roaming revenue and $ 219 million of revenue from sales of mobile handsets and other devices.

(c) The total amount includes $ 33 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

(d) Amount relates to revenue received from the FCC primarily related to Liberty Mobile following the closing of the AT&T Acquisition.

(b) The total amount includes $ 257 million of revenue from sales of mobile handsets and other devices.

Liberty Latin America Ltd.

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December 31, 2022, 2021 and 2020

(c) The total amount includes $ 26 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

(d) Amount relates to revenue received from the FCC.

Year ended December 31, 2021

C&W Caribbean and Networks C&W Panama Liberty Puerto Rico VTR Costa Rica Corporate Intersegment Eliminations Total

C&W Caribbean C&W Panama C&W Networks & LatAm Liberty Puerto Rico Liberty Costa Rica VTR Corporate (a) Intersegment Eliminations Total

Residential revenue:

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Subscription revenue $ 473.4 $ 87.9 $ — $ 438.2 $ 138.5 $ 685.1 $ — $ — $ 1,823.1

Video $ 142.4 $ 27.8 $ 147.2 $ 291.5 $ 79.1 $ — $ — $ 688.0

Broadband internet 250.0 39.0 204.7 331.3 51.4 — — 876.4

Fixed-line telephony 74.6 18.8 25.5 73.5 3.7 — — 196.1

Total subscription revenue 467.0 85.6 377.4 696.3 134.2 — — 1,760.5

Non-subscription revenue 34.6 9.5 — 19.3 6.2 14.9 — — 84.5

2 unchanged sentences

Service revenue 300.2 176.4 — 480.8 72.7 48.0 — — 1,078.1

Interconnect, inbound roaming, equipment sales and other (a) 44.4 41.0 50.6 8.2 — 2.7 — 146.9

Interconnect, inbound roaming, equipment sales and other (b) 63.9 44.5 — 253.5 27.1 7.3 21.6 — 417.9

Total residential mobile revenue 364.1 220.9 — 734.3 99.8 55.3 21.6 — 1,496.0

Total residential revenue 872.1 318.3 — 1,191.8 244.5 755.3 21.6 — 3,403.6

Service revenue (b) 600.4 201.7 89.8 30.3 — — ( 4.1 ) 918.1

Subsea network revenue 258.7 — — — — — ( 14.1 ) 244.6

Total B2B revenue 859.1 201.7 89.8 30.3 — — ( 18.2 ) 1,162.7

Other revenue — — 5.7 — — — — 5.7

B2B revenue (c) 517.8 249.8 431.9 220.4 14.0 32.2 — ( 92.4 ) 1,373.7

Other revenue (d) — — — 37.5 — — — — 37.5

Total $ 1,389.9 $ 568.1 $ 431.9 $ 1,449.7 $ 258.5 $ 787.5 $ 21.6 $ ( 92.4 ) $ 4,814.8

(a) The total amount includes $ 27 million of inbound roaming revenue and $ 68 million of revenue from sales of mobile handsets and other devices.

(b) The total amount includes $ 18 million of revenue from sales of mobiles handsets and other devices to B2B mobile customers.

(a) Amount relates to services we now provide for mobile handset insurance following the AT&T Acquisition.

(b) The total amount includes $ 219 million of revenue from sales of mobile handsets and other devices.

(c) The total amount includes $ 33 million of revenue from sales of mobiles handsets and other devices to B2B mobile customers.

(d) Amount relates to revenue received from the FCC primarily related to Liberty Mobile following the closing of the AT&T Acquisition.

Liberty Latin America Ltd.

2 unchanged sentences

Year ended December 31, 2020

C&W Caribbean and Networks C&W Panama Liberty Puerto Rico VTR Costa Rica Intersegment Eliminations Total

C&W Caribbean C&W Panama C&W Networks & LatAm Liberty Puerto Rico Liberty Costa Rica VTR Corporate Intersegment Eliminations Total

Residential revenue:

1 unchanged sentence

Subscription revenue $ 467.0 $ 85.6 $ — $ 377.4 $ 134.2 $ 696.3 $ — $ — $ 1,760.5

Video $ 150.1 $ 31.0 $ 140.9 $ 346.4 $ 75.7 $ — $ 744.1

Broadband internet 225.1 34.9 175.0 366.7 45.3 — 847.0

Fixed-line telephony 79.5 22.4 23.4 98.2 2.5 — 226.0

Total subscription revenue 454.7 88.3 339.3 811.3 123.5 — 1,817.1

Non-subscription revenue 42.2 11.8 — 17.7 5.8 18.5 — — 96.0

5 unchanged sentences

Total residential revenue 847.7 320.8 — 524.1 140.0 778.7 2.7 — 2,614.0

Service revenue (b) 659.3 239.3 51.1 30.0 — ( 4.2 ) 975.5

Subsea network revenue 246.9 — — — — ( 10.2 ) 236.7

Total B2B revenue 906.2 239.3 51.1 30.0 — ( 14.4 ) 1,212.2

B2B revenue (b) 506.4 201.7 405.2 89.8 — 30.3 — ( 70.7 ) 1,162.7

Other revenue — — — 5.7 — — — — 5.7

Total $ 1,354.1 $ 522.5 $ 405.2 $ 619.6 $ 140.0 $ 809.0 $ 2.7 $ ( 70.7 ) $ 3,782.4

(a) The total amount includes $ 37 million of inbound roaming revenue and $ 43 million of revenue from sales of mobile handsets and other devices.

(b) The total amount includes $ 26 million of revenue from sales of mobiles handsets and other devices.

(a) The total amount includes $ 64 million of revenue from sales of mobile handsets and other devices.

(b) The total amount includes $ 18 million of revenue from sales of mobiles handsets and other devices to B2B mobile customers.

Liberty Latin America Ltd.

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Geographic Markets

The revenue from third-party customers for our geographic markets is set forth in the table below.

The revenue from third-party customers for each of our geographic markets is set forth in the table below.

Year ended December 31,

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Puerto Rico $ 1,419.5 $ 1,395.5 $ 606.5

Chile 787.5 809.0 941.1

Panama 639.7 565.9 520.1

Chile 450.6 787.5 809.0

Costa Rica 440.8 258.2 139.9

Jamaica 428.8 402.0 375.5

Networks & Latam (a) 369.4 355.8 349.4

Costa Rica 255.9 139.9 132.7

The Bahamas 194.7 189.9 181.1

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Total $ 4,815.1 $ 4,814.8 $ 3,782.4

(a) The amounts represent managed services and wholesale revenue from various jurisdictions across Latin America and the Caribbean, primarily related to the sale and lease of telecommunications capacity on C&W’s subsea and terrestrial fiber optic cable networks.

(a) The amounts represent managed services and wholesale revenue from various jurisdictions across Latin America and the Caribbean, primarily related to the sale and lease of telecommunications capacity on C&W Networks & LatAm’s subsea and terrestrial fiber optic cable networks.

(b) The amounts primarily relate to a number of countries in which we have less significant operations, all of which are located in the Caribbean, and to a lesser extent, in Latin America.

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Puerto Rico $ 1,166.7 $ 1,165.3

Networks & LatAm (a) 675.6 721.7

Networks & LatAm 634.3 675.6

Panama 481.3 351.4

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The Bahamas 312.0 323.9

Costa Rica 250.7 216.1

Trinidad and Tobago 221.0 220.3

Barbados 164.6 175.5

Costa Rica 216.1 67.4

Curacao 141.8 152.6

Chile (b) — 743.8

Other (c) 538.7 529.2

Other (a) 548.8 538.7

$ 4,293.6 $ 4,168.4

(a) Represents long-lived assets related to C&W’s subsea and terrestrial fiber optic cable networks that connect approximately 40 markets in Latin America and the Caribbean

(b) Long-lived assets for Chile as of December 31, 2021 have been reflected in assets held for sale on the consolidated balance sheet.

For additional information see note 9.

(c) The amounts primarily include long-lived assets of C&W’s other operations, which are primarily located in the Caribbean, and to a lesser extent, in Latin America.

(a) The amounts primarily include long-lived assets of C&W’s other operations, which are primarily located in the Caribbean, and to a lesser extent, in Latin America.

Liberty Latin America Ltd.

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Total current assets

Long-term notes receivable – related-party — 46.7

Investments in consolidated subsidiaries

2,192.0 2,434.4

Other assets, net — 0.2

Total assets $ 2,386.5 $ 2,650.2

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Current liabilities:

Related-party loan payable $ 36.1 $ 29.8

Related-party liabilities $ 87.6 $ 62.0

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Class A, $ 0.01 par value;

500,000,000 shares authorized;

50,127,969 and 45,482,853 shares issued and outstanding, respectively, at December 31, 2021;

49,303,401 and 49,009,585 shares issued and outstanding, respectively, at December 31, 2020

500.0 million shares authorized;

51.8 million and 42.7 million shares issued and outstanding, respectively, at December 31, 2022;

50.1 million and 45.5 million shares issued and outstanding, respectively, at December 31, 2021

Class B, $ 0.01 par value;

50,000,000 shares authorized;

1,930,907 shares issued and outstanding at December 31, 2021 and 1,932,386 shares issued and outstanding at December 31, 2020

50.0 million shares authorized;

2.1 million shares issued and outstanding at December 31, 2022 and 1.9 million shares issued and outstanding at December 31, 2021

Class C, $ 0.01 par value;

500,000,000 shares authorized;

183,643,584 and 182,270,626 shares issued and outstanding, respectively, at December 31, 2021;

181,786,924 and 181,113,766 shares issued and outstanding, respectively, at December 31, 2020

500.0 million shares authorized;

187.4 million and 171.3 million shares issued and outstanding, respectively, at December 31, 2022;

183.6 million and 182.3 million shares issued and outstanding, respectively, at December 31, 2021

Treasury shares, at cost;

6,018,074 and 966,974 shares, respectively

25.3 million and 6.0 million shares, respectively

( 243.4 ) ( 74.0 )

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Interest expense ( 24.8 ) ( 23.8 ) ( 22.0 )

Other income, net 0.6 1.7 5.2

Other income (loss), net ( 9.6 ) 0.6 1.7

( 34.4 ) ( 23.2 ) ( 20.3 )

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Cash flows from investing activities:

Capital expenditures — — ( 5.1 )

Investments in and advances to consolidated subsidiaries ( 128.7 ) ( 511.7 ) ( 5.1 )

Net cash used by investing activities

( 128.7 ) ( 511.7 ) ( 10.2 )

Distribution and repayments from (Investments in and advances to) consolidated subsidiaries, net 53.5 ( 128.7 ) ( 511.7 )

Net cash provided (used) by investing activities 53.5 ( 128.7 ) ( 511.7 )

Cash flows from financing activities:

Borrowings of third-party debt — — 402.5

Repayments of related-party debt — — ( 101.1 )

Capped calls — — ( 45.6 )

Borrowings of related-party debt 30.0 — —

Repurchase of Liberty Latin America Shares ( 170.4 ) ( 63.0 ) ( 9.5 )

Issuance of Liberty Latin America common shares, net — — 347.0

Borrowings of related-party debt — — 123.4

Other financing activities, net 0.9 — —

Net cash provided (used) by financing activities ( 139.5 ) ( 63.0 ) 236.4

Net increase (decrease) in cash, cash equivalents and restricted cash

( 120.8 ) ( 331.3 ) 474.7

Net decrease in cash, cash equivalents and restricted cash ( 49.0 ) ( 120.8 ) ( 331.3 )

Cash, cash equivalents and restricted cash:

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Listed below are the exhibits filed as part of this Annual Report on Form 10-K (according to the number assigned to them in Item 601 of Regulation S-K):

2.1 Master Transaction Agreement, dated September 29, 2021, by and among Liberty Latin America, Ltd., LLA UK Holdco Limited Sercotel, S.A.

de C.V., Controladora de Servicios de Telecomunicaciones, S.A.

de C.V., América Móvil, S.A.B.

and Claro Chile, S.A.

(incorporated by reference to Exhibit 2.1 to Liberty Latin America's Current Report on Form 8-K filed on October 5, 2021 (File No.

001-38335)).** *

3.1 Memorandum of Association of Liberty Latin America (incorporated by reference to Exhibit 3.1 to Liberty Latin America’s Registration Statement on Form S-1 filed on November 16, 2017 (File No.

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4.3 Specimen Certificate for shares of Class C common shares, par value $.01 per share, of Liberty Latin America (incorporated by reference to Exhibit 4.3 to the S-1 Registration Statement).

4.4 Indenture dated January 24, 2014, between VTR Finance B.V.

(VTR Finance), The Bank of New York Mellon, London Branch, as Trustee and Security Agent, and The Bank of New York Mellon as Paying Agent, Registrar and Transfer Agent, relating to VTR Finance’s 6.875% senior secured notes due 2024 (incorporated by reference to Exhibit 4.1 to Liberty Global’s Current Report on Form 8-K filed January 24, 2014 (File No.

4.4 Registration Rights Agreement dated October 17, 2018, by and between Liberty Latin America, SCPV LEO,L.P., SC LEO, L.P., SC AIV LEO, L.P., Searchlight/SIP Holdco SPV II (TRI), L.P.

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001-38335) (the 2019 10-K)).***

4.8 Indenture, dated July 1, 2020, by and between VTR Finance N.V.

(VTR Finance) and BNY Mellon Corporate Trustee Services Limited, as Trustee, The Bank of New York Mellon, London Branch, as Security Agent, and The Bank of New York Mellon as Paying Agent, Registrar and Transfer Agent, relating to VTR Finance’s 6.375% senior notes due 2028 (incorporated by reference to Exhibit 4.1 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 filed on August 5, 2020 (File No.

001-38335) (the August 2020 10-Q)).

4.9 Indenture, dated July 1, 2020, between VTR Comunicaciones SpA (VTR) and The Bank of New York Mellon, London Branch, as Trustee, and The Bank of New York Mellon as Paying Agent, Registrar and Transfer Agent, relating to VTR’s 5.125% senior secured notes due 2028 (incorporated by reference to Exhibit 4.2 to the August 2020 10-Q).

4.7 Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 4.8 to the 2019 10-K).

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10.16 Form of Restricted Share Units Agreement under the Nonemployee Director Incentive Plan (incorporated by reference to Exhibit 10.3 to the August 2018 10-Q).

10.17 Form of Performance Share Units Agreement between Liberty Latin America and its Chief Executive Officer under the Liberty Latin America 2018 Incentive Plan (incorporated by reference to Exhibit 10.1 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 filed on November 7, 2018 (File No.

001-38335) (the November 2018 10-Q)).

10.18 Form of Performance Share Units Agreement under the Liberty Latin America 2018 Incentive Plan (incorporated by reference to Exhibit 10.2 to the November 2018 10-Q).

10.17 Form of Restricted Share Units Agreement under the Liberty Latin America 2018 Incentive Plan (incorporated by reference to Exhibit 10.

2 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 filed on August 3, 2022 (File No.

001-38335) (the August 2022 10-Q )) .+

10.18 Form of Share Appreciation Rights Agreement under the Liberty Latin America 2018 Incentive Plan (incorporated by reference to Exhibit 10.

1 to the August 2022 10-Q).

10.19 Form of Restricted Share Units Agreement under the Liberty Latin America 2018 Incentive Plan (incorporated by reference to Exhibit 10.1 to the August 2019 10-Q).

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10.29 Form of Performance Share Appreciation Rights Agreement (Phoenix) under the Liberty Latin America 2018 Incentive Plan (Amended and Restated effective May 12, 2021) (incorporated by reference to Exhibit 10.3 to the August 2021 10-Q).

10.31 Extension Amendment, dated as of September 23, 2021, and entered into between, among others, Sable International Finance Limited, Coral-US Co-Borrower LLC and The Bank of Nova Scotia.*, ***

10.30 Additional Facility Joinder Agreement, dated as of September 23, 2021, and entered into between, among others, Sable International Finance Limited, Coral-US Co-Borrower LLC and The Bank of Nova Scotia (incorporated by reference to Exhibit 10.30 to Liberty Latin America ’ s Annual Report on Form 10-K for the year ended December 31, 202 1 filed on Feb ruary 23, 2022 (File No.

001-38335) (the 2021 10-K) ) .

10.31 Extension Amendment, dated as of September 23, 2021, and entered into between, among others, Sable International Finance Limited, Coral-US Co-Borrower LLC and The Bank of Nova Scotia ( incorporated by reference to Exhibit 10.31 to the 2021 10-K) .

Employment Agreement, effective as of July 16, 2021, between Liberty Latin America Ltd.

and Rocio Lorenzo (incorporated by reference to Exhibit 10.1 to Liberty Latin America ’ s Quarterly Report on Form 10 -Q for the quarter ended March 31, 2022 filed on May 4, 2022 (File No.

001-38335) ).

10.33 Amended and Restated Employment Agreement, made and effective as of July 28, 2022, by and among Liberty Latin America Ltd., LiLAC Communications Inc.

and Balan Nair (incorporated by reference to Exhibit 10.1 to Liberty Latin America ’ s Quarterly Rep ort on Form 10-Q for the quarter ended September 30, 2022 filed on November 8, 2022 (File No.

001-38335) ( the November 2022 10-Q)).

2022 Unrestricted Share Award and Performance Share Unit Agreement, made as of July 28, 2022, by and between Liberty Latin America Ltd.

and Balan Nair under the Liberty Latin America 2018 Incentive Plan (Amended and Restated effective May 12, 2021) (incorporated by reference to Exhibit 10.2 to the November 2022 10-Q) .

10.35 First Amendment to The Liberty Latin America Ltd.

Director Deferred Compensation Plan.

21 List of Subsidiaries.*

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GOULD Director February 22, 2023

/s/ ROBERTA S.

JACOBSON Director February 22, 2023

/s/ BRENDAN PADDICK Director February 22, 2023

8 unchanged sentences

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 9A. Controls and Procedures