What changed in this filing

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Item 1. Business

2024-02-22 compared with 2023-02-22 · 177 added, 139 removed, 792 unchanged (29% of the section changed)

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(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 5 to our consolidated financial statements, Liberty Telecomunicaciones;

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

and (iv) prior to the closing of the formation of the Chile JV in October 2022, VTR, as further described below.

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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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;

Puerto Rico and USVI, through our reportable segment Liberty Puerto Rico;

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.

Effective September 29, 2021, in connection with the pending formation of the Chile JV, as further described in note 8 to our consolidated financial statements, 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 during the period they were accounted for as held for sale.

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 note 8 to out consolidated financial statements.

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

Developments in the Business

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Within the last three years, we have completed the following transactions:

• during November 2023, we entered into an agreement with Phoenix Tower International to monetize approximately 1,300 mobile tower sites across Panama, Jamaica, The Bahamas, Puerto Rico, Barbados, and the British Virgin Islands.

As of December 31, 2023, we completed these transactions across most markets.

The transaction provides arrangements to extend coverage with a further 500 sites being built by Liberty Latin America and Phoenix Tower International over the next five years;

• during November 2023, we entered into an agreement and a license purchase agreement with Dish Network to acquire Dish Network spectrum assets in Puerto Rico and USVI and prepaid mobile subscribers in those markets in exchange for cash and international roaming credits.

The aggregate purchase price of $256 million will be paid in four annual installments commencing on the closing date, subject to post-closing adjustments.

The transaction is subject to certain customary closing conditions, including regulatory approvals, and is expected to close during 2024;

• on October 6, 2022, we completed the formation of the Chile JV pursuant to an agreement with América Móvil to contribute the Chile JV Entities to América Móvil’s Chilean operations.

The Chile JV is owned 50:50 by Liberty Latin

America and América Móvil.

The Chile JV is owned 50:50 by Liberty Latin America and América Móvil.

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

As such, our consolidated statements of operations and cash flows for 2022 and 2021 include VTR through the closing of the formation of the Chile JV.

For additional information, see note 6 to our consolidated financial statements;

• on July 1, 2022, we completed the acquisition of 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;

• effective December 31, 2021, we acquired 96% of the outstanding shares of Broadband VI, LLC for $33 million.

Broadband VI, LLC provides fixed services to residential and business customers in USVI and is included in our Liberty Puerto Rico reportable segment;

• on August 9, 2021, we completed the acquisition of Telefónica’s operations in Costa Rica (the Liberty Telecomunicaciones Acquisition), in an all-cash transaction based upon an enterprise value of $500 million on a cash- and debt-free basis.

• on October 31, 2020, we completed the acquisition of AT&T’s wireless and wireline operations in Puerto Rico and the U.S.

Virgin Islands in an all-cash transaction based upon an enterprise value of $1.95 billion.

For information regarding our material financing transactions, see note 10 to our consolidated financial statements.

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changes in competitive, regulatory and economic factors;

the timing and impact of proposed transactions, including the Puerto Rico and USVI Spectrum Acquisition and the Tower Transactions;

our anticipated integration plans, synergies, opportunities and integration costs in Puerto Rico following the AT&T Acquisition, in Costa Rica following the Liberty Telecomunicaciones Acquisition and in Panama following the Claro Panama Acquisition;

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credit risks;

the interest rate risks associated with the transition of LIBOR;

interest rate risks;

internal control over financial reporting and remediation of material weaknesses;

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• our ability to manage rapid technological changes;

• the impact of 5G and wireless technologies on broadband internet;

• the impact of 5G and wireless technologies;

• our ability to maintain or increase the number of subscriptions to our video, broadband internet, fixed-line telephony and mobile service offerings and our average revenue per household and mobile subscriber;

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• our ability to renew necessary regulatory licenses, concessions or other operating agreements and to otherwise acquire future spectrum or other licenses that we need to offer new mobile data or other technologies or services;

• our ability to obtain regulatory approval and satisfy other conditions necessary to close acquisitions and dispositions, and the impact of conditions imposed by competition and other regulatory authorities in connection with acquisitions;

• our ability to successfully acquire new businesses and, if acquired, to integrate, realize anticipated efficiencies from and implement our business plan with respect to the businesses we have acquired or that we expect to acquire, such as with respect to the AT&T Acquisition, the Liberty Telecomunicaciones Acquisition, and the Claro Panama Acquisition;

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• the impacts of climate change such as rising sea levels or increasing frequency and intensity of certain weather phenomena;

• events that are outside of our control, such as political conditions and unrest in international markets, terrorist attacks, malicious human acts, hurricanes and other natural disasters, pandemics, including the COVID-19 pandemic, and other similar events.

• events that are outside of our control, such as political conditions and unrest in international markets, terrorist attacks, malicious human acts, hurricanes and other natural disasters, pandemics like the COVID-19 pandemic, and other similar events.

The broadband distribution and mobile service industries are changing rapidly and, therefore, the forward-looking statements of expectations, plans and intent in this Annual Report on Form 10-K are subject to a significant degree of risk.

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We also operate an extensive subsea and terrestrial fiber optic cable network that connects approximately 40 markets in the region, providing connectivity solutions both within and outside our operating footprint.

We are the largest fixed-line provider of high-speed broadband and video services across a number of our markets, including Puerto Rico, Jamaica and Trinidad and Tobago.

We are the largest fixed-line provider of high-speed broadband and video services, in terms of market share, across a number of our markets.

In addition, we offer mobile services across our operating footprint.

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For additional information regarding terms used in the following tables, see the Operating Data Glossary below.

Passed Two-way

Passed Fixed Line Customer

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Telephony RGUs exclude mobile subscribers.

Two-way Homes Passed – Homes passed by those sections of our networks that are technologically capable of providing two-way services, including video, internet and telephony services.

Video RGU – A home, residential multiple dwelling unit or commercial unit that receives our video service over our network primarily via a digital video signal while subscribing to any recurring monthly service that requires the use of encryption-enabling technology.

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Certain of our residential and commercial RGUs are counted on an EBU basis, including residential multiple dwelling units and commercial establishments, such as bars, hotels, and hospitals, in Puerto Rico.

Our EBUs are generally calculated by dividing the bulk price charged to accounts in an area by the most prevalent price charged to non-bulk residential customers in that market for the comparable tier of service.

Our EBUs are generally calculated by

dividing the bulk price charged to accounts in an area by the most prevalent price charged to non-bulk residential customers in that market for the comparable tier of service.

As such, we may experience variances in our EBU counts solely as a result of changes in rates.

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Network data:

Two-way homes passed (1)

100 % 100 % 100 % 100 % 100 % 94 % 99 % 100 %

Homes passed:

43 % 40 % — % 99 % — % 58 % 84 % 91 %

53 % 37 % 54 % 1 % 100 % 38 % 16 % 9 %

4 % 23 % 46 % — % — % 4 % — % — %

Cable 37 % 42 % — % 99 % — % 58 % 80 % 87 %

FTTH 57 % 47 % 74 % 1 % 100 % 39 % 20 % 13 %

VDSL 6 % 11 % 26 % — % — % 3 % — % — %

Product penetration:

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52 % 35 % 22 % 49 % 44 % 21 % 24 % 33 %

(1) Percentage of total homes passed that are two-way homes passed.

(2) Percentage of two-way homes passed served by a cable, FTTH or DSL network, as applicable.

“VDSL” refers to both our DSL and very high-speed DSL technology networks.

(1) Percentage of total homes passed that subscribe to television services.

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Network System (1)

VDSL/HFC/FTTH VDSL/HFC/FTTH VDSL/FTTH HFC FTTH VDSL/HFC/FTTH HFC/FTTH HFC / FTTH

VDSL/HFC/FTTH VDSL/HFC/FTTH VDSL/FTTH HFC / FTTH FTTH VDSL/HFC/FTTH HFC/FTTH HFC / FTTH

Broadband internet service:

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As a mobile network provider, we are able to offer a full range of voice and data services, including value-added services.

Where available, we expect our mobile services will allow us to provide an extensive converged product offering with video, internet and fixed-line telephony, allowing our customers connectivity in and out-of-the-home.

available, we expect our mobile services will allow us to provide an extensive converged product offering with video, internet and fixed-line telephony, allowing our customers connectivity in and out-of-the-home.

We hold spectrum licenses as a mobile network provider, with terms typically ranging from 10 to 15 years across our C&W markets.

In Puerto Rico and the USVI, spectrum licenses are typically held for perpetuity with the exception of CBRS spectrum which has a priority term of 10 years.

We also hold mobile spectrum licenses in Costa Rica with a 15-year term that may be extended for an additional 10 year term.

We also hold mobile spectrum licenses in Costa Rica with a 15-year term, several of these licences will expire in 2026, and these can be extended for an additional 10 year term.

Subscribers to our mobile services pay varying monthly fees depending on whether the mobile service is bundled with one of our other services or includes mobile data services over their phones, tablets or laptops.

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During 2023, our Network Extension programs (as defined and described below) upgraded or passed approximately 349,200 homes across Liberty Latin America.

The internet speeds we offer are one of our differentiators, as customers spend more time streaming video and other bandwidth-heavy services on multiple devices.

The internet speeds we offer are one of the key focus areas for our value propositions, as customers spend more time streaming video and other bandwidth-heavy services on multiple devices.

As a result, we are continuing to invest in additional bandwidth and technologies to increase internet speeds throughout our Latin America and Caribbean footprint.

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These video customers can pause their programming while a live broadcast is in progress, return to the start and find programs they may have missed.

They can also stream a selection of channels and non-linear content on their own devices through “TV Everywhere” mobile applications such as, “Flow Sports” in the Caribbean, “Liberty Go” in Puerto Rico, “+movil Total” in Panama and “Liberty Go” in Costa Rica.

Our operations with video services typically offer multiple tiers of digital video programming starting with affordable entry or skinny and basic video service tiers.

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We aim to offer the most relevant mix of content to our subscribers, combining general entertainment, sports, movies, documentaries, lifestyle, news, adult, children and foreign channels, as well as local, regional and international broadcast networks.

We also operate several channels in the Caribbean, including a leading Caribbean sports network, Flow Sports, and through a consolidated joint venture, RUSH, a sports channel available across the Caribbean (excluding Puerto Rico and the US Virgin Islands).

We manage multiple channels in the Caribbean Region, notably the prominent Caribbean sports network, Flow Sports.

Additionally, we oversee a joint venture encompassing Rush Sports, Rush Sports 2 and Rush Prime.

These comprise two sports channels and one general entertainment channel, collectively accessible throughout the Caribbean, with the exception of Puerto Rico and the US Virgin Islands.

Telephony Services .

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In Puerto Rico and Costa Rica we also offer telephony services over our respective networks.

We offer multi-feature telephony service over our various fixed networks, including HFC cable, FTTH and copper networks.

We offer multi-feature telephony service over our various fixed networks, including HFC, FTTH and copper networks.

Depending on location, these services are provided via either circuit-switched telephony or VoIP technology.

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Our B2B offerings by Liberty Puerto Rico and Liberty Costa Rica are less developed and provide an opportunity for future growth.

C&W Networks & LatAm.

We offer cloud-based integrated communication services, connectivity and wholesale solutions to carriers and businesses throughout the Caribbean and in parts of Latin America via our subsea and terrestrial fiber optic cable networks.

Our systems include long-haul terrestrial backbone and metro fiber networks that provide service to major commercial zones, wireless carrier cell sites and customers in key markets within our operating footprint.

Our networks deliver critical infrastructure for the transport of growing traffic from businesses, governments and other telecommunications operators across the region, particularly to the high-traffic destination of the United States.

Below is a map of our subsea and terrestrial fiber networks within C&W Networks & LatAm.

With approximately 50,000 km of fiber optic cable, and activated capacity of over 10 Tbps, C&W Networks & LatAm is able to carry large volumes of voice and data traffic on behalf of our customers, businesses and carriers.

Our networks also allow us to provide point-to-point, clear channel wholesale broadband capacity services and IP transit, superior switching and routing capabilities and local network services to telecommunications carriers, ISPs and large corporations.

In the case of network outage or maintenance activity, our network provides built-in resiliency through our traffic re-routing capability.

Across our regional footprint we also provide services to business customers in various segments, from small and medium businesses to larger corporate and enterprise organizations including multi-national companies and governments.

Liberty Networks.

We offer integrated communication and cloud services, connectivity and wholesale solutions to hyper scalers, carriers and businesses throughout the Caribbean, Latin America and the U.S.

via our subsea and terrestrial fiber optic cable networks.

Our systems include subsea optical systems, long-haul terrestrial backbone, metro fiber networks and data centers.

We provide service to major commercial zones and cities and host several mission-critical operations for large organizations and customers in key markets within our operating footprint.

Below is a map of our subsea and terrestrial fiber networks within Liberty Networks.

With approximately 50,000 kilometers of fiber optic cable, and an activated capacity of over 20 Tbps, Liberty Networks can carry large volumes of data traffic.

Our networks also allow us to provide point-to-point, clear channel wholesale broadband capacity services, IP transit cloud-based services and local network services to telecommunications carriers, ISPs and large corporations.

Our network provides built-in resiliency, route diversity and redundancy through our superior traffic re-routing capability.

Across our regional footprint, we also provide services to business customers in multiple segments, from small and medium businesses to larger corporate and enterprise organizations including multi-national companies and governments.

We work with our business customers to customize the best end-to-end solutions, using standardized best-in-class products to fit their service needs.

We target specific industry segments, such as financial institutions, the hospitality sector, education institutions and government ministries and agencies.

We have agreements to provide our services over fully managed and monitored dedicated IP networks, wavelength and metro-access fiber lines.

We have agreements to provide our services over fully managed and monitored dedicated MPLS and IP networks, wavelength and metro-access fiber lines.

We offer tailored solutions that combine our standard services with value-added features, such as dedicated customer care, professional services and enhanced service performance monitoring, to meet specific customer requirements.

Our business products and services include voice, broadband, enterprise-grade connectivity, network security, software defined networking, unified communications and a range of cloud-based IT solutions, such as Infrastructure as a Service, disaster recovery and other service offerings.

Our business products and services include voice, broadband, enterprise-grade WAN connectivity, managed WiFi, network security, software defined networking, unified communications and a range of cloud-based IT solutions, such as Infrastructure as a Service (IaaS), disaster recovery and other service offerings.

We also offer a range of data, voice and internet services to carriers, ISPs and mobile operators.

Our extensive fiber optic cable networks allow us to typically deliver redundant, end-to-end connectivity backed by a strong service level agreement guarantee.

Our networks also allow us to provide our services over dedicated access fiber lines, and local and international private networks which are dedicated to our business customers.

Our extensive fiber optic cable networks typically allow us to deliver redundant, end-to-end connectivity backed by a strong service level agreement guarantee.

Our networks also allow us to provide services over dedicated access fiber lines and local and international private networks that are dedicated to our business customers.

Our business services fall into five broad categories:

• VoIP and circuit-switch telephony;

• Data services for internet access, virtual private networks, high capacity point-to-point, point-to-multi-point and multi-point-to-multi-point services, managed networking services such as wide area, SDWAN and WiFi networks;

• Wireless services for mobile voice and data;

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◦ Cyber Security Services, including structured solutions, rapid response, and other professional services;

◦ Emerging technologies in Software Defined Networking, Internet of Things, Digitalization and Digital Currencies;

◦ Specialized services such as Tele-Health, Digital Signage, and Retail Analytics.

◦ Managed WiFi;

◦ Software Defined Networking, Internet of Things, Digitalization and Digital Currencies;

◦ Specialized services such as Telehealth, Digital Signage, and Retail Analytics.

The extensive reach of our network and assets, as well as our comprehensive set of capabilities positions us to meet the needs of carriers, businesses and government customers that are searching for a capable, progressive provider to manage their ever more complex communications, connectivity and information technology needs .

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In a minority of cases, we transmit our services over a fixed network consisting of VDSL or DSL copper lines.

Approximately 95% of our networks allow for two-way communications and are flexible enough to support our current services as well as new services.

We closely monitor our network capacity and customer usage.

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We collectively refer to these network extension and upgrade programs as the “ Network Extensions .” Through the Network Extensions , we continue to expand our fixed networks pursuant to which we pass or upgrade homes and businesses with our broadband communications network.

For example, we have upgraded almost all of our HFC network to DOCSIS 3.1, and with a combination of FTTH and DOCSIS 3.1, over 80% of our network is currently capable of delivering speeds of 1 Gbps or above.

In addition, we look for mobile service opportunities where we have established cable networks and have expanded our fixed-line networks where we have a strong mobile offering.

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These networks are further connected via our subsea and terrestrial fiber optic cable networks that provide connectivity within and outside the region.

Our subsea network cables terminating in the United States carry over 10 Tbps , which represent less than 20% of their potential capacity based on current deployed technology, presenting us with significant growth opportunities.

Our subsea network cables terminating in the United States carry over 10 Tbps , which represent approximately 20% of their potential capacity based on current deployed technology, presenting us with significant growth opportunities.

In Puerto Rico, our network includes a fiber ring around the island that provides enhanced interconnectivity points to the island’s other local and international telecommunications companies.

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We transmit wireless calls and data through radio frequencies that we use under spectrum licenses.

We have a diversified portfolio of frequencies which support LTE and 5G (Puerto Rico & USVI only) technologies.

We have a diversified portfolio of frequencies which support LTE and 5G (Puerto Rico and USVI only) technologies.

Spectrum is a limited resource, and, as a result, we may face spectrum and capacity constraints on our wireless network in certain countries.

We believe our current spectrum portfolio will allow us to meet subscribers’ needs in the coming years and minimal further investment, although we will continue to evaluate our need to acquire additional frequencies to supplement our existing spectrum portfolio.

For example, in 2020, we acquired CBRS (3.5 GHz) spectrum in Puerto Rico and the USVI in the auction for that frequency.

In Puerto Rico and USVI, the 700 MHz FirstNet (Band 14) is usable by us (when not occupied by first responders’ traffic) but owned by AT&T and the First Responders Public Private Partnership.

In 2022, AWS spectrum was allocated to our Panama operations, and we acquired additional spectrum in Barbados and Cayman.

In addition, in November 2023, we entered into an asset purchase agreement and a license purchase agreement with Dish Network to acquire Dish Network spectrum assets in Puerto Rico and USVI, which is subject to certain customary closing conditions, including regulatory approvals, and is expected to close in 2024.

We continue to invest significant capital in expanding our network capacity and reach and to address spectrum and capacity constraints on a market-by-market basis.

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Across all our mobile operations we continually strive to improve our network performance by commissioning annual competitive performance benchmarking studies and undertaking customer experience improvement programs.

In Puerto Rico and the USVI, we are a part of the national US Firstnet (Emergency/First Responders) network, which necessitates above-average network resilience and other customer performance requirements, subject to governmental penalties for non-compliance.

In Puerto Rico and USVI , we are a part of the national US Firstnet (Emergency/First Responders) network, which necessitates above-average network resilience and other customer performance requirements, subject to governmental penalties for non-compliance.

Supply Sources

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Our latest video consumer equipment that is distributed to a growing number of markets, including Puerto Rico, Costa

Rica and Panama, also enables our customers to access, through the Google App Store, leading streaming services such as Netflix, Disney+, HBOMax and Amazon Prime Video.

Rica and Panama, also enables our customers to access, through the Google App Store, leading streaming services such as Netflix, Disney+, Max and Amazon Prime Video.

Mobile Handsets and Customer Premises Equipment

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These licenses and concessions are typically non-exclusive and have renewable multi-year terms that include competitive, qualitative and rate regulation.

Licenses and concessions are in the process of being renewed in Jamaica, the Cayman Islands, the British Virgin Islands, Antigua and the Turks and Caicos Islands.

Licenses and concessions are in the process of being renewed in Jamaica, the Cayman Islands, The Bahamas, Antigua and the Turks and Caicos Islands.

We believe we have complied with all local requirements to have existing licenses renewed and have provided all necessary information to enable local authorities to process applications for renewal in a timely manner.

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With respect to licenses for mobile spectrum, the initial grant of the spectrum is sometimes subject to an auction process, but in a number of other cases, the license may be granted on the basis of an administrative process at a set level of fees for a fixed period of time, typically to coincide with carrier licenses, subject to the payment of annual fees and compliance with applicable license requirements.

In very rare cases, spectrum previously assigned to C&W Caribbean may be re-allocated by regulatory authorities to other operators in the market.

Alternatively, spectrum sought by C&W Caribbean may not be available for grant, due to prior historical grants or due to the need to avoid interference with neighboring markets particularly in the

In very rare cases, spectrum previously assigned to C&W Caribbean may be re-allocated by

regulatory authorities to other operators in the market.

Alternatively, spectrum sought by C&W Caribbean may not be available for grant, due to prior historical grants or due to the need to avoid interference with neighboring markets particularly in the Caribbean.

By and large, spectrum assignments, once granted, remain unchanged for the duration of a license and beyond.

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The extent of any such adverse impacts ultimately will be dependent on the extent that competitors take advantage of the resale access ultimately afforded to our network, the pricing mandated by regulatory authorities and other competitive factors or market developments.

As an example, further to the recommendation of the OUR, the responsible minister approved the promulgation of The Telecommunications (Infrastructure Sharing) Rules 2022 that seeks to require dominant licensees to share infrastructure (including dark fiber, ducts, subsea cable landing stations and mobile network towers) with third parties, including competitors, effective February 1, 2023.

As an example, in Jamaica, under The Telecommunications (Infrastructure Sharing) Rules 2022, dominant licensees are required to share infrastructure (including dark fiber, ducts, subsea cable landing stations and mobile network towers) with third parties, including competitors.

However, it is anticipated that these rules will not become operational for some time as there are specific actions (including a prescribed costing methodology) that will take considerable time to complete.

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• mandated unbundled access to all landing station network elements at cost-based rates.

We currently cannot determine the impact these provisions will have on our operations because national regulators are required to conduct extensive market reviews before adopting specific measures and these measures might be reconsidered in

accordance with the market reviews.

Kitts and Nevis enacted the bill in 2021 and was later followed by St.

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As such, no assurance can be given that we will be able to recover the carrying value of our investment in TSTT .

C&W Networks & LatAm

With respect to C&W Networks & LatAm’s B2B and networks business in Latin America, we are subject to significantly less regulation in the markets in which we operate compared to our residential businesses described above.

Liberty Networks

With respect to Liberty Networks’ B2B and networks business in Latin America, we are subject to significantly less regulation in the markets in which we operate compared to our residential businesses described above.

We do have the licenses in Latin America and the U.S.

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Some licenses and concessions are in the process of being renewed:

Costa Rica (Internet and Voice), Honduras (Internet and Videoconferencing), Nicaragua (Carrier), Panama (Carrier), and United States (Carrier).

Panama (Carrier), and United States (Carrier).

We believe we have complied with all local requirements to have existing licenses renewed.

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Pending issuance of new or renewed licenses or concessions, we continue to operate on the same terms and conditions as prior to the licenses expiring.

The networks business operates approximately 50,000 km of submarine fiber optic cable systems in the U.S., the Caribbean and Latin America.

The networks business operates approximately 50,000 kilometers of submarine fiber optic cable systems in the U.S., the Caribbean and Latin America.

These sub-systems have cable landing stations and facilities in the U.S.

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These facilities are regulated by the FCC , the Department of Homeland Security and other U.S.

governmental agencies that impose additional reporting and licensing obligations on C&W Networks & LatAm .

governmental agencies that impose additional reporting and licensing obligations on Liberty Networks .

C&W Panama is subject to regulatory entities, principally ASEP.

ASEP regulates and controls the public services for the supply of drinking water, sanitary sewerage, telecommunications and electricity.

Also, C&W Panama is subject to the

ACODECO, guarantor of consumer protection and antitrust, which operates under the direction of the Ministry of Commerce and Industries.

Also, C&W Panama is subject to the ACODECO, guarantor of consumer protection and antitrust, which operates under the direction of the Ministry of Commerce and Industries.

Public services in Panama are classified as “Type A services” and “Type B services,” with Mobile Telephony and Personal Communication (PCS) services being classified as Type A services.

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and Claro Panama.

Currently, C&W Panama is undergoing a mobile market consolidation process with Claro Panama, according to Law 36 of June 5, 2018 and subsequently, Digicel declared their intention to return their concession to the Panama.

The law of market consolidation issued by the Panamanian government aims to maintain three mobile operators and therefore, the Panamanian state recently published the Public Bid for the acquisition of this concession and purchase of some assets of Digicel Panama.

Currently, C&W Panama completed a mobile market consolidation process with Claro Panama, according to Law 36 of June 5, 2018 and subsequently, Digicel declared their intention to return their concession to the Panamanian government.

The law of market consolidation issued by the Panamanian government aims to maintain three mobile operators and therefore, the Panamanian state recently published the public bid for the acquisition of this concession and purchase of some assets of Digicel Panama, and it has authorized ASEP to negotiate with General International Telecom Panama for this purchase.

C&W Panama currently has a total of 125 MHz allocated (30 MHz in the 700 MHz band, 40 MHz in the 1900 MHz band, 30 MHz of AWS Band (1710-1780 MHz and 2110 and 2180) and 25 MHz in the 850 MHz band).

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C&W Panama is the only operator that provides Public Telephone Service in Panama.

Since 2021, efforts have been made with the regulatory authority to obtain authorization for disconnection and/or relocation of public phones, and in 2022, C&W Panama presented a formal request to remove 4,605 out of 8,445 public phones.

The letter discussed the intention to provide a sustainable service given the drop in the use of public telephone services aggravated during the 2020 pandemic and the financial projections for 2023.

Since 2021, efforts have been made with the regulatory authority to obtain authorization for disconnection and/or relocation of public phones, and in 2022, C&W Panama obtained approval to remove 4,005 out of 8,445 public phones.

A second request has been filed to disconnect 1,053 public phones, and C&W Panama is in the process of analyzing additional public phones to be included in a disconnection request.

Fixed Services (Fixed-Line Telephony, Public and Semipublic Telephone) .

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C&W Panama is a Type B concessionaire, with or without use of radio spectrum, subject to compliance with requirements regarding the fulfillment of quality goals for the provision of these services, such as the attention to recommendations issued by the International Telecommunications Union.

During 2023, C&W Panama filed considerations to a public consultation, which proposes to eliminate National Long Distance.

C&W Panama favors the proposal, subject to its compliance with a proposed staggered process.

Mobile Services .

C&W Panama is authorized to install, maintain, manage, operate and commercially exploit the Mobile Telephone Service, in the assigned radio spectrum segments, which currently C&W Panama has 125 MHz, under the prepaid and post-paid contract modalities, including supplementary services and other Mobile Telephony services, throughout Panama, which is valid until 2037.

C&W Panama is authorized to install, maintain, manage, operate and commercially exploit the mobile telephone service, in the assigned radio spectrum segments, which currently C&W Panama has 125 MHz, for its prepaid and post-paid mobile customers, including supplementary services and other Mobile Telephony services, throughout Panama, which is valid until 2037.

Internet Service:

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Initially, the concession for the provision of the pay television service was granted to the International Contact Center Company in 2008, and then the rights were transferred in favor of C&W Panama.

The license was granted to retransmit audio and video signals through coaxial cable and fiber optics in the province of Panama, with a validity of 25 years, which was later extended to other provinces in the coverage area for the provision of paid TV service.

The license was

granted to retransmit audio and video signals through coaxial cable and fiber optics in the province of Panama, with a validity of 25 years, which was later extended to other provinces in the coverage area for the provision of paid TV service.

Liberty Puerto Rico

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federal level, including the FCC and the TB.

The TB has primary regulatory jurisdiction in Puerto Rico at the local level and is responsible for awarding franchises to cable operators for the provision of cable service in Puerto Rico and regulating cable

television and telecommunications services.

The TB consolidated the majority of Liberty Puerto Rico’s cable franchises in December 2022.

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On November 2, 2020, LCPR received preliminary approval from the FCC for an award of approximately $72 million through the UPR Fund.

The funds are in support of providing high-speed broadband access to all locations within 43 of Puerto Rico’s 78 municipalities, representing service to over 914,000 locations.

The funds support providing high-speed broadband access to all locations within 43 of Puerto Rico’s 78 municipalities, representing service to over 914,000 locations.

After LCPR submitted all required materials in June 2021, this funding was authorized by the FCC.

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In order to obtain such support, the mobile providers were required to confirm the number of mobile wireless subscribers they served as of June 2017, and obtain FCC approval of a plan that describes and commits to the methods and procedures that will be used to prepare for and respond to disasters in Puerto Rico.

Liberty Puerto Rico’s predecessor wireless provider in Puerto Rico (AT&T) submitted the required documentation and in June 2020, the FCC authorized that entity to receive approximately $34 million in annual funding over three years or a total amount of $102 million in funding to expand, improve and harden the mobile networks in Puerto Rico and the U.S.

Virgin Islands.

three years or a total amount of $102 million in funding to expand, improve and harden the mobile networks in Puerto Rico and USVI.

That entity had previously obtained the required ETC designation in Puerto Rico.

Having purchased this business in connection with the AT&T Acquisition, Liberty Puerto Rico is receiving these funds.

The funds are paid in equal installments of $3 million and since the date of the AT&T Acquisition, we have received approximately $74 million in funding, including approximately $71 million and $3 million received by our mobile operations in Puerto Rico and the U.S.

Virgin Islands, respectively.

On October 27, 2022, the FCC adopted a further notice of proposed rulemaking ( FNPR ) that would provide transitional support for two additional years, beginning in June 2023, to mobile carriers currently receiving Stage 2 UPR mobile support to encourage the continued hardening and expansion of advanced mobile networks in Puerto Rico and the USVI.

Under the FNPR, the FCC would provide transitional support for each such mobile carrier in an amount equal to the Stage 2 mobile support it currently receives for 5G technologies.

Adoption of the current FCC proposal would reduce Liberty Puerto Rico’s annual Stage 2 UPR mobile support from approximately $34 million to approximately $8.5 million during the two-year period.

Liberty Puerto Rico and other interested parties filed comments and reply comments in December 2022 regarding the FNPR.

The FCC likely will issue an order regarding the FNPR in 2023.

The funds are paid in equal installments of $3 million and since the date of the AT&T Acquisition, we have received approximately $98 million in funding, including approximately $94 million and $4 million received by our mobile operations in Puerto Rico and USVI, respectively.

On April 19, 2023, the FCC adopted a report and order that provides two additional years of transitional mobile support beginning in June 2023.

Transitional mobile support recipients receive 50% of their current monthly support for both 4G LTE and 5G-NR during the first year of transitional support, and then 25% of their current monthly support in their second year of transitional support.

Thus, Liberty Puerto Rico’s annual Stage 2 UPR mobile support was reduced from approximately $34 million to approximately $17 million in the first year of transitional support and to approximately $8.5 million in the second year.

The FCC has stated that it intends to develop a long-term funding mechanism to support network hardening in Puerto Rico but has not yet released a notice of proposed rulemaking regarding such long-term funding program.

On September 21, 2023 the FCC adopted a further notice of proposed rulemaking seeking comment on whether the FCC should support 5G development in Puerto Rico and USVI through the 5G Fund for Rural America.

Liberty Puerto Rico also is subject to certain regulatory requirements specific to it.

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In 2019, the United States Court of Appeals for the District of Columbia Circuit largely upheld the 2017 Order.

However, the current FCC may seek to re-impose the 2015 Restrictions or some variation thereof.

Legislative proposals regarding net neutrality likely will be introduced in the new Congress.

On October 19, 2023, the FCC adopted a notice of proposed rulemaking in which the FCC , among other things, again proposes to classify broadband internet access service as a telecommunications service subject to regulation under Title II of the Communications Act (the 2023 Notice ) and prohibit ISPs from blocking or throttling information transmitted over their networks or engaging in paid or affiliated prioritization agreements.

The FCC likely will adopt some form of the rules proposed in the 2023 Notice during 2024 following completion of the FCC ’s public comment period.

Any new rules may be challenged in U.S.

federal court.

On November 15, 2023, the FCC adopted a report and order and further notice of proposed rulemaking pursuant to the Infrastructure Act to broadly prohibit “digital discrimination of access” to broadband, defined as “policies or practices, not justified by genuine issues of technical or economic feasibility, that differentially impact consumers’ access to broadband internet access service based on their income level, race, ethnicity, color, religion or national origin, or are intended to have such differential impact.” Under the new rules, differentiation as to any available quality of service metric for broadband service may provide a basis for liability, absent sufficient justification.

The FCC will enforce the prohibition on digital discrimination of access through self-initiated FCC investigations and through informal complaints filed with the FCC , but will not initiate any enforcement investigation until at least six months after the effective date of the new rules.

The FCC also seeks comment on proposed rules requiring ISPs to submit annual reports to the FCC of substantial projects recently completed by providers and to establish internal compliance programs to evaluate the demographics of communities served by such projects and whether providers’ broadband-related policies might differentially affect access to broadband without adequate technical or economic justification.

Liberty Puerto Rico is a participating provider in the ACP, which was known as the Emergency Broadband Benefit Program until it was renamed by the Infrastructure Act enacted on November 15, 2021.

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Liberty Puerto Rico is subject to the proceedings and requirements regarding ACP administration and related subjects set forth in the Infrastructure Act and the FCC’s rules for ACP.

On November 17, 2022, the FCC issued a report and order and a FNPR adopting rules that require broadband providers to display, at the point of sale, labels that disclose certain information regarding broadband prices, introductory rates, data allowances and broadband speeds.

The funding for the ACP currently is expected to be exhausted in approximately April 2024.

On January 11, 2024, the FCC issued an order detailing wind-down procedures for the ACP, including a freeze on ACP enrollments effective on February 8, 2024.

Legislation to allocate additional funding for the FCC is pending in Congress.

Similarly, Liberty Puerto Rico is a participating provider in the ECF , a $7.17 billion FCC program that sought to help schools and libraries provide the tools and services they provided to their communities during the Covid-19 pandemic.

The ECF is set to sunset during the first half of 2024.

On November 17, 2022, the FCC issued a report and order and a further notice of proposed rulemaking adopting rules that require broadband providers to display, at the point of sale, labels that disclose certain information regarding broadband prices, introductory rates, data allowances and broadband speeds.

Broadband providers also must include links to their network management practices, privacy policies, and the ACP.

Broadband providers with more than 100,000 subscriber lines must comply with the majority of the label requirements by April 10, 2024.

The FCC also seeks comment regarding the adoption of additional disclosure requirements regarding price and performance information, among other matters.

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In 2022, LCPR submitted four middle mile grant proposals and Broadband VI, LLC submitted one proposal.

The NTIA is expected to announce grant winners on or after March 1, 2023.

On June 15, 2023, the NTIA awarded LCPR a grant of approximately $9.3 million to fund new middle mile infrastructure in areas where LCPR has been awarded UPR Funds for last-mile services.

The NTIA also administers the BEAD Program which will provide funding for high-speed broadband deployment in the 50 states and territories, including Puerto Rico and USVI.

NTIA has allocated approximately $334.6 million and $27.1 million in BEAD Program funds to Puerto Rico and USVI, respectively.

Liberty Mobile Puerto Rico and Liberty Mobile U.S.

Virgin Islands have submitted comments regarding the draft BEAD Program action plans in Puerto Rico and USVI, respectively.

Of note, in Fiscal Year 2021, Puerto Rico also allocated $400 million in state funds to the Broadband Infrastructure Fund administered by the Puerto Rico Broadband Program, to support service expansion efforts in unserved and underserved areas.

Fixed-Line Telephony Services.

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Therefore, we have the right to interconnect with the ILEC, PRTC .

We have negotiated an interconnection agreement with PRTC , and the physical interconnection between both companies has been activated.

We have negotiated an interconnection agreement with PRTC , allowing for the physical interconnection between both companies.

All of the circuit-switched telephony and VoIP services of Liberty Puerto Rico are subject to a charge for the federal USF , which is a fund created under the Communications Act to subsidize telecommunication services in high-cost areas, to provide telecommunications services for low-income consumers, and to provide certain subsidies for schools, libraries and rural healthcare facilities.

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and (7) robocall mitigation.

LCPR, Liberty Mobile Puerto Rico and Liberty Mobile U.S.

Virgin Islands hold international section 214 authorizations granted by the FCC to offer international services originating or terminating in the U.S.

The FCC adopted an order and notice of proposed rulemaking on April 20, 2023, that would, among other things, require:

(1) renewal of all international section 214 authorizations every 10 years;

(2) coordination with Executive Branch agencies for the assessment of national security, law enforcement, foreign policy or trade policy concerns;

(3) information regarding applicants’ current and expected future services and geographic markets;

(4) information regarding applicants’ use of critical infrastructure to provide service crossing the U.S.- Mexico and U.S.-Canada borders and the use of foreign-owned managed network service providers;

and (5) applicants’ certifications regarding the implementation of baseline cybersecurity standards and use of equipment or services identified on the FCC’s “covered list” of equipment and services deemed to pose an unacceptable risk to U.S.

national security or the security and safety of U.S.

As an alternative to a renewal requirement, the FCC sought comment on a periodic review process in which an international section 214 authorization holders would periodically submit information demonstrating that its authorization continues to serve the public interest.

Mobile Services .

Liberty Mobile Puerto Rico and Liberty Mobile U.S.

Virgin Islands offer mobile services in Puerto Rico and the U.S.

Virgin Islands.

Virgin Islands offer mobile services in Puerto Rico and USVI.

The FCC regulates virtually all aspects of United States wireless communications systems, including spectrum licensing, tower and antenna construction, modification and operation, the ownership and sale of wireless systems and licenses, as well as the acquisition, leasing and use of wireless spectrum.

Local governments, such as in Puerto Rico and the U.S.

Virgin Islands, typically regulate the placement of wireless towers and similar facilities via zoning laws.

Local governments, such as in Puerto Rico and USVI, typically regulate the placement of wireless towers and similar facilities via zoning laws.

At present, neither the FCC nor state or local governments regulate specific service offerings or rate plans.

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Failure to comply with applicable regulations could subject us to fines, forfeitures, and other penalties (including, in extreme cases, revocation of our spectrum licenses), even if any non-compliance was unintentional.

On January 25, 2024, the FCC adopted a second report and order regarding its disaster reporting rules that requires wireless providers to report their infrastructure status information in the FCC’s DIRS daily when the FCC activates DIRS in a wireless provider’s service area.

On September 15, 2023, the FCC adopted mandatory actions to improve the reliability and resiliency of wireless networks during emergencies.

Specifically, it adopted a Mandatory Disaster Response Initiative that requires wireless providers to:

(1) provide roaming to one another when a network is down, where technically feasible;

(2) establish mutual aid agreements to share physical assets and to consult with one another before and during emergencies;

(3) enhance municipal preparedness;

(4) increase consumer readiness;

and (5) improve public awareness and stakeholder communications regarding restoration times.

Providers will have to be ready to comply with said mandatory actions by, at least, May 1, 2024.

On November 15, 2023, the FCC adopted a report and order revising the customer proprietary network information and local number portability regulations to reduce the incidence of SIM swapping (fraudulent transfer of a wireless customer’s service to another device) and port-out fraud (fraudulent transfer of a wireless customer’s account to another carrier).

The new rules require wireless providers to, among other things:

(1) adopt secure methods of authenticating a customer before redirecting a customer’s phone number to a new device or provider;

(2) adopt processes for responding to failed authentication attempts;

(3) institute employee training regarding SIM swap and port-out fraud;

(4) notify customers regarding SIM change and port-out requests;

and (5) offer customers the option to lock their accounts to block processing of SIM changes and number ports.

Wireless providers must comply with most of the new regulations by July 8, 2024, but rules requiring customer notifications, customer account locks and SIM change requests and authentication recordkeeping will become effective at a later date following review by the Office of Management and Budget.

Liberty Costa Rica

Liberty Servicios and Liberty Telecomunicaciones, as telecommunications operators and providers, are subject to regulation and enforcement under Article 121, paragraph 14, of Costa Rica’s Constitution, which enumerates a list of assets that cannot permanently leave the state’s domain, which includes the radio spectrum and the possible methods of its exploitation, the Law No.

Liberty Servicios, Liberty Telecomunicaciones and Columbus Networks, as telecommunications operators and providers, are subject to regulation and enforcement under Article 121, paragraph 14, of Costa Rica’s Constitution, which enumerates a list of assets that cannot permanently leave the state’s domain, which includes the radio spectrum and the possible methods of its exploitation, the Law No.

8642, General Telecommunications Law (LGT), and Law No.

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The main governmental entities involved in this industry are the MICITT, which leads policy development and implementation, Sutel, as regulator of the telecommunication operators and providers and competition agency exclusively for the telecommunications sector, and the Consumer Protection Agency of the Ministry of Economy, Industry and Commerce.

In its activities, Liberty Servicios holds a telecommunications services license, expiring in 2028, issued by Sutel that authorizes the deployment and operation of its wireline HFC network throughout the country.

This concession authorizes the following services:

In its activities, each of Liberty Servicios and Columbus Networks holds a telecommunications services license, both of which expire in 2028, issued by Sutel that authorizes the deployment and operation of its wireline HFC network throughout the country.

These licenses authorize the following services:

(i) paid television;

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This concession has a 15-year renewable term, expiring on April 23, 2033, that may be extended for an additional 10 year term.

However, the Commission of Control and Qualification of Public Spectacles of the Ministry of Justice and Peace may impose sanctions on providers that have run programming containing excessive violence, adult content, or other objectionable content.

Cable television service providers in Costa Rica are free to define the channels and content included in their services and are not required to carry any specific programming, except as described below, provided that both the regulator and end users will be notified through regulated communication.

However, the Commission of Control and Qualification of Public

Spectacles of the Ministry of Justice and Peace may impose sanctions on providers that have run programming containing excessive violence, adult content, or other objectionable content.

Pay television operators are directly responsible for violating such prohibitions.

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This regime provides that (i) the concessionaires must include within their programming the Costa Rican television channels that have coverage in at least 60% of the national territory, excluding Isla del Coco, which complies with at least fourteen minimum hours of daily transmission, and (ii) the reception of the signal complies with the minimum signal requirements established in this regulation, which have acceptable ratings and have the corresponding transmission rights.

The Regulation of Provision and Quality of Services of Sutel establishes minimum quality thresholds, such as minimum speeds, oversubscription, and delay.

The Regulation of Provision and Quality of Services of Sutel establishes minimum quality thresholds, such as minimum speeds, oversubscription, delay, and installation, reconnection and repair of breakdowns deadlines.

Fixed-Line Telephony Services .

Sutel issued a regulation for the implementation of fixed number portability in 2014, however such regulation was challenged in court by the incumbent operator and no ruling has been issued as of December 31, 2022.

More than eight years after Sutel issued a regulation for the implementation of fixed number portability, a court rejected a lawsuit filed by the Costa Rican government telecom provider, ICE (through the Kolbi brand), that argued that fixed telephony was not an open, competitive service in Costa Rica, and confirmed the right to number portability on fixed-line phone numbers.

The implementation process of fixed number portability has begun, however, its launch is expected to take at least two years.

Mobile Services .

Through concessions contracts N° C-001-2011-MINAET and -002-2017-MICITT DAF-034-2013, Liberty Telecomunicaciones is authorized to install, maintain, manage, operate and commercially exploit the mobile telephone service, in the assigned radio spectrum segments, under the prepaid and post-paid contract modalities.

We operate in an emerging region of the world, where market penetration of telecommunication services such as broadband and mobile data is lower than in more developed markets.

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OTT aggregators and SVoD services util izing our or our competitors’ high-speed broadband connections are also a significant competitive factor as are other video service providers that overlap our service areas.

OTT video providers (such as HBO Go/Max, Amazon Prime Video, Disney+ and Netflix in most of our markets, and Hulu, DirecTV Now, Sling, and Sportsmax in selected markets) offer rich VoD catalogues and/or linear channels .

In some cases, these AVoD services are provided free-of-charge (such as YouTube and Pluto TV).

OTT video providers (such as Max, Amazon Prime Video, Disney+, Paramount+ and Netflix in most of our markets, and Hulu, DirecTV Now, Sling, and Sportsmax in selected markets) offer rich VoD catalogues and/or linear channels .

In some cases, these AVoD services are

provided free-of-charge (such as YouTube and Pluto TV).

Typically, these services are available on multiple devices in and out of the home.

To enhance our video offering, we are developing cloud-based, next generation user interfaces based on advanced technologies, and are providing our subscribers with TV Everywhere applications, and in some markets, we feature leading premium and AVoD OTT video services in our video platforms (such as HubTV in Puerto-Rico), and our users can subscribe to these OTT services, search and discover and consume programs through our UI.

Our businesses also compete to varying

degrees with other sources of entertainment and information, such as online entertainment, newspapers, magazines, books, live entertainment/concerts and sporting events.

To augment our video services, we continue to deploy and develop newer technologies and platforms that create flexibility for our subscribers and improve their experience.

For example, through our user interface, subscribers can seamlessly subscribe to these OTT and TVE services, conduct searches, discover content, and engage in the consumption of programs.

Our businesses also compete to varying degrees with other sources of entertainment and information, such as online entertainment, newspapers, magazines, books, live entertainment/concerts and sporting events.

Piracy and other unauthorized uses and distribution of content, including through web-based applications, devices and online platforms, also present challenges for our video business.

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In serving the business market, many aspects of the network can be leveraged at very low incremental costs given that business demand peaks at a time when consumer demand is low, and peaks at lower levels than consumer demand.

In response to the continued growth in OTT viewing, we have launched a number of innovative video services, including Flow Sports in C&W Caribbean’s markets, +TV Total in C&W Panama, and Liberty Go in Puerto Rico and Costa Rica.

Our ability to attract and retain customers depends on our continued ability to acquire appealing content and services on competitive terms and to make such content available on multiple devices and outside the home.

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In several of its other markets, including Jamaica, Trinidad and Tobago and Barbados, C&W Caribbean is the largest or one of the largest video service providers.

In these markets, its primary competition is from DTH providers, such as DIRECTV Latin America Holdings, Inc.

( DirecTV ), which is now called Vrio Corp., and operators of IPTV services over VDSL and FTTH , such as Digicel .

In these markets, its primary competition is from operators of IPTV services over VDSL and FTTH, such as Digicel and any DTH competitor locally.

• C&W Panama .

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Liberty Puerto Rico ’s primary competition for video customers is from DTH satellite providers DirecTV and Dish Network .

Claro also provides video services in the market.

Dish Network is an aggressive competitor, offering low introductory offers, free HD channels and, in its top tier packages, a free multi-room DVR service.

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Competing networks in the region connect fewer countries than we do and are either linear in design, or if ringed, have high latency protection routes.

In addition, our network as of December 31, 2022, utilized less than 20% of its potential design capacity, and we believe that our ability to take advantage of this large unused carrying capacity, as well as the financial and time investment required to build a similar network, and the potential delays associated with acquiring governmental permissions, makes it unlikely that our network will be replicated in the near term.

In addition, our network as of December 31, 2022, utilized approximately 20% of its potential design capacity, and we believe that our ability to take advantage of this large unused carrying capacity, as well as the financial and time investment required to build a similar network, and the potential delays associated with acquiring governmental permissions, makes it unlikely that our network will be replicated in the near term.

We compete in the provision of B2B services with residential telecommunications operators as noted above.

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As of December 31, 2023, we employed approximately 10,600 full-time employees across our five reportable segments.

Our employees are employed across our segments as follows:

C&W Caribbean approximately 3,700 full-time employees, C&W Panama approximately 2,600 full-time employees, C&W Networks & LatAm approximately 1,000 full-time employees, Liberty Puerto Rico approximately 2,300 employees, and Liberty Costa Rica approximately 800 employees.

C&W Caribbean approximately 3,700 full-time employees, C&W Panama approximately 2,400 full-time employees, Liberty Networks approximately 1,000 full-time employees, Liberty Puerto Rico approximately 2,300 employees, and Liberty Costa Rica approximately 600 employees.

The remaining employees are employed by our corporate entities.

Following the formation of the Chile JV in October 2022, 1,400 VTR employees transitioned out of Liberty Latin America and became employees of the Chile JV.

Women represented 41% of our global employees and 39% of our managerial positions.

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During 2023, our total employee attrition rate, both voluntary and involuntary, was approximately 11.5%.

The Employee Net Promoter Score (eNPS) is a widely-used methodology to measure employee experience.

In 2022, we measured our employee net promoter score (eNPS) at +32 as part of our annual employee survey, which we believe indicates we have a passionate, engaged, and dedicated workforce.

In 2023, we measured our eNPS at +20 as part of our annual employee survey, which we believe is an indicator that we have a passionate, engaged, and dedicated workforce.

Our Chief People Officer, who reports to the CEO and is part of the Executive Team, leads our People and Culture initiatives.

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We manage our talent strategy through a cycle consisting of Talent Acquisition, Learning & Development, and Performance Management.

We offer prospective candidates a compelling employee value proposition rooted in our culture, which combines a shared vision, philosophy, and principles for how we work.

We foster an environment where employees can learn, develop, and gain experience through new opportunities to work in different geographies.

Unique to our region, we utilize an annual performance management system that better aligns with our culture and ways of working as one team.

We offer a simpler, meaningful, and engaging Agile Performance Development (APD) experience for all our employees, focused on frequent conversations throughout the year combined with real-time feedback between managers and employees.

We offer prospective candidates a compelling Employee Value Proposition rooted in our culture, which combines a shared purpose, philosophy, and principles for how we work.

We foster an environment where employees can learn, develop, and gain experience through mobility programs and other growth opportunities.

Our performance management process is fully aligned with our culture and one team approach.

This includes a simpler and more engaging Agile Performance Development (APD) experience for all our employees, focused on frequent conversations throughout the year combined with real-time feedback between managers and employees.

Our employees are the heart and soul of our business, helping us to deliver value to our customers, shareholders and communities.

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Equality, Diversity & Inclusion.

Our employees comprise many races, ethnicities, beliefs, and cultures, and we are built on a set of strong principles including respect.

In 2022, we continued our efforts to foster a more diverse and inclusive workplace as part of our Equality, Diversity, and Inclusion strategy.

Our focus remains on the pillars of gender equity, LGBTQ+ inclusion, and issues of Race & Ethnicity.

We launched our ‘ELLAS at Liberty Latin America’ employee resource group, which seeks to empower women inside the company and in our local communities to thrive and reach their full potential through representation, allyship, support and connection.

We partnered with the United Nations Foundation and Spotlight Initiative to support the WithHer Fund and the ongoing fight against gender-based violence.

This initiative will direct much needed resources to women-led grassroots organizations working in the Global South to eliminate gender-based violence in their communities.

Our efforts aim to educate, prevent, protect, and advocate against gender-based violence in our communities, while creating a safe workplace that prioritizes employees' wellbeing and mental health.

Our employees comprise many races, ethnicities, beliefs, and cultures, and we operate based on a set of strong principles including respect.

In 2023, we continued our efforts to foster a more diverse and inclusive workplace as part of our EDI strategy.

Our focus remains on the pillars of gender equity, LGBTQIA+ inclusion, and issues of Race & Ethnicity.

This year, we focused on gathering feedback from our people through an in-person and virtual Listening Tour, which helped inform areas that are working well and what might need attention through our EDI agenda.

We are committed to ensuring everyone feels heard, supported and represented.

Since 2019, we have annually celebrated International Women’s Day and Pride Month, implemented a company-wide Gender-based Violence Policy, launched two employee resource groups (Pride and ELLAS) and continue to incorporate inclusive practices.

In 2023, we maintained our commitment to the CEO Action for Diversity & Inclusion pledge focused on:

creating an environment for open dialogue, conducting implicit bias training, sharing best practices and lessons learned, and developing dedicated Diversity & Inclusion plans in consultation with our Board of Directors.

creating an environment for open dialogue, sharing best practices and lessons learned, and developing dedicated Diversity & Inclusion plans in consultation with our Board of Directors.

We know that our success depends on our people.

Having a diverse and inclusive workforce will help us become more innovative, more reflective of our customer base, and more creative when it comes to engaging with our customers and our communities.

COVID-19 Response.

We continue to adapt to evolving conditions related to the pandemic in the markets where we operate.

Our focus is ensuring we have appropriate stringent health and safety protocols in accordance with local regulations to help protect our employees, our customers, and our communities.

Corporate Social Responsibility .

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It’s where we live, where our families grow, where we celebrate and connect.

We believe we have a responsibility to enable progress and build more

resilient communities.

We believe we have a responsibility to enable progress and build more resilient communities.

We bring this to life through a shared approach across our markets with a focus on four critical areas:

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Our employees lead many of our outreach programs, working alongside our local and regional charitable foundations.

We proudly support and give back.

We proudly support and give back to our communities.

In 2023, through our company-wide initiative, Mission Week , over 1,300 employees across 22 countries came together to contribute more than 7,800 volunteer hours in support of communities across Latin America and the Caribbean through a wide range of volunteer activities.

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We include a mix of base salary, short and long-term incentives (based on eligibility), as well as a wide range of programs that support our employees’ overall well-being including:

retirement savings plans, healthcare and insurance benefits, paid parental leave, paid time off, and employee assistance programs.

retirement savings plans, healthcare and insurance benefits, paid parental leave, paid time off, an employee stock purchase plan and employee assistance programs.

These programs vary by employee level and geography.

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Our Business Partner Code of Conduct sets forth the basic rules, standards, and behaviors that we expect of our business partners.

As part of our global onboarding process, we require all new employees to complete training on our Code of Conduct.

As part of our company-wide onboarding process, we require all new employees to complete training on our Code of Conduct.

Additionally, we periodically host seminars on anti-corruption, anti-bribery, and other important compliance topics such as cyber security.

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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 1. Business