What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2024-02-22 compared with 2023-02-22 · 754 added, 848 removed, 1480 unchanged (52% of the section changed)

14 unchanged sentences

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, 2023, 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 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, 2023:

6 unchanged sentences

These control deficiencies resulted in immaterial misstatements, some of which were corrected, in our consolidated financial statements as of and for the year ended December 31, 2023.

These control deficiencies create a reasonable possibility that a material misstatement to the consolidated financial statements will not be prevented or detected on a timely basis, and therefore we conclude that the deficiencies represent material weaknesses in internal control over financial reporting and our internal control over financial reporting is not effective as of December 31, 2022.

These control deficiencies create a reasonable possibility that a material misstatement to the consolidated financial statements will not be prevented or detected on a timely basis, and

therefore we conclude that the deficiencies represent material weaknesses in internal control over financial reporting and our internal control over financial reporting is not effective as of December 31, 2023.

Our independent registered public accounting firm, KPMG, LLP, who audited the consolidated financial statements included in this Annual Report on Form 10-K, has expressed an adverse report on the operating effectiveness of the Company's internal control over financial reporting.

8 unchanged sentences

We are committed to making further progress in our remediation efforts during 2024;

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

2 unchanged sentences

• 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

Not applicable.

(b) Insider Trading Arrangements and Policies

During the three months ended December 31, 2023, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated a “ Rule 10b5-1 trading arrangement ” or “non-Rule 10b5-1 trading arrangement,” as each

term is defined in Item 408(a) of Regulation S-K.

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

16 unchanged sentences

The material weaknesses were considered in determining the nature, timing, and extent of audit tests applied in our audit of the 2023 consolidated financial statements, and this report does not affect our report on those consolidated financial statements

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

1 unchanged sentence

Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.

We are a public accounting firm registered with the PCAOB and are

required to be independent with respect to the Company in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

40 unchanged sentences

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

As of December 31, 2022, the goodwill balance was $3,438 million and the Company recorded impairments totaling $555 million.

As of December 31, 2023, the goodwill balance was $3,483 million and the Company determined no impairment of goodwill was required.

We identified the assessment of impairment of goodwill for certain reporting units as a critical audit matter.

There was a high degree of subjective auditor judgment required in assessing the Company’s key assumptions in measuring the fair value.

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.

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.

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

17 unchanged sentences

Prepaid expenses 68.8 65.1

Current derivative assets 92.0 91.3

Current notes receivable, net 107.0 92.0

7 unchanged sentences

Intangible assets subject to amortization, net

Assets held for sale — 1,568.7

Other assets, net 1,358.9 1,500.5

10 unchanged sentences

Accrued payroll and employee benefits 79.1 82.1

Current operating lease liabilities 76.7 82.0

Current derivative liabilities 25.0 42.3

Current portion of operating lease liabilities 84.3 76.7

Other accrued and current liabilities 613.5 550.8

3 unchanged sentences

Deferred revenue 91.6 109.3

Liabilities associated with assets held for sale — 1,854.1

Other long-term liabilities 832.1 792.9

46 unchanged sentences

Foreign currency transaction gains (losses), net 70.3 ( 194.3 ) ( 319.6 )

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

Gains (losses) on debt extinguishments, net ( 3.9 ) 41.1 ( 57.2 )

Gain on disposal of the Chile JV Entities — 169.4 —

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

Other expense, net ( 10.6 ) ( 28.4 ) ( 41.7 )

( 580.1 ) ( 209.5 ) ( 381.8 )

Loss before income taxes ( 62.4 ) ( 123.0 ) ( 318.0 )

Income tax benefit (expense) ( 86.5 ) ( 173.3 ) 29.2

Income tax expense ( 24.4 ) ( 84.8 ) ( 172.6 )

Net loss ( 86.8 ) ( 207.8 ) ( 490.6 )

11 unchanged sentences

Reclassification adjustments included in net loss 11.4 ( 22.9 ) ( 3.2 )

Other, net ( 90.2 ) 33.4 6.8

Pension-related adjustments and other, net ( 85.0 ) ( 90.2 ) 33.4

Other comprehensive earnings (loss) ( 47.7 ) ( 60.0 ) 35.0

12 unchanged sentences

Balance at January 1, 2021 $ 0.5 $ — $ 1.8 $ ( 9.5 ) $ 4,982.0 $ ( 2,256.8 ) $ ( 125.6 ) $ 2,592.4 $ 729.0 $ 3,321.4

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 — — — — — ( 440.6 ) — ( 440.6 ) ( 50.0 ) ( 490.6 )

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 from noncontrolling interest owners — — — — — — — — 46.9 46.9

Shared-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 $ ( 2,697.4 ) $ ( 89.7 ) $ 2,216.5 $ 677.4 $ 2,893.9

10 unchanged sentences

Net loss — — — — — ( 170.7 ) — ( 170.7 ) ( 37.1 ) ( 207.8 )

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

Other comprehensive loss — — — — — — ( 59.5 ) ( 59.5 ) ( 0.5 ) ( 60.0 )

Repurchase of Liberty Latin America common shares — — — ( 169.4 ) — — — ( 169.4 ) — ( 169.4 )

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

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

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

11 unchanged sentences

Net loss — — — — — ( 73.6 ) — ( 73.6 ) ( 13.2 ) ( 86.8 )

Other comprehensive earnings — — — — — — ( 59.5 ) ( 59.5 ) ( 0.5 ) ( 60.0 )

Other comprehensive loss — — — — — — ( 48.8 ) ( 48.8 ) 1.1 ( 47.7 )

Repurchase of Liberty Latin America common shares — — — ( 117.8 ) — — — ( 117.8 ) — ( 117.8 )

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

Cash and non-cash distributions to noncontrolling interest owners — — — — — — — — ( 84.1 ) ( 84.1 )

Share-based compensation — — — — 84.9 — — 84.9 — 84.9

Other — — — — — — — — 4.5 4.5

Balance at December 31, 2023 $ 0.5 $ — $ 1.9 $ ( 361.2 ) $ 5,262.0 $ ( 2,941.7 ) $ ( 198.0 ) $ 1,763.5 $ 546.2 $ 2,309.7

38 unchanged sentences

Payment of financing costs and debt redemption premiums ( 18.2 ) ( 7.8 ) ( 74.8 )

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

Capital contribution from noncontrolling interest owner 5.1 — 46.9

19 unchanged sentences

(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.

(a less than wholly-owned entity) and its subsidiaries, which include Liberty Servicios and Liberty Telecomunicaciones;

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.

2 unchanged sentences

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.

through our reportable segment Liberty Networks, (i) enterprise services in certain other countries in Latin America and the Caribbean and (ii) wholesale services over our 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.

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 during the period of time 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 notes — and 8.

In October 2022, we completed the formation of the Chile JV by contributing the Chile JV Entities into the Chile JV.

Subsequent to the formation of the Chile JV, we began accounting for our 50 % interest in the Chile JV as an equity method investment.

Prior to the formation of the Chile JV, VTR was a wholly owned subsidiary.

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.

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.

During the third quarter of 2023, we identified certain errors in our previously reported consolidated financial statements, primarily related to revenue, deferred tax liabilities, and non-controlling interests.

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.

Notwithstanding this evaluation, we have revised (i) our December 31, 2022 consolidated balance sheet, and (ii) our consolidated statements of operations, comprehensive earnings (loss), equity and cash flows years ended December 31, 2022 and 2021 for the errors.

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2023, 2022 and 2021

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

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

Three months ended Year ended

March 31, 2022 June 30, 2022 September 30, 2022 December 31, 2022 December 31, 2022 December 31, 2021

As previously reported $ 1,216.2 $ 1,216.2 $ 1,222.0 $ 1,160.7 $ 4,815.1 $ 4,814.8

Adjustments ( 0.6 ) ( 3.2 ) ( 1.2 ) ( 1.5 ) ( 6.5 ) ( 3.5 )

As adjusted $ 1,215.6 $ 1,213.0 $ 1,220.8 $ 1,159.2 $ 4,808.6 $ 4,811.3

Operating income (loss)

As previously reported $ 184.6 $ ( 352.9 ) $ 152.9 $ 109.5 $ 94.1 $ 67.3

Adjustments ( 0.6 ) ( 3.2 ) ( 1.2 ) ( 2.6 ) ( 7.6 ) ( 3.5 )

As adjusted $ 184.0 $ ( 356.1 ) $ 151.7 $ 106.9 $ 86.5 $ 63.8

Earnings (loss) before income taxes

As previously reported $ 113.0 $ ( 468.9 ) $ 121.9 $ 118.6 $ ( 115.4 ) $ ( 314.5 )

Adjustments ( 0.6 ) ( 3.2 ) ( 1.2 ) ( 2.6 ) ( 7.6 ) ( 3.5 )

As adjusted $ 112.4 $ ( 472.1 ) $ 120.7 $ 116.0 $ ( 123.0 ) $ ( 318.0 )

Net earnings (loss) attributable to Liberty Latin America shareholders

As previously reported $ 80.6 $ ( 475.0 ) $ 84.1 $ 134.7 $ ( 175.6 ) $ ( 437.8 )

Adjustments ( 2.1 ) 11.5 ( 8.4 ) 3.9 4.9 ( 2.8 )

As adjusted $ 78.5 $ ( 463.5 ) $ 75.7 $ 138.6 $ ( 170.7 ) $ ( 440.6 )

Six months ended June 30, 2022 Nine months ended September 30, 2022

As previously reported $ 2,432.4 $ 3,654.4

Adjustments ( 3.8 ) ( 5.0 )

As adjusted $ 2,428.6 $ 3,649.4

Operating loss

As previously reported $ ( 168.3 ) $ ( 15.4 )

Adjustments ( 3.8 ) ( 5.0 )

As adjusted $ ( 172.1 ) $ ( 20.4 )

Loss before income taxes

Net loss $ ( 490.1 ) $ 2.3 $ ( 487.8 ) $ ( 803.9 ) $ ( 5.1 ) $ ( 809.0 )

Net loss attributable to LLA shareholders $ ( 440.1 ) $ 2.3 $ ( 437.8 ) $ ( 682.2 ) $ ( 5.1 ) $ ( 687.3 )

As previously reported $ ( 355.9 ) $ ( 234.0 )

Adjustments ( 3.8 ) ( 5.0 )

As adjusted $ ( 359.7 ) $ ( 239.0 )

Net loss attributable to Liberty Latin America shareholders

As previously reported $ ( 394.4 ) $ ( 310.3 )

Adjustments 9.4 1.0

As adjusted $ ( 385.0 ) $ ( 309.3 )

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

Three months ended Six months ended

March 31, 2023 June 30, 2023 June 30, 2023

As previously reported $ 1,103.8 $ 1,122.7 $ 2,226.5

Adjustments ( 2.3 ) ( 2.5 ) ( 4.8 )

As adjusted $ 1,101.5 $ 1,120.2 $ 2,221.7

Operating income

As previously reported $ 113.0 $ 139.5 $ 252.5

Adjustments ( 6.4 ) ( 4.1 ) ( 10.5 )

As adjusted $ 106.6 $ 135.4 $ 242.0

Earnings (loss) before income taxes

As previously reported $ ( 49.8 ) $ 49.8 $ —

Adjustments ( 6.4 ) ( 4.1 ) ( 10.5 )

As adjusted $ ( 56.2 ) $ 45.7 $ ( 10.5 )

Net earnings (loss) attributable to Liberty Latin America shareholders

As previously reported $ ( 49.7 ) $ 38.2 $ ( 11.5 )

Adjustments ( 15.9 ) ( 3.1 ) ( 19.0 )

As adjusted $ ( 65.6 ) $ 35.1 $ ( 30.5 )

December 31, 2022

As Previously Reported Adjustments As Adjusted

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

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

Total liabilities $ 11,009.1 $ 9.4 $ 11,018.5

2 unchanged sentences

Accounting Changes

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.

In each annual reporting period, the disclosure requirements include (i) the key terms of the program, including payment 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.

In each interim reporting period, the disclosure requirements include the amount of obligations outstanding that the buyer has confirmed as valid to the finance provider or intermediary as of the end of the interim period.

The rollforward disclosure is effective for fiscal years beginning after December 15, 2023, while the remaining annual disclosures are required to be disclosed on an interim basis in the year of adoption.

We adopted ASU 2022-04 effective January 1, 2023.

Disclosures surrounding our supplier finance programs are included in note 10.

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2023, 2022 and 2021

Recent Accounting Pronouncements

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

9 unchanged sentences

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.

Through December 31, 2023, the phase out of LIBOR has not had a material impact on our consolidated financial statements.

In November 2023, the FASB issued ASU No.

2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures ( ASU 2023-07 ), which requires enhanced disclosures surrounding significant segment expenses.

In each annual and interim period, entities are required to disclose (i) significant segment expenses that are regularly provided to the CODM and are included within each reported measure of segment profit or loss, (ii) an amount and description for other segment items by reportable segment, where the other items category represents the difference between segment revenue, significant segment expenses and the reported measure of segment profit or loss, (iii) all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280, and (iv) the title and position of the CODM and an explanation of how the CODM uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources.

In addition, ASU 2023-07 clarifies that a public entity may disclose more than one measure of a segment’s profit or loss if the CODM uses more than one measure to assess segment performance and allocate resources.

ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted.

We are currently evaluating the impact this standard will have on the footnotes to our consolidated financial statements.

In December 2023, the FASB issued ASU No.

2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures ( ASU 2023-09 ), which was issued to enhance transparency of income tax disclosures, primarily by requiring consistent categories and disaggregated information about an entity’s effective tax rate reconciliation and disaggregated jurisdictional information on income taxes paid.

The standard also eliminates certain existing requirements related to uncertain tax positions and unrecognized deferred tax liabilities.

ASU 2023-09 is effective for annual periods beginning after December 15, 2024 with early adoption permitted.

We are currently evaluating the impact this standard will have on the footnotes to our consolidated financial statements.

(3) Summary of Significant Accounting Policies

3 unchanged sentences

Actual results could differ from those estimates.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

Reclassifications

8 unchanged sentences

Our notes receivable consist of EIP receivables due from customers under contracts that range between a period of 12 to 36 months, depending on the market.

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.

The long-term portions of our notes receivable, net of allowances for expected credit losses are $ 73 million and $ 64 million at December 31, 2023 and 2022, respectively, and are included in other assets, net, in our consolidated balance sheets.

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.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

We recognize the sale of these receivables to the extent that transfer represents either (i) an entire financial asset, or (ii) a ratable participating interest, which remains constant throughout the life of the loan, with neither party senior to the other.

We then evaluate whether control over the asset has been surrendered based on certain criteria, including legal isolation, actual control and effective control.

To the extent the receivable does not meet the requirements of a sale, we continue to recognize the receivable and record any cash received as a debt on our consolidated balance sheet and as a financing inflow in our consolidated statement of cash flows.

During 2023 and 2022, we generated approximately $ 32 million and $ 48 million, respectively, from the sale of receivables to third parties that is reflected in cash provided by operating activities in our consolidated statements of cash flows.

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 $ 119 million and $ 81 million at December 31, 2023 and 2022, respectively, due from a single government.

1 unchanged sentence

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.

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:

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

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

Year ended December 31,

1 unchanged sentence

Beginning balance $ 101.1 $ 112.6 $ 116.2

Provision for expected losses 78.4 71.4 63.9

Provision for expected losses, net 71.5 78.4 71.4

Write-offs ( 84.0 ) ( 79.1 ) ( 59.5 )

Reclassification to assets held for sale — ( 10.0 ) —

Foreign currency translation adjustments and other 3.0 ( 10.8 ) ( 15.5 )

Ending balance $ 91.6 $ 101.1 $ 112.6

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

(ii) cost method investments, and (iii) available-for-sale method investments.

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 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.

We are required to hold security against the value of certain pension liabilities in the U.K..

The security is in the form of U.K.

Government Gilts, which we account for using the available-for-sale method.

Available-for-sale securities are measured at fair value with changes reflected in other comprehensive income or loss until sold or other-than-temporarily impaired, at which time the amounts are reclassified from accumulated other comprehensive income or loss into non-operating income or expense in our consolidated statements of operations.

Our investment in U.K.

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

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.

Accordingly, we measure this investment at cost minus impairment, plus or minus changes resulting from observable price changes.

We continually review our equity method investments, available-for-sale debt securities and cost-basis investments to determine whether a decline in fair value below the cost basis is other-than-temporary.

If it has been determined that an investment has sustained an other-than-temporary decline in value, we estimate the fair value and record an impairment charge if the carrying value of the investment exceeds its estimated fair value.

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.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

Financial Instruments

4 unchanged sentences

Derivative Instruments Recorded at Fair Value

Our derivative instruments, excluding our Weather Derivatives, as discussed below, are recorded in our consolidated balance sheets at fair value, whether designated as a hedge or not.

Our derivative instruments, excluding our Weather Derivatives, are recorded in our consolidated balance sheets at fair value, whether designated as a hedge or not.

If the derivative instrument is not designated as a hedge, changes in the fair value of the derivative instrument are recognized in earnings.

1 unchanged sentence

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.

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

With the exception of certain foreign currency forward contracts, we do not apply hedge accounting to 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:

9 unchanged sentences

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

For additional information regarding our derivative instruments, see note 7.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

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

8 unchanged sentences

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.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

(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.

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.

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

11 unchanged sentences

Repairs and maintenance are expensed as incurred.

We recognize a liability for asset retirement obligations in the period in which it is incurred if sufficient information is available to make a reasonable estimate of fair values.

Asset retirement obligations primarily relate to assets placed on leased wireless towers and other premises.

Asset retirement obligations of $ 55 million and $ 46 million at December 31, 2022 and 2021, respectively, are included in other long-term liabilities in our consolidated balance sheets.

Intangible Assets

4 unchanged sentences

Intangible assets with finite lives are amortized on a straight-line basis over their respective estimated useful lives to their estimated residual values, and reviewed for impairment.

We do not amortize our cable television franchise rights or spectrum licenses that have indefinite lives.

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 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.

For additional information regarding the useful lives of our intangible assets, see note 7.

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 recoverable.

Our spectrum licenses in Puerto Rico are issued for only a fixed time (generally 10 years or less), but renewals occur routinely and at nominal cost.

Moreover, we do not believe there are significant legal, regulatory, contractual, competitive, economic or other factors that would impact the useful lives of these licenses.

As such, we treat spectrum licenses in Puerto Rico as indefinite-lived intangible assets.

Spectrum licenses in certain of our markets are time-limited and renewals

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2023, 2022 and 2021

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

generally must be purchased at rates established by local authorities.

Spectrum licenses in markets other than Puerto Rico are therefore amortized over a finite period.

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

For additional information regarding the useful lives of our intangible assets, see note 8.

Impairment of Property and Equipment and Intangible Assets

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.

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).

3 unchanged sentences

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 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.

We evaluate goodwill and other indefinite-lived intangible assets for impairment at least annually on July 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.

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.

8 unchanged sentences

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.

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

Incremental costs to obtain a contract with a customer, such as incremental sales commissions, are recognized as an asset and amortized to other operating costs and expenses over the applicable period benefited, which is the longer of the contract life or the economic life of the commission.

If, however, the amortization period is one year or less, we expense such costs in the period incurred.

Costs to obtain a contract that would have been incurred regardless of whether the contract was obtained are recognized as an expense when incurred.

Our aggregate deferred contract costs were $ 56 million and $ 31 million as of December 31, 2022 and 2021, respectively.

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.

The long-term portions of contract assets are $ 142 million and $ 107 million as of December 31, 2023 and 2022, respectively, and are included in other assets, net, in our consolidated balance sheets.

Deferred Revenue

2 unchanged sentences

Our aggregate current and long-term deferred revenue as of December 31, 2023 and 2022 was $ 259 million and $ 261 million, respectively.

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

11 unchanged sentences

Contingent rental payments are recognized to expense when incurred.

Our operating lease expense is included in facility, provision, franchise and other expense, which is included in other operating costs and expenses in our consolidated statements of operations.

Our right-of-use assets and non-current operating lease liabilities are included in other assets, net , and other long-term liabilities , respectively, in our consolidated balance sheets.

6 unchanged sentences

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.

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.

24 unchanged sentences

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

Changes in exchange rates with respect to amounts recorded in our consolidated balance sheets related to these non-functional currency transactions result in transaction gains and losses that are reflected in our consolidated statements of operations as unrealized (based on the applicable period end exchange rates) or realized upon settlement of the transactions.

Changes in exchange rates with respect to monetary assets and liabilities denominated in a non-functional currency result in transaction gains and losses that are reflected in our consolidated statements of operations as unrealized (based on the applicable period end exchange rates) or realized upon settlement of the transactions.

Revenue Recognition

We categorize revenue into two major categories:

(i) residential revenue, which includes revenue from fixed and mobile services provided to residential customers, and (ii) B2B revenue, which includes B2B service and subsea network revenue.

(i) residential revenue, which includes revenue from fixed and mobile services provided to residential customers, and (ii) B2B revenue, which includes enterprise revenue and wholesale revenue.

For additional information regarding our revenue by major category, see note 20.

17 unchanged sentences

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

B2B Subsea Network Revenue – Long-term Capacity Contracts.

Wholesale Revenue – Long-term Capacity Contracts.

We enter into certain long-term capacity contracts with customers where the customer either pays a fixed fee over time or prepays for the capacity upfront and pays a portion related to operating and maintenance of the network over time.

2 unchanged sentences

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, 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 .

As of December 31, 2023, we have approximately $ 280 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 four years .

Government Funding Revenue.

From time to time, we receive funds from the FCC, primarily in Puerto Rico, where funds were established in an effort to restore, expand and upgrade fixed and mobile networks in Puerto Rico and the U.S.

Virgin Islands.

From time to time, we receive funds from the FCC, primarily in Puerto Rico, where funds were established in an effort to restore, expand and upgrade fixed and mobile networks in Puerto Rico and USVI.

We recognize funds granted from the FCC as other revenue in the period in which we are entitled to receive the funds, as the FCC does not meet the definition of a “customer.”

6 unchanged sentences

We recognize compensation expense associated with share-based incentive awards based on their grant-date fair values.

The grant-date fair values for SARs and PSARs are estimated using the Black-Scholes-Merton valuation model, and the grant-date fair values for RSUs and PSUs are based upon the closing market price of our stock on the date of grant.

We may also settle annual bonus-related obligations in the form of equity.

2 unchanged sentences

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.

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

We recognize the grant-date fair value of outstanding awards as a charge to operations over the requisite service period, which is generally the vesting period, and account for forfeitures as they occur.

3 unchanged sentences

Legal fees and related litigation costs are expensed as incurred .

(4) Fair Value Measurements

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

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

Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level 2 inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 inputs are unobservable inputs for the asset or liability.

All of our Level 2 inputs (interest rate futures, swap rates and certain of the inputs for our weighted average cost of capital calculations) and certain of our Level 3 inputs (non-interest rate curves and credit spreads) are obtained from pricing services.

These inputs, or interpolations or extrapolations thereof, are used in our internal models to calculate, among other items, yield curves, forward interest and currency rates and weighted average cost of capital rates.

In the normal course of business, we receive market value assessments from the counterparties to our derivative contracts.

Although we compare these assessments to our internal valuations and investigate unexpected differences, we do not otherwise rely on counterparty quotes to determine the fair values of our derivative instruments.

The midpoints of applicable bid and ask ranges generally are used as inputs for our internal valuations.

Recurring Fair Value Measurements

In order to manage our interest rate and foreign currency exchange risk, we have entered into various derivative instruments, as further described in note 7.

The recurring fair value measurements of these derivative instruments are determined using discounted cash flow models.

Most of the inputs to these discounted cash flow models consist of, or are derived from, observable Level 2 data for substantially the full term of these derivative instruments.

This observable data mostly includes interest rate futures and swap rates, which are retrieved or derived from available market data.

Although we may extrapolate or interpolate this data, we do not otherwise alter this data in performing our valuations.

We incorporate a credit risk valuation adjustment in our fair value measurements to estimate the impact of both our own nonperformance risk and

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

the nonperformance risk of our counterparties.

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 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 derivative contracts are further explained in note 7.

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 6.

Acquisition Accounting

The nonrecurring valuations associated with acquisition accounting, which use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy, primarily include the valuation of property and equipment, customer relationships and spectrum intangible assets, as further described below:

• Property and equipment .

The valuation of property and equipment may use either an indirect cost approach, which utilizes trends based on historical cost information, or a combination of indirect cost approach, market approach and direct replacement cost method, which considers factors such as current prices of the same or similar equipment, the age of the equipment and economic obsolescence.

• Customer relationships.

The valuation of customer relationships is primarily based on an excess earnings methodology, which is a form of a discounted cash flow analysis.

The excess earnings methodology for customer relationship intangible assets requires us to estimate the specific cash flows expected from the acquired customer relationships, considering such factors as estimated customer life, the revenue expected to be generated over the life of the customer relationships, contributory asset charges and other factors.

• 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, 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 2023 and 2022, we finalized our acquisition accounting for the Claro Panama Acquisition and the Liberty Telecomunicaciones Acquisition, respectively, neither of which resulted in any material changes to the respective opening balance sheets.

For additional information relating to the opening balance sheet for the Claro Panama Acquisition and the Liberty Telecomunicaciones Acquisition, see note 5.

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 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.

During 2023, we completed our annual goodwill impairment assessment, which did not result in goodwill impairments for any of our reporting units.

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.

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

For both of these assessments, we used an income approach to determine the estimated fair values of our 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

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

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.

For additional information regarding goodwill impairment charges resulting from these impairment analyses, see note 8.

(5) Acquisitions

Pending Acquisition

Puerto Rico and USVI Spectrum Acquisition.

On November 6, 2023, we entered into an 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.

2022 Acquisition

4 unchanged sentences

Stated purchase price

Preliminary working capital adjustments 9.3

Working capital adjustments 9.3

Total purchase price 209.3

1 unchanged sentence

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):

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

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

Current assets $ 24.4

5 unchanged sentences

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.

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

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

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

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.

5 unchanged sentences

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.

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

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

Stated Telefónica Acquisition Agreement purchase price

6 unchanged sentences

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

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

Current assets (a) $ 74.7

12 unchanged sentences

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

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

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

3 unchanged sentences

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 is included in our Liberty Puerto Rico reportable segment.

2020 Acquisition

AT&T Acquisition.

On October 31, 2020, we acquired from AT&T all of the outstanding shares of the AT&T Acquired Entities, which following the closing of the AT&T Acquisition are referred to as Liberty Mobile and its subsidiaries.

The operations acquired in the AT&T Acquisition provide consumer mobile and B2B services in Puerto Rico and the U.S.

Virgin Islands.

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.

We satisfied this condition in January 2021 by divesting those B2B operations for a stated sales price of $ 22 million.

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.

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)

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.

The following table sets forth a reconciliation of the stated purchase price included in the Acquisition Agreement to the “Accounting Purchase Price” (in millions):

Stated Acquisition Agreement purchase price

Purchase price allocated to purchase of prepaid roaming services (a) ( 73.3 )

Working capital and other purchase price adjustments:

Closing adjustments (b) ( 51.7 )

Additional working capital consideration (c) 61.0

Net cash paid for the AT&T Acquisition (d) 1,886.0

Contingent purchase price consideration (e) 46.4

Accounting Purchase Price $ 1,932.4

(a) Represents the portion of the stated Acquisition Agreement purchase price that has been allocated to the purchase of prepaid roaming services.

In connection with the Acquisition Agreement, AT&T agreed to give us a $ 75 million credit against certain roaming services that AT&T provides to the AT&T Acquired Entities for a seven-year period following the closing of the AT&T Acquisition.

If the credits are not used for roaming services in that time period, any remaining credit may be used to acquire certain other services from AT&T thereafter.

For accounting purposes, we have bifurcated the discounted value of these services from the stated purchase consideration and reflected the amount allocated to the purchase of prepaid roaming, $ 73 million, in net cash provided by operating activities in our consolidated statement of cash flows.

(b) Represents closing adjustments to the purchase price pursuant to the terms of the Acquisition Agreement for (i) closing working capital balances, (ii) outstanding indebtedness and (iii) shortfalls in equipment subsidies made by AT&T prior to the closing of the AT&T Acquisition.

(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) 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.

Virgin Islands.

We expect that we will utilize these prepayments, which are reflected in income tax receivable on the consolidated balance sheet, against our future income tax liabilities.

Pursuant to the Acquisition Agreement, if we utilize such prepayments to reduce our future income tax liabilities, we are required to pay AT&T additional purchase consideration.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

We have accounted for the AT&T 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 the AT&T Acquired Entities based on assessments of their respective fair values, and the excess of the total 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 the AT&T Acquired Entities at the October 31, 2020 acquisition date is presented in the following table.

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

Current assets (a) (b) $ 155.6

Goodwill (c) 196.9

Property and equipment 768.6

Intangible assets subject to amortization (d) 85.6

Intangible assets not subject to amortization (e) 1,043.0

Other assets (b) (g) 272.8

Current liabilities (f) (g) ( 67.9 )

Long-term debt and finance lease obligations ( 10.6 )

Non-current deferred tax liabilities ( 344.3 )

Other long-term liabilities (g) ( 167.3 )

Total purchase price (h) $ 1,932.4

(a) Current assets consists of trade receivables, prepaid expenses and other current assets.

(b) Current assets and other assets include $ 67 million and $ 39 million, respectively, in EIP receivables.

(c) The goodwill recognized in connection with the AT&T Acquisition is primarily attributable to (i) the ability to take advantage of the AT&T Acquired Entities’ existing mobile network to gain immediate access to potential customers and (ii) synergies that are expected to be achieved through the integration of the AT&T Acquired Entities with Liberty Latin America.

Due to the nature of the AT&T Acquisition, no tax deductions related to goodwill have been taken.

(d) Amount includes intangible assets related to customer relationships.

At October 31, 2020, the weighted average useful life of the acquired customer relationship intangible assets was approximately 10 years.

(e) Amount represents the estimated fair value of spectrum licenses.

(f) Current liabilities include accounts payable, current portion of debt and finance lease obligations and other accrued and current liabilities.

(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 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.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

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.

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

Supplemental Pro Forma Information

1 unchanged sentence

The pro forma financial information is for illustrative and informational purposes only and is not intended to represent or be indicative of what our results of operations would have been had these acquisitions occurred on the date indicated nor should it be considered representative of our future financial condition or results of operations.

The pro forma information set forth in the tables below include, as applicable, tax-effected pro forma adjustments primarily related to:

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 pro forma information set forth in the table below includes, as applicable, tax-effected pro forma adjustments primarily related to:

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 Claro Panama Acquisition, the Liberty Telecomunicaciones Acquisition and the AT&T Acquisition;

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

depreciation expense related to acquired tangible assets;

1 unchanged sentence

the elimination of direct acquisition costs.

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:

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, and (ii) the Liberty Telecomunicaciones Acquisition, as if it had been completed as of January 1, 2020:

Year ended December 31,

2022 2021 2020

Revenue $ 4,873.1 $ 5,116.1

Net loss attributable to Liberty Latin America shareholders $ ( 188.8 ) $ ( 470.9 )

(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.

(6) Disposition

2022 Disposition

Chile JV Entities .

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.

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

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2023, 2022 and 2021

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.

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 the value of the Chile JV, we considered certain qualitative and quantitative information 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.

At December 31, 2023, our proportionate share of the accumulated net losses of the Chile JV since the Chile JV formation date is CLP 297 billion ($ 351 million).

Our investment balance in the Chile JV was zero as of December 31, 2023 and 2022 after taking our share of the net losses of the Chile JV.

Effective December 26, 2023, we entered into a transaction agreement with América Móvil relating to the Chile JV.

Under the terms of the agreement, we have agreed with América Móvil, either collectively in proportion to our shareholding percentage interest or individually, to provide additional capital required by the Chile JV during the calendar year 2023 and through June 30, 2024 in the form of convertible notes in an aggregate amount not to exceed CLP 972 billion ($ 1,104 million).

Under the terms of the agreement, América Móvil or Liberty Latin America may exercise a catch-up right on or before August 1, 2024, to cure any failure by América Móvil or Liberty Latin America to fund its respective portion of such commitment in order to continue the Chile JV as a 50:50 joint venture.

To the extent that América Móvil’s or Liberty Latin America’s ownership percentage falls below 50%, the governance terms of the Chile JV would award the party who holds more than 50% shares the ability to appoint the majority members of the board of directors of the Chile JV.

Since the formation date of the Chile JV, the Chile JV has received an aggregate principal amount of CLP 721 billion from América Móvil in the form of convertible notes.

During 2023, we did not make any contributions to the Chile JV.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

(7) 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.

The following table provides details of the fair values of our derivative instrument assets and liabilities:

December 31, 2023 December 31, 2022

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

Foreign currency forward contracts

— — — 0.1 — 0.1

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

Interest rate derivative contracts $ 91.9 $ 157.4 $ 249.3 $ 91.3 $ 224.2 $ 315.5

Other 0.1 — 0.1 — — —

Total $ 92.0 $ 157.4 $ 249.4 $ 91.3 $ 224.2 $ 315.5

Liabilities (b):

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

Interest rate derivative contracts $ 8.2 $ 30.6 $ 38.8 $ 30.4 $ — $ 30.4

Foreign currency forward contracts 16.8 4.0 20.8 11.9 — 11.9

11.9 — 11.9 5.8 — 5.8

Total $ 25.0 $ 34.6 $ 59.6 $ 42.3 $ — $ 42.3

(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.

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

(b) We consider credit risk relating to our nonperformance and the nonperformance of our counterparties 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 or losses on derivative instruments, net, in our consolidated statements of operations.

4 unchanged sentences

2023 2022 2021

Cross-currency and interest rate derivative contracts (a) (b) $ 404.3 $ 565.4 $ ( 328.6 )

Foreign currency forward contracts ( 13.5 ) 25.8 ( 7.8 )

Interest rate and cross-currency derivative contracts $ 27.3 $ 404.3 $ 565.4

Foreign currency forward contracts and other ( 30.6 ) ( 13.5 ) 25.8

Weather Derivatives ( 30.9 ) ( 31.4 ) ( 27.1 )

Total $ ( 34.2 ) $ 359.4 $ 564.1

(a) Changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net gains (losses) of ($ 4 million), ($ 41 million) and $ 47 million during 2022, 2021 and 2020, respectively.

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

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

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2023, 2022 and 2021

(b) The losses for 2020 include a realized gain of $ 71 million associated with the settlement of certain cross-currency swaps at VTR in June 2020 that were unwound in connection with the July 2020 refinancing of certain VTR debt.

For additional information regarding the refinancing, see note 9.

The following table sets forth the classification of the net cash inflows (outflows) of our derivative instruments:

3 unchanged sentences

Investing activities — ( 7.4 ) ( 1.2 )

Financing activities (a) 97.6 ( 43.0 ) 182.5

Financing activities 9.8 97.6 ( 43.0 )

Total $ 45.4 $ 69.7 $ ( 138.7 )

(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.

For additional information regarding our debt refinancing activity, see note 9.

Counterparty Credit Risk

3 unchanged sentences

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

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

At December 31, 2023, our exposure to counterparty credit risk associated with our derivative instruments, as set forth in the assets and liabilities table above, included derivative assets with an aggregate fair value of $ 211 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.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

Details of our Derivative Instruments

Interest Rate Derivative Contracts

In connection with the phase-out of LIBOR, we amended or entered into certain derivative contracts to reference Adjusted Term SOFR for interest periods commencing after June 30, 2023.

Interest Rate Swaps

As noted above, we enter into interest rate swaps to protect against increases in the interest rates on our variable-rate debt.

We enter into interest rate swaps to protect against increases in the interest rates on our variable-rate debt.

Pursuant to these derivative instruments, we typically pay fixed interest rates and receive variable interest rates on specified notional amounts.

5 unchanged sentences

Liberty Puerto Rico $ 500.0 4.8

Costa Rica (b) $ 276.7 1.0

(a) Includes forward-starting derivative instruments and, on certain interest rate swaps, an embedded floor of 0 %.

(b) Includes an embedded floor of 0.75 %.

(a) Includes embedded floors of 0 % on certain contracts.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

Basis swaps involve the exchange of attributes used to calculate our floating interest rates, including (i) the benchmark rate, (ii) the underlying currency and/or (iii) the borrowing period.

6 unchanged sentences

Liberty Puerto Rico $ 620.0 1.0

Foreign Currency Forwards Contracts

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

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 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

At December 31, 2023, our Liberty Puerto Rico borrowing group had an interest rate floor with a total notional amount of $ 620 million and a remaining contractual life of 4.8 years.

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 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.

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.

Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level 2 inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 inputs are unobservable inputs for the asset or liability.

In the normal course of business, we receive market value assessments from the counterparties to our derivative contracts.

The midpoints of applicable bid and ask ranges generally are used as inputs for our internal valuations.

Recurring Fair Value Measurements

In order to manage our interest rate and foreign currency exchange risk, we have entered into various derivative instruments, as further described in note 5.

The recurring fair value measurements of these derivative instruments are determined using discounted cash flow models.

Most of the inputs to these discounted cash flow models consist of, or are derived from, observable Level 2 data for substantially the full term of these derivative instruments.

This observable data mostly includes interest rate futures and swap rates, which are retrieved or derived from available market data.

Although we may extrapolate or interpolate this data, we do not otherwise alter this data in performing our valuations.

We incorporate a credit risk valuation adjustment in our fair value measurements to estimate the impact of both our own nonperformance risk and the nonperformance risk of our counterparties.

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

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

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

Acquisition Accounting

• Property and equipment .

• Customer relationships.

The valuation of customer relationships is primarily based on an excess earnings methodology, which is a form of a discounted cash flow analysis.

• Spectrum intangible assets.

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

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

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.

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 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 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.

At December 31, 2023, our Liberty Puerto Rico borrowing group had interest rate caps with total notional amounts of $ 120 million and a remaining weighted average contractual life of 4.8 years.

Foreign Currency Forwards Contracts

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

At December 31, 2023, our Liberty Costa Rica borrowing group had foreign currency forward contracts with total notional amounts due from and to counterparties of $ 218 million and CRC 125 billion, respectively, with a weighted average remaining contractual life of 0.6 years.

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2023, 2022 and 2021

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 segment and the C&W Panama segment.

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.

(8) Long-lived Assets

1 unchanged sentence

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

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

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

Year ended December 31, 2023:

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

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

Goodwill $ — $ — $ — $ — $ — $ — $ —

Property and equipment and other (b) 4.1 51.9 0.8 9.4 — 0.8 67.0

Total impairment charges $ 4.1 $ 51.9 $ 0.8 $ 9.4 $ — $ 0.8 $ 67.0

Year ended December 31, 2022:

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

Goodwill (c) $ 555.3 $ — $ — $ — $ — $ — $ 555.3

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

5 unchanged sentences

(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.

For additional information, see notes 1 and 6.

(b) During 2023, C&W Panama recognized impairment of certain operating lease right-of-use assets, predominantly related to decommissioned tower leases.

As of December 31, 2023, these operating lease right-of-use assets were fully amortized.

(c) 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.

7 unchanged sentences

Changes in the carrying amount of our goodwill during 2023 are set forth below:

January 1, 2022 Acquisitions

adjustments Foreign currency translation

adjustments and other Impairments December 31, 2022

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

Liberty Costa Rica 398.7 ( 3.8 ) 33.8 — 428.7

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

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

January 1, 2023 $ 1,220.4 $ 617.1 $ 654.0 $ 501.1 $ 428.7 $ 3,421.3

Acquisitions and related adjustments — — ( 5.7 ) — 5.7 —

Foreign currency translation adjustments and other ( 2.3 ) — 7.6 — 56.8 62.1

December 31, 2023 $ 1,218.1 $ 617.1 $ 655.9 $ 501.1 $ 491.2 $ 3,483.4

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

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 ) — —

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

(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.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

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

January 1, 2022 $ 1,787.1 $ 617.1 $ 646.8 $ 498.3 $ 398.7 $ 3,948.0

Acquisitions and related adjustments ( 16.5 ) — 11.5 2.8 ( 3.8 ) ( 6.0 )

Foreign currency translation adjustments and other 5.1 — ( 4.3 ) — 33.8 34.6

Impairments ( 555.3 ) — — — — ( 555.3 )

December 31, 2022 $ 1,220.4 $ 617.1 $ 654.0 $ 501.1 $ 428.7 $ 3,421.3

Our accumulated goodwill impairments were $ 2,784 million at each December 31, 2023 and 2022.

Property and Equipment, Net

12 unchanged sentences

We recorded non-cash increases to our property and equipment related to vendor financing arrangements of $ 144 million $ 161 million and $ 101 million during 2023, 2022 and 2021, respectively.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

Intangible Assets Subject to Amortization, Net

1 unchanged sentence

Customer relationships $ 1,327.8 $ 1,464.4

Licenses and other (a) 278.9 220.2

Licenses and other 286.7 278.9

1,614.5 1,743.3

1 unchanged sentence

Total $ 541.6 $ 688.1

(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 $ 168 million, $ 185 million and $ 193 million during 2023, 2022 and 2021, respectively.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

Based on our amortizable intangible assets balance at December 31, 2023, we expect that amortization expense will be as follows for the next five years and thereafter (in millions):

9 unchanged sentences

December 31, 2023, 2022 and 2021

(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 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 327.4

Total assets $ 1,568.7

Current portion of debt $ 82.2

Other accrued and current liabilities 294.2

Long-term debt 1,416.8

Other long-term liabilities 60.9

Total liabilities $ 1,854.1

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.

Notes to Consolidated Financial Statements – (Continued)

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.

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.

(9) Operating Leases

The following table provides details of our operating lease expense:

Year ended December 31,

2023 2022 2021

Operating lease expense:

Operating lease cost

$ 128.0 $ 118.8 $ 93.1

Short-term lease cost

29.0 24.6 21.0

Total operating lease expense

$ 157.0 $ 143.4 $ 114.1

Certain other details of our operating leases are set forth in the tables below.

Operating lease right-of-use assets (a) $ 475.2 $ 550.8

Operating lease liabilities:

Current $ 84.3 $ 76.7

Noncurrent 483.4 438.5

Total operating lease liabilities $ 567.7 $ 515.2

Weighted-average remaining lease term

7.4 years 8.2 years

Weighted-average discount rate

Year ended December 31,

2023 2022 2021

Operating cash outflows from operating leases $ 131.9 $ 120.4 $ 93.1

Right-of-use assets obtained in exchange for new operating lease liabilities (b) $ 53.8 $ 237.4 $ 211.8

(a) During 2023, we recorded impairment charges totaling $ 52 million associated with certain operating lease right-of-use assets, predominantly related to decommissioned tower leases at C&W Panama.

These charges are included in impairment, restructuring and other, net, in our consolidated statements of operations.

(b) Represents non-cash transactions associated with operating leases entered into during the year, including amounts related to acquisitions, as further described in note 5.

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2023, 2022 and 2021

Maturities of Operating Leases

Maturities of our operating lease liabilities as of December 31, 2023 are presented below.

Amounts presented below represent U.S.

dollar equivalents (in millions) based on December 31, 2023 exchange rates.

Years ending December 31:

Thereafter 260.8

Total operating lease liabilities on an undiscounted basis

Present value discount ( 202.0 )

Present value of operating lease liabilities

(10) Debt and Finance Lease Obligations

14 unchanged sentences

LCR Credit Facilities (f) 10.88 % 60.0 60.0 463.5 382.9 450.0 419.3

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

Vendor financing, Tower Transactions and other (g) (h) 7.81 % — — 561.7 223.1 561.7 223.1

Total debt before premiums, discounts and deferred financing costs 7.10 % $ 869.0 $ 7,985.3 $ 7,446.5 $ 8,242.2 $ 7,966.1

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

The following table provides a reconciliation of total debt before premiums, discounts and deferred financing costs to total debt and finance lease obligations:

1 unchanged sentence

$ 8,242.2 $ 7,966.1

Premiums, discounts and deferred financing costs, net (d)

( 94.0 ) ( 120.0 )

Premiums, discounts and deferred financing costs, net ( 67.8 ) ( 94.0 )

Total carrying amount of debt

7 unchanged sentences

$ 7,598.0 $ 7,653.8

(a) Represents the weighted average interest rate in effect at December 31, 2022 for all borrowings outstanding (excluding those of the Chile JV Entities) pursuant to each debt instrument, including any applicable margin.

The interest rates presented represent stated rates and do not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing.

(a) Represents the weighted average interest rate in effect at December 31, 2023 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin.

The interest rates presented generally represent stated rates and do not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing.

(b) Unused borrowing capacity represents the maximum availability under the applicable facility at December 31, 2023 without regard to covenant compliance calculations or other conditions precedent to borrowing.

1 unchanged sentence

At December 31, 2023, 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.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

(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).

5 unchanged sentences

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

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

(f) The LCR Credit Facilities at December 31, 2022 comprise certain CRC and U.S.

dollar term loans and a U.S.

dollar revolving credit facility.

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.

For information on the LCR Credit Facilities at December 31, 2023, see Financing Activity below.

(g) In December 2023, we entered into the Tower Transactions associated with certain of our mobile towers across various markets.

The Tower Transactions did not meet the criteria to be accounted for as a sale and leaseback.

The proceeds from the Tower Transactions are recorded as a financial liability and the associated tower assets remain on our balance sheet.

During 2023, we received proceeds of $ 244 million related to the Tower Transactions, which are included in borrowings of debt in our consolidated statement of cash flows.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

(h) Primarily represents $ 299 million and $ 217 million at December 31, 2023 and December 31, 2022, respectively, 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 $ 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.

Our operating expenses include $ 177 million, $ 149 million and $ 110 million for 2023, 2022 and 2021, respectively, that were financed by an intermediary and are reflected on the borrowing date as a cash outflow within net cash provided or used by operating activities and a cash inflow within net cash provided or 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.

2 unchanged sentences

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

Unless stated otherwise, all of our borrowings are denominated in U.S.

Credit Facilities.

6 unchanged sentences

• 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.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

• 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;

2 unchanged sentences

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.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

certain instances, over substantially all of the assets of those entities.

In addition, the indentures governing our senior and senior secured notes contain certain covenants, the more notable of which are as follows:

8 unchanged sentences

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, 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.

Subject to certain conditions, and adjustments if certain events occur (as specified in the indenture governing the Convertible Notes), as of December 31, 2023, 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.

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.

The Convertible Notes may be converted at the option of the holders at any time prior to the close of business on January 12, 2024, only under the following circumstances:

• 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;

• if we give notice of redemption, as described below;

• upon the occurrence of specified corporate transactions.

On and after January 15, 2024 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the Convertible Notes may convert their notes at any time, regardless of the foregoing circumstances.

We determined the Conversion Option should be bifurcated from the debt host instrument (the Convertible Notes) and accounted for as a separate financial instrument that qualifies for equity classification.

6 unchanged sentences

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.

Borrowing Group – Outstanding Debt Instruments

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

Borrowing Groups – Outstanding Debt Instruments

The details of the outstanding C&W Notes as of December 31, 2023 are summarized in the following table:

principal amount

C&W Notes Maturity Interest

rate Borrowing

currency U.S.

$ equivalent Carrying

rate Outstanding principal amount Carrying

2027 C&W Senior Secured Notes September 7, 2027 5.750 % $ 495.0 $ 494.3

2 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.

6 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, 2023, 2022 and 2021

C&W Credit Facilities

The details of our borrowings under the C&W Credit Facilities as of December 31, 2023 are summarized in the following table:

Unused borrowing capacity Outstanding principal amount

C&W Credit Facilities

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

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

Maturity Interest rate Unused borrowing capacity Outstanding principal amount Carrying

CWP Revolving Credit Facility (b)

January 18, 2027 Adjusted Term SOFR + 3.75 %

$ 10.0 $ 10.0 $ 10.0

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

C&W Revolving Credit Facility (b)

January 30, 2027 Adjusted Term SOFR + 3.25 % (c)

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

— 1,510.0 1,499.7

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

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

— 590.0 582.3

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

2028 CWP Term Loan January 18, 2028 4.25 % — 435.0 430.9

C&W Regional Facilities (d) (e)

various dates ranging from 2024 to 2038 6.85 % (f)

54.5 80.2 78.7

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

C&W Other Facilities (g) 6.48 % — 69.0 69.0

Total $ 636.5 $ 2,694.2 $ 2,670.6

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

(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.

(b) Has a fee on unused commitments of 0.5 % per year.

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

dollar, Trinidad & Tobago dollar and JMD denominated revolving 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.

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

dollar, East Caribbean dollar denominated credit facilities.

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

(g) This borrowing is due in three annual installments beginning in May 2024.

LPR Senior Secured Notes

The details of the outstanding LPR Senior Secured Notes as of December 31, 2023 are summarized in the following table:

principal amount

LPR Senior Secured Notes Maturity Interest

rate Borrowing

currency U.S.

$ equivalent Carrying

LPR Senior Secured Notes Maturity Interest rate Outstanding principal amount Carrying

2027 LPR Senior Secured Notes October 15, 2027 6.750 % $ 1,161.0 $ 1,149.8

2 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, 2023, 2022 and 2021

Redemption Rights.

5 unchanged sentences

October 15 July 15

2023 101.688 % N.A.

2024 100.000 % 102.563 %

5 unchanged sentences

capacity Outstanding principal amount Carrying

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

LPR Revolving Credit Facility (b) March 15, 2027 Adjusted Term SOFR + 3.50 %

$ 172.5 $ — $ —

2028 LPR Term Loan October 15, 2028 LIBOR + 3.75 %

2028 LPR Term Loan October 15, 2028 Adjusted Term SOFR + 3.75 % (c)

— 620.0 616.3

Total $ 172.5 $ 620.0 $ 616.3

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

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

(a) Amounts are net of deferred financing costs.

(b) Has a fee on unused commitments of 0.5 % per year.

LCR Credit Facilities

The details of the LCR Credit Facilities as of December 31, 2023 are summarized in the following table:

Unused borrowing capacity Outstanding principal

Costa Rica Credit Facilities Maturity Interest rate Borrowing currency U.S.

$ equivalent Borrowing currency U.S.

$ equivalent Carrying value (a)

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

$ — $ — $ 276.7 $ 276.7 $ 270.5

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

CRC — — CRC 79,635.2 134.6 135.5

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

LCR Credit Facilities Maturity Interest rate Unused

capacity Outstanding principal amount Carrying

LCR Revolving Credit Facility (b) January 15, 2028 Term SOFR + 4.25 %

$ 60.0 $ — $ —

2031 LCR Term Loan A January 15, 2031 10.875 % — 50.0 48.9

2031 LCR Term Loan B January 15, 2031 10.875 % — 400.0 386.7

Total $ 60.0 $ 450.0 $ 435.6

(a) Amounts are net of deferred financing costs.

(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 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.

(b) Has a fee on unused commitments of 0.5 % per year.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

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 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

During May 2023, the terms of the agreements underlying the C&W Credit Facilities and the LPR Credit Facilities were amended, which resulted in (i) the replacement of LIBOR-based benchmark rates with Adjusted Term SOFR for the C&W Term Loan B-5 Facility, the C&W Term Loan B-6 Facility, the C&W Revolving Credit Facility, the 2028 LPR Term Loan and the LPR Revolving Credit Facility for interest periods commencing after June 30, 2023, (ii) the modification of the provisions for determining an alternative rate of interest upon the occurrence of certain events relating to the availability of interest rate benchmarks and (iii) certain conforming changes.

The credit adjustment spreads applicable to the aforementioned debt instruments are 0.11448 %, 0.26161 % and 0.42826 % for interest periods of one, three and six months, respectively.

In the tables below, non-cash activity relates to borrowings 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.

During 2023, borrowings related to significant credit facilities we drew down, entered into or amended, are as follows:

Borrowing group/ Borrower Instrument Issued at Amount borrowed

C&W C&W Other Facilities

C&W C&W Revolving Credit Facility

C&W C&W Regional Facilities

C&W CWP Credit Facilities

Liberty Puerto Rico LPR Revolving Credit Facility

Liberty Costa Rica 2031 LCR Term Loan A

Liberty Costa Rica 2031 LCR Term Loan B

100 % $ 400.0

Liberty Costa Rica LCR Revolving Credit Facility (a)

(a) In January 2023, the LCR Revolving Credit Facility was amended and restated.

The amended and restated $ 60 million LCR Revolving Credit Facility has a fee on unused commitments of 0.5 % per year.

During 2022, borrowings related to significant credit facilities we drew down, entered into or amended, are as follows:

Borrowing group/Borrower Instrument Issued at Amount borrowed Non-cash component

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

2 unchanged sentences

December 31, 2023, 2022 and 2021

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

Borrowing group Borrowing Non-cash component

During 2021, borrowings related to significant notes we issued and credit facilities we drew down, entered into or amended, including activity related to the Chile JV Entities, are as follows:

Borrowing group/ Borrower Borrowing Non-cash component

Instrument Issued at Borrowing currency USD equivalent

USD in millions, CRC in billions

C&W C&W Term Loan B-6 Facility 99.25 % $ 590.0 $ 590.0 $ 555.0

3 unchanged sentences

Liberty Puerto Rico LPR Revolving Credit Facility N/A (b) $ —

VTR 2029 VTR Senior Secured Notes 100 % $ 410.0 $ 410.0 $ 60.0

VTR VTR RCF – A 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 $ —

VTR VTR Notes 100 % $ 410.0 $ 410.0 $ 60.0

VTR VTR Credit Facilities N/A $ — $ — $ —

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

Liberty Costa Rica LCR Term Loan B-2 Facility 100 % CRC 36.5 $ 58.8 $ —

(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.

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

(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

Instrument Borrowing currency USD equivalent

C&W C&W Term Loan B-5 Facility N/A $ 1,510.0 $ 1,510.0 $ 1,510.0

C&W 2027 C&W Senior Secured Notes Add-on 106 % $ 150.0 $ 150.0 $ 130.0

C&W C&W Revolving Credit Facility N/A $ 312.5 $ 312.5 $ —

VTR 2028 VTR Senior Secured Notes 100 % $ 600.0 $ 600.0 $ —

VTR 2028 VTR Senior Notes 100 % $ 550.0 $ 550.0 $ 550.0

VTR VTR RCF – B N/A $ 92.0 $ 92.0 $ —

Liberty Puerto Rico 2027 LPR Senior Secured Notes Add-on 102.5 % $ 90.0 $ 90.0 $ —

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

During 2023, we made certain repurchases or repayments on the following debt instruments:

Borrowing group / Borrower Instrument Redemption price Borrowing currency USD equivalent (a)

USD in millions, CRC in billions

C&W C&W Revolving Credit Facility 100 % $ 40.0 $ 40.0

Liberty Puerto Rico LPR Revolving Credit Facility 100 % $ 65.0 $ 65.0

Liberty Costa Rica LCR Term Loan B-1 Facility

100 % $ 276.7 $ 276.7

Liberty Costa Rica LCR Term Loan B-2 Facility

100 % CRC 79.6 $ 138.6

Liberty Latin America Convertible Notes (b) $ 173.0 $ 173.0

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

(b) During 2023, we repurchased and cancelled $ 182 million original principal amount of the Convertible Notes at a weighted average redemption price of 94.9 %.

In connection with these repurchases, we unwound $ 182 million of the related Capped Calls.

Liberty Latin America Ltd.

2 unchanged sentences

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)

Borrowing group/ Borrower Instrument Redemption price Amount paid Non-cash component

C&W C&W Regional Facilities 100 % $ 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 Amount paid Non-cash component

VTR VTR Notes (a) $ 48.1 $ —

(a) 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 certain repurchases or repayments on the following debt instruments, including repayments related to the Chile JV Entities:

Borrowing group/ Borrower Redemption price Amount paid Non-cash component

Instrument Borrowing currency USD equivalent (a)

USD in millions, CRC in billions

C&W 2026 C&W Senior Notes 103.75 % $ 500.0 $ 500.0 $ 500.0

2 unchanged sentences

Liberty Puerto Rico 2027 LPR Senior Secured Notes 103 % $ 129.0 $ 129.0 $ —

VTR 2028 VTR Senior Secured Notes 103 % $ 120.0 $ 120.0 $ 60.0

VTR VTR TLB-1 Facility 100 % CLP 140,900.0 $ 196.4 $ —

VTR VTR TLB-2 Facility 100 % CLP 33,100.0 $ 46.1 $ —

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

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)

C&W C&W Term Loan B-4 Facility 100 % $ 1,640.0 $ 1,640.0 $ 1,640.0

C&W C&W Revolving Credit Facility N/A $ 312.5 $ 312.5 $ —

VTR VTR Finance Senior Notes 100 % $ 1,260.0 $ 1,260.0 $ 550.0

VTR VTR RCF – B N/A $ 92.0 $ 92.0 $ —

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

VTR VTR Notes 103 % $ 120.0 $ 120.0 $ 60.0

VTR VTR Credit Facilities 100 % CLP 174.0 $ 242.5 $ —

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

17 unchanged sentences

Premiums, discounts and deferred financing costs, net ( 25.9 ) ( 21.9 ) ( 14.4 ) ( 5.6 ) ( 67.8 )

( 31.6 ) ( 28.6 ) ( 5.8 ) ( 28.0 ) ( 94.0 )

Total debt $ 4,843.6 $ 2,679.4 $ 436.2 $ 215.2 $ 8,174.4

2 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.

(10) Operating Leases

The following table provides details of our operating lease expense:

Year ended December 31,

(11) Defined Benefit Plans

We maintain various funded defined benefit plans for certain current and past employees, including (i) the CWSF, which is C&W’s largest defined benefit plan, (ii) plans in The Bahamas, Jamaica, Barbados, Curacao and Puerto Rico and (iii) certain other defined benefit arrangements in the U.K., which are governed by individual trust deeds.

These defined benefit plans are closed to new entrants, and existing participants do not accrue any additional benefits.

Defined benefit plan amounts included in our consolidated balance sheets are as follows:

Other assets, net $ 37.9 $ 119.4

Other long-term liabilities ( 143.7 ) ( 146.6 )

Net pension asset (liability) $ ( 105.8 ) $ ( 27.2 )

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

The table below provides summary information for our defined benefit plans:

Projected benefit obligations (a) $ ( 1,621.0 ) $ ( 1,543.7 )

Fair value of plan assets (b) 1,515.2 1,516.5

Net pension asset (liability) $ ( 105.8 ) $ ( 27.2 )

(a) The weighted average discount rate used in determining our benefit obligations was 5.6 % and 6.0 % at December 31, 2023 and 2022, respectively.

A 1.0 % increase or decrease in the weighted average discount rate would have a ( $ 35 million ) or $ 42 million impact, respectively, on the projected benefit obligations, net of the annuity insurance policies (as described further below).

(b) Our plan assets primarily comprise investments in insurance contracts, debt securities and equity securities.

The fair value of plan assets at December 31, 2023 includes $ 242 million, $ 130 million and $ 1,151 million of assets that are valued based on Level 1, Level 2 and Level 3 inputs, respectively, of the fair value hierarchy (as further described in note 4).

The fair value of plan assets at December 31, 2022 includes $ 659 million, $ 116 million and $ 742 million of assets that are valued based on Level 1, Level 2 and Level 3 inputs, respectively.

In May 2023, the CWSF completed an additional buy-in bulk annuity, resulting in 100 % of the plan’s liabilities being covered by insurance annuity policies, the payments from which match the corresponding obligations to employees.

In addition, at December 31, 2023, 100 % of the Jamaican and UTS defined benefit obligations are covered through the purchase of insurance annuity policies.

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.

The CWSF buy-in resulted in the remeasurement of $ 75 million from net pension assets to accumulated other comprehensive income during 2023, which represents the loss associated with the difference between the projected benefit obligations and the cost of the bulk annuity policy.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

Share Capital

A summary of the changes in our share capital during 2023, 2022 and 2021 is set forth in the table below:

Class A Class B Class C

Balance at January 1, 2021

49.0 1.9 181.1

Operating lease expense:

Operating lease cost

Repurchase of Liberty Latin America common shares ( 4.3 ) — ( 0.7 )

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

Short-term lease cost

Balance at January 1, 2022

45.5 1.9 182.3

Total operating lease expense

Repurchase of Liberty Latin America common shares ( 4.5 ) — ( 14.8 )

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

Our operating lease expense is included in facility, provision, franchise and other expense, in other operating costs and expenses, in our consolidated statements of operations.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

Certain other details of our operating leases are set forth in the tables below.

Operating lease right-of-use assets $ 550.8 $ 441.0

Operating lease liabilities:

Current $ 76.7 $ 82.0

Noncurrent 438.5 371.0

Total operating lease liabilities $ 515.2 $ 453.0

Weighted-average remaining lease term

8.2 years 7.5 years

Weighted-average discount rate

Year ended December 31,

Balance at January 1, 2023

42.7 2.1 171.3

Operating cash flows from operating leases $ 120.4 $ 93.1 $ 47.0

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 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.

Amounts presented below represent U.S.

dollar equivalents (in millions) based on December 31, 2022 exchange rates.

Years ending December 31:

Thereafter 267.9

Total operating lease liabilities on an undiscounted basis

Present value discount ( 187.4 )

Present value of operating lease liabilities

Repurchase of Liberty Latin America common shares ( 2.6 ) — ( 11.7 )

Issued in connection with share-based compensation plans and other 0.7 0.1 2.1

Balance at December 31, 2023

40.8 2.2 161.7

Voting rights.

Holders of Class A common shares and Class B common shares vote together as a single class on all matters submitted to a vote of Liberty Latin America’s shareholders.

The holders of Class A common shares have one vote per share;

the holders of Class B common shares have 10 votes per share;

and the holders of Class C common shares generally have no votes per share.

In the event a right to vote is required under applicable law, holders of Class C common shares will vote as a single class with the holders of Class A common shares and Class B common shares and will be entitled to 1/100 of a vote on such matter for each Class C common share.

Each Class B common share is convertible at the option of the holder for one Class A common share.

Contribution from noncontrolling interest owners

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 Programs

On March 16, 2020, our Directors approved the 2020 Share Repurchase Program, which authorized 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.

On May 8, 2023, our Directors approved an additional $ 200 million under the 2022 Share Repurchase Program through December 2025.

The 2022 Share Repurchase Program does not obligate us to repurchase any of our Class A or C common shares.

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, 2023, the remaining amount authorized for share repurchases under the 2022 Share Repurchase Program was $ 139 million.

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2023, 2022 and 2021

In connection with the issuance of our Convertible Notes, we entered into the Capped Calls, which expires on July 15, 2024.

The Capped Calls 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 could have been required to make in excess of the principal amount of such converted notes, as the case may have been, with such reduction and/or offset subject to a cap.

Collectively, the Capped Calls covered the number of the Company’s Class C common shares underlying the Convertible Notes, or $ 10.7 million of Class C common shares as of December 31, 2023.

The Capped Calls had a strike price of $ 20.65 per Class C common share and the cap price per Class C common share ranged from $ 28.00 to $ 29.50 , subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the Convertible Notes.

The Capped Calls were not considered a derivative instrument under ASC 815, Derivatives and Hedging , as the contracts were indexed to our Class C common shares and therefore were classified within shareholders’ equity.

( 13 ) Programming and Other Direct Costs of Services

Programming and other direct costs of services include programming and copyright costs, interconnect and access costs, equipment costs, which primarily relate to costs of mobile handsets and other devices, and other direct costs related to our operations.

Our programming and other direct costs of services by major category are set forth below.

3 unchanged sentences

Interconnect 302.5 350.3 347.2

Equipment and other (a) 499.9 425.8 201.0

Equipment 320.6 369.8 308.7

Other 160.1 130.1 117.1

Total programming and other direct costs $ 1,020.4 $ 1,210.5 $ 1,214.4

(a) Amounts for 2022, 2021, and 2020 include $ 370 million, $ 309 million, and $ 118 million, respectively, related to equipment cost of goods sold.

(14) Other Operating Costs and Expenses

19 unchanged sentences

Total other operating costs and expenses $ 1,877.8 $ 1,981.7 $ 1,903.4

(15) Share-based Compensation

Equity Incentive Plans

Employee Incentive Plan and Nonemployee Director Incentive Plan

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 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.

Non-performance Awards.

The following is a summary of the material terms and conditions with respect to our non-performance-based awards:

SARs generally vest 33.3 % on the anniversary of the grant date over a vesting term of three years .

SARs granted prior to 2020 expire seven years after the grant date, while SARs granted during or subsequent to 2020 expire ten years after the grant date.

SARs 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 generally vest 33.3 % on the anniversary of the grant date over a vesting term of three years .

RSUs issued under the Nonemployee Director Incentive Plan vest on the first anniversary of the grant date.

During 2023, we implemented the Long-term Value Plan component of the Employee Incentive Plan, whereby employees receive a fixed-value award based upon a percentage of annual employee base compensation that vests annually over three years and can be settled in either common shares or cash at the discretion of Liberty Latin America's Compensation Committee.

During 2023, we recognized $ 6 million of expense associated with the LTVP, which is recorded in share-based compensation expense in our consolidated statement of operations.

Performance Awards .

The following is a summary of the material terms and conditions with respect to our performance-based awards for certain executive officers and key employees:

During 2023, our Chief Executive Officer was granted a total of 0.3 million Class B PSUs, which will vest in March 2024 based upon the achievement of individual qualitative objectives.

During 2021 and 2022, certain key employees received the 2021 PSARs.

Each award represents the right to

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

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.

The 2021 PSARs, have a term of ten years , a performance period from January 1, 2021 to December 31, 2023 and will vest on March 16, 2024 based on the continued employment of the recipient through this date.

The 2021 PSARs include performance conditions based on the achievement of individual qualitative objectives during the performance period.

At both December 31, 2023 and 2022, we had 3 million Class A PSARs and 6 million Class C PSARs outstanding.

Share-based Compensation Expense

Our share-based compensation expense includes amounts related to share-based incentive awards held by our employees and employees of our subsidiaries.

The following table summarizes certain information related to share-based incentive awards granted during the periods presented:

Year ended December 31,

2023 2022 2021

Assumptions used to estimate fair value of SARs and PSARs:

Risk-free interest rate 3.5 - 4.2 %

Expected life 6.0 - 10.0 years

6.0 - 10.0 years

Expected volatility 42.1 - 46.7 %

40.2 - 49.8 %

36.9 - 46.8 %

Expected dividend yield none none none

Weighted average grant-date fair value per share of awards granted:

SARs $ 4.31 $ 4.91 $ 6.43

PSARs N/A $ 5.92 $ 6.88

RSUs $ 7.96 $ 9.49 $ 13.96

PSUs $ 8.00 $ 6.11 $ 11.57

As of December 31, 2023, we have $ 85 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.

For the amount of share-based compensation expense recognized during each period presented, see note 14.

Share-based Incentive Award Activity

The following tables summarize share-based incentive award activity during 2023 with respect to Liberty Latin America awards held by our employees and our Directors.

shares Weighted

base price Weighted

term Aggregate intrinsic value

SARs – Class A shares

in millions in years in millions

Outstanding at January 1, 2023

( 0.9 ) $ 19.35

Outstanding at December 31, 2023

10.0 $ 12.34 5.8 $ —

Exercisable at December 31, 2023

5.9 $ 14.40 4.0 $ —

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

shares Weighted

base price Weighted

term Aggregate intrinsic value

SARs – Class C shares

in millions in years in millions

Outstanding at January 1, 2023

( 1.8 ) $ 19.49

Outstanding at December 31, 2023

20.1 $ 12.34 5.8 $ —

Exercisable at December 31, 2023

11.8 $ 14.40 4.0 $ —

shares Weighted

grant-date fair value per share Weighted

RSUs – Class A shares

in millions in years

Outstanding at January 1, 2023

Granted 1.2 $ 7.96

( 0.1 ) $ 10.23

Released from restrictions ( 1.1 ) $ 10.73

Outstanding at December 31, 2023

2.1 $ 9.22 1.6

shares Weighted

grant-date fair value per share Weighted

RSUs – Class C shares

in millions in years

Outstanding at January 1, 2023

Granted 2.5 $ 7.96

( 0.2 ) $ 10.21

Released from restrictions ( 2.3 ) $ 10.65

Outstanding at December 31, 2023

4.3 $ 9.20 1.6

(16) Income Taxes

On July 11, 2017, Liberty Latin America was formed as a corporation in Bermuda where a Tax Assurance Certificate has been granted to guarantee that any imposition of income or other taxes will not be applicable to Liberty Latin America through March 31, 2035.

Accordingly, Liberty Latin America does not file a primary corporate income tax return in Bermuda, although various subsidiaries in other jurisdictions are taxable operations and file income tax returns in their respective jurisdictions.

On July 11, 2017, Liberty Latin America was formed as a corporation in Bermuda.

While Bermuda does not currently assess taxes on income, subsidiaries in other jurisdictions are taxable operations and file income tax returns in their respective jurisdictions.

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.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

The components of our loss before income taxes are as follows:

7 unchanged sentences

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.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

(c) For the year ended December 31, 2023, significant jurisdictions that comprise the “foreign” component of our loss before income taxes include Bahamas, Barbados, British Virgin Islands, Colombia, Costa Rica, Jamaica, Panama, Puerto Rico, Spain, St.

Lucia, Trinidad, the United Kingdom, United States and U.S.

Virgin Islands.

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, the United Kingdom, United States and U.S.

Virgin Islands.

Income tax benefit (expense) consists of:

12 unchanged sentences

Total $ ( 85.5 ) $ ( 87.1 ) $ ( 172.6 )

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:

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

Income tax 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,

7 unchanged sentences

Changes in uncertain tax positions ( 0.4 ) ( 24.5 ) ( 1.0 )

Enacted tax law and rate changes (d) (e) (f) ( 162.2 ) 393.7 149.4

Enacted tax law and rate changes (d) (e) (f) (g) (h) 128.4 ( 162.2 ) 393.7

Effect of non-deductible goodwill impairments — ( 174.3 ) ( 201.2 )

Effect of tax credits 18.3 15.9 38.7

Withholding tax ( 13.3 ) ( 23.4 ) ( 40.0 )

Withholding and capital gains taxes ( 40.0 ) ( 13.3 ) ( 23.4 )

Other, net 2.7 2.0 1.7

Total income tax benefit (expense) $ ( 86.5 ) $ ( 173.3 ) $ 29.2

(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.

Total income tax expense $ ( 24.4 ) $ ( 84.8 ) $ ( 172.6 )

(a) On July 11, 2017, Liberty Latin America was formed as a corporation in Bermuda where the Company has a “statutory” or “expected” tax rate of 0% in 2023, 2022 and 2021.

The majority of our subsidiaries operate in jurisdictions where income tax is imposed at local applicable rates, resulting in “international rate differences,” as shown in the table above that reflect the computed tax benefit (expense) of pre-tax book income (loss) in the respective taxable jurisdiction.

(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

3 unchanged sentences

Costa Rica, 30%;

Curacao, 22%;

Jamaica, 33.33%;

the Netherlands, 25.8%;

Puerto Rico, 37.5%;

Trinidad, 30%;

the United Kingdom, 25%;

United States, 21%;

Virgin Islands, 23.10%.

19% and the U.S., 21%.

(d) On June 10, 2021, the United Kingdom Finance Bill of 2021 enacted an increase in the main corporate tax rate to 25%, with effect from April 1, 2023.

While deferred tax assets were re-valued as of enactment, there is a net nil tax impact of this on total tax result due to a full valuation allowance on all deferred tax items in the U.K.

While deferred tax assets were re-valued as of enactment, there is a net nil tax impact of this on the total tax result due to a full valuation allowance on all deferred tax items in the U.K.

(e) On September 14, 2021, legislation was enacted in Colombia.

3 unchanged sentences

with effect from January 1, 2022.

While deferred tax assets were re-valued, there is a net nil tax impact of this on total tax result due to a full valuation allowance on all deferred tax items in the Netherlands.

While deferred tax assets were re-valued, there is a net nil tax impact of this on the total tax result due to a full valuation allowance on all deferred tax items in the Netherlands as of December 31, 2022.

(g) On July 13, 2023, St.

Vincent and the Grenadines Inland Revenue Department enacted a decrease in the corporate income tax from 30% to 28% with effect from January 1, 2023.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

(h) On December 22, 2023, Bermuda Parliament enacted legislation to establish a 15% corporate income tax regime that will become effective for tax years beginning on or after January 1, 2025.

While deferred tax assets associated with opening tax losses carryforward for periods beginning January 1, 2020, were established as of enactment, there is a net nil tax impact of this on the total tax result due to a full valuation allowance in Bermuda.

Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for tax purposes.

The components of our deferred tax assets (liabilities) are as follows:

The components of our net deferred tax liability are as follows:

Deferred tax assets $ 57.0 $ 31.0

3 unchanged sentences

Deferred tax assets:

Net operating losses, credits and other carryforwards $ 2,276.4 $ 2,439.1

Net operating losses, tax credits and other carryforwards $ 2,408.3 $ 2,276.4

Deferred revenue 12.5 13.7

32 unchanged sentences

Jamaica 411.9 137.2 Indefinite

Curacao 177.0 41.6 2023 - 2032

Bermuda 341.6 51.2 Indefinite

Puerto Rico 268.0 81.9 2024 - 2032

Curacao 155.8 37.0 2024 - 2033

68.3 16.0 2033 - Indefinite

5 unchanged sentences

Total $ 8,106.8 $ 1,886.1

As of December 31, 2022, a valuation allowance of $ 1,672 million has been recorded on the net operating loss carryforwards where we do not expect to generate future taxable income, or where certain losses may be limited in use due to change in control or same-business tests.

As of December 31, 2023, a valuation allowance of $ 1,765 million has been recorded against the net operating loss carryforwards where we do not expect to realize a future benefit, or where certain losses may be limited in use due to change in control or same-business tests.

Our tax loss carryforwards within each jurisdiction combine all companies’ tax losses (both capital and ordinary losses) in that jurisdiction;

4 unchanged sentences

In 2023 and 2022, we have alternative minimum tax credit carryforwards in the amounts of $ 49 million and $ 47 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.

In 2023, we have research and development credit carryforwards of $ 13 million available in Puerto Rico for which current law provides no period of expiration.

Liberty Latin America Ltd.

12 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 Colombia and Trinidad and Tobago and certain other jurisdictions within the Caribbean and Latin America.

We are currently undergoing income tax audits in Colombia, Trinidad and Tobago, Venezuela 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.

4 unchanged sentences

Additions for tax positions of prior years 0.7 12.7 1.0

Effects of business acquisitions — — —

Additions based on tax positions related to the current year 6.0 14.5 —

10 unchanged sentences

No assurance can be given as to the nature or impact of any changes in our unrecognized tax positions during 2024.

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

During 2023, 2022 and 2021, our income tax expense includes interest expense of $ 12.4 million, $ 0.2 million and $ 1 million, respectively, representing the net accrual of interest and penalties incurred during the respective period.

Our other long-term liabilities include accrued interest and penalties of $ 25 million and $ 13 million at December 31, 2023 and 2022, respectively.

(14) Defined Benefit Plans

We maintain various funded defined benefit plans for certain current and past employees, including (i) the CWSF, which is C&W’s largest defined benefit plan, (ii) plans in the Bahamas, Jamaica, Barbados, Curacao and Puerto Rico and (iii) certain other defined benefit arrangements in the U.K., which are governed by individual trust deeds.

These defined benefit plans are closed to new entrants, and existing participants do not accrue any additional benefits.

Defined benefit plan amounts included in our consolidated balance sheets are as follows:

Other assets, net $ 119.4 $ 218.8

Other long-term liabilities ( 146.6 ) ( 216.4 )

Net pension asset (liability) $ ( 27.2 ) $ 2.4

The table below provides summary information for our defined benefit plans:

Projected benefit obligations (a) $ ( 1,543.7 ) $ ( 2,289.5 )

Fair value of plan assets (b) 1,516.5 2,291.9

Net pension asset (liability) $ ( 27.2 ) $ 2.4

(a) The weighted average discount rate used in determining our benefit obligations was 6.0 % and 2.8 % at December 31, 2022 and 2021, respectively.

A 1.0 % increase or decrease in the weighted average discount rate would have a ($ 64 million) or $ 91 million impact, respectively, on the projected benefit obligations, net of the annuity insurance policies (as described further below).

(b) Our plan assets primarily comprise investments in debt securities, equity securities and insurance contracts.

The fair value of plan assets at December 31, 2022 includes $ 659 million, $ 116 million and $ 742 million of assets that are valued based on Level 1, Level 2 and Level 3 inputs, respectively, of the fair value hierarchy (as further described in note 6).

The fair value of plan assets at December 31, 2021 includes $ 952 million, $ 209 million and $ 1,131 million of assets that are valued based on Level 1, Level 2 and Level 3 inputs, respectively.

At December 31, 2022, approximately 67 % of the CWSF’s liabilities, 53 % of the Jamaican plan’s liabilities and 100 % of the UTS liabilities are covered through the purchase of insurance annuity policies, the payments from which match the corresponding obligations to employees.

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.

(15) Share-based Compensation

Equity Incentive Plans

The maximum number of

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2023, 2022 and 2021

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.

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.

Our share-based compensation expense includes amounts related to share-based incentive awards held by our employees and employees of our subsidiaries.

The following table summarizes certain information related to share-based incentive awards granted:

(17) Earnings or Loss per Share

Basic EPS is computed by dividing net earnings or 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 dilutive securities as if they had been exercised, vested or converted at the beginning of the periods presented.

The details of the calculations of our basic and diluted EPS are set forth below:

Year ended December 31,

Assumptions used to estimate fair value of SARs and PSARs:

2023 2022 2021

Risk-free interest rate 2.0 - 3.7 %

Expected life 6.0 - 10.0 years

6.0 - 10.0 years

4.5 - 7.0 years

Expected volatility 40.2 - 49.8 %

36.9 - 46.8 %

48.1 - 90.6 %

Expected dividend yield none none none

Weighted average grant-date fair value per share of awards granted:

SARs $ 4.91 $ 6.43 $ 5.39

PSARs $ 5.92 $ 6.88 $ —

RSUs $ 9.49 $ 13.96 $ 10.07

PSUs $ 6.11 $ 11.57 $ —

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.

Performance Awards

The following is a summary of the material terms and conditions with respect to our performance-based awards for certain executive officers and key employees.

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 delayed setting performance targets for the 2020 PSUs until February 2021.

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.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

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.

The 2021 PSARs, have a term of ten years , a performance period from January 1, 2021 and ending December 31, 2023 and will vest on March 16, 2024 based on the continued employment of the recipient through this date.

The 2021 PSARs include performance conditions based on the achievement of individual qualitative objectives during the performance period.

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

The following tables summarize the share-based incentive award activity during 2022 with respect to Liberty Latin America awards held by our employees and our Directors.

shares Weighted

base price Weighted

term Aggregate intrinsic value

SARs – Class A shares

in millions in years in millions

Outstanding at January 1, 2022

( 0.5 ) $ 16.46

Outstanding at December 31, 2022

9.1 $ 13.91 6.1 $ —

Exercisable at December 31, 2022

4.2 $ 17.32 3.6 $ —

shares Weighted

base price Weighted

term Aggregate intrinsic value

SARs – Class C shares

in millions in years in millions

Outstanding at January 1, 2022

( 0.9 ) $ 16.53

Outstanding at December 31, 2022

18.3 $ 13.92 6.1 $ 0.1

Exercisable at December 31, 2022

in millions, except per share amounts

Net loss attributable to Liberty Latin America shareholders - basic and diluted $ ( 73.6 ) $ ( 170.7 ) $ ( 440.6 )

Weighted average shares - basic and diluted (a) 210.0 222.6 232.6

Basic and diluted net loss per share attributable to Liberty Latin America shareholders $ ( 0.35 ) $ ( 0.77 ) $ ( 1.89 )

(a) We reported losses attributable to Liberty Latin America shareholders during 2023, 2022 and 2021.

As a result, the potentially dilutive effect of the following items was not included in the computation of diluted EPS 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:

2023 2022 2021

shares Weighted

grant-date fair value per share Weighted

RSUs – Class A shares

in millions in years

Outstanding at January 1, 2022

Granted 2.6 $ 9.66

Aggregate number of shares issuable pursuant to:

Outstanding options, SARs and RSUs

37.7 35.4 24.7

Released from restrictions ( 1.5 ) $ 10.82

Outstanding at December 31, 2022

Outstanding PSUs and PSARs

Aggregate number of shares potentially issuable under our Convertible Notes (if-converted method) (i)

10.7 19.5 19.5

(i) 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.

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2023, 2022 and 2021

shares Weighted

grant-date fair value per share Weighted

RSUs – Class C shares

in millions in years

Outstanding at January 1, 2022

Granted 5.5 $ 9.49

( 0.2 ) $ 11.57

Released from restrictions ( 3.3 ) $ 10.14

Outstanding at December 31, 2022

4.3 $ 11.04 2.1

(18) Accumulated Other Comprehensive Loss

9 unchanged sentences

Balance at January 1, 2021 $ ( 143.2 ) $ 17.6 $ ( 125.6 ) $ ( 9.6 ) $ ( 135.2 )

Other comprehensive loss ( 117.7 ) 6.9 ( 110.8 ) ( 0.8 ) ( 111.6 )

Balance at December 31, 2020 ( 143.2 ) 17.6 ( 125.6 ) ( 9.6 ) ( 135.2 )

Other comprehensive earnings 5.7 30.2 35.9 ( 0.9 ) 35.0

2 unchanged sentences

Balance at December 31, 2022 ( 83.7 ) ( 65.5 ) ( 149.2 ) ( 11.0 ) ( 160.2 )

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

Other comprehensive loss 24.9 ( 73.7 ) ( 48.8 ) 1.1 ( 47.7 )

Balance at December 31, 2023 $ ( 58.8 ) $ ( 139.2 ) $ ( 198.0 ) $ ( 9.9 ) $ ( 207.9 )

The components of other comprehensive earnings (loss), net of taxes, are reflected in our consolidated statements of comprehensive loss.

10 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 ( 60.9 ) 0.9 ( 60.0 )

Other comprehensive loss attributable to noncontrolling interests (a) 0.5 — 0.5

Other comprehensive earnings attributable to Liberty Latin America shareholders $ 40.1 $ ( 4.2 ) $ 35.9

Other comprehensive loss attributable to Liberty Latin America shareholders $ ( 60.4 ) $ 0.9 $ ( 59.5 )

Year ended December 31, 2021:

1 unchanged sentence

Pension-related adjustments and other 34.4 ( 4.2 ) 30.2

Other comprehensive loss ( 113.6 ) 2.0 ( 111.6 )

Other comprehensive earnings 39.2 ( 4.2 ) 35.0

Other comprehensive loss attributable to noncontrolling interests (a) 0.9 — 0.9

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.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

Share Capital

A summary of the changes in our share capital during 2022, 2021 and 2020 is set forth in the table below:

Class A Class B Class C

Balance at January 1, 2020 48.8 1.9 131.2

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

Repurchase of Liberty Latin America common shares ( 4.3 ) — ( 0.7 )

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

Balance at January 1, 2022 45.5 1.9 182.3

Repurchase of Liberty Latin America common shares ( 4.5 ) — ( 14.8 )

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

Voting rights.

Holders of Class A common shares and Class B common shares vote together as a single class on all matters submitted to a vote of Liberty Latin America’s shareholders.

The holders of Class A common shares have one vote per share;

the holders of Class B common shares have 10 votes per share;

and the holders of Class C common shares generally have no votes per share.

Each Class B common share is convertible at the option of the holder for one Class A common share.

Contribution from noncontrolling interest owners

Share Repurchase Program

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.

At December 31, 2022, the remaining amount authorized for share repurchases under the 2022 Share Repurchase Program was $ 57 million.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2022, 2021 and 2020

Rights Offering

On August 5, 2020, our Directors authorized the Rights Distribution to holders of Class C Rights to acquire LILAK common shares in the Rights Offering.

In the Rights Distribution, we distributed 0.269 of a Class C Right for each share of Class A, Class B or Class C common shares of Liberty Latin America held as of September 8, 2020, which was the record date for the Rights Distribution.

Fractional Class C Rights were rounded up to the nearest whole right.

Each whole Class C Right entitled the holder to purchase, pursuant to the basic subscription privilege, one share of LILAK at a subscription price of $ 7.14 , which was equal to an approximate 25 % discount to the volume weighted average trading price of LILAK for the 3 -day trading period ending on and including September 2, 2020.

Each Class C Right also entitled the holder to subscribe for additional shares of LILAK that were unsubscribed for in the Rights Offering pursuant to an over-subscription privilege.

The Rights Offering commenced on September 11, 2020, which was also the ex-dividend date for the Rights Distribution.

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, 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 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.

(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.

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.

Other comprehensive earnings attributable to Liberty Latin America shareholders $ 40.1 $ ( 4.2 ) $ 35.9

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2023, 2022 and 2021

(a) Amounts represent the noncontrolling interest owners’ share of our foreign currency translation adjustments and pension-related adjustments.

(19) Commitments and Contingencies

10 unchanged sentences

We generally identify our reportable segments as those operating segments that represent 10% or more of our revenue, Adjusted OIBDA or total assets.

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:

As of December 31, 2023 , unless otherwise specified below, our reportable segments are as follows:

• C&W Caribbean;

• C&W Panama;

• C&W Networks & LatAm;

• Liberty Networks;

• Liberty Puerto Rico;

4 unchanged sentences

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.

We account for intersegment sales as if they were to third parties, or at current market prices.

Adjusted OIBDA is the primary measure used by our CODM 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 resources to segments and (ii) evaluate the effectiveness of our management for purposes of incentive compensation plans.

7 unchanged sentences

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.

Subsequent to the formation of the Chile JV during October 2022, VTR is no longer consolidated.

Year ended December 31,

2 unchanged sentences

C&W Panama 742.6 642.7 568.1

C&W Networks & LatAm 450.8 431.9 405.2

Liberty Networks 453.3 450.8 431.9

Liberty Puerto Rico 1,417.7 1,463.6 1,446.2

9 unchanged sentences

C&W Panama 227.7 188.8 200.1

C&W Networks & LatAm 276.3 264.3 239.8

Liberty Networks 261.5 276.3 264.3

Liberty Puerto Rico 485.5 530.8 577.4

3 unchanged sentences

Total $ 1,701.6 $ 1,709.9 $ 1,811.6

The following table provides a reconciliation of total Adjusted OIBDA to operating income and to loss before income taxes:

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2023, 2022 and 2021

The following table provides a reconciliation of total Adjusted OIBDA to operating income and to loss before income taxes:

Year ended December 31,

8 unchanged sentences

Foreign currency transaction gains (losses), net 70.3 ( 194.3 ) ( 319.6 )

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

Gains (losses) on debt extinguishments, net ( 3.9 ) 41.1 ( 57.2 )

Gain on disposal of the Chile JV Entities — 169.4 —

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

Other expense, net ( 10.6 ) ( 28.4 ) ( 41.7 )

Loss before income taxes $ ( 62.4 ) $ ( 123.0 ) $ ( 318.0 )

6 unchanged sentences

C&W Panama 117.0 98.4 88.9

C&W Networks & LatAm 40.2 45.3 46.7

Liberty Networks 47.6 40.2 45.3

Liberty Puerto Rico 219.0 233.5 219.2

10 unchanged sentences

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.

We do not present the balance sheet data of our reportable segments, as this information is not a primary measure used by our CODM 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

Our revenue by major category for our reportable segments is set forth in the tables below and includes the following categories:

Our revenue by major category for our reportable segments is set forth in the tables below.

Intercompany eliminations in the tables below reflect revenue between our reportable segments, the majority of which relates to revenue at our Liberty Networks segment from our other reportable segments.

Our major revenue categories include the following:

• residential fixed subscription and residential mobile services revenue, which includes amounts received from subscribers for ongoing fixed and airtime services, respectively;

• residential fixed non-subscription revenue, which primarily includes interconnect and advertising revenue;

• B2B service revenue, which primarily includes broadband internet, video, fixed-line telephony, mobile and managed services (including equipment installation contracts) offered to small (including small or home office), medium and large enterprises and, on a wholesale basis, other telecommunication operators;

• 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.

• residential fixed non-subscription revenue, which primarily includes equipment, interconnect and advertising revenue;

• B2B revenue, which comprises (i) enterprise revenue that primarily includes broadband internet, video, fixed-line telephony, mobile and managed services (including equipment installation contracts) offered to small (including small or home office), medium and large enterprises and other telecommunication operators;

and (ii) wholesale 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.

Year ended December 31, 2023

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

C&W Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica Corporate Intersegment Eliminations Total

Residential revenue:

5 unchanged sentences

Service revenue 330.3 260.6 — 398.7 242.1 — — 1,231.7

Interconnect, inbound roaming, equipment sales and other (b) 67.9 49.5 — 268.4 64.8 2.9 22.2 — 475.7

Interconnect, inbound roaming, equipment sales and other (a) 78.8 52.0 — 250.0 80.2 22.3 — 483.3

Total residential mobile revenue 409.1 312.6 — 648.7 322.3 22.3 — 1,715.0

Total residential revenue 925.6 434.6 — 1,152.9 480.9 22.3 ( 2.1 ) 3,014.2

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

B2B revenue (b) 511.4 308.0 453.3 224.3 67.0 1.2 ( 108.8 ) 1,456.4

Other revenue — — — 40.5 — — — 40.5

Total $ 1,437.0 $ 742.6 $ 453.3 $ 1,417.7 $ 547.9 $ 23.5 $ ( 110.9 ) $ 4,511.1

(a) Amount relates to services we now provide for mobile handset insurance following the AT&T Acquisition.

(b) The total amount includes $ 257 million of revenue from sales of mobile handsets and other devices.

(a) The total amount includes $ 259 million of revenue from sales of mobile handsets and other devices to residential mobile customers.

(b) The total amount includes $ 26 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2023, 2022 and 2021

(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, 2022

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

C&W Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica VTR Corporate Intersegment Eliminations Total

Residential revenue:

5 unchanged sentences

Service revenue 314.5 218.6 — 441.5 195.1 25.8 — — 1,195.5

Interconnect, inbound roaming, equipment sales and other (b) 63.9 44.5 — 253.5 27.1 7.3 21.6 — 417.9

Interconnect, inbound roaming, equipment sales and other (a) 67.9 49.5 — 268.4 64.8 2.9 22.2 — 475.7

Total residential mobile revenue 382.4 268.1 — 709.9 259.9 28.7 22.2 — 1,671.2

Total residential revenue 899.3 378.2 — 1,189.3 396.5 429.9 22.2 — 3,315.4

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

B2B revenue (b) 537.5 264.5 450.8 220.6 44.8 20.7 — ( 99.4 ) 1,439.5

Other revenue — — — 53.7 — — — — 53.7

Total $ 1,436.8 $ 642.7 $ 450.8 $ 1,463.6 $ 441.3 $ 450.6 $ 22.2 $ ( 99.4 ) $ 4,808.6

(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.

(a) The total amount includes $ 257 million of revenue from sales of mobile handsets and other devices to residential mobile customers.

(b) The total amount includes $ 26 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

Liberty Latin America Ltd.

2 unchanged sentences

Year ended December 31, 2021

C&W Caribbean C&W Panama C&W Networks & LatAm Liberty Puerto Rico Liberty Costa Rica VTR Corporate Intersegment Eliminations Total

C&W Caribbean C&W Panama Liberty Networks Liberty Puerto Rico Liberty Costa Rica VTR Corporate Intersegment Eliminations Total

Residential revenue:

11 unchanged sentences

Total $ 1,389.9 $ 568.1 $ 431.9 $ 1,446.2 $ 258.5 $ 787.5 $ 21.6 $ ( 92.4 ) $ 4,811.3

(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.

(a) The total amount includes $ 219 million of revenue from sales of mobile handsets and other devices to residential mobile customers.

(b) The total amount includes $ 33 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

Liberty Latin America Ltd.

7 unchanged sentences

Panama 739.7 639.7 565.9

Chile 450.6 787.5 809.0

Costa Rica 547.1 440.8 258.2

5 unchanged sentences

Curacao 135.6 134.0 137.9

Chile — 450.6 787.5

Other (b) 456.4 430.3 422.3

Total $ 4,511.1 $ 4,808.6 $ 4,811.3

(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.

(a) The amounts represent enterprise revenue and wholesale revenue from various jurisdictions across Latin America and the Caribbean related to the sale and lease of telecommunications capacity on Liberty Networks’ 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.

14 unchanged sentences

$ 4,205.7 $ 4,293.6

(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.

(a) The amounts primarily include long-lived assets in 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.

Liberty Latin America Ltd.

14 unchanged sentences

Related-party liabilities $ 99.7 $ 87.6

Current portion of debt and finance lease obligations 214.7 —

Accrued liabilities and other 1.5 6.7

Total current liabilities

Long-term debt and finance lease obligations, net 374.5 357.7

Long-term debt and finance lease obligations — 374.8

Total liabilities 315.9 469.1

30 unchanged sentences

Interest expense ( 20.2 ) ( 24.8 ) ( 23.8 )

Other income (loss), net ( 9.6 ) 0.6 1.7

Gains on debt extinguishments, net .

Other income (expense), net 0.6 ( 9.6 ) 0.7

( 18.7 ) ( 34.4 ) ( 23.1 )

9 unchanged sentences

Net loss $ ( 73.6 ) $ ( 170.7 ) $ ( 440.6 )

Adjustments to reconcile net loss to net cash used by operating activities:

Adjustments to reconcile net loss to net cash provided by operating activities:

Equity in losses of consolidated subsidiaries, net 16.5 94.6 369.0

Share-based compensation expense 10.7 3.9 2.3

Gains on debt extinguishments, net ( 0.9 ) — —

Amortization of debt financing costs 13.9 16.8 15.7

Changes in operating assets and liabilities 53.1 92.3 124.6

Net cash provided (used) by operating activities 37.0 70.9 ( 56.0 )

Net cash provided by operating activities 19.7 36.9 71.0

Cash flows from investing activities:

Distribution and repayments from (Investments in and advances to) consolidated subsidiaries, net 53.5 ( 128.7 ) ( 511.7 )

Distribution and repayments from (investments in) consolidated subsidiaries, net 277.3 53.5 ( 128.7 )

Net cash provided (used) by investing activities 277.3 53.5 ( 128.7 )

Cash flows from financing activities:

Repayments of related-party debt — — ( 101.1 )

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

Repurchase of Liberty Latin America common shares ( 118.3 ) ( 170.4 ) ( 63.0 )

Payments of principal amounts of debt and finance lease obligations ( 173.0 ) — —

Other financing activities, net ( 1.3 ) 0.9 —

Net cash provided (used) by financing activities ( 139.5 ) ( 63.0 ) 236.4

Net decrease in cash, cash equivalents and restricted cash ( 49.0 ) ( 120.8 ) ( 331.3 )

Net cash used by financing activities ( 292.6 ) ( 139.5 ) ( 63.0 )

Net increase (decrease) in cash, cash equivalents and restricted cash 4.4 ( 49.1 ) ( 120.7 )

Cash, cash equivalents and restricted cash:

9 unchanged sentences

Auditor Firm ID:

We intend to file our definitive proxy statement for our 2023 Annual General Meeting of Shareholders with the Securities and Exchange Commission on or before May 1, 2023.

We intend to file our definitive proxy statement for our 2024 Annual General Meeting of Shareholders with the Securities and Exchange Commission on or before April 29, 2024 .

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

23 unchanged sentences

The Registrant undertakes to furnish to the Securities and Exchange Commission, upon request, a copy of all instruments with respect to long-term debt not filed herewith.

10.1 Additional Facility Joinder Agreement dated July 24, 2017 and entered into between, among others, Sable, Coral-US Co-Borrower LLC and The Bank of Nova Scotia, relating to the Credit Agreement dated May 16, 2016 as amended and restated on May 26, 2017 (incorporated by reference to Exhibit 4.1 to Liberty Global’s Current Report on Form 8-K filed July 28, 2017 (File No.

10.2 Additional Facility Joinder Agreement dated February 7, 2018 and entered into between, among others, Sable, Coral-US Co-Borrower LLC and The Bank of Nova Scotia (incorporated by reference to Exhibit 4.1 to Liberty Latin America’s Current Report on Form 8-K filed on February 12, 2018 (File.

10.1 Form of Amended and Restated Credit Agreement, dated as of January 24, 2020 (as amended by the 2021 Extension Amendment dated as of September 23, 2021, the Term B-6 Joinder dated as of September 23, 2021, and the 2023 Amendment dated as of May 22, 2023) 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 10.1 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 filed on August 8, 2023 (File No.

10.2 Form of Amended and Restated Credit Agreement, dated as of March 22, 2021 (as amended by the 2023 Amendment dated as of May 22, 2023) and entered into between, among others, Liberty Communications of Puerto Rico LLC and The Bank of Nova Scotia (incorporated by reference to Exhibit 10.2 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 filed on August 8, 2023 (File No.

Form of Amended and Restated Credit Agreement, dated as of March 25, 2021 (as amended by the 2023 Amendment dated as of May 22, 2023) and entered into between, among others, LCPR Loan Financing LLC and The Bank of Nova Scotia (incorporated by reference to Exhibit 10.3 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 filed on August 8, 2023 (File No.

10.4 Tax Sharing Agreement, dated as of December 29, 2017, between Liberty Global and Liberty Latin America (incorporated by reference to Exhibit 10.1 to the January 2018 8-K).

5 unchanged sentences

(incorporated by reference to Exhibit 10.4 to the January 2018 8-K).

10.6 Employment Agreement, dated as of November 1, 2017, by and among Liberty Latin America, LiLAC Communications Inc.

and Balan Nair (incorporated by reference to Exhibit 10.8 to the S-1 Registration Statement).

10.7 Form of Indemnification Agreement by and between Liberty Latin America and its executive officers/directors (incorporated by reference to Exhibit 10.9 to Amendment No.

11 unchanged sentences

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 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.

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).

10.18 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).

1 unchanged sentence

and certain executive officers (incorporated by reference to Exhibit 10.1 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 filed on November 5, 2019 (File No.

10.21 Credit Agreement, dated October 25, 2019, between LCPR Loan Financing LLC, as borrower, LCPR Senior Secured Financing Designated Activity Company, as guarantor, The Bank of Nova Scotia, as administrative agent, The Bank of Nova Scotia, as security agent, and the lenders party thereto (incorporated by reference to Exhibit 10.21 to the 2019 10-K).***

10.22 Credit Agreement, dated October 25, 2019, between Liberty Cablevision of Puerto Rico LLC, as borrower, Puerto Rico Cable Acquisition Company, as guarantor, The Bank of Nova Scotia, as administrative agent, The Bank of Nova Scotia, as security agent, and the lenders party thereto (incorporated by reference to Exhibit 10.22 of the 2019 10-K).***

10.20 Employment Agreement, effective as of April 18, 2022, between Liberty Latin America Ltd.

and Aamir Hussain (incorporated by reference to Exhibit 10.1 to Liberty Latin America ’ s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 filed on May 8, 2023 (File No.

001-38335)) .

10.21 Form of Share Appreciation Rights Agreement with CEO under the Liberty Latin America 2018 Incentive Plan (Amended and Restated effective May 12, 2021) (incorporated by reference to Exhibit 10.2 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 filed on May 8, 2023 (File No.

10.22 Form of Restricted Share Units Agreement with CEO under the Liberty Latin America 2018 Incentive Plan (Amended and Restated effective May 12, 2021) (incorporated by ref erence to Exhibit 10.3 to Liberty Latin America ’ s Quarterly Rep ort on Form 10-Q for the quarter end ed March 31, 2023 filed on May 8, 2023 (File No.

001-38335)) .

10.23 Additional Facility Joinder Agreement dated January 24, 2020 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 10.1 to Liberty Latin America’s Current Report on Form 8-K filed on January 30, 2020 (File No.

001-38335) (the January 2020 8-K)).

10.24 Extension Amendment dated January 24, 2020 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 10.2 to the January 2020 8-K).***

10.24 Liberty Latin America Ltd.

Nonemployee Director Deferred Compensation Plan (incorporated by reference to Exhibit 10.3 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 filed on May 5, 2020 (File No.

10.26 Amended and Restated Credit Agreement dated March 22, 2021 and entered into between, among others, Liberty Communications of Puerto Rico LLC and The Bank of Nova Scotia (incorporated by reference to Exhibit 10.1 to the May 2021 10-Q).

10.25 Additional Facility Joinder Agreement dated March 25, 2021 and entered into between, among others, LCPR Loan Financing LLC, LCPR Senior Secured Financing Designated Activity Company, and The Bank of Nova Scotia (incorporated by reference to Exhibit 10.2 to the May 2021 10-Q) .

2 unchanged sentences

10.27 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).

10.30 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.

10.28 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, 2021 filed on February 23, 2022 (File No.

001-38335) (the 2021 10-K)).

2 unchanged sentences

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) ).

10.31 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.

and Balan Nair (incorporated by reference to Exhibit 10.1 to Liberty Latin America’s Quarterly Report 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)).

3 unchanged sentences

Director Deferred Compensation Plan.

(incorp orated by reference to Exhibit 10.35 to Liberty La tin America Ltd.

’ s Annual Report on Form 10-K for the year ended December 31, 202 2 filed on Fe bruary 22, 2023 (File No.

001-38335)) .

21 List of Subsidiaries.*

3 unchanged sentences

32 Section 1350 Certifications.**

97 Liberty Latin America Policy for the Recovery of Erroneously Awarded Compensation.

101.SCH XBRL Inline Taxonomy Extension Schema Document.*

40 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