What changed in this filing

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Item 9A. Controls and Procedures

2025-02-19 compared with 2024-02-22 · 695 added, 645 removed, 1589 unchanged (46% 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, 2024, using the criteria in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

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:

• The Company did not have a sufficient number of resources with the appropriate skills and knowledge to adequately support the organization in the operation of internal controls over financial reporting.

Management identified the following material weaknesses in internal control over financial reporting, which exist as of December 31, 2024:

• The Company did not have a sufficient number of resources with the appropriate skills, knowledge, assigned responsibilities, or accountability for the design and operation of internal controls over financial reporting.

• The Company did not have an effective risk assessment process to sufficiently identify and assess risks of misstatement and ensure controls are designed and implemented to respond to those risks.

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

• The Company did not have an effective information and communication process to identify, capture, and process relevant information necessary for financial accounting and reporting.

• The Company did not i) have an effective IT risk assessment process that successfully identified and assessed risks associated with IT systems relevant to our financial reporting to ensure controls were designed and implemented to respond to those risks, ii) establish effective general information technology controls (GITCs), specifically program change controls and access controls, that support the consistent operation of the Company’s IT operating systems, databases and IT applications, and end user computing over all financial reporting;

and, iii) have policies and procedures through which general information technology controls are deployed across the organization.

• The Company did not i) establish effective GITCs, specifically program change controls and access controls, that support the consistent operation of the Company’s IT operating systems, databases and IT applications, and end user computing over all financial reporting;

and, ii) have policies and procedures through which general information technology controls are deployed across the organization.

Automated process-level controls and manual controls dependent upon the accuracy and completeness of information derived from information technology systems were also rendered ineffective because they are affected by the lack of GITCs.

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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, 2024.

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.

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, 2024.

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.

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We, with the oversight from the Audit Committee of the Board of Directors, continue to implement the remediation plans for the aforementioned material weaknesses in internal control over financial reporting as follows:

• Hire additional individuals with appropriate skills and experience.

• Hire additional individuals with appropriate skills and experience and ensure responsibilities are appropriately assigned and the individuals are held accountable.

• Continue to engage third-party experts to assist in training and coaching existing personnel regarding control design and execution, enhancing the design of the risk assessment process and ensuring that internal controls over financial reporting are or will be implemented to mitigate those risks, and monitoring the execution of internal controls over financial reporting.

• Implement the central enterprise resource planning software for the remaining segment to standardize and enhance the related processes and controls.

• Design and implement a comprehensive and continuous risk assessment process to identify and assess risks of material misstatement and ensure that the impacted financial reporting processes and related internal controls are properly designed and in place to respond to those risks in our financial reporting.

• Enhance information and communication processes, including through information technology solutions of which include, but are not limited to, implementing new enterprise resource planning software, to ensure that information needed for financial reporting is accurate, complete, relevant, reliable, and communicated in a timely manner.

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

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

• 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;

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

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

• hired third-party experts to assist in training and coaching existing personnel regarding control design and execution, enhancing the design of the risk assessment process and ensuring that internal controls over financial reporting are or will be implemented to mitigate those risks, and monitoring the execution of internal controls over financial reporting;

• implemented an upgraded charging system for one of our markets and executed the system development lifecycle process;

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

OTHER INFORMATION

(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.

During the three months ended December 31, 2024, 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

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Liberty Latin America Ltd.:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Liberty Latin America Ltd.

and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive loss, equity, and cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes (collectively, the consolidated financial statements).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2024, in conformity with U.S.

generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 19, 2025 expressed an adverse opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management.

Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

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.

We conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that:

(1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.

Assessment of impairment of goodwill with the Company’s Liberty Puerto Rico reportable segment

As discussed in Notes 4 and 8 to the consolidated financial statements, the Company tests for impairment of goodwill at least annually and whenever facts and circumstances indicate that the carrying value of a reporting unit might exceed its fair value.

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

As of December 31, 2024, the goodwill balance was $2,981 million and the Company recorded impairments totaling $516 million.

We identified the assessment of impairment of goodwill for the reporting unit within the Company’s Liberty Puerto Rico reportable segment 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.

For 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 the reporting unit, the valuation was 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.

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

We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s assessment of impairment of goodwill.

These include controls over the:

• development of assumptions over projected revenues, projected direct costs, projected operating expenses, projected capital expenditures, and

• selection of the discount rates and terminal growth rates assumptions used to develop the estimate.

We performed procedures to test the projected revenues, projected direct costs, projected operating expenses, and projected capital expenditures by comparing them with the historical results of the reporting unit and assessing the impacts of internal and/or external economic factors.

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

evaluating the discount rate used in the valuation by comparing it against independently developed discount rates using publicly available market data;

evaluating the terminal growth rate used in the valuation by comparing it to publicly available market data, and comparing the implied market multiple from the Company’s fair value estimate using the income approach to the observed range of market multiples derived from comparable companies.

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

Denver, Colorado

February 19, 2025

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

Liberty Latin America Ltd.:

Opinion on Internal Control Over Financial Reporting

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The material weaknesses described below have been identified and included in management’s assessment.

• The Company did not have an effective risk assessment process to sufficiently identify and assess risks of misstatement and ensure controls are designed and implemented to respond to those risks.

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

• The Company did not have an effective information and communication process to identify, capture, and process relevant information necessary for financial accounting and reporting.

• The Company did not i) have an effective IT risk assessment process that successfully identified and assessed risks associated with IT systems relevant to financial reporting to ensure controls were designed and implemented to respond to those risks, ii) establish effective general information technology controls (GITCs), specifically program change controls and access controls, that support the consistent operation of the Company’s IT operating systems, databases and IT applications, and end user computing over all financial reporting, iii) have policies and procedures through which general information technology controls are deployed across the organization.

and, ii) have policies and procedures through which general information technology controls are deployed across the organization.

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February 19, 2025

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

LIBERTY LATIN AMERICA LTD.

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Liberty Latin America Ltd.

and subsidiaries (the Company) as of December 31, 2023 and 2022, the related consolidated statements of operations, comprehensive loss, equity, and cash flows for each of the years in the three-year period ended December 31, 2023, and the related notes (collectively, the consolidated financial statements).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2023, in conformity with U.S.

generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 22, 2024 expressed an adverse opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management.

Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

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.

We conducted our audits in accordance with the standards of the PCAOB.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.

We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that:

(1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Assessment of impairment of goodwill for certain reporting units

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

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

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.

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

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

We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s assessment of impairment of goodwill.

These include controls over the:

• development of assumptions over projected revenues, projected direct costs, projected operating expenses, projected capital expenditures, and

• selection of the discount rates and terminal growth rates assumptions used to develop the estimate.

We performed procedures to test the projected revenues, projected direct costs, projected operating expenses, and projected capital expenditures by comparing them with the historical results of the respective reporting unit and assessing the impacts of internal and/or external economic factors.

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

evaluating the discount rates used in the valuations by comparing them against independently developed discount rates using publicly available market data;

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

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

Denver, Colorado

February 22, 2024

LIBERTY LATIN AMERICA LTD.

CONSOLIDATED BALANCE SHEETS

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4,505.2 3,993.4 4,722.1

Operating income 517.7 86.5 63.8

Operating income (loss) ( 48.3 ) 517.7 86.5

Non-operating expense:

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Loss before income taxes ( 631.4 ) ( 62.4 ) ( 123.0 )

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

Income tax benefit (expense) 4.1 ( 24.4 ) ( 84.8 )

Net loss ( 627.3 ) ( 86.8 ) ( 207.8 )

Net loss attributable to noncontrolling interests 13.2 37.1 50.0

Net loss (earnings) attributable to noncontrolling interests ( 29.7 ) 13.2 37.1

Net loss attributable to Liberty Latin America shareholders $ ( 657.0 ) $ ( 73.6 ) $ ( 170.7 )

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Comprehensive loss ( 583.2 ) ( 134.5 ) ( 267.8 )

Comprehensive loss attributable to noncontrolling interests 12.1 37.6 50.9

Comprehensive loss (earnings) attributable to noncontrolling interests ( 30.0 ) 12.1 37.6

Comprehensive loss attributable to Liberty Latin America shareholders $ ( 613.2 ) $ ( 122.4 ) $ ( 230.2 )

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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 — — — — — — — — ( 47.6 ) ( 47.6 )

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

Cash and non-cash distributions to noncontrolling interest owners — — — — — — — — ( 1.9 ) ( 1.9 )

Shared-based compensation — — 0.1 — 101.8 — — 101.9 — 101.9

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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

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Net loss — — — — — ( 657.0 ) — ( 657.0 ) 29.7 ( 627.3 )

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

Other comprehensive earnings — — — — — — 43.8 43.8 0.3 44.1

Repurchase of Liberty Latin America common shares — — — ( 82.9 ) — — — ( 82.9 ) — ( 82.9 )

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

Distributions to noncontrolling interest owners — — — — — — — — ( 73.2 ) ( 73.2 )

Contribution from noncontrolling interest owners — — — — — — — — 2.0 2.0

Share-based compensation — — — — 68.2 — — 68.2 — 68.2

Other — — — — — — — — 4.5 4.5

Capped call option contracts — — — — ( 14.6 ) — — ( 14.6 ) — ( 14.6 )

Balance at December 31, 2024 $ 0.5 $ — $ 1.9 $ ( 444.1 ) $ 5,315.6 $ ( 3,598.7 ) $ ( 154.2 ) $ 1,121.0 $ 505.0 $ 1,626.0

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Depreciation and amortization 968.3 1,008.3 910.7

Impairments and other non-cash charges 54.3 593.1 645.1

Impairments and other non-cash activity, net 546.1 54.3 593.1

Amortization of debt financing costs, premiums and discounts, net 23.2 30.2 36.6

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

Deferred income tax expense (benefit) ( 87.4 ) ( 8.4 ) 87.1

Deferred income tax benefit ( 129.3 ) ( 87.4 ) ( 8.4 )

Changes in operating assets and liabilities, net of the effect of acquisitions and dispositions:

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

Purchases of investments, net ( 47.3 ) ( 24.9 ) ( 19.4 )

Other investing activities, net ( 5.4 ) ( 5.9 ) ( 23.5 )

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Repurchase of Liberty Latin America common shares ( 82.9 ) ( 118.3 ) ( 170.4 )

Net cash received (paid) related to derivative instruments 9.8 97.6 ( 43.0 )

Net cash received related to derivative instruments 43.2 9.8 97.6

Distributions to noncontrolling interest owners ( 55.1 ) ( 75.4 ) ( 1.9 )

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Capital contribution from noncontrolling interest owner 2.0 5.1 —

Capped call premium payment ( 14.6 ) — —

Other financing activities, net ( 3.6 ) ( 2.3 ) ( 7.6 )

Net cash provided (used) by financing activities ( 62.4 ) ( 29.2 ) 426.6

Net cash used by financing activities ( 386.4 ) ( 62.4 ) ( 29.2 )

Effect of exchange rate changes on cash, cash equivalents and restricted cash ( 10.9 ) ( 7.9 ) ( 2.3 )

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Costa Rica, through our reportable segment Liberty Costa Rica.

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.

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 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, 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.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

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

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

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

Total equity $ 2,566.1 $ ( 9.4 ) $ 2,556.7

We formed the Chile JV in October of 2022, which we accounted for as an equity method investment.

Prior to the formation of the Chile JV, VTR was a wholly owned subsidiary, meaning our consolidated statements of operations and cash flows through September 2022 include VTR through the closing of the formation of the Chile JV.

As further described in note 6, beginning in November 2024, we began to account for our investment in the Chile JV as a cost method investment.

(2) Accounting Changes and Recent Accounting Pronouncements

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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.

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.

2022-04, Liabilities—Supplier Finance Programs ( ASU 2022-04) , which requires, among other things, a rollforward of the obligations for the period.

The rollforward disclosure requirement became effective with this Annual Report on Form 10-K.

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

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

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2024, 2023 and 2022

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.

We adopted ASU 2023-07 effective December 31, 2024.

The disclosures required by ASU 2023-07 are included in note 18.

Recent Accounting Pronouncements

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Through December 31, 2024, 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.

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.

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

In November 2024, the FASB issued ASU No.

2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-04):

Disaggregation of Income Statement Expenses ( ASU 2024-03 ), which requires more detailed disclosure in the notes to the financial statements about the types of expenses in commonly presented expense captions.

In each annual and interim reporting period, entities are required to (i) disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation and (d) intangible asset amortization included in each expense line item within continuing operations that is presented on the statement of operations, (ii) include certain amounts that are already required to be disclosed under current U.S.

GAAP in the same disclosure as the other disaggregation requirements, (iii) disclose a qualitative description of the amounts remaining in each expense line item within continuing operations that are not separately quantified and (iv) disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.

In January 2025, the FASB issued ASU No.

2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-04):

Clarifying the Effective Date ( ASU 2025-01 ).

ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 with early adoption permitted, as clarified in ASU 2025-01.

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

(3) Summary of Significant Accounting Policies

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

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

Actual results could differ from those estimates.

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2024, 2023 and 2022

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

Actual results could differ from those estimates.

Reclassifications

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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.

During 2024, 2023 and 2022, we generated approximately $ 50 million, $ 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 $ 118 million and $ 119 million at December 31, 2024 and 2023, respectively, due from a single government.

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Provision for expected losses, net 123.3 71.5 78.4

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

Write-offs, net of recoveries ( 75.8 ) ( 84.0 ) ( 79.1 )

Foreign currency translation adjustments and other ( 0.3 ) 3.0 ( 10.8 )

Ending balance $ 138.8 $ 91.6 $ 101.1

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 or expense, net, in our consolidated statements of operations.

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 or expense, net, in our consolidated statements of operations.

For additional information regarding our fair value measurements, see note 4.

During February 2021, we acquired a minority interest in WOW, primarily a broadband internet service provider in Peru, in which we have continued to make investments through December 31, 2024.

We account for our investment in WOW as an equity method investment.

As of December 31, 2024 and 2023, our investment in WOW, including shares and certain loans, totaled $ 87 million and $ 45 million, respectively, which represents equity ownership percentages of just under 50 % at each date.

Our share of WOW losses for the years ended December 31, 2024 and 2023 were immaterial.

Financial Instruments

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

If the derivative instrument is designated as a cash flow hedge, the effective portions of changes in the fair value of the derivative instrument are recorded in other comprehensive earnings or loss and subsequently reclassified into our consolidated statements of operations when the hedged forecasted transaction affects earnings.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2024, 2023 and 2022

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

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

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.

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

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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.

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Maintenance and training costs, as well as costs incurred during the preliminary stage of an internal-use software development project, are expensed as incurred.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2024, 2023 and 2022

Depreciation is computed using the straight-line method over the estimated useful life of the underlying asset.

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

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.

In most of our markets, spectrum licenses are time-limited and renewals generally must be purchased at rates established by local authorities.

Spectrum licenses in these markets are therefore amortized over a finite period.

In Puerto Rico, our spectrum licenses are issued for 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.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

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.

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Goodwill impairment is recorded as the excess of a reporting unit’s carrying value over its fair value and is charged to operations as an impairment loss.

With respect to other indefinite-lived intangible assets, if it is more-likely-than-not that the fair value of an indefinite-lived intangible asset is less than its carrying value, we then estimate its fair value and any excess of the carrying value over the fair value is also charged to operations as an impairment loss.

With respect to other indefinite-lived intangible assets, if it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying value, we then estimate its fair value and any excess of the

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2024, 2023 and 2022

carrying value over the fair value is also charged to operations as an impairment loss.

For additional information regarding the fair value measurements of our property and equipment and intangible assets, see note 4.

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

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

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

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

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

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

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We recognize the financial statement effects of a tax position when it is more likely than not, based on technical merits, that the position will be sustained upon examination.

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

Net deferred tax assets are then reduced by a valuation allowance if we believe it is more likely than not that such

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2024, 2023 and 2022

net deferred tax assets will not be realized.

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

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Deferred tax liabilities related to investments in foreign entities and foreign corporate joint ventures that are essentially permanent in duration are not recognized until it becomes apparent that such amounts will reverse in the foreseeable future.

In order to be considered essentially permanent in duration, sufficient evidence must indicate that the foreign entity has invested or will invest its undistributed earnings indefinitely, or that earnings will be remitted in a tax-free liquidation.

To be considered essentially permanent in duration, sufficient evidence must indicate that the foreign entity has invested or will invest its undistributed earnings indefinitely, or that earnings will be remitted in a tax-free liquidation.

Interest and penalties related to income tax liabilities are included in income tax benefit or expense in our consolidated statements of operations.

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

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

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

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Installation or other upfront fees related to services provided over our fixed networks are generally deferred and recognized as subscription revenue over the contractual period, or longer if the upfront fee results in a material renewal right.

We defer upfront installation and certain nonrecurring fees received on B2B contracts where we maintain ownership of the installed equipment.

We defer upfront installation and certain non-recurring fees received on B2B contracts where we maintain ownership of the installed equipment.

The deferred fees are amortized into revenue on a straight-line basis over the term of the arrangement or the expected period of performance.

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Consideration from mobile contracts is allocated to airtime services and handset sales based on the relative standalone prices of each performance obligation.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2024, 2023 and 2022

Mobile Revenue – Airtime Services.

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

As of December 31, 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 .

As of December 31, 2024, we have approximately $ 260 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 three years .

Government Funding Revenue.

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

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

Share-based Compensation

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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 shares on the date of grant.

The grant-date fair values of LTVP awards are determined as a percentage of annual employee base compensation.

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

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(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.

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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.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2024, 2023 and 2022

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.

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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.

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

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

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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.

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 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.

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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.

Fair value measurements may also be used for purposes of non-recurring valuations performed in connection with our acquisition accounting and impairment assessments.

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.

During 2024, we performed certain non-recurring valuations related to the acquisition accounting for the LPR Acquisition.

During 2023, we finalized our acquisition accounting for the Claro Panama Acquisition, which did not result in any material changes to the associated opening balance sheet.

For information related to (i) the final opening balance sheet associated with the LPR Acquisition and (ii) the final opening balance sheet associated with the Claro Panama Acquisition, see note 5.

Non-recurring valuations associated with acquisition accounting use significant unobservable inputs and therefore fall under Level 3 of the fair value hierarchy.

The non-recurring valuations associated with the LPR Acquisition and Claro Panama Acquisition primarily include the valuation of customer relationships and spectrum intangible assets.

The Claro Panama Acquisition also includes the valuation of property and equipment.

These valuations are further described below:

• Customer relationships.

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• Spectrum intangible assets.

The valuation of spectrum intangible assets may use either an adjusted market-based approach, which requires the calibration of observable market inputs to reflect the fair value of the assets acquired, 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.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2024, 2023 and 2022

• Property and equipment .

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.

The non-recurring 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.

For purposes of our annual goodwill impairment 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.

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.

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

Based upon the results of the aforementioned analyses, we (i) recognized a goodwill impairment charge associated with our Liberty Puerto Rico reporting unit during 2024, as further described in note 8, and (ii) did not recognize any goodwill impairment charges during 2023.

For additional information regarding goodwill impairment charges, 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.

Pending Transactions

Costa Rica Transactions.

On August 1, 2024, we announced that we entered into an agreement with Millicom to combine our respective operations in Costa Rica.

Under the terms of the all-stock agreement, Liberty Latin America and our minority partner in Costa Rica will hold an approximate 86 % interest and Millicom will hold an approximate 14 % interest in the joint operations, with final ownership percentages to be confirmed at closing.

The transaction is subject to customary closing conditions, including regulatory authorizations, and we expect the transaction to be completed during the second half of 2025.

During August 2024, we also entered into an agreement with the noncontrolling interest owner of Liberty Costa Rica where we agreed to acquire on January 30, 2026 shares representing 8.5 % of the equity of Liberty Costa Rica for aggregate cash consideration of approximately $ 83 million, comprising CRC 22 billion ($ 43 million) and $ 40 million, with 62.5 % of the purchase price due upon closing and the remaining 37.5 % due on January 29, 2027.

2024 Acquisition

LPR Acquisition.

On November 6, 2023, we entered into an agreement with EchoStar (formerly DISH Network) to acquire EchoStar’s prepaid business and spectrum assets in Puerto Rico and USVI in exchange for cash and international roaming credits.

The aggregate cash consideration of $ 256 million will be paid in four annual installments, the first of which commenced on the closing date, September 3, 2024, and the remainder of which will be paid on the anniversary of the closing date over the next three years .

On September 3, 2024, we paid the first installment of $ 95 million, which is reflected as cash paid for an acquisition in our consolidated statement of cash flows.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2024, 2023 and 2022

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

Stated purchase price

International roaming credits, net present value adjustment and net working capital adjustments, net (a) ( 20.2 )

Total consideration 235.6

Consideration outstanding (b) 140.2

Total cash paid for acquisition $ 95.4

(a) Represents the (i) fair value of approximately $ 7 million assigned to international roaming credits to be provided to EchoStar in addition to the stated purchase price, (ii) the difference between the stated purchase price and the net present value of the deferred payment obligation for the LPR Acquisition, which will be amortized to interest expense over the remaining payment term of the cash installments, and (iii) net working capital adjustments that have not yet been cash settled.

(b) Represents the (i) net present value of our deferred payment obligation, which comprises three installment payments of $ 72 million, $ 45 million and $ 40 million that will be paid on the anniversary of the closing date, September 3, 2024, during 2025, 2026 and 2027, respectively, (ii) the fair value of international roaming credits and (iii) certain working capital adjustments that have not yet been cash settled.

The current portion of our deferred payment obligation is recorded to other accrued and current liabilities in our consolidated balance sheet and the long-term portion is recorded to other long-term liabilities in our consolidated balance sheet.

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

A summary of the purchase price and the opening balance sheet associated with the LPR Acquisition at the September 3, 2024 acquisition date is presented in the following table.

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

Goodwill (a) $ 14.6

Intangible assets not subject to amortization (b) 215.4

Intangible assets subject to amortization (c) 7.2

Other accrued and current liabilities ( 1.6 )

Total purchase price $ 235.6

(a) The goodwill recognized in connection with the LPR Acquisition is primarily attributable to (i) competitive advantages resulting from the acquisition of spectrum in the region and (ii) synergies that are expected to be achieved through the integration of the acquired prepaid mobile business with Liberty Latin America’s existing business in Puerto Rico and USVI.

We expect that all of the goodwill resulting from the LPR Acquisition will be deductible for tax purposes.

For further information on the goodwill balance resulting from the LPR Acquisition, see note 8.

(b) Represents the estimated fair value of spectrum licenses.

(c) Represents the estimated fair value of the acquired customer relationship intangible asset, which has a weighted average useful life of 4 years at September 3, 2024.

Our consolidated statement of operations for the year ended December 31, 2024 includes revenue and net earnings of $ 12 million and $ 1 million, respectively, attributable to the LPR Acquisition.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2024, 2023 and 2022

2022 Acquisition

Claro Panama Acquisition.

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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.

2021 Acquisitions

Liberty Telecomunicaciones Acquisition.

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

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

The Liberty Telecomunicaciones Acquisition was financed through a combination of debt, existing cash and a $ 47 million equity contribution from the noncontrolling interest owner of our Liberty Servicios entity, as further described in note 12.

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 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

Working capital adjustments 25.1

Total purchase price 525.1

Opening balance sheet cash

Net cash paid for the Liberty Telecomunicaciones Acquisition

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

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

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

Current assets (a) $ 74.7

Goodwill (b) 256.7

Property and equipment 150.6

Intangible assets subject to amortization (c) 139.9

Other assets (d) 145.7

Current liabilities (e) ( 74.2 )

Long-term liabilities (f) ( 168.3 )

Total purchase price (g) $ 525.1

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

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

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

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

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

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

Liberty Latin America Ltd.

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December 31, 2024, 2023 and 2022

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

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

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

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

BBVI Acquisition.

Effective December 31, 2021, we acquired 96 % of the outstanding shares of Broadband VI, LLC for $ 33 million, the payment of which occurred in January 2022.

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

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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 estimated costs associated with the transition services agreement entered into in connection with the LPR Acquisition;

the alignment of accounting policies;

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;

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

interest expense related to the amortization of the discounts recognized in connection with recording our deferred payment obligation and international roaming credits associated with the LPR Acquisition at their net present values;

depreciation expense related to acquired tangible assets, with regards to the Claro Panama Acquisition;

amortization expense related to acquired intangible assets;

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

The following unaudited pro forma consolidated operating results give effect to (i) the LPR Acquisition, as if it had closed January 1, 2023, and (ii) the Claro Panama Acquisition, as if it had been completed as of January 1, 2021:

Year ended December 31,

2024 2023 2022

Revenue $ 4,483.4 $ 4,555.1 $ 4,873.1

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(6) Disposition

2022 Disposition

Chile JV Entities .

2022 Disposition of the 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.

Notes to Consolidated Financial Statements – (Continued)

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

During October 2022, we completed the formation of the Chile JV, which was initially owned 50 :50 by Liberty Latin America and América Móvil and began accounting for our 50 % interest in the Chile JV as an equity method investment.

Our consolidated statement of operations includes a loss before income taxes attributable to the Chile JV Entities of $ 26 million for the year ended December 31, 2022.

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.

The gain is a result of a minimal 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.

During the fourth quarter of 2024, our interest in the Chile JV was reduced to less than 10% upon the conversion by América Móvil of its outstanding convertible notes.

The conversion did not have a material impact to our consolidated financial statements.

At December 31, 2024, we account for our interest in the Chile JV as a cost method investment.

Liberty Latin America Ltd.

18 unchanged sentences

The derivative assets set forth in the table above exclude our Weather Derivatives, as they are not accounted for at fair value.

The premium payments associated with our Weather Derivatives are included in other current assets, net, in our consolidated balance sheets.

In July 2024, Hurricane Beryl impacted our Jamaica operations and certain smaller operations within C&W Caribbean, resulting in varying degrees of damage to homes, businesses and infrastructures in these markets.

Hurricane Beryl triggered a payment pursuant to coverage under our Weather Derivatives that resulted in net proceeds of $ 44 million during the third quarter of 2024.

The payment is reflected as a derivative gain in our consolidated statement of operations and a cash inflow related to operating activities in our consolidated statement of cash flows.

The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:

8 unchanged sentences

December 31, 2024, 2023 and 2022

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

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

Year ended December 31,

34 unchanged sentences

in millions in years

C&W $ 2,100.0 1.0

Liberty Puerto Rico $ 620.0 1.0

C&W (a) $ 4,200.0 0.2

Liberty Puerto Rico (b) $ 1,240.0 0.5

(a) Comprises $ 2.1 billion notional amount of contracts that had a maturity date of January 15, 2025, and $ 2.1 billion notional amount of forward-starting contracts.

(b) Comprises $ 620 million notional amount of contracts that had a maturity date of January 15, 2025, and $ 620 million notional amount of forward-starting contracts.

Interest Rate Floors

15 unchanged sentences

Year ended December 31, 2024:

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

Goodwill (b) $ — $ — $ — $ 515.7 $ — $ — $ 515.7

Property and equipment and other 8.1 7.8 4.5 2.0 — 0.3 22.7

2 unchanged sentences

Goodwill $ — $ — $ — $ — $ — $ — $ —

Property and equipment and other (c) 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 (d) $ 555.3 $ — $ — $ — $ — $ — $ 555.3

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

2 unchanged sentences

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.

(b) During 2024, we recorded a $ 516 million impairment of goodwill at our Liberty Puerto Rico reporting unit.

This impairment was mainly driven by declines in revenue, primarily from mobile subscriber losses, increased bad debt and other adverse impacts largely associated with (i) the migration of customers acquired from AT&T to our mobile network and (ii) various network challenges that have impacted these mobile customers.

(c) 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.

(d) 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.

9 unchanged sentences

January 1, 2024 $ 1,218.1 $ 617.1 $ 655.9 $ 501.1 $ 491.2 $ 3,483.4

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

Acquisition — — — 14.6 — 14.6

Foreign currency translation adjustments and other ( 6.5 ) — ( 3.7 ) — 8.9 ( 1.3 )

Impairment — — — ( 515.7 ) — ( 515.7 )

December 31, 2024 $ 1,211.6 $ 617.1 $ 652.2 $ — $ 500.1 $ 2,981.0

3 unchanged sentences

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

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

Impairments ( 555.3 ) — — — — ( 555.3 )

Foreign currency translation adjustments ( 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

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

Our accumulated goodwill impairments were $ 3,300 million and $ 2,784 million at December 31, 2024 and 2023, respectively.

Property and Equipment, Net

4 unchanged sentences

$ 5,181.1 $ 4,797.4

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

Support equipment and buildings 3 to 40 years

1,292.6 1,474.7

2 unchanged sentences

Accumulated depreciation ( 3,767.4 ) ( 3,453.9 )

Total $ 4,205.7 $ 4,293.6

Total depreciable assets 3,654.9 3,756.5

Total property and equipment, net $ 4,062.4 $ 4,205.7

Depreciation expense related to our property and equipment was $ 833 million, $ 840 million and $ 726 million during 2024, 2023 and 2022, respectively.

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.

1 unchanged sentence

December 31, 2024, 2023 and 2022

We recorded non-cash increases to our property and equipment related to vendor financing arrangements of $ 155 million $ 144 million and $ 161 million during 2024, 2023 and 2022, respectively.

Intangible Assets Not Subject to Amortization

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

Spectrum licenses (a) $ 1,271.5 $ 1,051.0

Cable television franchise rights and other 541.8 541.8

Total intangible assets not subject to amortization $ 1,813.3 $ 1,592.8

(a) The 2024 amount includes $ 215 million of spectrum licenses attributable to the LPR Acquisition.

For additional information regarding the assets acquired as part of the LPR Acquisition, see note 5.

Intangible Assets Subject to Amortization, Net

The details of our intangible assets subject to amortization, which had estimated useful lives ranging from four to 25 years at December 31, 2024, are set forth below:

Customer relationships $ 1,327.8 $ 1,464.4

Customer relationships (a) $ 898.9 $ 1,327.8

Licenses and other 259.3 286.7

2 unchanged sentences

Total $ 414.3 $ 541.6

(a) The 2024 amount includes $ 7 million of customer relationships attributable to the LPR Acquisition.

For additional information regarding the assets acquired as part of the LPR Acquisition, see note 5.

Amortization expense related to intangible assets with finite useful lives was $ 136 million, $ 168 million and $ 185 million during 2024, 2023 and 2022, respectively.

2 unchanged sentences

Total $ 414.3

Intangible Assets Not Subject to Amortization

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

Spectrum licenses $ 1,051.0 $ 1,051.0

Cable television franchise rights and other 541.8 541.8

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

Liberty Latin America Ltd.

48 unchanged sentences

7.02 % — — 1,707.2 1,609.8 1,735.0 1,715.0

6.55 % — — 1,609.8 1,591.6 1,715.0 1,715.0

C&W Credit Facilities

7.34 % (e) 636.5 2,663.4 2,505.0 2,694.2 2,605.2

C&W Credit Facilities (e) 6.68 % (f) 613.8 2,671.0 2,663.4 2,690.2 2,694.2

LPR Senior Secured Notes

2 unchanged sentences

8.24 % $ 122.5 122.5 598.9 621.6 670.0 620.0

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

LCR Credit Facilities 10.88 % $ 60.0 60.0 481.7 463.5 450.0 450.0

Vendor financing, Tower Transactions and other (g) (h) 8.05 % — — 612.6 561.7 612.6 561.7

23 unchanged sentences

For additional information regarding fair value hierarchies, see note 4.

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

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

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

(d) In June 2019, Liberty Latin America issued the Convertible Notes, the remaining outstanding original principal amount of which was fully redeemed during the third quarter of 2024.

Subject to certain conditions, and adjustments if certain events occurred (as specified in the indenture governing the Convertible Notes), the Convertible Notes could have been converted into Class C common shares.

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.

Accordingly, we bifurcated the Conversion Option from the Convertible Notes and initially recorded the estimated fair value as additional paid-in capital and debt discount.

The debt discount was accreted through interest expense, using the effective interest method, through maturity of the Convertible Notes.

(e) Includes other facilities that are generally repaid in three annual installments.

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

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

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

(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 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.

(g) During 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.

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

During 2024 and 2023, we received proceeds of $ 9 million and $ 244 million, respectively , related to the Tower Transactions, which are included in borrowings of debt in our consolidated statement of cash flows.

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2024, 2023 and 2022

(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 $ 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.

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

These obligations are generally due within one year , other than for certain licensing arrangements that are generally due over the term of the related license, and include VAT that were paid on our behalf by the vendor.

Changes in our vendor financing obligations are set forth below:

Year ended December 31,

Balance at beginning of period $ 299.1 $ 217.0

Operating expenses financed by an intermediary (i) 198.8 176.9

Assets acquired under capital-related vendor financing arrangements (ii) 154.9 143.8

Principal payments on vendor financing obligations (iii) ( 324.5 ) ( 239.0 )

Foreign currency translation adjustments and other ( 0.6 ) 0.4

Balance at end of period $ 327.7 $ 299.1

Current portion $ 324.7 $ 292.0

Non-current portion $ 3.0 $ 7.1

(i) Our operating expenses include $ 199 million, $ 177 million and $ 149 million for 2024, 2023 and 2022, 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.

(ii) Amounts are reflected on the borrowing date as a non-cash increase to property and equipment additions.

For additional information, see notes 8 and 18.

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

General Information

At December 31, 2024, all of our outstanding debt had been incurred by one of our three primary “borrowing groups”:

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

C&W, Liberty Puerto Rico and Liberty Costa Rica.

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

6 unchanged sentences

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

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2024, 2023 and 2022

• 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;

3 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

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:

3 unchanged sentences

• If the relevant issuer or certain of its subsidiaries (as specified in the applicable indenture) sell certain assets, such issuer must offer to repurchase the applicable notes at par, or if a change of control (as specified in the applicable indenture) occurs, such issuer must offer to repurchase all of the relevant notes at a redemption price of 101 %.

Liberty Latin America – Convertible Notes

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

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

The Convertible Notes are general unsecured obligations of the Company and are structurally subordinated to all the debt and other liabilities of our subsidiaries.

Conversion Rights.

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.

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.

Accordingly, we bifurcated the Conversion Option from the Convertible Notes and initially recorded the estimated fair value of $ 78 million as additional paid-in capital and debt discount.

The debt discount is being accreted through interest expense, using the effective interest method, through maturity of the Convertible Notes or when the Conversion Option no longer qualifies for equity classification, if ever.

At December 31, 2023, the carrying value of the Convertible Notes was $ 215 million and the unamortized debt discount on the Convertible Notes was $ 5 million.

Redemption Rights.

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

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

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

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

Borrowing Groups – Outstanding Debt Instruments

2 unchanged sentences

rate Outstanding principal amount Carrying

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

2027 C&W Senior Notes September 15, 2027 6.875 % $ 735.0 $ 734.3

2032 C&W Senior Secured Notes October 15, 2032 7.125 % 1,000.0 988.3

Total $ 1,735.0 $ 1,722.6

(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, 2024, 2023 and 2022

Redemption Rights.

4 unchanged sentences

12-month period commencing:

September 15 September 7

September 15 October 15

2025 100.000 % N/A

2026 100.000 % N/A

2027 100.000 % 103.563 %

2025 and thereafter 100.000 % 100.000 %

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

2028 N/A 101.781 %

2029 and thereafter N/A 100.000 %

N/A – Not applicable.

C&W Credit Facilities

7 unchanged sentences

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

534.0 30.0 30.0

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

6 unchanged sentences

59.8 56.7 55.5

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

C&W Other Facilities (g) 6.48 % (f)

Total $ 613.8 $ 2,690.2 $ 2,672.1

6 unchanged sentences

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.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2024, 2023 and 2022

(f) Represents a weighted average rate.

(g) Th e se facilities are generally repaid in three annual installments.

LPR Senior Secured Notes

5 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.

6 unchanged sentences

2025 100.000 % 101.281 %

2026 and thereafter 100.000 % 100.000 %

11 unchanged sentences

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2024, 2023 and 2022

LCR Credit Facilities

9 unchanged sentences

(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

2 unchanged sentences

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:

During 2024, borrowings related to significant notes we issued and 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

C&W C&W Other Facilities (a)

C&W C&W Revolving Credit Facility (b)

C&W 2032 C&W Senior Secured Notes

100 % $ 1,000.0

Liberty Puerto Rico LPR Revolving Credit Facility

Liberty Costa Rica 2031 LCR Term Loan A

Liberty Costa Rica 2031 LCR Term Loan B

Liberty Costa Rica LCR Revolving Credit Facility

N/A – Not applicable.

(a) This borrowing is due in three annual installments beginning in May 2025.

(b) In September 2024, an extension agreement was executed on the C&W Revolving Credit Facility which extended the maturity date of a portion of the C&W Revolving Credit Facility to:

(i) July 31, 2027 upon the refinancing of the 2027 C&W Senior Secured Notes and 2027 C&W Senior Notes in full, (ii) then April 15, 2029, upon the refinancing of the C&W Term Loan B-5 Facility and (iii) then September 24, 2029, upon the refinancing of the C&W Term Loan B-6 Facility.

See Subsequent Events below for details on an agreement entered into after December 31, 2024 that amended this extension agreement.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2024, 2023 and 2022

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 Other Facilities 100 % $ 69.0

C&W Revolving Credit Facility

C&W Regional Facilities

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.

Liberty Costa Rica

LCR Revolving Credit Facility (a)

(a) For details of the LCR Revolving Credit Facility, see LCR Credit Facilities above.

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

1 unchanged sentence

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

During 2024, we made certain repurchases or repayments on the following debt instruments:

Borrowing group/ Borrower Instrument Redemption price Amount paid

C&W 2027 C&W Senior Secured Notes 100 % $ 495.0

C&W 2027 C&W Senior Notes

100.859 % $ 485.0

C&W C&W Revolving Credit Facility 100 % $ 245.0

C&W C&W Other Facilities 100 % $ 23.0

C&W C&W Regional Facilities 100 % $ 20.0

C&W CWP Revolving Credit Facility 100 % $ 10.0

Liberty Puerto Rico LPR Revolving Credit Facility 100 % $ 70.0

Liberty Costa Rica LCR Revolving Credit Facility 100 % $ 31.0

Liberty Latin America Convertible Notes a (a) $ 219.2

(a) During 2024, we repurchased and cancelled $ 220 million original principal amount of the Convertible Notes at a weighted average redemption price of 99.5 %.

In addition, we unwound $ 102 million of the Convertible Notes Capped Calls for immaterial value on settlement during the first quarter of 2024 and the remaining amount expired with no value on the July 15, 2024 maturity date of the Convertible Notes.

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2024, 2023 and 2022

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

C&W C&W Revolving Credit Facility N/A (a) $ —

Liberty Puerto Rico 2029 LPR Senior Secured Notes 100 % $ 820.0 $ 820.0 $ 500.0

Liberty Puerto Rico 2028 LPR Term Loan 100 % $ 620.0 $ 620.0 $ 500.0

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

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.

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

10 unchanged sentences

(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.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

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

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

3 unchanged sentences

(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

C&W 2027 C&W Senior Secured Notes 103 % $ 55.0 $ 55.0 $ 55.0

Liberty Puerto Rico 2026 SPV Credit Facility 100 % $ 1,000.0 $ 1,000.0 $ 1,000.0

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

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.

Liberty Latin America Ltd.

19 unchanged sentences

Noncurrent portion $ 4,533.8 $ 2,637.7 $ 437.6 $ 1.5 $ 7,610.6

(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.

(a) Represents the aggregate amount held by subsidiaries of Liberty Latin America that are outside our borrowing groups.

Subsequent Events

The following transactions took place subsequent to December 31, 2024:

• C&W entered into a $ 1.5 billion principal amount Term SOFR + 3.25 % term loan due January 31, 2032.

The drawdown on the C&W Term Loan B-7 Facility was made at a 99.5 % original issue discount.

The net proceeds from the C&W Term Loan B-7 Facility were used to repay in full the C&W Term Loan B-5 Facility at par.

• C&W issued $ 755 million of 9.00 % senior notes due January 15, 2033, at par.

The net proceeds from the 2033 C&W Senior Notes were used to redeem in full the remaining 2027 C&W Senior Notes at 100.859 %.

• An increase and amendment agreement was signed in respect of the extension agreement on the C&W Revolving Credit Facility originally entered into in September 2024.

In accordance with this increase and amendment agreement, including certain new commitments that were made available thereunder, a total of $ 460 million of commitments under the C&W Revolving Credit Facility (i) had their maturity date extended to April 15, 2029, effective upon the refinancing of the C&W Term Loan B-5 Facility (which occurred subsequent to December 31, 2024), and (ii) will automatically have their maturity date extended to January 31, 2031 upon the occurrence of the refinancing of the C&W Term Loan B-6 Facility.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2024, 2023 and 2022

(11) Defined Benefit Plans

3 unchanged sentences

Other assets, net $ 33.6 $ 37.9

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

Other long-term liabilities, net (a) ( 5.6 ) ( 25.7 )

Net pension asset $ 28.0 $ 12.2

(a) Amounts includes an indemnification asset from the Bahama’s government of $ 115 million and $ 85 million, respectively, and investments in U.K.

Gilts of $ 23 million and $ 33 million, respectively.

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.

Projected benefit obligations (a) (b) $ ( 1,361.4 ) $ ( 1,503.0 )

Fair value of plan assets (c) 1,389.4 1,515.2

Net pension asset $ 28.0 $ 12.2

(a) Amounts includes an indemnification asset from the Bahama’s government of $ 115 million and $ 85 million, respectively, and investments in U.K.

Gilts of $ 23 million and $ 33 million, respectively.

(b) The weighted average discount rate used in determining our benefit obligations was 6.1 % and 5.6 % at December 31, 2024 and 2023, respectively.

A 1.0 % increase or decrease in the weighted average discount rate would have a ( $ 34 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, 2024 includes $ 233 million, $ 135 million and $ 1,021 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).

35 unchanged sentences

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.

Notes to Consolidated Financial Statements – (Continued)

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, project-related costs and other direct costs related to our operations.

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

Year ended December 31,

2023 2022 2021

Programming and copyright $ 237.2 $ 360.3 $ 441.4

Interconnect 302.5 350.3 347.2

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

(14) Other Operating Costs and Expenses

Other operating costs and expenses set forth in the table below comprise the following cost categories:

• Personnel and contract labor-related costs, which primarily include salary-related and cash bonus expenses, net of capitalizable labor costs, and temporary contract labor costs;

• Network-related expenses, which primarily include costs related to network access, system power, core network, and CPE repair, maintenance and test costs;

• Service-related costs, which primarily include professional services, information technology-related services, audit, legal and other services;

• Commercial, which primarily includes sales and marketing costs, such as advertising, commissions and other sales and marketing-related costs, and customer care costs related to outsourced call centers;

• Facility, provision, franchise and other, which primarily includes facility-related costs, provision for bad debt expense, franchise-related fees, bank fees, insurance, vehicle-related, travel and entertainment and other operating-related costs;

• Share-based compensation expense that relates to (i) equity awards issued to our employees and Directors and (ii) certain bonus-related expenses that are paid in the form of equity.

From time to time, and subject to certain limitations and conditions, our Directors approve Share Repurchase Programs, which authorize us to repurchase up to a specified aggregate dollar value of our Class A common shares and/or Class C common shares through specified dates, as detailed below:

Authorization Date Authorized Repurchase Amount Expiration Date

February 22, 2022 $ 200.0 December 2024

May 8, 2023 $ 200.0 December 2025

May 7, 2024 $ 200.0 December 2026

The Share Repurchase Programs do not obligate us to repurchase any of our Class A or C common shares.

Under the Share Repurchase Programs, 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, 2024, the remaining amount authorized for share repurchases under the Share Repurchase Programs was $ 242 million, which is net of the premium associated with the capped call option contracts, as further described below.

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2024, 2023 and 2022

Our other operating costs and expenses by major category are set forth below:

Year ended December 31,

2023 2022 2021

Personnel and contract labor $ 557.6 $ 597.7 $ 575.1

Network-related 259.0 311.4 324.2

Service-related 227.6 210.8 196.5

Commercial 181.1 226.0 229.4

Facility, provision, franchise and other 563.8 542.3 460.1

Share-based compensation expense 88.7 93.5 118.1

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

(15) Share-based Compensation

Convertible Notes Capped Calls

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

The Convertible Notes Capped Calls were 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.

The Convertible Notes 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.

Capped Call Option Contracts

During 2024, we entered into capped call option contracts, pursuant to which we have purchased capped call options on 1.7 million and 4.3 million Liberty Latin America Class A and Class C common shares, respectively, with a low exercise price and a capped payout.

These contracts will expire 12 to 18 months following a June 2024 trade date and can result in the receipt of cash or shares at our election.

Shares acquired through the exercise of the call options will be included in our share repurchases.

The capped call option contracts are not considered derivative instruments as the contracts are indexed to our Class A and Class C common shares and are therefore classified within shareholders’ equity.

At December 31, 2024, the aggregate premium associated with these capped call option contracts of $ 15 million is included as a reduction of additional paid-in capital in our consolidated statement of equity and as a financing cash outflow in our consolidated statement of cash flows.

(13) Share-based Compensation and Other Employee Incentive Plan-related Expense

Equity Incentive Plans

5 unchanged sentences

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

2 unchanged sentences

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

During 2024 and 2023, we recognized $ 14 million and $ 6 million, respectively, of expense associated with the LTVP, which is recorded in other operating costs and expenses in our consolidated statements of operations.

Each vesting tranche of the LTVP is accrued over the vesting period to our consolidated balance sheet in accrued payroll and employee benefits until settlement on the vesting date, which is generally in March of each year.

The first vesting tranche of the LTVP was settled in cash during March 2024 and totaled $ 8 million.

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2024, 2023 and 2022

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.

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 2022, our Chief Executive Officer was awarded a total of 0.6 million Class B PSUs, of which (i) 0.1 million were earned and vested immediately, (ii) 0.2 million were earned and vested in each of March 2023 and March 2024 and (iii) 0.2 million will vest in March 2025 based upon the achievement of certain individual qualitative objectives.

At December 31, 2024 and 2023, we had 0.2 million and 0.3 million Class B PSUs outstanding.

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

Each award represented the right to receive a payment in shares or, if the compensation committee so determined, 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 and included performance conditions based on the achievement of individual qualitative objectives during the performance period from January 1, 2021 through December 31, 2023.

The earned 2021 PSARs vested on March 16, 2024.

At both December 31, 2024 and 2023, we had 3 million Class A PSARs and 6 million Class C PSARs outstanding.

Share-based Compensation Expense

Share-based Compensation Other Employee Incentive Plan-related Expense

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

13 unchanged sentences

SARs $ 3.60 $ 4.31 $ 4.91

PSARs N/A $ 5.92 $ 6.88

PSARs N/A N/A $ 5.92

RSUs $ 6.98 $ 7.96 $ 9.49

1 unchanged sentence

As of December 31, 2024, we have $ 81 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 1.6 years.

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

For the amount of share-based compensation and other Employee Incentive Plan-related expense recognized during each period presented, see note 18.

2024 Modification

In October 2024, the compensation committee of our board of directors approved an extension of the legal life of outstanding SARs from a seven-year term to a ten-year term for SARs granted during 2018, 2019 and 2020.

Prior to 2021, awards granted under the Employee Incentive Plan expired seven years after the grant date.

This modification resulted in the recognition of aggregate incremental share-based compensation expense during 2024 totaling $ 14 million and impacted over 200 grantees.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2024, 2023 and 2022

Share-based Incentive Award Activity

7 unchanged sentences

( 0.6 ) $ 16.79

Exercised ( 0.2 ) $ 9.36

Outstanding at December 31, 2024

2 unchanged sentences

7.5 $ 12.96 4.9 $ —

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

shares Weighted

5 unchanged sentences

( 1.2 ) $ 16.92

Exercised ( 0.4 ) $ 9.43

Outstanding at December 31, 2024

12 unchanged sentences

2.2 $ 7.64 1.8

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2024, 2023 and 2022

shares Weighted

12 unchanged sentences

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

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:

5 unchanged sentences

(a) Liberty Latin America is considered a stand-alone Bermuda entity.

(b) Amounts for the year ended December 31, 2022 include a goodwill impairment charge of $ 555 million and a $ 13 million impairment associated with a cost method investment, both of which occurred at our C&W Caribbean segment.

Amounts for the year ended December 31, 2021 include a goodwill impairment charge of $ 605 million and a $ 41 million impairment associated with a cost method investment, both of which occurred at our C&W Caribbean segment.

(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.

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

Virgin Islands.

(b) Amounts for the year ended December 31, 2024 include a goodwill impairment charge of $ 516 million, which occurred at our Liberty Puerto Rico reporting unit.

Amounts for the year ended December 31, 2022 include a goodwill impairment charge of $ 555 million and an impairment associated with a cost method investment of $ 13 million, both of which occurred at C&W Caribbean.

(c) For the year ended December 31, 2024, significant jurisdictions that comprise the “foreign” component of our loss before income taxes include the Bahamas, Barbados, Costa Rica, Jamaica, Panama, Puerto Rico, Spain, the U.K., the United States, and USVI.

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

Lucia, Trinidad and Tobago, the U.K., the United States and USVI.

For the year ended December 31, 2022, significant jurisdictions that comprise the “foreign” component of our loss before income taxes include the Bahamas, Barbados, the British Virgin Islands, Chile, Colombia, Costa Rica, Curacao, Jamaica, the Netherlands, Panama, Puerto Rico, Spain, Trinidad and Tobago, the U.K., the United States and USVI.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2024, 2023 and 2022

Income tax benefit (expense) consists of:

12 unchanged sentences

Total $ ( 93.2 ) $ 8.4 $ ( 84.8 )

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:

Income tax benefit (expense) attributable to our loss before income taxes differs from the amounts computed by using the applicable tax rate as a result of the following:

Year ended December 31,

3 unchanged sentences

Basis and other differences in the treatment of items associated with investments in Liberty Latin America entities 0.6 1.5 ( 1.2 )

(Increases) Decreases in valuation allowances ( 161.5 ) 188.8 ( 321.6 )

Decreases (increases) in valuation allowances ( 160.8 ) ( 161.5 ) 188.8

Expiration of deferred tax assets with full valuation allowance ( 14.7 ) ( 12.3 ) ( 12.7 )

1 unchanged sentence

Changes in uncertain tax positions 3.7 ( 0.4 ) ( 24.5 )

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

Enacted tax law and rate changes (d) (e) (f) 27.9 128.4 ( 162.2 )

Effect of non-deductible goodwill impairments ( 47.9 ) — ( 174.3 )

2 unchanged sentences

Other, net ( 1.5 ) 2.7 2.0

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.

Total income tax benefit (expense) $ 4.1 $ ( 24.4 ) $ ( 84.8 )

(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% during each 2024, 2023 and 2022.

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 earnings (loss) in the respective taxable jurisdiction.

(b) Permanent differences primarily relate to various non-taxable income or non-deductible expenses, such as 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, 2024, 2023 and 2022

Barbados, 1% to 5.5%;

British Virgin Islands, 0%;

Colombia, 35%;

Barbados, 9%;

Costa Rica, 30%;

1 unchanged sentence

Puerto Rico, 37.5%;

Trinidad, 30%;

the United Kingdom, 25%;

United States, 21%;

Virgin Islands, 23.10%.

(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 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.

Changes include an increase in the corporate income tax to 35% from January 1, 2022.

Substantially all of the impact of this rate change on our deferred tax balances was recorded during the third quarter of 2021 when the change in law was enacted.

(f) On December 27, 2021, the Netherlands enacted legislation increasing the top corporate income tax rate to 25.8%.

with effect from January 1, 2022.

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.

the U.K., 25%;

the United States, 21%;

and USVI, 23.1%.

(d) 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.

(e) On December 22, 2023, the 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.

(f) On May 24, 2024, the Barbados Parliament enacted legislation to increase the corporate income tax rate to 9% with effect from January 1, 2024.

The impact of this rate change on our deferred tax balance was substantially recorded during the second quarter of 2024 when the legislation was enacted.

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.

15 unchanged sentences

Investments ( 122.6 ) ( 244.5 )

Intangible assets ( 641.7 ) ( 663.5 )

Intangible assets, net ( 630.3 ) ( 641.7 )

Property and equipment, net ( 208.1 ) ( 221.1 )

21 unchanged sentences

Barbados 517.3 46.6 2025 - 2030

Jamaica 411.9 137.2 Indefinite

Puerto Rico 498.7 146.4 2025 - Indefinite

Bermuda 410.4 61.6 Indefinite

Puerto Rico 268.0 81.9 2024 - 2032

Jamaica 387.9 129.2 Indefinite

Curacao 126.5 27.8 2025 - 2034

60.8 14.2 2025 - Indefinite

Virgin Islands 48.6 11.2 2033-Indefinite

Saint Martin 22.6 4.5 Indefinite

Panama 16.9 4.2 2025 - 2029

Virgin Islands

56.3 13.0 2033-Indefinite

Colombia 15.5 5.4 Indefinite

Other 27.5 8.4 Various

6 unchanged sentences

Substantially all credits not utilized will expire at the end of 2034.

A valuation allowance of $ 9 million has been recorded against the foreign tax credit carryforwards where we do not expect to realize a future benefit.

In 2024 and 2023, we have alternative minimum tax credit carryforwards in the amounts of $ 50 million and $ 49 million, respectively, attributable to our operations in Puerto Rico for which the current tax law provides no period of expiration.

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.

A valuation allowance of $ 13 million has been recorded against the alternative minimum tax credit carryforwards where we do not expect to realize a future benefit.

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2024, 2023 and 2022

In 2024, we have research and development credit carryforwards of $ 14 million available in Puerto Rico for which current law provides no period of expiration.

Through our consolidated subsidiaries, we maintain a presence in many countries.

16 unchanged sentences

Additions for tax positions of prior years 2.5 0.7 12.7

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

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

Lapse of statute of limitations ( 2.7 ) ( 1.4 ) ( 1.7 )

2 unchanged sentences

Reductions for tax positions of prior years ( 4.1 ) ( 17.4 ) —

Reclassification to liabilities associated with assets held for sale — — ( 11.3 )

Balance at December 31 $ 18.3 $ 25.5 $ 37.6

4 unchanged sentences

No assurance can be given as to the nature or impact of any changes in our unrecognized tax positions during 2025.

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.

During 2024, 2023 and 2022, our income tax benefit (expense) includes interest expense (income) of ($ 3.3 million), $ 12.4 million and $ 0.2 million, respectively, representing the net accrual of interest and penalties incurred during the respective

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2024, 2023 and 2022

Our other long-term liabilities include accrued interest and penalties of $ 22 million and $ 25 million at December 31, 2024 and 2023, respectively.

(15) 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.

6 unchanged sentences

Basic and diluted net loss per share attributable to Liberty Latin America shareholders $ ( 3.31 ) $ ( 0.35 ) $ ( 0.77 )

(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:

(a) During 2024, 2023 and 2022, we reported losses attributable to Liberty Latin America shareholders.

As a result, the potentially dilutive effect at each period of the following items was not included in the computation of EPS for such periods because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs, and for 2023 and 2022 PSARs, because such awards had not yet met the applicable performance criteria:

2024 2023 2022

3 unchanged sentences

Outstanding PSUs and PSARs

LTVP and ESPP

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.

(i) With regards to the aggregate number of shares potentially issuable under our Convertible Notes, during the 2023 and 2022 periods, the Convertible Notes Capped Calls provided 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 would 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.

During 2024, the Convertible Notes Capped Calls expired at maturity or were unwound in connection with redemption activity on the Convertible Notes, as further described in note 10.

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2024, 2023 and 2022

(18) Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss included in our consolidated balance sheets and statements of equity reflects the aggregate impact of foreign currency translation adjustments and pension-related adjustments and other.

The changes in the components of accumulated other comprehensive loss , net of taxes, are summarized as follows:

(16) Accumulated Other Comprehensive Earnings or Loss

Accumulated other comprehensive earnings (loss) included in our consolidated balance sheets and statements of equity reflects the aggregate impact of foreign currency translation adjustments and pension-related adjustments and other various adjustments.

The changes in the components of accumulated other comprehensive earnings (loss), net of taxes, are summarized as follows:

Liberty Latin America shareholders

6 unchanged sentences

Balance at January 1, 2022 $ ( 137.5 ) $ 47.8 $ ( 89.7 ) $ ( 10.5 ) $ ( 100.2 )

Other comprehensive earnings 5.7 30.2 35.9 ( 0.9 ) 35.0

Balance at December 31, 2021 ( 137.5 ) 47.8 ( 89.7 ) ( 10.5 ) ( 100.2 )

Other comprehensive loss 53.8 ( 113.3 ) ( 59.5 ) ( 0.5 ) ( 60.0 )

2 unchanged sentences

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.

Other comprehensive earnings 25.6 18.2 43.8 0.3 44.1

Balance at December 31, 2024 $ ( 33.2 ) $ ( 121.0 ) $ ( 154.2 ) $ ( 9.6 ) $ ( 163.8 )

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2024, 2023 and 2022

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

The following table summarizes the tax effects related to each component of other comprehensive earnings (loss), net, of amounts reclassified to our consolidated statements of operations:

amount Tax benefit (expense) Net-of-tax

amount Tax benefit Net-of-tax

Year ended December 31, 2024:

1 unchanged sentence

Pension-related adjustments and other 18.2 — 18.2

Other comprehensive loss ( 47.7 ) — ( 47.7 )

Other comprehensive loss attributable to noncontrolling interests (a) ( 1.1 ) — ( 1.1 )

Other comprehensive loss attributable to Liberty Latin America shareholders $ ( 48.8 ) $ — $ ( 48.8 )

Other comprehensive earnings 44.1 — 44.1

Other comprehensive gain attributable to noncontrolling interests (a) ( 0.3 ) — ( 0.3 )

Other comprehensive earnings attributable to Liberty Latin America shareholders $ 43.8 $ — $ 43.8

Year ended December 31, 2023:

2 unchanged sentences

Other comprehensive loss ( 47.7 ) — ( 47.7 )

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

Other comprehensive gain attributable to noncontrolling interests (a) ( 1.1 ) — ( 1.1 )

Other comprehensive loss attributable to Liberty Latin America shareholders $ ( 48.8 ) $ — $ ( 48.8 )

2 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

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2023, 2022 and 2021

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

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

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

(17) Commitments and Contingencies

2 unchanged sentences

Historically, these arrangements have not resulted in our company making any material payments and we do not believe that they will result in material payments in the future.

For commitments associated with the LPR Acquisition and the Costa Rica Transactions, see note 5.

Regulatory Issues.

2 unchanged sentences

Due, in general, to the complexity of the issues involved and, in certain cases, the lack of a clear basis for predicting outcomes, we cannot provide a meaningful range of potential losses or cash outflows that might result from any unfavorable outcomes.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2024, 2023 and 2022

(18) Segment Reporting

2 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.

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

As of December 31, 2024 , unless otherwise specified below, our operating segments, which are also our reportable segments, are as follows:

• C&W Caribbean;

8 unchanged sentences

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.

Adjusted OIBDA is the primary measure used by our CODM, or Chief Executive Officer, to evaluate segment operating performance.

Adjusted OIBDA is also a key factor that is used by our internal decision makers to determine how to allocate resources to segments.

Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate.

15 unchanged sentences

VTR — — 450.6

Total operating segment revenue 4,547.1 4,598.5 4,885.8

Corporate 19.6 23.5 22.2

Intersegment eliminations ( 109.8 ) ( 110.9 ) ( 99.4 )

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

Consolidated revenue $ 4,456.9 $ 4,511.1 $ 4,808.6

Adjusted OIBDA

7 unchanged sentences

VTR — — 115.6

Total operating segment Adjusted OIBDA 1,683.5 1,774.7 1,781.4

Corporate ( 89.8 ) ( 73.1 ) ( 71.5 )

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

Consolidated Adjusted OIBDA $ 1,593.7 $ 1,701.6 $ 1,709.9

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2024, 2023 and 2022

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

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

Year ended December 31,

1 unchanged sentence

Total Adjusted OIBDA $ 1,593.7 $ 1,701.6 $ 1,709.9

Share-based compensation expense ( 88.7 ) ( 93.5 ) ( 118.1 )

Share-based compensation and other Employee Incentive Plan-related expense (a) ( 84.0 ) ( 88.7 ) ( 93.5 )

Depreciation and amortization ( 968.3 ) ( 1,008.3 ) ( 910.7 )

Impairment, restructuring and other operating items, net ( 589.7 ) ( 86.9 ) ( 619.2 )

Operating income 517.7 86.5 63.8

Operating income (loss) ( 48.3 ) 517.7 86.5

Interest expense ( 627.7 ) ( 601.7 ) ( 556.7 )

5 unchanged sentences

Loss before income taxes $ ( 631.4 ) $ ( 62.4 ) $ ( 123.0 )

(a) Includes expense associated with our LTVP, the vesting of which can be settled in either common shares or cash at the discretion of Liberty Latin America’s Compensation Committee.

Our programming and other direct costs of services by major category, which are further discussed below, are as follows:

Year ended December 31,

2024 2023 2022

Programming and copyright $ 233.6 $ 237.2 $ 360.3

Interconnect 278.3 302.5 350.3

Equipment 315.9 320.6 369.8

Other 161.6 160.1 130.1

Total programming and other direct costs of services $ 989.4 $ 1,020.4 $ 1,210.5

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2024, 2023 and 2022

Our other operating costs and expenses by major category, which are further discussed below, are as follows:

Year ended December 31,

2024 2023 2022

Personnel and contract labor $ 579.2 $ 557.6 $ 597.7

Network-related 237.2 259.0 311.4

Service-related 267.2 227.6 210.8

Commercial 189.6 181.1 226.0

Facility, provision, franchise and other 600.6 563.8 542.3

Share-based compensation and other Employee Incentive Plan-related expense 84.0 88.7 93.5

Total other operating costs and expenses (a) $ 1,957.8 $ 1,877.8 $ 1,981.7

(a) Significant operating costs and expenses reviewed by our CODM represent total other operating costs and expenses excluding share-based compensation and other Employee Incentive Plan-related expense.

Property and Equipment Additions of our Reportable Segments

19 unchanged sentences

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.

Geographic Markets

The revenue from third-party customers for each of our geographic markets is set forth in the table below.

Year ended December 31,

2024 2023 2022

Puerto Rico $ 1,198.7 $ 1,354.5 $ 1,413.0

Panama 760.1 739.7 639.7

Costa Rica 612.2 547.1 440.8

Jamaica 415.2 405.7 428.8

Networks & Latam (a) 357.0 364.6 369.4

The Bahamas 205.3 193.4 194.7

Trinidad and Tobago 154.9 156.5 159.3

Barbados 163.8 157.6 148.0

Curacao 136.2 135.6 134.0

Chile — — 450.6

Other (b) 453.5 456.4 430.3

Total $ 4,456.9 $ 4,511.1 $ 4,808.6

(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.

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2024, 2023 and 2022

The long-lived assets of our geographic markets are set forth below:

Puerto Rico $ 1,078.1 $ 1,114.3

Networks & LatAm 586.3 619.4

Panama 427.7 454.8

Jamaica 373.8 368.6

The Bahamas 270.8 289.4

Costa Rica 301.7 290.7

Trinidad and Tobago 196.7 217.5

Barbados 138.6 150.1

Curacao 107.0 127.8

Other (a) 581.7 573.1

$ 4,062.4 $ 4,205.7

(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.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2024, 2023 and 2022

Revenue by Major Category

7 unchanged sentences

Year ended December 31, 2024

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

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

Residential revenue:

5 unchanged sentences

Service revenue 352.3 272.2 — 333.4 276.0 — — 1,233.9

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

Interconnect, inbound roaming, equipment sales and other (b) 79.5 61.0 — 189.0 88.9 18.6 — 437.0

Total residential mobile revenue 431.8 333.2 — 522.4 364.9 18.6 — 1,670.9

Total residential revenue 946.0 460.5 — 1,020.2 537.2 18.6 — 2,982.5

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

B2B revenue (c) 516.8 302.7 447.5 206.7 75.9 1.0 ( 109.8 ) 1,440.8

Other revenue — — — 33.6 — — — 33.6

Total $ 1,462.8 $ 763.2 $ 447.5 $ 1,260.5 $ 613.1 $ 19.6 $ ( 109.8 ) $ 4,456.9

(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.

(a) Included in this amount is $ 91 million of revenue earned from other segments of Liberty Latin America.

(b) The total amount includes $ 216 million of revenue from sales of mobile handsets and other devices to residential mobile customers.

(c) The total amount includes $ 24 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, 2023

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

C&W Caribbean C&W Panama Liberty Networks (a) 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 (a) 67.9 49.5 — 268.4 64.8 2.9 22.2 — 475.7

Interconnect, inbound roaming, equipment sales and other (b) 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 (b) 537.5 264.5 450.8 220.6 44.8 20.7 — ( 99.4 ) 1,439.5

B2B revenue (c) 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) 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.

(a) Included in this amount is $ 89 million of revenue earned from other segments of Liberty Latin America.

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

(c) 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, 2022

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

C&W Caribbean C&W Panama Liberty Networks (a) 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 (a) 63.9 44.5 — 253.5 27.1 7.3 21.6 — 417.9

Interconnect, inbound roaming, equipment sales and other (b) 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 (b) 517.8 249.8 431.9 220.4 18.4 32.2 — ( 92.4 ) 1,378.1

B2B revenue (c) 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) 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.

(a) Included in this amount is $ 81 million of revenue earned from other segments of Liberty Latin America.

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

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

Significant Expenses

Our significant expenses by major category for our reportable segments and our corporate operations are set forth in the tables below.

We consider these expenses significant because they are regularly provided to and reviewed by our CODM.

Intercompany eliminations in the tables below reflect costs and expenses between our reportable segments, the majority of which relate to costs associated with services provided by our Liberty Networks segment to our other reportable segments.

Our significant expense categories include the following:

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

• Personnel and contract labor-related costs, which primarily include salary-related and cash bonus expenses, net of capitalizable labor costs, and temporary contract labor costs;

• Network-related expenses, which primarily include costs related to network access, system power, core network, and CPE repair, maintenance and test costs;

• Service-related costs, which primarily include professional services, information technology-related services, audit, legal and other services;

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2024, 2023 and 2022

Geographic Markets

The revenue from third-party customers for each of our geographic markets is set forth in the table below.

Year ended December 31, 2024

2023 2022 2021

Puerto Rico $ 1,354.5 $ 1,413.0 $ 1,392.0

Panama 739.7 639.7 565.9

Costa Rica 547.1 440.8 258.2

Jamaica 405.7 428.8 402.0

Networks & Latam (a) 364.6 369.4 355.8

The Bahamas 193.4 194.7 189.9

Trinidad and Tobago 156.5 159.3 158.2

Barbados 157.6 148.0 141.6

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

(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.

Reportable Segments

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

Programming and copyright $ 64.2 $ 22.0 $ — $ 109.8 $ 37.6 $ — $ — $ 233.6

Interconnect 65.4 69.4 49.0 83.7 28.4 — ( 17.6 ) 278.3

Equipment 50.0 50.3 0.3 151.4 63.9 — — 315.9

Other direct costs 42.9 107.5 15.7 4.7 6.9 — ( 16.1 ) 161.6

Total significant programming and other direct costs of services 222.5 249.2 65.0 349.6 136.8 — ( 33.7 ) 989.4

Personnel and contract labor 201.3 78.8 46.4 164.1 32.0 56.6 — 579.2

Network-related 133.4 52.1 47.9 36.3 39.9 — ( 72.4 ) 237.2

Service-related 70.6 19.3 9.8 119.7 25.3 25.0 ( 2.5 ) 267.2

Commercial 42.1 30.1 1.4 54.6 61.4 — — 189.6

Facility, provision, franchise and other 159.6 64.0 34.3 227.9 88.2 27.8 ( 1.2 ) 600.6

Total significant other operating costs and expenses 607.0 244.3 139.8 602.6 246.8 109.4 ( 76.1 ) 1,873.8

Total significant expenses $ 829.5 $ 493.5 $ 204.8 $ 952.2 $ 383.6 $ 109.4 $ ( 109.8 ) $ 2,863.2

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2024, 2023 and 2022

The long-lived assets of our geographic markets are set forth below:

Puerto Rico $ 1,114.3 $ 1,166.7

Networks & LatAm 619.4 634.3

Panama 454.8 481.3

Jamaica 368.6 372.4

The Bahamas 289.4 312.0

Costa Rica 290.7 250.7

Trinidad and Tobago 217.5 221.0

Barbados 150.1 164.6

Curacao 127.8 141.8

Other (a) 573.1 548.8

$ 4,205.7 $ 4,293.6

Year ended December 31, 2023

Reportable Segments

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

Programming and copyright $ 71.5 $ 21.4 $ — $ 112.4 $ 33.1 $ — $ ( 1.2 ) $ 237.2

Interconnect 75.2 72.2 49.3 93.3 33.1 — ( 20.6 ) 302.5

Equipment 49.0 41.6 0.6 179.6 49.8 — — 320.6

Other direct costs 34.0 117.8 18.8 2.1 4.2 — ( 16.8 ) 160.1

Total significant programming and other direct costs of services 229.7 253.0 68.7 387.4 120.2 — ( 38.6 ) 1,020.4

Personnel and contract labor 202.5 81.7 45.0 154.9 32.2 41.4 ( 0.1 ) 557.6

Network-related 135.9 53.9 45.7 52.5 39.1 — ( 68.1 ) 259.0

Service-related 76.5 17.2 6.1 79.5 25.1 23.2 — 227.6

Commercial 46.1 25.5 1.7 51.2 56.5 — 0.1 181.1

Facility, provision, franchise and other 149.4 83.6 24.6 206.7 71.7 32.4 ( 4.6 ) 563.8

Total significant other operating costs and expenses 610.4 261.9 123.1 544.8 224.6 97.0 ( 72.7 ) 1,789.1

Total significant expenses $ 840.1 $ 514.9 $ 191.8 $ 932.2 $ 344.8 $ 97.0 $ ( 111.3 ) $ 2,809.5

Liberty Latin America Ltd.

1 unchanged sentence

December 31, 2024, 2023 and 2022

Year ended December 31, 2022

Reportable Segments

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

Programming and copyright $ 85.9 $ 18.5 $ — $ 109.7 $ 33.9 $ 113.5 $ — $ ( 1.2 ) $ 360.3

Interconnect 119.8 63.8 45.6 84.3 32.8 21.9 — ( 17.9 ) 350.3

Equipment 42.5 38.2 0.7 246.3 39.9 2.2 — — 369.8

Other direct costs 42.4 86.9 13.7 2.1 — 1.0 — ( 16.0 ) 130.1

Total significant programming and other direct costs of services 290.6 207.4 60.0 442.4 106.6 138.6 — ( 35.1 ) 1,210.5

Personnel and contract labor 204.6 77.6 43.6 162.2 27.5 41.8 40.5 ( 0.1 ) 597.7

Network-related 142.4 47.8 43.3 51.7 33.2 55.7 0.7 ( 63.4 ) 311.4

Service-related 72.7 15.1 4.5 46.1 23.1 24.0 25.3 — 210.8

Commercial 45.7 27.2 1.4 46.5 53.0 52.2 — — 226.0

Facility, provision, franchise and other 145.6 78.8 21.7 183.9 63.2 22.7 27.6 ( 1.2 ) 542.3

Total significant other operating costs and expenses 611.0 246.5 114.5 490.4 200.0 196.4 94.1 ( 64.7 ) 1,888.2

Total significant expenses $ 901.6 $ 453.9 $ 174.5 $ 932.8 $ 306.6 $ 335.0 $ 94.1 $ ( 99.8 ) $ 3,098.7

Liberty Latin America Ltd.

Notes to Consolidated Financial Statements – (Continued)

December 31, 2024, 2023 and 2022

(19) Parent Company Financial Information

12 unchanged sentences

Current portion of debt and finance lease obligations — 214.7

Accrued liabilities and other 1.5 6.7

Other accrued and current liabilities 3.1 1.5

Total current liabilities

Long-term debt and finance lease obligations — 374.8

Total liabilities 95.8 315.9

28 unchanged sentences

Operating loss ( 29.6 ) ( 38.4 ) ( 41.7 )

Non-operating income (expense):

Non-operating expense:

Interest expense ( 6.0 ) ( 20.2 ) ( 24.8 )

Gains on debt extinguishments, net .

Realized and unrealized losses on derivatives instruments, net ( 1.4 ) — —

Gains (losses) on debt extinguishments, net .

( 0.3 ) 0.9 —

Other income (expense), net 1.3 0.6 ( 9.6 )

10 unchanged sentences

Net loss $ ( 657.0 ) $ ( 73.6 ) $ ( 170.7 )

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

Adjustments to reconcile net loss to net cash provided (used) by operating activities:

Equity in losses of consolidated subsidiaries, net 621.0 16.5 94.6

Share-based compensation expense 10.7 3.9 2.3

Gains on debt extinguishments, net ( 0.9 ) — —

Share-based compensation and other Employee Incentive Plan-related expense ( 1.7 ) 10.7 3.9

Loss (gain) on debt extinguishments, net 0.3 ( 0.9 ) —

Amortization of debt financing costs 4.2 13.9 16.8

Realized and unrealized losses on derivative instruments, net 1.4 — —

Changes in operating assets and liabilities 7.0 53.1 92.3

Net cash provided by operating activities 19.7 36.9 71.0

Net cash provided (used) by operating activities ( 24.8 ) 19.7 36.9

Cash flows from investing activities:

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 )

Distribution and repayments from consolidated subsidiaries, net 323.7 277.3 53.5

Net cash provided by investing activities 323.7 277.3 53.5

Cash flows from financing activities:

Borrowings of related-party debt — — 30.0

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

Payments of principal amounts of debt and finance lease obligations ( 219.2 ) ( 173.0 ) —

Repurchase of Liberty Latin America common shares ( 82.9 ) ( 118.3 ) ( 170.4 )

Capped call premium payment ( 14.6 ) — —

Other financing activities, net 0.3 ( 1.3 ) 0.9

28 unchanged sentences

4.3 Specimen Certificate for shares of Class C common shares, par value $.01 per share, of Liberty Latin America (incorporated by reference to Exhibit 4.3 to the S-1 Registration Statement).

4.4 Registration Rights Agreement dated October 17, 2018, by and between Liberty Latin America, SCPV LEO,L.P., SC LEO, L.P., SC AIV LEO, L.P., Searchlight/SIP Holdco SPV II (TRI), L.P.

and Searchlight LEO Co-Invest Partners, LP (incorporated by reference to Exhibit 4.8 to Liberty Latin America’s Annual Report on Form 10-K for the year ended December 31, 2018 filed on February 21, 2019 (File No.

4.5 Indenture, dated June 28, 2019, between Liberty Latin America and The Bank of New York Mellon relating to Liberty Latin America’s 2.00% Convertible Senior Notes due 2024 (incorporated by reference to Exhibit 4.1 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 filed on August 6, 2019 (File No.

001-38335) (the August 2019 10-Q)).

4.6 Indenture, dated October 25, 2019, between LCPR Senior Secured Financing Designated Activity Company, as issuer, LCPR Loan Financing LLC, as guarantor, BNY Mellon Corporate Trustee Services Limited, as trustee and The Bank of Nova Scotia, as security trustee (incorporated by reference to Exhibit 4.7 to Liberty Latin America’s Annual Report on Form 10-K for the year ended December 31, 2019 filed on February 19, 2020 (File No.

001-38335) (the 2019 10-K)).

4.7 Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 4.8 to the 2019 10-K).

4.4 Indenture, dated October 3, 2024, between Sable International Finance Limited, C&W Senior Secured Parent Limited and U.S.

Bank Trust Company, National Association relating to Sable International Finance Limited’s 7.125% Senior Secured Notes due 2032 (incorporated by reference to Exhibit 4.1 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, filed on November 6, 2024 (File No.

001-38335) (the November 2024 10-Q )).#

4.5 Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 (incorporated by reference to Exhibit 4.8 to Liberty Latin America’s Annual Report on Form 10-K for the year ended December 31, 2019 filed on February 19, 2020 (File No.

001-38335) ).

4.6 Indenture dated March 30, 2021, between LCPR Senior Secured Financing Designated Activity Company, BNY Mellon Corporate Trustee Services Limited, as Trustee, The Bank of New York Mellon, London Branch as Paying Agent, The Bank of New York Mellon, London Branch as Registrar and Transfer Agent, and The Bank of Nova Scotia as Security Trustee relating to LCPR’s 5.125% senior secured notes due 2029 (incorporated by reference to Exhibit 4.1 to Liberty Latin America’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 filed on May 5, 2021 (File No.

001-38335) (the May 2021 10-Q )).

4.7 Indenture dated February 11, 2025 and entered into between, among others, C&W Senior Finance Limited and The Bank of New York Mellon, London Branch .

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 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.

001-38335)).#

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.

001-38335)).#

10.3 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.

001-38335)).#

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).

9 unchanged sentences

10.8 Liberty Latin America 2018 Incentive Plan (Amended and Restated effective May 12, 2021) (incorporated by reference to Appendix A to Liberty Latin America’s Definitive Proxy Statement on Schedule 14A filed on March 31, 2021 (File No.

001-38335)).+

10.9 Liberty Latin America 2018 Nonemployee Director Incentive Plan (incorporated by reference to Exhibit 99.2 to the S-8 Registration Statement).+

10 unchanged sentences

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).

10.19 Form of Restricted Share Units Agreement under the Liberty Latin America 2018 Incentive Plan (incorporated by reference to Exhibit 10.1 to Liberty Latin America's Quarterly Report on Form 10-Q for the quarter ended June 30, 2019 filed on August 6, 2019 (File No.

001-38335)).+

10.20 Form of Employment Agreement, approved as of July 17, 2019, by and among Liberty Latin America, LiLAC Communications Inc.

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.

001-38335)).+

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

2 unchanged sentences

10.22 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 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 reference to Exhibit 10.3 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)).+

10.24 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.

2 unchanged sentences

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.

001-38335)).+

10.26 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) .

7 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)).+

10.32 Amended and Restated Employment Agreement, made and effective as of July 28, 2022, by and among Liberty Latin America Ltd., LiLAC Communications Inc.

5 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.

(incorporated by reference to Exhibit 10.35 to Liberty Latin America Ltd.’s Annual Report on Form 10-K for the year ended December 31, 2022 filed on February 22, 2023 (File No.

001-38335)).+

10.35 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, the 2023 Amendment dated as of May 22, 2023 and the 2024 Extension Amendment dated as of September 28, 2024) and entered into between, among others, C&W Senior Secured Parent Limited, Sable International Finance Limited, Coral-US Co-Borrower LLC and The Bank of Nova Scotia (incorporated by reference to Exhibit 10.1 to the November 2024 10-Q ) .#

10.36 Amendment to Liberty Latin America 2018 Incentive Plan and Liberty Latin America 2018 Nonemployee Director Incentive Plan (incorporated by reference to Exhibit 10.

1 to Liberty Latin America Ltd.

’ s Quarterly Report on F orm 10-Q for the quarter ended June 30, 2024, filed on August 6, 2024 (File No.

001-38335)) .

10.37 Form of Letter Amendment to 2022 Unrestricted Share Award and Performance Share Unit Award Agreement, dated March 12, 2024, by and between Liberty Latin America Ltd.

and Balan Nair (incorporated by reference to Exhibit 10.1 to Liberty Latin America Ltd.

’ s Quarterly Report on Form 10- Q for the quarter ended March 31, 2024 , filed on May 7, 2024 (File No.

001-383335) (the May 2024 10-Q )) .

10.38 Summary of Compensation Terms for Senior Vice President, General Manager of Cable & Wireless Panama, effective January 22, 2024 (incorporated by reference to Exhibit 10.2 to the May 2024 10-Q).+

10.39 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 reference to Exhibit 10.3 to the May 2024 10-Q) .

10.40 Form of Restricted Share Units Agreement with executive officers (other than CEO) under the Liberty Latin America 2018 Incentive Plan (Amended and Restated effective May 12, 2021) (incorporated by reference to Exhibit 10.4 to the May 2024 10-Q) .

10.41 Additional Facility Joinder Agreement dated January 29, 2025 and entered into between, among others, Coral-US Co-Borrower LLC and The Bank of Nova Scotia.*#

10.42 Amendment Agreement dated January 29, 2025 and entered into between, among others, Sable International Finance Limited, Coral-US Co-Borrower LLC and The Bank of Nova Scotia*#

19 Liberty Latin America Ltd.

Insider Trading Policy.*

21 List of Subsidiaries.*

3 unchanged sentences

32 Section 1350 Certifications.**

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

97 Liberty Latin America Policy for the Recovery of Erroneously Awarded Compensation (As Amended and Restated on March 12, 2024) .+*

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