Group 1 - Liberty Latin America Ltd. is making significant investments to develop its 5G network and enhance network performance [1] - The company is expected to see further growth from recent transactions with Millicom and the acquisition of Dish Network [1] Group 2 - The analyst has a beneficial long position in the shares of Liberty Latin America Ltd. [2] - The article expresses the analyst's own opinions and is not receiving compensation for it [2]

Financial Data and Key Metrics Changes - Reported revenue for Q3 2024 was $1.1 billion, a 3% sequential decline, while adjusted OIBDA grew by 4% to $403 million [37] - Year-over-year, revenue decreased by 4% on a rebased basis, and adjusted OIBDA declined by 6% [38] - Total debt at the end of Q3 was $8.2 billion, with gross leverage at 5.2 times and net leverage at 4.8 times, showing a modest improvement from Q2 [54] Business Line Data and Key Metrics Changes - C&W Caribbean reported $360 million in revenue, flat year-over-year on a rebased basis, with mobile revenue growing by 7% offset by declines in fixed and B2B [41] - C&W Panama generated $188 million in revenue, a 1% year-over-year decline, with mobile growth of 9% and fixed growth of 5% [43] - Liberty Puerto Rico's revenue was $308 million, reflecting a 13% rebased decline year-over-year, driven by lower mobile subscriber base and retention-related discounts [46] Market Data and Key Metrics Changes - The company added over 50,000 high-speed broadband and postpaid mobile subscribers year-to-date, with a robust 225,000 adds excluding Puerto Rico [6] - In Panama, the company became the first operator to launch 5G, highlighting its technology leadership in the market [13] - The Peruvian market presents significant growth potential with low Internet penetration at around 40% [35] Company Strategy and Development Direction - The company is focused on operational recovery in Puerto Rico through cost cuts and targeted commercial acquisitions, without expecting support from other segments [64] - In Peru, the company has invested approximately $100 million over three years, targeting areas outside Lima for broadband penetration [65] - The strategy includes leveraging converged product offerings across various markets to enhance customer value [70] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the slower-than-expected recovery in Puerto Rico but remains optimistic about future growth and operational improvements [58][99] - The company is focused on regaining commercial momentum and anticipates improved adjusted OIBDA performance in Q4 [58] - Management expressed confidence in the long-term plans and opportunities for growth in Puerto Rico and other markets [29][99] Other Important Information - The company successfully refinanced $1 billion of its Cable & Wireless credit silo senior notes, reflecting the strength of its financial position [7] - The new pan-regional subsea cable system will enhance the company's infrastructure and support growth in demand from hyperscalers [20] Q&A Session Summary Question: Capital allocation for Puerto Rico operations - Management intends to operate on cash flow without external support, focusing on cost cuts and revenue growth [64][65] Question: Strategy for the Peruvian business - The company has invested about $100 million in Peru, targeting low-competition areas outside Lima for broadband expansion [65] Question: Opportunities in converged bundles - The company is advancing converged offers in various markets, achieving a 25% penetration rate on average [73] Question: 5G upgrade progress - 5G has been launched in Puerto Rico, Costa Rica, Panama, and Cayman, with careful capital spending based on market readiness [72] Question: Currency exposure and implications - The company has a high percentage of revenue in U.S. dollars, with hedging strategies in place to manage currency risks [91][93]

Subscriber and Revenue Metrics - Total subscribers as of September 30, 2024: 7,989,300 mobile subscribers and 3,986,100 RGUs (1,824,500 broadband, 1,232,700 fixed-line telephony, 928,900 video)[178] - Revenue for Q3 2024 decreased by $36.6 million (3.3%) compared to Q3 2023, with organic revenue decline of $42.0 million[188] - Revenue for the nine months ended September 30, 2024, decreased by $40.9 million (1.2%) compared to the same period in 2023, with organic revenue decline of $70.0 million[191] - Total revenue for the three months ended September 2024 decreased by $36.6 million to $1,089.2 million, with organic revenue decline of $42.0 million[204] - C&W Caribbean's revenue for the nine months ended September 2024 increased by $21.4 million to $1,092.0 million, driven by organic growth of $25.9 million[205] - Liberty Puerto Rico's revenue for the three months ended September 2024 decreased by $43.0 million to $308.2 million, with organic decline of $45.9 million[204] - Liberty Costa Rica's revenue for the three months ended September 2024 increased by $10.9 million to $145.5 million, with organic growth of $6.3 million[204] - Residential mobile service revenue for C&W Caribbean increased by $17.6 million to $262.9 million for the nine months ended September 2024[208] - C&W Panama's total revenue for the three months ended September 2024 decreased by $2.4 million to $188.0 million, with B2B revenue declining by $10.7 million[214] - Residential revenue for C&W Panama increased by $8.3 million to $118.9 million for the three months ended September 2024, driven by mobile service revenue growth of $4.5 million[214] - Total residential fixed revenue for C&W Caribbean decreased by $3.7 million to $234.1 million for the three months ended September 2024, primarily due to lower video RGUs[206][209] - Residential mobile service revenue for C&W Caribbean increased by $8.0 million for the three months ended September 2024, driven by postpaid subscriber growth[209] - B2B revenue for C&W Caribbean increased by $5.0 million to $387.5 million for the nine months ended September 2024, mainly due to higher project-related revenue[208][212] - C&W Panama's residential fixed revenue increased by $1.4 million in the three-month comparison and $4 million in the nine-month comparison, driven by higher average broadband internet RGUs[217] - C&W Panama's residential mobile service revenue increased by $4.5 million in the three-month comparison and $3 million in the nine-month comparison, primarily due to higher ARPU from prepaid mobile services[219] - Liberty Networks' B2B revenue decreased by $2.6 million (2%) in the three-month comparison, with enterprise revenue increasing by $0.7 million (2%) and wholesale revenue decreasing by $3.3 million (4%)[222] - Liberty Networks' B2B revenue decreased by $2.3 million (1%) in the nine-month comparison, with enterprise revenue increasing by $10.4 million (12%) and wholesale revenue decreasing by $12.7 million (5%)[224] - Liberty Puerto Rico's total residential revenue decreased by $38.4 million (13%) in the three-month comparison, with residential fixed revenue decreasing by $5.3 million (4%) and residential mobile revenue decreasing by $33.1 million (21%)[227] - Liberty Puerto Rico's total residential revenue decreased by $104.4 million (12%) in the nine-month comparison, with residential fixed revenue decreasing by $3.9 million (1%) and residential mobile revenue decreasing by $100.5 million (21%)[229] - Liberty Puerto Rico's residential mobile service revenue decreased by $19.4 million in the three-month comparison and $50 million in the nine-month comparison, primarily due to declines in the average number of mobile subscribers[230] - Liberty Puerto Rico's residential mobile interconnect, inbound roaming, equipment sales, and other revenue decreased by $16.6 million in the three-month comparison and $53 million in the nine-month comparison, driven by lower equipment sales and inbound roaming revenue[232] - Liberty Puerto Rico's B2B revenue decreased by $2.7 million (5%) in the three-month comparison and $6 million (4%) in the nine-month comparison, primarily due to lower revenue from mobile services[230] - Liberty Puerto Rico's other revenue decreased by $1.9 million (23%) in the three-month comparison and $9.8 million (31%) in the nine-month comparison, driven by declines in the rate of funding from the FCC[235] - Residential fixed subscription revenue decreased by $2.0 million (6%) in Q3 2024 compared to Q3 2023, driven by lower ARPU across all fixed products, particularly video services[236][240] - Residential fixed non-subscription revenue increased by $3.6 million (90%) in Q3 2024, primarily due to higher volumes of CPE sales[236][240] - Residential mobile service revenue increased by $7.3 million (12%) in Q3 2024, driven by higher average postpaid mobile subscribers and lower prepaid mobile ARPU[236][241] - Total residential revenue increased by $9.4 million (8%) in Q3 2024, with mobile revenue contributing $7.8 million (10%) of the growth[236] - B2B revenue increased by $1.5 million (10%) in Q3 2024, reflecting growth in business services[236] - Total revenue increased by $10.9 million (8%) in Q3 2024, with organic growth contributing $6.3 million and FX impact adding $4.6 million[239] Hurricane Beryl Impact - Hurricane Beryl negatively impacted Q3 2024 revenue by $5 million and Adjusted OIBDA by $8 million, with an estimated loss of 33,000 RGUs (16,000 broadband, 15,000 fixed-line telephony, 2,000 video)[179] - Expected Q4 2024 impact from Hurricane Beryl: revenue and Adjusted OIBDA to decline by $5 million to $10 million, with additional property and equipment additions of $10 million to $15 million[180] - Net proceeds of $44 million from Weather Derivatives claim related to Hurricane Beryl in Q3 2024[181] Costa Rica Transaction - Costa Rica transaction with Millicom announced on August 1, 2024, with Liberty Latin America to hold ~86% interest and Millicom ~14% upon closing, expected in H2 2025[182] - Agreement to acquire 8.5% equity of Liberty Costa Rica for $82 million, with 62.5% due on January 30, 2026 and 37.5% on January 29, 2027[183] Operating Costs and Expenses - Q3 2024 operating costs and expenses increased by $505.7 million YoY, primarily due to organic growth of $501.1 million, with FX and acquisition impacts of $2.0 million and $2.6 million respectively[189] - Q3 2024 operating loss improved to $379.6 million from $542.3 million in Q3 2023, with organic improvement of $543.1 million, partially offset by FX and acquisition impacts of $0.5 million and $0.3 million respectively[189] - Operating loss for Q3 2024 was $379.6 million, compared to an operating income of $162.7 million in Q3 2023[193] - Operating loss for the nine months ended September 30, 2024, was $176.0 million, compared to an operating income of $404.7 million in the same period in 2023[191] - Programming and other direct costs decreased by $22.8 million (3.1%) for the nine months ended September 30, 2024, compared to the same period in 2023[191] - Other operating costs and expenses increased by $66.3 million (4.7%) for the nine months ended September 30, 2024, compared to the same period in 2023[191] - Depreciation and amortization increased by $24.3 million (3.4%) for the nine months ended September 30, 2024, compared to the same period in 2023[191] - Impairment, restructuring, and other operating items increased by $472.0 million for the nine months ended September 30, 2024, compared to the same period in 2023[191] - Integration costs of $17 million incurred in the Liberty Puerto Rico segment during the nine months ended September 30, 2024[198] - Organic revenue decline of $70.0 million for the nine months ended September 30, 2024, driven by a $123.1 million decrease in Liberty Networks[196] - Programming and other direct costs decreased by $22.8 million (3.1%) for the nine months ended September 30, 2024, with organic savings of $30.5 million[191] - Other operating costs increased by $66.3 million (4.7%) for the nine months ended September 30, 2024, with organic growth of $53.4 million[191] - Depreciation and amortization increased by $24.3 million (3.4%) for the nine months ended September 30, 2024, with organic growth of $20.6 million[191] - Impairment, restructuring and other operating items increased by $472.0 million for the nine months ended September 30, 2024, primarily due to non-recurring charges[191] - Programming and copyright costs decreased by $1.7 million in Q3 2024, primarily due to the renegotiation of certain content agreements[245][249] - Interconnect costs decreased by $8.5 million in Q3 2024, mainly due to lower rates from contract renegotiations[245][250] - Equipment costs decreased by $4.5 million in Q3 2024, driven by lower handset costs offsetting higher B2B project-related equipment costs[245][250] - Total programming and other direct costs of services decreased by $27.2 million in Q3 2024, with organic decreases contributing $29.8 million[245] - Programming and copyright revenue decreased by $0.4 million (6.9%) to $5.4 million in Q3 2024 compared to Q3 2023[252] - Interconnect revenue decreased by $2.1 million (11.3%) to $16.5 million in Q3 2024 due to lower traffic volumes[252][257] - Equipment revenue increased by $6.0 million (67.4%) to $14.9 million in Q3 2024 driven by higher handset sales to residential and B2B customers[252][254] - Project-related and other revenue decreased by $13.0 million (37.8%) to $21.4 million in Q3 2024 due to project phasing[252][255] - Total programming and other direct costs of services decreased by $9.5 million (14.0%) to $58.2 million in Q3 2024[252] - Liberty Puerto Rico's total programming and other direct costs decreased by $17.3 million (17.7%) to $80.3 million in Q3 2024, with organic decreases of $19.3 million[259] - Liberty Costa Rica's total programming and other direct costs increased by $3.6 million (12.7%) to $31.9 million in Q3 2024, with organic increases of $2.6 million[265] - Equipment costs in Liberty Costa Rica increased by $3.3 million (27.7%) to $15.2 million in Q3 2024 due to higher CPE and handset costs[265][268] - Interconnect costs in Liberty Costa Rica decreased by $1.5 million (18.5%) to $6.6 million in Q3 2024 due to lower rates and volumes[265][268] - Total programming and other direct costs for Liberty Networks decreased by $2.2 million (12.6%) to $15.2 million in Q3 2024[256] - Personnel and contract labor costs increased by $10.7 million organically in 2024 compared to 2023, primarily due to higher salaries, capitalized labor, and bonus-related expenses[270][274] - Network-related costs decreased by $6.1 million organically in 2024, driven by lower power costs and consumption[270][275] - Service-related costs increased by $10.4 million organically in 2024, mainly due to declines in professional services from renegotiated vendor contracts[270][277] - Total other operating costs and expenses increased by $5.9 million organically in 2024, reaching $470.1 million[270] - C&W Caribbean segment saw a $5.6 million organic decrease in total operating costs, primarily due to lower network and service-related expenses[273] - C&W Panama segment's total operating costs decreased by $12.8 million, with facility and provision costs dropping by $16.7 million due to lower facilities costs and bad debt expense[281][282] - Liberty Networks segment's total operating costs increased by $4.5 million organically, driven by higher facility and provision costs[285] - Facility, provision, franchise, and other costs increased by $6.2 million organically in C&W Caribbean over nine months, impacted by Hurricane Beryl-related restoration costs and higher franchise fees[274][278] - Commercial costs in C&W Panama increased by $2.8 million over nine months, driven by higher marketing and commissions expenses[281][282] - Share-based compensation and other employee incentive plan-related expenses decreased by $8.2 million organically in 2024, reflecting lower headcount and restructuring impacts[270][281] - Personnel and contract labor increased by $14.6 million (12.9%) organically for the nine months ended September 30, 2024, driven by higher salaries, severance-related expenses, and lower bonus-related expenses[291] - Network-related costs decreased by $5.6 million (14.8%) organically for the nine months ended September 30, 2024, primarily due to the termination of a transition service agreement[292] - Service-related costs increased by $42.3 million (77.6%) organically for the nine months ended September 30, 2024, driven by higher integration costs and IT service expenses[292] - Commercial costs increased by $5.4 million (15.0%) organically for the nine months ended September 30, 2024, primarily due to higher call center costs[293] - Facility, provision, franchise, and other costs increased by $12.2 million (8.0%) organically for the nine months ended September 30, 2024, mainly due to higher bad debt expense and collection costs[294] - Total other operating costs and expenses increased by $68.4 million (17.1%) for the nine months ended September 30, 2024, with $67.8 million (16.9%) being organic growth[291] - Personnel and contract labor increased by $6.0 million (84.5%) for the three months ended September 30, 2024, primarily due to higher bonus-related expenses and lower capitalized labor[304][305] - Share-based compensation and other employee incentive plan-related expenses decreased by $17.8 million (35.5%) for the nine months ended September 30, 2024[305] - Facility, provision, franchise, and other costs decreased by $5.1 million (19.5%) for the nine months ended September 30, 2024, primarily due to insurance costs recognized in 2023[307] - Total other operating costs and expenses decreased by $14.3 million (11.6%) for the nine months ended September 30, 2024[305] - Depreciation and amortization expense increased by $15 million (6%) for the three months and $24 million (3%) for the nine months ended September 30, 2024, compared to 2023, driven by property and equipment additions and network expansions[308] - Impairment charges for the three and nine months ended September 30, 2024, were $511.5 million and $520.0 million, respectively, primarily due to goodwill impairment at Liberty Puerto Rico[310] - Restructuring charges for the three and nine months ended September 30, 2024, were $12.2 million and $27.0 million, respectively, mainly due to employee severance costs in C&W Panama and Liberty Puerto Rico[311] - Interest expense increased by $7 million for the three months and $23 million for the nine months ended September 30, 2024, driven by higher average outstanding debt balances and interest rates[312] - Realized and unrealized losses on derivative instruments for the three months ended September 30, 2024, were $31.3 million, primarily due to changes in interest rates and FX rates[317] - Foreign currency transaction losses for the three months ended September 30, 2024, were $7.6 million, mainly due to remeasurement of CRC-denominated assets and liabilities[321] - Income tax benefit for the three and nine months ended September 30, 2024, was $146 million and $177 million, respectively, driven by international rate differences and valuation allowance decreases[326] - Net loss for the three and nine months ended September 30, 2024, was $429.1 million and $466.5 million, respectively, compared to net earnings of $47.9 million and a net loss of $4.1 million in 2023[330] Financial Position and Liquidity - Total cash and cash equivalents as of September 30, 2024, were $588.6 million, with $514.4 million held by borrowing groups, including C&W, Liberty Puerto Rico, and Liberty Costa Rica[334] - The aggregate value of share repurchases during the nine months ended September 30, 2024 was $83 million[339] - The outstanding principal amount of debt and finance lease obligations at September 30, 2024 was $8,212 million, with $550 million classified as current and $7,604 million due in 2027 or later[343] - The weighted average interest rate on all borrowings at September 30, 2024 was 7.2%, decreasing to 6.1% when including the effects of derivative instruments, original issue premiums or discounts, and commitment fees[345][346] - Net cash provided

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Exhibit 99.1 Liberty Latin America Reports Q1 2024 Results 45,000 organic broadband and postpaid mobile subscriber net adds Strong Adjusted OIBDA growth across Panama, Costa Rica & Caribbean Puerto Rico migration completed; performance set to improve 5% of shares outstanding repurchased in Q1; increased buyback authorization Denver, Colorado - May 7, 2024: Liberty Latin America Ltd. ("Liberty Latin America" or "LLA") (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced its financial and operating resul ...

Revenue and Subscribers - As of March 31, 2024, the company served 3,978,100 RGUs, including 1,823,200 broadband internet subscribers, 1,219,200 fixed-line telephony subscribers, and 935,700 video subscribers, along with 7,907,400 mobile subscribers[155]. - For the three months ended March 31, 2024, total revenue was $1,099.4 million, a decrease of $2.1 million compared to $1,101.5 million in the same period of 2023[161]. - C&W Caribbean's revenue increased by $10.4 million to $364.2 million in Q1 2024, driven by a $2.0 million increase in residential fixed subscription revenue and a $5.5 million increase in residential mobile service revenue[171]. - C&W Panama's revenue rose by $3.9 million to $169.2 million, primarily due to a $5.8 million increase in B2B revenue, despite a $3.2 million decrease in residential mobile service revenue[173]. - Liberty Puerto Rico's total revenue decreased by $36.3 million to $327.2 million, primarily due to a decline in residential fixed services[171]. - Liberty Costa Rica's total revenue increased by $23.1 million, or 18%, from $129.2 million in Q1 2023 to $152.3 million in Q1 2024[178]. Operating Income and Adjusted OIBDA - Operating income for the three months ended March 31, 2024, was $92.8 million, down from $106.6 million in the same period of 2023, reflecting a decrease of $13.8 million[161]. - Consolidated Adjusted OIBDA for the three months ended March 31, 2024, was $374.2 million, compared to $400.1 million in the same period of 2023[164]. - Adjusted OIBDA for the three months ended March 31, 2024, was $374.2 million, compared to $400.1 million for the same period in 2023, reflecting a decrease of $25.9 million[165]. - Adjusted OIBDA margin for C&W Caribbean improved to 41.4% in Q1 2024 from 39.6% in Q1 2023, while C&W Panama's margin increased to 33.6% from 26.3%[166]. Costs and Expenses - Programming and other direct costs of services amounted to $240.2 million for the three months ended March 31, 2024, down from $246.5 million in the same period of 2023[161]. - Other operating costs and expenses increased to $512.0 million for the three months ended March 31, 2024, compared to $484.1 million in the same period of 2023, reflecting an increase of $27.9 million[161]. - Depreciation and amortization expenses were $247.8 million for the three months ended March 31, 2024, compared to $234.6 million in the same period of 2023, an increase of $13.2 million[161]. - Personnel and contract labor costs rose by $9.6 million, from $147.1 million in Q1 2023 to $156.7 million in Q1 2024, reflecting an organic increase of $7.8 million[194]. - Service-related costs surged by $21.1 million, increasing from $51.6 million in Q1 2023 to $72.7 million in Q1 2024, with an organic increase of $20.4 million[194]. Foreign Exchange and Inflation - The company is subject to inflationary pressures and foreign currency exchange risks, which may impact operating margins if cost increases cannot be passed on to subscribers[159]. - The impact of foreign exchange (FX) on total revenue was a decrease of $15.8 million, with specific segments experiencing varying FX impacts[171]. - Foreign currency transaction gains for the three months ended March 31, 2024, totaled $23.3 million, down from $49.2 million in 2023[213]. Debt and Cash Flow - The outstanding principal amount of the company's debt was $8,116 million as of March 31, 2024, with a weighted average interest rate of 7.1%[232][234]. - Net cash provided by operating activities decreased to $23.3 million in Q1 2024 from $62.4 million in Q1 2023, a decline of $39.1 million[236]. - Net cash used by financing activities increased significantly to $225.7 million in Q1 2024 from $35.4 million in Q1 2023, a change of $190.3 million[240]. - The company expects to maintain significant levels of interest expense due to its strategy of keeping debt at levels that provide attractive equity returns[221]. Net Loss and Gains - For the three months ended March 31, 2024, the company reported a net loss of $0.5 million, a significant improvement compared to a net loss of $68.1 million in the same period of 2023[220]. - The company recognized realized and unrealized gains on derivative instruments of $46.4 million for the three months ended March 31, 2024, compared to losses of $59.1 million in 2023[211]. - Impairment charges decreased significantly from $21.2 million in Q1 2023 to $1.9 million in Q1 2024[207]. Capital Expenditures - Capital expenditures, net, were reported at $109.7 million for Q1 2024, down from $114.1 million in Q1 2023, representing 12.3% of revenue compared to 13.1% in the prior year[239]. - Property and equipment additions decreased to $134.9 million in Q1 2024 from $144.7 million in Q1 2023, indicating reduced capital investment[239].

Liberty Latin America Ltd. (NASDAQ:LILA) Q4 2023 Results Earnings Conference Call February 23, 2024 8:30 AM ET Company Participants Eduardo Diaz Corona - Senior Vice President and General Manager Balan Nair - President and Chief Executive Officer Christopher Noyes - Chief Financial Officer Ray Collins - Senior Vice President, Infrastructure and Corporate Strategy Conference Call Participants Soomit Datta - New Street Research Vitor Tomita - Goldman Sachs Matthew Harrigan - Benchmark Company Gabriel Vaz de L ...

• ~100k internet and postpaid adds in 2023; +9% YoY LIBERTY LATIN AMERICA | FY 2023 INVESTOR CALL | FEBRUARY 23, 2024 5 INTERNET RGU EVOLUTION INTERNET NET RGU ORGANIC ADDITIONS (LOSSES) | IN THOUSANDS 5 9 857 RGU ADDs TOTAL +29 YoY ADDs +11 +19 +17 +12 +15 FY 2023 REVENUE BY PRODUCT 2023 KEY MESSAGES & 2024 PRIORITIES 42% 16% 41% $0.7 BILLION • Fixed revenue driven by volume, leveraging networks and 3P offerings l LIBERTY PUERTO RICO | FOCUS ON COMPLETING INTEGRATION(1) FY 2023 REVENUE BY PRODUCT 2023 KEY ...

Part I [Business Overview](index=10&type=section&id=Item%201.%20Business) Liberty Latin America is a major telecommunications provider in Latin America and the Caribbean, offering residential and B2B services, with recent strategic developments including tower monetization and joint ventures [General Development of Business](index=10&type=section&id=General%20Development%20of%20Business) - Liberty Latin America is an international provider of fixed, mobile, and subsea telecommunications services across Latin America and the Caribbean, operating through segments including C&W Caribbean, C&W Panama, Liberty Puerto Rico, and Liberty Costa Rica[25](index=25&type=chunk)[27](index=27&type=chunk) - The company has expanded its network, passing or upgrading approximately **1.6 million homes** and commercial premises over the last three years through new build and upgrade projects[26](index=26&type=chunk) - In November 2023, the company monetized approximately **1,300 mobile tower sites** across six markets with Phoenix Tower International and agreed to build an additional **500 sites** over the next five years[28](index=28&type=chunk) - An agreement was made in November 2023 to acquire Dish Network's spectrum assets and prepaid mobile subscribers in Puerto Rico and the USVI for **$256 million**, payable in four annual installments, with the deal expected to close in 2024[28](index=28&type=chunk) - On October 6, 2022, the company formed a **50:50 joint venture** in Chile with América Móvil, contributing its VTR operations. Liberty Latin America now accounts for this interest as an equity method investment[28](index=28&type=chunk) - Completed the acquisition of América Móvil's Panama operations on July 1, 2022, for an enterprise value of **$200 million**[28](index=28&type=chunk) - Completed the acquisition of Telefónica's Costa Rica operations on August 9, 2021, for an enterprise value of **$500 million**[31](index=31&type=chunk) [Operating Data](index=15&type=section&id=Operating%20Data) Operating Data as of December 31, 2023 | Segment | Homes Passed | Customer Relationships | Total RGUs | Mobile Subscribers | | :--- | :--- | :--- | :--- | :--- | | C&W Caribbean | 1,738,600 | 832,200 | 1,739,000 | 1,970,000 | | C&W Panama | 953,600 | 260,400 | 620,500 | 1,856,400 | | Liberty Puerto Rico | 1,178,700 | 580,800 | 1,053,000 | 979,300 | | Liberty Costa Rica | 749,500 | 277,500 | 520,900 | 3,171,700 | | **Total** | **4,620,400** | **1,950,900** | **3,933,400** | **7,977,400** | Total Subscribers by Category as of December 31, 2023 | Category | Count | | :--- | :--- | | Video RGUs | 933,700 | | Internet RGUs | 1,801,400 | | Telephony RGUs | 1,198,300 | | Prepaid Mobile Subscribers | 5,556,500 | | Postpaid Mobile Subscribers | 2,420,900 | [Products and Services](index=18&type=section&id=Products%20and%20Services) - The company offers a comprehensive set of converged services, including mobile, broadband internet, video, and fixed-line telephony, across its markets in the Caribbean and Latin America[59](index=59&type=chunk)[60](index=60&type=chunk) - Mobile services are offered throughout the operating footprint, with postpaid contracts typically ranging from **12 to 36 months** and prepaid options available. Spectrum licenses generally have terms of **10 to 15 years**[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) - Broadband internet services are delivered predominantly via FTTH or HFC networks, with a focus on increasing speeds to support streaming and multi-device usage. In 2023, network extension programs passed or upgraded approximately **349,200 homes**[64](index=64&type=chunk)[66](index=66&type=chunk) - Video services include advanced digital platforms with features like DVR, Video-on-Demand (VoD), and "TV Everywhere" mobile applications. The company also manages sports and entertainment channels in the Caribbean region[68](index=68&type=chunk)[70](index=70&type=chunk) - B2B services are offered across all operations, with C&W having the most developed B2B business. Offerings include enterprise-grade connectivity, data center, hosting, and managed IT solutions[73](index=73&type=chunk) - Liberty Networks operates an extensive subsea and terrestrial fiber optic cable network of approximately **50,000 kilometers** with an activated capacity of over **20 Tbps**, providing connectivity and wholesale solutions to carriers and businesses across the region[74](index=74&type=chunk)[76](index=76&type=chunk)[78](index=78&type=chunk) [Technology and Supply Sources](index=22&type=section&id=Technology%20and%20Supply%20Sources) - The company primarily uses HFC and increasingly FTTH networks for broadband, video, and fixed-line telephony. Over **80% of the network** is capable of delivering speeds of **1 Gbps or more**, utilizing DOCSIS 3.1 and FTTH technologies[81](index=81&type=chunk)[82](index=82&type=chunk) - Mobile networks deliver high-speed services with over **90% LTE population coverage**. The company operates **5G networks** in Puerto Rico and the USVI, serving approximately **95% of the population** there, and is investing in a new virtualized, redundant mobile core in Puerto Rico[86](index=86&type=chunk)[87](index=87&type=chunk) - Content is primarily licensed from third-party providers, including broadcasters and major studios, through multi-year, per-subscriber fee agreements. The company also operates its own channels like Flow Sports in the Caribbean[88](index=88&type=chunk) - A variety of suppliers are used for mobile handsets and customer premises equipment (CPE) like set-top boxes and modems. The company implements dual sourcing strategies to mitigate supply chain risks[91](index=91&type=chunk) [Regulatory Matters](index=25&type=section&id=Regulatory%20Matters) - The company's businesses are regulated in each market, with regulations covering licensing, pricing, competition, and content. Adverse regulatory changes could limit growth and increase operating costs[93](index=93&type=chunk) - In the Caribbean, C&W is the incumbent provider in many jurisdictions and is subject to significant regulatory oversight, including price caps and interconnection rate setting. License renewals are currently in process in key markets like Jamaica and The Bahamas[94](index=94&type=chunk)[95](index=95&type=chunk)[98](index=98&type=chunk) - In Puerto Rico, operations are regulated by the FCC and the local Telecommunications Bureau (TB). The company receives federal funding from the UPR Fund and Connect USVI Fund to deploy and harden networks, but this support is decreasing[122](index=122&type=chunk)[125](index=125&type=chunk)[131](index=131&type=chunk) - In Costa Rica, operations are regulated by MICITT and Sutel. Liberty Telecomunicaciones holds two spectrum concessions, with the first expiring in May 2026 but renewable for an additional **10 years**[151](index=151&type=chunk)[152](index=152&type=chunk) - Regulators in some markets (e.g., Jamaica, ECTEL states) are mandating or considering third-party access to network infrastructure, which could increase competition and adversely impact revenue[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) [Competition](index=34&type=section&id=Competition) - The company operates in a highly competitive environment, facing pressure from incumbent telecom companies, mobile operators, DTH satellite providers, and Over-the-Top (OTT) streaming services[160](index=160&type=chunk)[165](index=165&type=chunk) - Key mobile competitors include Digicel in the Caribbean, Millicom (Tigo) in Panama and Costa Rica, and T-Mobile and Claro in Puerto Rico[161](index=161&type=chunk)[166](index=166&type=chunk) - In broadband, the company competes with cable, DSL, and FTTH providers. A key strategy is speed leadership, offering up to **1 Gbps** in many markets via HFC and FTTH networks[162](index=162&type=chunk)[163](index=163&type=chunk) - Video services face significant competition from DTH providers like DirecTV and Dish Network, as well as OTT services such as Netflix, Disney+, and Max. Piracy is also a major challenge, particularly in jurisdictions with weak copyright enforcement[165](index=165&type=chunk)[166](index=166&type=chunk)[169](index=169&type=chunk) - Fixed-line telephony competes with incumbent operators, other cable providers, and OTT telephony services like WhatsApp. The strategy focuses on value and bundling with other services[175](index=175&type=chunk)[176](index=176&type=chunk) [Human Capital Resources](index=38&type=section&id=Human%20Capital%20Resources) - As of December 31, 2023, the company employed approximately **10,600 full-time employees**. Women represented **41% of the global workforce** and **39% of managerial positions**[180](index=180&type=chunk) - The total employee attrition rate in 2023 was approximately **11.5%**, and the company measured its Employee Net Promoter Score (eNPS) at **+20**[181](index=181&type=chunk) - The company's Equality, Diversity & Inclusion (EDI) strategy focuses on gender equity, LGBTQIA+ inclusion, and race & ethnicity[185](index=185&type=chunk) - Corporate Social Responsibility efforts are focused on Learning, Environment, Access, and Disaster Relief. In 2023, over **1,300 employees** contributed more than **7,800 volunteer hours** during the company-wide "Mission Week" initiative[189](index=189&type=chunk)[190](index=190&type=chunk) [Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) The company faces diverse risks including intense competition, technological changes, complex regulations, foreign currency exposure, substantial leverage, cybersecurity threats, and corporate structure challenges - **Competition and Technology:** The company operates in highly competitive markets and faces risks from technological changes, potential failure to acquire desirable programming on acceptable terms, and dependence on third-party suppliers for equipment and software[200](index=200&type=chunk)[203](index=203&type=chunk)[207](index=207&type=chunk) - **Operational and Regulatory:** A substantial portion of business is outside the U.S., exposing the company to foreign currency exchange risk, political and economic instability, and complex, adverse regulations that could limit growth and increase costs[221](index=221&type=chunk)[228](index=228&type=chunk)[237](index=237&type=chunk) - **Financial:** The business is highly leveraged, with **$8.2 billion in debt** and finance lease obligations as of year-end 2023. This leverage could limit the ability to obtain additional financing and exposes the company to interest rate and credit market risks[263](index=263&type=chunk)[270](index=270&type=chunk) - **Cybersecurity:** The company's systems are vulnerable to security breaches, cyberattacks, and natural disasters, which could disrupt operations, result in data loss, and damage its reputation[284](index=284&type=chunk)[287](index=287&type=chunk) - **Corporate Structure:** As a holding company, its ability to meet financial obligations depends on accessing cash from subsidiaries, which may be restricted. Overlapping directors and officers with Liberty Global could create conflicts of interest[297](index=297&type=chunk)[298](index=298&type=chunk) - **Material Weaknesses:** The company has identified and disclosed continuing material weaknesses in its internal control over financial reporting, which could result in material misstatements in financial statements if not remediated[313](index=313&type=chunk)[314](index=314&type=chunk) [Unresolved Staff Comments](index=60&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None [Cybersecurity](index=60&type=section&id=Item%201C.%20Cybersecurity) The company's cybersecurity program, overseen by the Audit Committee and managed by GISO, aligns with NIST standards and has not materially impacted operations to date - The cybersecurity program is overseen by the Audit Committee, which receives quarterly reports from management and external consultants[317](index=317&type=chunk) - The program is managed by the Global Information Security Office (GISO) and aligns with the NIST cybersecurity framework functions (Identify, Protect, Detect, Respond, Recover)[318](index=318&type=chunk) - The company utilizes third-party cybersecurity vendors for protection and engages experts to perform regular assessments, audits, and reviews of its cybersecurity measures[320](index=320&type=chunk) - As of the filing date, the company has not experienced any cybersecurity threats that have had a material effect on its business strategy, operations, or financial condition[325](index=325&type=chunk) [Properties](index=62&type=section&id=Item%202.%20Properties) The company leases corporate offices and operates through subsidiaries that own or lease fixed assets, including a significant subsea network, which are deemed adequate for current operations - The company leases its corporate office in Denver, Colorado and an operations center in Panama City, Panama[327](index=327&type=chunk) - Subsidiaries own or lease essential assets like office space, headend facilities, distribution equipment, and cell towers. The Liberty Networks segment owns significant portions of its subsea network[327](index=327&type=chunk) [Legal Proceedings](index=62&type=section&id=Item%203.%20Legal%20Proceedings) The company and its subsidiaries are involved in routine litigation, with outcomes not expected to materially differ from estimates, though no assurance is provided - The company and its subsidiaries are involved in litigation relating to claims arising from their operations in the normal course of business[328](index=328&type=chunk) [Mine Safety Disclosures](index=62&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable Part II [Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities](index=63&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Shareholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Liberty Latin America's Class A and C shares trade on Nasdaq, with no cash dividends paid, and the company has an active share repurchase program with **$139 million** remaining authorized - Class A (LILA) and Class C (LILAK) shares trade on the Nasdaq Global Select Market. Class B (LILAB) shares are eligible for the OTC Markets but lack an active trading market[333](index=333&type=chunk) - The company has never paid a cash dividend and has no present intention to do so[336](index=336&type=chunk) - On May 8, 2023, the Board approved an additional **$200 million** for the 2022 Share Repurchase Program, extending it through December 2025[339](index=339&type=chunk) Share Repurchases in Q4 2023 | Period | Class | Total Shares Purchased (millions) | Average Price Paid per Share | | :--- | :--- | :--- | :--- | | Oct 2023 | A | 0.1 | $8.17 | | Oct 2023 | C | 0.8 | $7.63 | | Nov 2023 | A/C | — | $— | | Dec 2023 | A/C | — | $— | - As of December 31, 2023, **$139 million** remained authorized for future share repurchases under the program[342](index=342&type=chunk) [[Reserved]](index=65&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=66&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2023, revenue decreased to **$4.51 billion** due to the Chile JV disposition, while operating income significantly increased to **$518 million** due to lower impairment charges, and net loss narrowed to **$74 million** [Overview](index=66&type=section&id=Overview) - As of December 31, 2023, the company served **7,977,400 mobile subscribers** and had **3,933,400 fixed-line RGUs**, including **1,801,400 broadband internet subscribers**[348](index=348&type=chunk) - In November 2023, the company monetized approximately **1,300 mobile towers**, receiving proceeds of about **$244 million**, which is recorded as debt[349](index=349&type=chunk) - The company's strategy focuses on organic growth through bundled services and network upgrades, as well as selective acquisitions to build scale[353](index=353&type=chunk)[354](index=354&type=chunk) [Results of Operations](index=67&type=section&id=Results%20of%20Operations) Consolidated Operating Results (2023 vs. 2022) | Metric | 2023 (in millions) | 2022 (in millions) | Change (in millions) | | :--- | :--- | :--- | :--- | | Revenue | $4,511.1 | $4,808.6 | $(297.5) | | Operating Income | $517.7 | $86.5 | $431.2 | | Consolidated Adjusted OIBDA | $1,701.6 | $1,709.9 | $(8.3) | | Net Loss | $(86.8) | $(207.8) | $121.0 | | Net Loss Attributable to Shareholders | $(73.6) | $(170.7) | $97.1 | - The decrease in 2023 revenue was primarily driven by the disposition of the Chile JV Entities, which contributed **$450.6 million** in 2022. Organically, revenue was nearly flat[363](index=363&type=chunk)[374](index=374&type=chunk) - The significant increase in operating income was mainly due to a **$532.3 million decrease** in impairment, restructuring, and other operating items compared to the prior year[363](index=363&type=chunk)[424](index=424&type=chunk) - Depreciation and amortization expense increased by **$98 million (11%)** in 2023, primarily due to property and equipment additions from network expansion and upgrades[421](index=421&type=chunk) - Interest expense increased by **$45 million** in 2023 due to higher weighted-average interest rates, partially offset by lower average debt balances following the Chile JV disposition[425](index=425&type=chunk) [Liquidity and Capital Resources](index=86&type=section&id=Liquidity%20and%20Capital%20Resources) Cash and Cash Equivalents by Group (Dec 31, 2023) | Holding Group | Cash (in millions) | | :--- | :--- | | Liberty Latin America and unrestricted subsidiaries | $100.3 | | C&W | $737.9 | | Liberty Puerto Rico | $119.9 | | Liberty Costa Rica | $30.5 | | **Total** | **$988.6** | Consolidated Cash Flow Summary (2023 vs. 2022) | Cash Flow Activity | 2023 (in millions) | 2022 (in millions) | | :--- | :--- | :--- | | Net cash from operating activities | $897.0 | $868.8 | | Net cash used by investing activities | $(615.8) | $(1,122.6) | | Net cash used by financing activities | $(62.4) | $(29.2) | - Total debt and finance lease obligations aggregated **$8.25 billion** as of December 31, 2023, with a weighted average interest rate of **7.1%** (**6.0%** including derivative impacts)[451](index=451&type=chunk)[453](index=453&type=chunk) - Property and equipment additions totaled **$730.9 million** in 2023, a decrease from **$816.3 million** in 2022, mainly due to the disposition of the Chile JV Entities[459](index=459&type=chunk) - Financing activities in 2023 included **$137 million** in net debt borrowings (including **$244 million** from Tower Transactions), offset by **$118 million** in share repurchases and **$75 million** in distributions to noncontrolling interest owners[460](index=460&type=chunk) Contractual Commitments as of December 31, 2023 | Obligation | Total (in millions) | Less than 1 year (in millions) | 1-3 years (in millions) | 3-5 years (in millions) | More than 5 years (in millions) | | :--- | :--- | :--- | :--- | :--- | :--- | | Debt (excluding interest) | $8,242.2 | $586.9 | $59.9 | $5,498.9 | $2,096.5 | | Operating leases | $769.7 | $123.0 | $218.2 | $167.7 | $260.8 | | Other | $97.5 | $52.3 | $27.4 | $14.5 | $3.3 | | **Total** | **$9,109.4** | **$762.2** | **$305.5** | **$5,681.1** | **$2,360.6** | [Critical Accounting Policies, Judgments and Estimates](index=91&type=section&id=Critical%20Accounting%20Policies%2C%20Judgments%20and%20Estimates) - The company's critical accounting policies involve significant judgment and estimates, particularly regarding the impairment of property, equipment, and intangible assets (including goodwill), and fair value measurements in acquisition accounting[468](index=468&type=chunk) - Goodwill and other indefinite-lived intangible assets are tested for impairment at least annually (on July 1) or when triggering events occur. The fair value of reporting units is typically determined using a discounted cash flow model, which requires significant management judgment on estimates like subscriber growth, margins, and discount rates[471](index=471&type=chunk)[472](index=472&type=chunk) - No goodwill impairments were recorded in 2023. However, significant goodwill impairments of **$555 million** and **$605 million** were recorded in 2022 and 2021, respectively, related to the C&W Caribbean segment[473](index=473&type=chunk) - Acquisition accounting requires estimating the fair value of acquired assets and liabilities, including property and equipment, customer relationships, and spectrum licenses, which impacts future depreciation and amortization expenses[474](index=474&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=92&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from foreign currency fluctuations, primarily CRC and JMD, and interest rate changes on its **$3.0 billion** variable-rate debt, which is largely hedged, and manages counterparty credit risk - The company is exposed to foreign currency risk, primarily from the Costa Rican colón (CRC) and Jamaican dollar (JMD), which represented **12%** and **9% of 2023 revenue**, respectively. The company generally does not hedge against translation risk[481](index=481&type=chunk) - Interest rate risk is managed through derivative instruments. As of December 31, 2023, **96% of the company's total debt** was at a fixed or capped interest rate after accounting for these derivatives[486](index=486&type=chunk) - The company's variable-rate debt totaled **$3.0 billion** at year-end 2023. A hypothetical **0.50% (50 basis point) increase** in the variable interest rate would increase annual interest expense by **$15 million**, before considering the offsetting effects of derivative contracts[487](index=487&type=chunk) - Counterparty credit risk is spread across a broad base of financial institutions for derivative instruments and undrawn debt facilities. At year-end 2023, exposure included **$989 million in cash** and **$869 million in undrawn credit facilities**[488](index=488&type=chunk)[489](index=489&type=chunk) [Financial Statements and Supplementary Data](index=95&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for 2021-2023, including balance sheets, income statements, cash flows, and detailed notes, along with the independent auditor's report [Report of Independent Registered Public Accounting Firm](index=99&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) - KPMG LLP issued an unqualified opinion on the consolidated financial statements, stating they present fairly, in all material respects, the financial position and results of operations of Liberty Latin America Ltd. in conformity with U.S. GAAP[521](index=521&type=chunk)[529](index=529&type=chunk) - KPMG LLP issued an adverse opinion on the effectiveness of the company's internal control over financial reporting as of December 31, 2023, due to the existence of material weaknesses[520](index=520&type=chunk)[530](index=530&type=chunk) - The identified material weaknesses relate to: (1) insufficient number of resources with appropriate skills, (2) ineffective information and communication processes, (3) ineffective IT risk assessment and general IT controls (GITCs), and (4) consequent deficiencies in process-level controls across major financial reporting cycles[523](index=523&type=chunk) - A critical audit matter identified was the assessment of goodwill impairment for certain reporting units, which required a high degree of subjective auditor judgment regarding key assumptions like projected revenues, costs, discount rates, and terminal growth rates[534](index=534&type=chunk)[535](index=535&type=chunk) [Consolidated Financial Statements](index=103&type=section&id=Consolidated%20Financial%20Statements) Consolidated Balance Sheet Data (As of Dec 31) | Account | 2023 (in millions) | 2022 (in millions) | | :--- | :--- | :--- | | Total Current Assets | $2,412.2 | $2,078.9 | | Goodwill | $3,483.4 | $3,421.3 | | Property and equipment, net | $4,205.7 | $4,293.6 | | **Total Assets** | **$13,594.6** | **$13,575.2** | | Total Current Liabilities | $2,132.6 | $1,773.8 | | Long-term debt and finance lease obligations | $7,598.0 | $7,653.8 | | **Total Liabilities** | **$11,284.9** | **$11,018.5** | | **Total Equity** | **$2,309.7** | **$2,556.7** | Consolidated Statement of Operations Data (Year Ended Dec 31) | Account | 2023 (in millions) | 2022 (in millions) | 2021 (in millions) | | :--- | :--- | :--- | :--- | | Revenue | $4,511.1 | $4,808.6 | $4,811.3 | | Operating Income | $517.7 | $86.5 | $63.8 | | Net Loss | $(86.8) | $(207.8) | $(490.6) | | Net Loss Attributable to Shareholders | $(73.6) | $(170.7) | $(440.6) | | Basic and Diluted EPS | $(0.35) | $(0.77) | $(1.89) | Consolidated Statement of Cash Flows Data (Year Ended Dec 31) | Account | 2023 (in millions) | 2022 (in millions) | 2021 (in millions) | | :--- | :--- | :--- | | Net cash from operating activities | $897.0 | $868.8 | $1,016.2 | | Net cash used by investing activities | $(615.8) | $(1,122.6) | $(1,268.6) | | Net cash from (used by) financing activities | $(62.4) | $(29.2) | $426.6 | [Notes to Consolidated Financial Statements](index=112&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - **(Note 5) Acquisitions:** A pending acquisition of Dish Network's spectrum assets in Puerto Rico and USVI for **$256 million** is expected to close in 2024. The note also details the final purchase price allocation for the 2022 Claro Panama acquisition and the 2021 Liberty Telecomunicaciones acquisition[647](index=647&type=chunk)[648](index=648&type=chunk)[653](index=653&type=chunk) - **(Note 6) Disposition:** In October 2022, the company contributed its Chile JV Entities to form a **50:50 joint venture** with América Móvil, resulting in a pre-tax gain of **$169 million**. The investment in the Chile JV is now accounted for using the equity method, and its carrying value was zero at year-end 2023[661](index=661&type=chunk)[666](index=666&type=chunk)[667](index=667&type=chunk) - **(Note 8) Long-lived Assets:** Goodwill stood at **$3.5 billion** at year-end 2023. Impairment charges in 2023 totaled **$67.0 million**, primarily related to operating lease right-of-use assets in C&W Panama. This compares to significant goodwill impairments of **$555.3 million** in 2022 and **$605.1 million** in 2021 in the C&W Caribbean segment[686](index=686&type=chunk)[691](index=691&type=chunk) - **(Note 10) Debt:** Total debt was **$8.24 billion** at year-end 2023. This includes proceeds of **$244 million** from the 2023 Tower Transactions, which are accounted for as a financial liability. The note details the debt structure by borrowing group (C&W, Liberty Puerto Rico, Liberty Costa Rica) and maturities[705](index=705&type=chunk)[708](index=708&type=chunk) - **(Note 12) Equity:** The company repurchased **$118.3 million** of its common shares in 2023. As of December 31, 2023, **$139 million** remained available under the 2022 Share Repurchase Program[754](index=754&type=chunk)[757](index=757&type=chunk) - **(Note 16) Income Taxes:** The company recorded an income tax expense of **$24.4 million** in 2023 on a pre-tax loss of **$62.4 million**. The effective tax rate is influenced by differing international rates, permanent differences, and changes in valuation allowances against deferred tax assets[779](index=779&type=chunk)[782](index=782&type=chunk) - **(Note 20) Segment Reporting:** The note provides a detailed breakdown of revenue and Adjusted OIBDA by reportable segment (C&W Caribbean, C&W Panama, Liberty Networks, Liberty Puerto Rico, Liberty Costa Rica) and by major product category (residential fixed, residential mobile, B2B)[809](index=809&type=chunk)[814](index=814&type=chunk)[821](index=821&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=95&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None [Controls and Procedures](index=95&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls were ineffective as of December 31, 2023, due to material weaknesses in internal control over financial reporting, for which a remediation plan is underway - Management concluded that disclosure controls and procedures were not effective as of December 31, 2023, due to material weaknesses in internal control over financial reporting[502](index=502&type=chunk) - The continuing material weaknesses include: (1) insufficient number of resources with appropriate skills, (2) ineffective information and communication processes, and (3) ineffective IT risk assessment and general information technology controls (GITCs)[507](index=507&type=chunk)[508](index=508&type=chunk) - These deficiencies create a reasonable possibility that a material misstatement to the financial statements will not be prevented or detected on a timely basis[508](index=508&type=chunk) - Management's remediation plan includes hiring more skilled individuals, enhancing communication processes (including implementing a new ERP), and improving the design and implementation of GITCs and process-level controls[511](index=511&type=chunk) - The independent auditor, KPMG LLP, issued an adverse report on the operating effectiveness of the company's internal control over financial reporting[510](index=510&type=chunk) [Other Information](index=97&type=section&id=Item%209B.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q4 2023 - No directors or officers adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the three months ended December 31, 2023[514](index=514&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=98&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable Part III [Directors, Executive Officers and Corporate Governance](index=170&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information required for this item is incorporated by reference from the company's definitive proxy statement for its 2024 Annual General Meeting of Shareholders - Information is incorporated by reference to the definitive proxy statement for the 2024 Annual General Meeting of Shareholders[847](index=847&type=chunk) [Executive Compensation](index=170&type=section&id=Item%2011.%20Executive%20Compensation) Information required for this item is incorporated by reference from the company's definitive proxy statement for its 2024 Annual General Meeting of Shareholders - Information is incorporated by reference to the definitive proxy statement for the 2024 Annual General Meeting of Shareholders[847](index=847&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters](index=170&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Shareholder%20Matters) Information required for this item is incorporated by reference from the company's definitive proxy statement for its 2024 Annual General Meeting of Shareholders - Information is incorporated by reference to the definitive proxy statement for the 2024 Annual General Meeting of Shareholders[849](index=849&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=170&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information required for this item is incorporated by reference from the company's definitive proxy statement for its 2024 Annual General Meeting of Shareholders - Information is incorporated by reference to the definitive proxy statement for the 2024 Annual General Meeting of Shareholders[849](index=849&type=chunk) [Principal Accountant Fees and Services](index=170&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information on principal accountant fees and services is incorporated by reference from the 2024 proxy statement, with KPMG LLP serving as the independent auditor - Information is incorporated by reference to the definitive proxy statement for the 2024 Annual General Meeting of Shareholders[847](index=847&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=171&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements and exhibits filed with the report, noting the omission of schedules where information is not applicable or included elsewhere - The financial statements required under this item are included in the report[851](index=851&type=chunk) - All financial statement schedules have been omitted because the required information is not applicable, not present in sufficient amounts, or is included in the consolidated financial statements and notes[852](index=852&type=chunk) - A detailed list of exhibits filed with the Form 10-K is provided, including corporate governance documents, material contracts, and certifications[853](index=853&type=chunk) [Form 10-K Summary](index=174&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company has not provided a summary for Form 10-K - None