Subscriber Growth - Liberty Latin America added approximately 100,000 organic fixed and mobile subscribers in 2024[1] - C&W Panama achieved over 100,000 mobile subscriber additions in 2024, with a double-digit Adjusted OIBDA growth of 18%[5] - Liberty Costa Rica saw over 110,000 postpaid additions in 2024, a 31% increase year-over-year, with double-digit revenue and Adjusted OIBDA growth[5] - Total mobile subscribers increased by 65,000 in Q4 2024, with net additions of 52,000 prepaid and 13,000 postpaid subscribers[22] - Total C&W Caribbean subscribers reached 1,695,100, with a total of 3,987,600 subscribers across all segments[43] - Liberty Puerto Rico segment reported 1,061,600 customer relationships, contributing to a total of 8,054,300 subscribers[43] Revenue Performance - Revenue for Q4 2024 was $1,150 million, a decrease of 1% year-over-year, while FY 2024 revenue was $4,457 million, also down 1%[4] - Liberty Puerto Rico's revenue for Q4 2024 was $316.5 million, a decrease of 10% compared to Q4 2023, with Adjusted OIBDA of $79.9 million, down 23%[37] - Liberty Costa Rica's revenue for Q4 2024 was CRC 85.8 billion, an increase of 9% year-over-year, with Adjusted OIBDA of CRC 34.2 billion, up 11%[40] - Total revenue for the year ended December 31, 2023, was reported at $4,511.1 million, with a reported percentage change of 2% compared to the previous year[77] Adjusted OIBDA - Adjusted OIBDA for Q4 2024 was $427 million, a decrease of 1% year-over-year, and FY 2024 Adjusted OIBDA was $1,594 million, down 6%[4] - Adjusted OIBDA for C&W Caribbean increased by 5% and 6% on a reported and rebased basis, respectively, with an Adjusted OIBDA margin improvement of over 150 basis points year-over-year to 45% in Q4 2024[12] - C&W Panama's Adjusted OIBDA rose by 19% on both a reported and rebased basis, driven by product mix and synergies from the Claro Panama acquisition[14] - Total reported Adjusted OIBDA decreased by 1% and 6% for Q4 and the full year 2024, respectively, as organic reductions in Liberty Puerto Rico were partly offset by growth in C&W Panama, C&W Caribbean, and Liberty Costa Rica[13] - Adjusted OIBDA for Q4 2024 was $307.8 million, up 7% from $288.2 million in Q4 2023[33] - Adjusted OIBDA for Liberty Costa Rica in Q4 2024 was 34.2 billion CRC, up from 30.8 billion CRC in Q4 2023, indicating an increase of 10.4%[89] Operating Income and Loss - The company reported an operating income of $128 million for Q4 2024, an increase from $113 million in Q4 2023[12] - Operating income for Q4 2024 reached $112.6 million, representing a 74% increase compared to $64.7 million in Q4 2023[33] - Liberty Puerto Rico reported an operating loss of $7.7 million in Q4 2024, compared to an operating income of $9.7 million in Q4 2023[89] Debt and Financial Obligations - The total debt and finance lease obligations amounted to $8,138.8 million as of December 31, 2024, with cash and cash equivalents of $667.3 million[18] - As of December 31, 2024, C&W's total third-party net debt was $4.4 billion, with a Fully-swapped Borrowing Cost of 5.7% and an average debt tenor of approximately 4.3 years[35] - Liberty Puerto Rico's total debt and finance lease obligations amounted to $2.775 billion as of December 31, 2024, with a net carrying amount of $2.722 billion[38] - The total debt and finance lease obligations as of December 31, 2024, amounted to $8,080.2 million[84] Capital Expenditures - Capital expenditures for the year ended December 31, 2024, totaled $540.4 million, slightly down from $585.0 million in 2023[16] - Property and equipment additions for the year ended December 31, 2024, totaled $381.0 million, a 5% decrease from $399.7 million in 2023[33] - Property and equipment additions as a percentage of revenue were 20.9% for Q4 2024, up from 17.8% in Q4 2023[16] Strategic Initiatives - The company anticipates continued demand for connectivity in the region and plans to focus on digital strategy and product innovation[28] - The company is undergoing adjustments related to the migration to a new prepaid billing system, impacting customer relationships and video subscribers[23] - The company is focused on expanding its network capacity to support growth and service expansions, which includes significant capital investments[59] - The company’s strategy includes exploring new product offerings and market expansions to enhance customer relationships and revenue streams[62] Cash Flow - Adjusted free cash flow (FCF) before distributions to noncontrolling interest owners was $196 million in Q4 2024, down from $218 million in Q4 2023[4] - Adjusted Free Cash Flow (FCF) for Q4 2024 was $163.2 million, down from $183.7 million in Q4 2023, indicating a decrease of 11.5%[69] - Net cash provided by operating activities increased to $398.6 million in Q4 2024 from $390.5 million in Q4 2023, showing a growth of 2.8%[69] Acquisition and Adjustments - The company completed the LPR Acquisition on September 3, 2024, which is expected to impact future revenue and Adjusted OIBDA growth rates[70] - Cash payments for direct acquisition and disposition costs were $2.9 million in Q4 2024, compared to $0.9 million in Q4 2023, indicating an increase of 222.2%[69] - Liberty's acquisition adjustments for the year included $1.4 million related to revenue[79]

Subscriber and Network 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] - Fixed networks passed 4,713,000 homes as of September 30, 2024[178] 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 triggered by Hurricane Beryl, recorded as a derivative gain 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 at closing and 37.5% due by January 29, 2027[183] Financial Performance Overview - Q3 2024 revenue decreased by $36.6 million YoY, with organic decline of $42.0 million partially offset by FX and acquisition impacts[188] - Operating loss for Q3 2024 was $379.6 million, compared to $542.3 million in Q3 2023, with organic decline of $543.1 million[189] - 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] - Operating income for the nine months ended September 30, 2024 was a loss of $176.0 million, compared to a profit of $404.7 million in 2023, representing a $580.7 million decrease[191] - Consolidated Adjusted OIBDA for the nine months ended September 30, 2024 was $1,166.4 million, a decrease of $103.3 million (8.1%) compared to $1,269.7 million in 2023[193] - Adjusted OIBDA Margin for C&W Caribbean improved to 42.6% for the nine months ended September 30, 2024, up from 40.8% in 2023[198] - Liberty Networks' Adjusted OIBDA Margin declined to 53.8% for the nine months ended September 30, 2024, compared to 58.9% in 2023[198] Cost and Expense Analysis - Programming and other direct costs decreased by $29.8 million organically in Q3 2024[189] - Programming and other direct costs decreased by $22.8 million (3.1%) for the nine months ended September 30, 2024, with organic decrease of $30.5 million[191] - Other operating costs and expenses increased by $66.3 million (4.7%) for the nine months ended September 30, 2024, with organic increase 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 increase of $20.6 million[191] - Impairment, restructuring and other operating items increased significantly by $472.0 million for the nine months ended September 30, 2024 compared to 2023[191] - Integration costs for Liberty Puerto Rico segment were $17 million for the nine months ended September 30, 2024, compared to $13 million in 2023 across multiple segments[198] Segment Revenue Performance - Total revenue for the three months ended September 2024 decreased by $36.6 million to $1,089.2 million compared to $1,125.8 million in 2023, with an organic decrease 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 an organic decrease 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, driven by higher postpaid mobile subscribers[208] - C&W Panama's total revenue for the three months ended September 2024 decreased by $2.4 million to $188.0 million, with a 13% decrease in B2B revenue[214] - Residential fixed subscription revenue for C&W Panama increased by $1.6 million to $31.2 million for the three months ended September 2024, a 5% increase[214] - Total residential revenue for C&W Panama increased by $8.3 million to $118.9 million for the three months ended September 2024, an 8% increase[214] - Residential mobile service revenue for C&W Panama increased by $4.5 million to $70.5 million for the three months ended September 2024, a 7% increase[214] - B2B revenue for C&W Panama decreased by $10.7 million to $69.1 million for the three months ended September 2024, a 13% decrease[214] - 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 revenue decreased by $43 million (12%) in the three-month comparison, with residential revenue decreasing by $38.4 million (13%) and B2B revenue decreasing by $2.7 million (5%)[227] - Liberty Puerto Rico's total revenue decreased by $120.2 million (11%) in the nine-month comparison, with residential revenue decreasing by $104.4 million (12%) and B2B revenue decreasing by $6 million (4%)[229] - Liberty Puerto Rico's residential mobile service revenue decreased by $16.6 million (17%) in the three-month comparison and $47.3 million (16%) in the nine-month comparison, primarily due to declines in the average number of mobile subscribers[232] - Liberty Puerto Rico's residential fixed subscription revenue decreased by $3.5 million (3%) in the three-month comparison and $1.4 million (0%) in the nine-month comparison, primarily due to lower ARPU from broadband internet, video, and fixed-line telephony services[231] - Liberty Puerto Rico's residential mobile interconnect, inbound roaming, equipment sales, and other revenue decreased by $16.5 million (28%) in the three-month comparison and $53.2 million (29%) in the nine-month comparison, primarily driven by lower equipment sales and inbound roaming revenue[232] - 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 related to FCC funds[235] - Residential fixed subscription revenue decreased by $2.0 million (6%) in Q3 2024 compared to Q3 2023[236] - Residential fixed non-subscription revenue increased by $3.6 million (90%) in Q3 2024 compared to Q3 2023[236] - Residential mobile service revenue increased by $7.3 million (12%) in Q3 2024 compared to Q3 2023[236] - Total residential revenue increased by $9.4 million (8%) in Q3 2024 compared to Q3 2023[236] - B2B revenue increased by $1.5 million (10%) in Q3 2024 compared to Q3 2023[236] - Total revenue increased by $10.9 million (8%) in Q3 2024 compared to Q3 2023[236] - Residential fixed subscription revenue decreased by $5.4 million in the nine months ended September 2024 compared to the same period in 2023[237] - Residential fixed non-subscription revenue increased by $16.1 million (17%) in the nine months ended September 2024 compared to the same period in 2023[237] - Residential mobile service revenue increased by $25.5 million in the nine months ended September 2024 compared to the same period in 2023[237] - Total revenue increased by $46.0 million in the nine months ended September 2024 compared to the same period in 2023[237] Revenue and Cost Breakdown by Category - 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] - 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 Networks segment saw a $2.2 million (12.6%) decrease in total programming and other direct costs of services to $15.2 million in Q3 2024[256] - Liberty Puerto Rico segment experienced a $17.3 million (17.7%) decrease in total programming and other direct costs of services to $80.3 million in Q3 2024[259] - Liberty Costa Rica segment reported a $3.6 million (12.7%) increase in total programming and other direct costs of services to $31.9 million in Q3 2024[265] - Equipment costs in Liberty Costa Rica increased by $3.3 million (27.7%) to $15.2 million in Q3 2024, driven by 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] Operating Costs and Expenses - Personnel and contract labor costs increased by $10.7 million (8.2%) organically in 2024 compared to 2023, driven by higher salaries, capitalized labor, and bonus-related expenses[270][274] - Network-related costs decreased by $6.1 million (9.4%) organically in 2024, primarily due to lower power consumption and rates[270][275] - Service-related costs increased by $10.4 million (19.9%) organically in 2024, mainly due to higher professional services expenses[270][277] - Total other operating costs and expenses increased by $5.9 million (1.3%) organically in 2024, reaching $470.1 million[270] - C&W Caribbean segment saw a $5.6 million (3.6%) organic decrease in total operating costs, driven by lower network and service-related expenses[273][277] - C&W Panama segment reduced total operating costs by $12.8 million (6.2%) in 2024, with facility-related costs decreasing by $16.7 million (25.1%) due to synergies from the Claro Panama Acquisition[281][282] - Liberty Networks segment increased total operating costs by $4.5 million (14.3%) organically in 2024, primarily due to higher facility and network-related expenses[285] - Hurricane Beryl-related restoration costs impacted facility expenses in the C&W Caribbean segment, contributing to a $6.2 million increase in the nine-month comparison[278] - Marketing and commissions expenses in the C&W Panama segment increased by $2.8 million (13.5%) as the company targeted customers from a competitor exiting the market[282] - Share-based compensation and employee incentive plan-related expenses decreased by $8.2 million (34.0%) in 2024, reflecting lower headcount and restructuring efforts[270][281] - Personnel and contract labor increased by $14.6 million (12.9%) organically for the nine months ended September 30, 2024, primarily due to 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, primarily due to 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 $12.4 million (23.4%) organically for the nine months ended September 30, 2024, primarily 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%) of the increase being organic[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 expense and lower capitalized labor[305] - Share-based compensation and other Employee Incentive Plan-related expense 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, Amortization, and Impairment - 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 and Financial Expenses - 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 amendments to derivative contracts[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] Tax and Net Loss - 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] Cash Flow 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, 202

Revenue Performance - Reported revenue for Q3 2024 was $1.1 billion, a 3% decline year-over-year, primarily driven by a reduction in Liberty Puerto Rico's organic revenue[9][10] - Liberty Puerto Rico's revenue decreased by 12% year-over-year, with residential mobile revenue down 21% due to subscriber migration issues[15][17] - Liberty Costa Rica achieved an 8% revenue growth year-over-year, benefiting from a $5 million positive foreign exchange impact[19] - As of September 30, 2024, the total revenue was $636.5 million, a decrease of 1% compared to $640.9 million in the same period of 2023[51] - For the nine months ended September 30, 2024, revenue increased by 2% to $1.919.1 billion compared to $1.882.6 billion in the same period of 2023[52] - The company reported a rebased revenue of $3,374.8 million for the nine months ended September 30, 2024, reflecting a rebased percentage change of (2)% compared to the previous year[95] - Liberty Puerto Rico reported Q3 2024 revenue of $308.2 million, a decrease of 12% compared to Q3 2023[57] Adjusted OIBDA - Adjusted OIBDA for Q3 2024 was $403 million, down 6% from $428 million in Q3 2023[5][20] - Adjusted OIBDA for Q3 2024 decreased by 6% to $403.1 million compared to Q3 2023, and YTD decreased by 8% to $1,166.4 million[23] - C&W Caribbean reported a 5% increase in Adjusted OIBDA to $157.7 million, with an improved margin of 43.9%[24] - C&W Panama saw a 17% increase in Adjusted OIBDA to $68.7 million, attributed to lower project costs and synergies from the Claro Panama acquisition[24] - Liberty Puerto Rico experienced a 24% decline in Adjusted OIBDA to $88.2 million, primarily due to revenue decline and lower handset sales[26] - Adjusted OIBDA for the nine months ended September 30, 2024, was not explicitly stated but is included in the rebased growth calculations[89] - Adjusted OIBDA for the three months ended September 30, 2024, was $286.5 million, compared to $273.4 million for the same period in 2023, representing an increase of 4.8%[107] Operating Income - Operating income for Q3 2024 was a loss of $380 million, compared to a profit of $163 million in Q3 2023, primarily due to goodwill impairment[20][21] - Operating income as a percentage of revenue improved to 14.8% in Q3 2024, compared to 14.1% in Q3 2023[51] - The company experienced a 96% decrease in operating income for the three months ended September 30, 2024, compared to the previous quarter[101] - Operating income for the C&W borrowing group for the three months ended September 30, 2024, was $94.4 million, compared to $90.2 million in 2023, showing an increase of 2.4%[107] Capital Expenditures - Total capital expenditures for Q3 2024 were $126.5 million, down from $149.8 million in Q3 2023[29] - Property and equipment additions for Q3 2024 totaled $170.7 million, a decrease from $187.2 million in Q3 2023[29] - Property and equipment additions decreased by 17% to $87.9 million in Q3 2024 from $106.0 million in Q3 2023[51] - The company reported a capital expenditure of $(126.5) million for September 2024, down from $(149.8) million in September 2023[87] Debt and Financial Ratios - The company completed a $1 billion debt refinancing in the C&W credit silo, positioning for improved financial performance[2] - The company reported a total debt of $8,206.8 million as of September 30, 2024[33] - Consolidated gross leverage ratio as of September 30, 2024, was 5.2x, slightly down from 5.3x in June 2024[34] - As of September 30, 2024, the total third-party net debt was $4.5 billion, with a fully-swapped borrowing cost of 5.5% and an average tenor of approximately 3.3 years[53] - C&W's Covenant Proportionate Net Leverage Ratio was 4.0x, with maximum undrawn commitments of $534 million as of September 30, 2024[55] - The consolidated leverage ratio as of September 30, 2024, was 5.2x, while the net leverage ratio was 4.8x, indicating a slight improvement from the previous quarter[101] - Total debt and finance lease obligations as of September 30, 2024, amounted to $8,155.9 million, up from $8,080.7 million as of June 30, 2024[101] Subscriber Growth - The company added nearly 50,000 broadband and postpaid subscribers in Costa Rica and Panama, doubling the prior-year period[3] - The total number of mobile subscribers increased by 77,000, with a net addition of 81,000 subscribers in Liberty Puerto Rico due to the acquisition of spectrum and prepaid subscribers from EchoStar[38][41] - Total mobile subscribers increased to 7,989,300, including 2,448,200 postpaid subscribers[69] Customer Metrics - C&W Caribbean reported a decrease in ARPU per customer relationship to $48.06, down 3% from $49.38 in the previous quarter[39] - Mobile ARPU for C&W Caribbean increased to $15.62, a 6% increase from $14.78 in the previous quarter[40] - The net promoter score (NPS) is utilized to gauge customer satisfaction and loyalty[74] Operational Efficiency - Adjusted OIBDA is a key performance measure, reflecting the company's operational efficiency[84] - The company is focused on expanding its market presence through new product offerings and technology innovations[69] - The company anticipates benefits from its FTTH broadband investment in Peru and submarine expansion projects connecting Colombia, Panama, Mexico, and the USA[43]

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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Bermuda 98-1386359 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 2 Church Street, Hamilton HM 11 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file ...

[Item 1. Business](index=10&type=section&id=Item%201.%20Business) Liberty Latin America is an international telecommunications provider offering converged fixed, mobile, and subsea services across Latin America and the Caribbean, focusing on network expansion, strategic acquisitions, and managing diverse regulatory and competitive landscapes [General Development of Business](index=10&type=section&id=1.1%20General%20Development%20of%20Business) Liberty Latin America Ltd. is a Bermuda-registered international provider of fixed, mobile, and subsea telecommunications services across Latin America and the Caribbean, expanding through network build-outs, upgrades, and strategic acquisitions - Liberty Latin America is an international provider of fixed, mobile, and subsea telecommunications services, operating in over 20 countries across Latin America and the Caribbean, Puerto Rico, USVI, and 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** additional homes and commercial premises in the past three years[26](index=26&type=chunk) - Key strategic transactions include: monetization of ~**1,300 mobile tower sites** (November 2023), agreement to acquire Dish Network spectrum assets in Puerto Rico and USVI (November 2023, expected to close 2024), formation of Chile JV (October 2022), acquisition of América Móvil's Panama operations (July 2022), and acquisition of Telefónica's Costa Rica wireless operations (August 2021)[28](index=28&type=chunk)[31](index=31&type=chunk) [Description of Business](index=13&type=section&id=1.2%20Description%20of%20Business) Liberty Latin America is a leading communications company offering converged mobile, broadband, video, and fixed-line telephony services to residential and business customers across Puerto Rico, Panama, Costa Rica, and the Caribbean, leveraging an extensive subsea and terrestrial fiber optic cable network - The company is a leading communications provider in Puerto Rico, Panama, Costa Rica, the Caribbean (including Jamaica), and other parts of Latin America[35](index=35&type=chunk) - Services offered include video, broadband internet, telephony, and mobile services, often bundled for residential and business customers[35](index=35&type=chunk) - Business products include enterprise-grade connectivity, data center, hosting, managed solutions, and IT solutions, supported by a subsea and terrestrial fiber optic cable network connecting approximately 40 markets[36](index=36&type=chunk) [Operating Data](index=15&type=section&id=1.3%20Operating%20Data) As of December 31, 2023, Liberty Latin America's fixed networks passed over 4.6 million homes and served nearly 4 million revenue-generating units (RGUs) and almost 8 million mobile subscribers, with network penetration varying by region Operating Data as of December 31, 2023 | Metric | Value | | :---------------------- | :---------- | | Homes Passed | 4,620,400 | | Customer Relationships | 1,950,900 | | Total RGUs | 3,933,400 | | Video RGUs | 933,700 | | Internet RGUs | 1,801,400 | | Telephony RGUs | 1,198,300 | | Mobile Subscribers | 7,977,400 | | Prepaid Mobile Subscribers | 5,556,500 | | Postpaid Mobile Subscribers | 2,420,900 | Fixed Network and Product Penetration Data (%) as of December 31, 2023 | Market | Cable Homes Passed (%) | FTTH Homes Passed (%) | Television Penetration (%) | Broadband Internet Penetration (%) | | :---------------- | :--------------------- | :-------------------- | :------------------------- | :------------------------------- | | Panama | 37 | 57 | 15 | 24 | | Jamaica | 42 | 47 | 18 | 45 | | The Bahamas | — | 74 | 6 | 21 | | Trinidad and Tobago | 99 | 1 | 28 | 38 | | Barbados | — | 100 | 28 | 56 | | Other C&W | 58 | 39 | 19 | 52 | | Costa Rica | 80 | 20 | 24 | 35 | | Puerto Rico | 87 | 13 | 20 | 46 | [Products and Services](index=18&type=section&id=1.4%20Products%20and%20Services) Liberty Latin America offers a comprehensive suite of converged mobile, broadband, video, and fixed-line telephony services, expanding high-speed networks and deploying 5G, while relying on diverse third-party suppliers for content and equipment - The company offers mobile, broadband internet, video, and fixed-line telephony services across its operating footprint, with mobile services available on postpaid or prepaid basis[59](index=59&type=chunk)[60](index=60&type=chunk)[63](index=63&type=chunk) - Network expansion and upgrade programs (Network Extensions) passed or upgraded approximately **349,200 homes** in 2023, with over **80% of the network** capable of delivering speeds of **1 Gbps or above** through FTTH and DOCSIS 3.1[64](index=64&type=chunk)[82](index=82&type=chunk) - Content strategy emphasizes product accessibility (home and mobile screens), diverse propositions (channels, VoD, streaming), strategic partnerships, and variety across entertainment categories[88](index=88&type=chunk) [Residential Services](index=18&type=section&id=1.4.1%20Residential%20Services) Residential services include mobile, broadband internet, video, and fixed-line telephony, with mobile spectrum licenses typically 10-15 years, broadband expanding with FTTH/HFC, video offering digital platforms, and fixed-line transitioning to VoIP - Mobile services are offered on postpaid or prepaid basis, with contract terms typically 12-36 months for postpaid and no minimum for prepaid; spectrum licenses generally last 10-15 years, with Puerto Rico/USVI licenses often perpetual[62](index=62&type=chunk)[63](index=63&type=chunk) - Broadband internet services are expanding through FTTH or HFC networks, with a focus on increasing speeds and offering next-generation WiFi products; multiple tiers of internet service are available, with pricing based on speed and market conditions[64](index=64&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk) - Video services, offered in most markets, include digital television platforms with DVR, VoD, and access to streaming services via apps like 'Flow Sports' and 'Liberty Go'; multiple tiers of programming are available, often with discounts for bundled services[68](index=68&type=chunk)[69](index=69&type=chunk) - Fixed-line telephony services are provided over HFC, FTTH, and copper networks, with a strategic shift towards VoIP technology and modern fiber optics to enhance customer experience[71](index=71&type=chunk)[72](index=72&type=chunk) [Business Services](index=20&type=section&id=1.4.2%20Business%20Services) The company offers B2B services leveraging its extensive fixed and mobile infrastructure, with Liberty Networks providing integrated communication and cloud solutions across Latin America and the Caribbean via its 50,000 km subsea and terrestrial fiber optic cable network - B2B services are offered across operations, with C&W having the most developed business; Liberty Puerto Rico and Liberty Costa Rica segments present future growth opportunities in B2B[73](index=73&type=chunk) - Liberty Networks provides integrated communication and cloud services, connectivity, and wholesale solutions to hyper scalers, carriers, and businesses using approximately **50,000 kilometers** of fiber optic cable with over **20 Tbps** activated capacity[74](index=74&type=chunk)[78](index=78&type=chunk) - Business services include VoIP, data services (VPN, MPLS, SDWAN), wireless services, and value-added managed services (Cloud Infrastructure, Cyber Security, Managed WiFi, IoT, Telehealth)[79](index=79&type=chunk)[81](index=81&type=chunk) [Technology](index=22&type=section&id=1.4.3%20Technology) The company primarily uses HFC and FTTH networks for broadband, video, and fixed-line telephony, continuously optimizing network capacity and deploying 5G in Puerto Rico and USVI, covering approximately 95% of the population - Primary network technologies are HFC and FTTH, with VDSL/DSL in a minority of cases; over **80% of the network** is capable of **1 Gbps** speeds[81](index=81&type=chunk)[82](index=82&type=chunk) - Network optimization efforts include increasing nodes, upgrading HFC bandwidth, converting analog to digital, replacing copper with fiber, and using digital compression[82](index=82&type=chunk) - The subsea network has over **10 Tbps** capacity to the United States, utilizing approximately **20% of its potential**, indicating significant growth opportunities[83](index=83&type=chunk) - Wireless networks primarily use LTE, with 5G deployed in Puerto Rico and USVI, serving approximately **95% of the population**; the company aims to expand 5G footprint where business cases exist[85](index=85&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) [Supply Sources](index=24&type=section&id=1.4.4%20Supply%20Sources) The company's programming strategy focuses on diverse content through licensing agreements and owned sports networks, while mobile handsets and CPE are sourced from various suppliers with dual-sourcing strategies, and software licenses are obtained under long-term contracts - Programming content is primarily licensed from third-party providers (broadcasters, cable networks, Hollywood studios) through multi-year agreements, with fees often on a per-subscriber basis[88](index=88&type=chunk) - The company operates its own content, such as Flow Sports and RUSH sports channels in the Caribbean, and produces original series[88](index=88&type=chunk)[89](index=89&type=chunk) - Mobile handsets and CPE (set-top boxes, modems, WiFi routers) are sourced from a variety of suppliers, with production lead times and dual-sourcing strategies actively managed[91](index=91&type=chunk) - Software licenses for internet services, internal IT platforms, and mobile network operations (e.g., voicemail, text messaging) are licensed from various suppliers, typically involving per-subscriber or one-off fees[92](index=92&type=chunk) [Regulatory Matters](index=25&type=section&id=1.5%20Regulatory%20Matters) The company's operations are subject to diverse and evolving regulatory regimes across its markets, covering video, broadband, telephony, and mobile services, with increasing focus on broadband regulation, network resilience, and third-party access - Telecommunications services are regulated in each market, with scope varying; adverse regulatory developments could limit growth, revenue, and service offerings, and increase operating costs[93](index=93&type=chunk) - Regulation often includes price caps, consent requirements for price changes, and determination of interconnect and access charges; there's a trend towards decreasing interconnection rates[98](index=98&type=chunk) - Regulators are increasingly focused on broadband internet services, network resilience, affordability, penetration, quality of services, and consumer rights[99](index=99&type=chunk) - Mandated third-party access to network infrastructure (dark fiber, landing stations, mobile towers) is a growing concern, potentially strengthening competitors and impacting revenue[100](index=100&type=chunk)[101](index=101&type=chunk) [C&W Caribbean](index=25&type=section&id=1.5.1%20C%26W%20Caribbean) C&W Caribbean operates under non-exclusive, renewable government-issued licenses and concessions, subject to competitive, qualitative, and rate regulation, with increasing regulatory focus on broadband and mandated third-party network access - C&W Caribbean operates under non-exclusive, renewable multi-year licenses and concessions, subject to competitive, qualitative, and rate regulation[95](index=95&type=chunk) - Rate regulation includes price caps for telephony services and regulator-set interconnect and access charges, with a trend towards decreasing interconnection rates[98](index=98&type=chunk) - Increased regulatory focus on broadband, network resilience, and mandated third-party access to infrastructure (e.g., dark fiber, mobile towers) is evident, with Jamaica's new infrastructure sharing rules and ECTEL's Electronic Communications Bill posing potential adverse impacts[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk)[102](index=102&type=chunk) - The company is subject to universal service obligations and must comply with general legislation on data retention, consumer protection, and e-commerce[106](index=106&type=chunk)[107](index=107&type=chunk) [Liberty Networks](index=27&type=section&id=1.5.2%20Liberty%20Networks) Liberty Networks' B2B and wholesale operations are subject to less regulation than residential businesses, holding 10-15 year licenses, while its submarine fiber optic cable systems in the U.S., Caribbean, and Latin America are regulated by the FCC and Department of Homeland Security - Liberty Networks faces significantly less regulation than residential businesses, holding 10-15 year licenses for wholesale and enterprise services in all operating countries[109](index=109&type=chunk) - Its submarine fiber optic cable systems and landing stations in the U.S. and its territories are regulated by the FCC and Department of Homeland Security, requiring additional reporting and licensing[110](index=110&type=chunk) [C&W Panama](index=28&type=section&id=1.5.3%20C%26W%20Panama) C&W Panama is regulated by ASEP and ACODECO, holding concessions renewed until 2037 for various telecommunication services and 125 MHz of allocated spectrum, with the government aiming to maintain three mobile operators after market consolidation - C&W Panama is regulated by ASEP (public services) and ACODECO (consumer protection/antitrust)[111](index=111&type=chunk) - The company holds thirteen concessions, renewed until 2037, for basic local, national, and international telecommunications, public/semipublic terminals, and dedicated voice circuits[115](index=115&type=chunk)[117](index=117&type=chunk) - C&W Panama has **125 MHz** of allocated spectrum and is authorized to operate mobile telephone services until 2037[114](index=114&type=chunk)[118](index=118&type=chunk) - Following mobile market consolidation, the Panamanian government is facilitating the acquisition of Digicel Panama's concession to maintain three mobile operators[113](index=113&type=chunk) [Liberty Puerto Rico](index=29&type=section&id=1.5.4%20Liberty%20Puerto%20Rico) Liberty Puerto Rico is extensively regulated by the FCC and TB, receiving significant funding for network deployment and hardening, participating in affordability programs, and facing recent regulatory changes regarding broadband classification and network resiliency - Liberty Puerto Rico is regulated by the FCC and the TB, with comprehensive oversight under the Communications Act for communication, telecommunication, and cable television services[122](index=122&type=chunk)[123](index=123&type=chunk) - The company received preliminary approval for approximately **$72 million** from the UPR Fund for high-speed broadband access in Puerto Rico and **$85 million** in Connect USVI funding for wireline networks in USVI, with six-year completion timelines[127](index=127&type=chunk)[128](index=128&type=chunk) - Liberty Puerto Rico participates in the Affordable Connectivity Program (ACP) and Emergency Connectivity Fund (ECF) to provide discounted broadband services to low-income customers, though ACP funding is expected to be exhausted by April 2024[140](index=140&type=chunk)[141](index=141&type=chunk) - Recent FCC proposals include reclassifying broadband as a 'telecommunications service' (2023 Notice), prohibiting 'digital discrimination of access,' and mandating wireless providers to enhance network reliability and resiliency during emergencies[138](index=138&type=chunk)[139](index=139&type=chunk)[149](index=149&type=chunk) [Liberty Costa Rica](index=33&type=section&id=1.5.5%20Liberty%20Costa%20Rica) Liberty Costa Rica operates under Costa Rica's General Telecommunications Law, regulated by MICITT and Sutel, holding telecommunications services licenses expiring in 2028 and renewable 15-year mobile concessions, with fixed number portability implementation underway - Liberty Costa Rica is regulated by MICITT and Sutel under the General Telecommunications Law, with licenses for wireline HFC networks expiring in 2028[151](index=151&type=chunk) - Mobile concessions grant **100 MHz** of spectrum, with 15-year renewable terms, some expiring in 2026 and others in 2033[152](index=152&type=chunk)[158](index=158&type=chunk) - Video service providers can define channels and content, but must carry Costa Rican television channels with **60% national coverage** and retransmission consent[153](index=153&type=chunk)[155](index=155&type=chunk) - Fixed number portability implementation has started, but is expected to take at least two years[157](index=157&type=chunk) [Competition](index=34&type=section&id=1.6%20Competition) Liberty Latin America operates in competitive telecommunications markets across Latin America and the Caribbean, facing significant competition from converged service providers and mobile/cable/IPTV operators, with a strategy focused on converged services, speed leadership, and attractive content - The company operates in emerging markets with lower telecommunication service penetration, presenting opportunities for growth in data services[159](index=159&type=chunk) - Competition is significant from companies offering converged services (video, internet, fixed telephony, mobile) and those specialized in one or more products[160](index=160&type=chunk) - Key competitive differentiators include customer service, competitive pricing, quality high-speed connectivity, and the ability to offer converged services[160](index=160&type=chunk) [Mobile Services](index=34&type=section&id=1.6.1%20Mobile%20Services) The company is a leading mobile provider in its footprint, competing with major players like Digicel, Millicom, T-Mobile US, América Móvil, and ICE, with a strategy to expand bandwidth and high-speed coverage through diverse calling plans and bundled offers - The company is a leading mobile provider, competing with Digicel and ALIV in C&W Caribbean, Millicom (Tigo) in Panama, T-Mobile US and América Móvil (Claro) in Puerto Rico, and Claro and ICE (Kolbi) in Costa Rica[161](index=161&type=chunk)[166](index=166&type=chunk) - Strategy includes offering diverse calling plans (unlimited, minute packages) and using bundled offers with video and high-speed internet to gain mobile subscribers[161](index=161&type=chunk) [Broadband Internet](index=35&type=section&id=1.6.2%20Broadband%20Internet) In broadband internet, the company faces intense competition from incumbent and non-incumbent telecommunications companies, mobile operators, and cable-based ISPs, focusing on speed leadership (up to 1 Gbps) and utilizing DOCSIS 3.0/3.1 and FTTH to compete effectively - Competition comes from incumbent/non-incumbent telcos, mobile operators, and cable-based ISPs offering fixed-line (cable, DSL, FTTH) and wireless (LTE, WiFi) broadband[162](index=162&type=chunk) - Speed, bundling, and pricing are key competitive factors; the company aims for speed leadership, offering up to **1 Gbps** via HFC and FTTH networks[163](index=163&type=chunk) - Key competitors include Cable Bahamas Limited and Digicel in C&W Caribbean, Millicom (Cable Onda) in Panama, Claro and fiber/fixed wireless operators in Puerto Rico, and ICE (Kolbi), Telecable, and Millicom (Tigo) in Costa Rica[167](index=167&type=chunk) [Video Distribution](index=35&type=section&id=1.6.3%20Video%20Distribution) Video services compete with traditional broadcasters, DTH satellite providers, other fixed-line carriers, and increasingly, OTT aggregators, with piracy also posing challenges, while the company leverages deep-fiber access and innovative video services to enhance customer experience - Video services compete with FTA/DTT broadcasters, DTH satellite providers, IPTV over DSL/FTTH, and OTT services (Max, Amazon Prime Video, Netflix)[165](index=165&type=chunk)[166](index=166&type=chunk) - Piracy and unauthorized content distribution, particularly in regions with less developed copyright laws, present significant challenges[169](index=169&type=chunk) - Competitive advantages include deep-fiber access for concurrent services, triple-play bundles, and converged mobile/fixed-line offerings; the company launches innovative video services (e.g., Flow Sports, Liberty Go) to respond to OTT growth[170](index=170&type=chunk) - Key competitors include Digicel and DTH in C&W Caribbean, Millicom (Cable Onda) in Panama, DirecTV and Dish Network in Puerto Rico, and Millicom (Tigo) and Telecable in Costa Rica[173](index=173&type=chunk)[174](index=174&type=chunk) [Fixed-Line Telephony](index=37&type=section&id=1.6.4%20Fixed-Line%20Telephony) The mature fixed-line telephony market is driven by price, quality, and bundling, with the company facing competition from other telecommunications operators, VoIP providers, and OTT telephony services, focusing on value leadership and innovative calling options - The fixed-line telephony market is mature, with competition from other telecommunications operators, VoIP providers, and OTT telephony services like WhatsApp[175](index=175&type=chunk) - The company's strategy emphasizes value leadership, offering diverse calling plans and bundling telephony with digital video and internet services[176](index=176&type=chunk) - Key competitors include Digicel and Cable Bahamas Limited in C&W Caribbean, Millicom (Tigo) in Panama, Claro, Aeronet, Neptuno, and WorldNet in Puerto Rico, and ICE (Kolbi), Millicom (Tigo), and Telecable in Costa Rica[179](index=179&type=chunk) [Business and Wholesale Services](index=37&type=section&id=1.6.5%20Business%20and%20Wholesale%20Services) The company provides advanced B2B and wholesale services over its technologically advanced subsea fiber optic cable network, offering operational redundancy and significant unused capacity, making it difficult for competitors to replicate - The company offers advanced B2B and wholesale services over its subsea fiber optic cable network, providing operational redundancy and significant unused capacity (approximately **20% utilized** as of December 31, 2022)[177](index=177&type=chunk) - The network's advanced technical state and the challenges in securing governmental/environmental licenses make it unlikely to be replicated in the region in the near term[177](index=177&type=chunk) - Competition in B2B services comes from residential telecommunications operators and regional/international service providers[178](index=178&type=chunk) [Human Capital Resources](index=38&type=section&id=1.7%20Human%20Capital%20Resources) As of December 31, 2023, Liberty Latin America employed approximately 10,600 full-time employees, with a talent strategy focused on acquisition, learning, development, and performance management, fostering a diverse and inclusive workplace through its EDI strategy and CSR initiatives Employee Demographics (as of December 31, 2023) | Metric | Value | | :-------------------------------- | :---------- | | Total Full-time Employees | 10,600 | | Women Employees (Global) | 41% | | Women in Managerial Positions | 39% | | Employees Covered by Union Contracts | ~3,800 | - The total employee attrition rate (voluntary and involuntary) was approximately **11.5%** in 2023, with an eNPS of **+20**, indicating an engaged workforce[181](index=181&type=chunk) - Talent strategy focuses on Talent Acquisition, Learning & Development, and Performance Management, with an Agile Performance Development (APD) experience for frequent feedback[183](index=183&type=chunk) - The Equality, Diversity & Inclusion (EDI) strategy focuses on gender equity, LGBTQIA+ inclusion, and Race & Ethnicity, informed by employee feedback and celebrated through initiatives like International Women's Day and Pride Month[185](index=185&type=chunk)[186](index=186&type=chunk) - Corporate Social Responsibility (CSR) efforts concentrate on Learning, Environment, Access, and Disaster Relief, with employees actively participating in outreach programs like Mission Week (**7,800+ volunteer hours** in 2023)[189](index=189&type=chunk)[190](index=190&type=chunk) - The company offers competitive compensation, benefits (retirement, healthcare, parental leave, ESPP), and well-being programs, and enforces a Code of Conduct with mandatory training and an employee hotline[191](index=191&type=chunk)[192](index=192&type=chunk)[194](index=194&type=chunk) [Available Information](index=39&type=section&id=1.8%20Available%20Information) All SEC filings, including amendments, are available free of charge on Liberty Latin America's investor relations website (www.lla.com) generally within 24 hours of filing - All SEC filings and amendments are available free of charge on the company's website (www.lla.com) within 24 hours of filing[196](index=196&type=chunk) [Item 1A. Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) The company faces substantial risks from intense competition, rapid technological changes, complex international operations, significant leverage, cybersecurity threats, climate change, and its corporate structure, all of which could materially impact financial performance and shareholder value [Risks that Relate to the Competition we Face and the Technology Used in Our Businesses](index=40&type=section&id=1A.1%20Risks%20that%20Relate%20to%20the%20Competition%20we%20Face%20and%20the%20Technology%20Used%20in%20Our%20Businesses) The company operates in highly competitive markets for cable television, broadband internet, telephony, and mobile services, facing challenges from various providers including OTT content, overbuilds, and government involvement, demanding continuous investment and adaptation to rapid technological changes - The markets for cable television, broadband internet, telephony, and mobile services are highly competitive, with competition from FTA/DTT broadcasters, DTH satellite providers, DSL/VDSL/FTTH networks, OTT content providers, and other mobile operators[200](index=200&type=chunk) - Overbuilds (multiple cable/fiber systems in the same territory) and potential government involvement in network establishment (e.g., FTTH) can increase competition and adversely affect growth and financial results[201](index=201&type=chunk)[202](index=202&type=chunk) - Failure to anticipate and adapt to rapid technological changes (e.g., 5G, AI, machine learning, cloud computing) or to successfully introduce new products/services could limit competitiveness and demand[203](index=203&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk) - Significant capital expenditures for network upgrades and expansions (Network Extensions) may not generate positive returns, and delays or lack of adequate capital could harm growth and competitive position[205](index=205&type=chunk)[206](index=206&type=chunk) - Dependence on third-party programming providers, broadcasters, and rights owners for content, and suppliers/licensors for equipment and software, exposes the company to risks of unfavorable terms, supply chain disruptions, and intellectual property challenges[207](index=207&type=chunk)[209](index=209&type=chunk)[212](index=212&type=chunk) - Inability to obtain or maintain necessary roaming services from other carriers on competitive terms could limit the ability to compete effectively for wireless customers[213](index=213&type=chunk)[214](index=214&type=chunk) [Risks that Relate to Our Operating in Overseas Markets and Being Subject to Foreign and Domestic Regulation](index=43&type=section&id=1A.2%20Risks%20that%20Relate%20to%20Our%20Operating%20in%20Overseas%20Markets%20and%20Being%20Subject%20to%20Foreign%20and%20Domestic%20Regulation) Operating predominantly outside the U.S. exposes the company to significant operational risks, including foreign currency fluctuations, political and economic instability, and diverse regulatory environments, with non-compliance potentially leading to penalties and license renewal challenges - Substantial operations outside the U.S. expose the company to risks like foreign currency fluctuations, political/economic instability, export/import restrictions, and changes in foreign laws and policies[221](index=221&type=chunk)[222](index=222&type=chunk) - Uncertain and rapidly changing political, regulatory, and economic conditions in operating countries, including potential expropriation or nationalization of assets, pose significant operational risks[223](index=223&type=chunk)[224](index=224&type=chunk) - Exposure to foreign currency exchange rate risk from unmatched debt and non-functional currency transactions can lead to unrealized and realized gains/losses, impacting operating results and comprehensive earnings[228](index=228&type=chunk)[229](index=229&type=chunk)[231](index=231&type=chunk) - Failure to comply with economic and trade sanctions (e.g., OFAC) and anti-corruption laws (e.g., FCPA) could result in legal and reputational consequences, including civil/criminal penalties[232](index=232&type=chunk)[236](index=236&type=chunk)[260](index=260&type=chunk) - Businesses are subject to unique regulatory regimes, including licensing, rate regulation, interconnection obligations, and potential mandates for third-party access to network infrastructure, which can limit growth and increase costs[237](index=237&type=chunk)[238](index=238&type=chunk) - Acquisitions may be blocked or conditioned by governmental authorities, and integration of acquired businesses can present significant costs and challenges, including compliance with U.S. securities laws and FCPA[241](index=241&type=chunk)[250](index=250&type=chunk)[251](index=251&type=chunk) - Inability to renew necessary regulatory or spectrum licenses, concessions, or operating agreements upon expiration, or their termination/alteration due to breach or change of control clauses, could materially adversely affect business[252](index=252&type=chunk)[253](index=253&type=chunk) - Strikes, work stoppages, and other industrial actions could disrupt operations and increase costs; exposure to additional tax liabilities due to changing tax laws, treaties, and interpretations, including OECD's BEPS project, could materially increase tax expenses[255](index=255&type=chunk)[256](index=256&type=chunk)[257](index=257&type=chunk)[258](index=258&type=chunk) [Risks that Relate to Certain Financial Matters](index=49&type=section&id=1A.3%20Risks%20that%20Relate%20to%20Certain%20Financial%20Matters) The company's substantial leverage (over **$8.2 billion** in debt) limits its financing and debt service capabilities, with debt instruments imposing significant restrictions on subsidiaries, while exposure to interest rate risks, increasing operating costs, and uncertain economic conditions can adversely affect financial performance - The company is highly leveraged, with **$8,248 million** in debt and finance lease obligations as of December 31, 2023, which could limit additional financing and ability to meet debt obligations[263](index=263&type=chunk) - Ability to service or refinance debt depends on cash flow from operating subsidiaries and returns on property/equipment additions and acquisitions; insufficient cash could lead to delayed capital expenditures or asset sales[265](index=265&type=chunk)[266](index=266&type=chunk) - Subsidiaries are subject to significant financial and operating restrictions in debt instruments, limiting their ability to incur debt, pay dividends, make investments, or dispose of assets[267](index=267&type=chunk)[268](index=268&type=chunk) - Exposure to interest rate risks, primarily from SOFR-indexed variable-rate debt, can increase debt service obligations, despite the use of derivative instruments to manage this exposure[271](index=271&type=chunk) - Increasing operating costs and inflation, combined with regulatory and competitive constraints on subscription rates, may adversely affect operating margins[272](index=272&type=chunk) - Uncertain global and local economic conditions, including sovereign debt and currency instability, can impact customer demand, pricing, and tourism-reliant markets, potentially leading to fiscal reforms, tax increases, and reduced revenue[273](index=273&type=chunk)[274](index=274&type=chunk)[276](index=276&type=chunk)[277](index=277&type=chunk)[278](index=278&type=chunk)[279](index=279&type=chunk)[280](index=280&type=chunk) - The company is exposed to counterparty credit risk from derivative instruments, undrawn debt facilities, and cash investments, with potential adverse effects if counterparties default[281](index=281&type=chunk) - Goodwill and other identifiable intangible assets (**$3,483 million**, **26% of total assets** as of Dec 31, 2023) represent a significant portion of total assets, and future impairment charges could be significant if equity values decline or adverse macroeconomic/competitive factors worsen[283](index=283&type=chunk) [Risks Relating to Cybersecurity](index=53&type=section&id=1A.4%20Risks%20Relating%20to%20Cybersecurity) The company's operations rely heavily on sophisticated IT and network systems, making them vulnerable to security attacks and disruptions that could lead to equipment failures, unauthorized data access, service interruptions, and reputational damage, incurring significant costs - The company's success depends on the uninterrupted performance of its IT and network systems, which are vulnerable to damage or security breaches from various sources, including natural disasters, malicious acts, and cyberattacks[284](index=284&type=chunk)[287](index=287&type=chunk) - Cyberattacks can lead to equipment failures, operational disruptions, unauthorized access to confidential customer/employee data, and service degradation, potentially going undetected for extended periods[288](index=288&type=chunk)[289](index=289&type=chunk)[291](index=291&type=chunk) - Despite preventive measures and cyber liability insurance, there's no guarantee against all cyberattacks or system compromises; the costs of a cyberattack could be significant, including increased security expenditures, litigation, fines, and lost revenue[290](index=290&type=chunk)[292](index=292&type=chunk) - Unauthorized access to the network, resulting in piracy of television, broadband, and telephony services, could lead to revenue loss and concerns under content provider agreements[293](index=293&type=chunk) - Expanding data privacy regulations (e.g., customer personal data processing, breach notifications) require significant compliance expenses, and violations could result in substantial fines and damages[294](index=294&type=chunk) [Risks Related to Climate Change](index=56&type=section&id=1A.5%20Risks%20Related%20to%20Climate%20Change) The company faces increased costs and operational limitations due to international climate change regulations, and its operations in the Caribbean and Latin America are vulnerable to physical impacts of climate change, potentially leading to loss of markets, customers, property, and revenue - International climate change treaties/accords or national regulations may increase costs, limit operations, or impact supply chains for components and products[295](index=295&type=chunk) - Operations in the Caribbean and Latin America are vulnerable to physical impacts of climate change (sea level rise, altered rainfall, fires, severe weather), potentially causing loss of markets, customers, property, revenue, and supply chain disruptions, which may not be fully covered by insurance[296](index=296&type=chunk) [Risks Relating to our Corporate History and Structure](index=56&type=section&id=1A.6%20Risks%20Relating%20to%20our%20Corporate%20History%20and%20Structure) As a holding company, Liberty Latin America's ability to service financial obligations depends on cash access from its subsidiaries, which can be limited by various restrictions, while overlapping directors with Liberty Global and specific bye-law provisions may lead to conflicts of interest and restrict shareholder legal action - As a holding company, Liberty Latin America's ability to meet financial obligations depends on accessing cash from subsidiaries, which can be limited by various restrictions (tax, legal, noncontrolling interests, foreign currency)[297](index=297&type=chunk) - Overlapping directors and executive officers with Liberty Global, and their financial interests in Liberty Global, may create conflicts of interest regarding corporate opportunities and transactions[298](index=298&type=chunk) - The company's bye-laws waive fiduciary duty breaches for directors diverting corporate opportunities, unless the opportunity was expressly offered to them solely as a company director and relates to an existing line of business[299](index=299&type=chunk) - The bye-laws also generally restrict shareholders from bringing legal action against officers and directors for actions/inactions in their duties, unless fraud or dishonesty is involved[299](index=299&type=chunk) [Risks Relating to Our Common Shares and the Securities Market](index=57&type=section&id=1A.7%20Risks%20Relating%20to%20Our%20Common%20Shares%20and%20the%20Securities%20Market) The company's capital structure, with different voting rights for Class A, B, and C common shares, along with other bye-law provisions, may deter third-party acquisitions, while the limited trading market for Class B shares and significant voting power of a principal shareholder could impact stock price and shareholder protection - Different classes of common shares have varying voting rights (Class A: 1 vote/share, Class B: 10 votes/share, Class C: no significant voting rights), allowing Class A and B holders to consistently outvote Class C[301](index=301&type=chunk)[302](index=302&type=chunk) - Provisions in bye-laws, such as blank check preferred shares, staggered board terms, and supermajority shareholder approvals, may discourage or delay a change in control[304](index=304&type=chunk) - Class B common shares have no meaningful trading market and are subject to volatility; a principal shareholder, John C. Malone, beneficially owns approximately **27% of the aggregate voting power**, giving him significant influence[304](index=304&type=chunk)[305](index=305&type=chunk) - As a Bermuda company, shareholders may have less protection than in other jurisdictions, and enforcing judgments against the company or its non-U.S. resident directors/officers may be difficult[306](index=306&type=chunk)[307](index=307&type=chunk) - The Bermuda Economic Substance Act 2018 may require substantial additional costs or re-domiciliation; regulatory limitations exist on the ownership and transfer of common shares[308](index=308&type=chunk)[310](index=310&type=chunk) - Sales of Class C common shares by certain Searchlight parties under a Registration Rights Agreement could cause the market price to decrease and make future equity financing or acquisitions more difficult[312](index=312&type=chunk) - The company identified material weaknesses in internal control over financial reporting as of December 31, 2023, which could lead to material misstatements if not remediated[313](index=313&type=chunk)[314](index=314&type=chunk) [Item 1B. Unresolved Staff Comments](index=60&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) There are no unresolved staff comments to report - No unresolved staff comments to report[315](index=315&type=chunk) [Item 1C. Cybersecurity](index=60&type=section&id=Item%201C.%20Cybersecurity) Liberty Latin America has established a comprehensive cybersecurity program, integrated into its risk management framework and operations, with robust governance, management, third-party engagement, and a qualified leadership team, and has not experienced any material cybersecurity threats to date [Introduction](index=60&type=section&id=1C.1%20Introduction) Liberty Latin America has established a cybersecurity program as a foundational business practice, integrated into its broader risk management framework and all operational objectives, benchmarked against recognized frameworks like NIST and ISO standards - The company has a cybersecurity program integrated into its risk management framework and operations, benchmarked against NIST and ISO standards[316](index=316&type=chunk) [Governance of Cybersecurity Risks](index=60&type=section&id=1C.2%20Governance%20of%20Cybersecurity%20Risks) The Audit Committee oversees the cybersecurity program and risk management, receiving quarterly reports on cyber developments, standards, vulnerabilities, and threats, with the Global Information Security Office (GISO) informing the executive team of significant security incidents - The Audit Committee oversees the cybersecurity program and management of cyber risks[317](index=317&type=chunk) - Quarterly reports are provided to the Audit Committee by internal and external sources, covering cyber developments, standards, vulnerabilities, and threats[317](index=317&type=chunk) - The GISO informs the executive team and Audit Committee of security incidents meeting reporting thresholds[317](index=317&type=chunk) [Management of Cybersecurity Risks](index=61&type=section&id=1C.3%20Management%20of%20Cybersecurity%20Risks) The Global Information Security Office (GISO), led by the Chief Information Security Officer, manages the cybersecurity program, aligning with NIST functions (Identify, Protect, Detect, Respond, Recover), and implementing incident prevention/detection software, encryption, timely patch application, and regular training - The GISO, led by the Chief Information Security Officer, manages the cybersecurity program, aligning with NIST functions (Identify, Protect, Detect, Respond, Recover)[318](index=318&type=chunk) - Measures include incident prevention/detection software, industry-standard encryption, timely patch application, an incident response plan, and regular training, audits, and vulnerability testing[319](index=319&type=chunk) [Engagement of Third-Parties](index=61&type=section&id=1C.4%20Engagement%20of%20Third-Parties) The GISO collaborates with third-party cybersecurity vendors for network protection and engages experts for program assessments, audits, and reviews, with policies requiring third-party service providers to maintain cybersecurity controls and report incidents - The GISO partners with third-party cybersecurity vendors for network protection and engages experts for program assessments and audits[320](index=320&type=chunk) - Third-party service providers are contractually required to maintain cybersecurity controls, share information, and report security incidents, but their success is not guaranteed[321](index=321&type=chunk) [Our Senior Leadership Team's Qualifications](index=61&type=section&id=1C.5%20Our%20Senior%20Leadership%20Team%20%27s%20Qualifications) The senior leadership team possesses extensive experience in cybersecurity and information technology, with the Chief Information Security Officer having over 15 years of experience, the Chief Technology Officer over 30 years, and the Chief Executive Officer significant security technology responsibility from previous roles - Chief Information Security Officer has over **15 years** of information security experience, with degrees in risk management, business administration, and IT, and CISM certification[322](index=322&type=chunk) - Chief Technology Officer has over **30 years** of IT experience, including leading cybersecurity practices at large U.S. telecommunication companies[323](index=323&type=chunk) - Chief Executive Officer has significant security technology and operational responsibility from previous CTO roles at large media and telecommunications companies[324](index=324&type=chunk) [Material Impact from Cybersecurity Threats](index=61&type=section&id=1C.6%20Material%20Impact%20from%20Cybersecurity%20Threats) As of the filing date, the company has not experienced any cybersecurity threats that have materially affected its business strategy, operations, or financial condition - No cybersecurity threats have materially affected the company's business strategy, operations, or financial condition to date[325](index=325&type=chunk) [Item 2. Properties](index=62&type=section&id=Item%202.%20Properties) Liberty Latin America leases its corporate office in Denver, Colorado, and an operations center in Panama City, Panama, while its Liberty Networks segment owns significant portions of its subsea network, and subsidiaries own or lease other fixed assets deemed suitable and adequate for operations - Corporate offices are leased in Denver, Colorado, and an operations center in Panama City, Panama[327](index=327&type=chunk) - Liberty Networks segment owns significant portions of its subsea network in the Caribbean[327](index=327&type=chunk) - Subsidiaries own or lease necessary fixed assets, including network infrastructure and customer premises equipment, which are deemed suitable and adequate for future operations[327](index=327&type=chunk) [Item 3. Legal Proceedings](index=62&type=section&id=Item%203.%20Legal%20Proceedings) The company's subsidiaries and affiliates are routinely involved in legal disputes and proceedings arising from normal business operations, including claims from regulatory, competition, and tax authorities, with resolutions potentially materially impacting financial results due to their complex and unpredictable nature - Subsidiaries and affiliates are involved in ongoing legal disputes and proceedings from normal business, including regulatory, competition, and tax matters[328](index=328&type=chunk) - Resolution of these contingencies may materially impact financial results, but due to complexity, a meaningful range of potential losses cannot be provided[328](index=328&type=chunk) [Item 4. Mine Safety Disclosures](index=62&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[329](index=329&type=chunk) [Item 5. 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) This section provides information on Liberty Latin America's common equity market, shareholder matters, and issuer purchases of equity securities, including trading information for its Class A, B, and C shares, dividend policy, and share repurchase program details [General](index=63&type=section&id=5.1%20General) This section provides general information regarding the company's common equity, related shareholder matters, and issuer purchases of equity securities - The section covers market information, shareholder matters, and issuer equity purchases[332](index=332&type=chunk) [Market Information](index=63&type=section&id=5.2%20Market%20Information) Liberty Latin America's Class A and Class C common shares trade on the Nasdaq Global Select Market, while Class B common shares are eligible for OTC Markets but lack an established public trading market - Class A and Class C common shares trade on Nasdaq (LILA, LILAK); Class B common shares are eligible for OTC Markets (LILAB) but lack an active trading market[333](index=333&type=chunk) Class B Common Shares High and Low Prices | Period | High ($) | Low ($) | | :-------------------------- | :------- | :------ | | **Year ended December 31, 2023** | | | | First quarter | 11.00 | 8.01 | | Second quarter | 11.00 | 7.11 | | Third quarter | 11.00 | 6.74 | | Fourth quarter | 8.19 | 7.45 | | **Year ended December 31, 2022** | | | | First quarter | 9.00 | 8.06 | | Second quarter | 9.00 | 7.50 | | Third quarter | 9.69 | 6.00 | | Fourth quarter | 9.50 | 6.20 | [Holders](index=63&type=section&id=5.3%20Holders) As of January 31, 2024, Liberty Latin America had **10,748** record holders for Class A common shares, **19** for Class B, and **24,738** for Class C, excluding shares held nominally by institutions Number of Common Stock Holders of Record (as of January 31, 2024) | Class | Number of Holders | | :---- | :---------------- | | Class A | 10,748 | | Class B | 19 | | Class C | 24,738 | [Dividends](index=63&type=section&id=5.4%20Dividends) Liberty Latin America has not paid any cash dividends on its shares and has no current intention to do so, with future dividend payments to be determined by the board of directors based on earnings, financial condition, and other relevant factors - The company has not paid cash dividends and has no present intention to do so[336](index=336&type=chunk) - Future dividend decisions will be made by the board based on earnings, financial condition, and other considerations[336](index=336&type=chunk) [Securities Authorized for Issuance Under Equity Compensation Plans](index=63&type=section&id=5.5%20Securities%20Authorized%20for%20Issuance%20Under%20Equity%20Compensation%20Plans) Information regarding securities authorized for issuance under equity compensation plans is incorporated by reference from the definitive proxy statement for the 2024 Annual General Meeting of Shareholders - Information is incorporated by reference from the 2024 Annual General Meeting of Shareholders proxy statement[337](index=337&type=chunk) [Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities](index=63&type=section&id=5.6%20Recent%20Sales%20of%20Unregistered%20Securities%3B%20Use%20of%20Proceeds%20from%20Registered%20Securities) All information under this item has been previously reported in the company's Current Reports on Form 8-K - All information has been previously reported on Current Reports on Form 8-K[338](index=338&type=chunk) [Issuer Purchase of Equity Securities](index=64&type=section&id=5.7%20Issuer%20Purchase%20of%20Equity%20Securities) The company's Directors approved the 2022 Share Repurchase Program, authorizing up to **$400 million** for Class A and/or Class C common shares through December 2025, with **$139 million** remaining authorized as of December 31, 2023, and repurchases of **0.1 million** Class A and **0.8 million** Class C shares in Q4 2023 - The 2022 Share Repurchase Program authorizes repurchases of Class A and/or Class C common shares, with an initial **$200 million** through December 2024 and an additional **$200 million** approved in May 2023 through December 2025[339](index=339&type=chunk) - As of December 31, 2023, **$139 million** remained authorized for share repurchases[342](index=342&type=chunk) Issuer Purchases of Equity Securities (Q4 2023) | Period | Class | Total Shares Purchased (millions) | Average Price Paid Per Share ($) | | :------------------------------------------ | :---- | :-------------------------------- | :------------------------------- | | October 1, 2023 through October 31, 2023 | Class A | 0.1 | 8.17 | | October 1, 2023 through October 31, 2023 | Class C | 0.8 | 7.63 | | November 1, 2023 through November 30, 2023 | Class A | — | — | | November 1, 2023 through November 30, 2023 | Class C | — | — | | December 1, 2023 through December 31, 2023 | Class A | — | — | | December 1, 2023 through December 31, 2023 | Class C | — | — | | **Total Q4 2023** | **Class A** | **0.1** | **8.17** | | **Total Q4 2023** | **Class C** | **0.8** | **7.63** | [Stock Performance Graph](index=65&type=section&id=5.8%20Stock%20Performance%20Graph) The stock performance graph compares the cumulative total shareholder return of Liberty Latin America's Class A and Class C ordinary shares against the MSCI Emerging Markets NTR Index and the Nasdaq Composite TR Index from December 31, 2018, to December 31, 2023 Cumulative Total Shareholder Return (Indexed to $100 on Dec 31, 2018) | Index/Share Class | 2018 ($) | 2019 ($) | 2020 ($) | 2021 ($) | 2022 ($) | 2023 ($) | | :-------------------------------- | :------- | :------- | :------- | :------- | :------- | :------- | | Liberty Latin America Shares - Class A | 100.00 | 89.43 | 51.58 | 54.03 | 34.89 | 33.87 | | Liberty Latin America Shares - Class C | 100.00 | 90.98 | 51.85 | 53.30 | 35.53 | 34.32 | | MSCI Emerging Markets NTR Index | 100.00 | 99.48 | 117.73 | 114.70 | 91.66 | 100.67 | | Nasdaq Composite TR Index | 100.00 | 130.84 | 189.61 | 231.66 | 156.29 | 226.06 | [Item 6. [Reserved]](index=65&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved and contains no information [Item 7. 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) This section provides management's discussion and analysis of Liberty Latin America's financial condition and results of operations, covering its business overview, detailed financial performance, liquidity, capital resources, and critical accounting policies - Operating income increased significantly in 2023 compared to 2022, primarily due to decreases in impairment, restructuring, and other operating items, net, and the disposition of Chile JV Entities[363](index=363&type=chunk) - Consolidated Adjusted OIBDA remained relatively flat, decreasing by **$8.3 million** or **0.5%** in 2023 compared to 2022[367](index=367&type=chunk) - The company continues to report significant net losses, driven by substantial interest expense and volatility from derivative instruments and foreign currency transactions[439](index=439&type=chunk)[440](index=440&type=chunk) Consolidated Financial Highlights (in millions USD) | Metric | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | Change ($) | Change (%) | | :------------------------------------------ | :---------------------- | :---------------------- | :--------- | :--------- | | Revenue | 4,511.1 | 4,808.6 | (297.5) | (6.2%) | | Operating Income | 517.7 | 86.5 | 431.2 | 498.5% | | Consolidated Adjusted OIBDA | 1,701.6 | 1,709.9 | (8.3) | (0.5%) | | Net Loss | (86.8) | (207.8) | 121.0 | (58.2%) | [Overview](index=66&type=section&id=7.1%20Overview) Liberty Latin America is an international provider of fixed, mobile, and subsea telecommunications services across Latin America and the Caribbean, with a strategy focused on organic growth through bundled services and network expansion, while managing significant competition and macroeconomic factors - Liberty Latin America provides residential and B2B fixed, mobile, and subsea telecommunications services in over 20 countries across Latin America and the Caribbean, Puerto Rico, USVI, and Costa Rica[348](index=348&type=chunk)[350](index=350&type=chunk) - As of December 31, 2023, the company served **4,620,400 homes passed**, **3,933,400 RGUs** (**1,801,400 broadband**, **933,700 video**, **1,198,300 fixed-line telephony**), and **7,977,400 mobile subscribers**[348](index=348&type=chunk) - Strategic focus is on organic revenue and customer growth through bundled services, network extensions/upgrades, and maximizing ARPU, alongside maintaining attractive debt levels[353](index=353&type=chunk)[354](index=354&type=chunk) - Recent transactions include the monetization of ~**1,300 mobile tower sites** (Nov 2023, **$244 million** proceeds), agreement to acquire Dish Network spectrum assets in Puerto Rico/USVI (Nov 2023, **$256 million** purchase price, expected 2024 close), and the formation of the Chile JV (Oct 2022), which is now an equity method investment[349](index=349&type=chunk)[351](index=351&type=chunk)[352](index=352&type=chunk) - Operating results are impacted by significant competition, macroeconomic factors, acquisitions (e.g., América Móvil's Panama operations in July 2022), dispositions (e.g., Chile JV Entities in Oct 2022), and foreign currency exchange rates[355](index=355&type=chunk)[356](index=356&type=chunk)[357](index=357&type=chunk)[358](index=358&type=chunk) [Results of Operations](index=67&type=section&id=7.2%20Results%20of%20Operations) Liberty Latin America's operating income significantly increased in 2023 due to lower impairment and restructuring charges, despite a decrease in total revenue, while consolidated Adjusted OIBDA remained relatively flat, and the company reported a net loss influenced by non-operating expenses [Operating Income or Loss](index=68&type=section&id=7.2.1%20Operating%20Income%20or%20Loss) Operating income increased by **$431.2 million** in 2023 compared to 2022, reaching **$517.7 million**, primarily driven by a significant decrease in impairment, restructuring, and other operating items, net, and the impact of the Chile JV Entities disposition Operating Income/Loss Components (in millions USD) | Component | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | Increase (Decrease) | | :------------------------------------------ | :---------------------- | :---------------------- | :-------------------- | | Revenue | 4,511.1 | 4,808.6 | (297.5) | | Programming and other direct costs of services | 1,020.4 | 1,210.5 | (190.1) | | Other operating costs and expenses | 1,877.8 | 1,981.7 | (103.9) | | Depreciation and amortization | 1,008.3 | 910.7 | 97.6 | | Impairment, restructuring and other operating items, net | 86.9 | 619.2 | (532.3) | | **Total Operating Costs and Expenses** | **3,993.4** | **4,722.1** | **(728.7)** | | **Operating Income** | **517.7** | **86.5** | **431.2** | - The **$431.2 million** increase in operating income was primarily due to a **$532.3 million** decrease in impairment, restructuring, and other operating items, net, and the disposition of the Chile JV Entities[363](index=363&type=chunk) [Consolidated Adjusted OIBDA](index=69&type=section&id=7.2.2%20Consolidated%20Adjusted%20OIBDA) Consolidated Adjusted OIBDA decreased slightly by **$8.3 million** to **$1,701.6 million** in 2023 from **$1,709.9 million** in 2022, serving as a non-U.S. GAAP measure for evaluating segment operating performance and resource allocation - Consolidated Adjusted OIBDA is a non-U.S. GAAP measure used by management to evaluate segment operating performance and allocate resources, providing a transparent view of recurring operating performance[365](index=365&type=chunk) Consolidated Adjusted OIBDA (in millions USD) | Metric | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | | :-------------------------- | :---------------------- | :---------------------- | | Operating income | 517.7 | 86.5 | | Share-based compensation expense | 88.7 | 93.5 | | Depreciation and amortization | 1,008.3 | 910.7 | | Impairment, restructuring and other operating items, net | 86.9 | 619.2 | | **Consolidated Adjusted OIBDA** | **1,701.6** | **1,709.9** | - The slight decrease in Adjusted OIBDA was influenced by organic changes in revenue and operating costs, as well as non-organic impacts from FX and the Chile JV disposition[368](index=368&type=chunk) [Adjusted OIBDA Margin](index=70&type=section&id=7.2.3%20Adjusted%20OIBDA%20Margin) Adjusted OIBDA margins varied across segments in 2023 compared to 2022, with increases in C&W Caribbean, C&W Panama, and Liberty Costa Rica, and decreases in Liberty Networks and Liberty Puerto Rico, while integration costs of **$26 million** were incurred in specific segments in both years Adjusted OIBDA Margin by Segment (%) | Segment | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | | :---------------- | :---------------------- | :---------------------- | | C&W Caribbean | 41.5 | 37.2 | | C&W Panama | 30.7 | 29.4 | | Liberty Networks | 57.7 | 61.3 | | Liberty Puerto Rico | 34.2 | 36.3 | | Liberty Costa Rica | 37.1 | 30.5 | - Adjusted OIBDA margin is affected by organic changes in revenue, programming, and other direct/operating costs; integration costs of **$26 million** were incurred in Liberty Puerto Rico, Liberty Costa Rica, and C&W Panama in both 2023 and 2022[369](index=369&type=chunk) [Revenue](index=70&type=section&id=7.2.4%20Revenue) Total revenue decreased by **$297.5 million** to **$4,511.1 million** in 2023, primarily due to the disposition of VTR, partially offset by increases in C&W Panama and Liberty Costa Rica, with revenue driven by changes in RGUs/mobile subscribers and ARPU, impacted by competition, pricing, and bundling Revenue by Reportable Segment (in millions USD) | Segment | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | Increase (Decrease) | | :---------------------- | :---------------------- | :---------------------- | :-------------------- | | C&W Caribbean | 1,437.0 | 1,436.8 | 0.2 | | C&W Panama | 742.6 | 642.7 | 99.9 | | Liberty Networks | 453.3 | 450.8 | 2.5 | | Liberty Puerto Rico | 1,417.7 | 1,463.6 | (45.9) | | Liberty Costa Rica | 547.9 | 441.3 | 106.6 | | VTR | — | 450.6 | (450.6) | | Corporate | 23.5 | 22.2 | 1.3 | | Intersegment eliminations | (110.9) | (99.4) | (11.5) | | **Total** | **4,511.1** | **4,808.6** | **(297.5)** | - Revenue is primarily derived from residential fixed services (video, broadband, telephony), mobile services, and B2B enterprise/wholesale services[370](index=370&type=chunk) - C&W Panama's revenue increased by **$99.9 million**, driven by the Claro Panama acquisition (**$69.6 million**) and organic growth in B2B services and residential fixed RGUs[374](index=374&type=chunk)[377](index=377&type=chunk)[378](index=378&type=chunk) - Liberty Puerto Rico's revenue decreased by **$45.9 million**, mainly due to lower residential mobile service revenue (lower ARPU and subscriber count) and a decline in FCC funding, partially offset by higher residential fixed subscription revenue[374](index=374&type=chunk)[382](index=382&type=chunk)[383](index=383&type=chunk) - Liberty Costa Rica's revenue increased by **$106.6 million**, significantly impacted by FX (**$85.4 million**) and organic growth in B2B services (fixed and mobile) and residential mobile subscribers, despite lower residential fixed ARPU[374](index=374&type=chunk)[384](index=384&type=chunk)[385](index=385&type=chunk) [Programming and other direct costs of services](index=76&type=section&id=7.2.5%20Programming%20and%20other%20direct%20costs%20of%20services) Consolidated programming and other direct costs of services decreased by **$190.1 million** to **$1,020.4 million** in 2023, primarily due to the disposition of VTR and organic decreases in equipment and interconnect costs, with variations across segments influenced by content renegotiations, lower handset sales, and traffic volumes Consolidated Programming and Other Direct Costs of Services (in millions USD) | Category | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | Increase (Decrease) | | :-------------------------- | :---------------------- | :---------------------- | :-------------------- | | Programming and copyright | 237.2 | 360.3 | (123.1) | | Interconnect | 302.5 | 350.3 | (47.8) | | Equipment | 320.6 | 369.8 | (49.2) | | Other | 160.1 | 130.1 | 30.0 | | **Total** | **1,020.4** | **1,210.5** | **(190.1)** | - The consolidated decrease was primarily driven by the disposition of VTR (**$138.6 million** impact) and organic decreases in equipment and interconnect costs[388](index=388&type=chunk) - C&W Caribbean's organic programming and copyright costs decreased due to content renegotiations, and interconnect costs decreased due to discontinuation of a non-core transit service[390](index=390&type=chunk) - Liberty Puerto Rico's equipment costs decreased significantly due to lower handset sales and equipment credits received in 2023[397](index=397&type=chunk)[400](index=400&type=chunk) - Liberty Costa Rica's organic programming and interconnect costs decreased due to lower video RGUs and traffic volumes, while equipment costs increased due to higher CPE and handset sales[399](index=399&type=chunk)[401](index=401&type=chunk) [Other operating costs and expenses](index=78&type=section&id=7.2.6%20Other%20operating%20costs%20and%20expenses) Consolidated other operating costs and expenses decreased by **$103.9 million** to **$1,877.8 million** in 2023, mainly due to the disposition of VTR and organic decreases in personnel, network-related, and commercial costs, with segment-specific variations influenced by capitalized labor, integration efforts, and marketing Consolidated Other Operating Costs and Expenses (in millions USD) | Category | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | Increase (Decrease) | | :-------------------------- | :---------------------- | :---------------------- | :-------------------- | | Personnel and contract labor | 557.6 | 597.7 | (40.1) | | Network-related | 259.0 | 311.4 | (52.4) | | Service-related | 227.6 | 210.8 | 16.8 | | Commercial | 181.1 | 226.0 | (44.9) | | Facility, provision, franchise and other | 563.8 | 542.3 | 21.5 | | Share-based compensation expense | 88.7 | 93.5 | (4.8) | | **Total** | **1,877.8** | **1,981.7** | **(103.9)** | -

Subscriber Growth and Performance - 186,000 organic broadband and postpaid mobile subscriber net adds in 2023[1] - Over 80% of fixed networks upgraded to enable speeds in excess of 1 Gbps, adding 81,000 broadband subscribers[2] - Postpaid mobile base grew by 105,000 subscribers, primarily in Liberty Costa Rica and C&W Caribbean[2] - C&W Caribbean: ~100,000 internet and mobile postpaid organic adds in 2023; FY reported and rebased Adj. OIBDA growth of 12%[5] - Liberty Costa Rica: 87,000 total postpaid net adds in 2023; FY Adj. OIBDA up 51% and 23% on a reported and rebased basis, respectively[5] - Total C&W Caribbean mobile subscribers increased by 45,000, with Jamaica contributing 33,200 and Barbados 1,900[23] - Liberty Costa Rica mobile subscribers grew by 73,400, driven by 44,900 prepaid and 28,500 postpaid additions[23] - Total C&W Caribbean fixed-line RGUs reached 1,739,000, with mobile subscribers totaling 1,970,000, including 1,663,000 prepaid and 307,000 postpaid subscribers[45] - C&W Panama reported 620,500 fixed-line RGUs and 1,856,400 mobile subscribers, with 1,511,200 prepaid and 345,200 postpaid subscribers[45] - Liberty Puerto Rico recorded 1,053,000 fixed-line RGUs and 979,300 mobile subscribers, including 115,200 prepaid and 864,100 postpaid subscribers[45] - Liberty Costa Rica's fixed-line RGUs stood at 520,900, with mobile subscribers reaching 3,171,700, including 2,267,100 prepaid and 904,600 postpaid subscribers[45] - Total mobile subscribers across all regions reached 7,977,400, including 5,556,500 prepaid and 2,420,900 postpaid subscribers[45] - Postpaid mobile subscribers in Liberty Puerto Rico include 201,800 CRUs (Corporate Responsible Users)[46] - Homes passed in Liberty Costa Rica include 54,000 homes on a third-party network with long-term access[46] Financial Performance and Metrics - Operating income of $518 million; Adj. OIBDA rebased growth of 6% to $1.7 billion[1] - Cash provided by operating activities of $897 million; reported Adj. FCF before distributions to noncontrolling interests of $273 million[1] - Anticipated mid to high single digit Adjusted OIBDA rebased CAGR and aggregate Adjusted FCF of more than $1 billion over the next three years[2] - Adjusted OIBDA for Q4 2023 increased by 7% to $431.9 million, driven by growth in C&W Caribbean, Liberty Costa Rica, and C&W Panama, offset by declines in Liberty Networks and Liberty Puerto Rico[11][16] - C&W Caribbean's Adjusted OIBDA grew by 16% to $160.0 million in Q4 2023, with a margin improvement of over 600 basis points to 44%[11][16] - C&W Panama's Adjusted OIBDA increased by 17% to $66.7 million in Q4 2023, driven by revenue growth and lower bad debt expenses[11][16] - Liberty Costa Rica's Adjusted OIBDA surged by 60% to $57.9 million in Q4 2023, supported by revenue growth and favorable foreign exchange movements[11][17] - Liberty Networks' Adjusted OIBDA declined by 23% to $61.5 million in Q4 2023 due to revenue declines[11][17] - Liberty Puerto Rico's Adjusted OIBDA decreased by 12% to $103.9 million in Q4 2023, impacted by revenue declines and higher operating costs[11][17] - Adjusted OIBDA for Q4 2023 was $431.9 million, up 7.3% from $402.6 million in Q4 2022[68] - Full-year 2023 Adjusted OIBDA reached $1,701.6 million, slightly down 0.5% from $1,709.9 million in 2022[68] - Adjusted OIBDA margin improved to 37.1% in Q4 2023 from 34.7% in Q4 2022[68] - Adjusted Free Cash Flow (Adjusted FCF) for Q4 2023 was $183.7 million, down 12.4% from $209.7 million in Q4 2022[71] - Full-year 2023 Adjusted FCF increased 4.9% to $197.8 million from $188.5 million in 2022[71] - Capital expenditures for 2023 totaled $585.0 million, down 11.4% from $660.1 million in 2022[71] - Adjusted OIBDA for the year ended December 31, 2022 was $1,709.9 million, with rebased Adjusted OIBDA at $1,612.2 million after adjustments[84] - Annualized Adjusted OIBDA for the last two quarters of 2023 was $1,720.6 million, with a consolidated leverage ratio of 4.8x[88] - Operating income for the three months ended September 30, 2023 was $162.7 million, contributing to an annualized operating income of $596.2 million[88][90] - Adjusted OIBDA for C&W borrowing group increased to $288.2 million in Q4 2023, up from $275.0 million in Q4 2022, with a full-year increase to $1,086.3 million from $1,000.0 million[93] - Proportionate Adjusted OIBDA for C&W borrowing group rose to $239.2 million in Q4 2023, compared to $231.7 million in Q4 2022, with a full-year increase to $916.7 million from $852.4 million[93] - Liberty Puerto Rico's Adjusted OIBDA decreased to $103.9 million in Q4 2023 from $117.6 million in Q4 2022, with a full-year decrease to $485.5 million from $530.8 million[94] - Liberty Costa Rica's Adjusted OIBDA increased to CRC 30.8 billion in Q4 2023 from CRC 22.1 billion in Q4 2022, with a full-year increase to CRC 110.2 billion from CRC 87.2 billion[94] Debt and Financial Obligations - Total debt and finance lease obligations stood at $8,247.7 million as of December 31, 2023, with cash and cash equivalents of $996.6 million[20] - Consolidated gross leverage ratio increased to 4.8x in Q4 2023, up from 4.6x in Q3 2023[20] - Unused borrowing capacity was $869.0 million as of December 31, 2023, slightly down from $887.0 million in Q3 2023[20] - Cash amount includes restricted cash used as collateral for lines of credit to expand and improve the fixed network in Puerto Rico[22] - C&W's total third-party debt as of December 31, 2023, was $4.1 billion, with a Fully-swapped Borrowing Cost of 5.5% and an average debt tenor of 4.1 years[37] - Liberty Puerto Rico's total debt and finance lease obligations as of December 31, 2023, were $2.7 billion, with a Fully-swapped Borrowing Cost of 6.2% and an average debt tenor of 4.6 years[39][40] - Liberty Costa Rica's total debt and finance lease obligations as of December 31, 2023, were CRC 235.7 billion, with a Fully-swapped Borrowing Cost of 10.9% and an average debt tenor of 7.0 years[42][43] - Liberty Costa Rica's Covenant Consolidated Net Leverage Ratio was 1.9x, with maximum undrawn commitments of $60 million as of December 31, 2023[44] - Total debt and finance lease obligations as of December 31, 2023 were $8,179.9 million, with net debt at $7,251.1 million[88] Revenue and ARPU Metrics - C&W Caribbean ARPU per customer relationship increased by 1% to $49.66 in Q4 2023[24] - Liberty Costa Rica mobile ARPU rose by 3% to $6.74 in Q4 2023[25] - C&W Borrowing Group revenue for Q4 2023 was $660.6 million, a 1% decline year-over-year[34] - Full-year 2023 revenue for C&W Borrowing Group grew by 4% to $2,543.2 million[34] - Liberty Puerto Rico's revenue for Q4 2023 decreased by 5% to $353.5 million, with Adjusted OIBDA declining by 12% to $103.9 million[38] - Liberty Costa Rica's revenue for Q4 2023 increased by 11% to CRC 79.2 billion, with Adjusted OIBDA growing by 39% to CRC 30.8 billion[41] - C&W Caribbean segment reported revenue of $367.3 million, with rebased revenue at $366.6 million after foreign currency adjustments[81][87] - Liberty Costa Rica segment showed a 28% increase in reported revenue to $116.7 million, with rebased revenue at $135.4 million[81] - C&W borrowing group's rebased revenue for Q4 2022 was $670.0 million, with a reported percentage change of -1% and a rebased percentage change of -1%[95] - Liberty Costa Rica's rebased revenue for Q4 2022 was CRC 72.0 billion, with a reported percentage change of 11% and a rebased percentage change of 10%[101] - ARPU (Average Revenue Per Unit) is calculated based on subscription revenue, excluding interconnect, mobile handset sales, and late fees[49] Capital Expenditures and Investments - Property & equipment additions in Q4 2023 totaled $206.6 million, a decrease from $225.2 million in Q4 2022, with C&W Caribbean accounting for $61.3 million[19] - Property & equipment additions for C&W Borrowing Group decreased by 7% to $106.1 million in Q4 2023[34] - Repurchased $300 million in equity and convertible notes during the year[1] Integration and Operational Updates - Puerto Rico integration >80% complete; >800,000 mobile subscribers migrated[1] - Claro Panamá acquisition contributed $64.3 million to rebased revenue adjustments for 2022[79] - VTR deconsolidation resulted in a $450.6 million reduction in rebased revenue for 2022[79] - Liberty Costa Rica segment's B2B acquisition in January 2023 had minimal impact on financial results[80] - Revenue for the three months ended December 31, 2022 was $1,159.2 million, with rebased revenue at $1,178.6 million after adjustments[81] - Adjusted OIBDA for the three months ended December 31, 2022 was $402.6 million, increasing to $408.4 million after rebase adjustments[83] - C&W Caribbean's residential fixed revenue was $128.2 million, with a 2% reported percentage change[87] - Liberty Networks segment reported a 23% decrease in Adjusted OIBDA to $79.7 million for the three months ended December 31, 2022[83] - C&W borrowing group's rebased Adjusted OIBDA for Q4 2022 was $274.2 million, with a reported percentage change of 5% and a rebased percentage change of 5%[97] - Liberty Costa Rica's rebased Adjusted OIBDA for Q4 2022 was CRC 22.6 billion, with a reported percentage change of 39% and a rebased percentage change of 36%[100]

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q For the transition period from to Commission file number: 001-38335 Liberty Latin America Ltd. (Exact name of Registrant as specified in its charter) Bermuda 98-1386359 2 Church Street, Hamilton H ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38335 Liberty Latin America Ltd. (Exact name of Registrant as specified in its charter) Bermuda 98-1386359 (State or Other Jurisdiction of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38335 Liberty Latin America Ltd. (Exact name of Registrant as specified in its charter) Bermuda 98-1386359 (State or Other Jurisdiction of ...