UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 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 Incor ...

```markdown [PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section provides a comprehensive overview of the company's financial performance and position, including detailed statements and explanatory notes [Item 1. FINANCIAL STATEMENTS](index=8&type=section&id=Item%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, comprehensive earnings, equity, and cash flows, along with detailed notes. It covers the company's financial position, performance, and cash movements for the periods ended September 30, 2022, and December 31, 2021 [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This statement provides a snapshot of the company's assets, liabilities, and equity at specific points in time Condensed Consolidated Balance Sheets | Metric | Sep 30, 2022 (in millions) | Dec 31, 2021 (in millions) | Change | | :-------------------------------- | :------------------------- | :------------------------- | :----- | | Total assets | $15,062.9 | $15,365.7 | $(302.8) | | Total liabilities | $12,537.0 | $12,468.3 | $68.7 | | Total equity | $2,525.9 | $2,897.4 | $(371.5) | | Cash and cash equivalents | $769.2 | $956.7 | $(187.5) | | Goodwill | $3,416.6 | $3,948.0 | $(531.4) | | Long-term debt and finance lease obligations | $7,643.5 | $7,459.6 | $183.9 | [Condensed Consolidated Statements of Operations](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This statement details the company's revenues, expenses, and net earnings or losses over specific reporting periods Condensed Consolidated Statements of Operations | Metric | 3 Months Ended Sep 30, 2022 (in millions) | 3 Months Ended Sep 30, 2021 (in millions) | 9 Months Ended Sep 30, 2022 (in millions) | 9 Months Ended Sep 30, 2021 (in millions) | | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Revenue | $1,222.0 | $1,196.3 | $3,654.4 | $3,534.2 | | Operating income (loss) | $152.9 | $136.0 | $(15.4) | $485.0 | | Net earnings (loss) | $82.8 | $71.9 | $(335.6) | $168.0 | | Basic net earnings (loss) per share | $0.38 | $0.33 | $(1.38) | $0.75 | - Impairment, restructuring and other operating items, net, increased significantly to **$583.4 million** for the nine months ended September 30, 2022, compared to **$41.3 million** in the prior year[23](index=23&type=chunk) [Condensed Consolidated Statements of Comprehensive Earnings (Loss)](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Earnings%20%28Loss%29) This statement presents net earnings and other comprehensive income components, reflecting total non-owner changes in equity Condensed Consolidated Statements of Comprehensive Earnings (Loss) | Metric | 3 Months Ended Sep 30, 2022 (in millions) | 3 Months Ended Sep 30, 2021 (in millions) | 9 Months Ended Sep 30, 2022 (in millions) | 9 Months Ended Sep 30, 2021 (in millions) | | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Net earnings (loss) | $82.8 | $71.9 | $(335.6) | $168.0 | | Other comprehensive earnings | $10.9 | $62.3 | $29.5 | $25.0 | | Comprehensive earnings (loss) | $93.7 | $134.2 | $(306.1) | $193.0 | [Condensed Consolidated Statements of Equity](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) This statement tracks changes in shareholders' equity, including net income, share repurchases, and other equity adjustments Condensed Consolidated Statements of Equity | Metric | Sep 30, 2022 (in millions) | Jan 1, 2022 (in millions) | Change | | :------------------------------------------ | :------------------------- | :------------------------ | :----- | | Total Liberty Latin America shareholders | $1,876.2 | $2,220.0 | $(343.8) | | Total equity | $2,525.9 | $2,897.4 | $(371.5) | | Net loss attributable to Liberty Latin America shareholders (9 months) | $(310.3) | N/A | N/A | | Repurchase of common shares (9 months) | $(152.4) | N/A | N/A | [Condensed Consolidated Statements of Cash Flows](index=14&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This statement reports cash generated and used by operating, investing, and financing activities over a period Condensed Consolidated Statements of Cash Flows | Metric | 9 Months Ended Sep 30, 2022 (in millions) | 9 Months Ended Sep 30, 2021 (in millions) | Change | | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Net cash provided by operating activities | $491.8 | $717.8 | $(226.0) | | Net cash used by investing activities | $(744.6) | $(1,075.3) | $330.7 | | Net cash provided by financing activities | $21.9 | $530.6 | $(508.7) | | Capital expenditures | $(497.7) | $(544.7) | $47.0 | [Notes to Condensed Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and supplementary information for the condensed consolidated financial statements [(1) Basis of Presentation](index=16&type=section&id=Note%201.%20Basis%20of%20Presentation) This note provides specific details regarding basis of presentation - Liberty Latin America is an international provider of fixed, mobile, and subsea telecommunications services across over 20 countries in Latin America and the Caribbean, Puerto Rico, Costa Rica, and Chile (through VTR, now held for sale). It also offers wholesale communication services via subsea and terrestrial fiber optic cable networks[48](index=48&type=chunk) - **Immaterial errors** in previously reported consolidated financial statements for December 31, 2021, and the three and nine months ended September 30, 2021, were corrected, primarily related to revenue, costs, receivables, and impairments[50](index=50&type=chunk) [(2) Accounting Changes and Recent Accounting Pronouncements](index=17&type=section&id=Note%202.%20Accounting%20Changes%20and%20Recent%20Accounting%20Pronouncements) This note provides specific details regarding accounting changes and recent accounting pronouncements - The company adopted ASU 2020-06 (Accounting for Convertible Instruments) effective January 1, 2022, which did **not materially impact financial statements**[51](index=51&type=chunk) - The company is evaluating ASU 2022-04 (Supplier Finance Programs) for **disclosure impacts**, effective for fiscal years beginning after December 15, 2022 (rollforward after Dec 15, 2023)[54](index=54&type=chunk) - The company does **not expect a material impact** from the phase-out of LIBOR by June 30, 2023[55](index=55&type=chunk) [(3) Current Expected Credit Losses](index=18&type=section&id=Note%203.%20Current%20Expected%20Credit%20Losses) This note provides specific details regarding current expected credit losses Current Expected Credit Losses | Metric | 9 Months Ended Sep 30, 2022 (in millions) | 9 Months Ended Sep 30, 2021 (in millions) | | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | | Allowance for trade receivables (beginning) | $80.3 | $100.0 | | Provision for expected losses, net (trade) | $52.2 | $38.6 | | Write-offs (trade) | $(44.4) | $(48.7) | | Allowance for trade receivables (ending) | $86.8 | $80.5 | Current Expected Credit Losses | Metric | 9 Months Ended Sep 30, 2022 (in millions) | 9 Months Ended Sep 30, 2021 (in millions) | | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | | Allowance for notes receivables (beginning) | $32.3 | $16.2 | | Provision for expected losses, net (notes) | $0.1 | $1.1 | | Allowance for notes receivables (ending) | $10.6 | $27.4 | [(4) Acquisitions](index=19&type=section&id=Note%204.%20Acquisitions) This note provides specific details regarding acquisitions - Acquired Claro Panama on July 1, 2022, for an **enterprise value of $200 million**, financed by debt and existing cash[59](index=59&type=chunk) - Preliminary purchase price allocation included **$16.5 million in goodwill** and **$49.8 million in intangible assets** subject to amortization[60](index=60&type=chunk) - Claro Panama contributed **$35 million in revenue** and **$7 million in net loss** to consolidated statements of operations for the three months ended September 30, 2022[62](index=62&type=chunk) - Finalized the purchase price for the Liberty Telecomunicaciones Acquisition in Q1 2022, resulting in a **$12 million reduction** in total consideration paid[64](index=64&type=chunk) - Acquired **96% of Broadband VI, LLC for $33 million** effective December 31, 2021[69](index=69&type=chunk) [(5) Derivative Instruments](index=22&type=section&id=Note%205.%20Derivative%20Instruments) This note provides specific details regarding derivative instruments - The company uses derivative instruments to **mitigate interest rate risk** on variable-rate debt and **foreign currency movements**, particularly for unmatched debt[73](index=73&type=chunk)[83](index=83&type=chunk) Derivative Instruments | Metric | Sep 30, 2022 (in millions) | Dec 31, 2021 (in millions) | Change | | :------------------------------------------ | :------------------------- | :------------------------- | :----- | | Total derivative assets | $328.7 | $40.5 | $288.2 | | Total derivative liabilities | $39.9 | $101.2 | $(61.3) | Derivative Instruments | Metric | 3 Months Ended Sep 30, 2022 (in millions) | 3 Months Ended Sep 30, 2021 (in millions) | 9 Months Ended Sep 30, 2022 (in millions) | 9 Months Ended Sep 30, 2021 (in millions) | | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Realized & unrealized gains on derivatives | $135.4 | $292.0 | $385.0 | $464.2 | [(6) Fair Value Measurements](index=25&type=section&id=Note%206.%20Fair%20Value%20Measurements) This note provides specific details regarding fair value measurements - Most derivative fair value measurements use observable **Level 2 data**, with credit risk valuation adjustments (incorporating own and counterparty credit spreads) being the most significant **Level 3 input**[92](index=92&type=chunk)[94](index=94&type=chunk) - Non-recurring fair value measurements for acquisition accounting (property, customer relationships, spectrum) and goodwill impairment assessments use significant unobservable **Level 3 inputs**[95](index=95&type=chunk)[96](index=96&type=chunk)[98](index=98&type=chunk) [(7) Long-lived Assets](index=27&type=section&id=Note%207.%20Long-lived%20Assets) This note provides specific details regarding long-lived assets Long-lived Assets | Metric | Jan 1, 2022 (in millions) | Sep 30, 2022 (in millions) | Change | | :------------------------------------------ | :------------------------- | :------------------------- | :----- | | Goodwill | $3,948.0 | $3,416.6 | $(531.4) | | Property and equipment, net | $4,168.4 | $4,275.0 | $106.6 | | Intangible assets subject to amortization, net | $788.6 | $717.3 | $(71.3) | - A **$555 million goodwill impairment charge** was recorded in the **C&W Caribbean segment** during Q2 2022, driven primarily by **macroeconomic factors, including higher interest rates**[103](index=103&type=chunk) - The **annual goodwill impairment testing date was changed** from October 1 to July 1 of each year during Q3 2022, with **no impact on consolidated financial statements**[104](index=104&type=chunk) [(8) Assets Held for Sale](index=29&type=section&id=Note%208.%20Assets%20Held%20for%20Sale) This note provides specific details regarding assets held for sale - The company entered into an agreement to form a **50:50 Chile JV** with América Móvil, contributing the Chile JV Entities, which were **classified as held for sale**[110](index=110&type=chunk)[111](index=111&type=chunk) Assets Held for Sale | Metric | Sep 30, 2022 (in millions) | Dec 31, 2021 (in millions) | | :------------------------------------------ | :------------------------- | :------------------------- | | Total assets held for sale | $1,399.6 | $1,568.7 | | Total liabilities associated with assets held for sale | $1,668.5 | $1,854.1 | - **Depreciation and amortization of long-lived assets and right-of-use assets for the Chile JV Entities ceased** due to held-for-sale classification[112](index=112&type=chunk) [(9) Debt and Finance Lease Obligations](index=30&type=section&id=Note%209.%20Debt%20and%20Finance%20Lease%20Obligations) This note provides specific details regarding debt and finance lease obligations Debt and Finance Lease Obligations | Metric | Sep 30, 2022 (in millions) | Dec 31, 2021 (in millions) | Change | | :------------------------------------------ | :------------------------- | :------------------------- | :----- | | Total debt before premiums, discounts and deferred financing costs | $7,943.9 | $7,678.3 | $265.6 | | Total carrying amount of debt | $7,841.7 | $7,558.3 | $283.4 | | Total debt and finance lease obligations | $7,851.5 | $7,565.9 | $285.6 | - The **weighted average interest rate** on debt was **5.8%** at September 30, 2022 (**5.6%** including derivative instruments)[117](index=117&type=chunk)[312](index=312&type=chunk) - The company **repurchased and cancelled approximately $91 million** original principal amount of VTR senior secured notes and senior notes during Q3 2022, resulting in a **$41 million gain on debt extinguishment**[127](index=127&type=chunk)[291](index=291&type=chunk) [(10) Leases](index=34&type=section&id=Note%2010.%20Leases) This note provides specific details regarding leases Leases | Metric | 3 Months Ended Sep 30, 2022 (in millions) | 3 Months Ended Sep 30, 2021 (in millions) | 9 Months Ended Sep 30, 2022 (in millions) | 9 Months Ended Sep 30, 2021 (in millions) | | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Total operating lease expense | $35.3 | $30.9 | $103.2 | $81.3 | Leases | Metric | Sep 30, 2022 (in millions) | Dec 31, 2021 (in millions) | Change | | :------------------------------------------ | :------------------------- | :------------------------- | :----- | | Operating lease right-of-use assets | $525.2 | $441.0 | $84.2 | | Total operating lease liabilities | $549.3 | $453.0 | $96.3 | [(11) Unfulfilled Performance Obligations](index=36&type=section&id=Note%2011.%20Unfulfilled%20Performance%20Obligations) This note provides specific details regarding unfulfilled performance obligations - As of September 30, 2022, the company had approximately **$325 million in unfulfilled performance obligations** related to long-term capacity contracts, primarily subsea contracts, expected to be recognized as revenue over an **average remaining life of 5 years**[139](index=139&type=chunk) [(12) Programming and Other Direct Costs of Services](index=36&type=section&id=Note%2012.%20Programming%20and%20Other%20Direct%20Costs%20of%20Services) This note provides specific details regarding programming and other direct costs of services Programming and Other Direct Costs of Services | Metric | 3 Months Ended Sep 30, 2022 (in millions) | 3 Months Ended Sep 30, 2021 (in millions) | 9 Months Ended Sep 30, 2022 (in millions) | 9 Months Ended Sep 30, 2021 (in millions) | | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Programming and copyright | $91.6 | $108.5 | $302.1 | $334.7 | | Interconnect | $88.6 | $92.0 | $262.7 | $252.7 | | Equipment and other | $118.9 | $96.7 | $338.5 | $277.4 | | Total | $299.1 | $297.2 | $903.3 | $864.8 | [(13) Other Operating Costs and Expenses](index=36&type=section&id=Note%2013.%20Other%20Operating%20Costs%20and%20Expenses) This note provides specific details regarding other operating costs and expenses Other Operating Costs and Expenses | Metric | 3 Months Ended Sep 30, 2022 (in millions) | 3 Months Ended Sep 30, 2021 (in millions) | 9 Months Ended Sep 30, 2022 (in millions) | 9 Months Ended Sep 30, 2021 (in millions) | | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Personnel and contract labor | $155.3 | $142.9 | $453.6 | $425.1 | | Network-related | $88.6 | $86.0 | $250.1 | $247.1 | | Service-related | $52.8 | $47.4 | $158.6 | $140.2 | | Commercial | $58.9 | $57.4 | $182.5 | $163.5 | | Facility, provision, franchise and other | $152.3 | $122.2 | $394.0 | $342.0 | | Share-based compensation expense | $20.8 | $33.1 | $82.6 | $88.9 | | Total | $528.7 | $489.0 | $1,521.4 | $1,406.8 | [(14) Income Taxes](index=37&type=section&id=Note%2014.%20Income%20Taxes) This note provides specific details regarding income taxes Income Taxes | Metric | 3 Months Ended Sep 30, 2022 (in millions) | 3 Months Ended Sep 30, 2021 (in millions) | 9 Months Ended Sep 30, 2022 (in millions) | 9 Months Ended Sep 30, 2021 (in millions) | | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Income tax expense | $39.1 | $39.8 | $101.6 | $110.7 | | Effective income tax rate | (32.1)% | (35.6)% | 43.4% | (39.7)% | - The effective tax rate for the nine months ended September 30, 2022, was **43.4%**, primarily due to detrimental effects of **non-deductible goodwill impairment, negative permanent tax differences, and a Barbados Pandemic Contribution Levy**[147](index=147&type=chunk) [(15) Earnings or Loss Per Share](index=38&type=section&id=Note%2015.%20Earnings%20or%20Loss%20Per%20Share) This note provides specific details regarding earnings or loss per share Earnings or Loss Per Share | Metric | 3 Months Ended Sep 30, 2022 | 3 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2021 | | :------------------------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Basic net earnings (loss) per share | $0.38 | $0.33 | $(1.38) | $0.75 | | Diluted net earnings (loss) per share | $0.38 | $0.32 | $(1.38) | $0.74 | Earnings or Loss Per Share | Metric | 3 Months Ended Sep 30, 2022 | 3 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2021 | | :------------------------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Basic weighted average shares outstanding | 220,186,543 | 232,801,996 | 224,414,274 | 233,059,215 | | Diluted weighted average shares outstanding | 240,551,950 | 253,429,864 | 224,414,274 | 233,871,985 | [(16) Equity](index=39&type=section&id=Note%2016.%20Equity) This note provides specific details regarding equity - A **new $200 million share repurchase program** was approved in February 2022, authorizing repurchases of Class A and/or Class C common shares through December 2024[155](index=155&type=chunk) - The company repurchased **2,653,800 Class A** and **14,281,000 Class C** common shares during the nine months ended September 30, 2022, under the Share Repurchase Programs[156](index=156&type=chunk) - **$74 million remained authorized for share repurchases** under the 2022 Share Repurchase Program as of September 30, 2022[156](index=156&type=chunk) [(17) Commitments and Contingencies](index=39&type=section&id=Note%2017.%20Commitments%20and%20Contingencies) This note provides specific details regarding commitments and contingencies - VTR faces a class action complaint filed by SERNAC (the Chilean National Consumer Authority) regarding broadband service and capacity during the pandemic[159](index=159&type=chunk) - **Contingent liabilities** exist from legal proceedings, tax issues, and disputes over interconnection, programming, and copyright fees, with outcomes uncertain but **not expected to result in material payments**[160](index=160&type=chunk) [(18) Segment Reporting](index=40&type=section&id=Note%2018.%20Segment%20Reporting) This note provides specific details regarding segment reporting - An organizational change created a **new C&W Networks & LatAm reportable segment**, separating it from C&W Caribbean and Networks[164](index=164&type=chunk) - Reportable segments include C&W Caribbean, C&W Panama, C&W Networks & LatAm, Liberty Puerto Rico, Liberty Costa Rica, and VTR[167](index=167&type=chunk) - **Adjusted OIBDA is the primary measure** used by the chief operating decision maker to **evaluate segment operating performance and allocate resources**[166](index=166&type=chunk) Segment Reporting | Segment | 3 Months Ended Sep 30, 2022 (in millions) | 3 Months Ended Sep 30, 2021 (in millions) | 9 Months Ended Sep 30, 2022 (in millions) | 9 Months Ended Sep 30, 2021 (in millions) | | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | C&W Caribbean Revenue | $359.1 | $347.4 | $1,069.5 | $1,033.0 | | C&W Panama Revenue | $172.5 | $133.9 | $441.3 | $394.5 | | C&W Networks & LatAm Revenue | $102.8 | $106.5 | $326.8 | $320.0 | | Liberty Puerto Rico Revenue | $366.9 | $357.3 | $1,096.4 | $1,078.5 | | Liberty Costa Rica Revenue | $109.2 | $77.8 | $324.6 | $150.3 | | VTR Revenue | $129.8 | $193.1 | $450.6 | $612.7 | | Total Revenue | $1,222.0 | $1,196.3 | $3,654.4 | $3,534.2 | Segment Reporting | Segment | 3 Months Ended Sep 30, 2022 (in millions) | 3 Months Ended Sep 30, 2021 (in millions) | 9 Months Ended Sep 30, 2022 (in millions) | 9 Months Ended Sep 30, 2021 (in millions) | | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | C&W Caribbean Adjusted OIBDA | $132.7 | $119.6 | $397.1 | $357.9 | | C&W Panama Adjusted OIBDA | $46.7 | $47.9 | $131.6 | $137.5 | | C&W Networks & LatAm Adjusted OIBDA | $58.9 | $62.0 | $196.6 | $193.1 | | Liberty Puerto Rico Adjusted OIBDA | $131.5 | $139.3 | $418.2 | $445.6 | | Liberty Costa Rica Adjusted OIBDA | $32.8 | $24.0 | $98.6 | $50.8 | | VTR Adjusted OIBDA | $31.2 | $65.1 | $115.6 | $204.3 | | Total Adjusted OIBDA | $415.0 | $443.2 | $1,312.3 | $1,351.5 | [Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=48&type=section&id=Item%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section provides a comprehensive analysis of Liberty Latin America's financial condition and results of operations, highlighting key factors affecting performance, including acquisitions, foreign exchange impacts, and segment-specific trends. It also discusses liquidity, capitalization, and cash flow dynamics [Forward-looking Statements](index=48&type=section&id=Forward-looking%20Statements) This section provides specific details regarding forward-looking statements - Statements in this report, particularly regarding future results, involve risks and uncertainties that could cause actual results to differ materially from expectations[198](index=198&type=chunk) - Key risk factors include the competitive environment, fluctuations in currency exchange rates, ability to obtain additional financing, changes in government regulations, and the successful integration of acquisitions (e.g., Chile JV, Claro Panama Acquisition)[200](index=200&type=chunk)[201](index=201&type=chunk) [Overview](index=51&type=section&id=Overview) This section provides specific details regarding overview - Liberty Latin America is an international provider of fixed, mobile, and subsea telecommunications services across over 20 countries in Latin America and the Caribbean, Puerto Rico, Costa Rica, and Chile[204](index=204&type=chunk) - The company completed the acquisition of Claro Panama on July 1, 2022[206](index=206&type=chunk) - A **50:50 Chile JV** with América Móvil was formed, closing subsequent to September 30, 2022, and will be accounted for as an **equity method investment**[207](index=207&type=chunk) [Material Changes in Results of Operations](index=51&type=section&id=Material%20Changes%20in%20Results%20of%20Operations) - The comparability of operating results is significantly affected by acquisitions (Telefónica Costa Rica, Broadband VI, Claro Panama) and foreign currency exchange (FX) effects, particularly the Chilean peso[208](index=208&type=chunk)[209](index=209&type=chunk)[210](index=210&type=chunk) - The company is experiencing inflationary pressures and foreign currency exchange risk, which could increase pressure on operating margins if cost increases cannot be passed on to customers[212](index=212&type=chunk) [Consolidated Adjusted OIBDA](index=52&type=section&id=Consolidated%20Adjusted%20OIBDA) This section provides specific details regarding consolidated adjusted oibda Consolidated Adjusted OIBDA | Metric | 3 Months Ended Sep 30, 2022 (in millions) | 3 Months Ended Sep 30, 2021 (in millions) | 9 Months Ended Sep 30, 2022 (in millions) | 9 Months Ended Sep 30, 2021 (in millions) | | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Consolidated Adjusted OIBDA | $415.0 | $443.2 | $1,312.3 | $1,351.5 | - Consolidated Adjusted OIBDA decreased due to **organic changes in revenue, programming and other direct costs, other operating expenses, and non-organic impacts from FX and acquisitions**[216](index=216&type=chunk) [Adjusted OIBDA Margin](index=54&type=section&id=Adjusted%20OIBDA%20Margin) This section provides specific details regarding adjusted oibda margin Adjusted OIBDA Margin | Segment | 3 Months Ended Sep 30, 2022 (%) | 3 Months Ended Sep 30, 2021 (%) | 9 Months Ended Sep 30, 2022 (%) | 9 Months Ended Sep 30, 2021 (%) | | :------------------------------------------ | :-------------------------------- | :-------------------------------- | :-------------------------------- | :-------------------------------- | | C&W Caribbean | 37.0 | 34.4 | 37.1 | 34.6 | | C&W Panama | 27.1 | 35.8 | 29.8 | 34.9 | | C&W Networks & LatAm | 57.3 | 58.2 | 60.2 | 60.3 | | Liberty Puerto Rico | 35.8 | 39.0 | 38.1 | 41.3 | | Liberty Costa Rica | 30.0 | 30.8 | 30.4 | 33.8 | | VTR | 24.0 | 33.7 | 25.7 | 33.3 | - C&W Panama's Adjusted OIBDA margin decreased due to the inclusion of Claro Panama operations, which generate a **lower margin**[217](index=217&type=chunk) - VTR's margin declined due to **reduced revenue, RGUs, and ARPU** from **significant competition**[217](index=217&type=chunk) - **Integration costs of $8 million (3 months) and $19 million (9 months)** were incurred in Liberty Puerto Rico, Liberty Costa Rica, and C&W Panama segments[217](index=217&type=chunk) [Revenue](index=54&type=section&id=Revenue) This section provides specific details regarding revenue Revenue | Metric | 3 Months Ended Sep 30, 2022 (in millions) | 3 Months Ended Sep 30, 2021 (in millions) | 9 Months Ended Sep 30, 2022 (in millions) | 9 Months Ended Sep 30, 2021 (in millions) | | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Total Revenue | $1,222.0 | $1,196.3 | $3,654.4 | $3,534.2 | | Increase (decrease) from FX (3 months) | $(32.3) | N/A | N/A | N/A | | Increase (decrease) from Acquisitions (3 months) | $71.7 | N/A | N/A | N/A | | Organic increase (decrease) (3 months) | $(13.7) | N/A | N/A | N/A | | Increase (decrease) from FX (9 months) | $(95.2) | N/A | N/A | N/A | | Increase (decrease) from Acquisitions (9 months) | $223.7 | N/A | N/A | N/A | | Organic increase (decrease) (9 months) | $(8.3) | N/A | N/A | N/A | - VTR's revenue decreased organically by **$37.5 million** (3 months) and **$89.7 million** (9 months) due to **lower average RGUs and ARPU**, driven by **increased competition and strategic initiatives**[244](index=244&type=chunk) - Liberty Costa Rica's revenue increased significantly due to acquisitions, with organic growth driven by **higher mobile subscribers and B2B revenue**[241](index=241&type=chunk) [Programming and other direct costs of services](index=65&type=section&id=Programming%20and%20other%20direct%20costs%20of%20services) This section provides specific details regarding programming and other direct costs of services Programming and other direct costs of services | Metric | 3 Months Ended Sep 30, 2022 (in millions) | 3 Months Ended Sep 30, 2021 (in millions) | 9 Months Ended Sep 30, 2022 (in millions) | 9 Months Ended Sep 30, 2021 (in millions) | | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Programming and copyright | $91.6 | $108.5 | $302.1 | $334.7 | | Interconnect | $88.6 | $92.0 | $262.7 | $252.7 | | Equipment and other | $118.9 | $96.7 | $338.5 | $277.4 | | Total | $299.1 | $297.2 | $903.3 | $864.8 | - VTR experienced organic decreases in programming and copyright costs due to **lower average subscribers, content rates, and renegotiated content agreements**[261](index=261&type=chunk) - Liberty Puerto Rico saw organic increases in equipment and other costs due to **higher handset sales, inventory adjustments, and equipment-related integration costs**[257](index=257&type=chunk) [Other operating costs and expenses](index=69&type=section&id=Other%20operating%20costs%20and%20expenses) This section provides specific details regarding other operating costs and expenses Other operating costs and expenses | Metric | 3 Months Ended Sep 30, 2022 (in millions) | 3 Months Ended Sep 30, 2021 (in millions) | 9 Months Ended Sep 30, 2022 (in millions) | 9 Months Ended Sep 30, 2021 (in millions) | | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Total other operating costs and expenses | $528.7 | $489.0 | $1,521.4 | $1,406.8 | | Increase (decrease) from FX (9 months) | N/A | N/A | $(42.7) | N/A | | Increase (decrease) from Acquisitions (9 months) | N/A | N/A | $113.4 | N/A | | Organic increase (decrease) (9 months) | N/A | N/A | $43.9 | N/A | - Liberty Puerto Rico's organic increases were due to **higher personnel costs, network operating expenses** (Hurricane Fiona, AT&T integration), and facility costs, partially offset by **lower bonus expenses and a decline from the AT&T transition services agreement termination**[273](index=273&type=chunk) - VTR experienced organic decreases in commercial costs due to **lower sales commissions and call center activity**, and **lower operating lease rent expense** due to held-for-sale accounting for the Chile JV Entities[279](index=279&type=chunk) [Results of Operations (below Adjusted OIBDA)](index=76&type=section&id=Results%20of%20Operations%20%28below%20Adjusted%20OIBDA%29) - Net earnings (loss) for the nine months ended September 30, 2022, was **$(335.6) million**, a **significant decline** from **$168.0 million** in the prior year, largely due to **significant impairment charges** and non-operating items[298](index=298&type=chunk) [Depreciation and amortization](index=76&type=section&id=Depreciation%20and%20amortization) This section provides specific details regarding depreciation and amortization - Depreciation and amortization **decreased by $75 million (10%)** for the nine months ended September 30, 2022, primarily due to **ceasing depreciation at VTR** after classifying the Chile JV Entities as held for sale[282](index=282&type=chunk) [Impairment, restructuring and other operating items, net](index=76&type=section&id=Impairment%20restructuring%20and%20other%20operating%20items%2C%20net) This section provides specific details regarding impairment, restructuring and other operating items, net Impairment, restructuring and other operating items, net | Metric | 3 Months Ended Sep 30, 2022 (in millions) | 3 Months Ended Sep 30, 2021 (in millions) | 9 Months Ended Sep 30, 2022 (in millions) | 9 Months Ended Sep 30, 2021 (in millions) | | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Impairment charges | $0.0 | $0.1 | $558.5 | $3.0 | | Restructuring charges | $4.6 | $9.6 | $10.2 | $24.6 | | Other operating items, net | $2.4 | $12.4 | $14.7 | $13.7 | | Total | $7.0 | $22.1 | $583.4 | $41.3 | - The **$558.5 million impairment charges** for the nine months ended September 30, 2022, primarily consist of **goodwill impairment charges** associated with certain reporting units within the C&W Caribbean segment[288](index=288&type=chunk) [Interest expense](index=77&type=section&id=Interest%20expense) This section provides specific details regarding interest expense - Interest expense **increased by $19 million** for the nine months ended September 30, 2022, primarily due to **higher weighted-average interest rates and increased average outstanding debt balances**[284](index=284&type=chunk) [Realized and unrealized gains or losses on derivative instruments, net](index=77&type=section&id=Realized%20and%20unrealized%20gains%20or%20losses%20on%20derivative%20instruments%2C%20net) This section provides specific details regarding realized and unrealized gains or losses on derivative instruments, net Realized and unrealized gains or losses on derivative instruments, net | Metric | 3 Months Ended Sep 30, 2022 (in millions) | 3 Months Ended Sep 30, 2021 (in millions) | 9 Months Ended Sep 30, 2022 (in millions) | 9 Months Ended Sep 30, 2021 (in millions) | | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Realized and unrealized gains on derivative instruments, net | $135.4 | $292.0 | $385.0 | $464.2 | - The gains are primarily attributable to the net effect of **changes in interest rates and changes in FX rates**, predominantly due to changes in the value of the **Chilean peso relative to the U.S. dollar**[286](index=286&type=chunk) [Foreign currency transaction gains or losses, net](index=78&type=section&id=Foreign%20currency%20transaction%20gains%20or%20losses%2C%20net) This section provides specific details regarding foreign currency transaction gains or losses, net Foreign currency transaction gains or losses, net | Metric | 3 Months Ended Sep 30, 2022 (in millions) | 3 Months Ended Sep 30, 2021 (in millions) | 9 Months Ended Sep 30, 2022 (in millions) | 9 Months Ended Sep 30, 2021 (in millions) | | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Foreign currency transaction losses, net | $(56.5) | $(136.2) | $(221.9) | $(206.0) | - Foreign currency transaction losses primarily result from the **remeasurement of monetary assets and liabilities** denominated in currencies other than the underlying functional currency, particularly **U.S. dollar-denominated debt issued by a Chilean peso functional currency entity**[289](index=289&type=chunk) [Gains or losses on debt modification and extinguishment, net](index=78&type=section&id=Gains%20or%20losses%20on%20debt%20modification%20and%20extinguishment%2C%20net) This section provides specific details regarding gains or losses on debt modification and extinguishment, net - The company recognized **gains on debt extinguishment of $41 million** for the nine months ended September 30, 2022, primarily associated with the **buyback of certain VTR debt at fair value**[291](index=291&type=chunk) [Other income or expense, net](index=78&type=section&id=Other%20income%20or%20expense%2C%20net) This section provides specific details regarding other income or expense, net Other income or expense, net | Metric | 3 Months Ended Sep 30, 2022 (in millions) | 3 Months Ended Sep 30, 2021 (in millions) | 9 Months Ended Sep 30, 2022 (in millions) | 9 Months Ended Sep 30, 2021 (in millions) | | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Other expense, net | $(1.8) | $(41.1) | $(7.0) | $(42.1) | - Other expense, net, was **not material** for the three and nine months ended September 30, 2022, compared to **$41 million** and **$42 million** in the prior year, which primarily related to an **impairment associated with a cost method investment**[293](index=293&type=chunk) [Income tax expense](index=78&type=section&id=Income%20tax%20expense) This section provides specific details regarding income tax expense Income tax expense | Metric | 3 Months Ended Sep 30, 2022 (in millions) | 3 Months Ended Sep 30, 2021 (in millions) | 9 Months Ended Sep 30, 2022 (in millions) | 9 Months Ended Sep 30, 2021 (in millions) | | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Income tax expense | $39.1 | $39.8 | $101.6 | $110.7 | | Effective income tax rate | (32.1)% | (35.6)% | 43.4% | (39.7)% | - The income tax expense for the nine months ended September 30, 2022, reflects a **43.4% effective tax rate**, primarily due to detrimental effects of **non-deductible goodwill impairment, negative permanent tax differences, and a Barbados Pandemic Contribution Levy**[295](index=295&type=chunk) [Net earnings or loss](index=79&type=section&id=Net%20earnings%20or%20loss) This section provides specific details regarding net earnings or loss Net earnings or loss | Metric | 3 Months Ended Sep 30, 2022 (in millions) | 3 Months Ended Sep 30, 2021 (in millions) | 9 Months Ended Sep 30, 2022 (in millions) | 9 Months Ended Sep 30, 2021 (in millions) | | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Net earnings (loss) | $82.8 | $71.9 | $(335.6) | $168.0 | - Future earnings are largely dependent on **increasing aggregate Adjusted OIBDA to offset significant expenses**, as the company expects to report **high interest expense levels for the foreseeable future**[298](index=298&type=chunk)[299](index=299&type=chunk) [Net earnings or loss attributable to noncontrolling interests](index=79&type=section&id=Net%20earnings%20or%20loss%20attributable%20to%20noncontrolling%20interests) This section provides specific details regarding net earnings or loss attributable to noncontrolling interests Net earnings or loss attributable to noncontrolling interests | Metric | 3 Months Ended Sep 30, 2022 (in millions) | 3 Months Ended Sep 30, 2021 (in millions) | 9 Months Ended Sep 30, 2022 (in millions) | 9 Months Ended Sep 30, 2021 (in millions) | | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Net loss attributable to noncontrolling interests | $1.3 | $4.2 | $25.3 | $6.0 | [Material Changes in Financial Condition](index=79&type=section&id=Material%20Changes%20in%20Financial%20Condition) - The company's financial condition is characterized by **three primary borrowing groups** (C&W, Liberty Puerto Rico, Liberty Costa Rica), which hold a **significant portion of consolidated cash** and **generate cash from operating activities**[301](index=301&type=chunk) - The ability to service or refinance debt and maintain compliance with leverage covenants is dependent primarily on maintaining **Covenant EBITDA of operating subsidiaries**[310](index=310&type=chunk) [Sources and Uses of Cash](index=79&type=section&id=Sources%20and%20Uses%20of%20Cash) - Corporate liquidity sources include **cash, interest and dividend income, and potential distributions or loan repayments from borrowing groups**, subject to **tax, legal, and noncontrolling interest restrictions**[303](index=303&type=chunk)[301](index=301&type=chunk) - Borrowing groups' liquidity primarily comes from **cash provided by operations and borrowing availability** under their respective debt instruments, used for **capital expenditures, debt service, and income tax payments**[306](index=306&type=chunk)[307](index=307&type=chunk) [Cash and cash equivalents](index=80&type=section&id=Cash%20and%20cash%20equivalents) This section provides specific details regarding cash and cash equivalents Cash and cash equivalents | Metric | Sep 30, 2022 (in millions) | | :------------------------------------------ | :------------------------- | | Cash and cash equivalents (Liberty Latin America and unrestricted subsidiaries) | $185.9 | | Cash and cash equivalents (Borrowing groups) | $583.3 | | Total cash and cash equivalents | $769.2 | [Liquidity and capital resources of Liberty Latin America and its unrestricted subsidiaries](index=80&type=section&id=Liquidity%20and%20capital%20resources%20of%20Liberty%20Latin%20America%20and%20its%20unrestricted%20subsidiaries) This section provides specific details regarding liquidity and capital resources of liberty latin america and its unrestricted subsidiaries - Corporate liquidity requirements include **general and administrative expenses, repayment of third-party and intercompany debt, satisfaction of contingent liabilities, acquisitions, and share repurchases**[304](index=304&type=chunk) - The **aggregate amount of share repurchases during the three months ended September 30, 2022, was $34 million**[305](index=305&type=chunk) [Liquidity and capital resources of borrowing groups](index=80&type=section&id=Liquidity%20and%20capital%20resources%20of%20borrowing%20groups) This section provides specific details regarding liquidity and capital resources of borrowing groups - The liquidity of borrowing groups is generally used to fund **capital expenditures, debt service requirements, and income tax payments**[306](index=306&type=chunk)[307](index=307&type=chunk) - At September 30, 2022, each borrowing group was in **compliance with its debt covenants**, and **no material adverse impact on liquidity is anticipated during the next 12 months**[310](index=310&type=chunk) [Capitalization](index=81&type=section&id=Capitalization) This section provides specific details regarding capitalization - The **outstanding principal amount of debt, together with finance lease obligations (excluding VTR), aggregated $7,954 million** at September 30, 2022[311](index=311&type=chunk) - The **weighted average interest rate** in effect at September 30, 2022, for all borrowings outstanding was **5.8%** (**5.6%** including the effects of derivative instruments)[312](index=312&type=chunk) - The company believes it has **sufficient resources for the next 12 months** but anticipates seeking to **refinance or extend debt maturities in later years**[313](index=313&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=82&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section provides specific details regarding condensed consolidated statements of cash flows Condensed Consolidated Statements of Cash Flows | Metric | 9 Months Ended Sep 30, 2022 (in millions) | 9 Months Ended Sep 30, 2021 (in millions) | Change | | :------------------------------------------ | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Net cash provided by operating activities | $491.8 | $717.8 | $(226.0) | | Net cash used by investing activities | $(744.6) | $(1,075.3) | $330.7 | | Net cash provided by financing activities | $21.9 | $530.6 | $(508.7) | - The **decrease in cash provided by operating activities** is primarily due to **timing associated with changes in working capital**[315](index=315&type=chunk) - Financing activities during the nine months ended September 30, 2022, included **$98 million of net cash received related to derivatives** and **$95 million of net debt borrowings**, largely offset by **$153 million associated with share repurchases**[321](index=321&type=chunk) [Off Balance Sheet Arrangements](index=83&type=section&id=Off%20Balance%20Sheet%20Arrangements) This section provides specific details regarding off balance sheet arrangements - The company provides **indemnifications and performance/financial guarantees** in the ordinary course of business, which historically have **not resulted in material payments and are not expected to in the future**[323](index=323&type=chunk) [Contractual Commitments](index=83&type=section&id=Contractual%20Commitments) This section provides specific details regarding contractual commitments - Contractual commitments include **debt and operating lease obligations, as well as derivative instruments and defined benefit plans**[324](index=324&type=chunk) [Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](index=84&type=section&id=Item%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section details the company's exposure to market risks, primarily from foreign currency exchange rates and interest rates, and outlines its strategies for managing these risks through policies, procedures, and derivative instruments - The company is exposed to **market risk in its business operations** due to investments in various countries and ongoing investing and financing activities, primarily from **foreign currency exchange rates and interest rates**[327](index=327&type=chunk) [Cash and Investments](index=84&type=section&id=Cash%20and%20Investments) This section provides specific details regarding cash and investments - Cash is invested in **highly liquid instruments that meet high credit quality standards**[328](index=328&type=chunk) - **Exchange rate risk on cash balances is managed by actively aligning denominations with forecasted liquidity requirements**[328](index=328&type=chunk) [Foreign Currency Rates](index=84&type=section&id=Foreign%20Currency%20Rates) This section provides specific details regarding foreign currency rates Foreign Currency Rates | Currency | Sep 30, 2022 (Spot) | Dec 31, 2021 (Spot) | 9 Months Ended Sep 30, 2022 (Average) | 9 Months Ended Sep 30, 2021 (Average) | | :------------------------------------------ | :------------------ | :------------------ | :------------------------------------ | :------------------------------------ | | CLP (Chilean peso) | 967.43 | 852.00 | 859.78 | 737.78 | | JMD (Jamaican dollar) | 152.11 | 153.96 | 153.47 | 149.69 | | CRC (Costa Rican colón) | 628.50 | 642.21 | 659.93 | 617.19 | - The Chilean peso appreciated by **17% against the U.S. dollar** for the nine months ended September 30, 2022, compared to the corresponding period in 2021[210](index=210&type=chunk) [Interest Rate Risks](index=84&type=section&id=Interest%20Rate%20Risks) This section provides specific details regarding interest rate risks - The company uses **interest rate derivative contracts to protect against increases in variable interest rates**, resulting in **96% of total debt** having a fixed or capped interest rate at September 30, 2022[330](index=330&type=chunk) [Sensitivity Information](index=85&type=section&id=Sensitivity%20Information) This section provides specific details regarding sensitivity information - A **100 basis point increase** in the relevant base rate would increase the **aggregate fair value of C&W interest rate derivative contracts by approximately $98 million** and **Liberty Puerto Rico interest rate derivative contracts by approximately $28 million**[333](index=333&type=chunk)[334](index=334&type=chunk) [Projected Cash Flows Associated with Derivative Instruments](index=85&type=section&id=Projected%20Cash%20Flows%20Associated%20with%20Derivative%20Instruments) This section provides specific details regarding projected cash flows associated with derivative instruments Projected Cash Flows Associated with Derivative Instruments | Category | Remainder of 2022 (in millions) | 2023 (in millions) | 2024 (in millions) | 2025 (in millions) | 2026 (in millions) | 2027 (in millions) | Thereafter (in millions) | Total (in millions) | | :------------------------------------------ | :------------------------------ | :----------------- | :----------------- | :----------------- | :----------------- | :----------------- | :----------------------- | :------------------ | | Interest-related | $(19.4) | $(4.5) | $2.0 | $(20.1) | $(19.4) | $(19.4) | $(17.7) | $(98.5) | | Other | $0.0 | $16.1 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 | $16.1 | | Total | $(19.4) | $11.6 | $2.0 | $(20.1) | $(19.4) | $(19.4) | $(17.7) | $(82.4) | [Item 4. CONTROLS AND PROCEDURES](index=86&type=section&id=Item%204.%20CONTROLS%20AND%20PROCEDURES) This section addresses the effectiveness of the company's disclosure controls and procedures, noting their ineffectiveness due to un-remediated material weaknesses in internal control over financial reporting. Management is actively implementing remediation plans - The company's disclosure controls and procedures were concluded to be **ineffective** as of September 30, 2022, due to **un-remediated material weaknesses in internal control over financial reporting**[339](index=339&type=chunk) - Management is implementing remediation plans, including **designing and implementing additional manual procedures and controls, hiring key information technology resources, and conducting training**[340](index=340&type=chunk)[342](index=342&type=chunk) [Evaluation of disclosure controls and procedures](index=86&type=section&id=Evaluation%20of%20disclosure%20controls%20and%20procedures) This section provides specific details regarding evaluation of disclosure controls and procedures - Management concluded that disclosure controls and procedures were **ineffective** as of September 30, 2022, due to **un-remediated material weaknesses in internal control over financial reporting**[339](index=339&type=chunk) [Management's Remediation Plans](index=86&type=section&id=Management%27s%20Remediation%20Plans) This section provides specific details regarding management's remediation plans - Management is continuing to implement remediation plans, including **designing and implementing additional manual procedures and controls, hiring key IT resources, and conducting training**[340](index=340&type=chunk)[342](index=342&type=chunk) [Changes in Internal Control over Financial Reporting](index=86&type=section&id=Changes%20in%20Internal%20Control%20over%20Financial%20Reporting) This section provides specific details regarding changes in internal control over financial reporting - During the quarter, changes included **implementing additional manual procedures and controls, hiring key information technology resources, and conducting training** to enhance internal control over financial reporting[342](index=342&type=chunk) [PART II - OTHER INFORMATION](index=87&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section provides additional information not covered in the financial statements, including legal, equity, and exhibit details [Item 1. LEGAL PROCEEDINGS](index=87&type=section&id=Item%201.%20LEGAL%20PROCEEDINGS) This section notes that the company's subsidiaries and affiliates are involved in various legal proceedings arising in the ordinary course of business, including contingent liabilities related to legal, tax, interconnection, programming, and copyright fee disputes - The company's subsidiaries and affiliates are involved in **litigation relating to claims arising out of their operations in the normal course of business**, including **contingent liabilities related to legal proceedings, tax issues, and disputes over interconnection, programming, and copyright fees**[344](index=344&type=chunk)[160](index=160&type=chunk) [Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](index=87&type=section&id=Item%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) This section details the company's share repurchase activities under the 2022 Share Repurchase Program, including the number of shares purchased and the remaining authorized amount - The **2022 Share Repurchase Program, approved in February 2022, authorizes the company to repurchase up to an additional $200 million of Class A and/or Class C common shares through December 2024**[345](index=345&type=chunk) UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | Period | Class | Total number of shares purchased | Average price paid per share | | :------------------------------------------ | :---- | :------------------------------- | :--------------------------- | | July 1, 2022 through September 30, 2022 | Class A | 283,200 | $6.96 | | July 1, 2022 through September 30, 2022 | Class C | 4,440,600 | $7.11 | - At September 30, 2022, **$74 million remained authorized for share repurchases** under the 2022 Share Repurchase Program[347](index=347&type=chunk) [Item 6. EXHIBITS](index=88&type=section&id=Item%206.%20EXHIBITS) This section lists all exhibits filed as part of the Quarterly Report on Form 10-Q, including employment agreements, certifications, and XBRL taxonomy documents - Exhibits filed include **Amended and Restated Employment Agreement, 2022 Unrestricted Share Award and Performance Share Unit Agreement, Certifications of President/CEO and SVP/CFO, Section 1350 Certifications, and XBRL Inline Taxonomy Extension documents**[349](index=349&type=chunk) [SIGNATURES](index=89&type=section&id=SIGNATURES) This section contains the official signatures of the company's President and Chief Executive Officer, Balan Nair, and Senior Vice President and Chief Financial Officer, Christopher Noyes, certifying the report - The report was signed by **Balan Nair, President and Chief Executive Officer, and Christopher Noyes, Senior Vice President and Chief Financial Officer, on November 8, 2022**[353](index=353&type=chunk) ```

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, 2022 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, 2022 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-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 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 Incor ...

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 September 30, 2021 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 | | --- | (State or Other Jurisdicti ...

Subscriber Metrics - As of June 30, 2021, the company served 6,332,700 RGUs, including 2,822,300 broadband internet subscribers, 1,968,900 video subscribers, and 1,541,500 fixed-line telephony subscribers[189] - The company reported 4,623,900 mobile subscribers as of June 30, 2021[189] Financial Performance - Operating income for the three months ended June 30, 2021, was $160.2 million, compared to a loss of $206.0 million in the same period of 2020[205] - Consolidated Adjusted OIBDA for the six months ended June 30, 2021, increased to $913.3 million, up from $696.5 million in 2020, representing a growth of approximately 31.2%[206] - Revenue for the three months ended June 30, 2021, was $1,168.0 million, an increase of $319.1 million or 37.6% compared to $848.9 million in 2020[214] - For the six months ended June 30, 2021, total revenue reached $2,327.9 million, reflecting an increase of $548.0 million or 30.8% from $1,779.9 million in the same period of 2020[214] Revenue Breakdown - Liberty Puerto Rico's revenue surged to $360.4 million in Q2 2021, a significant increase of $251.3 million compared to $109.1 million in Q2 2020[214] - C&W Panama reported a revenue increase of 15.9% for the three months ended June 30, 2021, reaching $128.1 million[214] - Total residential revenue increased to $218.6 million, up $17.6 million (8.8%) from $201.0 million year-over-year[215] - B2B revenue reached $215.6 million, reflecting an increase of $11.7 million (5.7%) compared to $203.9 million in the prior year[215] Cost and Expenses - Programming and copyright costs for the three months ended June 30, 2021, were $114.4 million, an increase of 23.1% from $92.9 million in 2020[238] - Total programming and other direct costs of services for the six months ended June 30, 2021, reached $555.9 million, up 42.4% from $390.5 million in 2020[239] - Personnel and contract labor costs for the three months ended June 30, 2021, rose to $143.8 million from $113.2 million in 2020, an increase of $30.6 million[252] Integration and Acquisition - The company expects to incur integration-related operating costs totaling approximately $20 million during 2021 due to the AT&T acquisition[195] - The company entered into an agreement to acquire Telefónica S.A.'s wireless operations in Costa Rica for an enterprise value of $500 million, with expected closure by mid-August 2021[194] Market Conditions - The impacts of COVID-19 have negatively affected revenue associated with B2B and mobile operations, particularly due to lockdowns and restrictions[191] - The company noted significant competition in all markets, impacting the ability to maintain RGUs and ARPU[210] Foreign Exchange Impact - The average FX rate for the U.S. dollar per one Chilean peso depreciated by 13% and 11% for the three and six months ended June 30, 2021, compared to the same periods in 2020[199] - The impact of foreign exchange on C&W Caribbean and Networks's revenue was a decrease of $5.7 million for the three months ended June 30, 2021[218] Cash Flow and Liquidity - Net cash provided by operating activities for the six months ended June 30, 2021, was $443.7 million, an increase of $90.1 million compared to $353.6 million in 2020[307] - Total cash and cash equivalents as of June 30, 2021, amounted to $1,311.1 million, with $900.1 million held by borrowing groups and $411.0 million held by Liberty Latin America and unrestricted subsidiaries[293] Debt and Interest - The outstanding principal amount of the company's debt, including finance lease obligations, was $8,947 million as of June 30, 2021, with $165 million classified as current[303] - Interest expense decreased by $2 million for the three months and $19 million for the six months ended June 30, 2021, compared to 2020, due to lower weighted-average interest rates[274] Earnings and Tax - Net earnings for the three months ended June 30, 2021, were $1.0 million, a recovery from a loss of $500.2 million in 2020, while net earnings for the six months were $90.4 million compared to a loss of $684.8 million[288] - Income tax expense for the three months ended June 30, 2021, was $38 million, compared to $4 million in 2020, reflecting the impact of international rate differences and non-deductible expenses[283]

Financial Performance - Consolidated Adjusted OIBDA for the three months ended March 31, 2021, was $449.3 million, an increase from $363.9 million in the same period of 2020 [175]. - Operating income for the three months ended March 31, 2021, was $178.2 million, compared to $107.8 million in the same period of 2020 [177]. - Total revenue for the three months ended March 31, 2021, was $1,159.9 million, up from $931.0 million in 2020, representing a 25% increase [185]. - Liberty Puerto Rico's revenue surged to $361.3 million in Q1 2021, a significant increase of 245% compared to $104.6 million in Q1 2020 [185]. - C&W Caribbean and Networks experienced a revenue decline of $22.2 million, or 5%, from $452.0 million in Q1 2020 to $429.8 million in Q1 2021 [185]. - Adjusted OIBDA for the three months ending March 31, 2021, was $449.3 million, an increase from $363.9 million in the same period of 2020, reflecting a growth of 23.5% [178]. - Net earnings for the three months ended March 31, 2021, were $89.4 million, a significant recovery from a net loss of $184.6 million in the same period of 2020 [251]. Subscriber Metrics - As of March 31, 2021, the company served 6,262,300 RGUs, including 2,797,900 broadband internet subscribers, 1,957,100 video subscribers, and 1,507,300 fixed-line telephony subscribers [159]. - The company serves 4,506,200 mobile subscribers as of March 31, 2021 [159]. - The average number of RGUs increased by $7.8 million, while ARPU decreased by $6.1 million in the residential fixed subscription revenue segment [189]. Acquisitions and Impact - The company completed the acquisition of AT&T's wireless and wireline operations in Puerto Rico and the U.S. Virgin Islands in October 2020, impacting operational results [171]. - The company entered into an agreement to acquire Telefónica S.A.'s wireless operations in Costa Rica for an enterprise value of $500 million, expected to close in mid-2021 [166]. - The impact of acquisitions contributed an increase of $242 million to consolidated revenue for the three months ended March 31, 2021 [187]. - Liberty Puerto Rico's residential mobile service revenue was $117.4 million for the three months ended March 31, 2021, reflecting a significant increase due to the acquisition impact [193]. Revenue Changes by Segment - C&W Panama's revenue decreased by $16.3 million, or 12%, from $138.3 million in Q1 2020 to $122.0 million in Q1 2021 [185]. - The total B2B revenue for C&W Caribbean and Networks decreased by $9.9 million, or 4%, from $228.4 million in Q1 2020 to $218.5 million in Q1 2021 [188]. - Liberty Puerto Rico's total revenue increased by $256.7 million, or 245%, to $361.3 million for the three months ended March 31, 2021, compared to $104.6 million in 2020, driven by significant growth in residential mobile revenue [192]. - VTR's total revenue increased by $3.9 million, or 2%, to $210.3 million for the three months ended March 31, 2021, compared to $206.4 million in 2020, despite a decrease in residential mobile revenue [197]. - Cabletica's total revenue increased by $2.5 million, or 7%, to $36.2 million for the three months ended March 31, 2021, compared to $33.7 million in 2020, supported by growth in broadband internet and fixed-line telephony [200]. Cost and Expense Analysis - Programming and copyright costs for the C&W Caribbean and Networks segment increased to $111.8 million in Q1 2021 from $100.6 million in Q1 2020, reflecting an increase of 11.2% [204]. - Total programming and other direct costs for the C&W Caribbean and Networks segment rose to $280.2 million in Q1 2021, up from $210.8 million in Q1 2020, marking a 32.8% increase [204]. - Other operating costs and expenses totaled $453.4 million in Q1 2021, up from $380.1 million in Q1 2020, representing a 19.2% increase [217]. - Personnel and contract labor costs increased to $138.4 million in Q1 2021 from $124.5 million in Q1 2020, reflecting an increase of 11.5% [217]. - Total programming and other direct costs for Liberty Puerto Rico rose to $102.2 million in Q1 2021, compared to $78.1 million in Q1 2020, reflecting a 30.8% increase [209]. Debt and Financing - The outstanding principal amount of debt and finance lease obligations was $8,939 million as of March 31, 2021, with $163 million classified as current [263]. - Interest expense decreased by $17 million in Q1 2021 compared to Q1 2020, attributed to lower weighted-average interest rates and higher average outstanding debt balances [238]. - The company expects to maintain significant levels of interest expense due to its strategy of keeping debt at levels that provide attractive equity returns [252]. - The company reported $306.2 million in projected cash interest payments on debt and finance lease obligations for future periods [275]. Cash Flow and Capital Expenditures - Net cash provided by operating activities increased to $203.5 million for the three months ended March 31, 2021, up from $114.9 million in the same period of 2020, reflecting an increase of $88.6 million [266]. - Capital expenditures for the three months ended March 31, 2021, were $135.6 million, down from $149.2 million in the same period of 2020, representing a decrease of 9.5% [269]. - Adjusted free cash flow for Q1 2021 was $57.7 million, compared to a negative $48.5 million in Q1 2020, with net cash provided by operating activities increasing from $114.9 million to $203.5 million [273]. Foreign Currency and Other Financial Metrics - The average FX rate for the U.S. dollar per Chilean peso depreciated by 10% for the three months ended March 31, 2021, compared to the same period in 2020 [172]. - Foreign currency transaction losses decreased from $164.3 million in Q1 2020 to $25.4 million in Q1 2021, indicating improved currency management [243]. - The total realized and unrealized gains on derivative instruments increased significantly from $17.4 million in Q1 2020 to $114.9 million in Q1 2021 [241].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 For the transition period from to Commission file number 001-38335 Liberty Latin America Ltd. (Exact name of Registrant as specified in its charter) (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 2 Church Street, (Address of Principal Executive O ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q Liberty Latin America Ltd. (Exact name of Registrant as specified in its charter) (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 2 Church Street, OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...