10-Q

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, 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 Incorporation or Organization)	(I.R.S. Employer Identification No.)
2 Church Street,
Hamilton	HM 11
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: (441) 295-5950 or (303) 925-6000

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbols	Name of Each Exchange on Which Registered
Class A Common Shares, par value $0.01 per share	LILA	The NASDAQ Stock Market LLC
Class C Common Shares, par value $0.01 per share	LILAK	The NASDAQ Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ        No  ¨

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes  þ        No  ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☑	Accelerated Filer	☐	Non-Accelerated Filer	☐
Smaller Reporting Company	☐	Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act  ¨

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ

The number of outstanding common shares of Liberty Latin America Ltd. as of July 31, 2021 was: 48,482,714 Class A; 1,932,015 Class B; and 182,648,663 Class C.

LIBERTY LATIN AMERICA LTD.

TABLE OF CONTENTS

		Page Number
	PART I - FINANCIAL INFORMATION
Item 1.	FINANCIAL STATEMENTS
	Condensed Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020 (unaudited)	1
	Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2021 and 2020 (unaudited)	3
	Condensed Consolidated Statements of Comprehensive Earnings (Loss) for the Three and Six Months Ended June 30, 2021 and 2020 (unaudited)	4
	Condensed Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2021 and 2020 (unaudited)	5
	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020 (unaudited)	7
	Notes to Condensed Consolidated Financial Statements (unaudited)	8
Item 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	37
Item 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	73
Item 4.	CONTROLS AND PROCEDURES	75
	PART II - OTHER INFORMATION
Item 1.	LEGAL PROCEEDINGS	76
Item 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	76
Item 6.	EXHIBITS	77

GLOSSARY OF DEFINED TERMS

Unless the context requires otherwise, references to Liberty Latin America, “we,” “our,” “our company” and “us” in this Quarterly Report on Form 10-Q (as defined below) may refer to Liberty Latin America Ltd. or collectively to Liberty Latin America Ltd. and its subsidiaries. We have used several other terms in this Quarterly Report on Form 10-Q, most of which are defined or explained below.

2020 Form 10-K	Annual Report on Form 10-K for the year ended December 31, 2020
2026 SPV Credit Facility	$1.0 billion principal amount of LIBOR + 5.0% term loan facility due October 15, 2026 issued by LCPR Loan Financing (repaid during 2021)
2028 LPR Term Loan	$500 million principal amount of LIBOR + 3.75% term loan facility due October 15, 2028 issued by LCPR Loan Financing
2028 VTR Senior Secured Notes	$540 million principal amount of 5.125% senior secured notes due January 15, 2028 issued by VTR Comunicaciones SpA
2029 VTR Senior Secured Notes	$410 million principal amount of 4.375% senior secured notes due April 15, 2029 issued by VTR Comunicaciones SpA
2029 LPR Senior Secured Notes	$820 million principal amount of 5.125% senior secured notes due July 15, 2029 issued by LCPR Senior Secured Financing
Adjusted OIBDA	Operating income or loss before share-based compensation, depreciation and amortization, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration.
AGRECU	Asociación Gremial de Consumidores Y Usuarios de Chile
Annual Report on Form 10-K	Annual Report on Form 10-K as filed with the SEC under the Exchange Act
ARPU	Average monthly subscription revenue per average fixed RGU or mobile subscriber, as applicable
ASU	Accounting Standards Update
AT&T	AT&T Inc.
AT&T Acquisition	October 31, 2020 acquisition of all of the outstanding shares of the AT&T Acquired Entities
AT&T Acquired Entities	Collectively, AT&T Mobility Puerto Rico Inc., AT&T Mobility Virgin Islands Inc. and Beach Holding Corporation
B2B	Business-to-business
C&W	Cable & Wireless Communications Limited and its subsidiaries
C&W Bahamas	The Bahamas Telecommunications Company Limited, a 49%-owned subsidiary of C&W that owns all of our operations in the Bahamas
C&W Caribbean and Networks	Reportable segment that includes all subsidiaries of C&W, excluding CWP that is a separate reportable segment
C&W Credit Facilities	Senior secured credit facilities of certain subsidiaries of C&W comprised of: (i) C&W Term Loan B-5 Facility; (ii) C&W Revolving Credit Facility; and (iii) C&W Regional Facilities
C&W Jamaica	Cable & Wireless Jamaica Limited, a 92%-owned subsidiary of C&W
C&W Panama	Reportable segment for our operations in Panama
C&W Regional Facilities	Primarily comprised of credit facilities at CWP, C&W Jamaica and Columbus Communications Trinidad Limited
C&W Revolving Credit Facility	$630 million LIBOR + 3.25% revolving credit facility, $50 million of which is due June 30, 2023 and $580 million due January 30, 2026, of C&W
C&W Term Loan B-4 Facility	$1,640 million principal amount term loan B-4 facility of C&W (repaid during 2020)
C&W Term Loan B-5 Facility	$1,510 million principal amount of LIBOR + 2.25% term loan B-5 facility due January 31, 2028 of C&W
Cabletica	Cabletica S.A., an indirectly 80%-owned subsidiary; a reportable segment that owns most of our operations in Costa Rica
Cabletica Credit Facilities	Senior secured credit facilities of Cabletica comprised of: (i) Cabletica Term Loan B-1 Facility; (ii) Cabletica Term Loan B-2 Facility; and (iii) Cabletica Revolving Credit Facility

GLOSSARY OF DEFINED TERMS – (Continued)

Cabletica Revolving Credit Facility	$15 million LIBOR + 4.25% revolving credit facility due August 1, 2024 of Cabletica
Cabletica Term Loan B-1 Facility	$49 million principal amount of LIBOR + 5.50% term loan facility, 50% of which is due February 1, 2024 and 50% due August 1, 2024, of Cabletica
Cabletica Term Loan B-2 Facility	CRC 43 billion principal amount of TBP + 6.75% term loan facility, 50% of which is due February 1, 2024 and 50% due August 1, 2024, of Cabletica
CLP	Chilean peso
Convertible Notes	$403 million principal amount of 2% convertible senior notes due July 15, 2024 issued by Liberty Latin America
COP	Colombian peso
CPE	Customer premises equipment
CRC	Costa Rica colón
CWP	Cable & Wireless Panama, S.A., a 49%-owned subsidiary of C&W that owns most of our operations in Panama
Directors	Members of Liberty Latin America’s board of directors
EPS	Earnings or loss per share
Exchange Act	Securities Exchange Act of 1934, as amended
FASB	Financial Accounting Standards Board
FCC	United States Federal Communications Commission
FX	Foreign currency translation effects
JMD	Jamaican dollar
LCPR	Liberty Cablevision of Puerto Rico LLC
LCPR Loan Financing	LCPR Loan Financing LLC, a consolidated special purpose financing entity
LCPR Senior Secured Financing	LCPR Senior Secured Financing Designated Activity Company, a consolidated special purpose financing entity
Liberty Communications PR	Liberty Communications PR Holding LP and its subsidiaries, which include LCPR and, as of October 31, 2020, Liberty Mobile and its subsidiaries
Liberty Latin America Shares	Collectively, Class A, Class B and Class C common shares of Liberty Latin America
Liberty Mobile	Liberty Mobile Inc. and it subsidiaries
Liberty Puerto Rico	Reportable segment with operations in Puerto Rico and the U.S. Virgin Islands
LIBOR	London Inter-Bank Offered Rate
LPR Credit Facilities	Senior secured credit facilities of Liberty Puerto Rico comprised of: (i) LPR Revolving Credit Facility; (ii) 2028 LPR Term Loan; and (iii) at December 31, 2020, 2026 SPV Credit Facility
LPR Revolving Credit Facility	$168 million LIBOR + 3.5% revolving credit facility due March 15, 2027 of LCPR
MVNO	Mobile virtual network operator
Networks & LatAm	Business operations within our C&W Caribbean and Network segment
ODECU	La Organización de Consumidores y Usuarios de Chile
PSARs	Performance-based stock appreciation rights
PSUs	Performance-based restricted stock units
Quarterly Report on Form 10-Q	Quarterly Report on Form 10-Q as filed with the SEC under the Exchange Act
RGU	Revenue generating unit
RSUs	Restricted stock units
Sable	Sable International Finance Limited, a wholly-owned subsidiary of C&W
Sable Currency Swaps	U.S. dollar to the Jamaican dollar cross-currency swaps held by Sable
SARs	Stock appreciation rights
SEC	U.S. Securities and Exchange Commission
SERNAC	Servicio Nacional del Consumidor (the Chilean National Consumer Authority)
Share Repurchase Program	The share repurchase program for up to $100 million of our Class A and/or Class C common shares over two years that was authorized by our Directors on March 16, 2020

GLOSSARY OF DEFINED TERMS – (Continued)

TAB	Tasa Activa Bancaria interest rate
TBP	Tasa Básica Pasiva interest rate
Telefónica-Costa Rica Acquisition	Pending acquisition of Telefónica S.A.’s wireless operations in Costa Rica
TSA	Transition services agreement dated October 31, 2020 by and between AT&T and Leo Cable LP, a wholly-owned subsidiary of Liberty Latin America, for a period up to 36 months following the closing of the AT&T Acquisition
U.K.	United Kingdom
U.S.	United States
U.S. GAAP	Generally accepted accounting principles in the United States
VAT	Value-added taxes
VTR	VTR Finance N.V. and its subsidiaries, a reportable segment
VTR Credit Facilities	Senior secured credit facilities of VTR comprised of: (i) VTR RCF – A; (ii) VTR RCF – B; and (iii) at December 31, 2020, the VTR TLB-1 and VTR TLB-2 facilities
VTR RCF – A	CLP 45 billion TAB + 3.35% revolving credit facility due June 15, 2026 of VTR
VTR RCF – B	$200 million LIBOR + 2.75% revolving credit facility due June 15, 2026 of VTR
VTR TLB-1 Facility	CLP 141 billion principal amount of ICP +3.8% term loan facility of VTR (repaid during 2021)
VTR TLB-2 Facility	CLP 33 billion principal amount of 7% term loan facility of VTR (repaid during 2021)
Weather Derivatives	Weather derivative contracts that provide insurance coverage for certain weather-related events

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

	June 30, 2021		December 31, 2020
	in millions
ASSETS
Current assets:
Cash and cash equivalents	$	1,311.1	$	894.2
Trade receivables, net of allowances of $91.6 million and $100.0 million, respectively	591.6		560.7
Prepaid expenses	91.0		62.6
Other current assets, net	527.2		434.4
Total current assets	2,520.9		1,951.9
Goodwill	4,775.2		4,885.5
Property and equipment, net	4,873.1		4,911.4
Intangible assets subject to amortization, net	755.3		858.9
Intangible assets not subject to amortization	1,465.0		1,465.6
Other assets, net	1,108.4		1,156.7
Total assets	$	15,497.9	$	15,230.0

The accompanying notes are an integral part of these condensed consolidated financial statements.

1

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS – (Continued)

(unaudited)

	June 30, 2021		December 31, 2020
	in millions
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	366.1	$	351.7
Current portion of deferred revenue	166.8		184.9
Current portion of debt and finance lease obligations	164.6		161.9
Accrued capital expenditures	55.4		73.6
Accrued interest	141.2		132.3
Accrued payroll and employee benefits	92.1		107.5
Derivative instruments	69.2		90.2
Other accrued and current liabilities	634.6		602.9
Total current liabilities	1,690.0		1,705.0
Long-term debt and finance lease obligations	8,629.7		8,195.3
Deferred tax liabilities	638.7		619.9
Deferred revenue	168.1		185.3
Other long-term liabilities	835.4		1,080.8
Total liabilities	11,961.9		11,786.3
Commitments and contingencies
Equity:
Liberty Latin America shareholders:
Class A, $0.01 par value; 500,000,000 shares authorized; 49,994,396 and 48,994,180 shares issued and outstanding, respectively, at June 30, 2021; 49,303,401 and 49,009,585 shares issued and outstanding, respectively, at December, 31, 2020	0.5		0.5
Class B, $0.01 par value; 50,000,000 shares authorized; 1,932,015 shares issued and outstanding at June 30, 2021; 1,932,386 shares issued and outstanding at December 31, 2020	—		—
Class C, $0.01 par value; 500,000,000 shares authorized; 183,223,984 and 182,550,826 shares issued and outstanding, respectively, at June 30, 2021; 181,786,924 and 181,113,766 shares issued and outstanding, respectively, at December 31, 2020	1.8		1.8
Undesignated preference shares, $0.01 par value; 50,000,000 shares authorized; nil shares issued and outstanding at each period	—		—
Treasury shares, at cost; 1,673,374 and 966,974 shares, respectively	(19.5)		(9.5)
Additional paid-in capital	5,032.5		4,982.0
Accumulated deficit	(2,042.3)		(2,134.5)
Accumulated other comprehensive loss, net of taxes	(162.3)		(125.6)
Total Liberty Latin America shareholders	2,810.7		2,714.7
Noncontrolling interests	725.3		729.0
Total equity	3,536.0		3,443.7
Total liabilities and equity	$	15,497.9	$	15,230.0

The accompanying notes are an integral part of these condensed consolidated financial statements.

2

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions, except per share amounts
Revenue	$	1,168.0	$	848.9	$	2,327.9	$	1,779.9
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services	275.7		179.7		555.9		390.5
Other operating costs and expenses	461.1		360.1		914.5		740.2
Depreciation and amortization	254.0		216.4		499.9		429.9
Impairment, restructuring and other operating items, net	17.0		298.7		19.2		317.5
	1,007.8		1,054.9		1,989.5		1,878.1
Operating income (loss)	160.2		(206.0)		338.4		(98.2)
Non-operating income (expense):
Interest expense	(133.7)		(135.3)		(260.1)		(278.6)
Realized and unrealized gains (losses) on derivative instruments, net	57.3		(179.0)		172.2		(161.6)
Foreign currency transaction gains (losses), net	(44.4)		19.1		(69.8)		(145.2)
Losses on debt extinguishment	—		—		(23.3)		(3.4)
Other income (expense), net	(0.4)		4.8		(1.0)		11.6
	(121.2)		(290.4)		(182.0)		(577.2)
Earnings (loss) before income taxes	39.0		(496.4)		156.4		(675.4)
Income tax expense	(38.0)		(3.8)		(66.0)		(9.4)
Net earnings (loss)	1.0		(500.2)		90.4		(684.8)
Net loss attributable to noncontrolling interests	3.4		107.2		1.8		111.1
Net earnings (loss) attributable to Liberty Latin America shareholders	$	4.4	$	(393.0)	$	92.2	$	(573.7)
Basic net earnings (loss) per share attributable to Liberty Latin America shareholders	$	0.02	$	(2.12)	$	0.40	$	(3.10)
Dilutive net earnings (loss) per share attributable to Liberty Latin America shareholders	$	0.02	$	(2.12)	$	0.39	$	(3.10)

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)

(unaudited)

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
Net earnings (loss)	$	1.0	$	(500.2)	$	90.4	$	(684.8)
Other comprehensive loss, net of taxes:
Foreign currency translation adjustments	(17.1)		(35.7)		(43.1)		(40.4)
Reclassification adjustments included in net earnings (loss)	1.4		(0.3)		2.6		(3.1)
Pension-related adjustments and other, net	3.0		0.5		3.2		1.6
Other comprehensive loss	(12.7)		(35.5)		(37.3)		(41.9)
Comprehensive earnings (loss)	(11.7)		(535.7)		53.1		(726.7)
Comprehensive loss attributable to noncontrolling interests	3.8		107.7		2.4		111.8
Comprehensive earnings (loss) attributable to Liberty Latin America shareholders	$	(7.9)	$	(428.0)	$	55.5	$	(614.9)

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(unaudited)

	Liberty Latin America shareholders																Non-controlling interests		Total equity
	Common shares						Treasury Stock		Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive loss, net of taxes		Total Liberty Latin America shareholders
	Class A		Class B		Class C
	in millions
Balance at April 1, 2020	$	0.5	$	—	$	1.3	$	(1.7)	$	4,592.2	$	(1,628.0)	$	(21.0)	$	2,943.3	$	866.1	$	3,809.4
Net loss	—		—		—		—		—		(393.0)		—		(393.0)		(107.2)		(500.2)
Other comprehensive loss	—		—		—		—		—		—		(35.0)		(35.0)		(0.5)		(35.5)
Repurchase of Liberty Latin America common shares	—		—		—		(7.8)		—		—		—		(7.8)		—		(7.8)
Share-based compensation	—		—		—		—		14.0		—		—		14.0		—		14.0
Other	—		—		—		—		—		—		—		—		—		—
Balance at June 30, 2020	$	0.5	$	—	$	1.3	$	(9.5)	$	4,606.2	$	(2,021.0)	$	(56.0)	$	2,521.5	$	758.4	$	3,279.9
Balance at January 1, 2020	$	0.5	$	—	$	1.3	$	—	$	4,569.9	$	(1,447.1)	$	(14.8)	$	3,109.8	$	870.1	$	3,979.9
Accounting change (note 2)	—		—		—		—		—		(0.2)		—		(0.2)		0.2		—
Balance at January 1, 2020, as adjusted for accounting change	0.5		—		1.3		—		4,569.9		(1,447.3)		(14.8)		3,109.6		870.3		3,979.9
Net loss	—		—		—		—		—		(573.7)		—		(573.7)		(111.1)		(684.8)
Other comprehensive loss	—		—		—		—		—		—		(41.2)		(41.2)		(0.7)		(41.9)
Repurchase of Liberty Latin America common shares	—		—		—		(9.5)		—		—		—		(9.5)		—		(9.5)
Share-based compensation	—		—		—		—		35.4		—		—		35.4		—		35.4
Other	—		—		—		—		0.9		—		—		0.9		(0.1)		0.8
Balance at June 30, 2020	$	0.5	$	—	$	1.3	$	(9.5)	$	4,606.2	$	(2,021.0)	$	(56.0)	$	2,521.5	$	758.4	$	3,279.9

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY – (Continued)

(unaudited)

	Liberty Latin America shareholders																Non-controlling interests		Total equity
	Common shares						Treasury Stock		Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive loss, net of taxes		Total Liberty Latin America shareholders
	Class A		Class B		Class C
	in millions
Balance at April 1, 2021	$	0.5	$	—	$	1.8	$	(9.5)	$	5,009.8	$	(2,046.7)	$	(150.0)	$	2,805.9	$	730.4	$	3,536.3
Net earnings	—		—		—		—		—		4.4		—		4.4		(3.4)		1.0
Other comprehensive loss	—		—		—		—		—		—		(12.3)		(12.3)		(0.4)		(12.7)
Repurchase of Liberty Latin America common shares	—		—		—		(10.0)		—		—		—		(10.0)		—		(10.0)
Distributions to noncontrolling interest owners	—		—		—		—		—		—		—		—		(1.3)		(1.3)
Share-based compensation	—		—		—		—		22.7		—		—		22.7		—		22.7
Balance at June 30, 2021	$	0.5	$	—	$	1.8	$	(19.5)	$	5,032.5	$	(2,042.3)	$	(162.3)	$	2,810.7	$	725.3	$	3,536.0
Balance at January 1, 2021	$	0.5	$	—	$	1.8	$	(9.5)	$	4,982.0	$	(2,134.5)	$	(125.6)	$	2,714.7	$	729.0	$	3,443.7
Net earnings	—		—		—		—		—		92.2		—		92.2		(1.8)		90.4
Other comprehensive loss	—		—		—		—		—		—		(36.7)		(36.7)		(0.6)		(37.3)
Repurchase of Liberty Latin America common shares	—		—		—		(10.0)		—		—		—		(10.0)		—		(10.0)
Distributions to noncontrolling interest owners	—		—		—		—		—		—		—		—		(1.3)		(1.3)
Share-based compensation	—		—		—		—		50.6		—		—		50.6		—		50.6
Other	—		—		—		—		(0.1)		—		—		(0.1)		—		(0.1)
Balance at June 30, 2021	$	0.5	$	—	$	1.8	$	(19.5)	$	5,032.5	$	(2,042.3)	$	(162.3)	$	2,810.7	$	725.3	$	3,536.0

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited) 

	Six months ended June 30,
	2021		2020
	in millions
Cash flows from operating activities:
Net earnings (loss)	$	90.4	$	(684.8)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Share-based compensation expense	55.8		47.3
Depreciation and amortization	499.9		429.9
Impairment	2.9		278.7
Loss (gain) on dispositions	(9.1)		1.1
Amortization of debt financing costs, premiums and discounts, net	15.9		14.5
Realized and unrealized losses (gains) on derivative instruments, net	(172.2)		161.6
Foreign currency transaction losses, net	69.8		145.2
Losses on debt extinguishment	23.3		3.4
Deferred income tax expense (benefit)	27.1		(19.0)
Changes in operating assets and liabilities, net of the effect of acquisitions and dispositions	(160.1)		(24.3)
Net cash provided by operating activities	443.7		353.6
Cash flows from investing activities:
Capital expenditures	(334.2)		(271.4)
Cash received upon dispositions	20.6		0.3
Other investing activities, net	(27.3)		8.0
Net cash used by investing activities	(340.9)		(263.1)
Cash flows from financing activities:
Borrowings of debt	732.5		652.9
Payments of principal amounts of debt and finance lease obligations	(334.2)		(201.8)
Net cash received (paid) related to derivative instruments	(43.0)		180.7
Payment of financing costs and debt redemption premiums	(34.1)		(26.8)
Repurchase of Liberty Latin America common shares	(9.3)		(9.5)
Distributions to noncontrolling interest owners	(1.3)		(0.7)
Other financing activities, net	(7.2)		(7.4)
Net cash provided by financing activities	303.4		587.4
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.4		(11.2)
Net increase in cash, cash equivalents and restricted cash	406.6		666.7
Cash, cash equivalents and restricted cash:
Beginning of period	912.5		2,457.0
End of period	$	1,319.1	$	3,123.7
Cash paid for interest	$	226.7	$	247.2
Net cash paid for taxes	$	40.1	$	14.0

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements

June 30, 2021

(unaudited)

(1)    Basis of Presentation

See the Glossary of defined terms at the beginning of this Quarterly Report on Form 10-Q for terms used throughout the condensed consolidated financial statements and related notes.

General

Liberty Latin America is a registered company in Bermuda that primarily includes: (i) C&W; (ii) Liberty Communications PR; (iii) VTR; and (iv) LBT CT Communications, S.A. (a less than wholly-owned entity) and its subsidiary, Cabletica. C&W owns less than 100% of certain of its consolidated subsidiaries, including C&W Bahamas, C&W Jamaica and CWP.

We are an international provider of fixed, mobile and subsea telecommunications services. We provide residential and B2B services in (i) over 20 countries across Latin America and the Caribbean through two of our reportable segments, C&W Caribbean and Networks and C&W Panama, (ii) Puerto Rico, through our reportable segment Liberty Puerto Rico, (iii) Chile, through our reportable segment VTR, and (iv) Costa Rica, through our reportable segment Cabletica. As a result of organizational changes during the first quarter of 2021, VTR and Cabletica are now each a separate operating and reportable segment rather than one segment. For additional information regarding our segment change, see note 18. Through our Networks & LatAm business, C&W Caribbean and Networks also provides (i) B2B services in certain other countries in Latin America and the Caribbean and (ii) wholesale communication services over its subsea and terrestrial fiber optic cable networks that connect over 40 markets in that region.

Unless otherwise indicated, ownership percentages and convenience translations into U.S. dollars are calculated as of June 30, 2021.

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by U.S. GAAP or Securities and Exchange Commission rules and regulations for complete financial statements. In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods presented. The results of operations for any interim period are not necessarily indicative of results for the full year. These condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto included in our 2020 Form 10-K.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, expected credit losses, programming and copyright expenses, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, useful lives of long-lived assets and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates. Certain prior period amounts have been reclassified to conform to the current period presentation.

(2)    Accounting Changes and Recent Accounting Pronouncements

Accounting Changes

ASU 2018-14

In August 2018, the FASB issued ASU No. 2018-14, Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans (ASU 2018-14), which removes and modifies certain existing disclosure requirements and adds new disclosure requirements related to employer sponsored defined benefit pension or other postretirement plans. We adopted ASU 2018-14 effective January 1, 2021 and it did not have a material impact on the disclosures in our condensed consolidated financial statements.

8

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

Recent Accounting Pronouncements

ASU 2020-04 and ASU 2021-01

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04), which provides optional guidance for a limited time to ease the potential accounting burden associated with transitioning away from reference rates, such as the LIBOR, which regulators in the U.K. have announced will be phased out by the end of 2021. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) (ASU 2021-01), which clarifies certain optional expedients and exceptions in ASC 848. The expedients and exceptions provided by ASU 2020-04 and ASU 2021-01 are for the application of U.S. GAAP to contracts, hedging relationships and other transactions affected by the rate reform, and will not be available after December 31, 2022, other than for certain hedging relationships entered into before December 31, 2022. We do not currently expect that the phase out of LIBOR will have a material impact on our consolidated financial statements.

ASU 2020-06

In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity’s Own Equity: Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06), which (i) reduces the number of accounting models for convertible instruments and allows more contracts to qualify for equity classification and (ii) makes targeted improvements to convertible instruments and earnings-per-share disclosure requirements. ASU 2020-06 is effective for annual reporting periods after December 15, 2021, including interim periods within those fiscal years, with early adoption permitted, but no earlier than annual and interim periods in fiscal years beginning after December 15, 2020. While we are still evaluating the impact of ASU 2020-06, we do not currently expect it will have a material impact on our consolidated financial statements.

(3)    Current Expected Credit Losses

The changes in our trade receivables allowance for credit losses are set forth below:

	Six months ended June 30,
	2021		2020
	in millions
Balance at beginning of period	$	100.0	$	87.3
Provision for expected losses	23.2		36.0
Write-offs	(27.0)		(24.5)
Foreign currency translation adjustments and other	(4.6)		5.3
Balance at end of period	$	91.6	$	104.1

(4)    Acquisitions

Pending Acquisition

Telefónica-Costa Rica Acquisition. On July 30, 2020, we entered into a definitive agreement to acquire Telefónica S.A.’s wireless operations in Costa Rica in an all-cash transaction based upon an enterprise value of $500 million on a cash- and debt-free basis. The transaction is subject to certain customary closing conditions, including regulatory approvals. On August 2, 2021, we announced that the parties had received the required government and regulatory approvals to complete the transaction. We expect to close the transaction by mid-August 2021.

2020 Acquisition

AT&T Acquisition. On October 31, 2020, we acquired from AT&T all of the outstanding shares of the AT&T Acquired Entities, which following the closing of the AT&T Acquisition are referred to as Liberty Mobile and its subsidiaries. The operations acquired in the AT&T Acquisition provide consumer mobile and B2B services in Puerto Rico and the U.S. Virgin Islands.

9

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

The United States Department of Justice, as a condition of approval of the AT&T Acquisition, required us to divest certain B2B operations that were a part of our then-existing operations in Puerto Rico; a condition that we fulfilled in January 2021 by divesting those same B2B operations for a stated sales price of $22 million. In connection with this divestiture, we recognized a gain on sale of $9 million, which is included in impairment, restructuring and other operating items, net, in our condensed consolidated statement of operations.

AT&T will provide ongoing support to the AT&T Acquired Entities under the TSA for a period up to 36 months following the closing of the AT&T Acquisition. Services under the TSA include, but are not limited to, (i) network operations, (ii) customer service, (iii) finance and accounting, (iv) information technology, (v) sales and marketing and (vi) content-related services. We may terminate any services under the TSA upon sixty business days’ notice to AT&T in accordance with the terms and conditions of the TSA.

We have accounted for the AT&T Acquisition as a business combination using the acquisition method of accounting, whereby the total purchase price was allocated to the acquired identifiable net assets of the AT&T Acquired Entities based on assessments of their respective fair values, and the excess of the total purchase price over the fair values of these identifiable net assets was allocated to goodwill. The purchase price allocation to the assets acquired and liabilities assumed, including the residual amount allocated to goodwill, is based on preliminary information. During the measurement period, we will adjust the values attributed to our preliminary opening balance sheet, most notably acquired property and equipment, intangible assets, leases and income taxes, as additional information is obtained about facts and circumstances that existed as of the closing date of the AT&T Acquisition and as we complete our evaluation of valuations provided by a third-party specialist.

The preliminary information available to us to allocate consideration to acquired spectrum intangible assets is impacted by limitations on our ability to obtain all necessary information regarding the assets acquired, resulting in the on-going analysis of market data to establish an estimate. We expect the valuation of the spectrum intangible assets, which are currently based upon the historical values of the AT&T Acquired Entities, will require the anticipated use of either an adjusted “market” approach, which requires the calibration of observable market inputs to reflect the fair value of the assets acquired, or a combination of an adjusted market-based approach with an income-based approach, which requires a wide range of assumptions and inputs, including forecasting costs associated with building a complementary asset base.

The valuation of the customer relationship intangible assets, which is currently based upon a preliminary multi-period excess earnings valuation method, will require updates to assumptions and inputs used, including the determination of contributory asset charges dependent on the valuation of the property and equipment and spectrum intangible assets. For additional information regarding fair value methods used in acquisition accounting, see note 6.

A summary of the preliminary opening balance sheet of the AT&T Acquired Entities at the October 31, 2020 acquisition date is presented in the following table (in millions):

Trade receivables	$	52.8
Prepaid expenses	0.1
Other current assets (a)	102.7
Goodwill (b)	317.9
Property and equipment	768.6
Intangible assets subject to amortization, net (c)	82.7
Intangible assets not subject to amortization (d)	894.4
Other assets (a) (e)	272.6
Accounts payable	(3.0)
Current portion of debt and finance lease obligations	(0.2)
Other accrued and current liabilities (e)	(64.5)
Long-term debt and finance lease obligations	(10.6)
Non-current deferred tax liabilities	(313.8)
Other long-term liabilities (e)	(167.3)
Total purchase price (f)	$	1,932.4

10

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

(a)Other current assets and other assets include $67 million and $39 million, respectively, in equipment installment-plan receivables.

(b)The goodwill recognized in connection with the AT&T Acquisition is primarily attributable to (i) the ability to take advantage of the AT&T Acquired Entities’ existing mobile network to gain immediate access to potential customers and (ii) synergies that are expected to be achieved through the integration of the AT&T Acquired Entities with Liberty Latin America. Due to the nature of the AT&T Acquisition, no tax deductions related to goodwill are expected.

(c)Amount includes intangible assets related to customer relationships. At October 31, 2020 the preliminary assessment of the weighted average useful life of the acquired customer relationship intangible assets was approximately 10 years.

(d)Amount represents the preliminary value of spectrum licenses.

(e)Other assets, other accrued and current liabilities and other long-term liabilities include $182 million, $33 million and $163 million related to operating lease right-of-use assets, current operating lease obligations and non-current operating lease obligations, respectively.

(f)Amount excludes $51 million and $5 million of direct acquisition costs, incurred during 2020 and 2019, respectively. Direct acquisition costs are included in impairment, restructuring and other operating items, net, in our consolidated statements of operations.

Supplemental Pro Forma Information

The following unaudited pro forma financial information for the three and six months ended June 30, 2020 is based on the historical carve-out financial statements of the AT&T Acquired Entities and is intended to provide information about how the AT&T Acquisition may have affected Liberty Latin America’s historical condensed consolidated financial statements if it had closed as of January 1, 2019. The pro forma financial information below is based on available information and assumptions that we believe are reasonable. The pro forma financial information is for illustrative and informational purposes only and is not intended to represent or be indicative of what our results of operations would have been had the AT&T Acquisition occurred on the date indicated nor should it be considered representative of our future financial condition or results of operations.

	Three months ended June 30, 2020		Six months ended June 30, 2020
	in millions
Revenue	$	1,063.8	$	2,206.8
Net loss attributable to Liberty Latin America shareholders	$	(350.6)	$	(503.3)

The pro forma information set forth in the table above includes tax-effected pro forma adjustments primarily related to:

i.the impact of estimated costs associated with the TSA that replaced parent-company allocations included in the historical financial statements of the AT&T Acquired Entities;

ii.the impact of new rate agreements associated with roaming, subsea and ethernet services;

iii.the alignment of accounting policies;

iv.interest expense related to additional borrowings in conjunction with the AT&T Acquisition; and

v.the elimination of direct acquisition costs.

11

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

(5)    Derivative Instruments

In general, we seek to enter into derivative instruments to protect against (i) increases in the interest rates on our variable-rate debt and (ii) foreign currency movements, particularly with respect to borrowings that are denominated in a currency other than the functional currency of the borrowing entity. In this regard, through our subsidiaries, we have entered into various derivative instruments to manage interest rate exposure and foreign currency exposure with respect to the U.S. dollar, the CLP, the COP and the JMD. With the exception of certain foreign currency forward contracts, we do not apply hedge accounting to our derivative instruments. Accordingly, changes in the fair values of most of our derivative instruments are recorded in realized and unrealized gains or losses on derivative instruments in our condensed consolidated statements of operations.

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

	June 30, 2021						December 31, 2020
	Current (a)		Long-term (a)		Total		Current (a)		Long-term (a)		Total
	in millions
Assets:
Cross-currency and interest rate derivative contracts (b)	$	0.5	$	19.1	$	19.6	$	0.7	$	4.4	$	5.1
Foreign currency forward contracts	1.4		1.8		3.2		—		—		—
Total	$	1.9	$	20.9	$	22.8	$	0.7	$	4.4	$	5.1
Liabilities:
Cross-currency and interest rate derivative contracts (b)	$	63.1	$	166.9	$	230.0	$	71.4	$	403.0	$	474.4
Foreign currency forward contracts	6.1		—		6.1		18.8		—		18.8
Total	$	69.2	$	166.9	$	236.1	$	90.2	$	403.0	$	493.2

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

(b)We consider credit risk relating to our and our counterparties’ nonperformance in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our primary borrowing groups (see note 8). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net gains (losses) of ($9 million) and $7 million during the three months ended June 30, 2021 and 2020, respectively, and ($30 million) and $40 million during the six months ended June 30, 2021 and 2020, respectively. These amounts are included in realized and unrealized gains (losses) on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 6.

The derivative assets set forth in the table above exclude our Weather Derivatives as they are not accounted for at fair value. The premium payments associated with our Weather Derivatives are included in other current assets, net, in our condensed consolidated balance sheets.

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

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
Cross-currency and interest rate derivative contracts (a)	$	59.6	$	(173.3)	$	179.1	$	(164.0)
Foreign currency forward contracts	4.0		(2.4)		4.7		8.1
Weather Derivatives	(6.3)		(3.3)		(11.6)		(5.7)
Total	$	57.3	$	(179.0)	$	172.2	$	(161.6)

12

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

(a) The losses for the three and six months ended June 30, 2020 include a realized gain (loss) of ($106 million) and $71 million, respectively, associated with the settlement of certain cross-currency interest rate swaps at VTR in June 2020 that were unwound in connection with the refinancing of certain VTR debt in 2020.

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

	Six months ended June 30,
	2021		2020
	in millions
Operating activities	$	(37.2)	$	2.8
Investing activities	(1.7)		5.8
Financing activities (a)	(43.0)		180.7
Total	$	(81.9)	$	189.3

(a)     The 2021 amount is associated with activity during the first quarter of 2021 primarily related to (i) $11 million associated with the settlement of interest rate swaps at VTR in connection with the refinancing of the VTR Credit Facilities and (ii) $32 million associated with the settlement of interest rate swaps at Liberty Puerto Rico in connection with the refinancing of the LPR Credit Facilities. The 2020 amount is primarily related to the settlement of certain cross-currency interest rate swaps at VTR. For additional information regarding our debt refinancing activity, see note 8.

Counterparty Credit Risk

We are exposed to the risk that the counterparties to the derivative instruments of our borrowing groups will default on their obligations to us. We manage these credit risks through the evaluation and monitoring of the creditworthiness of, and concentration of risk with, the respective counterparties. In this regard, credit risk associated with our derivative instruments is spread across a relatively broad counterparty base of banks and financial institutions. Collateral has not been posted by either party under the derivative instruments of our borrowing groups. At June 30, 2021, our exposure to counterparty credit risk resulting from our net derivative position was not material.

Each of our borrowing groups has entered into derivative instruments under agreements with each counterparty that contain master netting arrangements that are applicable in the event of early termination by either party to such derivative instrument. The master netting arrangements under each of these master agreements are limited to the derivative instruments governed by the relevant master agreement within each individual borrowing group and are independent of similar arrangements of our other subsidiary borrowing groups.

Details of our Derivative Instruments

Cross-currency Derivative Contracts

As noted above, we are exposed to foreign currency exchange rate risk in situations where our debt is denominated in a currency other than the functional currency of the operations whose cash flows support our ability to service, repay or refinance such debt. Although we generally seek to match the denomination of our borrowings with the functional currency of the operations that are supporting the respective borrowings, market conditions or other factors may cause us to enter into borrowing arrangements that are not denominated in the functional currency of the underlying operations (unmatched debt). Our policy is generally to provide for an economic hedge against foreign currency exchange rate movements, whenever possible and when cost effective to do so, by using derivative instruments to synthetically convert unmatched debt into the applicable underlying currency.

13

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

The following table sets forth the total notional amounts and the related weighted average remaining contractual lives of our cross-currency swap contracts at June 30, 2021:

Borrowing group	Notional amount due from counterparty		Notional amount due to counterparty		Weighted average remaining life
	in millions				in years
C&W	$	56.3	COP	197,014.1	5.1
VTR	$	1,380.0	CLP	1,096,693.0	5.2

Interest Rate Derivative Contracts

Interest Rate Swaps

As noted above, we enter into interest rate swaps to protect against increases in the interest rates on our variable-rate debt. Pursuant to these derivative instruments, we typically pay fixed interest rates and receive variable interest rates on specified notional amounts. The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at June 30, 2021:

Borrowing group	Notional amount due from counterparty		Weighted average remaining life
	in millions		in years
C&W (a)	$	2,250.0	4.9
Liberty Puerto Rico	$	500.0	7.3
Cabletica	$	53.5	2.0

(a)Includes forward-starting derivative instruments.

Basis Swaps

Basis swaps involve the exchange of attributes used to calculate our floating interest rates, including (i) the benchmark rate, (ii) the underlying currency and/or (iii) the borrowing period. We typically enter into these swaps to optimize our interest rate profile based on our current evaluations of yield curves, our risk management policies and other factors. The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our basis swap contracts at June 30, 2021:

Borrowing group	Notional amount due from counterparty		Weighted average remaining life
	in millions		in years
C&W	$	1,510.0	0.5
Liberty Puerto Rico	$	500.0	0.5

14

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

Foreign Currency Forwards Contracts

We enter into foreign currency forward contracts with respect to non-functional currency exposure. The following table sets forth amounts due to and from our counterparties and the related weighted average remaining contractual lives of our foreign currency forward contracts at June 30, 2021:

Borrowing group	Notional amount due from counterparty		Notional amount due to counterparty		Weighted average remaining life
	in millions				in years
VTR	$	244.5	CLP	182,692.5	0.7
Cabletica	$	14.8	CRC	9,248.9	0.2

Interest Rate Floors

Interest rate floors provide protection against interest rates falling below a pre-set level. During 2021, we entered into a forward-starting interest rate floor at Liberty Puerto Rico associated with the refinancing of the LPR Credit Facilities. At June 30, 2021, the total notional amount of our interest rate floor was $500 million with a remaining contractual life of 7.3 years.

(6)    Fair Value Measurements

General

We record most of our derivative instruments at fair value. The reported fair values of our derivative instruments as of June 30, 2021 likely will not represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities, as we expect that the values realized generally will be based on market conditions at the time of settlement, which may occur at the maturity of the derivative instrument or at the time of the repayment or refinancing of the underlying debt instrument.

U.S. GAAP provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability.

Recurring Fair Value Measurements

Derivatives

In order to manage our interest rate and foreign currency exchange risk, we have entered into various derivative instruments, as further described in note 5. The recurring fair value measurements of these derivative instruments are determined using discounted cash flow models. Most of the inputs to these discounted cash flow models consist of, or are derived from, observable Level 2 data for substantially the full term of these derivative instruments. This observable data mostly includes interest rate futures and swap rates, which are retrieved or derived from available market data. Although we may extrapolate or interpolate this data, we do not otherwise alter this data in performing our valuations. We incorporate a credit risk valuation adjustment in our fair value measurements to estimate the impact of both our own nonperformance risk and the nonperformance risk of our counterparties. Our and our counterparties’ credit spreads represent our most significant Level 3 inputs, and these inputs are used to derive the credit risk valuation adjustments with respect to these instruments. As we would not expect changes in our or our counterparties’ credit spreads to have a significant impact on the valuations of these instruments, we have determined that these valuations fall under Level 2 of the fair value hierarchy. Our credit risk valuation adjustments with respect to our interest rate and cross-currency derivative contracts are quantified and further explained in note 5. The Sable Currency Swaps, which were fully settled during the first quarter of 2021, were our only Level 3 financial instruments due to the lack of Level 2 inputs for the valuation. The fair value of the Sable Currency Swaps at December 31, 2020 was $1 million, which is included in other assets, net, in our condensed consolidated balance sheet. The change in the fair value of the Sable Currency Swaps resulted in net gains (losses) of nil and $3 million during the three months ended June 30,

15

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

2021 and 2020, respectively, and ($1 million) and $13 million during the six months ended June 30, 2021 and 2020, respectively, which are reflected in realized and unrealized gains (losses) on derivative instruments, net, in our condensed consolidated statements of operations.

Nonrecurring Fair Value Measurements

Fair value measurements are also used for purposes of nonrecurring valuations performed in connection with acquisition accounting and impairment assessments.

Acquisition Accounting

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

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

•Customer relationships. The valuation of customer relationships is primarily based on an excess earnings methodology, which is a form of a discounted cash flow analysis. The excess earnings methodology for customer relationship intangible assets requires us to estimate the specific cash flows expected from the acquired customer relationships, considering such factors as estimated customer life, the revenue expected to be generated over the life of the customer relationships, contributory asset charges and other factors.

•Spectrum intangible assets. The valuation of spectrum intangible assets may use either an adjusted market-based approach, which requires the calibration of observable market inputs to reflect the fair value of the assets acquired, or a combination of an adjusted market-based approach with other methods, such as an income-based approach (e.g. the “greenfield” valuation method), which requires a wide range of assumptions and inputs, including forecasting costs associated with building a complementary asset base.

During 2021, we performed nonrecurring valuations related to the preliminary acquisition accounting for the AT&T Acquisition. For information related to the status of valuation work associated with assets acquired in connection with the AT&T Acquisition, see note 4.

(7)    Long-lived Assets

Goodwill

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

	January 1, 2021		Acquisitions and related adjustments		Foreign currency translation adjustments and other		June 30, 2021
	in millions
C&W Caribbean and Networks	$	3,112.0	$	—	$	(64.0)	$	3,048.0
C&W Panama	617.1		—		—		617.1
Liberty Puerto Rico	629.9		(34.3)		—		595.6
VTR	374.6		—		(10.4)		364.2
Cabletica	151.9		—		(1.6)		150.3
Total	$	4,885.5	$	(34.3)	$	(76.0)	$	4,775.2

16

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

Based on the results of our prior-year goodwill impairment test, if, among other factors, (i) our equity values were to decline significantly or (ii) the adverse impacts stemming from COVID-19, competition, economic, regulatory or other factors, including macro-economic and demographic trends, cause our results of operations or cash flows to be worse than currently anticipated, we could conclude in future periods that additional impairment charges of certain reporting units are required in order to reduce the carrying values of goodwill. Any such impairment charges could be significant.

Our accumulated goodwill impairments were $1,624 million at each of June 30, 2021 and December 31, 2020.

Property and Equipment, Net

The details of our property and equipment and the related accumulated depreciation are set forth below:

	June 30, 2021		December 31, 2020
	in millions
Distribution systems	$	5,481.4	$	5,082.9
CPE	2,020.6		1,935.5
Support equipment, buildings and land	1,790.2		1,721.3
	9,292.2		8,739.7
Accumulated depreciation	(4,419.1)		(3,828.3)
Total	$	4,873.1	$	4,911.4

During the six months ended June 30, 2021 and 2020, we recorded non-cash increases to our property and equipment related to vendor financing arrangements aggregating $38 million and $53 million, respectively.

Intangible Assets Subject to Amortization, Net

The details of our intangible assets subject to amortization and the related accumulated amortization are set forth below:

	June 30, 2021		December 31, 2020
	in millions
Customer relationships	$	1,547.0	$	1,554.8
Licenses and other	157.3		159.4
	1,704.3		1,714.2
Accumulated amortization	(949.0)		(855.3)
Total	$	755.3	$	858.9

17

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

(8)    Debt and Finance Lease Obligations

The U.S. dollar equivalents of the components of our debt are as follows:

	June 30, 2021						Estimated fair value (c)				Principal amount
	Weighted average interest rate (a)		Unused borrowing capacity (b)
			Borrowing currency		US $ equivalent		June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020
			in millions
Convertible Notes (d)	2.00	%	—		$	—	$	408.7	$	381.8	$	402.5	$	402.5
C&W Notes	6.74	%	—		—		2,403.2		2,435.8		2,270.0		2,270.0
C&W Credit Facilities	2.77	%	(e)		774.6		1,828.8		1,834.7		1,852.9		1,856.2
LPR Senior Secured Notes	6.12	%	—		—		2,237.2		1,389.4		2,110.0		1,290.0
LPR Credit Facilities	3.85	%	$	167.5	167.5		500.6		1,002.5		500.0		1,000.0
VTR Notes	5.38	%	—		—		1,560.8		1,239.7		1,500.0		1,150.0
VTR Credit Facilities	—	%	(f)		261.5		—		243.8		—		244.5
Cabletica Credit Facilities (g)	8.17	%	$	7.0	7.0		126.3		119.3		126.9		119.6
Vendor financing (h)	2.31	%	—		—		171.6		168.1		171.6		168.1
Total debt before premiums, discounts and deferred financing costs	5.10	%			$	1,210.6	$	9,237.2	$	8,815.1	$	8,933.9	$	8,500.9

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

	June 30, 2021		December 31, 2020
	in millions
Total debt before premiums, discounts and deferred financing costs	$	8,933.9	$	8,500.9
Premiums, discounts and deferred financing costs, net	(152.3)		(157.1)
Total carrying amount of debt	8,781.6		8,343.8
Finance lease obligations	12.7		13.4
Total debt and finance lease obligations	8,794.3		8,357.2
Less: Current maturities of debt and finance lease obligations	(164.6)		(161.9)
Long-term debt and finance lease obligations	$	8,629.7	$	8,195.3

(a)Represents the weighted average interest rate in effect at June 30, 2021 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented represent stated rates and do not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing.

(b)Unused borrowing capacity represents the maximum availability under the applicable facility at June 30, 2021 without regard to covenant compliance calculations or other conditions precedent to borrowing. At June 30, 2021, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, both before and after completion of the June 30, 2021 compliance reporting requirements. At June 30, 2021, there were no restrictions on the respective subsidiary’s ability to upstream cash from this availability to Liberty Latin America or its subsidiaries or other equity holders.

18

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

(c)The estimated fair values of our debt instruments are determined using the average of applicable bid and ask prices (mostly Level 1 of the fair value hierarchy) or, when quoted market prices are unavailable or not considered indicative of fair value, discounted cash flow models (mostly Level 2 of the fair value hierarchy). The discount rates used in the cash flow models are based on the market interest rates and estimated credit spreads of the applicable entity, to the extent available, and other relevant factors. For additional information regarding fair value hierarchies, see note 6.

(d)The interest rate reflects the stated rate of the Convertible Notes. The effective interest rate of the Convertible Notes is 6.7%, which considers the impact of a discount recorded in connection with the value ascribed to the instrument’s conversion option. At June 30, 2021, the carrying value of the Convertible Notes was $350 million and the unamortized debt discount on the Convertible Notes was $50 million.

(e)The C&W Credit Facilities unused borrowing capacity comprise certain U.S. dollar and Trinidad & Tobago dollar revolving credit facilities.

(f)The VTR Credit Facilities unused borrowing capacity comprises U.S. dollar and CLP revolving credit facilities.

(g)The Cabletica Credit Facilities comprise certain Costa Rican colón and U.S. dollar term loans and a U.S. dollar revolving credit facility.

(h)Represents amounts owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our operating expenses and property and equipment additions. These obligations are generally due within one year and include VAT that were paid on our behalf by the vendor. Our operating expenses include $54 million and $52 million for the six months ended June 30, 2021 and 2020, respectively, that were financed by an intermediary and are reflected on the borrowing date as a hypothetical cash outflow within net cash provided by operating activities and a hypothetical cash inflow within net cash provided by financing activities in our condensed consolidated statements of cash flows. Repayments of vendor financing obligations are included in payments of principal amounts of debt and finance lease obligations in our condensed consolidated statements of cash flows.

Financing Activity

The general terms of the significant notes we issued and credit facilities we entered into or amended during 2021 are as follows:

Borrowing group		Issued at		Interest rate	Borrowing		Non-cash component (a)
	Instrument		Maturity
					in millions
Liberty Puerto Rico	2029 LPR Senior Secured Notes	100%	July 15, 2029	5.125%	$	820.0	$	500.0
Liberty Puerto Rico	2028 LPR Term Loan	100%	October 15, 2028	LIBOR + 3.75%	$	500.0	$	500.0
Liberty Puerto Rico	LPR Revolving Credit Facility	N/A	March 15, 2027	LIBOR + 3.5%	(b)		N/A
VTR	2029 VTR Senior Secured Notes	100%	April 15, 2029	4.375%	$	410.0	$	60.0
VTR	VTR RCF – A	N/A	June 15, 2026	TAB + 3.35%	$	—	N/A

N/A — Not applicable.

(a)Represents the non-cash component of the financing, if any. Non-cash activity relates to cash borrowed that did not pass through our bank accounts, as financing proceeds from the issuance of debt were used to directly repay some or all of outstanding debt instruments within the same borrowing group.

(b)Total commitments under the LPR Revolving Credit Facility were increased by $43 million during the first quarter of 2021.

19

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

During 2021, we made repayments on the following debt instruments:

Borrowing group		Redemption price	Principal amount repaid					Non-cash component (b)		Loss on debt extinguishment
	Instrument		Borrowing currency			USD equivalent (a)
			in millions
Liberty Puerto Rico	2026 SPV Credit Facility	100%		$	1,000.0	$	1,000.0	$	1,000.0	$	14.3
VTR	2028 VTR Senior Secured Notes	103%		$	60.0	$	60.0	$	60.0	$	2.1
VTR	VTR TLB-1 Facility	100%	CLP	140,900.0		$	196.4	$	—	$	5.6
VTR	VTR TLB-2 Facility	100%	CLP	33,100.0		$	46.1	$	—	$	1.3

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

(b)Represents the non-cash component of the repayment, if any. Non-cash activity relates to cash repayments that did not pass through our bank accounts, as financing proceeds from the issuance of debt were used to directly repay some or all of outstanding debt instruments within the same borrowing group.

Maturities of Debt

Maturities of our debt as of June 30, 2021 are presented below. Amounts presented below represent U.S. dollar equivalents based on June 30, 2021 exchange rates:

	C&W		Liberty Puerto Rico		VTR		Cabletica		Liberty Latin America (a)		Consolidated
	in millions
Years ending December 31:
2021 (remainder of year)	$	42.4	$	—	$	47.3	$	—	$	0.4	$	90.1
2022	39.6		—		48.3		—		0.6		88.5
2023	124.6		—		—		—		0.8		125.4
2024	60.2		—		—		126.9		402.9		590.0
2025	144.6		—		—		—		—		144.6
2026	500.6		—		—		—		—		500.6
Thereafter	3,284.7		2,610.0		1,500.0		—		—		7,394.7
Total debt maturities	4,196.7		2,610.0		1,595.6		126.9		404.7		8,933.9
Premiums, discounts and deferred financing costs, net	(28.0)		(39.2)		(26.2)		(6.1)		(52.8)		(152.3)
Total debt	$	4,168.7	$	2,570.8	$	1,569.4	$	120.8	$	351.9	$	8,781.6
Current portion	$	67.4	$	—	$	95.6	$	—	$	0.4	$	163.4
Noncurrent portion	$	4,101.3	$	2,570.8	$	1,473.8	$	120.8	$	351.5	$	8,618.2

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

Subsequent Event

In July 2021, VTR redeemed $60 million of aggregate principal amount of the 2028 VTR Senior Secured Notes for total consideration of $62 million, including (i) the 103% redemption price and (ii) accrued and unpaid interest on the redeemed notes.

20

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

(9)    Leases

The following table provides details of our operating lease expense:

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
Operating lease expense:
Operating lease cost	$	18.6	$	10.8	$	40.5	$	22.6
Short-term lease cost	5.9		3.4		9.9		6.2
Total operating lease expense	$	24.5	$	14.2	$	50.4	$	28.8

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

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

	June 30, 2021		December 31, 2020
	in millions
Operating lease right-of-use assets	$	299.6	$	328.6
Operating lease liabilities:
Current	$	56.4	$	63.2
Noncurrent	256.0		269.7
Total operating lease liabilities	$	312.4	$	332.9

Weighted-average remaining lease term	7.0 years		7.2 years
Weighted-average discount rate	5.4	%	5.6	%

	Six months ended June 30,
	2021		2020
	in millions
Operating cash outflows related to operating leases	$	39.7	$	19.0
Right-of-use assets obtained in exchange for new operating lease liabilities (a)	$	19.5	$	22.2

(a)Represents non-cash transactions associated with operating leases entered into during the six months ended June 30, 2021 and 2020, respectively.

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

21

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

Maturities of Operating Leases

Maturities of our operating lease liabilities as of June 30, 2021 are presented below. Amounts presented below represent U.S. dollar equivalents (in millions) based on June 30, 2021 exchange rates.

Years ending December 31:
2021 (remainder of year)	$	36.4
2022	66.3
2023	54.6
2024	46.7
2025	36.5
2026	31.4
Thereafter	107.6
Total operating lease liabilities on an undiscounted basis	379.5
Present value discount	(67.1)
Present value of operating lease liabilities	$	312.4

(10)    Unfulfilled Performance Obligations

We enter into certain long-term capacity contracts with customers where the customer either pays a fixed fee over time or prepays for the capacity upfront and pays a portion related to operating and maintenance of the network over time. We assess whether prepaid capacity contracts contain a significant financing component. If the financing component is significant, interest expense is accreted over the life of the contract using the effective interest method. The revenue associated with prepaid capacity contracts is deferred and generally recognized on a straight-line basis over the life of the contract. As of June 30, 2021, we have approximately $387 million of unfulfilled performance obligations relating to our long-term capacity contracts, primarily subsea contracts, that generally will be recognized as revenue over a weighted average remaining life of six years.

(11)    Programming and Other Direct Costs of Services

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

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

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
Programming and copyright	$	114.4	$	92.9	$	226.2	$	193.5
Interconnect	65.8		58.7		132.2		125.0
Equipment and other	95.5		28.1		197.5		72.0
Total programming and other direct costs of services	$	275.7	$	179.7	$	555.9	$	390.5

22

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

(12)    Other Operating Costs and Expenses

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

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

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

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

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

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

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

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

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
Personnel and contract labor	$	143.8	$	113.2	$	282.2	$	237.7
Network-related	80.6		62.8		157.8		126.8
Service-related	45.3		36.5		92.8		74.8
Commercial	53.7		39.4		106.1		81.5
Facility, provision, franchise and other	104.9		84.7		219.8		172.1
Share-based compensation expense	32.8		23.5		55.8		47.3
Total other operating costs and expenses	$	461.1	$	360.1	$	914.5	$	740.2

(13)    Income Taxes

We evaluate and update our estimated annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. For interim tax reporting, we estimate an annual effective tax rate that is applied to year-to-date ordinary income or loss. The tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur.

Our interim estimate of our annual effective tax rate and our interim tax provision are subject to volatility due to factors such as jurisdictions in which our deferred taxes and/or tax attributes are subject to a full valuation allowance, relative changes in unrecognized tax benefits and changes in tax laws. Based upon the mix and timing of our actual annual earnings or loss compared to annual projections, as well as changes in the factors noted above, our effective tax rate may vary quarterly and may make quarterly comparisons not meaningful.

Income tax expense was $38 million and $4 million during the three months ended June 30, 2021 and 2020, respectively, and $66 million and $9 million during the six months ended June 30, 2021 and 2020, respectively. This represents an effective income tax rate of (97.4%) and 0.8% for the three months ended June 30, 2021 and 2020, respectively, and (42.2%) and 1.4% for the six months ended June 30, 2021 and 2020, respectively, including items treated discretely.

23

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

For the three and six months ended June 30, 2021, the income tax expense attributable to our earnings before income taxes differs from the amounts computed using the statutory tax rate, primarily due to detrimental effects of international rate differences, negative effects of permanent tax differences, such as non-deductible expenses, inclusion of withholding taxes on cross-border payments and net unfavorable changes in uncertain tax positions. These negative impacts to our effective tax rate were partially offset by decreases in valuation allowances and the beneficial effects of permanent tax differences, such as non-taxable income.

For the three and six months ended June 30, 2020, the income tax expense attributable to our loss before income taxes differs from the amounts computed using the statutory tax rate, primarily due to detrimental effects of non-deductible goodwill impairment, increases in valuation allowances and negative effects of permanent items, such as other non-deductible expenses. These negative impacts to our effective tax rate were partially offset by the beneficial effects of international rate differences, net favorable changes in uncertain tax positions, and permanent items, such as non-taxable income. Additionally, during the second quarter of 2020, we closed certain tax audits and, as a result, reduced our uncertain tax positions by $18 million. This amount has been reflected as a discrete tax benefit in our condensed consolidated statement of operations.

(14)    Share-based Compensation

Share-based Incentive Awards

The following tables summarize the share-based incentive awards related to Liberty Latin America Class A and Class C common shares held by our employees and our Directors as of June 30, 2021.

	Number of shares	Weighted average exercise price
Share-based incentive award type
SARs:
Class A common shares:
Outstanding	6,513,845	$	16.18
Exercisable	2,701,455	$	19.63
Class C common shares:
Outstanding	13,013,359	$	16.24
Exercisable	5,388,956	$	19.68

	Number of shares
Share-based incentive award type
RSUs outstanding:
Class A common shares	1,159,048
Class C common shares	2,317,825
PSUs outstanding:
Class A common shares	779,089
Class C common shares	1,625,891

24

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

The following tables summarize the share-based incentive awards related to Liberty Latin America Class A and Class C common shares granted to our employees and our Directors during the six months ended June 30, 2021.

	Number of shares	Weighted average exercise price		Weighted average grant date fair value
Share-based incentive award type
SARs granted:
Class A common shares	1,790,014	$	14.00	$	6.49
Class C common shares	3,580,028	$	14.10	$	6.44
PSARs granted (2021 PSARs):
Class A common shares	2,599,992	$	14.00	$	6.94
Class C common shares	5,200,008	$	14.10	$	6.91

	Number of shares	Weighted average grant-date fair value
Share-based incentive award type
RSUs granted:
Class A common shares (a)	1,490,105	$	13.90
Class C common shares (a)	2,980,396	$	14.02
PSUs granted (2020 PSUs):
Class A common shares	645,704	$	11.76
Class C common shares	1,347,552	$	11.48

(a)    During March 2021, we granted 0.6 million and 1.2 million shares of Class A and Class C RSUs, respectively, that vested immediately in settlement of certain bonus liabilities relating to the year ended December 31, 2020, which are included in the amounts presented in the table.

2021 PSARs

During 2021, certain key employees received a one-time grant of PSARs (the 2021 PSARs) Each award represents the right to receive a payment in shares or, if the compensation committee so determines, cash or a combination of cash and shares, equal to the excess of the fair market value of the common shares on the day of exercise over the exercise price, subject to performance and vesting. The 2021 PSARs, have a term of ten years, a performance period from January 1, 2021 and ending December 31, 2023 and will vest on March 16, 2024 based on the continued employment of the recipient through this date. The 2021 PSARs have performance conditions based on the achievement of individual objectives during the performance period. These objectives consist of qualitative measures.

2020 PSUs

In early 2020, our compensation committee approved target annual equity awards (the 2020 PSUs) to be granted to executive officers and certain other employees. The initial targets for the annual equity awards were identical to the 2019 targets. Because of the COVID-19 pandemic, and the difficulty in providing clarity on our then expected results over a two-year performance period for the 2020 PSUs, the compensation committee determined in July 2020 to delay the setting of the performance target for the 2020 PSUs so that the compensation committee would have better visibility of the impacts of the pandemic on the long-range plans for Liberty Latin America. As a result of this delay in setting the performance targets, no targets were communicated to award recipients, and as such, a grant date for accounting purposes was not considered to have occurred. On February 19, 2021, in light of the ongoing COVID-19 pandemic, the compensation committee reevaluated, reset and communicated the financial and operational targets for earning the 2020 PSUs thereby establishing a grant date for the 2020 PSUs. Each of the 2020 PSUs represents the right to receive one Liberty Latin America Class A or Class C common share, as applicable, subject to achievement of certain performance criteria and a time-based vesting period. The performance criteria is based upon the achievement of operating cash flow, defined as operating income before depreciation and amortization, share-based compensation, provisions and provision releases related to significant litigation, and impairment,

25

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

restructuring and other operating items, as adjusted for events such as acquisitions, dispositions and changes in foreign currency exchange rates and accounting principles or policies that affect comparability (OCF), during the period from January 1, 2021 through December 31, 2021. Additionally, the 2020 PSUs provide for an over- and under-performance payout ranging from 0% to 150% should the OCF, as adjusted, exceed or fail to meet the target, as applicable. The earned 2020 PSUs will vest 50% on each of March 15, 2022 and September 15, 2022.

(15)     Earnings or Loss per Share

Basic EPS is computed by dividing net earnings or loss attributable to Liberty Latin America shareholders by the weighted average number of Liberty Latin America Shares outstanding during the periods presented, as further described below. Diluted EPS presents the dilutive effect, if any, on a per share basis of potential shares as if they had been exercised, vested or converted at the beginning of the periods presented.

The details of our weighted average shares outstanding are set forth below:

	Three months ended June 30,		Six months ended June 30,
	2021	2020	2021	2020
Weighted average shares outstanding:
Basic	233,960,795	185,424,779	233,189,937	185,101,185
Diluted	234,800,020	185,424,779	233,945,963	185,101,185

We reported net losses attributable to Liberty Latin America shareholders during the three and six months ended June 30, 2020. The potentially dilutive effect at June 30, 2020 of the following items was not included in the computation of diluted loss per share for such periods because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs, because such awards had not yet met the applicable performance criteria: (i) the aggregate number of shares issuable pursuant to outstanding options, SARs and RSUs of 19.6 million, (ii) the aggregate number of shares issuable pursuant to outstanding PSUs of 1.5 million and (iii) using the if-converted method, the aggregate number of shares potentially issuable under our Convertible Notes of 18.1 million.

The details of the calculations of our basic and diluted EPS for the three and six months ended June 30, 2021 are set forth below in millions, except for share amounts:

	Three months ended		Six months ended
	June 30, 2021		June 30, 2021
Numerator:
Net earnings attributable to holders of Liberty Latin America Shares (basic and diluted EPS computation)	$	4.4	$	92.2
Denominator:
Weighted average shares (basic EPS computation)	233,960,795		233,189,937
Incremental shares attributable to the release of PSUs, RSUs and SARs upon vesting (treasury stock method)	839,225		756,026
Weighted average shares (diluted EPS computation) (a)	234,800,020		233,945,963

(a)    We have excluded (i) the aggregate number of shares issuable pursuant to outstanding options, SARs and RSUs of 24.5 million, (ii) the aggregate number of shares issuable pursuant to outstanding PSARs and PSUs of 7.8 million and (iii) using the if-converted method, the aggregate number of shares potentially issuable under our Convertible Notes of 19.5 million, because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs and PSARs, because such awards had not yet met the applicable performance criteria.

26

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

(16)    Equity

Share Repurchase Program

On March 16, 2020, our Directors approved the Share Repurchase Program, which authorizes us to repurchase from time to time up to $100 million of our Class A common shares and/or Class C common shares through March 2022, subject to certain limitations and conditions. The Share Repurchase Program does not obligate us to repurchase any of our Class A or C common shares. Under the Share Repurchase Program, we may repurchase our common shares from time to time in open market purchases at prevailing market prices, in privately negotiated transactions, in block trades, derivative transactions and/or through other legally permissible means.

During the six months ended June 30, 2021, we repurchased 706,400 Class A common shares. During the six months ended June 30, 2020, we repurchased 293,816 and 673,158 Class A and Class C common shares, respectively. At June 30, 2021, the remaining amount authorized for share repurchases was $81 million.

(17)    Commitments and Contingencies

Commitments

In the normal course of business, we have entered into agreements that commit our company to make cash payments in future periods with respect to programming contracts, network and connectivity commitments, purchases of customer premises and other equipment and services and other items. The following table sets forth the U.S. dollar equivalents of such commitments as of June 30, 2021:

	Payments due during:
	Remainder of 2021		2022		2023		2024		2025		2026		Thereafter		Total
	in millions
Programming commitments	$	95.0	$	91.4	$	52.8	$	42.8	$	0.5	$	—	$	—	$	282.5
Network and connectivity commitments	45.3		39.2		28.2		9.1		6.3		1.8		7.3		137.2
Purchase commitments	166.3		32.9		17.3		—		—		—		—		216.5
Other commitments	5.7		1.8		1.6		1.5		1.4		1.4		7.0		20.4
Total (a)	$	312.3	$	165.3	$	99.9	$	53.4	$	8.2	$	3.2	$	14.3	$	656.6

(a)    The commitments included in this table do not reflect any liabilities that are included in our June 30, 2021 condensed consolidated balance sheet.

Programming commitments consist of obligations associated with certain contracts including channels, programming, and sports rights contracts with a wide range of providers that are enforceable and legally binding on us, as we have agreed to pay minimum fees without regard to (i) the actual number of subscribers to the programming services, (ii) whether we terminate service to a portion of our subscribers or dispose of a portion of our distribution systems or (iii) whether we discontinue our premium sports services. In addition, programming commitments do not include increases in future periods associated with contractual inflation or other price adjustments that are not fixed. Accordingly, the amounts reflected in the above table with respect to these contracts are significantly less than the amounts we expect to pay in these periods under these contracts. Historically, payments to programming vendors have represented a significant portion of our operating costs, and we expect that this will continue to be the case in future periods.

Network and connectivity commitments include (i) domestic network service agreements with certain other telecommunications companies and (ii) VTR’s MVNO agreement. The amounts reflected in the above table with respect to our MVNO commitment represent fixed minimum amounts payable under this agreement and, therefore, may be significantly less than the actual amounts VTR ultimately pays in these periods.

27

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

Purchase commitments include unconditional and legally-binding obligations related to (i) the purchase of customer premises and other equipment and (ii) certain service-related commitments, including call center, information technology and maintenance services.

In addition to the commitments set forth in the table above, we have commitments under (i) derivative instruments and (ii) defined benefit plans and similar agreements, pursuant to which we expect to make payments in future periods. For information regarding our derivative instruments, including the net cash paid or received in connection with these instruments during the six months ended June 30, 2021 and 2020, see note 5.

Guarantees and Other Credit Enhancements

In the ordinary course of business, we may provide (i) indemnifications to our lenders, our vendors and certain other parties and (ii) performance and/or financial guarantees to local municipalities, our customers and vendors. Historically, these arrangements have not resulted in our company making any material payments and we do not believe that they will result in material payments in the future.

Legal and Regulatory Proceedings and Other Contingencies

VTR Class Action. On August 25, 2020, VTR was notified that SERNAC had filed a class action complaint against VTR in the 14th Civil Court of Santiago. The complaint relates to consumer complaints regarding VTR’s broadband service and capacity during the pandemic and raises claims regarding, among other things, VTR’s disclosure of its broadband speeds and aggregate capacity availability and VTR’s response to address the causes of service instability during the pandemic. VTR was also notified in August about two additional class action complaints filed by consumer associations (ODECU and AGRECU) making similar claims and allegations. The class action complaint of ODECU was filed in the 21st Civil Court of Santiago, and the class action complaint of AGRECU was filed in the 26th Civil Court of Santiago. The complaint of SERNAC and ODECU seeks (i) the Court declare that VTR has infringed the rules of the Consumer Protection Law; (ii) the responsibility of VTR for such infractions and, if so, establish the corresponding fines; and (iii) compensatory damages. In the case of AGRECU, the complaint only seeks compensatory damages. On October 22, 2020, VTR was notified of a fourth class action complaint filed by Conadecus in the 16th Civil Court of Santiago alleging that VTR did not adhere to certain call center, technical visit and service level requirements under applicable law. On April 21, 2021, the Court of Appeals of Santiago issued a ruling joining the four class action complaints into one legal procedure. We believe that the allegations contained in the complaints are without merit, in particular as it relates to VTR’s service and response during the pandemic and intend to defend the complaints vigorously. We cannot predict at this point the length of time that these actions will be ongoing. Additionally, a liability, if any, or a reasonable range of loss is not currently determinable based upon the current facts and circumstances of these claims.

Regulatory Issues. Video distribution, broadband internet, fixed-line telephony and mobile businesses are regulated in each of the countries in which we operate. The scope of regulation varies from country to country. Adverse regulatory developments could subject our businesses to a number of risks. Regulation, including conditions imposed on us by competition or other authorities as a requirement to close acquisitions or dispositions, could limit growth, revenue and the number and types of services offered and could lead to increased operating costs and property and equipment additions. In addition, regulation may restrict our operations and subject them to further competitive pressure, including pricing restrictions, interconnect and other access obligations, and restrictions or controls on content, including content provided by third parties. Failure to comply with current or future regulation could expose our businesses to various penalties.

In addition to the foregoing items, we have contingent liabilities related to matters arising in the ordinary course of business, including (i) legal proceedings, (ii) issues involving wage, property, withholding and other tax issues and (iii) disputes over interconnection, programming and copyright fees. While we generally expect that the amounts required to satisfy these contingencies will not materially differ from any estimated amounts we have accrued, no assurance can be given that the resolution of one or more of these contingencies will not result in a material impact on our results of operations, cash flows or financial position in any given period. Due, in general, to the complexity of the issues involved and, in certain cases, the lack of a clear basis for predicting outcomes, we cannot provide a meaningful range of potential losses or cash outflows that might result from any unfavorable outcomes.

28

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

(18)    Segment Reporting

Our reportable segments derive their revenue primarily from residential and B2B services, including video, broadband internet and fixed-line telephony services and mobile services. Our corporate category includes our corporate operations. We generally identify our reportable segments as those operating segments that represent 10% or more of our revenue, Adjusted OIBDA or total assets.

As a result of organizational changes during the first quarter of 2021, VTR and Cabletica are now each an operating and reportable segment rather than one segment. Accordingly, as of June 30, 2021, our reportable segments are as follows:

•C&W Caribbean and Networks;

•C&W Panama;

•Liberty Puerto Rico;

•VTR; and

•Cabletica.

For the 2020 periods in the tables set forth below, the amounts presented exclude the pre-acquisition revenue, Adjusted OIBDA and property and equipment additions of the AT&T Acquired Entities, which were acquired on October 31, 2020. For more information regarding the AT&T Acquisition, see note 4.

Performance Measures of our Reportable Segments

We evaluate performance and make decisions about allocating resources to our reportable segments based on financial measures such as revenue and Adjusted OIBDA. In addition, we review non-financial measures such as subscriber growth.

Adjusted OIBDA is the primary measure used by our chief operating decision maker to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of our management for purposes of incentive compensation plans. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. A reconciliation of total Adjusted OIBDA to operating income (loss) and to earnings (loss) before income taxes is presented below.

29

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

The amounts presented below represent 100% of the revenue and Adjusted OIBDA of each of our reportable segments and our corporate operations. As we have the ability to control certain subsidiaries that are not wholly-owned, we include 100% of the revenue and expenses of these entities in our condensed consolidated statements of operations despite the fact that third parties own significant interests in these entities. The noncontrolling owners’ interests in the operating results of Cabletica and certain subsidiaries of C&W are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations.

	Revenue
	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
C&W Caribbean and Networks	$	434.2	$	404.9	$	864.0	$	856.9
C&W Panama	128.1		112.2		250.1		250.5
Liberty Puerto Rico	360.4		109.1		721.7		213.7
VTR	209.3		193.1		419.6		399.5
Cabletica	36.3		34.6		72.5		68.3
Corporate	5.4		—		10.8		—
Intersegment eliminations	(5.7)		(5.0)		(10.8)		(9.0)
Total	$	1,168.0	$	848.9	$	2,327.9	$	1,779.9

	Adjusted OIBDA
	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
C&W Caribbean and Networks	$	188.1	$	166.7	$	369.4	$	353.7
C&W Panama	45.6		36.9		89.6		82.7
Liberty Puerto Rico	161.4		52.4		311.3		102.9
VTR	68.7		73.1		139.2		153.2
Cabletica	12.7		13.2		26.8		26.5
Corporate	(12.5)		(9.7)		(23.0)		(22.5)
Total	$	464.0	$	332.6	$	913.3	$	696.5

30

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

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

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
Total Adjusted OIBDA	$	464.0	$	332.6	$	913.3	$	696.5
Share-based compensation expense	(32.8)		(23.5)		(55.8)		(47.3)
Depreciation and amortization	(254.0)		(216.4)		(499.9)		(429.9)
Impairment, restructuring and other operating items, net	(17.0)		(298.7)		(19.2)		(317.5)
Operating income (loss)	160.2		(206.0)		338.4		(98.2)
Interest expense	(133.7)		(135.3)		(260.1)		(278.6)
Realized and unrealized gains (losses) on derivative instruments, net	57.3		(179.0)		172.2		(161.6)
Foreign currency transaction gains (losses), net	(44.4)		19.1		(69.8)		(145.2)
Losses on debt extinguishment	—		—		(23.3)		(3.4)
Other income (expense), net	(0.4)		4.8		(1.0)		11.6
Earnings (loss) before income taxes	$	39.0	$	(496.4)	$	156.4	$	(675.4)

Property and Equipment Additions of our Reportable Segments

The property and equipment additions of our reportable segments and corporate operations (including capital additions financed under vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditure amounts included in our condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing, see note 7.

	Six months ended June 30,
	2021		2020
	in millions
C&W Caribbean and Networks	$	122.8	$	121.0
C&W Panama	30.8		31.0
Liberty Puerto Rico	84.9		32.9
VTR	102.5		84.2
Cabletica	14.6		10.9
Corporate	11.5		6.2
Total property and equipment additions	367.1		286.2
Assets acquired under capital-related vendor financing arrangements	(38.3)		(53.3)
Changes in current liabilities related to capital expenditures	5.4		38.5
Total capital expenditures	$	334.2	$	271.4

Revenue by Major Category

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

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

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

31

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

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

•B2B subsea network revenue, which includes long-term capacity contracts with customers where the customer either pays a fee over time or prepays for the capacity upfront and pays a portion related to operating and maintenance of the network over time.

	Three months ended June 30, 2021
	C&W Caribbean and Networks		C&W Panama		Liberty Puerto Rico		VTR		Cabletica		Corporate (a)		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	33.4	$	6.2	$	39.2	$	77.4	$	19.0	$	—	$	—	$	175.2
Broadband internet	67.7		10.8		63.2		84.7		14.5		—		—		240.9
Fixed-line telephony	17.1		4.2		7.1		19.9		1.1		—		—		49.4
Total subscription revenue	118.2		21.2		109.5		182.0		34.6		—		—		465.5
Non-subscription revenue	11.4		2.4		4.9		4.0		1.7		—		—		24.4
Total residential fixed revenue	129.6		23.6		114.4		186.0		36.3		—		—		489.9
Residential mobile revenue:
Service revenue	75.0		39.4		114.7		13.0		—		—		—		242.1
Interconnect, inbound roaming, equipment sales and other (b)	14.0		11.3		70.9		1.8		—		5.4		—		103.4
Total residential mobile revenue	89.0		50.7		185.6		14.8		—		5.4		—		345.5
Total residential revenue	218.6		74.3		300.0		200.8		36.3		5.4		—		835.4
B2B revenue:
Service revenue (c)	152.8		53.8		51.9		8.5		—		—		(0.9)		266.1
Subsea network revenue	62.8		—		—		—		—		—		(4.8)		58.0
Total B2B revenue	215.6		53.8		51.9		8.5		—		—		(5.7)		324.1
Other revenue (d)	—		—		8.5		—		—		—		—		8.5
Total	$	434.2	$	128.1	$	360.4	$	209.3	$	36.3	$	5.4	$	(5.7)	$	1,168.0

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

(b)The total amount includes $26 million of inbound roaming revenue and $56 million of revenue from sales of mobile handsets and other devices.

(c)The total amount includes $4 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

32

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

(d)Amount relates to revenue received from the FCC related to Liberty Mobile following the closing of the AT&T Acquisition.

	Three months ended June 30, 2020
	C&W Caribbean and Networks		C&W Panama		Liberty Puerto Rico		VTR		Cabletica		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	35.5	$	7.2	$	36.7	$	67.0	$	20.5	$	—	$	166.9
Broadband internet	61.0		9.5		49.2		80.8		12.5		—		213.0
Fixed-line telephony	19.3		4.9		6.2		17.6		0.9		—		48.9
Total subscription revenue	115.8		21.6		92.1		165.4		33.9		—		428.8
Non-subscription revenue	8.7		2.6		3.8		4.7		0.7		—		20.5
Total residential fixed revenue	124.5		24.2		95.9		170.1		34.6		—		449.3
Residential mobile revenue:
Service revenue	67.6		36.8		—		13.8		—		—		118.2
Interconnect, inbound roaming, equipment sales and other (a)	8.9		9.4		—		1.6		—		—		19.9
Total residential mobile revenue	76.5		46.2		—		15.4		—		—		138.1
Total residential revenue	201.0		70.4		95.9		185.5		34.6		—		587.4
B2B revenue:
Service revenue (b)	142.5		41.8		13.2		7.6		—		(1.3)		203.8
Subsea network revenue	61.4		—		—		—		—		(3.7)		57.7
Total B2B revenue	203.9		41.8		13.2		7.6		—		(5.0)		261.5
Total	$	404.9	$	112.2	$	109.1	$	193.1	$	34.6	$	(5.0)	$	848.9

(a)The total amount includes $1 million of inbound roaming revenue and $6 million of revenue from sales of mobile handsets and other devices.

(b)The total amount includes $3 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

33

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

	Six months ended June 30, 2021
	C&W Caribbean and Networks		C&W Panama		Liberty Puerto Rico		VTR		Cabletica		Corporate (a)		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	67.7	$	12.4	$	77.8	$	155.7	$	38.5	$	—	$	—	$	352.1
Broadband internet	134.3		21.5		124.6		169.5		28.5		—		—		478.4
Fixed-line telephony	33.6		8.5		14.1		39.9		2.2		—		—		98.3
Total subscription revenue	235.6		42.4		216.5		365.1		69.2		—		—		928.8
Non-subscription revenue	22.1		4.9		9.1		7.4		3.3		—		—		46.8
Total residential fixed revenue	257.7		47.3		225.6		372.5		72.5		—		—		975.6
Residential mobile revenue:
Service revenue	146.8		78.7		232.1		26.2		—		—		—		483.8
Interconnect, inbound roaming, equipment sales and other (b)	25.4		21.6		143.0		4.1		—		10.8		—		204.9
Total residential mobile revenue	172.2		100.3		375.1		30.3		—		10.8		—		688.7
Total residential revenue	429.9		147.6		600.7		402.8		72.5		10.8		—		1,664.3
B2B revenue:
Service revenue (c)	303.6		102.5		104.0		16.8		—		—		(2.0)		524.9
Subsea network revenue	130.5		—		—		—		—		—		(8.8)		121.7
Total B2B revenue	434.1		102.5		104.0		16.8		—		—		(10.8)		646.6
Other revenue (d)	—		—		17.0		—		—		—		—		17.0
Total	$	864.0	$	250.1	$	721.7	$	419.6	$	72.5	$	10.8	$	(10.8)	$	2,327.9

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

(b)The total amount includes $50 million of inbound roaming revenue and $113 million of revenue from sales of mobile handsets and other devices.

(c)The total amount includes $7 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

(d)Amount relates to revenue received from the FCC related to Liberty Mobile following the closing of the AT&T Acquisition.

34

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

	Six months ended June 30, 2020
	C&W Caribbean and Networks		C&W Panama		Liberty Puerto Rico		VTR		Cabletica		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	72.8	$	14.8	$	72.0	$	142.6	$	39.9	$	—	$	342.1
Broadband internet	122.4		19.1		94.7		162.7		25.0		—		423.9
Fixed-line telephony	38.6		9.9		12.1		37.2		1.6		—		99.4
Total subscription revenue	233.8		43.8		178.8		342.5		66.5		—		865.4
Non-subscription revenue	21.8		6.4		8.4		9.6		1.8		—		48.0
Total residential fixed revenue	255.6		50.2		187.2		352.1		68.3		—		913.4
Residential mobile revenue:
Service revenue	146.4		81.0		—		28.4		—		—		255.8
Interconnect, inbound roaming, equipment sales and other (a)	22.6		21.2		—		3.6		—		—		47.4
Total residential mobile revenue	169.0		102.2		—		32.0		—		—		303.2
Total residential revenue	424.6		152.4		187.2		384.1		68.3		—		1,216.6
B2B revenue:
Service revenue (b)	300.2		98.1		26.5		15.4		—		(2.2)		438.0
Subsea network revenue	132.1		—		—		—		—		(6.8)		125.3
Total B2B revenue	432.3		98.1		26.5		15.4		—		(9.0)		563.3
Total	$	856.9	$	250.5	$	213.7	$	399.5	$	68.3	$	(9.0)	$	1,779.9

(a)The total amount includes $9 million of inbound roaming revenue and $16 million of revenue from sales of mobile handsets and other devices.

(b)The total amount includes $6 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

35

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

June 30, 2021

(unaudited)

Geographic Markets

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

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
Puerto Rico	$	346.6	$	108.7	$	693.9	$	213.0
Chile	209.3		193.1		419.6		399.5
Panama	127.6		111.6		249.0		249.3
Networks & LatAm (a)	84.8		83.5		175.2		178.5
Jamaica	99.4		87.6		196.7		183.7
The Bahamas	47.7		41.0		92.7		90.3
Barbados	35.0		33.6		68.9		70.3
Trinidad and Tobago	39.9		39.9		79.6		80.7
Curacao	35.3		34.5		69.6		74.1
Costa Rica	36.3		34.6		72.5		68.3
Other (b)	106.1		80.8		210.2		172.2
Total	$	1,168.0	$	848.9	$	2,327.9	$	1,779.9

(a)The amounts represent managed services and wholesale revenue from various jurisdictions across Latin America and the Caribbean, primarily related to the sale and lease of telecommunications capacity on C&W’s subsea and terrestrial fiber optic cable networks.

(b)The amounts primarily relate to a number of countries in which we have less significant operations, most of which are located in the Caribbean, and to a lesser extent, in Latin America.

36

Item 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

See the Glossary of defined terms at the beginning of this Quarterly Report on Form 10-Q.

The following discussion and analysis, which should be read in conjunction with our 2020 Form 10-K and the condensed consolidated financial statements and accompanying notes included in Part I, Item 1 of this Quarterly Report on Form 10-Q, is intended to assist in providing an understanding of our financial condition, changes in financial condition and results of operations and is organized as follows:

•Forward-looking Statements. This section provides a description of certain factors that could cause actual results or events to differ materially from anticipated results or events.

•Overview. This section provides a general description of our business and recent events.

•Material Changes in Results of Operations. This section provides an analysis of our results of operations for the three and six months ended June 30, 2021 and 2020.

•Material Changes in Financial Condition. This section provides an analysis of our corporate and subsidiary liquidity, condensed consolidated statements of cash flows and contractual commitments.

Unless otherwise indicated, convenience translations into U.S. dollars are calculated, and operational data (including subscriber statistics) are presented, as of June 30, 2021.

Forward-looking Statements

Certain statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent that statements in this Quarterly Report on Form 10-Q are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In particular, statements under Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Item 3. Quantitative and Qualitative Disclosures About Market Risk, and Item 4. Controls and Procedures may contain forward-looking statements, including statements regarding: our business, products, foreign currency and finance strategies; subscriber growth and retention rates; changes in competitive, regulatory and economic factors; anticipated changes in our revenue, expenses, or growth rates; debt levels; our liquidity and our ability to access the liquidity of our subsidiaries; credit risks; internal control over financial reporting; foreign currency risks; interest rate risks; compliance with debt, financial and other covenants; our future projected contractual commitments and cash flows; the Telefónica-Costa Rica Acquisition, including the expected closing date; the effects and potential impacts of COVID-19 on our business and results of operations; reductions in operating and capital costs; the remediation of material weaknesses; our Share Repurchase Program; the outcome and impact of pending litigation; and other information and statements that are not historical fact. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. In addition to the risk factors described in Part I, Item 1A in our 2020 Form 10-K, the following are some but not all of the factors that could cause actual results or events to differ materially from anticipated results or events:

•economic and business conditions and industry trends in the countries in which we operate;

•the competitive environment in the industries in the countries in which we operate, including competitor responses to our products and services;

•fluctuations in currency exchange rates, inflation rates and interest rates;

•our relationships with third-party programming providers and broadcasters and the ability to acquire programming;

•our relationships with suppliers and licensors and the ability to maintain equipment, software and certain services;

•instability in global financial markets, including sovereign debt issues and related fiscal reforms;

•our ability to obtain additional financing and generate sufficient cash to meet our debt obligations;

•the impact of restrictions contained in certain of our subsidiaries’ debt instruments;

37

•consumer disposable income and spending levels, including the availability and amount of individual consumer debt;

•changes in consumer viewing preferences and habits, including on mobile devices that function on various operating systems and specifications, limited bandwidth, and different processing power and screen sizes;

•customer acceptance of our existing service offerings, including our video, broadband internet, fixed-line telephony, mobile and business service offerings, and of new technology, programming alternatives and other products and services that we may offer in the future;

•our ability to manage rapid technological changes;

•the impact of 5G and wireless technologies on broadband internet;

•our ability to maintain or increase the number of subscriptions to our video, broadband internet, fixed-line telephony and mobile service offerings and our average revenue per household and mobile subscriber;

•our ability to provide satisfactory customer service, including support for new and evolving products and services;

•our ability to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers;

•the impact of our future financial performance, or market conditions generally, on the availability, terms and deployment of capital;

•changes in, or failure or inability to comply with, government regulations in the countries in which we operate and adverse outcomes from regulatory proceedings;

•government intervention that requires opening our broadband distribution networks to competitors;

•our ability to renew necessary regulatory licenses, concessions or other operating agreements and to otherwise acquire spectrum or other licenses that we need to offer mobile data or other technologies or services;

•our ability to obtain regulatory approval and satisfy other conditions necessary to close acquisitions and dispositions, and the impact of conditions imposed by competition and other regulatory authorities in connection with acquisitions, such as with respect to the Telefónica-Costa Rica Acquisition;

•our ability to successfully acquire new businesses and, if acquired, to integrate, realize anticipated efficiencies from and implement our business plan with respect to the businesses we have acquired or that we expect to acquire, such as with respect to the Telefónica-Costa Rica Acquisition and the AT&T Acquisition;

•changes in laws or treaties relating to taxation, or the interpretation thereof, in the U.S. or in other countries in which we operate and the results of any tax audits or tax disputes;

•changes in laws and government regulations that may impact the availability and cost of capital and the derivative instruments that hedge certain of our financial risks;

•the ability of suppliers and vendors, including third-party channel providers and broadcasters (including our third-party wireless network provider under our MVNO arrangement), to timely deliver quality products, equipment, software, services and access;

•the availability of attractive programming for our video services and the costs associated with such programming, including retransmission and copyright fees payable to public and private broadcasters;

•uncertainties inherent in the development and integration of new business lines and business strategies;

•our ability to adequately forecast and plan future network requirements, including the costs and benefits associated with our network extension and upgrade programs;

•the availability of capital for the acquisition and/or development of telecommunications networks and services, including property and equipment additions;

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•problems we may discover post-closing with the operations, including the internal controls and financial reporting process, of businesses we acquire, such as with respect to the AT&T Acquired Entities and with respect to the Telefónica-Costa Rica Acquisition;

•the effect of any of the identified material weaknesses in our internal control over financial reporting;

•piracy, vandalism against our networks, and cybersecurity and ransomware threats or other security breaches, including the leakage of sensitive customer data, which could harm our business or reputation;

•the outcome of any pending or threatened litigation;

•the loss of key employees and the availability of qualified personnel;

•the effect of any strikes, work stoppages or other industrial actions that could affect our operations;

•changes in the nature of key strategic relationships with partners and joint venturers;

•our equity capital structure;

•our ability to realize the full value of our intangible assets;

•changes in and compliance with applicable data privacy laws, rules, and regulations;

•our ability to recoup insurance reimbursements and settlements from third-party providers;

•our ability to comply with economic and trade sanctions laws, such as the U.S. Treasury Department’s Office of Foreign Assets Control; and

•events that are outside of our control, such as political conditions and unrest in international markets, terrorist attacks, malicious human acts, hurricanes, volcanoes and other natural disasters, pandemics, including the COVID-19 pandemic, and other similar events.

The broadband distribution and mobile service industries are changing rapidly and, therefore, the forward-looking statements of expectations, plans and intent in this Quarterly Report on Form 10-Q are subject to a significant degree of risk. These forward-looking statements and the above described risks, uncertainties and other factors speak only as of the date of this Quarterly Report on Form 10-Q, and we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based. Readers are cautioned not to place undue reliance on any forward-looking statement.

Overview

General

We are an international provider of fixed, mobile and subsea telecommunications services. We provide residential and B2B services in (i) over 20 countries, primarily in Latin America and the Caribbean, through C&W Caribbean and Networks and C&W Panama, (ii) Puerto Rico, through Liberty Puerto Rico, (iii) Chile, through VTR, and (iv) Costa Rica, through Cabletica. Through our Networks & LatAm business, C&W Caribbean and Networks also provides (i) B2B services in certain other countries in Latin America and the Caribbean and (ii) wholesale communication services over its subsea and terrestrial fiber optic cable networks that connect over 40 markets in that region.

Operations

At June 30, 2021, we (i) owned and operated fixed networks that passed 8,126,800 homes and served 6,332,700 RGUs, comprising 2,822,300 broadband internet subscribers, 1,968,900 video subscribers and 1,541,500 fixed-line telephony subscribers, and (ii) served 4,623,900 mobile subscribers.

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During the first quarter of 2021, we completed an organizational change with respect to the management of CWP, VTR and Cabletica. As a result of this organizational change, VTR and Cabletica are now operating and reportable segments. Accordingly, as of June 30, 2021, our reportable segments are as follows:

•C&W Caribbean and Networks;

•C&W Panama;

•Liberty Puerto Rico;

•VTR; and

•Cabletica.

As a result of the aforementioned segment change, we have revised the presentation of the discussion and analysis set forth below in order to align with the current segment presentation included in our condensed consolidated financial statements.

COVID-19

In December 2019, COVID-19 was reported in Wuhan, China. On March 11, 2020, the World Health Organization declared the outbreak a “pandemic,” pointing to the sustained risk of further global spread. To date, cases of COVID-19 have been confirmed in each of the markets in which we operate. COVID-19 negatively impacted our operations relative to periods prior to the pandemic, particularly with respect to revenue associated with B2B and mobile operations within our C&W Caribbean and Networks, C&W Panama and VTR segments. These impacts are primarily the result of lockdowns, moratoriums, the cancellation of live sporting events, and mobility, travel and tourism restrictions across many of the markets in which we operate. The extent to which COVID-19 continues to impact our operational and financial performance will depend on certain developments, which include, among other factors:

•the duration and spread of the outbreak, including the impact of variants;

•the ability of governments and medical professionals in our markets to respond further to the outbreak, including securing access to a vaccine and vaccinating citizens;

•the actions by governments to require the extension of services for individuals regardless of payment status;

•the impact of changes to, or new, government regulations imposed in response to the pandemic, including laws and moratoriums;

•the impact on our customers and our sales cycles;

•the impact on actual and expected customer receivable collection patterns;

•the impact on our employees, including that from labor shortages or work from home initiatives;

•the impacts on foreign currency and interest rate fluctuations; and

•the effect on our vendors and impacts to our supply chain that might impact our customers’ ability to use our services.

Given the impacts of COVID-19 continue to evolve, the extent to which COVID-19 may further impact our financial condition or results of operations continues to be uncertain and cannot be predicted at this time. The heightened volatility of global markets resulting from COVID-19 further expose us to risks and uncertainties.

As COVID-19 continues to spread, we have taken, and expect to continue to take, a variety of measures to promote the safety and security of our employees, and ensure the availability of our communication services.

Telefónica-Costa Rica Acquisition

On July 30, 2020, we entered into a definitive agreement to acquire Telefónica S.A.’s wireless operations in Costa Rica in an all-cash transaction based upon an enterprise value of $500 million on a cash- and debt-free basis. The transaction is subject to certain customary closing conditions, including regulatory approvals. On August 2, 2021, we announced that the parties had received the required government and regulatory approvals to complete the transaction. We expect to close the transaction by mid-August 2021.

AT&T Acquisition

On October 9, 2019, Liberty Latin America’s wholly-owned subsidiary, Liberty Puerto Rico, agreed to acquire AT&T’s wireless and wireline operations in Puerto Rico and the U.S. Virgin Islands in an all-cash transaction. The AT&T Acquisition closed on October 31, 2020. The integration of the business of AT&T with our existing operations is progressing efficiently, and as a result, we now expect to incur integration-related operating costs totaling approximately $20 million during 2021.

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Material Changes in Results of Operations

The comparability of our operating results during the three and six months ended June 30, 2021 and 2020 is affected by acquisitions, a disposal and FX. As we use the term, “organic” changes exclude FX and the impacts of acquisitions and disposals, each as further discussed below. In addition, the comparability of our operating results during the three and six months ended June 30, 2021 to the corresponding periods in 2020 is affected by the impacts of COVID-19.

In the following discussion, we quantify the estimated impact on the operating results of the periods under comparison that is attributable to acquisitions and disposals. We (i) acquired (a) AT&T’s wireless and wireline operations in Puerto Rico and the U.S. Virgin Islands in October 2020 and (b) a small B2B operation in the Cayman Islands in July 2020, and (ii) in connection with the AT&T Acquisition, as further described in note 4 to our condensed consolidated financial statements, disposed of certain B2B operations in Puerto Rico in January 2021. With respect to acquisitions, organic changes and the calculations of our organic change percentages exclude the operating results of an acquired entity during the first 12 months following the date of acquisition. With respect to disposals, the prior-year period operating results of disposed entities are excluded from organic changes and the calculations of our organic change percentages to the same extent that those operations are not included in the current-year period.

Changes in foreign currency exchange rates may have a significant impact on our operating results, as VTR, Cabletica and certain entities within C&W have functional currencies other than the U.S. dollar. Our primary FX exchange risk relates to the Chilean peso. For example, the average FX rate (utilized to translate our condensed consolidated statements of operations) for the U.S. dollar per one Chilean peso depreciated by 13% and 11% for the three and six months ended June 30, 2021, as compared to the corresponding periods in 2020. The impacts to the various components of our results of operations that are attributable to changes in FX are highlighted below. For information concerning our foreign currency risks and applicable foreign currency exchange rates, see Item 3. Quantitative and Qualitative Disclosures About Market Risk—Foreign Currency Rates below.

The amounts presented and discussed below represent 100% of the revenue and expenses of each reportable segment and our corporate operations. As we have the ability to control certain subsidiaries that are not wholly-owned, we include 100% of the revenue and expenses of these entities in our condensed consolidated statements of operations despite the fact that third parties own significant interests in these entities. The noncontrolling owners’ interests in the operating results of Cabletica and certain subsidiaries of C&W are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations.

We are subject to inflationary pressures with respect to certain costs and foreign currency exchange risk with respect to costs and expenses that are denominated in currencies other than the respective functional currencies of our reportable segments. Any cost increases that we are not able to pass on to our customers would result in increased pressure on our operating margins.

Consolidated Adjusted OIBDA

On a consolidated basis, Adjusted OIBDA is a non-U.S. GAAP measure. Adjusted OIBDA is the primary measure used by our chief operating decision maker to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of our management for purposes of incentive compensation plans. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. We believe our Adjusted OIBDA measure is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measures may not be directly comparable to similar measures used by other public companies. Adjusted OIBDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income or loss.

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A reconciliation of total operating income (loss), the nearest U.S. GAAP measure, to Adjusted OIBDA on a consolidated basis, is presented below for the periods indicated.

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
Operating income (loss)	$	160.2	$	(206.0)	$	338.4	$	(98.2)
Share-based compensation expense	32.8		23.5		55.8		47.3
Depreciation and amortization	254.0		216.4		499.9		429.9
Impairment, restructuring and other operating items, net	17.0		298.7		19.2		317.5
Consolidated Adjusted OIBDA	$	464.0	$	332.6	$	913.3	$	696.5

The following tables set forth organic and non-organic changes in Adjusted OIBDA for the periods indicated:

	C&W Caribbean and Networks		C&W Panama		Liberty Puerto Rico (a)		VTR		Cabletica		Corporate		Intersegment eliminations		Consolidated
	in millions
Adjusted OIBDA for the three months ending:
June 30, 2020	$	166.7	$	36.9	$	52.4	$	73.1	$	13.2	$	(9.7)	$	—	$	332.6
Organic changes related to:
Revenue	33.1		15.9		19.9		(10.7)		4.4		5.4		(0.7)		67.3
Programming and other direct costs	(4.9)		(9.8)		(1.4)		(3.7)		(3.2)		—		(0.5)		(23.5)
Other operating costs and expenses	(4.8)		2.6		(5.1)		1.4		(0.8)		(8.2)		1.2		(13.7)
Non-organic increases (decreases):
FX	(2.3)		—		—		8.6		(0.9)		—		—		5.4
Acquisitions/disposition, net	0.3		—		95.6		—		—		—		—		95.9
June 30, 2021	$	188.1	$	45.6	$	161.4	$	68.7	$	12.7	$	(12.5)	$	—	$	464.0

(a)The non-organic change to Adjusted OIBDA resulting from an acquisition includes $8 million of net roaming revenue.

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	C&W Caribbean and Networks		C&W Panama		Liberty Puerto Rico (a)		VTR		Cabletica		Corporate		Intersegment eliminations		Consolidated
	in millions
Adjusted OIBDA for the six months ending:
June 30, 2020	$	353.7	$	82.7	$	102.9	$	153.2	$	26.5	$	(22.5)	$	—	$	696.5
Organic changes related to:
Revenue	16.2		(0.4)		41.0		(27.5)		9.6		10.8		(1.8)		47.9
Programming and other direct costs	1.6		(3.6)		(4.3)		(2.3)		(5.3)		—		0.1		(13.8)
Other operating costs and expenses	1.9		10.9		(6.9)		0.3		(2.0)		(11.3)		1.7		(5.4)
Non-organic increases (decreases):
FX	(4.7)		—		—		15.5		(2.0)		—		—		8.8
Acquisitions/disposition, net	0.7		—		178.6		—		—		—		—		179.3
June 30, 2021	$	369.4	$	89.6	$	311.3	$	139.2	$	26.8	$	(23.0)	$	—	$	913.3

(a)The non-organic change to Adjusted OIBDA resulting from an acquisition includes $16 million of net roaming revenue.

Adjusted OIBDA Margin

The following table sets forth the Adjusted OIBDA margins (Adjusted OIBDA divided by revenue) of each of our reportable segments:

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	%
C&W Caribbean and Networks	43.3	%	41.2	%	42.8	%	41.3	%
C&W Panama	35.6	%	32.9	%	35.8	%	33.0	%
Liberty Puerto Rico	44.8	%	48.0	%	43.1	%	48.2	%
VTR	32.8	%	37.9	%	33.2	%	38.3	%
Cabletica	35.0	%	38.2	%	37.0	%	38.8	%

Adjusted OIBDA margin is impacted by organic changes in revenue, programming and other direct costs of services and other operating costs and expenses, as further discussed below. The decreases in the Adjusted OIBDA margins for Liberty Puerto Rico are primarily related to the inclusion of Liberty Mobile operations following the AT&T Acquisition that generate a lower Adjusted OIBDA margin relative to the legacy operations. The decreases in the Adjusted OIBDA margins for VTR are primarily related to a decline in revenue, as further discussed below.

Revenue

All of our segments derive their revenue primarily from (i) residential fixed services, including video, broadband internet and fixed-line telephony, (ii) with the exception of Cabletica, residential mobile services, and (iii) with the exception of Cabletica, B2B services. C&W Caribbean and Networks also provides wholesale communication services over its subsea and terrestrial fiber optic cable networks.

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While not specifically discussed in the below explanations of the changes in revenue, we are experiencing significant competition in all of our markets. This competition has an adverse impact on our ability to increase or maintain our RGUs and/or ARPU.

Variances in the subscription revenue that we receive from our customers are a function of (i) changes in the number of RGUs or mobile subscribers during the period and (ii) changes in ARPU. Changes in ARPU can be attributable to (i) changes in prices, (ii) changes in bundling or promotional discounts, (iii) changes in the tier of services selected, (iv) variances in subscriber usage patterns, and (v) the overall mix of fixed and mobile products during the period. In the following discussion, we discuss ARPU changes in terms of the net impact of the above factors on the ARPU that is derived from our video, broadband internet, fixed-line telephony and mobile products.

For the comparisons below, revenue variances, including changes in ARPU, were also influenced by the impacts of COVID-19, as further discussed below and in Overview above.

The following tables set forth the organic and non-organic changes in revenue by reportable segment for the periods indicated.

							Increase (decrease) from:
	Three months ended June 30,				Increase (decrease)		FX		Acquisitions (disposition), net		Organic
	2021		2020
	in millions
C&W Caribbean and Networks	$	434.2	$	404.9	$	29.3	$	(5.7)	$	1.9	$	33.1
C&W Panama	128.1		112.2		15.9		—		—		15.9
Liberty Puerto Rico	360.4		109.1		251.3		—		231.4		19.9
VTR	209.3		193.1		16.2		26.9		—		(10.7)
Cabletica	36.3		34.6		1.7		(2.7)		—		4.4
Corporate (a)	5.4		—		5.4		—		—		5.4
Intersegment eliminations	(5.7)		(5.0)		(0.7)		—		—		(0.7)
Total	$	1,168.0	$	848.9	$	319.1	$	18.5	$	233.3	$	67.3

							Increase (decrease) from:
	Six months ended June 30,				Increase (decrease)		FX		Acquisitions (disposition), net		Organic
	2021		2020
	in millions
C&W Caribbean and Networks	$	864.0	$	856.9	$	7.1	$	(13.0)	$	3.9	$	16.2
C&W Panama	250.1		250.5		(0.4)		—		—		(0.4)
Liberty Puerto Rico	721.7		213.7		508.0		—		467.0		41.0
VTR	419.6		399.5		20.1		47.6		—		(27.5)
Cabletica	72.5		68.3		4.2		(5.4)		—		9.6
Corporate (a)	10.8		—		10.8		—		—		10.8
Intersegment eliminations	(10.8)		(9.0)		(1.8)		—		—		(1.8)
Total	$	2,327.9	$	1,779.9	$	548.0	$	29.2	$	470.9	$	47.9

(a)Amounts relate to services we provide for mobile handset insurance following the closing of the AT&T Acquisition.

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C&W Caribbean and Networks. C&W Caribbean and Networks’s revenue by major category is set forth below:

	Three months ended June 30,				Increase (decrease)
	2021		2020		$		%
	in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	33.4	$	35.5	$	(2.1)	(6)
Broadband internet	67.7		61.0		6.7		11
Fixed-line telephony	17.1		19.3		(2.2)		(11)
Total subscription revenue	118.2		115.8		2.4		2
Non-subscription revenue	11.4		8.7		2.7		31
Total residential fixed revenue	129.6		124.5		5.1		4
Residential mobile revenue:
Service revenue	75.0		67.6		7.4		11
Interconnect, inbound roaming, equipment sales and other (a)	14.0		8.9		5.1		57
Total residential mobile revenue	89.0		76.5		12.5		16
Total residential revenue	218.6		201.0		17.6		9
B2B revenue:
Service revenue	152.8		142.5		10.3		7
Subsea network revenue	62.8		61.4		1.4		—
Total B2B revenue	215.6		203.9		11.7		—
Total	$	434.2	$	404.9	$	29.3	—

(a) Revenue from inbound roaming was $6 million and $1 million, respectively.

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	Six months ended June 30,				Increase (decrease)
	2021		2020		$		%
	in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	67.7	$	72.8	$	(5.1)	(7)
Broadband internet	134.3		122.4		11.9		10
Fixed-line telephony	33.6		38.6		(5.0)		(13)
Total subscription revenue	235.6		233.8		1.8		1
Non-subscription revenue	22.1		21.8		0.3		1
Total residential fixed revenue	257.7		255.6		2.1		1
Residential mobile revenue:
Service revenue	146.8		146.4		0.4		—
Interconnect, inbound roaming, equipment sales and other (a)	25.4		22.6		2.8		12
Total residential mobile revenue	172.2		169.0		3.2		2
Total residential revenue	429.9		424.6		5.3		1
B2B revenue:
Service revenue	303.6		300.2		3.4		1
Subsea network revenue	130.5		132.1		(1.6)		(1)
Total B2B revenue	434.1		432.3		1.8		—
Total	$	864.0	$	856.9	$	7.1	1

(a) Revenue from inbound roaming was $11 million and $8 million, respectively.

The details of the changes in C&W Caribbean and Networks’s revenue during the three and six months ended June 30, 2021, as compared to the corresponding periods in 2020, are set forth below (in millions):

	Three-month comparison		Six-month comparison
Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of RGUs (a)	$	8.2	$	16.1
ARPU (b)	(4.1)		(10.3)
Increase in residential fixed non-subscription revenue (c)	2.7		0.6
Total increase in residential fixed revenue	6.8		6.4
Increase in residential mobile service revenue (d)	9.0		3.7
Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue (e)	5.3		3.2
Increase in B2B service revenue (f)	11.0		5.2
Increase (decrease) in B2B subsea network revenue (g)	1.0		(2.3)
Total organic increase	33.1		16.2
Impact of an acquisition	1.9		3.9
Impact of FX	(5.7)		(13.0)
Total	$	29.3	$	7.1

(a)The increases are primarily attributable to higher average broadband internet RGUs.

(b)The decreases are primarily due to lower ARPU from fixed-line telephony and video services.

(c)The increases are primarily due to the net effect of (i) lower volumes of interconnect revenue across most of our markets, (ii) increases in late fee revenue and (iii) individually insignificant increases in other fixed non-subscription categories.

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(d)The increases are due to the net effect of (i) higher ARPU from mobile services, primarily due to the relaxing of COVID-19 lockdowns and restrictions in most of our markets, and (ii) during the six-month comparison, lower average numbers of mobile subscribers, as the increase in average subscribers on postpaid plans was more than offset by a decrease in average subscribers on prepaid plans, which was mainly a result of continued COVID-19-related travel restrictions.

(e)The increases are primarily attributable to the net effect of (i) increases in inbound roaming revenue, primarily related to the relaxing of travel restrictions associated with COVID-19, and (ii) a $2 million increase related to the settlement of a minimum commitment guarantee associated with inbound roaming during the second quarter of 2021.

(f)The increases are primarily due to (i) higher revenues from mobile and fixed services, partially due to the recovery of reduced or suspended service across our markets as a result of the COVID-19 lockdowns, and (ii) an increase in nonrecurring projects revenue.

(g)The decrease for the six-month comparison is primarily attributable to the net effect of (i) a decrease related to $10 million recognized on a cash basis during the first quarter of 2020 for services provided to a significant customer and (ii) a $6 million increase associated with the renegotiation of a customer contract recognized during the first quarter of 2021. In addition, both comparison periods include increases associated with continued demand for telecommunications capacity on our subsea network.

C&W Panama. C&W Panama’s revenue by major category is set forth below:

	Three months ended June 30,				Increase (decrease)
	2021		2020		$		%
	in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	6.2	$	7.2	$	(1.0)	(14)
Broadband internet	10.8		9.5		1.3		14
Fixed-line telephony	4.2		4.9		(0.7)		(14)
Total subscription revenue	21.2		21.6		(0.4)		(2)
Non-subscription revenue	2.4		2.6		(0.2)		(8)
Total residential fixed revenue	23.6		24.2		(0.6)		(2)
Residential mobile revenue:
Service revenue	39.4		36.8		2.6		7
Interconnect, inbound roaming, equipment sales and other (a)	11.3		9.4		1.9		20
Total residential mobile revenue	50.7		46.2		4.5		10
Total residential revenue	74.3		70.4		3.9		6
B2B service revenue	53.8		41.8		12.0		29
Total	$	128.1	$	112.2	$	15.9	14

(a)Revenue from inbound roaming was $1 million and nil, respectively.

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	Six months ended June 30,				Increase (decrease)
	2021		2020		$		%
	in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	12.4	$	14.8	$	(2.4)	(16)
Broadband internet	21.5		19.1		2.4		13
Fixed-line telephony	8.5		9.9		(1.4)		(14)
Total subscription revenue	42.4		43.8		(1.4)		(3)
Non-subscription revenue	4.9		6.4		(1.5)		(23)
Total residential fixed revenue	47.3		50.2		(2.9)		(6)
Residential mobile revenue:
Service revenue	78.7		81.0		(2.3)		(3)
Interconnect, inbound roaming, equipment sales and other (a)	21.6		21.2		0.4		2
Total residential mobile revenue	100.3		102.2		(1.9)		(2)
Total residential revenue	147.6		152.4		(4.8)		(3)
B2B service revenue	102.5		98.1		4.4		4
Total	$	250.1	$	250.5	$	(0.4)	—

(a)Revenue from inbound roaming was $1 million for each of the periods presented.

The details of the changes in C&W Panama’s revenue during the three and six months ended June 30, 2021, as compared to the corresponding periods in 2020, are set forth below (in millions):

	Three-month comparison		Six-month comparison
Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of RGUs (a)	$	2.1	$	3.5
ARPU (b)	(2.3)		(4.7)
Decrease in residential fixed non-subscription revenue (c)	(0.1)		(1.4)
Total decrease in residential fixed revenue	(0.3)		(2.6)
Increase (decrease) in residential mobile service revenue (d)	2.5		(2.4)
Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue (e)	2.0		0.5
Increase in B2B service revenue (f)	11.7		4.1
Total organic increase (decrease)	$	15.9	$	(0.4)

(a)The increases are primarily attributable to higher average broadband internet RGUs.

(b)The decreases are primarily due to lower ARPU from fixed-line telephony, broadband internet and video services.

(c)The decreases are primarily attributable to lower volumes of interconnect revenue and, for the six-month comparison, a decrease in payphone revenue.

(d)The increase during the three-month comparison is primarily due to higher average numbers of mobile subscribers on prepaid plans. The decrease during the six-month comparison is due to the net effect of (i) lower ARPU from mobile services, mainly attributable to prepaid plans resulting from (a) COVID-19 lockdowns negatively impacting customers’ ability to recharge handset devices and (b) increased competition, and (ii) higher average numbers of mobile subscribers on prepaid plans.

48

(e)The increase during the three-month comparison is primarily attributable to higher volumes of handset sales, as COVID-19 related lockdowns in 2020 negatively impacted customers’ ability to purchase handsets.

(f)The increases are primarily due to (i) higher revenues from mobile services and (ii) increases driven by certain nonrecurring government-related projects, some of which were put on hold during 2020 due to the economic uncertainly of the impact of COVID-19.

Liberty Puerto Rico. Liberty Puerto Rico’s revenue by major category is set forth below:

	Three months ended June 30,				Increase
	2021		2020		$		%
	in millions, except percentages
Residential fixed revenue:
Subscription revenue:
Video	$	39.2	$	36.7	$	2.5	7
Broadband internet	63.2		49.2		14.0		28
Fixed-line telephony	7.1		6.2		0.9		15
Total subscription revenue	109.5		92.1		17.4		19
Non-subscription revenue	4.9		3.8		1.1		29
Total residential fixed revenue	114.4		95.9		18.5		19
Residential mobile revenue:
Service revenue	114.7		—		114.7		N.M.
Interconnect, inbound roaming, equipment sales and other (a)	70.9		—		70.9		N.M.
Total residential mobile revenue	185.6		—		185.6		N.M.
Total residential revenue	300.0		95.9		204.1		213
B2B service revenue	51.9		13.2		38.7		293
Other revenue (b)	8.5		—		8.5		N.M.
Total	$	360.4	$	109.1	$	251.3	230

N.M. — Not Meaningful.

(a)Revenue from inbound roaming was $19 million and nil, respectively.

(b)Amount relates to funds received from the FCC related to Liberty Mobile following the closing of the AT&T Acquisition.

49

	Six months ended June 30,				Increase
	2021		2020		$		%
	in millions, except percentages
Residential fixed revenue:
Subscription revenue:
Video	$	77.8	$	72.0	$	5.8	8
Broadband internet	124.6		94.7		29.9		32
Fixed-line telephony	14.1		12.1		2.0		17
Total subscription revenue	216.5		178.8		37.7		21
Non-subscription revenue	9.1		8.4		0.7		8
Total residential fixed revenue	225.6		187.2		38.4		21
Residential mobile revenue:
Service revenue	232.1		—		232.1		N.M.
Interconnect, inbound roaming, equipment sales and other (a)	143.0		—		143.0		N.M.
Total residential mobile revenue	375.1		—		375.1		N.M.
Total residential revenue	600.7		187.2		413.5		221
B2B service revenue	104.0		26.5		77.5		292
Other revenue (b)	17.0		—		17.0		N.M.
Total	$	721.7	$	213.7	$	508.0	238

N.M. — Not Meaningful.

(a)Revenue from inbound roaming was $38 million and nil, respectively.

(b)Amount relates to funds received from the FCC related to Liberty Mobile following the closing of the AT&T Acquisition.

The details of the changes in Liberty Puerto Rico’s revenue during the three and six months ended June 30, 2021, as compared to the corresponding periods in 2020, are set forth below (in millions):

	Three-month comparison		Six-month comparison
Increase in residential fixed subscription revenue due to change in:
Average number of RGUs (a)	$	15.5	$	30.3
ARPU (b)	2.0		7.5
Increase in residential fixed non-subscription revenue	1.0		0.6
Total increase in residential fixed revenue	18.5		38.4
Increase in B2B service (c)	1.4		2.6
Total organic increase	19.9		41.0
Impact of an acquisition and a disposition, net	231.4		467.0
Total	$	251.3	$	508.0

(a)The increases are primarily attributable to higher average broadband internet and video RGUs. The higher average broadband internet RGUs are partially due to higher demand as a result of COVID-19 work-from-home mandates, which subsequently led to increased purchases of video products as a result of bundling offers.

(b)The increases are primarily due to higher ARPU from broadband internet services. In addition, the six-month comparison includes the impact resulting from $2 million of credits provided to customers during 2020 in connection with the earthquakes that impacted Puerto Rico in January 2020.

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(c)The increases are primarily due to (i) new customers and (ii) the impact to the comparisons resulting from credits issued to customers in the second quarter of 2020 as a result of suspended service due to COVID-19.

VTR. VTR’s revenue by major category is set forth below:

	Three months ended June 30,				Increase (decrease)
	2021		2020		$		%
	in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	77.4	$	67.0	$	10.4	16
Broadband internet	84.7		80.8		3.9		5
Fixed-line telephony	19.9		17.6		2.3		13
Total subscription revenue	182.0		165.4		16.6		10
Non-subscription revenue	4.0		4.7		(0.7)		(15)
Total residential fixed revenue	186.0		170.1		15.9		9
Residential mobile revenue:
Service revenue	13.0		13.8		(0.8)		(6)
Interconnect, inbound roaming, equipment sales and other	1.8		1.6		0.2		13
Total residential mobile revenue	14.8		15.4		(0.6)		(4)
Total residential revenue	200.8		185.5		15.3		8
B2B service revenue	8.5		7.6		0.9		12
Total	$	209.3	$	193.1	$	16.2	8

	Six months ended June 30,				Increase (decrease)
	2021		2020		$		%
	in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	155.7	$	142.6	$	13.1	9
Broadband internet	169.5		162.7		6.8		4
Fixed-line telephony	39.9		37.2		2.7		7
Total subscription revenue	365.1		342.5		22.6		7
Non-subscription revenue	7.4		9.6		(2.2)		(23)
Total residential fixed revenue	372.5		352.1		20.4		6
Residential mobile revenue:
Service revenue	26.2		28.4		(2.2)		(8)
Interconnect, inbound roaming, equipment sales and other	4.1		3.6		0.5		14
Total residential mobile revenue	30.3		32.0		(1.7)		(5)
Total residential revenue	402.8		384.1		18.7		5
B2B service revenue	16.8		15.4		1.4		9
Total	$	419.6	$	399.5	$	20.1	5

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The details of the changes in VTR’s revenue during the three and six months ended June 30, 2021, as compared to the corresponding periods in 2020, are set forth below (in millions):

	Three-month comparison		Six-month comparison
Decrease in residential fixed subscription revenue due to change in:
Average number of RGUs (a)	$	(7.0)	$	(14.0)
ARPU (b)	—		(5.0)
Decrease in residential fixed non-subscription revenue (c)	(1.1)		(2.9)
Total decrease in residential fixed revenue	(8.1)		(21.9)
Decrease in residential mobile service revenue (d)	(2.5)		(5.2)
Change in residential mobile interconnect, inbound roaming, equipment sales and other revenue	—		—
Decrease in B2B service revenue	(0.1)		(0.4)
Total organic decrease	(10.7)		(27.5)
Impact of FX	26.9		47.6
Total	$	16.2	$	20.1

(a)The decreases are attributable to lower average broadband internet, video and fixed-line telephony RGUs.

(b)The change during the three-month comparison is primarily due to (i) lower ARPU from broadband internet services, partially the result of continued high levels of competition, and (ii) higher ARPU from video services, which is due in part to live soccer matches being broadcast on our premium programming that were cancelled during 2020. The decrease during the six-month comparison is primarily due to lower ARPU from broadband internet services, partially a result of continued high levels of competition.

(c)The decreases are primarily attributable to (i) lower activations, installations and reconnects and (ii) lower volumes of interconnect revenue.

(d)The decreases are due to lower ARPU from mobile services and lower average numbers of mobile subscribers.

Cabletica. Cabletica’s revenue by major category is set forth below:

	Three months ended June 30,				Increase (decrease)
	2021		2020		$		%
	in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	19.0	$	20.5	$	(1.5)	(7)
Broadband internet	14.5		12.5		2.0		16
Fixed-line telephony	1.1		0.9		0.2		22
Total subscription revenue	34.6		33.9		0.7		2
Non-subscription revenue	1.7		0.7		1.0		143
Total	$	36.3	$	34.6	$	1.7	5

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	Six months ended June 30,				Increase (decrease)
	2021		2020		$		%
	in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	38.5	$	39.9	$	(1.4)	(4)
Broadband internet	28.5		25.0		3.5		14
Fixed-line telephony	2.2		1.6		0.6		38
Total subscription revenue	69.2		66.5		2.7		4
Non-subscription revenue	3.3		1.8		1.5		83
Total	$	72.5	$	68.3	$	4.2	6

The details of the changes in Cabletica’s revenue during three and six months ended June 30, 2021, as compared to the corresponding periods in 2020, are set forth below (in millions):

	Three-month comparison		Six-month comparison
Increase in residential fixed subscription revenue due to change in:
Average number of RGUs (a)	$	1.5	$	3.0
ARPU (b)	1.9		4.9
Increase in residential fixed non-subscription revenue	1.0		1.7
Total organic increase	4.4		9.6
Impact of FX	(2.7)		(5.4)
Total	$	1.7	$	4.2

(a)The increases are primarily attributable to higher average broadband internet RGUs.

(b)The increases are primarily due to higher ARPU from broadband internet and video services.

Programming and other direct costs of services

Programming and other direct costs of services include programming and copyright costs, interconnect and access costs, costs of mobile handsets and other devices, and other direct costs related to our operations. Programming and copyright costs, which represent a significant portion of our operating costs, may increase in future periods as a result of (i) higher costs associated with the expansion of our digital video content, including rights associated with ancillary product offerings and rights that provide for the broadcast of live sporting events, (ii) rate increases or (iii) growth in the number of our video subscribers.

Consolidated. The following tables set forth the organic and non-organic changes in programming and other direct costs of services on a consolidated basis for the periods indicated.

							Increase (decrease) from:
	Three months ended June 30,				Increase		FX		Acquisitions (disposition), net		Organic
	2021		2020
	in millions
Programming and copyright	$	114.4	$	92.9	$	21.5	$	5.6	$	3.4	$	12.5
Interconnect	65.8		58.7		7.1		(0.3)		9.0		(1.6)
Equipment and other	95.5		28.1		67.4		—		54.8		12.6
Total programming and other direct costs of services	$	275.7	$	179.7	$	96.0	$	5.3	$	67.2	$	23.5

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							Increase (decrease) from:
	Six months ended June 30,				Increase		FX		Acquisitions (disposition), net		Organic
	2021		2020
	in millions
Programming and copyright	$	226.2	$	193.5	$	32.7	$	9.2	$	6.4	$	17.1
Interconnect	132.2		125.0		7.2		(1.1)		17.7		(9.4)
Equipment and other	197.5		72.0		125.5		0.2		119.2		6.1
Total programming and other direct costs of services	$	555.9	$	390.5	$	165.4	$	8.3	$	143.3	$	13.8

C&W Caribbean and Networks. The following tables set forth the organic and non-organic changes in programming and other direct costs of services for our C&W Caribbean and Networks segment for the periods indicated.

							Increase (decrease) from:
	Three months ended June 30,				Increase (decrease)		FX		An acquisition		Organic
	2021		2020
	in millions
Programming and copyright	$	23.2	$	21.9	$	1.3	$	(0.3)	$	—	$	1.6
Interconnect	37.6		38.5		(0.9)		(1.3)		—		0.4
Equipment and other	16.4		12.8		3.6		(0.2)		0.9		2.9
Total programming and other direct costs of services	$	77.2	$	73.2	$	4.0	$	(1.8)	$	0.9	$	4.9

							Increase (decrease) from:
	Six months ended June 30,				Increase (decrease)		FX		An acquisition		Organic
	2021		2020
	in millions
Programming and copyright	$	46.9	$	46.7	$	0.2	$	(0.8)	$	—	$	1.0
Interconnect	75.2		83.1		(7.9)		(3.0)		—		(4.9)
Equipment and other	33.0		29.3		3.7		(0.4)		1.8		2.3
Total programming and other direct costs of services	$	155.1	$	159.1	$	(4.0)	$	(4.2)	$	1.8	$	(1.6)

•Programming and copyright: The organic increases are primarily due to higher premium content costs, as certain sporting events were postponed in the prior-year periods due to COVID-19. These events included (i) the English Premier League that was eventually completed during the third quarter of 2020 and (ii) the Indian Premier League that was rescheduled and partially played during the second quarter of 2021 before being further postponed due to COVID-19.

•Interconnect: The organic decrease in the six-month comparison is primarily due to individually insignificant decreases.

•Equipment and other: The organic increases are primarily due to higher volumes of equipment sales, mainly driven by easing of COVID-19 related restrictions in certain of our markets.

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C&W Panama. The following tables set forth the organic changes in programming and other direct costs of services for our C&W Panama segment for the periods indicated.

	Three months ended June 30,				Organic increase
	2021		2020
	in millions
Programming and copyright	$	3.9	$	3.8	$	0.1
Interconnect	10.3		9.9		0.4
Equipment and other	22.4		13.1		9.3
Total programming and other direct costs of services	$	36.6	$	26.8	$	9.8

	Six months ended June 30,				Organic increase (decrease)
	2021		2020
	in millions
Programming and copyright	$	7.6	$	8.0	$	(0.4)
Interconnect	20.2		20.3		(0.1)
Equipment and other	40.0		35.9		4.1
Total programming and other direct costs of services	$	67.8	$	64.2	$	3.6

•Equipment and other: The organic increases are primarily due to (i) higher volumes of mobile handset sales, mainly due to the easing of COVID-19 related restrictions, and (ii) increases driven by certain nonrecurring projects, some of which were put on hold during 2020 due to the economic uncertainly of the impact of COVID-19.

Liberty Puerto Rico. The following tables set forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Puerto Rico segment for the periods indicated.

							Increase from:
	Three months ended June 30,				Increase		Acquisition (disposition), net		Organic
	2021		2020
	in millions
Programming and copyright	$	27.8	$	23.5	$	4.3	$	3.4	$	0.9
Interconnect	11.7		2.2		9.5		9.0		0.5
Equipment and other	54.0		0.1		53.9		53.9		—
Total programming and other direct costs of services	$	93.5	$	25.8	$	67.7	$	66.3	$	1.4

							Increase from:
	Six months ended June 30,				Increase		Acquisition (disposition), net		Organic
	2021		2020
	in millions
Programming and copyright	$	55.0	$	45.5	$	9.5	$	6.4	$	3.1
Interconnect	23.2		4.3		18.9		17.7		1.2
Equipment and other	117.5		0.1		117.4		117.4		—
Total programming and other direct costs of services	$	195.7	$	49.9	$	145.8	$	141.5	$	4.3

•Programming and copyright: The organic increases are primarily attributable to higher programming rates and, for the six-month comparison, a higher average number of video subscribers.

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VTR. The following tables set forth the organic and non-organic changes in programming and other direct costs of services for our VTR segment for the periods indicated.

	Three months ended June 30,				Increase (decrease)		Increase (decrease) from:
	2021		2020				FX		Organic
	in millions
Programming and copyright	$	50.5	$	36.4	$	14.1	$	6.5	$	7.6
Interconnect	8.1		10.1		(2.0)		1.1		(3.1)
Equipment and other	2.5		3.0		(0.5)		0.3		(0.8)
Total programming and other direct costs of services	$	61.1	$	49.5	$	11.6	$	7.9	$	3.7

	Six months ended June 30,				Increase (decrease)		Increase (decrease) from:
	2021		2020				FX		Organic
	in millions
Programming and copyright	$	98.9	$	77.7	$	21.2	$	11.3	$	9.9
Interconnect	17.7		21.3		(3.6)		2.1		(5.7)
Equipment and other	6.5		7.7		(1.2)		0.7		(1.9)
Total programming and other direct costs of services	$	123.1	$	106.7	$	16.4	$	14.1	$	2.3

•Programming and copyright: The organic increases are primarily due to higher premium and basic content costs. During 2020, programming costs were lower due to the renegotiation of a programming contract governing rates for live soccer matches, which were cancelled as a result of COVID-19. In addition, the three and six-month comparisons include a decrease of $1 million and nil, respectively, related to the foreign currency impact of programming contracts denominated in U.S. dollars.

•Interconnect: The organic decreases are primarily due to (i) decreases in MVNO charges of $1 million as we renegotiated our contract during the second quarter of 2021, and (ii) lower interconnect rates and volumes.

•Equipment and other: The organic decreases are primarily due to the net effect of (i) lower volumes of handset sales, (ii) higher handset prices and (iii) decreases associated with the foreign currency impact of handset contracts denominated in U.S. dollars.

Cabletica. The following tables set forth the organic and non-organic changes in programming and other direct costs of services for our Cabletica segment for the periods indicated.

	Three months ended June 30,						Increase (decrease) from:
	2021		2020		Increase		FX		Organic
	in millions
Programming and copyright	$	9.0	$	7.3	$	1.7	$	(0.6)	$	2.3
Interconnect	1.6		1.6		—		(0.1)		0.1
Equipment and other	0.7		—		0.7		(0.1)		0.8
Total programming and other direct costs of services	$	11.3	$	8.9	$	2.4	$	(0.8)	$	3.2

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	Six months ended June 30,						Increase (decrease) from:
	2021		2020		Increase		FX		Organic
	in millions
Programming and copyright	$	17.8	$	15.6	$	2.2	$	(1.3)	$	3.5
Interconnect	3.0		2.8		0.2		(0.2)		0.4
Equipment and other	1.5		0.2		1.3		(0.1)		1.4
Total programming and other direct costs of services	$	22.3	$	18.6	$	3.7	$	(1.6)	$	5.3

•Programming and copyright: The organic increases are primarily due to increases in certain premium content costs.

Other operating costs and expenses

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

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

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

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

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

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

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

Consolidated. The following tables set forth the organic and non-organic changes in other operating costs and expenses on a consolidated basis for the periods indicated.

							Increase (decrease) from:
	Three months ended June 30,				Increase				Acquisitions (disposition), net		Organic
	2021		2020				FX
	in millions
Personnel and contract labor	$	143.8	$	113.2	$	30.6	$	1.3	$	22.6	$	6.7
Network-related	80.6		62.8		17.8		2.2		10.6		5.0
Service-related	45.3		36.5		8.8		1.1		6.9		0.8
Commercial	53.7		39.4		14.3		2.5		7.0		4.8
Facility, provision, franchise and other	104.9		84.7		20.2		0.7		23.1		(3.6)
Share-based compensation expense	32.8		23.5		9.3		0.1		0.5		8.7
Total other operating costs and expenses	$	461.1	$	360.1	$	101.0	$	7.9	$	70.7	$	22.4

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							Increase (decrease) from:
	Six months ended June 30,				Increase				Acquisitions (disposition), net		Organic
	2021		2020				FX
	in millions
Personnel and contract labor	$	282.2	$	237.7	$	44.5	$	1.8	$	43.3	$	(0.6)
Network-related	157.8		126.8		31.0		3.3		18.8		8.9
Service-related	92.8		74.8		18.0		1.8		14.6		1.6
Commercial	106.1		81.5		24.6		4.2		14.8		5.6
Facility, provision, franchise and other	219.8		172.1		47.7		1.0		56.8		(10.1)
Share-based compensation expense	55.8		47.3		8.5		0.3		0.9		7.3
Total other operating costs and expenses	$	914.5	$	740.2	$	174.3	$	12.4	$	149.2	$	12.7

For additional information regarding our share-based compensation, see Results of Operations (below Adjusted OIBDA) discussion and analysis below.

C&W Caribbean and Networks. The following tables set forth the organic and non-organic changes in other operating costs and expenses for our C&W Caribbean and Networks segment for the periods indicated.

							Increase (decrease) from:
	Three months ended June 30,				Increase (decrease)				An acquisition		Organic
	2021		2020				FX
	in millions
Personnel and contract labor	$	62.1	$	63.0	$	(0.9)	$	(0.4)	$	0.6	$	(1.1)
Network-related	37.4		34.3		3.1		(0.5)		—		3.6
Service-related	17.7		17.0		0.7		(0.1)		0.1		0.7
Commercial	12.4		10.5		1.9		(0.4)		—		2.3
Facility, provision, franchise and other	39.3		40.2		(0.9)		(0.2)		—		(0.7)
Share-based compensation expense	8.9		6.9		2.0		(0.1)		0.5		1.6
Total other operating costs and expenses	$	177.8	$	171.9	$	5.9	$	(1.7)	$	1.2	$	6.4

							Increase (decrease) from:
	Six months ended June 30,				Increase (decrease)				An acquisition		Organic
	2021		2020				FX
	in millions
Personnel and contract labor	$	126.4	$	130.3	$	(3.9)	$	(1.3)	$	1.3	$	(3.9)
Network-related	75.2		69.7		5.5		(1.1)		—		6.6
Service-related	35.4		35.9		(0.5)		(0.2)		0.1		(0.4)
Commercial	23.6		23.7		(0.1)		(0.8)		—		0.7
Facility, provision, franchise and other	78.9		84.5		(5.6)		(0.7)		—		(4.9)
Share-based compensation expense	15.1		13.8		1.3		(0.1)		0.9		0.5
Total other operating costs and expenses	$	354.6	$	357.9	$	(3.3)	$	(4.2)	$	2.3	$	(1.4)

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•Personnel and contract labor: The organic decreases are primarily due to lower salaries and other personnel costs, mainly associated with the benefit of certain ongoing restructuring activities.

•Network-related: The organic increases are primarily due to higher maintenance and utilities costs.

•Commercial: The organic increase in the three-month comparison is primarily due to higher marketing and sales costs, as promotional activities were reduced in the prior year period due to certain adverse economic impacts caused by COVID-19.

•Facility, provision, franchise and other costs: The organic decreases are primarily due to the net effect of (i) lower bad debt provisions, as the impacts of COVID-19 resulted in higher bad debt expense in the prior year due to (a) delays in collections, (b) higher expected credit losses associated with certain B2B customers and (c) changes in our general expectations related to our customers’ ability to pay, (ii) higher rent-related expenses and (iii) during the six-month comparison, lower travel and entertainment costs due to the continued curtailment of such costs as a result of the impact of COVID-19.

C&W Panama. The following tables set forth the organic changes in other operating costs and expenses for our C&W Panama segment for the periods indicated.

	Three months ended June 30,				Organic increase (decrease)
	2021		2020
	in millions
Personnel and contract labor	$	16.9	$	14.3	$	2.6
Network-related	10.2		9.5		0.7
Service-related	3.8		3.2		0.6
Commercial	5.0		4.9		0.1
Facility, provision, franchise and other	10.0		16.6		(6.6)
Share-based compensation expense	0.9		1.0		(0.1)
Total other operating costs and expenses	$	46.8	$	49.5	$	(2.7)

	Six months ended June 30,				Organic increase (decrease)
	2021		2020
	in millions
Personnel and contract labor	$	34.1	$	34.9	$	(0.8)
Network-related	20.0		21.0		(1.0)
Service-related	7.7		7.6		0.1
Commercial	10.1		10.6		(0.5)
Facility, provision, franchise and other	20.8		29.5		(8.7)
Share-based compensation expense	1.6		1.5		0.1
Total other operating costs and expenses	$	94.3	$	105.1	$	(10.8)

•Personnel and contract labor: The organic increase for the three-month comparison is primarily due to higher salaries and other personnel costs.

•Facility, provision, franchise and other costs: The organic decreases are primarily due to lower bad debt provisions, largely due to COVID-19 related impacts in the 2020 periods.

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Liberty Puerto Rico. The following tables set forth the organic and non-organic changes in other operating costs and expenses for our Liberty Puerto Rico segment for the periods indicated.

							Increase (decrease) from:
	Three months ended June 30,				Increase (decrease)		Acquisition (disposition), net		Organic
	2021		2020
	in millions
Personnel and contract labor	$	35.2	$	12.0	$	23.2	$	22.0	$	1.2
Network-related	11.5		1.0		10.5		10.6		(0.1)
Service-related	9.4		3.8		5.6		6.8		(1.2)
Commercial	11.6		2.8		8.8		7.0		1.8
Facility, provision, franchise and other	37.8		11.3		26.5		23.1		3.4
Share-based compensation expense	1.1		1.3		(0.2)		—		(0.2)
Total other operating costs and expenses	$	106.6	$	32.2	$	74.4	$	69.5	$	4.9

							Increase (decrease) from:
	Six months ended June 30,				Increase		Acquisition (disposition), net		Organic
	2021		2020
	in millions
Personnel and contract labor	$	67.6	$	22.8	$	44.8	$	42.0	$	2.8
Network-related	20.7		2.2		18.5		18.8		(0.3)
Service-related	19.8		6.8		13.0		14.5		(1.5)
Commercial	23.6		5.4		18.2		14.8		3.4
Facility, provision, franchise and other	83.0		23.7		59.3		56.8		2.5
Share-based compensation expense	4.1		2.6		1.5		—		1.5
Total other operating costs and expenses	$	218.8	$	63.5	$	155.3	$	146.9	$	8.4

•Personnel and contract labor: The organic increases are primarily due to higher salaries and other personnel costs.

•Service-related: We incurred integration costs associated with the AT&T Acquisition of (i) $2 million and $1 million during the three months ended June 30, 2021 and 2020, respectively, and (ii) $3 million and $2 million during the six months ended June 30, 2021 and 2020, respectively. The integration costs incurred during 2021 are included in the increase from an acquisition (disposition), net, in the above table and are expected to grow significantly in future quarters.

•Commercial: The organic increases are primarily due to higher call center volumes, partially attributable to work-from-home and remote learning mandates resulting from COVID-19.

•Facilities, provision, franchise and other: The organic increases are primarily due to a $2 million payment to settle certain 2011 property tax claims.

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VTR. The following tables set forth the organic and non-organic changes in other operating costs and expenses for our VTR segment for the periods indicated.

	Three months ended June 30,				Increase (decrease)		Increase (decrease) from:
	2021		2020				FX		Organic
	in millions
Personnel and contract labor	$	16.8	$	15.9	$	0.9	$	2.1	$	(1.2)
Network-related	21.0		16.1		4.9		2.8		2.1
Service-related	9.7		9.2		0.5		1.3		(0.8)
Commercial	22.6		18.7		3.9		2.9		1.0
Facility, provision, franchise and other	9.4		10.6		(1.2)		1.3		(2.5)
Share-based compensation expense	2.0		2.0		—		0.2		(0.2)
Total other operating costs and expenses	$	81.5	$	72.5	$	9.0	$	10.6	$	(1.6)

	Six months ended June 30,				Increase (decrease)		Increase (decrease) from:
	2021		2020				FX		Organic
	in millions
Personnel and contract labor	$	32.9	$	30.8	$	2.1	$	3.7	$	(1.6)
Network-related	40.3		30.5		9.8		4.7		5.1
Service-related	19.8		17.8		2.0		2.2		(0.2)
Commercial	44.9		38.5		6.4		5.2		1.2
Facility, provision, franchise and other	19.4		22.0		(2.6)		2.2		(4.8)
Share-based compensation expense	3.9		3.9		—		0.4		(0.4)
Total other operating costs and expenses	$	161.2	$	143.5	$	17.7	$	18.4	$	(0.7)

•Personnel and Contract Labor: The organic decreases are primarily due to lower salary expense as a result of a restructuring program implemented during 2021.

•Network-related: The organic increases are primarily due to higher rates associated with network access-related contract labor.

•Commercial: The organic increases during the three-month comparison is primarily due to higher sales commissions. The organic increase during the six-month comparison is primarily due to the net effect of (i) a decrease in marketing and advertising expenses, (ii) higher call center volumes and (iii) higher sales commissions.

•Facility, provision, franchise and other costs: The organic decreases are primarily due to lower bad debt provisions.

Cabletica. The following tables set forth the organic and non-organic changes in other operating costs and expenses for our Cabletica segment for the periods indicated.

	Three months ended June 30,				Increase (decrease)		Increase (decrease) from:
	2021		2020				FX		Organic
	in millions
Personnel and contract labor	$	3.6	$	3.2	$	0.4	$	(0.4)	$	0.8
Network-related	2.2		2.1		0.1		(0.1)		0.2
Service-related	1.0		0.5		0.5		(0.1)		0.6
Commercial	2.1		2.5		(0.4)		—		(0.4)
Facility, provision, franchise and other	3.4		4.2		(0.8)		(0.4)		(0.4)
Share-based compensation expense	0.3		0.2		0.1		—		0.1
Total other operating costs and expenses	$	12.6	$	12.7	$	(0.1)	$	(1.0)	$	0.9

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	Six months ended June 30,				Increase (decrease)		Increase (decrease) from:
	2021		2020				FX		Organic
	in millions
Personnel and contract labor	$	7.0	$	8.0	$	(1.0)	$	(0.6)	$	(0.4)
Network-related	4.3		4.1		0.2		(0.3)		0.5
Service-related	1.8		0.9		0.9		(0.2)		1.1
Commercial	3.9		3.3		0.6		(0.2)		0.8
Facility, provision, franchise and other	6.4		6.9		(0.5)		(0.5)		—
Share-based compensation expense	0.4		0.4		—		—		—
Total other operating costs and expenses	$	23.8	$	23.6	$	0.2	$	(1.8)	$	2.0

•Service-related: During 2021, we have incurred a minor amount of integration costs related to the pending Telefónica-Costa Rica Acquisition. These costs are expected to grow during the remainder of 2021.

Corporate. The following tables set forth the organic changes in other operating costs and expenses for our corporate operations for the periods indicated.

	Three months ended June 30,				Organic increase (decrease)
	2021		2020
	in millions
Personnel and contract labor	$	9.2	$	4.8	$	4.4
Network-related	—		0.3		(0.3)
Service-related	3.7		2.8		0.9
Facility, provision, franchise and other	5.0		1.8		3.2
Share-based compensation expense	19.6		12.1		7.5
Total other operating costs and expenses	$	37.5	$	21.8	$	15.7

	Six months ended June 30,				Organic increase (decrease)
	2021		2020
	in millions
Personnel and contract labor	$	14.2	$	10.9	$	3.3
Network-related	—		0.3		(0.3)
Service-related	8.3		5.8		2.5
Facility, provision, franchise and other	11.3		5.5		5.8
Share-based compensation expense	30.7		25.1		5.6
Total other operating costs and expenses	$	64.5	$	47.6	$	16.9

•Personnel and contract labor: The organic increases are primarily attributable to higher salaries and other personnel costs mainly resulting from higher staffing levels in the operations center in Panama.

•Facility, provision, franchise and other: The organic increases are primarily attributable to higher expenses associated with a mobile handset insurance program that began during the fourth quarter of 2020 following the closing of the AT&T Acquisition.

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Results of Operations (below Adjusted OIBDA)

Share-based compensation expense (included in other operating costs and expenses)

Share-based compensation expense increased $9 million for each of the three and six months ended June 30, 2021, as compared to the corresponding periods in 2020, primarily due to increases in grants awarded to our employees and Directors.

For additional information regarding our share-based compensation, see note 14 to our condensed consolidated financial statements.

Depreciation and amortization

Our depreciation and amortization expense increased $38 million or 17% and $70 million or 16% during the three and six months ended June 30, 2021, respectively, as compared to the corresponding periods in 2020, primarily due to the net effect of (i) increases of $29 million and $59 million, respectively, following the closing of the AT&T Acquisition, (ii) decreases associated with certain assets becoming fully depreciated, (iii) an increase due to $10 million of accelerated depreciation recognized in the second quarter of 2021 associated with assets no longer in service at VTR and (iv) increases in property and equipment additions, primarily associated with the installation of CPE, baseline related additions and the expansion and upgrade of our networks and other capital initiatives.

Impairment, restructuring and other operating items, net

The details of our impairment, restructuring and other operating items, net, are as follows:

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
Impairment charges (a)	$	0.6	$	276.9	$	2.9	$	278.7
Restructuring charges (b)	13.2		3.3		15.0		12.5
Other operating items, net (c)	3.2		18.5		1.3		26.3
Total	$	17.0	$	298.7	$	19.2	$	317.5

(a)The 2020 amounts primarily include goodwill impairment charges of $177 million at C&W Panama and $99 million at various reporting units within the C&W Caribbean and Networks segment mostly related to the economic impacts associated with COVID-19.

(b)Amounts include employee severance and termination costs related to certain reorganization activities and contract termination and other related charges, primarily at VTR and C&W Caribbean and Networks.

(c)The 2021 amounts include (i) for the six-month period, a gain of $9 million on the disposition of certain B2B operations in our Liberty Puerto Rico segment that was completed in January 2021 and (ii) direct acquisition costs. The 2020 amounts primarily include direct acquisition costs related to the AT&T Acquisition.

Interest expense

Our interest expense decreased $2 million and $19 million during the three and six months ended June 30, 2021, respectively, as compared to the corresponding periods in 2020, primarily due to the net effect of (i) lower weighted-average interest rates and (ii) higher average outstanding debt balances.

For additional information regarding our outstanding indebtedness, see note 8 to our condensed consolidated financial statements.

It is possible that the interest rates on (i) any new borrowings could be higher than the current interest rates on our existing indebtedness and (ii) our variable-rate indebtedness could increase in future periods. As further discussed in note 5 to our condensed consolidated financial statements, we use derivative instruments to manage our interest rate risks.

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Realized and unrealized gains (losses) on derivative instruments, net

Our realized and unrealized gains or losses on derivative instruments primarily include (i) unrealized changes in the fair values of our derivative instruments that are non-cash in nature until such time as the derivative contracts are fully or partially settled and (ii) realized gains or losses upon the full or partial settlement of the derivative contracts. The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
Cross-currency and interest rate derivative contracts (a) (b)	$	59.6	$	(173.3)	$	179.1	$	(164.0)
Foreign currency forward contracts	4.0		(2.4)		4.7		8.1
Weather Derivatives (c)	(6.3)		(3.3)		(11.6)		(5.7)
Total	$	57.3	$	(179.0)	$	172.2	$	(161.6)

(a)The gains (losses) during the three and six months ended June 30, 2021 and 2020 are primarily attributable to the net effect of (i) changes in FX rates, predominantly due to changes in the value of the Chilean peso relative to the U.S. dollar and (ii) changes in interest rates. These amounts include gains (losses) associated with changes in our credit risk valuation adjustments of ($9 million) and ($30 million) for the three and six months ended June 30, 2021, respectively, and $7 million and $40 million during the three and six months ended June 30, 2020, respectively, which for the 2020 periods are primarily due to increased credit risk stemming from market reaction to the COVID-19 outbreak.

(b)The losses during the three and six months ended June 30, 2020 include a realized gain (loss) of ($106 million) and $71 million, respectively, associated with the settlement of certain cross-currency interest rate swaps at VTR in June 2020 that were unwound in connection with the July 2020 refinancing of certain VTR debt.

(c)Amounts represent the amortization of the premiums associated with our Weather Derivatives.

For additional information concerning our derivative instruments, see notes 5 and 6 to our condensed consolidated financial statements and Item 3. Quantitative and Qualitative Disclosures about Market Risk below.

Foreign currency transaction gains (losses), net

Our foreign currency transaction gains or losses primarily result from the remeasurement of monetary assets and liabilities that are denominated in currencies other than the underlying functional currency of the applicable entity. Unrealized foreign currency transaction gains or losses are computed based on period-end exchange rates and are non-cash in nature until such time as the amounts are settled. The details of our foreign currency transaction gains (losses), net, are as follows:

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
U.S. dollar-denominated debt issued by a Chilean peso functional currency entity	$	(27.7)	$	52.3	$	(31.8)	$	(106.4)
Intercompany payables and receivables denominated in a currency other than the entity’s functional currency	(10.6)		(34.1)		(26.8)		(30.9)
Cash denominated in a currency other than an entity’s functional currency and other	(6.1)		0.9		(11.2)		(7.9)
Total	$	(44.4)	$	19.1	$	(69.8)	$	(145.2)

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Losses on debt extinguishment

We recognized losses on debt extinguishment of nil and $23 million during the three and six months ended June 30, 2021, respectively, and nil and $3 million during the three and six months ended June 30, 2020, respectively. The losses during 2021 are associated with (i) the write-off of unamortized discounts and deferred financing costs related to the repayment of the 2026 SPV Credit Facility, (ii) the payment of breakage fees and the write-off of unamortized deferred financing costs related to the repayments of the VTR TLB-1 Facility and VTR TLB-2 Facility and (iii) the payment of redemption premiums and the write-off of unamortized deferred financing costs related to the partial redemption of the 2028 VTR Senior Secured Notes. The losses during 2020 are associated with the write-off of unamortized discounts and deferred financing costs associated with the repayment of the C&W Term Loan B-4 Facility.

For additional information concerning our losses on debt extinguishment, see note 8 to our condensed consolidated financial statements.

Other income (expense), net

Our other income and expense, net, generally includes (i) certain amounts associated with our defined benefit plans, including interest expense and expected return on plan assets, and (ii) interest income on cash, cash equivalents and restricted cash.

We recognized other income (expense), net, of nil and ($1 million) during the three and six months ended June 30, 2021, respectively, and $5 million and $12 million during the three and six months ended June 30, 2020, respectively. During the 2020 periods, we generated interest income on restricted cash held in escrow in advance of the closing of the AT&T Acquisition.

Income tax expense

We recognized income tax expense of $38 million and $66 million during the three and six months ended June 30, 2021, respectively, and $4 million and $9 million during the three and six months ended June 30, 2020, respectively.

For the three and six months ended June 30, 2021, the income tax expense attributable to our earnings before income taxes differs from the amounts computed using the statutory tax rate, primarily due to detrimental effects of international rate differences, negative effects of permanent tax differences, such as non-deductible expenses, inclusion of withholding taxes on cross-border payments and net unfavorable changes in uncertain tax positions. These negative impacts to our effective tax rate were partially offset by decreases in valuation allowances and the beneficial effects of permanent tax differences, such as non-taxable income.

For the three and six months ended June 30, 2020, the income tax expense attributable to our loss before income taxes differs from the amounts computed using the statutory tax rate, primarily due to detrimental effects of non-deductible goodwill impairment, increases in valuation allowances and negative effects of permanent items, such as other non-deductible expenses. These negative impacts to our effective tax rate were partially offset by the beneficial effects of international rate differences, net favorable changes in uncertain tax positions, and permanent items, such as non-taxable income. Additionally, during the second quarter of 2020, we closed certain tax audits and, as a result, reduced our uncertain tax positions by $18 million. This amount has been reflected as a discrete tax benefit in our condensed consolidated statement of operations.

For additional information regarding our income taxes, see note 13 to our condensed consolidated financial statements.

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Net earnings (loss)

The following table sets forth selected summary financial information of our net earnings (loss):

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
Operating income (loss)	$	160.2	$	(206.0)	$	338.4	$	(98.2)
Net non-operating expenses	$	(121.2)	$	(290.4)	$	(182.0)	$	(577.2)
Income tax expense	$	(38.0)	$	(3.8)	$	(66.0)	$	(9.4)
Net earnings (loss)	$	1.0	$	(500.2)	$	90.4	$	(684.8)

Gains or losses associated with (i) changes in the fair values of derivative instruments and (ii) movements in foreign currency exchange rates are subject to a high degree of volatility and, as such, any gains from these sources do not represent a reliable source of income. In the absence of significant gains in the future from these sources or from other non-operating items, our ability to achieve earnings is largely dependent on our ability to increase our aggregate Adjusted OIBDA to a level that more than offsets the aggregate amount of our (i) share-based compensation expense, (ii) depreciation and amortization, (iii) impairment, restructuring and other operating items, (iv) interest expense, (v) other non-operating expenses and (vi) income tax expenses.

Due largely to the fact that we seek to maintain our debt at levels that provide for attractive equity returns, as discussed under Material Changes in Financial Condition—Capitalization below, we expect that we will continue to report significant levels of interest expense for the foreseeable future.

Net earnings or loss attributable to noncontrolling interests

We reported net loss attributable to noncontrolling interests of $3 million and $2 million during the three and six months ended June 30, 2021, respectively, and $107 million and $111 million during the three and six months ended June 30, 2020, respectively.

Material Changes in Financial Condition

Sources and Uses of Cash

As of June 30, 2021, we have four primary “borrowing groups,” which include the respective restricted parent and subsidiary entities of C&W, Liberty Puerto Rico, VTR and Cabletica. Our borrowing groups, which typically generate cash from operating activities, held a significant portion of our consolidated cash and cash equivalents at June 30, 2021. Our ability to access the liquidity of these and other subsidiaries may be limited by tax and legal considerations, the presence of noncontrolling interests, foreign currency exchange restrictions and other factors.

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Cash and cash equivalents

The details of the U.S. dollar equivalent balances of our cash and cash equivalents at June 30, 2021 are set forth in the following table (in millions):

Cash and cash equivalents held by:
Liberty Latin America and unrestricted subsidiaries:
Liberty Latin America (a)	$	188.5
Unrestricted subsidiaries (b)	222.5
Total Liberty Latin America and unrestricted subsidiaries	411.0
Borrowing groups (c):
C&W	534.3
Liberty Puerto Rico	112.8
VTR	247.5
Cabletica	5.5
Total borrowing groups	900.1
Total cash and cash equivalents	$	1,311.1

(a)Represents the amount held by Liberty Latin America on a standalone basis.

(b)Represents the aggregate amount held by subsidiaries of Liberty Latin America that are outside of our borrowing groups. All of these companies rely on funds provided by our borrowing groups to satisfy their liquidity needs.

(c)Represents the aggregate amounts held by the parent entity of the applicable borrowing group and their restricted subsidiaries.

Liquidity of Liberty Latin America and its unrestricted subsidiaries

Our current sources of corporate liquidity include (i) cash and cash equivalents held by Liberty Latin America and, subject to certain tax and legal considerations, Liberty Latin America’s unrestricted subsidiaries and (ii) interest and dividend income received on our and, subject to certain tax and legal considerations, our unrestricted subsidiaries’ cash and cash equivalents and investments. From time to time, Liberty Latin America and its unrestricted subsidiaries may also receive (i) proceeds in the form of distributions or loan repayments from Liberty Latin America’s borrowing groups upon (a) the completion of recapitalizations, refinancings, asset sales or similar transactions by these entities or (b) the accumulation of excess cash from operations or other means, (ii) proceeds upon the disposition of investments and other assets of Liberty Latin America and its unrestricted subsidiaries and (iii) proceeds in connection with the incurrence of debt by Liberty Latin America or its unrestricted subsidiaries or the issuance of equity securities by Liberty Latin America. No assurance can be given that any external funding would be available to Liberty Latin America or its unrestricted subsidiaries on favorable terms, or at all. As noted above, various factors may limit our ability to access the cash of our borrowing groups.

Our corporate liquidity requirements include (i) corporate general and administrative expenses and (ii) other liquidity needs that may arise from time to time. In addition, Liberty Latin America and its unrestricted subsidiaries may require cash in connection with (i) the repayment of third-party and intercompany debt, (ii) the satisfaction of contingent liabilities, (iii) acquisitions and other investment opportunities, (iv) the repurchase of debt securities, (v) tax payments or (vi) any funding requirements of our consolidated subsidiaries.

In March 2020, our Directors approved the Share Repurchase Program. During the three months ended June 30, 2021, the aggregate amount of our share repurchases was $10 million. For additional information regarding our Share Repurchase Program, see note 16 to our condensed consolidated financial statements and Part II—Item 2 Unregistered Sales of Equity Securities and Use of Proceeds below.

Liquidity of borrowing groups

The cash and cash equivalents of our borrowing groups are detailed in the table above. In addition to cash and cash equivalents, the primary sources of liquidity of our borrowing groups are cash provided by operations and borrowing availability under their respective debt instruments. For the details of the borrowing availability of our borrowing groups at

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June 30, 2021, see note 8 to our condensed consolidated financial statements. The aforementioned sources of liquidity may be supplemented in certain cases by contributions and/or loans from Liberty Latin America and its unrestricted subsidiaries. The liquidity of our borrowing groups generally is used to fund capital expenditures, debt service requirements and income tax payments. From time to time, our borrowing groups may also require liquidity in connection with (i) acquisitions and other investment opportunities, (ii) loans to Liberty Latin America, (iii) capital distributions to Liberty Latin America and other equity owners or (iv) the satisfaction of contingent liabilities. No assurance can be given that any external funding would be available to our borrowing groups on favorable terms, or at all. For information regarding our borrowing groups’ commitments and contingencies, see note 17 to our condensed consolidated financial statements.

The Telefónica-Costa Rica Acquisition, which is expected to close by mid-August 2021, will be financed by a combination of (i) commitments under the existing Cabletica Credit Facilities that are specific to the Telefónica-Costa Rica Acquisition, (ii) existing Liberty Latin America liquidity and (iii) an equity contribution from Cabletica’s noncontrolling interest, such that our ownership interest in Cabletica following Cabletica’s acquisition of Telefónica S.A.’s wireless operations in Costa Rica will remain at 80%. For additional information regarding the Telefónica-Costa Rica Acquisition, see note 4 to our condensed consolidated financial statements.

For additional information regarding our cash flows, see the discussion under Condensed Consolidated Statements of Cash Flows below.

Capitalization

We seek to maintain our debt at levels that provide for attractive equity returns without assuming undue risk. When it is cost effective, we generally seek to match the denomination of the borrowings of our subsidiaries with the functional currency of the operations that support the respective borrowings. As further discussed under Item 3. Quantitative and Qualitative Disclosures about Market Risk and in note 5 to our condensed consolidated financial statements, we also use derivative instruments to mitigate foreign currency and interest rate risks associated with our debt instruments.

Our ability to service or refinance our debt and to maintain compliance with the leverage covenants in the credit agreements of our borrowing groups is dependent primarily on our ability to maintain covenant EBITDA of our operating subsidiaries, as specified by our subsidiaries’ debt agreements (Covenant EBITDA), and to achieve adequate returns on our property and equipment additions and acquisitions. In addition, our ability to obtain additional debt financing is limited by incurrence-based leverage covenants contained in the various debt instruments of our borrowing groups. For example, if the Covenant EBITDA of one of our borrowing groups were to decline, our ability to support or obtain additional debt in that borrowing group could be limited. No assurance can be given that we would have sufficient sources of liquidity, or that any external funding would be available on favorable terms, or at all, to fund any such required repayment. At June 30, 2021, each of our borrowing groups was in compliance with its debt covenants. We do not anticipate any instances of non-compliance with respect to the debt covenants of our borrowing groups that would have a material adverse impact on our liquidity during the next 12 months.

At June 30, 2021, the outstanding principal amount of our debt, together with our finance lease obligations, aggregated $8,947 million, including $165 million that is classified as current in our condensed consolidated balance sheet and $7,395 million that is not due until 2027 or thereafter. At June 30, 2021, $8,541 million of our debt and finance lease obligations have been borrowed or incurred by our subsidiaries. Included in the outstanding principal amount of our debt at June 30, 2021 is $172 million of vendor financing, which we use to finance certain of our operating expenses and property and equipment additions. These obligations are generally due within one year, other than for certain licensing arrangements that generally are due over the term of the related license. For additional information concerning our debt, including our debt maturities, see note 8 to our condensed consolidated financial statements.

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The weighted average interest rate in effect at June 30, 2021 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin, was 5.1%. The interest rate is based on stated rates and does not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing. The weighted average impact of the derivative instruments, excluding forward-starting derivative instruments, on our borrowing costs at June 30, 2021 was as follows:

Borrowing group	Increase to borrowing costs
C&W	0.6	%
Liberty Puerto Rico	0.4	%
VTR	0.4	%
Cabletica	1.2	%
Liberty Latin America borrowing groups	0.5	%

Including the effects of derivative instruments, original issue premiums or discounts, including the discount on the Convertible Notes associated with the instrument’s conversion option, and commitment fees, but excluding the impact of financing costs, the weighted average interest rate on our indebtedness was 6.0% at June 30, 2021.

We believe that we have sufficient resources to repay or refinance the current portion of our debt and finance lease obligations and to fund our foreseeable liquidity requirements during the next 12 months. However, as our debt maturities grow in later years, we anticipate that we will seek to refinance or otherwise extend our debt maturities. No assurance can be given that we will be able to complete refinancing transactions or otherwise extend our debt maturities. In this regard, it is difficult to predict how political, economic and social conditions, sovereign debt concerns or any adverse regulatory developments will impact the credit and equity markets we access and our future financial position. Our ability to access debt financing on favorable terms, or at all, could be adversely impacted by (i) the financial failure of any of our counterparties, which could (a) reduce amounts available under committed credit facilities and (b) adversely impact our ability to access cash deposited with any failed financial institution, and (ii) tightening of the credit markets. In addition, any weakness in the equity markets could make it less attractive to use our shares to satisfy contingent or other obligations, and sustained or increased competition, particularly in combination with adverse economic or regulatory developments, could have an unfavorable impact on our cash flows and liquidity.

Condensed Consolidated Statements of Cash Flows

General. Our cash flows are subject to variations due to FX.

Summary. Our condensed consolidated statements of cash flows for the six months ended June 30, 2021 and 2020 are summarized as follows:

	Six months ended June 30,
	2021		2020		Change
	in millions
Net cash provided by operating activities	$	443.7	$	353.6	$	90.1
Net cash used by investing activities	(340.9)		(263.1)		(77.8)
Net cash provided by financing activities	303.4		587.4		(284.0)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.4		(11.2)		11.6
Net increase in cash, cash equivalents and restricted cash	$	406.6	$	666.7	$	(260.1)

Operating Activities. The increase in cash provided by operating activities is primarily due to the net impact of (i) an increase in Adjusted OIBDA of our Liberty Puerto Rico segment and (ii) a decrease related to working capital, including a $40 million increase in cash used related to derivative activities.

Investing Activities. The increase in net cash used by our investing activities is primarily attributable to the net effect of (i) an increase in cash used for capital expenditures, as further discussed below, (ii) cash proceeds from asset dispositions, and (iii) cash used for investments.

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The capital expenditures that we report in our condensed consolidated statements of cash flows, which includes cash paid for property and equipment and intangible assets acquired not part of an acquisition, does not include amounts that are financed under capital-related vendor financing or finance lease arrangements. Instead, these amounts are reflected as non-cash additions to our property and equipment when the underlying assets are delivered and as repayments of debt when the principal is repaid. In this discussion, we refer to (i) our capital expenditures, as reported in our condensed consolidated statements of cash flows, and (ii) our total property and equipment additions, which include our capital expenditures on an accrual basis and amounts financed under capital-related vendor financing or finance lease arrangements.

A reconciliation of our property and equipment additions to our capital expenditures, as reported in our condensed consolidated statements of cash flows, is set forth below:

	Six months ended June 30,
	2021		2020
	in millions
Property and equipment additions	$	367.1	$	286.2
Assets acquired under capital-related vendor financing arrangements	(38.3)		(53.3)
Changes in current liabilities related to capital expenditures	5.4		38.5
Capital expenditures	$	334.2	$	271.4

The increase in our property and equipment additions during the six months ended June 30, 2021, as compared to the corresponding period in 2020, is primarily due to increases related to capacity, baseline and CPE-related additions. During the six months ended June 30, 2021 and 2020, our property and equipment additions represented 15.8% and 16.1% of revenue, respectively.

Financing Activities. During the six months ended June 30, 2021, we generated $303 million of cash from financing activities, primarily due to the net effect of (i) $398 million of net borrowings of debt, (ii) $43 million related to derivative payments, (iii) $34 million related to payments of financing costs and debt redemption premiums, and (iv) $9 million associated with the repurchase of Liberty Latin America common shares that resumed during the second quarter of 2021.

During the six months ended June 30, 2020, we generated $587 million of cash from financing activities, primarily due to the net effect of (i) $451 million of net borrowings of debt, (ii) $181 million of net cash received related to derivative instruments, (iii) $27 million related to payments of financing costs and debt redemption premiums and (iv) $10 million associated with the repurchase of Liberty Latin America common shares. The net borrowings of debt includes $313 million and $63 million that was borrowed on the C&W and LCPR revolving credit facilities, respectively. The net cash received related to derivative instruments is primarily due to the unwinding of cross currency swaps held at our VTR borrowing group as further described in note 5 to the condensed consolidated financial statements.

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Adjusted Free Cash Flow

    We define adjusted free cash flow, a non-GAAP measure, as net cash provided by our operating activities, plus (i) cash payments for third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, (ii) expenses financed by an intermediary, (iii) insurance recoveries related to damaged and destroyed property and equipment, and (iv) certain net interest payments (receipts) incurred or received, including associated derivative instrument payments and receipts, in advance of a significant acquisition, less (a) capital expenditures, (b) distributions to noncontrolling interest owners, (c) principal payments on amounts financed by vendors and intermediaries and (d) principal payments on finance leases. We believe that our presentation of adjusted free cash flow provides useful information to our investors because this measure can be used to gauge our ability to service debt and fund new investment opportunities. Adjusted free cash flow should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, which are not deducted to arrive at this amount. Investors should view adjusted free cash flow as a supplement to, and not a substitute for, U.S. GAAP measures of liquidity included in our condensed consolidated statements of cash flows.

The following table provides the details of our adjusted free cash flow:

	Six months ended June 30,
	2021		2020
	in millions
Net cash provided by operating activities	$	443.7	$	353.6
Cash payments for direct acquisition and disposition costs	10.2		4.2
Expenses financed by an intermediary (a)	54.4		52.1
Capital expenditures	(334.2)		(271.4)
Distributions to noncontrolling interest owners	(1.3)		(0.7)
Principal payments on amounts financed by vendors and intermediaries	(87.9)		(91.7)
Pre-acquisition interest payments, net (b)	8.8		36.2
Principal payments on finance leases	(1.0)		(1.1)
Adjusted free cash flow	$	92.7	$	81.2

(a)For purposes of our condensed consolidated statements of cash flows, expenses, including VAT, financed by an intermediary are treated as hypothetical operating cash outflows and hypothetical financing cash inflows when the expenses are incurred. When we pay the financing intermediary, we record financing cash outflows in our consolidated statements of cash flows. For purposes of our adjusted free cash flow definition, we add back the hypothetical operating cash outflows when these financed expenses are incurred and deduct the financing cash outflows when we pay the financing intermediary.

(b)The amount for the 2021 period relates to (i) the Cabletica Term Loan B-1 Facility and Cabletica Term Loan B-2 Facility that were entered into in advance of the Telefónica-Costa Rica Acquisition, and (ii) the portion of interest paid in April 2021 that relates to pre-acquisition debt for the AT&T Acquisition. The amount for the 2020 period represents interest paid on pre-acquisition debt related to the AT&T Acquisition, net of interest received on cash held in escrow in advance of the closing of the AT&T Acquisition.

Off Balance Sheet Arrangements

In the ordinary course of business, we may provide (i) indemnifications to our lenders, our vendors and certain other parties and (ii) performance and/or financial guarantees to local municipalities, our customers and vendors. Historically, these arrangements have not resulted in our company making any material payments and we do not believe that they will result in material payments in the future.

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Contractual Commitments

The following table sets forth the U.S. dollar equivalents of our commitments as of June 30, 2021:

	Payments due during														Total
	Remainder of 2021		2022		2023		2024		2025		2026		Thereafter
	in millions
Debt (excluding interest)	$	90.1	$	88.5	$	125.4	$	590.0	$	144.6	$	500.6	$	7,394.7	$	8,933.9
Finance leases (excluding interest)	0.9		2.6		2.3		2.2		2.2		2.2		0.3		12.7
Operating leases	36.4		66.3		54.6		46.7		36.5		31.4		107.6		379.5
Programming commitments	95.0		91.4		52.8		42.8		0.5		—		—		282.5
Network and connectivity commitments	45.3		39.2		28.2		9.1		6.3		1.8		7.3		137.2
Purchase commitments	166.3		32.9		17.3		—		—		—		—		216.5
Other commitments	5.7		1.8		1.6		1.5		1.4		1.4		7.0		20.4
Total (a)	$	439.7	$	322.7	$	282.2	$	692.3	$	191.5	$	537.4	$	7,516.9	$	9,982.7
Projected cash interest payments on debt and finance lease obligations (b)	$	223.3	$	459.4	$	454.7	$	447.6	$	427.5	$	419.5	$	579.6	$	3,011.6

(a)The commitments included in this table do not reflect any liabilities that are included in our June 30, 2021 condensed consolidated balance sheet other than (i) debt and (ii) finance and operating lease obligations. Our liability for uncertain tax positions, including accrued interest, in the various jurisdictions in which we operate ($42 million at June 30, 2021) has been excluded from the table as the amount and timing of any related payments are not subject to reasonable estimation.

(b)Amounts are based on interest rates, interest payment dates, commitment fees and contractual maturities in effect as of June 30, 2021. These amounts are presented for illustrative purposes only and will likely differ from the actual cash payments required in future periods. In addition, the amounts presented do not include the impact of our derivative contracts.

For information concerning our debt, operating lease obligations and commitments, see notes 8, 9 and 17, respectively, to our condensed consolidated financial statements.

In addition to the commitments set forth in the table above, we have commitments under (i) derivative instruments and (ii) defined benefit plans and similar agreements, pursuant to which we expect to make payments in future periods. For information regarding projected cash flows associated with our derivative instruments, see Item 3. Quantitative and Qualitative Disclosures About Market Risk—Projected Cash Flows Associated with Derivative Instruments below. For information regarding our derivative instruments, including the net cash paid or received in connection with these instruments during the six months ended June 30, 2021 and 2020, see note 5 to our condensed consolidated financial statements.

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Item 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The information in this section should be read in conjunction with the more complete discussion that appears under Quantitative and Qualitative Disclosures About Market Risk in our 2020 Form 10-K. The following discussion updates selected numerical information to June 30, 2021.

We are exposed to market risk in the normal course of our business operations due to our investments in various countries and ongoing investing and financing activities. Market risk refers to the risk of loss arising from adverse changes in foreign currency exchange rates, interest rates and stock prices. The risk of loss can be assessed from the perspective of adverse changes in fair values, cash flows and future earnings. As further described below, we have established policies, procedures and processes governing our management of market risks and the use of derivative instruments to manage our exposure to such risks.

Cash and Investments

We invest our cash in highly liquid instruments that meet high credit quality standards. We are exposed to exchange rate risk to the extent that the denominations of our cash and cash equivalent balances, revolving lines of credit and other short-term sources of liquidity do not correspond to the denominations of Liberty Latin America’s short-term liquidity requirements. In order to mitigate this risk, we actively manage the denominations of our cash balances in consideration of Liberty Latin America’s forecasted liquidity requirements. At June 30, 2021, $85 million or 6% of our cash balance was denominated in Chilean pesos.

Foreign Currency Rates

The relationship between the (i) CLP, JMD and CRC and (ii) the U.S. dollar, which is our reporting currency, is shown below, per one U.S. dollar:

	June 30, 2021	December 31, 2020
Spot rates:
CLP	732.17	711.78
JMD	149.92	142.41
CRC	619.25	613.19

	Three months ended June 30,		Six months ended June 30,
	2021	2020	2021	2020
Average rates:
CLP	716.14	822.44	720.08	813.21
JMD	150.10	141.20	148.60	138.91
CRC	616.65	572.98	614.51	572.00

Interest Rate Risks

In general, we seek to enter into derivative instruments to protect against increases in the interest rates on our variable-rate debt. Accordingly, we have entered into various derivative transactions to reduce exposure to increases in interest rates. We use interest rate derivative contracts to exchange, at specified intervals, the difference between fixed and variable interest rates calculated by reference to an agreed-upon notional principal amount. At June 30, 2021, we paid a fixed rate of interest on 97% of our total debt, which includes the impact of our interest rate derivative contracts. The final maturity dates of our various portfolios of interest rate derivative instruments generally fall short of the respective maturities of the underlying variable-rate debt. In this regard, we use judgment to determine the appropriate maturity dates of our portfolios of interest rate derivative instruments, taking into account the relative costs and benefits of different maturity profiles in light of current and expected future market conditions, liquidity issues and other factors. For additional information concerning the impacts of these interest rate derivative instruments, see note 5 to our condensed consolidated financial statements.

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Sensitivity Information

Information concerning the sensitivity of the fair value of certain of our more significant derivative instruments to changes in market conditions is set forth below. The potential changes in fair value set forth below do not include any amounts associated with the remeasurement of the derivative asset or liability into the applicable functional currency. For additional information, see notes 5 and 6 to our condensed consolidated financial statements.

VTR Cross-currency Derivative Contracts

Holding all other factors constant, at June 30, 2021, an instantaneous increase (decrease) of 10% in the Chilean peso to the U.S. dollar exchange rate would have decreased (increased) the aggregate fair value of the VTR cross-currency derivative contracts by approximately CLP 143 billion or $195 million.

C&W Cross-currency and Interest Rate Derivative Contracts

Holding all other factors constant, at June 30, 2021, an instantaneous increase (decrease) in the relevant base rate of 100 basis points (1.0%) would have increased (decreased) the aggregate fair value of the C&W cross-currency and interest rate derivative contracts by approximately $98 million.

Liberty Puerto Rico Interest Rate Derivative Contracts

Holding all other factors constant, at June 30, 2021, an instantaneous increase (decrease) in the relevant base rate of 100 basis points (1.0%) would have increased (decreased) the aggregate fair value of the Liberty Puerto Rico interest rate derivative contracts by approximately $30 million.

Projected Cash Flows Associated with Derivative Instruments

The following table provides information regarding the projected cash flows associated with our derivative instruments. The U.S. dollar equivalents presented below are based on interest rates and exchange rates that were in effect as of June 30, 2021. These amounts are presented for illustrative purposes only and will likely differ from the actual cash payments required in future periods. For additional information regarding our derivative instruments, including our counterparty credit risk, see note 5 to our condensed consolidated financial statements.

	Payments (receipts) due during:														Total
	Remainder of 2021		2022		2023		2024		2025		2026		Thereafter
	in millions
Projected derivative cash payments (receipts), net:
Interest-related (a)	$	23.0	$	73.0	$	55.3	$	53.8	$	53.8	$	53.4	$	38.5	$	350.8
Principal-related (b)	—		—		—		—		—		108.5		5.6		114.1
Other (c)	6.3		(1.1)		—		—		—		—		—		5.2
Total	$	29.3	$	71.9	$	55.3	$	53.8	$	53.8	$	161.9	$	44.1	$	470.1

(a)Includes the interest-related cash flows of our cross-currency and interest rate derivative contracts.

(b)Includes the principal-related cash flows of our cross-currency derivative contracts.

(c)Includes amounts related to our foreign currency forward contracts.

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Item 4.    CONTROLS AND PROCEDURES

Evaluation of disclosure controls and procedures

We maintain disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act that are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Principal Executive Officer and our Principal Financial Officer (the Executives), as appropriate to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, the Executives recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply judgment in evaluating the cost-benefit relationship of possible controls and objectives.

As disclosed in our Annual Report on Form 10-K for our fiscal year ended December 31, 2020, we identified material weaknesses in our internal control over financial reporting. The material weaknesses will not be considered remediated until the applicable new or enhanced controls operate for a sufficient period of time and management has concluded, through testing, that these controls are designed and operating effectively. Our management, with the participation of the Executives, evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2021. As remediation is not completed, the Executives concluded that our disclosure controls and procedures continue to be ineffective as of June 30, 2021.

Management’s Remediation Plans

Management, with oversight from the Audit Committee of the Board of Directors, is continuing to implement the remediation plans as disclosed in our Annual Report on Form 10-K for our fiscal year ended December 31, 2020. We believe that these actions and the improvements we expect to achieve, when fully implemented, will strengthen our internal control over financial reporting and remediate the material weaknesses identified.

Changes in Internal Control over Financial Reporting

Except as listed below, there have been no changes in our internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the quarter covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

During the quarter, changes in our internal control over financial reporting include that we:

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

•enhanced information and communication regarding the importance of strong internal controls, the ongoing remedial efforts, and continued improvement,

•implemented a new enterprise resource planning software to standardize and enhance the related processes and controls at one of our components,

•hired additional technology and information compliance staff to design, implement and monitor the execution of general IT controls, including the system development lifecycle process; and,

•created templates and control guidance to facilitate compliance with control activities and held trainings to reinforce control concepts and responsibilities for control performers.

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PART II - OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

From time to time, our subsidiaries and affiliates have become involved in litigation relating to claims arising out of their operations in the normal course of business. For additional information, see note 17 to our condensed consolidated financial statements in Part I of this Quarterly Report on Form 10-Q.

Item 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(c)    Issuer Purchases of Equity Securities

On March 17, 2020, we announced that our Directors authorized the Share Repurchase Program, which authorizes us to repurchase from time to time up to $100 million of our Class A common shares and/or Class C common shares, as the case may be, over two years. The Share Repurchase Program does not obligate us to repurchase any of our Class A or C common shares. Under the Share Repurchase Program, we may repurchase our common shares from time to time in open market purchases at prevailing market prices, in privately negotiated transactions, in block trades, derivative transactions and/or through other legally permissible means.

The following table sets forth information concerning our company’s purchase of its own equity securities during the three months ended June 30, 2021: 

Period	Total number  of shares  purchased	Average  price paid per  share (a)		Total number of  shares purchased as part of publicly  announced  plans or programs	Approximate dollar value of shares that may yet be purchased under the plans or programs
April 1, 2021 through April 30, 2021:
Class A	—	$	—	—
Class C	—	$	—	—
May 1, 2021 through May 31, 2021:
Class A	190,500	$	13.97	190,500	(b)
Class C	—	$	—	—
June 1, 2021 through June 30, 2021:
Class A	515,900	$	14.17	515,900	(b)
Class C	—	$	—	—
Total — April 1, 2021 through June 30, 2021:
Class A	706,400	$	14.12	706,400	(b)
Class C	—	$	—	—

(a)Average price paid per share includes direct acquisition costs.

(b)At June 30, 2021, the remaining amount authorized for repurchases of Liberty Latin America Shares was $81 million.

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Item 6.    EXHIBITS

Listed below are the exhibits filed as part of this Quarterly Report on Form 10-Q (according to the number assigned to them in Item 601 of Regulation S-K):

10.1	Liberty Latin America 2018 Incentive Plan (Amended and Restated effective May 12, 2021) (incorporated by reference to Appendix A to the Registrant’s Definitive Proxy Statement on Schedule 14A filed on March 31, 2021 (File No. 001-38335)).
10.2	Form of Restricted Share Units Agreement under the Liberty Latin America 2018 Incentive Plan (Amended and Restated effective May 12, 2021).*
10.3	Form of Performance Share Appreciation Rights Agreement (Phoenix) under the Liberty Latin America 2018 Incentive Plan (Amended and Restated effective May 12, 2021).*
31.1	Certification of President and Chief Executive Officer.*
31.2	Certification of Senior Vice President and Chief Financial Officer (Principal Financial Officer).*
32	Section 1350 Certifications.**
101.SCH	XBRL Inline Taxonomy Extension Schema Document.*
101.CAL	XBRL Inline Taxonomy Extension Calculation Linkbase Document.*
101.DEF	XBRL Inline Taxonomy Extension Definition Linkbase.*
101.LAB	XBRL Inline Taxonomy Extension Label Linkbase Document.*
101.PRE	XBRL Inline Taxonomy Extension Presentation Linkbase Document.*
104	Cover Page Interactive Data File.* (formatted as Inline XBRL and contained in Exhibit 101)

*    Filed herewith

**    Furnished herewith

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		LIBERTY LATIN AMERICA LTD.
Dated:	August 4, 2021	/s/ BALAN NAIR
		Balan Nair President and Chief Executive Officer
Dated:	August 4, 2021	/s/ CHRISTOPHER NOYES
		Christopher Noyes Senior Vice President and Chief Financial Officer

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EX-10.2

Exhibit 10.2

[Class [__]]

LIBERTY LATIN AMERICA

2018 INCENTIVE PLAN

(Amended and Restated effective May 12, 2021)

RESTRICTED SHARE UNITS AGREEMENT

THIS RESTRICTED SHARE UNITS AGREEMENT (this “Agreement”) is made as of [__] (the “Grant Date”), by and between LIBERTY LATIN AMERICA LTD., an exempted Bermuda company limited by shares (the “Company”), and [__] whose address and employee number appear on the signature page hereto (the “Grantee”).

RECITALS

The Company has adopted the Liberty Latin America 2018 Incentive Plan (Amended and Restated effective May 12, 2021) (the “Plan”), which by this reference is made a part hereof, for the benefit of eligible employees of the Company and its Subsidiaries. Pursuant to Article 3 of the Plan the Company’s Board of Directors (the “Board”) appointed the Compensation Committee of the Board (the “Committee”) to administer the Plan. Capitalized terms used and not otherwise defined herein will have the meaning given thereto in the Plan. To review the Plan, please log into Shareworks by Morgan Stanley and visit the Documents tab.

The Committee has determined that it is in the best interest of the Company and its Shareholders to award restricted share units to the Grantee effective as of the Grant Date, subject to the conditions and restrictions set forth herein and in the Plan, in order to provide the Grantee additional remuneration for services rendered, to encourage the Grantee to continue to provide services to the Company or its Subsidiaries and to increase the Grantee’s personal interest in the continued success and progress of the Company.

AGREEMENT

The Company and the Grantee therefore agree as follows:

1.    Definitions. The following terms, when used in this Agreement, have the following meanings:

    “Act” means the Bermuda Companies Act of 1981, as amended from time to time, and the rules and regulations thereunder.

“Business Day” means any day other than Saturday, Sunday or a day on which banking institutions in Denver, Colorado, are required or authorized to be closed.

“Cause” [has the meaning specified under Section 1.1 of the Employment Agreement.] [has the meaning specified for “cause” in Section 11.2(c) of the Plan.]1

“Code” means the U.S. Internal Revenue Code of 1986, as it may be amended from time to time, or any successor statute thereto. References to any specific Code section shall include any successor section.

“Committee” has the meaning specified in the preamble to this Agreement.

“Company” has the meaning specified in the preamble to this Agreement.

“Corresponding Day” means with respect to each month, the day of that month that is the same day of the month as the Grant Date; provided that, for any month for which there is not a day corresponding to the Grant Date, then the Corresponding Day shall be the last day of such month. By way of example, if the Grant Date was the 31st of December, the Corresponding Day in June would be the 30th.

“Disability” [has the meaning specified under Section 1.1 of the Employment Agreement.] [means the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months, as supported by a written opinion of a physician and determined by the Company. The Company may seek a second opinion as to the determination of Disability from a physician selected by the Company, and in such case, the Holder will be required to submit to an examination and provide the physician with any information that is necessary for such determination.]2

[“Employment Agreement” means that certain Employment Agreement, dated as of November 1, 2017, among the Company, LiLAC Communications Inc. and the Grantee.]3

“Good Reason” [has the meaning specified under Section 1.1 of the Employment Agreement.] [for a Grantee to terminate his or her service with the Company and its Subsidiaries means that any of the following occurs without the consent of such Grantee prior to the 12 month anniversary of an Approved Transaction:

a.    any material diminution in the Grantee’s base compensation;

b.    the material diminution of the Grantee’s official position or authority, but excluding isolated or inadvertent action not taken in bad faith that is remedied promptly after notice; or

1 NTD: Include first alternative for CEO.

2 NTD: Include first alternative for CEO.

3 NTD: Include for CEO.

    2

c.    the Company requires the Grantee to relocate his/her principal business office to a different country.]4

“Grant Date” has the meaning specified in the preamble to this Agreement.

“Grantee” has the meaning specified in the preamble to this Agreement.

“Plan” has the meaning specified in the preamble to this Agreement.

“Required Withholding Amount” has the meaning specified in Section 13 of this Agreement.

        “Retirement” means the voluntary termination of a Grantee’s employment with the Company or its Subsidiaries, on or after the date that the sum of the Grantee’s years of age and years of continuous employment with the Company or its Subsidiariesis at least 70 (the “Rule of 70”).  For clarity, the Company will count years of continuous employment with Liberty Global plc or any of its Subsidiaries for calculating the Rule of 70 for any service rendered by the Grantee to such entities immediately prior to joining the Company or any of its Subsidiaries.     

“Restricted Share Units” has the meaning specified in Section 2 of this Agreement. Restricted Share Units represent an Award of Restricted Shares that provides for the issuance of the Shares subject to the Award at or following the end of the Restriction Period within the meaning of Article IX of the Plan.

“RSU Dividend Equivalents” means, to the extent specified by the Committee only, an amount equal to all dividends and other distributions (or the economic equivalent thereof) which are payable or transferable to Shareholders of record during the Restriction Period on a like number of the Shares represented by the Restricted Share Units.

“Section 409A” means Section 409A of the Code and related Regulations and Treasury pronouncements.

“Share” means the [__] common shares, par value $0.01 per share, of the Company.

“Termination of Service” means the termination for any reason of Grantee’s provision of services to the Company and its Subsidiaries, as an officer, employee or independent contractor.

“Vesting Date” means each date on which any Restricted Share Units cease to be subject to a risk of forfeiture, as determined in accordance with this Agreement and the Plan.

2.    Grant of Restricted Share Units. Subject to the terms and conditions herein and pursuant to the Plan, the Company grants to the Grantee effective as of the Grant Date an Award

4NTD: Include first alternative for CEO.

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of the number of Restricted Share Units set forth on the signature page hereof, each representing the right to receive one Share.

3.    Settlement of Restricted Share Units. Settlement of Restricted Share Units that vest in accordance with Section 5 or 6 of this Agreement or Section 11.1(b) of the Plan shall be made as soon as administratively practicable after the applicable Vesting Date, but in no event later than 30 days following such Vesting Date. Settlement of vested Restricted Share Units shall be made by issuance of Shares, together with any related RSU Dividend Equivalents, in accordance with Section 7.

4.    Shareholder Rights; RSU Dividend Equivalents. The Grantee shall have no rights of a Shareholder with respect to any Shares represented by any Restricted Share Units unless and until such time as Shares represented by vested Restricted Share Units have been delivered to the Grantee in accordance with Section 7. The Grantee will have no right to receive, or otherwise have any rights with respect to, any RSU Dividend Equivalents until such time, if ever, as the Restricted Share Units with respect to which such RSU Dividend Equivalents relate shall have become vested and, if vesting does not occur, the related RSU Dividend Equivalents will be forfeited. RSU Dividend Equivalents shall not bear interest or be segregated in a separate account. Notwithstanding the foregoing, the Committee may, in its sole discretion, accelerate the vesting of any portion of the RSU Dividend Equivalents (the “Vested RSU Dividend Equivalents”). The settlement of any Vested RSU Dividend Equivalents shall be made as soon as administratively practicable after the accelerated Vesting Date, but in no event later than 30 days following such Vesting Date.

5.    Vesting. Unless the Committee otherwise determines in its sole discretion, subject to earlier vesting in accordance with Section 6 of this Agreement or Section 11.1(b) of the Plan and subject to the last paragraph of this Section 5, the Restricted Share Units shall become vested in accordance with the following schedule (each date specified below being a Vesting Date):

[__]

    Please refer to the website of the Third Party Administrator, which maintains the database for the Plan and provides related services, for the specific Vesting Dates related to the Restricted Share Units (click on the specific Grant Name or Grant ID in the Portfolio/Account Summary View).

On each Vesting Date, and upon the satisfaction of any other applicable restrictions, terms and conditions, any RSU Dividend Equivalents with respect to the Restricted Share Units that have not theretofore become Vested RSU Dividend Equivalents (“Unpaid RSU Dividend Equivalents”) will become vested to the extent that the Restricted Share Units related thereto shall have become vested in accordance with this Agreement.

Additionally, the Grantee will not vest, pursuant to this Section 5, in Restricted Share Units as to which the Grantee would otherwise vest as of a given date if his or her Termination of Service or a breach of any applicable restrictions, terms or conditions with respect to such

    4

Restricted Share Units has occurred at any time after the Grant Date and prior to the first Vesting Date (the vesting or forfeiture of such Restricted Share Units to be governed instead by Section 6).

If the Grantee is suspended (with or without compensation) or is otherwise not in good standing with the Company or any Subsidiary as determined by the Company’s Chief Legal Officer due to an alleged violation of the Company’s Code of Business Conduct, applicable law or other misconduct (a “Suspension Event”), the Company has the right to suspend the vesting of the Restricted Share Units until the day after the Company (as determined by the Chief Legal Officer or his/her designee) has determined (x) the suspension is lifted or (y) the Company determines lack of good standing has been cured (each, the “Recovery Date”). If the Suspension Event has occurred and prior to the Recovery Date, the Grantee dies, is disabled or is terminated without cause, then the provisions of this Section 5 and Section 6 continue to apply notwithstanding the Suspension Event. If the Grantee resigns (including due to retirement) or is terminated for cause prior to the Recovery Date then the unvested Restricted Share Units will be terminated without any further vesting after the date of the Suspension Event, unless otherwise agreed by the Company.

6.    Early Vesting or Forfeiture.

(a)    Unless otherwise determined by the Committee in its sole discretion:

i)    If Termination of Service occurs by reason of the Grantee’s death or Disability, the Restricted Share Units, to the extent not theretofore vested, and any related Unpaid RSU Dividend Equivalents, will immediately become fully vested.

ii)    If the Termination of Service is due to the Grantee’s Retirement, then any unvested Restricted Share Units and Unpaid Dividend Equivalents shall immediately vest to the extent that such Restricted Share Units (including any related Unpaid RSU Dividend Equivalents) would have become vested had the Grantee remained in continuous employment with the Company through the date that is one year after the date of the Grantee’s Retirement. Such Restricted Share Units and any related Unpaid RSU Dividend Equivalents will be settled in accordance with Section 3.

iii)    If Termination of Service is by the Company or a Subsidiary without Cause (as determined in the sole discretion of the Committee) and occurs after [__] and prior to vesting in full of the Restricted Share Units, then an additional percentage of the Restricted Share Units, together with any related Unpaid RSU Dividend Equivalents, will become vested on the date of Termination of Service equal to the product of (x) one-third (1/3) of the additional percentage of Restricted Share Units that would have become vested on the next following Vesting Date in accordance with the schedule in Section 5, times (y) the number of full months of employment completed since the most recent Vesting Date preceding the Termination of Service, and the balance of the Restricted Share Units to the extent not theretofore vested, together with any related Unpaid RSU Dividend Equivalents, will be forfeited immediately.

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iv)    If Termination of Service occurs for any reason other than as specified in Section 6(a)(i), 6(a)(ii) or 6(a)(iii) above or 6(d) below, then the Restricted Share Units, to the extent not theretofore vested, together with any related Unpaid RSU Dividend Equivalents, will be forfeited immediately.

v)    If the Grantee breaches any restrictions, terms or conditions provided in or established by the Committee pursuant to the Plan or this Agreement with respect to the Restricted Share Units prior to the vesting thereof (including any attempted or completed transfer of any such unvested Restricted Share Units contrary to the terms of the Plan or this Agreement), the unvested Restricted Share Units, together with any related Unpaid RSU Dividend Equivalents, will be forfeited immediately.

(b)    Upon forfeiture of any unvested Restricted Share Units, and any related Unpaid RSU Dividend Equivalents, such Restricted Share Units and any related Unpaid RSU Dividend Equivalents will be immediately cancelled, and the Grantee will cease to have any rights with respect thereto.

(c)    Unless the Committee otherwise determines, neither a change of theGrantee’s employment from the Company to a Subsidiary or from a Subsidiary to the Company or another Subsidiary, nor a change in Grantee’s status from an independent contractor to an employee, will be a Termination of Service for purposes of this Agreement if such change of employment or status is made at the request or with the express consent of the Company. Unless the Committee otherwise determines, however, any such change of employment or status that is not made at the request or with the express consent of the Company and any change in Grantee’s status from an employee to an independent contractor will be a Termination of Service within the meaning of this Agreement; provided, however, that, to the extent Section 409A is applicable to Grantee, any amounts otherwise payable hereunder as nonqualified deferred compensation within the meaning of Section 409A on account of Termination of Service shall not be payable before Grantee “separates from service”, as that term is defined in Section 409A, and shall be paid in accordance with Section 7 of this Agreement.

(d)    Notwithstanding anything to the contrary contained herein, if Termination of Service occurs (x) by the Company or a Subsidiary without Cause or (y) by the Grantee for Good Reason, in each case, on or prior to (A) the 12 month anniversary of an Approved Transaction or (B) with respect to clause (y) of this Section 6(d) only, the later of such 12 month anniversary or the first day following the expiration of the cure period described below, then all unvested Restricted Share Units, together with any related Unpaid RSU Dividend Equivalents, will become vested in full on the date of Termination of Service. For the Grantee’s Termination of Service to qualify as for Good Reason, the Grantee must notify the Committee in writing within 30 days of the occurrence of the event giving rise to the Good Reason, and the Company must have failed to take corrective action within 30 days after such notice is given to cure the event giving rise to the Good Reason for Termination of Service.

7.    Delivery by the Company. As soon as practicable after the vesting of Restricted Share Units and any related Unpaid RSU Dividend Equivalents, pursuant to Section 5 or 6 hereof or Section 11.1(b) of the Plan, and subject to the withholding referred to in Section 13 of this

    6

Agreement, the Company will deliver or cause to be delivered to or at the direction of the Grantee (i)(a) a statement of holdings reflecting that the Shares represented by such vested Restricted Share Units are for the benefit of the Grantee in uncertificated form by a third party service provider designated by the Company, or (c) a confirmation of deposit of the Shares represented by such vested Restricted Share Units, in book-entry form, into the broker’s account designated by the Grantee, (ii) any securities constituting related vested Unpaid RSU Dividend Equivalents by any applicable method specified in clause (i) above, and (iii) any cash payment constituting related vested Unpaid RSU Dividend Equivalents. Any delivery of securities will be deemed effected for all purposes when (1) a statement of holdings reflecting such securities and, in the case of any Unpaid RSU Dividend Equivalents, any other documents necessary to reflect ownership thereof by the Grantee has been delivered personally to the Grantee or, if delivery is by mail, when the Company or its share transfer agent has deposited the statement of holdings and/or such other documents in the United States or local country mail, addressed to the Grantee, or (2) confirmation of deposit into the designated broker’s account of such securities, in written or electronic format, is first made available to the Grantee. Any cash payment will be deemed effected when a check from the Company, payable to or at the direction of the Grantee and in the amount equal to the amount of the cash payment, has been delivered personally to or at the direction of the Grantee or deposited in the United States or local country mail, addressed to the Grantee or his or her nominee.

8.    Nontransferability of Restricted Share Units Before Vesting.

(a)    Before vesting and during Grantee’s lifetime, the Restricted Share Units and any related Unpaid RSU Dividend Equivalents may not be sold, assigned, transferred by gift or otherwise, pledged, exchanged, encumbered or disposed of (voluntarily or involuntarily), other than by an assignment pursuant to a Domestic Relations Order. In the event of an assignment pursuant to a Domestic Relations Order, the unvested Restricted Share Units and any related Unpaid RSU Dividend Equivalents so assigned shall be subject to all the restrictions, terms and provisions of this Agreement and the Plan, and the assignee shall be bound by all applicable provisions of this Agreement and the Plan in the same manner as the Grantee.

(b)    The Grantee may designate a beneficiary or beneficiaries to whom the Restricted Share Units, to the extent then vested, and any related Unpaid RSU Dividend Equivalents will pass upon the Grantee’s death and may change such designation from time to time by filing a written designation of beneficiary or beneficiaries with the Committee on such form as may be prescribed by the Committee, provided that no such designation will be effective unless so filed prior to the death of the Grantee. If no such designation is made or if the designated beneficiary does not survive the Grantee’s death, the Restricted Share Units, to the extent then vested, and any related Unpaid RSU Dividend Equivalents will pass by will or the laws of descent and distribution. Following the Grantee’s death, the person to whom such vested Restricted Share Units and any related Unpaid RSU Dividend Equivalents pass according to this Section 8(b) will be deemed the Grantee for purposes of any applicable provisions of this Agreement. [CLICK HERE TO ACCESS THE DESIGNATION OF BENEFICIARY FORM.]

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9.    Adjustments. The Restricted Share Units and any related Unpaid RSU Dividend Equivalents will be subject to adjustment pursuant to Section 4.2 of the Plan in such manner as the Committee may deem equitable and appropriate in connection with the occurrence following the Grant Date of any of the events described in Section 4.2 of the Plan.

10.    Company’s Rights.    The existence of this Agreement will not affect in any way the right or power of the Company or its Shareholders to accomplish any corporate act, including, without limitation, the acts referred to in Section 11.16 of the Plan.

11.    Limitation of Rights.     Nothing in this Agreement or the Plan will be construed to give the Grantee any right to be granted any future Award other than in the sole discretion of the Committee or to give the Grantee or any other person any interest in any fund or in any specified asset or assets of the Company or any of its Subsidiaries. Neither the Grantee nor any person claiming through the Grantee will have any right or interest in Shares represented by any Restricted Share Units or any related Unpaid RSU Dividend Equivalents unless and until there shall have been full compliance with all the terms, conditions and provisions of this Agreement and the Plan.

12.    Restrictions Imposed by Law. Without limiting the generality of Section 11.8 of the Plan, the Company shall not be obligated to deliver any Shares represented by vested Restricted Share Units or securities constituting any Unpaid RSU Dividend Equivalents if counsel to the Company determines that the issuance or delivery thereof would violate any applicable law or any rule or regulation of any governmental authority or any rule or regulation of, or agreement of the Company with, any securities exchange upon which the Shares or such other securities are listed. The Company will in no event be obligated to take any affirmative action in order to cause the delivery of Shares represented by vested Restricted Share Units or securities constituting any Unpaid RSU Dividend Equivalents to comply with any such law, rule, regulation, or agreement. Any certificates representing any such securities issued or transferred under this Agreement may bear such legend or legends as the Company deems appropriate in order to assure compliance with the Act and applicable tax or securities laws.

13.    Mandatory Withholding for Taxes. To the extent the Grantee or Company is subject to withholding tax or employee social security withholding requirements under any national, state, local or other governmental law with respect to either (i) the award of Restricted Share Units to the Grantee or the vesting thereof, or (ii) the designation of any RSU Dividend Equivalents as payable or distributable or the payment, distribution or vesting thereof, in each case as determined by the Company in its sole and absolute discretion (collectively, the “Required Withholding Amount”), then the Grantee agrees that the Company shall withhold (i) from the Shares represented by vested Restricted Share Units and otherwise deliverable to the Grantee a number of Shares and/or (ii) from any related RSU Dividend Equivalents otherwise deliverable to the Grantee an amount of such RSU Dividend Equivalents, which collectively have a value (or, in the case of securities withheld, a Fair Market Value) equal to the Required Withholding Amount, unless the Grantee remits the Required Withholding Amount to the Company in cash in such form and by such time as the Company may require or other provisions for withholding such amount satisfactory to the Company have been made.  Without limitation to

    8

the foregoing sentence, the Grantee hereby agrees that the Required Withholding Amount can also be collected by (i) deducting from cash amounts otherwise payable to the Grantee (including wages or other cash compensation) or (ii) withholding from proceeds of the sale of Shares acquired upon vesting of the Restricted Share Units through a sale arranged by the Company (on the Grantee’s behalf pursuant to this authorization without further consent).  Notwithstanding any other provisions of this Agreement, the delivery of any Shares represented by vested Restricted Share Units and any related RSU Dividend Equivalents may be postponed until any required withholding taxes have been paid to the Company.

14.    Notice. Unless the Company notifies the Grantee in writing of a different procedure, any notice or other communication to the Company with respect to this Agreement will be in writing and will be delivered personally or sent by United States first class or local country mail, postage prepaid, sent by overnight courier, freight prepaid or sent by facsimile and addressed as follows:

Liberty Latin America Ltd.

1550 Wewatta Street, Suite 710
Denver, CO 80202
Attn: Chief Legal Officer

Any notice or other communication to the Grantee with respect to this Agreement will be in writing and will be delivered personally, or will be sent by United States first class or local country mail, postage prepaid, to the Grantee’s address as listed in the records of the Company on the Grant Date, unless the Company has received written notification from the Grantee of a change of address.

15.    Amendment. Notwithstanding any other provision hereof, this Agreement may be supplemented or amended from time to time as approved by the Committee. Without limiting the generality of the foregoing, without the consent of the Grantee,

(a)    this Agreement may be amended or supplemented from time to time as approved by the Committee (i) to cure any ambiguity or to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein, or (ii) to add to the covenants and agreements of the Company for the benefit of the Grantee or surrender any right or power reserved to or conferred upon the Company in this Agreement, subject to any required approval of the Shareholders and, provided, in each case, that such changes or corrections will not adversely affect the rights of the Grantee with respect to the Award evidenced hereby, or (iii) to reform the Award made hereunder as contemplated by Section 11.18 of the Plan or to exempt the Award made hereunder from coverage under Code Section 409A, or (iv) to make such other changes as the Company, upon advice of counsel, determines are necessary or advisable because of the adoption or promulgation of, or change in or of the interpretation of, any law or governmental rule or regulation, including the Act and any applicable tax or securities laws; and

(b)    subject to any required action by the Board or the Shareholders, the Restricted Share Units granted under this Agreement may be canceled by the Company and a

    9

new Award made in substitution therefor, provided that the Award so substituted will satisfy all of the requirements of the Plan as of the date such new Award is made and no such action will adversely affect any Restricted Share Units that are then vested.

16.    Grantee Employment.

(a)    Nothing contained in this Agreement, and no action of the Company or the Committee with respect hereto, will confer or be construed to confer on the Grantee any right to continue in the employ or service of the Company or any of its Subsidiaries or interfere in any way with any right of the Company or any Subsidiary, subject to the terms of any separate employment agreement to the contrary, to terminate the Grantee’s employment or service at any time, with or without Cause.

(b)    The Award hereunder is special incentive compensation that will not be taken into account, in any manner, as salary, earnings, compensation, bonus or benefits, in determining the amount of any payment under any pension, retirement, profit sharing, 401(k), life insurance, salary continuation, severance or other employee benefit plan, program or policy of the Company or any of its Subsidiaries or any employment agreement or arrangement with the Grantee.

(c)    It is a condition of the Grantee’s Award that, in the event of Termination of Service for whatever reason, whether lawful or not, including in circumstances which could give rise to a claim for wrongful and/or unfair dismissal (whether or not it is known at the time of Termination of Service that such a claim may ensue), the Grantee will not by virtue of such Termination of Service, subject to Section 6 of this Agreement, become entitled to any damages or severance or any additional amount of damages or severance in respect of any rights or expectations of whatsoever nature the Grantee may have hereunder or under the Plan. Notwithstanding any other provision of the Plan or this Agreement, the Award hereunder will not form part of the Grantee’s entitlement to remuneration or benefits pursuant to the Grantee’s employment agreement or arrangement, if any. The rights and obligations of the Grantee under the terms of his or her employment agreement or arrangement, if any, will not be enhanced hereby.

(d)    In the event of any inconsistency between the terms hereof or of the Plan and any employment, severance or other agreement or arrangement with the Grantee, the terms hereof and of the Plan shall control.

17.    Nonalienation of Benefits. Except as provided in Section 8 of this Agreement, (i) no right or benefit under this Agreement will be subject to anticipation, alienation, sale, assignment, hypothecation, pledge, exchange, transfer, encumbrance or charge, and any attempt to anticipate, alienate, sell, assign, hypothecate, pledge, exchange, transfer, encumber or charge the same will be void, and (ii) no right or benefit hereunder will in any manner be liable for or subject to the debts, contracts, liabilities or torts of the Grantee or other person entitled to such benefits.

18.    Data Privacy.

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(a)    The Grantee’s acceptance hereof shall evidence the Grantee’s explicit and unambiguous consent to the collection, use and transfer, in electronic or other form, of the Grantee’s personal data by and among, as applicable, the Grantee’s employer (the “Employer”) and the Company and its Subsidiaries and Affiliates for the exclusive purpose of implementing, administering and managing the Grantee’s participation in the Plan. The Grantee understands that the Company and the Employer may hold certain personal information about the Grantee, including, but not limited to, the Grantee’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, bonus and employee benefits, nationality, job title and description, any Shares or directorships or other positions held in the Company, its Subsidiaries and Affiliates, details of all options, share appreciation rights, restricted shares, restricted share units or any other entitlement to Shares or other Awards granted, canceled, exercised, vested, unvested or outstanding in the Grantee’s favor, annual performance objectives, performance reviews and performance ratings, for the purpose of implementing, administering and managing Awards under the Plan (“Data”).

(b)    The Grantee understands that Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in the Grantee’s country or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than the Grantee’s country. The Grantee understands that the Grantee may request a list with the names and addresses of any potential recipients of the Data by contacting the Grantee’s local human resources representative. The Grantee authorizes the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing the Grantee’s participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Grantee may elect to deposit any Shares acquired with respect to an Award.

(c)    The Grantee understands that Data will be held only as long as is necessary to implement, administer and manage the Grantee’s participation in the Plan. The Grantee understands that the Grantee may at any time view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing the Grantee’s local human resources representative. Further, the Grantee understands that he or she is providing the consents herein on a purely voluntary basis. If the Grantee does not consent, or if the Grantee later seeks to revoke his or her consent, the Grantee’s employment status or service and career with the Employer will not be adversely affected; the only adverse consequence of refusing or withdrawing the Grantee’s consent is that the Company would not be able to grant him or her RSUs or other equity awards or administer or maintain such awards. Therefore, the Grantee understands that refusing or withdrawing the Grantee’s consent may affect the Grantee’s ability to participate in the Plan. For more information on the consequences of a refusal to consent or withdrawal of consent, the Grantee may contact the Grantee’s local human resources representative.

19.    Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed in all respects exclusively by the internal laws of the State of

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Colorado as a contract to be performed in such state and without regard to any principles of conflicts of law thereof.  Each party to this Agreement hereby irrevocably consents to the exclusive jurisdiction of, and agrees that any action to enforce, interpret or construe this Agreement or any other agreement or document delivered in connection with this Agreement shall be conducted in, the federal or state courts of the State of Colorado sitting in the City and County of Denver, and the Grantee hereby submits to the personal jurisdiction of such courts and irrevocably waives any defense of improper venue or forum non conveniens to any such action brought in such courts.  Each party hereby waives its right to trial by jury.

20.    Construction.References in this Agreement to “this Agreement” and the words “herein,” “hereof,” “hereunder” and similar terms include all Exhibits and Schedules appended hereto, including the Plan. This Agreement is entered into, and the Award evidenced hereby is granted, pursuant to the Plan and shall be governed by and construed in accordance with the Plan and the administrative interpretations adopted by the Committee thereunder. The word “include” and all variations thereof are used in an illustrative sense and not in a limiting sense. All decisions of the Committee upon questions regarding this Agreement will be conclusive. Unless otherwise expressly stated herein, in the event of any inconsistency between the terms of the Plan and this Agreement, the terms of the Plan will control. The headings of the sections of this Agreement have been included for convenience of reference only, are not to be considered a part hereof and will in no way modify or restrict any of the terms or provisions hereof.

21.    Duplicate Originals.The Company and the Grantee may sign any number of copies of this Agreement. Each signed copy will be an original, but all of them together represent the same agreement. Counterparts to this Agreement may be delivered via PDF or other electronic means.

22.    Rules by Committee. The rights of the Grantee and the obligations of the Company hereunder will be subject to such reasonable rules and regulations as the Committee may adopt from time to time.

23.    Entire Agreement. This Agreement is in satisfaction of and in lieu of all prior discussions and agreements, oral or written, between the Company and the Grantee regarding the subject matter hereof. The Grantee and the Company hereby declare and represent that no promise or agreement not herein expressed has been made and that this Agreement contains the entire agreement between the parties hereto with respect to the Award and replaces and makes null and void any prior agreements between the Grantee and the Company regarding the Award. This Agreement will be binding upon and inure to the benefit of the parties and their respective heirs, successors and assigns.

24.    Grantee Acceptance. The Grantee will signify acceptance of the terms and conditions of this Agreement by signing in the space provided at the end hereof and returning a signed copy to the Company. If the Grantee does not execute and return this Agreement within 60 days of the Grant Date, the grant of Restricted Share Units shall be null and void.

25.    [280G Matters.  Except as provided in any other agreement between the Grantee and the Company, in the event it shall be determined that any payment or distribution in the

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nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of the Grantee pursuant to this Agreement, together with any other payments and benefits which the Grantee has the right to receive from the Company or any of its affiliates or any party to a transaction with the Company or any of its affiliates (“Payment”), would be subject to the excise tax imposed by Section 4999 of the Code, or any interest or penalties with respect to such excise tax (such excise tax, together with any such interest or penalties, are hereinafter collectively referred to as the “Excise Tax”), then the amount of the Payment shall be either (i) reduced (a “Reduction”) to the minimum extent necessary to avoid imposition of such Excise Tax or (ii) paid in full, whichever produces the better net after-tax position to the Grantee (taking into account any applicable excise tax under Section 4999 of the Code and any other applicable taxes).  For purposes of any Reduction, the Payments that shall be reduced shall be those that provide the Grantee the best economic benefit, and to the extent any Payments are economically equivalent, each shall be reduced pro rata. All determinations required to be made under this Section shall be made by the Company’s accounting firm (the “Accounting Firm”). The Accounting Firm shall provide detailed supporting calculations both to the Company and the Grantee. All fees and expenses of the Accounting Firm shall be borne solely by the Company. Absent manifest error, any determination by the Accounting Firm shall be binding upon the Company and the Grantee.  By accepting this Agreement, the Grantee acknowledges and agrees that the provisions of this Section shall apply to all future compensation earned by the Grantee from the Company and its affiliates, and that this Section 29 shall survive the settlement and termination of this Agreement.]5

5NTD: Include for CEO.

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        Signature Page to Restricted Share Units Agreement

    dated [__], between Liberty Latin America Ltd. and Grantee

LIBERTY LATIN AMERICA LTD.

By:

Name:

Title:

ACCEPTED:

Grantee Name:

Grant ID Number:

Number of Restricted Share Units ([__]) Awarded:     

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EX-10.3

Exhibit 10.3

[Class [__]]

LIBERTY LATIN AMERICA

2018 INCENTIVE PLAN

(Amended and Restated effective May 12, 2021)

PERFORMANCE SHARE APPRECIATION RIGHTS AGREEMENT - PHOENIX

THIS PERFORMANCE SHARE APPRECIATION RIGHTS AGREEMENT – PHOENIX (this “Agreement”) is made as of [__] (the “Grant Date”), by and between LIBERTY LATIN AMERICA LTD, a public limited company incorporated under the laws of Bermuda (the “Company”), and [__] whose address and employee number appear on the signature page hereto (the “Grantee”).

RECITALS

The Company has adopted the Liberty Latin America 2018 Incentive Plan (Amended and Restated effective May 12, 2021) (the “Plan”), which by this reference is made a part hereof, for the benefit of eligible employees of the Company and its Subsidiaries. Pursuant to Article 3 of the Plan the Company’s Board of Directors (the “Board”) appointed the Compensation Committee of the Board (the “Committee”) to administer the Plan. Capitalized terms used and not otherwise defined herein will have the meaning given thereto in the Plan. To review the Plan, please log into Shareworks by Morgan Stanley and visit the Documents tab.

The Committee has determined that it is in the best interest of the Company and its Shareholders to award a performance share appreciation right to the Grantee effective as of the Grant Date, subject to the conditions and restrictions set forth herein and in the Plan, in order to provide the Grantee additional remuneration for services rendered, to encourage the Grantee to continue to provide services to the Company or its Subsidiaries and to increase the Grantee’s personal interest in the continued success and progress of the Company.

AGREEMENT

The Company and the Grantee therefore agree as follows:

1.    Definitions. The following terms, when used in this Agreement, have the following meanings:

“Act” means the Bermuda Companies Act 1981, as amended from time to time, and the rules and regulations thereunder.

“Annual Performance Level” means the Grantee’s achievement of the minimum level of performance for certain quantitative and qualitative measures - which

include annual individual strategic, financial, transactional, organizational and/or operational goals - as set by the Grantee’s supervisor and communicated to Grantee annually for 2021, 2022, and 2023 during the Performance Period.

“Base Price” means $[__] per Share.

“Board” has the meaning specified in the Recitals to this Agreement.

“Cause” [has the meaning specified under Section 1.1 of the Employment Agreement.] [has the meaning specified for “cause” in Section 11.2(c) of the Plan.]1

“Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time, or any successor statute or statutes thereto. Reference to any specific code section shall include any successor section.

“Committee” has the meaning specified in the Recitals to this Agreement.

“Company” means Liberty Latin America Ltd., an exempted Bermuda company limited by shares.

“Disability” [has the meaning specified under Section 1.1 of the Employment Agreement.][means the inability to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months, as supported by a written opinion of a physician and determined by the Company. The Company may seek a second opinion as to the determination of Disability from a physician selected by the Company, and in such case, the Holder will be required to submit to an examination and provide the physician with any information that is necessary for such determination.]2

“Earned Performance SARs” means the number of performance-based share appreciation rights that following the completion of the Performance Period the Grantee is determined in accordance with Section 3 to have earned under this Agreement, subject to reduction, forfeiture or acceleration in accordance with Section 6 and Section 7, as applicable.

[“Employment Agreement” means that certain Employment Agreement, dated as of November 1, 2017, by and between Company and the Grantee.]3

“Good Reason” [has the meaning specified under Section 1.1 of the Employment Agreement.][for the Grantee to resign from his or her employment with the

1 NTD: Include first alternative for CEO.

2 NTD: Include first alternative for CEO.

3 NTD: Include for CEO.

Company and its Subsidiaries means that any of the following occurs, is not consented to by the Grantee and, except for purposes of Section 7(b), is not the result of the Grantee’s poor performance:

(i)    any material diminution in the Grantee’s base compensation;

(ii)    the material diminution of the Grantee’s official position or authority, but excluding isolated or inadvertent action not taken in bad faith that is remedied promptly after notice; or

(iii)    the Company requires the Grantee to relocate his/her principal business office to a different country.

For the Grantee’s Termination of Service to constitute resignation for Good Reason, the Grantee must notify the Committee in writing within 30 days of the occurrence of such event that Good Reason exists for resignation, the Company must not have taken corrective action within 60 days after such notice is given so that Good Reason for resignation ceases to exist, and the Grantee must terminate his or her employment with the Company and its Subsidiaries within six months after such notice is given or such longer period (but in any event not to exceed two years following the initial occurrence of such event) as may be required by the provisions of any employment agreement or other contract or arrangement with the Company or its Subsidiaries to which the Grantee is a party.]4

“Grant Date” has the meaning specified in the Recitals to this Agreement.

“Grantee” has the meaning specified in the preamble to this Agreement.

“Performance Period” means the period beginning on January 1, 2021 and ending December 31, 2023.

“Performance SAR” has the meaning specified in Section 2 of this Agreement. The Performance SARs represent an award of share appreciation rights that will vest at or following the end of the Performance Period.

“Plan” has the meaning specified in the preamble to this Agreement.

“Regulations” means the rules and regulations under the Code or a specified section of the Code, as applicable.

“Required Withholding Amount” has the meaning specified in Section 17 of this Agreement.

4 NTD: Include first alternative for CEO.

“Retirement” means the voluntary termination of a Grantee’s employment with the Company or its Subsidiaries, on or after the date that the sum of the Grantee’s years of age and years of continuous employment with the Company or its Subsidiaries is at least 70 (the “Rule of 70”).  For clarity, the Company will count years of continuous employment with Liberty Global plc or any of its Subsidiaries for calculating the Rule of 70 for any service rendered by the Grantee to such entities immediately prior to joining the Company or any of its Subsidiaries.     

“Review Period” means each calendar year and the period from January 1, 2021 through December 31, 2023 during the Performance Period; provided, however, that the Review Period will be a shorter period ending on the date the Annual Performance Level is assigned if the Performance SARs vest after July 31 of any calendar year during the Performance Period pursuant to the conditions of (i) Section 7 of this Agreement due to Termination of Service for death, Disability, Retirement or Termination of Service by the Company or a Subsidiary without Cause or (ii) Section 11(b) of the Plan due to an Approved Transaction, Board Change or Control Purchase.

“Section 409A” means Section 409A of the Code and related Regulations and Treasury pronouncements.

“Term” has the meaning specified in Section 2 of this Agreement.

“Termination of Service” means the termination for any reason of the Grantee’s provision of services to the Company and its Subsidiaries, as an officer, employee or independent contractor. Whether any leave of absence constitutes a Termination of Service will be determined by the Committee subject to Section 11.2(d) of the Plan. Unless the Committee otherwise determines, neither transfers of employment among the Company and its Subsidiaries, nor a change in Grantee’s status from an independent contractor to an employee will be a Termination of Service for purposes of this Agreement. Unless the Committee otherwise determines, however, any change in Grantee’s status from an employee to an independent contractor will be a Termination of Service within the meaning of this Agreement; provided, however, that, to the extent Section 409A is applicable to Grantee, any amounts otherwise be payable hereunder as nonqualified deferred compensation within the meaning of Section 409A on account of Termination of Service shall not be payable before Grantee “separates from service”, as that term is defined in Section 409A, and shall be paid in accordance with Section 17(c) of this Agreement.

“Third Party Administrator” means the company or any successor company that has been selected by the Company to maintain the database of the Plan and to provide related services, including but not limited to equity grant information, transaction processing and a grantee interface.

“Vesting Date” means March 15, 2024 or such earlier date on which the Performance SARs cease to be subject to a risk of forfeiture, as determined in

accordance with this Agreement and the Plan. “Year of Continuous Service” has the meaning specified in Section 7(d) of this Agreement.

2.    Grant of Performance SARs. Subject to the terms, conditions and restrictions herein, and pursuant to the Plan, the Company grants to the Grantee, effective as of the Grant Date, an Award of performance-based Free-Standing SAR with respect to the number of Shares set forth on the signature page hereto (“Performance SARs”). Upon exercise of a Performance SAR in accordance with this Agreement, the Company will, subject to Section 7.4 of the Plan and Section 5 below, issue to the Grantee the number of the Shares, if any, by which the Fair Market Value of the Shares represented by such Performance SAR as of the date on which such exercise is considered to occur pursuant to Section 4 exceeds the Base Price of such Performance SAR; provided, however, the Company reserves the right, upon approval of the Committee, to deliver such consideration in the form of Shares or cash equal in value to the Fair Market Value of the shares. The Performance SARs, to the extent they have become exercisable in accordance with Section 3, will be exercisable during the period commencing on the Vesting Date and expiring at the Close of Business on March 15, 2031 (the “Term”), subject to earlier termination as provided in Section 7. The Base Price and number of SARs are subject to adjustment pursuant to Section 11.

3.    Conditions of Exercise.

(a)    Unless otherwise determined by the Committee in its sole discretion, the Performance SARs will be exercisable only in accordance with the conditions stated herein.

(i)    Except as otherwise provided in Section 11.1(b) of the Plan, in the last sentence of this Section 3(a)(i), 3(a)(ii) or in Section 3(b), the Performance SARs will become exercisable on the Vesting Date, conditioned upon Grantee’s continued service through the Vesting Date and the achievement by Grantee of the Annual Performance Level throughout the Performance Period.

(ii)    The achievement of the required Annual Performance Level will be determined by the Committee in its sole discretion following the completion of the Performance Period. If the Grantee fails to maintain minimum performance levels in each Review Period, the Committee has the discretion to reduce the number of Performance SARs that may be earned. In particular, if the supervisor of the Grantee determines that the Grantee failed to meet the minimum level of performance for any Review Period, the Committee has discretion to reduce the number of Performance SARs that may become exercisable by up to 100%. The Base Price and number of Performance SARs are also subject to adjustment pursuant to Section 11.

(iii)    Based on the Grantee’s Annual Performance Level for each Review Period during the Performance Period, the Committee shall determine whether the Performance SARs should be reduced. Following such determination, the Committee shall notify the Grantee, in the form and manner as determined by the Committee, of the number of Performance SARs that will become exercisable on the Vesting Date.

(iv)    If the number of Grantee’s Performance SARs is reduced, the excess Performance SARs will immediately be cancelled.

Notwithstanding the foregoing, (x) in the event of the Grantee’s Termination of Service occurs by reason of the Grantee’s death or Disability, the Grantee (or the Grantee’s estate in the case of death) will be entitled to exercise all Performance SARs that would have become exercisable on the Vesting Date, after application of the Committee’s discretion to reduce the number that may become exercisable due to failure to maintain minimum performance levels during the Review Period prior to the Termination of Service, and (y) if the Termination of Service is by the Company or a Subsidiary without Cause (as determined in the sole discretion of the Committee) or by Grantee due to Retirement, the Grantee’s Performance SARs will terminate immediately upon such Termination of Service, unless the Compensation Committee, in its sole discretion, authorizes the Performance SARs to be exercisable based on its assessment of the Grantee’s performance levels during each Review Period prior to the Termination of Service. With respect to clause y, the number of Performance SARs that are exercisable will be as determined by the Compensation Committee, not to exceed the product of (A) 1/36 of the number of the Performance SARs that would have become exercisable on the Vesting Date, times (B) the number of full months of employment completed since the Grant Date. In each case, Grantee’s employment with Company or its Subsidiaries on the last day of each month will be considered a full month of employment.

(b)    If Grantee is suspended (with or without compensation) or is otherwise not in good standing with the Company or any Subsidiary as determined by the Company’s General Counsel due to an alleged violation of the Company’s Code of Conduct, applicable law or other misconduct (a “Suspension Event”), the Company has the right to suspend the vesting of the Performance SARs until the day after the General Counsel has determined (x) the suspension is lifted or (y) the Company determines lack of good standing has been cured (each, the “Recovery Date”). If the Suspension Event has occurred and prior to the Recovery Date, the Grantee dies, is disabled or is terminated without Cause, then the provisions of Sections 3(a)(i) and 7 continue to apply notwithstanding the Suspension Event, unless otherwise agreed by the Company. If the Grantee resigns or is terminated for Cause prior to the Recovery Date then the Performance SARs will be terminated without any further vesting after the date of the Suspension Event, unless otherwise agreed by the Company.

(c)    To the extent the Performance SARs become exercisable, all or any of such Performance SARs may be exercised (at any time or from time to time, except as otherwise provided herein) until expiration of the Term or earlier termination thereof.

(d)    The Grantee acknowledges and agrees that the Committee, in its discretion and as contemplated by Section 3.3 of the Plan, may adopt rules and regulations from time to time after the date hereof with respect to the exercise of the Performance SARs and that the exercise by the Grantee of Performance SARs will be subject to the further condition that such exercise is made in accordance with all such rules and regulations as the Committee may determine are applicable thereto.

(e)    Notwithstanding anything to the contrary contained herein, if Termination of Service (x) by the Company or a Subsidiary without Cause or (y) by the Grantee for Good Reason, in each case, occurs on or prior to (A) the 12 month anniversary of an Approved Transaction or (B) with respect to clause (y) of this Section 3(e) only, the later of such 12 month anniversary or the first day following the expiration of the cure period described below, then all Performance SARs will become exercisable on the date of Termination of Service subject to application of the Committee’s discretion to reduce the number that may become exercisable due to failure to maintain minimum performance levels during each Review Period prior to the date of the Approved Transaction. For Grantee’s Termination of Service to qualify as for Good Reason, the Grantee must notify the Committee in writing within 30 days of the occurrence of the event giving rise to the Good Reason, and the Company must have failed to take corrective action within 30 days after such notice is given to cure the event giving rise to the Good Reason for Termination of Service. The number of Performance SARs that will become exercisable due to a Board Change or Control Purchase pursuant to Section 11(b) of the Plan will be subject to application of the Committee’s discretion to reduce the number that may become exercisable due to failure to maintain minimum performance levels during each Review Period prior to the date of the Board Change or Control Purchase.

4.    Manner of Exercise. The Performance SARs will be considered exercised (as to the number of Performance SARs specified in the notice referred to in Section 4(a) below) on the latest of (i) the date of exercise designated in the written notice referred to in Section 4(a) below, (ii) if the date so designated is not a Business Day, the first Business Day following such date or (iii) the earliest Business Day by which the following have occurred:

(a)    The Grantee has either (i) notified the Third Party Administrator through its website or by telephone (see Section 13 below) of the exercise, or (ii) submitted to the Company a properly executed written notice of exercise in such form as the Committee may require containing such representations and warranties as the

Committee may require and designating, among other things, the date of exercise and the number of Performance SARs to be exercised; and

(b)    The Third Party Administrator or the Company, as the case may be, has received such other documentation, if any, that the Committee may reasonably require.

5.     Mandatory Withholding for Taxes.

(a)    The Grantee acknowledges and agrees that the Company will deduct from the Shares otherwise payable or deliverable upon exercise of any SARs, a number of Shares (valued at their Fair Market Value on the date of exercise) that is equal to the amount, if any, of all national, state and local taxes and employee social security contributions required to be withheld by the Company upon such exercise, as determined by the management of the Company in its sole and absolute discretion (the “Required Withholding Amount”). Without limitation to the foregoing sentence, the Grantee hereby agrees that the Required Withholding Amount can also be collected by (i) deducting from cash amounts otherwise payable to the Grantee (including wages or other cash compensation) or (ii) withholding from proceeds of the sale of Shares acquired upon exercise of any SARs through a sale arranged by the Company (on the Grantee’s behalf pursuant to this authorization without further consent), but in either case, subject to compliance with applicable law.

(b)    If the Grantee is subject to tax in the United Kingdom and the withholding of any income tax due is not made within 90 days of the event giving rise to the income tax liability or such other period specified in Section 222(1)(c) of the U.K. Income Tax (Earnings and Pensions) Act 2003 (the “Due Date”), the amount of any uncollected income tax shall (assuming the Grantee is not a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act)) constitute a loan owed by the Grantee to the Grantee’s employer (“Employer”), effective on the Due Date. The Grantee agrees that the loan will bear interest at the then-current HM Revenue & Customs (“HMRC”) Official Rate, it will be immediately due and repayable, and the Company and/or the Employer may recover it at any time thereafter by deduction from cash amounts otherwise payable to the Grantee (including wages or other cash compensation). If the Grantee is a director or executive officer and income tax is not collected from or paid by him or her by the Due Date, the amount of any uncollected income tax will constitute a benefit to the Grantee on which additional income tax and national insurance contributions (“NICs”) will be payable. The Grantee will be responsible for paying and reporting any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Company or the Employer, as applicable, for the value of any NICs due on this additional benefit.

6.    Delivery by the Company. As soon as practicable after receipt of all items referred to in Section 4, and subject to the withholding referred to in Section 5, the

Company will deliver or cause to be delivered to or at the direction of the Grantee the amount of consideration determined under the second sentence of Section 2 above, which consideration shall consist of Shares (valued at their Fair Market Value on the date of exercise); provided, however, the Company reserves the right, upon approval of the Committee, to deliver such consideration in the form of Shares or cash equal in value to the Fair Market Value of the Shares. Any delivery of Shares will be deemed effected for all purposes when (i) a certificate representing such Shares or statement of holdings reflecting such Shares held for the benefit of Grantee in uncertificated form by a third party service provider designated by the Company has been made available in written or electronic format to the Grantee or, if delivery is by mail, when the certificate or statement of holdings has been deposited in the United States or local country mail, addressed to the Grantee, or (ii) confirmation of deposit into the designated broker’s account of such Shares, in written or electronic format, is first made available to Grantee.

7.    Early Termination of the Performance SARs. Unless otherwise determined by the Committee in its sole discretion, after the Vesting Date, the Performance SARs will terminate prior to the expiration of the Term at the time specified below:

(a)    Subject to Section 7(b), if Termination of Service occurs other than (i) by the Company or a Subsidiary (whether for Cause or without Cause), (ii) by reason of the Grantee’s Retirement or (iii) by reason of Grantee’s death or Disability, then the Performance SARs will terminate at the Close of Business on the first Business Day following the expiration of the 90‑day period which began on the date of Termination of Service.

(b)    If the Grantee dies (i) prior to Termination of Service or prior to the expiration of a period of time following Termination of Service during which the Performance SARs remain exercisable as provided in Section 7(a) or Section 7(c), as applicable, the Performance SARs will terminate at the Close of Business on the first Business Day following the expiration of the one-year period which began on the date of the Grantee’s death, or (ii) prior to the expiration of a period of time following Termination of Service during which the Performance SARs remain exercisable as provided in Section 7(d) or Section 7(f), the Performance SARs will terminate at the Close of Business on the first Business Day following the later of the expiration of (A) the one-year period which began on the date of the Grantee’s death, (B) the Special Termination Period, or (C) the two-year period which began on the date of the Grantee’s Retirement.

(c)    Subject to Section 7(b), if Termination of Service occurs by reason of Disability, then the Performance SARs will terminate at the Close of Business on the first Business Day following the expiration of the one-year period which began on the date of Termination of Service.

(d)    If the Performance SARs are exercisable as confirmed pursuant to Section 3(a) and Termination of Service is by the Company or a Subsidiary without Cause (as determined in the sole discretion of the Committee), the Performance SARs will terminate at the Close of Business on the first Business Day following the expiration of the Special Termination Period. The Special Termination Period is the period of time beginning on the date of Termination of Service and continuing for the number of days that is equal to the sum of (a) 90, plus (b) 180 multiplied by the Grantee’s total Years of Continuous Service, provided that the Special Termination Period will in any event expire on the second anniversary of the date of Termination of Service. A Year of Continuous Service means a consecutive 12-month period, measured from the Grantee’s hire date (as reflected in the payroll records of the Company or a Subsidiary) and the anniversaries of that date, during which the Grantee is employed by the Company or a Subsidiary without interruption. If the Grantee was employed by a Subsidiary at the time of such Subsidiary’s acquisition by the Company, the Grantee’s employment with the Subsidiary prior to the acquisition date will not be included in determining the Grantee’s Years of Continuous Service unless the Committee, in its sole discretion, determines that such prior employment will be included. If the Grantee was employed by a Subsidiary at the time of a disposition of such Subsidiary by the Company, the Grantee’s employment with the Company will be a Termination of Service without Cause as provided in this subparagraph (d) (unless otherwise determined in the sole discretion of the Committee).

(e)    If Termination of Service is by the Company or a Subsidiary for Cause, then the Performance SARs will terminate immediately upon such Termination of Service.

(f)    If the Performance SARs are exercisable as confirmed pursuant to Section 3(a) and Termination of Service is due to Retirement, then the Performance SARs shall remain exercisable until the first to occur of the date that is two years after the date of the Grantee’s Retirement or the scheduled expiration of such Performance SARs.

In any event in which the Performance SARs remain exercisable for a period of time following the date of Termination of Service as provided above, the Performance SARs may be exercised during such period of time only to the extent the same were exercisable as provided in Section 3 above on

such date of Termination of Service. Notwithstanding any period of time referenced in this Section 7 or any other provision of this Section 7 that may be construed to the contrary, the Performance SARs will in any event terminate upon the expiration of the Term.

8.    Automatic Exercise of Performance SARs. Immediately prior to the termination of Performance SARs, as provided in Section 7(a), 7(b), 7(c), 7(d) or 7(f)

above or upon expiration of the Term, all remaining Performance SARs then exercisable will be deemed to have been exercised by the Grantee. Notwithstanding any other provision of this Agreement, no exercise of Performance SARs will be deemed to occur upon Termination of Service for Cause.

9.    Nontransferability. During the Grantee’s lifetime, the Performance SARs are not transferable (voluntarily or involuntarily) other than pursuant to a Domestic Relations Order and, except as otherwise required pursuant to a Domestic Relations Order, are exercisable only by the Grantee or the Grantee’s court appointed legal representative. The Grantee may designate a beneficiary or beneficiaries to whom the Performance SARs will pass upon the Grantee’s death and may change such designation from time to time by filing a written designation of beneficiary or beneficiaries with the legal department of the Company on such form as may be prescribed by the Company, provided that no such designation will be effective unless so filed prior to the death of the Grantee. If no such designation is made or if the designated beneficiary does not survive the Grantee’s death, the Performance SARs will pass by will or the laws of descent and distribution. Following the Grantee’s death, the Performance SARs, if otherwise exercisable, may be exercised by the person to whom such right passes according to this Section 9 and such person will be deemed the Grantee for purposes of any applicable provisions of this Agreement. [CLICK HERE TO ACCESS THE DESIGNATION OF BENEFICIARY FORM.]

10.    No Shareholder Rights. The Grantee will not, by reason of the Award granted under this Agreement, be deemed for any purpose to be, or to have any of the rights of, a Shareholder with respect to any Shares subject to the Performance SARs, nor will the existence of this Agreement affect in any way the right or power of the Company or its Shareholders to accomplish any corporate act, including, without limitation, the acts referred to in Section 11.16 of the Plan.

11.    Adjustments. The Performance SARs will be subject to adjustment (including, without limitation, as to the number of Performance SARs and the Base Price per Share) in the sole discretion of the Committee and in such manner as the Committee may deem equitable and appropriate in connection with the occurrence of any of the events described in Section 4.2 of the Plan following the Grant Date.

12.    Limitation of Rights. Nothing in this Agreement or the Plan will be construed to give the Grantee any right to be granted any future Award other than in the sole discretion of the Committee or give the Grantee or any other person any interest in any fund or in any specified asset or assets of the Company or any of its Subsidiaries.

13.    Restrictions Imposed by Law. Without limiting the generality of Section 11.8 of the Plan, the Grantee will not exercise any Performance SARs, and the Company will not be obligated to issue or cause to be issued any Shares, if counsel to the Company determines that such exercise or issuance would violate any applicable law or

any rule or regulation of any governmental authority or any rule or regulation of, or agreement of the Company with, any securities exchange or association upon which Shares are listed or quoted. The Company will in no event be obligated to take any affirmative action in order to cause the exercise of the Performance SARs or issuance of Shares upon exercise to comply with any such law, rule, regulation or agreement.

14.    Notice. Unless the Company notifies the Grantee in writing of a different procedure:

(a)    any notice or other communication to the Company with respect to this Agreement (other than a notice of exercise pursuant to Section 4 of this Agreement) will be in writing and will be delivered personally or sent by United States first class or local country mail, postage prepaid, overnight courier, freight prepaid or sent by facsimile and addressed as follows:

Liberty Latin America Ltd.

1550     Wewatta Street, Suite 710

Denver, CO 80202
Attn: Chief Legal Officer

(b)    any notice of exercise pursuant to Section 4 will be made to the Third Party Administrator, Shareworks by Morgan Stanley., either through its website at LibertyLatinAmerica.Solium.com or by telephone at [__].

Any notice or other communication to the Grantee with respect to this Agreement will be in writing and will be delivered personally, or will be sent by United States first class or local country mail, postage prepaid, to the Grantee’s address as listed in the records of the Company on the Grant Date, unless the Company has received written notification from the Grantee of a change of address.

15.    Amendment. Notwithstanding any other provision hereof, this Agreement may be supplemented or amended from time to time as approved by the Committee. Without limiting the generality of the foregoing, without the consent of the Grantee,

(a)    this Agreement may be amended or supplemented from time to time as approved by the Committee (i) to cure any ambiguity or to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein, or (ii) to add to the covenants and agreements of the Company for the benefit of the Grantee or surrender any right or power reserved to or conferred upon the Company in this Agreement, subject to any required approval of the Shareholders and, provided, in each case, that such changes will not adversely affect the rights of the Grantee with respect to the Award evidenced hereby, or (iii) to reform the Award made hereunder as contemplated by Section 11.18 of the Plan or to exempt the Award made hereunder from coverage under Code Section 409A, or (iv) to make such other changes as the Company,

upon advice of counsel, determines are necessary or advisable because of the adoption or promulgation of, or change in or of the interpretation of, any law or governmental rule or regulation, including the Act, and any applicable tax or securities laws; and

(b)    subject to any required action by the Board or the Shareholders, the SARs granted under this Agreement may be canceled by the Company and a new Award made in substitution therefor, provided that the Award so substituted will satisfy all of the requirements of the Plan as of the date such new Award is made and no such action will adversely affect any SARs to the extent then exercisable.

16.    Grantee Employment.

(a)    Nothing contained in this Agreement, and no action of the Company or the Committee with respect hereto, will confer or be construed to confer on the Grantee any right to continue in the employ or service of the Company or any of its Subsidiaries or interfere in any way with any right of the Company or any Subsidiary, subject to the terms of any separate employment agreement to the contrary, to terminate the Grantee’s employment or service at any time, with or without Cause.

(b)    The Award hereunder is special incentive compensation that will not be taken into account, in any manner, as salary, earnings, compensation, bonus or benefits, in determining the amount of any payment under any pension, retirement, profit sharing, 401(k), life insurance, salary continuation, severance or other employee benefit plan, program or policy of the Company or any of its Subsidiaries or any employment agreement or arrangement with the Grantee.

(c)    In the event of any inconsistency between the terms hereof or of the Plan and any employment, severance or other agreement or arrangement with the Grantee, the terms hereof and of the Plan shall control.

17.    Nonalienation of Benefits. Except as provided in Section 9 of this Agreement, (i) no right or benefit under this Agreement will be subject to anticipation, alienation, sale, assignment, hypothecation, pledge, exchange, transfer, encumbrance or charge, and any attempt to anticipate, alienate, sell, assign, hypothecate, pledge, exchange, transfer, encumber or charge the same will be void, and (ii) no right or benefit hereunder will in any manner be liable for or subject to the debts, contracts, liabilities or torts of the Grantee or other person entitled to such benefits.

18.    Data Privacy.

(a)    By accepting this Agreement, the Grantee understands that for the exclusive purpose of implementing, administering and managing the Grantee’s participation in the Plan, the following personal data of Grantee (“Data”) shall be maintained and processed by the Company and its affiliates, including, but not limited

to, the Grantee’s name, home address and telephone number, date of birth, social insurance number or other identification number, salary, bonus and employee benefits, nationality, job title and description, any Shares or directorships or other positions held in the Company, its subsidiaries and affiliates, details of all options, share appreciation rights, restricted shares, performances share units, restricted share units or any other entitlement to Shares or other Awards granted, canceled, exercised, vested, unvested or outstanding in the Grantee’s favor, annual performance objectives, performance reviews and performance ratings, for the purpose of implementing, administering and managing Awards under the Plan.

(b)    The Grantee understands that Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these recipients may be located in the Grantee’s country or elsewhere, and that the recipients’ country (e.g. the United States) may have different data privacy laws and protections than the Grantee’s country. The Grantee understands that the Grantee may request a list with the names and addresses of any potential recipients of the Data by contacting the Grantee’s local human resources representative. The Grantee authorizes the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing the Grantee’s participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Grantee may elect to deposit any Shares acquired with respect to an Award.

(c)    The Grantee understands that Data will be held only as long as is necessary to implement, administer and manage the Grantee’s participation in the Plan. The Grantee understands that the Grantee may at any time view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or exercise rights to rectify, transfer, remove or restrict use of Data as permitted by applicable law, by contacting in writing the Grantee’s local human resources representative. Notwithstanding the foregoing, the Grantee understands that if Grantee subsequently requires the removal of all or any part of the Grantee’s Data, the Company may not be able to grant him or her SARs or other equity awards or administer or maintain such awards. For more information on the privacy of the Data, the Grantee may contact the Grantee’s local human resources representative.

19.    Governing Law Jurisdiction. The validity, interpretation, construction and performance of this Agreement shall be governed in all respects exclusively by the internal laws of the State of Colorado as a contract to be performed in such state and without regard to any principles of conflicts of law thereof. Each party to this Agreement hereby irrevocably consents to the exclusive jurisdiction of, and agrees that any action to enforce, interpret or construe this Agreement or any other agreement or document delivered in connection with this Agreement shall be conducted in, the federal or state courts of the State of Colorado sitting in the City and County of Denver, and the Grantee hereby submits to the personal jurisdiction of such courts and irrevocably waives any

defense of improper venue or forum non conveniens to any such action brought in such courts. Each party hereby waives its right to trial by jury.

20.    Construction. References in this Agreement to “this Agreement” and the words “herein,” “hereof,” “hereunder” and similar terms include all Exhibits and Schedules appended hereto, including the Plan. This Agreement is entered into, and the Award evidenced hereby is granted, pursuant to the Plan and shall be governed by and construed in accordance with the Plan and the administrative interpretations adopted by the Committee thereunder. The word “include” and all variations thereof are used in an illustrative sense and not in a limiting sense. All decisions of the Committee upon questions regarding this Agreement will be conclusive. Unless otherwise expressly stated herein, in the event of any inconsistency between the terms of the Plan and this Agreement, the terms of the Plan will control. The headings of the sections of this Agreement have been included for convenience of reference only, are not to be considered a part hereof and will in no way modify or restrict any of the terms or provisions hereof.

21.    Duplicate Originals. The Company and the Grantee may sign any number of copies of this Agreement. Each signed copy will be an original, but all of them together represent the same agreement. Counterparts to this Agreement may be delivered via PDF or electronic means.

22.    Rules by Committee. The rights of the Grantee and the obligations of the Company hereunder will be subject to such reasonable rules and regulations as the Committee, in its discretion and as contemplated by Section 3.3 of the Plan, may adopt from time to time.

23.    Entire Agreement. This Agreement is in satisfaction of and in lieu of all prior discussions and agreements, oral or written, between the Company and the Grantee regarding the subject matter hereof. The Grantee and the Company hereby declare and represent that no promise or agreement not herein expressed has been made and that this Agreement contains the entire agreement between the parties hereto with respect to the Award and replaces and makes null and void any prior agreements between the Grantee and the Company regarding the Award. This Agreement will be binding upon and inure to the benefit of the parties and their respective heirs, successors and assigns.

24.    Grantee Acceptance. The Grantee will signify acceptance of the terms and conditions of this Agreement by signing in the space provided at the end hereof and returning a signed copy to the Company. If the Grantee does not execute and return this Agreement within 120 days of the Grant Date, the grant of the Performance SARs shall be null and void.

25.    [280G Matters.  Except as provided in any other agreement between the Grantee and the Company, in the event it shall be determined that any payment or

distribution in the nature of compensation (within the meaning of Section 280G(b)(2) of the Code) to or for the benefit of the Grantee pursuant to this Agreement, together with any other payments and benefits which the Grantee has the right to receive from the Company or any of its affiliates or any party to a transaction with the Company or any of its affiliates (“Payment”), would be subject to the excise tax imposed by Section 4999 of the Code, or any interest or penalties with respect to such excise tax (such excise tax, together with any such interest or penalties, are hereinafter collectively referred to as the “Excise Tax”), then the amount of the Payment shall be either (i) reduced (a “Reduction”) to the minimum extent necessary to avoid imposition of such Excise Tax or (ii) paid in full, whichever produces the better net after-tax position to the Grantee (taking into account any applicable excise tax under Section 4999 of the Code and any other applicable taxes).  For purposes of any Reduction, the Payments that shall be reduced shall be those that provide the Grantee the best economic benefit, and to the extent any Payments are economically equivalent, each shall be reduced pro rata. All determinations required to be made under this Section shall be made by the Company’s accounting firm (the “Accounting Firm”). The Accounting Firm shall provide detailed supporting calculations both to the Company and the Grantee. All fees and expenses of the Accounting Firm shall be borne solely by the Company. Absent manifest error, any determination by the Accounting Firm shall be binding upon the Company and the Grantee.  By accepting this Agreement, the Grantee acknowledges and agrees that the provisions of this Section shall apply to all future compensation earned by the Grantee from the Company and its affiliates, and that this Section 29 shall survive the settlement and termination of this Agreement.]5

5 NTD: Include for CEO.

Signature Page to Performance Share Appreciation Rights Agreement

dated as of [__] between Liberty Latin America Ltd. and Grantee.

LIBERTY LATIN AMERICA LTD.

By:

Name:

Title:

ACCEPTED:

Grantee Name:

Grant ID Number:

Number of [Share Appreciation Rights] ([__]) Awarded:     

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Balan Nair, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Liberty Latin America Ltd.;

2.Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3.Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this quarterly report based on such evaluation; and

d)Disclosed in this quarterly report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:August 4, 2021    

/s/ Balan Nair

Balan Nair

President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Christopher Noyes, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Liberty Latin America Ltd.;

2.Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3.Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this quarterly report based on such evaluation; and

d)Disclosed in this quarterly report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 4, 2021

/s/ Christopher Noyes

Christopher Noyes

Senior Vice President and Chief Financial Officer

EX-32

Exhibit 32

Certification

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of Liberty Latin America Ltd. (the "Company"), does hereby certify, to such officer's knowledge, that:

The Quarterly Report on Form 10-Q for the period ended June 30, 2021 (the "Form 10-Q") of the Company fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company as of June 30, 2021 and December 31, 2020, and for the three and six months ended June 30, 2021 and 2020.

Dated:	August 4, 2021	/s/ Balan Nair
		Balan Nair
		President and Chief Executive Officer
Dated:	August 4, 2021	/s/ Christopher Noyes
		Christopher Noyes
		Senior Vice President and Chief Financial Officer
		(Principal Financial Officer)

The foregoing certification is being furnished solely pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code) and is not being filed as part of the Form 10-Q or as a separate disclosure document.

XML

Cover - shares	6 Months Ended
	Jun. 30, 2021	Jul. 31, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-38335
Entity Registrant Name	Liberty Latin America Ltd.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-1386359
Entity Address, Address Line One	2 Church Street,
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM 11
Entity Address, Country	BM
City Area Code	441
Local Phone Number	295-5950
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001712184
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Class A
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Shares, par value $0.01 per share
Trading Symbol	LILA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		48,482,714
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1,932,015
Common Class C
Entity Information [Line Items]
Title of 12(b) Security	Class C Common Shares, par value $0.01 per share
Trading Symbol	LILAK
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		182,648,663

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 1,311.1	$ 894.2
Trade receivables, net of allowances of $91.6 million and $100.0 million, respectively	591.6	560.7
Prepaid expenses	91.0	62.6
Other current assets, net	527.2	434.4
Total current assets	2,520.9	1,951.9
Goodwill	4,775.2	4,885.5
Property and equipment, net	4,873.1	4,911.4
Intangible assets subject to amortization, net	755.3	858.9
Intangible assets not subject to amortization	1,465.0	1,465.6
Other assets, net	1,108.4	1,156.7
Total assets	15,497.9	15,230.0
Current liabilities:
Accounts payable	366.1	351.7
Current portion of deferred revenue	166.8	184.9
Current portion of debt and finance lease obligations	164.6	161.9
Accrued capital expenditures	55.4	73.6
Accrued interest	141.2	132.3
Accrued payroll and employee benefits	92.1	107.5
Derivative instruments	69.2	90.2
Other accrued and current liabilities	634.6	602.9
Total current liabilities	1,690.0	1,705.0
Long-term debt and finance lease obligations	8,629.7	8,195.3
Deferred tax liabilities	638.7	619.9
Deferred revenue	168.1	185.3
Other long-term liabilities	835.4	1,080.8
Total liabilities	11,961.9	11,786.3
Commitments and contingencies
Liberty Latin America shareholders:
Undesignated preference shares, $0.01 par value; 50,000,000 shares authorized; nil shares issued and outstanding at each period	0.0	0.0
Treasury shares, at cost; 1,673,374 and 966,974 shares, respectively	(19.5)	(9.5)
Additional paid-in capital	5,032.5	4,982.0
Accumulated deficit	(2,042.3)	(2,134.5)
Accumulated other comprehensive loss, net of taxes	(162.3)	(125.6)
Total Liberty Latin America shareholders	2,810.7	2,714.7
Noncontrolling interests	725.3	729.0
Total equity	3,536.0	3,443.7
Total liabilities and equity	15,497.9	15,230.0
Class A, $0.01 par value; 500,000,000 shares authorized; 49,994,396 and 48,994,180 shares issued and outstanding, respectively, at June 30, 2021; 49,303,401 and 49,009,585 shares issued and outstanding, respectively, at December, 31, 2020
Liberty Latin America shareholders:
Common stock	0.5	0.5
Class B, $0.01 par value; 50,000,000 shares authorized; 1,932,015 shares issued and outstanding at June 30, 2021; 1,932,386 shares issued and outstanding at December 31, 2020
Liberty Latin America shareholders:
Common stock	0.0	0.0
Class C, $0.01 par value; 500,000,000 shares authorized; 183,223,984 and 182,550,826 shares issued and outstanding, respectively, at June 30, 2021; 181,786,924 and 181,113,766 shares issued and outstanding, respectively, at December 31, 2020
Liberty Latin America shareholders:
Common stock	$ 1.8	$ 1.8

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Trade receivables, net of allowance	$ 91.6	$ 100.0
Preferred shares, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury shares (in shares)	1,673,374	966,974
Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	49,994,396	49,303,401
Common stock, shares outstanding (in shares)	48,994,180	49,009,585
Class B
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	1,932,015	1,932,386
Common stock, shares outstanding (in shares)	1,932,015	1,932,386
Class C
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	183,223,984	181,786,924
Common stock, shares outstanding (in shares)	182,550,826	181,113,766

XML

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 1,168.0	$ 848.9	$ 2,327.9	$ 1,779.9
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services	275.7	179.7	555.9	390.5
Other operating costs and expenses	461.1	360.1	914.5	740.2
Depreciation and amortization	254.0	216.4	499.9	429.9
Impairment, restructuring and other operating items, net	17.0	298.7	19.2	317.5
Operating costs and expenses (exclusive of depreciation and amortization)	1,007.8	1,054.9	1,989.5	1,878.1
Operating income (loss)	160.2	(206.0)	338.4	(98.2)
Non-operating income (expense):
Interest expense	(133.7)	(135.3)	(260.1)	(278.6)
Realized and unrealized gains (losses) on derivative instruments, net	57.3	(179.0)	172.2	(161.6)
Foreign currency transaction gains (losses), net	(44.4)	19.1	(69.8)	(145.2)
Losses on debt extinguishment	0.0	0.0	(23.3)	(3.4)
Other income (expense), net	(0.4)	4.8	(1.0)	11.6
Non-operating income (expense)	(121.2)	(290.4)	(182.0)	(577.2)
Earnings (loss) before income taxes	39.0	(496.4)	156.4	(675.4)
Income tax expense	(38.0)	(3.8)	(66.0)	(9.4)
Net earnings (loss)	1.0	(500.2)	90.4	(684.8)
Net loss attributable to noncontrolling interests	3.4	107.2	1.8	111.1
Net earnings (loss) attributable to Liberty Latin America shareholders	$ 4.4	$ (393.0)	$ 92.2	$ (573.7)
Basic net earnings (loss) per share attributable to Liberty Latin America shareholders (in dollars per share)	$ 0.02	$ (2.12)	$ 0.40	$ (3.10)
Dilutive net earnings (loss) per share attributable to Liberty Latin America shareholders (in dollars per share)	$ 0.02	$ (2.12)	$ 0.39	$ (3.10)

XML

Condensed Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 1.0	$ (500.2)	$ 90.4	$ (684.8)
Other comprehensive loss, net of taxes:
Foreign currency translation adjustments	(17.1)	(35.7)	(43.1)	(40.4)
Reclassification adjustments included in net earnings (loss)	1.4	(0.3)	2.6	(3.1)
Pension-related adjustments and other, net	3.0	0.5	3.2	1.6
Other comprehensive loss	(12.7)	(35.5)	(37.3)	(41.9)
Comprehensive earnings (loss)	(11.7)	(535.7)	53.1	(726.7)
Comprehensive loss attributable to noncontrolling interests	3.8	107.7	2.4	111.8
Comprehensive earnings (loss) attributable to Liberty Latin America shareholders	$ (7.9)	$ (428.0)	$ 55.5	$ (614.9)

XML

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Cumulative Effect, Period of Adoption, Adjusted Balance	Total Liberty Latin America shareholders	Total Liberty Latin America shareholders Cumulative Effect, Period of Adoption, Adjustment	Total Liberty Latin America shareholders Cumulative Effect, Period of Adoption, Adjusted Balance	Common shares Common Class A	Common shares Common Class A Cumulative Effect, Period of Adoption, Adjusted Balance	Common shares Common Class B	Common shares Common Class B Cumulative Effect, Period of Adoption, Adjusted Balance	Common shares Common Class C	Common shares Common Class C Cumulative Effect, Period of Adoption, Adjusted Balance	Treasury Stock	Treasury Stock Cumulative Effect, Period of Adoption, Adjusted Balance	Additional paid-in capital	Additional paid-in capital Cumulative Effect, Period of Adoption, Adjusted Balance	Accumulated deficit	Accumulated deficit Cumulative Effect, Period of Adoption, Adjustment	Accumulated deficit Cumulative Effect, Period of Adoption, Adjusted Balance	Accumulated other comprehensive loss, net of taxes	Accumulated other comprehensive loss, net of taxes Cumulative Effect, Period of Adoption, Adjusted Balance	Non-controlling interests	Non-controlling interests Cumulative Effect, Period of Adoption, Adjustment	Non-controlling interests Cumulative Effect, Period of Adoption, Adjusted Balance
Beginning Balance at Dec. 31, 2019	$ 3,979.9	$ 0.0	$ 3,979.9	$ 3,109.8	$ (0.2)	$ 3,109.6	$ 0.5	$ 0.5	$ 0.0	$ 0.0	$ 1.3	$ 1.3	$ 0.0	$ 0.0	$ 4,569.9	$ 4,569.9	$ (1,447.1)	$ (0.2)	$ (1,447.3)	$ (14.8)	$ (14.8)	$ 870.1	$ 0.2	$ 870.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	(684.8)			(573.7)													(573.7)					(111.1)
Other comprehensive earnings (loss)	(41.9)			(41.2)																(41.2)		(0.7)
Repurchase of Liberty Latin America common shares	(9.5)			(9.5)									(9.5)
Share-based compensation	35.4			35.4											35.4
Other	0.8			0.9											0.9							(0.1)
Ending Balance at Jun. 30, 2020	3,279.9			2,521.5			0.5		0.0		1.3		(9.5)		4,606.2		(2,021.0)			(56.0)		758.4
Beginning Balance at Mar. 31, 2020	3,809.4			2,943.3			0.5		0.0		1.3		(1.7)		4,592.2		(1,628.0)			(21.0)		866.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	(500.2)			(393.0)													(393.0)					(107.2)
Other comprehensive earnings (loss)	(35.5)			(35.0)																(35.0)		(0.5)
Repurchase of Liberty Latin America common shares	(7.8)			(7.8)									(7.8)
Share-based compensation	14.0			14.0											14.0
Other	0.0
Ending Balance at Jun. 30, 2020	3,279.9			2,521.5			0.5		0.0		1.3		(9.5)		4,606.2		(2,021.0)			(56.0)		758.4
Beginning Balance at Dec. 31, 2020	3,443.7			2,714.7			0.5		0.0		1.8		(9.5)		4,982.0		(2,134.5)			(125.6)		729.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	90.4			92.2													92.2					(1.8)
Other comprehensive earnings (loss)	(37.3)			(36.7)																(36.7)		(0.6)
Repurchase of Liberty Latin America common shares	(10.0)			(10.0)									(10.0)
Distributions to noncontrolling interest owners	(1.3)																					(1.3)
Share-based compensation	50.6			50.6											50.6
Other	(0.1)			(0.1)											(0.1)
Ending Balance at Jun. 30, 2021	3,536.0			2,810.7			0.5		0.0		1.8		(19.5)		5,032.5		(2,042.3)			(162.3)		725.3
Beginning Balance at Mar. 31, 2021	3,536.3			2,805.9			0.5		0.0		1.8		(9.5)		5,009.8		(2,046.7)			(150.0)		730.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	1.0			4.4													4.4					(3.4)
Other comprehensive earnings (loss)	(12.7)			(12.3)																(12.3)		(0.4)
Repurchase of Liberty Latin America common shares	(10.0)			(10.0)									(10.0)
Distributions to noncontrolling interest owners	(1.3)																					(1.3)
Share-based compensation	22.7			22.7											22.7
Ending Balance at Jun. 30, 2021	$ 3,536.0			$ 2,810.7			$ 0.5		$ 0.0		$ 1.8		$ (19.5)		$ 5,032.5		$ (2,042.3)			$ (162.3)		$ 725.3

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net earnings (loss)	$ 1.0	$ (500.2)	$ 90.4	$ (684.8)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Share-based compensation expense	32.8	23.5	55.8	47.3
Depreciation and amortization	254.0	216.4	499.9	429.9
Impairment			2.9	278.7
Loss (gain) on dispositions			(9.1)	1.1
Amortization of debt financing costs, premiums and discounts, net			15.9	14.5
Realized and unrealized losses (gains) on derivative instruments, net	(57.3)	179.0	(172.2)	161.6
Foreign currency transaction losses, net	44.4	(19.1)	69.8	145.2
Losses on debt extinguishment	0.0	0.0	23.3	3.4
Deferred income tax expense (benefit)			27.1	(19.0)
Changes in operating assets and liabilities, net of the effect of acquisitions and dispositions			(160.1)	(24.3)
Net cash provided by operating activities			443.7	353.6
Cash flows from investing activities:
Capital expenditures			(334.2)	(271.4)
Cash received upon dispositions			20.6	0.3
Other investing activities, net			(27.3)	8.0
Net cash used by investing activities			(340.9)	(263.1)
Cash flows from financing activities:
Borrowings of debt			732.5	652.9
Payments of principal amounts of debt and finance lease obligations			(334.2)	(201.8)
Net cash received (paid) related to derivative instruments			(43.0)	180.7
Payment of financing costs and debt redemption premiums			(34.1)	(26.8)
Repurchase of Liberty Latin America common shares			(9.3)	(9.5)
Distributions to noncontrolling interest owners			(1.3)	(0.7)
Other financing activities, net			(7.2)	(7.4)
Net cash provided by financing activities			303.4	587.4
Effect of exchange rate changes on cash, cash equivalents and restricted cash			0.4	(11.2)
Net increase in cash, cash equivalents and restricted cash			406.6	666.7
Cash, cash equivalents and restricted cash:
Beginning of period			912.5	2,457.0
End of period	$ 1,319.1	$ 3,123.7	1,319.1	3,123.7
Cash paid for interest			226.7	247.2
Net cash paid for taxes			$ 40.1	$ 14.0

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Basis of Presentation

6 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

See the Glossary of defined terms at the beginning of this Quarterly Report on Form 10-Q for terms used throughout the condensed consolidated financial statements and related notes.

General

Liberty Latin America is a registered company in Bermuda that primarily includes: (i) C&W; (ii) Liberty Communications PR; (iii) VTR; and (iv) LBT CT Communications, S.A. (a less than wholly-owned entity) and its subsidiary, Cabletica. C&W owns less than 100% of certain of its consolidated subsidiaries, including C&W Bahamas, C&W Jamaica and CWP.

We are an international provider of fixed, mobile and subsea telecommunications services. We provide residential and B2B services in (i) over 20 countries across Latin America and the Caribbean through two of our reportable segments, C&W Caribbean and Networks and C&W Panama, (ii) Puerto Rico, through our reportable segment Liberty Puerto Rico, (iii) Chile, through our reportable segment VTR, and (iv) Costa Rica, through our reportable segment Cabletica. As a result of organizational changes during the first quarter of 2021, VTR and Cabletica are now each a separate operating and reportable segment rather than one segment. For additional information regarding our segment change, see note 18. Through our Networks & LatAm business, C&W Caribbean and Networks also provides (i) B2B services in certain other countries in Latin America and the Caribbean and (ii) wholesale communication services over its subsea and terrestrial fiber optic cable networks that connect over 40 markets in that region.

Unless otherwise indicated, ownership percentages and convenience translations into U.S. dollars are calculated as of June 30, 2021.

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by U.S. GAAP or Securities and Exchange Commission rules and regulations for complete financial statements. In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods presented. The results of operations for any interim period are not necessarily indicative of results for the full year. These condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto included in our 2020 Form 10-K.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, expected credit losses, programming and copyright expenses, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, useful lives of long-lived assets and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates. Certain prior period amounts have been reclassified to conform to the current period presentation.

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Accounting Changes and Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2021

Accounting Changes and Error Corrections [Abstract]

Accounting Changes and Recent Accounting Pronouncements

Accounting Changes and Recent Accounting Pronouncements

Accounting Changes

ASU 2018-14

In August 2018, the FASB issued ASU No. 2018-14, Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans (ASU 2018-14), which removes and modifies certain existing disclosure requirements and adds new disclosure requirements related to employer sponsored defined benefit pension or other postretirement plans. We adopted ASU 2018-14 effective January 1, 2021 and it did not have a material impact on the disclosures in our condensed consolidated financial statements.

Recent Accounting Pronouncements

ASU 2020-04 and ASU 2021-01

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04), which provides optional guidance for a limited time to ease the potential accounting burden associated with transitioning away from reference rates, such as the LIBOR, which regulators in the U.K. have announced will be phased out by the end of 2021. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) (ASU 2021-01), which clarifies certain optional expedients and exceptions in ASC 848. The expedients and exceptions provided by ASU 2020-04 and ASU 2021-01 are for the application of U.S. GAAP to contracts, hedging relationships and other transactions affected by the rate reform, and will not be available after December 31, 2022, other than for certain hedging relationships entered into before December 31, 2022. We do not currently expect that the phase out of LIBOR will have a material impact on our consolidated financial statements.

ASU 2020-06

In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity’s Own Equity: Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06), which (i) reduces the number of accounting models for convertible instruments and allows more contracts to qualify for equity classification and (ii) makes targeted improvements to convertible instruments and earnings-per-share disclosure requirements. ASU 2020-06 is effective for annual reporting periods after December 15, 2021, including interim periods within those fiscal years, with early adoption permitted, but no earlier than annual and interim periods in fiscal years beginning after December 15, 2020. While we are still evaluating the impact of ASU 2020-06, we do not currently expect it will have a material impact on our consolidated financial statements.

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Current Expected Credit Losses

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Current Expected Credit Losses

Current Expected Credit Losses

The changes in our trade receivables allowance for credit losses are set forth below:

	Six months ended June 30,
	2021		2020
	in millions
Balance at beginning of period	$	100.0	$	87.3
Provision for expected losses	23.2		36.0
Write-offs	(27.0)		(24.5)
Foreign currency translation adjustments and other	(4.6)		5.3
Balance at end of period	$	91.6	$	104.1

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Acquisitions

6 Months Ended

Jun. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Acquisitions

Pending Acquisition

Telefónica-Costa Rica Acquisition. On July 30, 2020, we entered into a definitive agreement to acquire Telefónica S.A.’s wireless operations in Costa Rica in an all-cash transaction based upon an enterprise value of $500 million on a cash- and debt-free basis. The transaction is subject to certain customary closing conditions, including regulatory approvals. On August 2, 2021, we announced that the parties had received the required government and regulatory approvals to complete the transaction. We expect to close the transaction by mid-August 2021.

2020 Acquisition

AT&T Acquisition. On October 31, 2020, we acquired from AT&T all of the outstanding shares of the AT&T Acquired Entities, which following the closing of the AT&T Acquisition are referred to as Liberty Mobile and its subsidiaries. The operations acquired in the AT&T Acquisition provide consumer mobile and B2B services in Puerto Rico and the U.S. Virgin Islands.

The United States Department of Justice, as a condition of approval of the AT&T Acquisition, required us to divest certain B2B operations that were a part of our then-existing operations in Puerto Rico; a condition that we fulfilled in January 2021 by divesting those same B2B operations for a stated sales price of $22 million. In connection with this divestiture, we recognized a gain on sale of $9 million, which is included in impairment, restructuring and other operating items, net, in our condensed consolidated statement of operations.

AT&T will provide ongoing support to the AT&T Acquired Entities under the TSA for a period up to 36 months following the closing of the AT&T Acquisition. Services under the TSA include, but are not limited to, (i) network operations, (ii) customer service, (iii) finance and accounting, (iv) information technology, (v) sales and marketing and (vi) content-related services. We may terminate any services under the TSA upon sixty business days’ notice to AT&T in accordance with the terms and conditions of the TSA.

We have accounted for the AT&T Acquisition as a business combination using the acquisition method of accounting, whereby the total purchase price was allocated to the acquired identifiable net assets of the AT&T Acquired Entities based on assessments of their respective fair values, and the excess of the total purchase price over the fair values of these identifiable net assets was allocated to goodwill. The purchase price allocation to the assets acquired and liabilities assumed, including the residual amount allocated to goodwill, is based on preliminary information. During the measurement period, we will adjust the values attributed to our preliminary opening balance sheet, most notably acquired property and equipment, intangible assets, leases and income taxes, as additional information is obtained about facts and circumstances that existed as of the closing date of the AT&T Acquisition and as we complete our evaluation of valuations provided by a third-party specialist.

The preliminary information available to us to allocate consideration to acquired spectrum intangible assets is impacted by limitations on our ability to obtain all necessary information regarding the assets acquired, resulting in the on-going analysis of market data to establish an estimate. We expect the valuation of the spectrum intangible assets, which are currently based upon the historical values of the AT&T Acquired Entities, will require the anticipated use of either an adjusted “market” approach, which requires the calibration of observable market inputs to reflect the fair value of the assets acquired, or a combination of an adjusted market-based approach with an income-based approach, which requires a wide range of assumptions and inputs, including forecasting costs associated with building a complementary asset base.

The valuation of the customer relationship intangible assets, which is currently based upon a preliminary multi-period excess earnings valuation method, will require updates to assumptions and inputs used, including the determination of contributory asset charges dependent on the valuation of the property and equipment and spectrum intangible assets. For additional information regarding fair value methods used in acquisition accounting, see note 6.

A summary of the preliminary opening balance sheet of the AT&T Acquired Entities at the October 31, 2020 acquisition date is presented in the following table (in millions):

Trade receivables	$	52.8
Prepaid expenses	0.1
Other current assets (a)	102.7
Goodwill (b)	317.9
Property and equipment	768.6
Intangible assets subject to amortization, net (c)	82.7
Intangible assets not subject to amortization (d)	894.4
Other assets (a) (e)	272.6
Accounts payable	(3.0)
Current portion of debt and finance lease obligations	(0.2)
Other accrued and current liabilities (e)	(64.5)
Long-term debt and finance lease obligations	(10.6)
Non-current deferred tax liabilities	(313.8)
Other long-term liabilities (e)	(167.3)
Total purchase price (f)	$	1,932.4

(a)Other current assets and other assets include $67 million and $39 million, respectively, in equipment installment-plan receivables.

(b)The goodwill recognized in connection with the AT&T Acquisition is primarily attributable to (i) the ability to take advantage of the AT&T Acquired Entities’ existing mobile network to gain immediate access to potential customers and (ii) synergies that are expected to be achieved through the integration of the AT&T Acquired Entities with Liberty Latin America. Due to the nature of the AT&T Acquisition, no tax deductions related to goodwill are expected.

(c)Amount includes intangible assets related to customer relationships. At October 31, 2020 the preliminary assessment of the weighted average useful life of the acquired customer relationship intangible assets was approximately 10 years.

(d)Amount represents the preliminary value of spectrum licenses.

(e)Other assets, other accrued and current liabilities and other long-term liabilities include $182 million, $33 million and $163 million related to operating lease right-of-use assets, current operating lease obligations and non-current operating lease obligations, respectively.

(f)Amount excludes $51 million and $5 million of direct acquisition costs, incurred during 2020 and 2019, respectively. Direct acquisition costs are included in impairment, restructuring and other operating items, net, in our consolidated statements of operations.

Supplemental Pro Forma Information

The following unaudited pro forma financial information for the three and six months ended June 30, 2020 is based on the historical carve-out financial statements of the AT&T Acquired Entities and is intended to provide information about how the AT&T Acquisition may have affected Liberty Latin America’s historical condensed consolidated financial statements if it had closed as of January 1, 2019. The pro forma financial information below is based on available information and assumptions that we believe are reasonable. The pro forma financial information is for illustrative and informational purposes only and is not intended to represent or be indicative of what our results of operations would have been had the AT&T Acquisition occurred on the date indicated nor should it be considered representative of our future financial condition or results of operations.

	Three months ended June 30, 2020		Six months ended June 30, 2020
	in millions
Revenue	$	1,063.8	$	2,206.8
Net loss attributable to Liberty Latin America shareholders	$	(350.6)	$	(503.3)

The pro forma information set forth in the table above includes tax-effected pro forma adjustments primarily related to:

i.the impact of estimated costs associated with the TSA that replaced parent-company allocations included in the historical financial statements of the AT&T Acquired Entities;

ii.the impact of new rate agreements associated with roaming, subsea and ethernet services;

iii.the alignment of accounting policies;

iv.interest expense related to additional borrowings in conjunction with the AT&T Acquisition; and

v.the elimination of direct acquisition costs.

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Derivative Instruments

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative Instruments

In general, we seek to enter into derivative instruments to protect against (i) increases in the interest rates on our variable-rate debt and (ii) foreign currency movements, particularly with respect to borrowings that are denominated in a currency other than the functional currency of the borrowing entity. In this regard, through our subsidiaries, we have entered into various derivative instruments to manage interest rate exposure and foreign currency exposure with respect to the U.S. dollar, the CLP, the COP and the JMD. With the exception of certain foreign currency forward contracts, we do not apply hedge accounting to our derivative instruments. Accordingly, changes in the fair values of most of our derivative instruments are recorded in realized and unrealized gains or losses on derivative instruments in our condensed consolidated statements of operations.

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

	June 30, 2021						December 31, 2020
	Current (a)		Long-term (a)		Total		Current (a)		Long-term (a)		Total
	in millions
Assets:
Cross-currency and interest rate derivative contracts (b)	$	0.5	$	19.1	$	19.6	$	0.7	$	4.4	$	5.1
Foreign currency forward contracts	1.4		1.8		3.2		—		—		—
Total	$	1.9	$	20.9	$	22.8	$	0.7	$	4.4	$	5.1
Liabilities:
Cross-currency and interest rate derivative contracts (b)	$	63.1	$	166.9	$	230.0	$	71.4	$	403.0	$	474.4
Foreign currency forward contracts	6.1		—		6.1		18.8		—		18.8
Total	$	69.2	$	166.9	$	236.1	$	90.2	$	403.0	$	493.2

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

(b)We consider credit risk relating to our and our counterparties’ nonperformance in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our primary borrowing groups (see note 8). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net gains (losses) of ($9 million) and $7 million during the three months ended June 30, 2021 and 2020, respectively, and ($30 million) and $40 million during the six months ended June 30, 2021 and 2020, respectively. These amounts are included in realized and unrealized gains (losses) on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 6.

The derivative assets set forth in the table above exclude our Weather Derivatives as they are not accounted for at fair value. The premium payments associated with our Weather Derivatives are included in other current assets, net, in our condensed consolidated balance sheets.

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

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
Cross-currency and interest rate derivative contracts (a)	$	59.6	$	(173.3)	$	179.1	$	(164.0)
Foreign currency forward contracts	4.0		(2.4)		4.7		8.1
Weather Derivatives	(6.3)		(3.3)		(11.6)		(5.7)
Total	$	57.3	$	(179.0)	$	172.2	$	(161.6)

(a) The losses for the three and six months ended June 30, 2020 include a realized gain (loss) of ($106 million) and $71 million, respectively, associated with the settlement of certain cross-currency interest rate swaps at VTR in June 2020 that were unwound in connection with the refinancing of certain VTR debt in 2020.

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

	Six months ended June 30,
	2021		2020
	in millions
Operating activities	$	(37.2)	$	2.8
Investing activities	(1.7)		5.8
Financing activities (a)	(43.0)		180.7
Total	$	(81.9)	$	189.3

(a)     The 2021 amount is associated with activity during the first quarter of 2021 primarily related to (i) $11 million associated with the settlement of interest rate swaps at VTR in connection with the refinancing of the VTR Credit Facilities and (ii) $32 million associated with the settlement of interest rate swaps at Liberty Puerto Rico in connection with the refinancing of the LPR Credit Facilities. The 2020 amount is primarily related to the settlement of certain cross-currency interest rate swaps at VTR. For additional information regarding our debt refinancing activity, see note 8.

Counterparty Credit Risk

We are exposed to the risk that the counterparties to the derivative instruments of our borrowing groups will default on their obligations to us. We manage these credit risks through the evaluation and monitoring of the creditworthiness of, and concentration of risk with, the respective counterparties. In this regard, credit risk associated with our derivative instruments is spread across a relatively broad counterparty base of banks and financial institutions. Collateral has not been posted by either party under the derivative instruments of our borrowing groups. At June 30, 2021, our exposure to counterparty credit risk resulting from our net derivative position was not material.

Each of our borrowing groups has entered into derivative instruments under agreements with each counterparty that contain master netting arrangements that are applicable in the event of early termination by either party to such derivative instrument. The master netting arrangements under each of these master agreements are limited to the derivative instruments governed by the relevant master agreement within each individual borrowing group and are independent of similar arrangements of our other subsidiary borrowing groups.

Details of our Derivative Instruments

Cross-currency Derivative Contracts

As noted above, we are exposed to foreign currency exchange rate risk in situations where our debt is denominated in a currency other than the functional currency of the operations whose cash flows support our ability to service, repay or refinance such debt. Although we generally seek to match the denomination of our borrowings with the functional currency of the operations that are supporting the respective borrowings, market conditions or other factors may cause us to enter into borrowing arrangements that are not denominated in the functional currency of the underlying operations (unmatched debt). Our policy is generally to provide for an economic hedge against foreign currency exchange rate movements, whenever possible and when cost effective to do so, by using derivative instruments to synthetically convert unmatched debt into the applicable underlying currency.

The following table sets forth the total notional amounts and the related weighted average remaining contractual lives of our cross-currency swap contracts at June 30, 2021:

Borrowing group	Notional amount due from counterparty		Notional amount due to counterparty		Weighted average remaining life
	in millions				in years
C&W	$	56.3	COP	197,014.1	5.1
VTR	$	1,380.0	CLP	1,096,693.0	5.2

Interest Rate Derivative Contracts

Interest Rate Swaps

As noted above, we enter into interest rate swaps to protect against increases in the interest rates on our variable-rate debt. Pursuant to these derivative instruments, we typically pay fixed interest rates and receive variable interest rates on specified notional amounts. The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at June 30, 2021:

Borrowing group	Notional amount due from counterparty		Weighted average remaining life
	in millions		in years
C&W (a)	$	2,250.0	4.9
Liberty Puerto Rico	$	500.0	7.3
Cabletica	$	53.5	2.0

(a)Includes forward-starting derivative instruments.

Basis Swaps

Basis swaps involve the exchange of attributes used to calculate our floating interest rates, including (i) the benchmark rate, (ii) the underlying currency and/or (iii) the borrowing period. We typically enter into these swaps to optimize our interest rate profile based on our current evaluations of yield curves, our risk management policies and other factors. The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our basis swap contracts at June 30, 2021:

Borrowing group	Notional amount due from counterparty		Weighted average remaining life
	in millions		in years
C&W	$	1,510.0	0.5
Liberty Puerto Rico	$	500.0	0.5

Foreign Currency Forwards Contracts

We enter into foreign currency forward contracts with respect to non-functional currency exposure. The following table sets forth amounts due to and from our counterparties and the related weighted average remaining contractual lives of our foreign currency forward contracts at June 30, 2021:

Borrowing group	Notional amount due from counterparty		Notional amount due to counterparty		Weighted average remaining life
	in millions				in years
VTR	$	244.5	CLP	182,692.5	0.7
Cabletica	$	14.8	CRC	9,248.9	0.2

Interest Rate Floors

Interest rate floors provide protection against interest rates falling below a pre-set level. During 2021, we entered into a forward-starting interest rate floor at Liberty Puerto Rico associated with the refinancing of the LPR Credit Facilities. At June 30, 2021, the total notional amount of our interest rate floor was $500 million with a remaining contractual life of 7.3 years.

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Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

General

We record most of our derivative instruments at fair value. The reported fair values of our derivative instruments as of June 30, 2021 likely will not represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities, as we expect that the values realized generally will be based on market conditions at the time of settlement, which may occur at the maturity of the derivative instrument or at the time of the repayment or refinancing of the underlying debt instrument.

U.S. GAAP provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability.

Recurring Fair Value Measurements

Derivatives

In order to manage our interest rate and foreign currency exchange risk, we have entered into various derivative instruments, as further described in note 5. The recurring fair value measurements of these derivative instruments are determined using discounted cash flow models. Most of the inputs to these discounted cash flow models consist of, or are derived from, observable Level 2 data for substantially the full term of these derivative instruments. This observable data mostly includes interest rate futures and swap rates, which are retrieved or derived from available market data. Although we may extrapolate or interpolate this data, we do not otherwise alter this data in performing our valuations. We incorporate a credit risk valuation adjustment in our fair value measurements to estimate the impact of both our own nonperformance risk and the nonperformance risk of our counterparties. Our and our counterparties’ credit spreads represent our most significant Level 3 inputs, and these inputs are used to derive the credit risk valuation adjustments with respect to these instruments. As we would not expect changes in our or our counterparties’ credit spreads to have a significant impact on the valuations of these instruments, we have determined that these valuations fall under Level 2 of the fair value hierarchy. Our credit risk valuation adjustments with respect to our interest rate and cross-currency derivative contracts are quantified and further explained in note 5. The Sable Currency Swaps, which were fully settled during the first quarter of 2021, were our only Level 3 financial instruments due to the lack of Level 2 inputs for the valuation. The fair value of the Sable Currency Swaps at December 31, 2020 was $1 million, which is included in other assets, net, in our condensed consolidated balance sheet. The change in the fair value of the Sable Currency Swaps resulted in net gains (losses) of nil and $3 million during the three months ended June 30,

2021 and 2020, respectively, and ($1 million) and $13 million during the six months ended June 30, 2021 and 2020, respectively, which are reflected in realized and unrealized gains (losses) on derivative instruments, net, in our condensed consolidated statements of operations.

Nonrecurring Fair Value Measurements

Fair value measurements are also used for purposes of nonrecurring valuations performed in connection with acquisition accounting and impairment assessments.

Acquisition Accounting

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

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

•Customer relationships. The valuation of customer relationships is primarily based on an excess earnings methodology, which is a form of a discounted cash flow analysis. The excess earnings methodology for customer relationship intangible assets requires us to estimate the specific cash flows expected from the acquired customer relationships, considering such factors as estimated customer life, the revenue expected to be generated over the life of the customer relationships, contributory asset charges and other factors.

•Spectrum intangible assets. The valuation of spectrum intangible assets may use either an adjusted market-based approach, which requires the calibration of observable market inputs to reflect the fair value of the assets acquired, or a combination of an adjusted market-based approach with other methods, such as an income-based approach (e.g. the “greenfield” valuation method), which requires a wide range of assumptions and inputs, including forecasting costs associated with building a complementary asset base.

During 2021, we performed nonrecurring valuations related to the preliminary acquisition accounting for the AT&T Acquisition. For information related to the status of valuation work associated with assets acquired in connection with the AT&T Acquisition, see note 4.

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Long-lived Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Long-lived Assets

Long-lived Assets

Goodwill

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

	January 1, 2021		Acquisitions and related adjustments		Foreign currency translation adjustments and other		June 30, 2021
	in millions
C&W Caribbean and Networks	$	3,112.0	$	—	$	(64.0)	$	3,048.0
C&W Panama	617.1		—		—		617.1
Liberty Puerto Rico	629.9		(34.3)		—		595.6
VTR	374.6		—		(10.4)		364.2
Cabletica	151.9		—		(1.6)		150.3
Total	$	4,885.5	$	(34.3)	$	(76.0)	$	4,775.2

Based on the results of our prior-year goodwill impairment test, if, among other factors, (i) our equity values were to decline significantly or (ii) the adverse impacts stemming from COVID-19, competition, economic, regulatory or other factors, including macro-economic and demographic trends, cause our results of operations or cash flows to be worse than currently anticipated, we could conclude in future periods that additional impairment charges of certain reporting units are required in order to reduce the carrying values of goodwill. Any such impairment charges could be significant.

Our accumulated goodwill impairments were $1,624 million at each of June 30, 2021 and December 31, 2020.

Property and Equipment, Net

The details of our property and equipment and the related accumulated depreciation are set forth below:

	June 30, 2021		December 31, 2020
	in millions
Distribution systems	$	5,481.4	$	5,082.9
CPE	2,020.6		1,935.5
Support equipment, buildings and land	1,790.2		1,721.3
	9,292.2		8,739.7
Accumulated depreciation	(4,419.1)		(3,828.3)
Total	$	4,873.1	$	4,911.4

During the six months ended June 30, 2021 and 2020, we recorded non-cash increases to our property and equipment related to vendor financing arrangements aggregating $38 million and $53 million, respectively.

Intangible Assets Subject to Amortization, Net

The details of our intangible assets subject to amortization and the related accumulated amortization are set forth below:

	June 30, 2021		December 31, 2020
	in millions
Customer relationships	$	1,547.0	$	1,554.8
Licenses and other	157.3		159.4
	1,704.3		1,714.2
Accumulated amortization	(949.0)		(855.3)
Total	$	755.3	$	858.9

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Debt and Finance Lease Obligations

6 Months Ended

Jun. 30, 2021

Debt and Lease Obligation [Abstract]

Debt and Finance Lease Obligations

Debt and Finance Lease Obligations

The U.S. dollar equivalents of the components of our debt are as follows:

	June 30, 2021						Estimated fair value (c)				Principal amount
	Weighted average interest rate (a)		Unused borrowing capacity (b)
			Borrowing currency		US $ equivalent		June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020
			in millions
Convertible Notes (d)	2.00	%	—		$	—	$	408.7	$	381.8	$	402.5	$	402.5
C&W Notes	6.74	%	—		—		2,403.2		2,435.8		2,270.0		2,270.0
C&W Credit Facilities	2.77	%	(e)		774.6		1,828.8		1,834.7		1,852.9		1,856.2
LPR Senior Secured Notes	6.12	%	—		—		2,237.2		1,389.4		2,110.0		1,290.0
LPR Credit Facilities	3.85	%	$	167.5	167.5		500.6		1,002.5		500.0		1,000.0
VTR Notes	5.38	%	—		—		1,560.8		1,239.7		1,500.0		1,150.0
VTR Credit Facilities	—	%	(f)		261.5		—		243.8		—		244.5
Cabletica Credit Facilities (g)	8.17	%	$	7.0	7.0		126.3		119.3		126.9		119.6
Vendor financing (h)	2.31	%	—		—		171.6		168.1		171.6		168.1
Total debt before premiums, discounts and deferred financing costs	5.10	%			$	1,210.6	$	9,237.2	$	8,815.1	$	8,933.9	$	8,500.9

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

	June 30, 2021		December 31, 2020
	in millions
Total debt before premiums, discounts and deferred financing costs	$	8,933.9	$	8,500.9
Premiums, discounts and deferred financing costs, net	(152.3)		(157.1)
Total carrying amount of debt	8,781.6		8,343.8
Finance lease obligations	12.7		13.4
Total debt and finance lease obligations	8,794.3		8,357.2
Less: Current maturities of debt and finance lease obligations	(164.6)		(161.9)
Long-term debt and finance lease obligations	$	8,629.7	$	8,195.3

(a)Represents the weighted average interest rate in effect at June 30, 2021 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented represent stated rates and do not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing.

(b)Unused borrowing capacity represents the maximum availability under the applicable facility at June 30, 2021 without regard to covenant compliance calculations or other conditions precedent to borrowing. At June 30, 2021, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, both before and after completion of the June 30, 2021 compliance reporting requirements. At June 30, 2021, there were no restrictions on the respective subsidiary’s ability to upstream cash from this availability to Liberty Latin America or its subsidiaries or other equity holders.

(c)The estimated fair values of our debt instruments are determined using the average of applicable bid and ask prices (mostly Level 1 of the fair value hierarchy) or, when quoted market prices are unavailable or not considered indicative of fair value, discounted cash flow models (mostly Level 2 of the fair value hierarchy). The discount rates used in the cash flow models are based on the market interest rates and estimated credit spreads of the applicable entity, to the extent available, and other relevant factors. For additional information regarding fair value hierarchies, see note 6.

(d)The interest rate reflects the stated rate of the Convertible Notes. The effective interest rate of the Convertible Notes is 6.7%, which considers the impact of a discount recorded in connection with the value ascribed to the instrument’s conversion option. At June 30, 2021, the carrying value of the Convertible Notes was $350 million and the unamortized debt discount on the Convertible Notes was $50 million.

(e)The C&W Credit Facilities unused borrowing capacity comprise certain U.S. dollar and Trinidad & Tobago dollar revolving credit facilities.

(f)The VTR Credit Facilities unused borrowing capacity comprises U.S. dollar and CLP revolving credit facilities.

(g)The Cabletica Credit Facilities comprise certain Costa Rican colón and U.S. dollar term loans and a U.S. dollar revolving credit facility.

(h)Represents amounts owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our operating expenses and property and equipment additions. These obligations are generally due within one year and include VAT that were paid on our behalf by the vendor. Our operating expenses include $54 million and $52 million for the six months ended June 30, 2021 and 2020, respectively, that were financed by an intermediary and are reflected on the borrowing date as a hypothetical cash outflow within net cash provided by operating activities and a hypothetical cash inflow within net cash provided by financing activities in our condensed consolidated statements of cash flows. Repayments of vendor financing obligations are included in payments of principal amounts of debt and finance lease obligations in our condensed consolidated statements of cash flows.

Financing Activity

The general terms of the significant notes we issued and credit facilities we entered into or amended during 2021 are as follows:

Borrowing group		Issued at		Interest rate	Borrowing		Non-cash component (a)
	Instrument		Maturity
					in millions
Liberty Puerto Rico	2029 LPR Senior Secured Notes	100%	July 15, 2029	5.125%	$	820.0	$	500.0
Liberty Puerto Rico	2028 LPR Term Loan	100%	October 15, 2028	LIBOR + 3.75%	$	500.0	$	500.0
Liberty Puerto Rico	LPR Revolving Credit Facility	N/A	March 15, 2027	LIBOR + 3.5%	(b)		N/A
VTR	2029 VTR Senior Secured Notes	100%	April 15, 2029	4.375%	$	410.0	$	60.0
VTR	VTR RCF – A	N/A	June 15, 2026	TAB + 3.35%	$	—	N/A

N/A — Not applicable.

(a)Represents the non-cash component of the financing, if any. Non-cash activity relates to cash borrowed that did not pass through our bank accounts, as financing proceeds from the issuance of debt were used to directly repay some or all of outstanding debt instruments within the same borrowing group.

(b)Total commitments under the LPR Revolving Credit Facility were increased by $43 million during the first quarter of 2021.

During 2021, we made repayments on the following debt instruments:

Borrowing group		Redemption price	Principal amount repaid					Non-cash component (b)		Loss on debt extinguishment
	Instrument		Borrowing currency			USD equivalent (a)
			in millions
Liberty Puerto Rico	2026 SPV Credit Facility	100%		$	1,000.0	$	1,000.0	$	1,000.0	$	14.3
VTR	2028 VTR Senior Secured Notes	103%		$	60.0	$	60.0	$	60.0	$	2.1
VTR	VTR TLB-1 Facility	100%	CLP	140,900.0		$	196.4	$	—	$	5.6
VTR	VTR TLB-2 Facility	100%	CLP	33,100.0		$	46.1	$	—	$	1.3

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

(b)Represents the non-cash component of the repayment, if any. Non-cash activity relates to cash repayments that did not pass through our bank accounts, as financing proceeds from the issuance of debt were used to directly repay some or all of outstanding debt instruments within the same borrowing group.

Maturities of Debt

Maturities of our debt as of June 30, 2021 are presented below. Amounts presented below represent U.S. dollar equivalents based on June 30, 2021 exchange rates:

	C&W		Liberty Puerto Rico		VTR		Cabletica		Liberty Latin America (a)		Consolidated
	in millions
Years ending December 31:
2021 (remainder of year)	$	42.4	$	—	$	47.3	$	—	$	0.4	$	90.1
2022	39.6		—		48.3		—		0.6		88.5
2023	124.6		—		—		—		0.8		125.4
2024	60.2		—		—		126.9		402.9		590.0
2025	144.6		—		—		—		—		144.6
2026	500.6		—		—		—		—		500.6
Thereafter	3,284.7		2,610.0		1,500.0		—		—		7,394.7
Total debt maturities	4,196.7		2,610.0		1,595.6		126.9		404.7		8,933.9
Premiums, discounts and deferred financing costs, net	(28.0)		(39.2)		(26.2)		(6.1)		(52.8)		(152.3)
Total debt	$	4,168.7	$	2,570.8	$	1,569.4	$	120.8	$	351.9	$	8,781.6
Current portion	$	67.4	$	—	$	95.6	$	—	$	0.4	$	163.4
Noncurrent portion	$	4,101.3	$	2,570.8	$	1,473.8	$	120.8	$	351.5	$	8,618.2

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

Subsequent Event

In July 2021, VTR redeemed $60 million of aggregate principal amount of the 2028 VTR Senior Secured Notes for total consideration of $62 million, including (i) the 103% redemption price and (ii) accrued and unpaid interest on the redeemed notes.

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Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

Leases

The following table provides details of our operating lease expense:

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
Operating lease expense:
Operating lease cost	$	18.6	$	10.8	$	40.5	$	22.6
Short-term lease cost	5.9		3.4		9.9		6.2
Total operating lease expense	$	24.5	$	14.2	$	50.4	$	28.8

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

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

	June 30, 2021		December 31, 2020
	in millions
Operating lease right-of-use assets	$	299.6	$	328.6
Operating lease liabilities:
Current	$	56.4	$	63.2
Noncurrent	256.0		269.7
Total operating lease liabilities	$	312.4	$	332.9

Weighted-average remaining lease term	7.0 years		7.2 years
Weighted-average discount rate	5.4	%	5.6	%

	Six months ended June 30,
	2021		2020
	in millions
Operating cash outflows related to operating leases	$	39.7	$	19.0
Right-of-use assets obtained in exchange for new operating lease liabilities (a)	$	19.5	$	22.2

(a)Represents non-cash transactions associated with operating leases entered into during the six months ended June 30, 2021 and 2020, respectively.

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

Maturities of Operating Leases

Maturities of our operating lease liabilities as of June 30, 2021 are presented below. Amounts presented below represent U.S. dollar equivalents (in millions) based on June 30, 2021 exchange rates.

Years ending December 31:
2021 (remainder of year)	$	36.4
2022	66.3
2023	54.6
2024	46.7
2025	36.5
2026	31.4
Thereafter	107.6
Total operating lease liabilities on an undiscounted basis	379.5
Present value discount	(67.1)
Present value of operating lease liabilities	$	312.4

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Unfulfilled Performance Obligations	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Unfulfilled Performance Obligations	Unfulfilled Performance ObligationsWe enter into certain long-term capacity contracts with customers where the customer either pays a fixed fee over time or prepays for the capacity upfront and pays a portion related to operating and maintenance of the network over time. We assess whether prepaid capacity contracts contain a significant financing component. If the financing component is significant, interest expense is accreted over the life of the contract using the effective interest method. The revenue associated with prepaid capacity contracts is deferred and generally recognized on a straight-line basis over the life of the contract. As of June 30, 2021, we have approximately $387 million of unfulfilled performance obligations relating to our long-term capacity contracts, primarily subsea contracts, that generally will be recognized as revenue over a weighted average remaining life of six years.

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Programming and Other Direct Costs of Services

6 Months Ended

Jun. 30, 2021

Other Income and Expenses [Abstract]

Programming and Other Direct Costs of Services

Programming and Other Direct Costs of Services

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

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

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
Programming and copyright	$	114.4	$	92.9	$	226.2	$	193.5
Interconnect	65.8		58.7		132.2		125.0
Equipment and other	95.5		28.1		197.5		72.0
Total programming and other direct costs of services	$	275.7	$	179.7	$	555.9	$	390.5

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Other Operating Costs and Expenses

6 Months Ended

Jun. 30, 2021

Other Income and Expenses [Abstract]

Other Operating Costs and Expenses

Other Operating Costs and Expenses

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

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

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

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

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

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

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

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

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
Personnel and contract labor	$	143.8	$	113.2	$	282.2	$	237.7
Network-related	80.6		62.8		157.8		126.8
Service-related	45.3		36.5		92.8		74.8
Commercial	53.7		39.4		106.1		81.5
Facility, provision, franchise and other	104.9		84.7		219.8		172.1
Share-based compensation expense	32.8		23.5		55.8		47.3
Total other operating costs and expenses	$	461.1	$	360.1	$	914.5	$	740.2

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Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

We evaluate and update our estimated annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. For interim tax reporting, we estimate an annual effective tax rate that is applied to year-to-date ordinary income or loss. The tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur.

Our interim estimate of our annual effective tax rate and our interim tax provision are subject to volatility due to factors such as jurisdictions in which our deferred taxes and/or tax attributes are subject to a full valuation allowance, relative changes in unrecognized tax benefits and changes in tax laws. Based upon the mix and timing of our actual annual earnings or loss compared to annual projections, as well as changes in the factors noted above, our effective tax rate may vary quarterly and may make quarterly comparisons not meaningful.

Income tax expense was $38 million and $4 million during the three months ended June 30, 2021 and 2020, respectively, and $66 million and $9 million during the six months ended June 30, 2021 and 2020, respectively. This represents an effective income tax rate of (97.4%) and 0.8% for the three months ended June 30, 2021 and 2020, respectively, and (42.2%) and 1.4% for the six months ended June 30, 2021 and 2020, respectively, including items treated discretely.

For the three and six months ended June 30, 2021, the income tax expense attributable to our earnings before income taxes differs from the amounts computed using the statutory tax rate, primarily due to detrimental effects of international rate differences, negative effects of permanent tax differences, such as non-deductible expenses, inclusion of withholding taxes on cross-border payments and net unfavorable changes in uncertain tax positions. These negative impacts to our effective tax rate were partially offset by decreases in valuation allowances and the beneficial effects of permanent tax differences, such as non-taxable income.

For the three and six months ended June 30, 2020, the income tax expense attributable to our loss before income taxes differs from the amounts computed using the statutory tax rate, primarily due to detrimental effects of non-deductible goodwill impairment, increases in valuation allowances and negative effects of permanent items, such as other non-deductible expenses. These negative impacts to our effective tax rate were partially offset by the beneficial effects of international rate differences, net favorable changes in uncertain tax positions, and permanent items, such as non-taxable income. Additionally, during the second quarter of 2020, we closed certain tax audits and, as a result, reduced our uncertain tax positions by $18 million. This amount has been reflected as a discrete tax benefit in our condensed consolidated statement of operations.

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Share-based Compensation

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Share-based Compensation

Share-based Compensation

Share-based Incentive Awards

The following tables summarize the share-based incentive awards related to Liberty Latin America Class A and Class C common shares held by our employees and our Directors as of June 30, 2021.

	Number of shares	Weighted average exercise price
Share-based incentive award type
SARs:
Class A common shares:
Outstanding	6,513,845	$	16.18
Exercisable	2,701,455	$	19.63
Class C common shares:
Outstanding	13,013,359	$	16.24
Exercisable	5,388,956	$	19.68

	Number of shares
Share-based incentive award type
RSUs outstanding:
Class A common shares	1,159,048
Class C common shares	2,317,825
PSUs outstanding:
Class A common shares	779,089
Class C common shares	1,625,891

The following tables summarize the share-based incentive awards related to Liberty Latin America Class A and Class C common shares granted to our employees and our Directors during the six months ended June 30, 2021.

	Number of shares	Weighted average exercise price		Weighted average grant date fair value
Share-based incentive award type
SARs granted:
Class A common shares	1,790,014	$	14.00	$	6.49
Class C common shares	3,580,028	$	14.10	$	6.44
PSARs granted (2021 PSARs):
Class A common shares	2,599,992	$	14.00	$	6.94
Class C common shares	5,200,008	$	14.10	$	6.91

	Number of shares	Weighted average grant-date fair value
Share-based incentive award type
RSUs granted:
Class A common shares (a)	1,490,105	$	13.90
Class C common shares (a)	2,980,396	$	14.02
PSUs granted (2020 PSUs):
Class A common shares	645,704	$	11.76
Class C common shares	1,347,552	$	11.48

(a)    During March 2021, we granted 0.6 million and 1.2 million shares of Class A and Class C RSUs, respectively, that vested immediately in settlement of certain bonus liabilities relating to the year ended December 31, 2020, which are included in the amounts presented in the table.

2021 PSARs

During 2021, certain key employees received a one-time grant of PSARs (the 2021 PSARs) Each award represents the right to receive a payment in shares or, if the compensation committee so determines, cash or a combination of cash and shares, equal to the excess of the fair market value of the common shares on the day of exercise over the exercise price, subject to performance and vesting. The 2021 PSARs, have a term of ten years, a performance period from January 1, 2021 and ending December 31, 2023 and will vest on March 16, 2024 based on the continued employment of the recipient through this date. The 2021 PSARs have performance conditions based on the achievement of individual objectives during the performance period. These objectives consist of qualitative measures.

2020 PSUs

In early 2020, our compensation committee approved target annual equity awards (the 2020 PSUs) to be granted to executive officers and certain other employees. The initial targets for the annual equity awards were identical to the 2019 targets. Because of the COVID-19 pandemic, and the difficulty in providing clarity on our then expected results over a two-year performance period for the 2020 PSUs, the compensation committee determined in July 2020 to delay the setting of the performance target for the 2020 PSUs so that the compensation committee would have better visibility of the impacts of the pandemic on the long-range plans for Liberty Latin America. As a result of this delay in setting the performance targets, no targets were communicated to award recipients, and as such, a grant date for accounting purposes was not considered to have occurred. On February 19, 2021, in light of the ongoing COVID-19 pandemic, the compensation committee reevaluated, reset and communicated the financial and operational targets for earning the 2020 PSUs thereby establishing a grant date for the 2020 PSUs. Each of the 2020 PSUs represents the right to receive one Liberty Latin America Class A or Class C common share, as applicable, subject to achievement of certain performance criteria and a time-based vesting period. The performance criteria is based upon the achievement of operating cash flow, defined as operating income before depreciation and amortization, share-based compensation, provisions and provision releases related to significant litigation, and impairment,

restructuring and other operating items, as adjusted for events such as acquisitions, dispositions and changes in foreign currency exchange rates and accounting principles or policies that affect comparability (OCF), during the period from January 1, 2021 through December 31, 2021. Additionally, the 2020 PSUs provide for an over- and under-performance payout ranging from 0% to 150% should the OCF, as adjusted, exceed or fail to meet the target, as applicable. The earned 2020 PSUs will vest 50% on each of March 15, 2022 and September 15, 2022.

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Earnings or Loss per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Earnings or Loss per Share

Earnings or Loss per Share

Basic EPS is computed by dividing net earnings or loss attributable to Liberty Latin America shareholders by the weighted average number of Liberty Latin America Shares outstanding during the periods presented, as further described below. Diluted EPS presents the dilutive effect, if any, on a per share basis of potential shares as if they had been exercised, vested or converted at the beginning of the periods presented.

The details of our weighted average shares outstanding are set forth below:

	Three months ended June 30,		Six months ended June 30,
	2021	2020	2021	2020
Weighted average shares outstanding:
Basic	233,960,795	185,424,779	233,189,937	185,101,185
Diluted	234,800,020	185,424,779	233,945,963	185,101,185

We reported net losses attributable to Liberty Latin America shareholders during the three and six months ended June 30, 2020. The potentially dilutive effect at June 30, 2020 of the following items was not included in the computation of diluted loss per share for such periods because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs, because such awards had not yet met the applicable performance criteria: (i) the aggregate number of shares issuable pursuant to outstanding options, SARs and RSUs of 19.6 million, (ii) the aggregate number of shares issuable pursuant to outstanding PSUs of 1.5 million and (iii) using the if-converted method, the aggregate number of shares potentially issuable under our Convertible Notes of 18.1 million.

The details of the calculations of our basic and diluted EPS for the three and six months ended June 30, 2021 are set forth below in millions, except for share amounts:

	Three months ended		Six months ended
	June 30, 2021		June 30, 2021
Numerator:
Net earnings attributable to holders of Liberty Latin America Shares (basic and diluted EPS computation)	$	4.4	$	92.2
Denominator:
Weighted average shares (basic EPS computation)	233,960,795		233,189,937
Incremental shares attributable to the release of PSUs, RSUs and SARs upon vesting (treasury stock method)	839,225		756,026
Weighted average shares (diluted EPS computation) (a)	234,800,020		233,945,963

(a)    We have excluded (i) the aggregate number of shares issuable pursuant to outstanding options, SARs and RSUs of 24.5 million, (ii) the aggregate number of shares issuable pursuant to outstanding PSARs and PSUs of 7.8 million and (iii) using the if-converted method, the aggregate number of shares potentially issuable under our Convertible Notes of 19.5 million, because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs and PSARs, because such awards had not yet met the applicable performance criteria.

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Equity

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Equity

Equity

Share Repurchase Program

On March 16, 2020, our Directors approved the Share Repurchase Program, which authorizes us to repurchase from time to time up to $100 million of our Class A common shares and/or Class C common shares through March 2022, subject to certain limitations and conditions. The Share Repurchase Program does not obligate us to repurchase any of our Class A or C common shares. Under the Share Repurchase Program, we may repurchase our common shares from time to time in open market purchases at prevailing market prices, in privately negotiated transactions, in block trades, derivative transactions and/or through other legally permissible means.

During the six months ended June 30, 2021, we repurchased 706,400 Class A common shares. During the six months ended June 30, 2020, we repurchased 293,816 and 673,158 Class A and Class C common shares, respectively. At June 30, 2021, the remaining amount authorized for share repurchases was $81 million.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Commitments

In the normal course of business, we have entered into agreements that commit our company to make cash payments in future periods with respect to programming contracts, network and connectivity commitments, purchases of customer premises and other equipment and services and other items. The following table sets forth the U.S. dollar equivalents of such commitments as of June 30, 2021:

	Payments due during:
	Remainder of 2021		2022		2023		2024		2025		2026		Thereafter		Total
	in millions
Programming commitments	$	95.0	$	91.4	$	52.8	$	42.8	$	0.5	$	—	$	—	$	282.5
Network and connectivity commitments	45.3		39.2		28.2		9.1		6.3		1.8		7.3		137.2
Purchase commitments	166.3		32.9		17.3		—		—		—		—		216.5
Other commitments	5.7		1.8		1.6		1.5		1.4		1.4		7.0		20.4
Total (a)	$	312.3	$	165.3	$	99.9	$	53.4	$	8.2	$	3.2	$	14.3	$	656.6

(a)    The commitments included in this table do not reflect any liabilities that are included in our June 30, 2021 condensed consolidated balance sheet.

Programming commitments consist of obligations associated with certain contracts including channels, programming, and sports rights contracts with a wide range of providers that are enforceable and legally binding on us, as we have agreed to pay minimum fees without regard to (i) the actual number of subscribers to the programming services, (ii) whether we terminate service to a portion of our subscribers or dispose of a portion of our distribution systems or (iii) whether we discontinue our premium sports services. In addition, programming commitments do not include increases in future periods associated with contractual inflation or other price adjustments that are not fixed. Accordingly, the amounts reflected in the above table with respect to these contracts are significantly less than the amounts we expect to pay in these periods under these contracts. Historically, payments to programming vendors have represented a significant portion of our operating costs, and we expect that this will continue to be the case in future periods.

Network and connectivity commitments include (i) domestic network service agreements with certain other telecommunications companies and (ii) VTR’s MVNO agreement. The amounts reflected in the above table with respect to our MVNO commitment represent fixed minimum amounts payable under this agreement and, therefore, may be significantly less than the actual amounts VTR ultimately pays in these periods.

Purchase commitments include unconditional and legally-binding obligations related to (i) the purchase of customer premises and other equipment and (ii) certain service-related commitments, including call center, information technology and maintenance services.

In addition to the commitments set forth in the table above, we have commitments under (i) derivative instruments and (ii) defined benefit plans and similar agreements, pursuant to which we expect to make payments in future periods. For information regarding our derivative instruments, including the net cash paid or received in connection with these instruments during the six months ended June 30, 2021 and 2020, see note 5.

Guarantees and Other Credit Enhancements

In the ordinary course of business, we may provide (i) indemnifications to our lenders, our vendors and certain other parties and (ii) performance and/or financial guarantees to local municipalities, our customers and vendors. Historically, these arrangements have not resulted in our company making any material payments and we do not believe that they will result in material payments in the future.

Legal and Regulatory Proceedings and Other Contingencies

VTR Class Action. On August 25, 2020, VTR was notified that SERNAC had filed a class action complaint against VTR in the 14th Civil Court of Santiago. The complaint relates to consumer complaints regarding VTR’s broadband service and capacity during the pandemic and raises claims regarding, among other things, VTR’s disclosure of its broadband speeds and aggregate capacity availability and VTR’s response to address the causes of service instability during the pandemic. VTR was also notified in August about two additional class action complaints filed by consumer associations (ODECU and AGRECU) making similar claims and allegations. The class action complaint of ODECU was filed in the 21st Civil Court of Santiago, and the class action complaint of AGRECU was filed in the 26th Civil Court of Santiago. The complaint of SERNAC and ODECU seeks (i) the Court declare that VTR has infringed the rules of the Consumer Protection Law; (ii) the responsibility of VTR for such infractions and, if so, establish the corresponding fines; and (iii) compensatory damages. In the case of AGRECU, the complaint only seeks compensatory damages. On October 22, 2020, VTR was notified of a fourth class action complaint filed by Conadecus in the 16th Civil Court of Santiago alleging that VTR did not adhere to certain call center, technical visit and service level requirements under applicable law. On April 21, 2021, the Court of Appeals of Santiago issued a ruling joining the four class action complaints into one legal procedure. We believe that the allegations contained in the complaints are without merit, in particular as it relates to VTR’s service and response during the pandemic and intend to defend the complaints vigorously. We cannot predict at this point the length of time that these actions will be ongoing. Additionally, a liability, if any, or a reasonable range of loss is not currently determinable based upon the current facts and circumstances of these claims.

Regulatory Issues. Video distribution, broadband internet, fixed-line telephony and mobile businesses are regulated in each of the countries in which we operate. The scope of regulation varies from country to country. Adverse regulatory developments could subject our businesses to a number of risks. Regulation, including conditions imposed on us by competition or other authorities as a requirement to close acquisitions or dispositions, could limit growth, revenue and the number and types of services offered and could lead to increased operating costs and property and equipment additions. In addition, regulation may restrict our operations and subject them to further competitive pressure, including pricing restrictions, interconnect and other access obligations, and restrictions or controls on content, including content provided by third parties. Failure to comply with current or future regulation could expose our businesses to various penalties.

In addition to the foregoing items, we have contingent liabilities related to matters arising in the ordinary course of business, including (i) legal proceedings, (ii) issues involving wage, property, withholding and other tax issues and (iii) disputes over interconnection, programming and copyright fees. While we generally expect that the amounts required to satisfy these contingencies will not materially differ from any estimated amounts we have accrued, no assurance can be given that the resolution of one or more of these contingencies will not result in a material impact on our results of operations, cash flows or financial position in any given period. Due, in general, to the complexity of the issues involved and, in certain cases, the lack of a clear basis for predicting outcomes, we cannot provide a meaningful range of potential losses or cash outflows that might result from any unfavorable outcomes.

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Segment Reporting

6 Months Ended

Jun. 30, 2021

Segment Reporting, Measurement Disclosures [Abstract]

Segment Reporting

Segment Reporting

Our reportable segments derive their revenue primarily from residential and B2B services, including video, broadband internet and fixed-line telephony services and mobile services. Our corporate category includes our corporate operations. We generally identify our reportable segments as those operating segments that represent 10% or more of our revenue, Adjusted OIBDA or total assets.

As a result of organizational changes during the first quarter of 2021, VTR and Cabletica are now each an operating and reportable segment rather than one segment. Accordingly, as of June 30, 2021, our reportable segments are as follows:

•C&W Caribbean and Networks;

•C&W Panama;

•Liberty Puerto Rico;

•VTR; and

•Cabletica.

For the 2020 periods in the tables set forth below, the amounts presented exclude the pre-acquisition revenue, Adjusted OIBDA and property and equipment additions of the AT&T Acquired Entities, which were acquired on October 31, 2020. For more information regarding the AT&T Acquisition, see note 4.

Performance Measures of our Reportable Segments

We evaluate performance and make decisions about allocating resources to our reportable segments based on financial measures such as revenue and Adjusted OIBDA. In addition, we review non-financial measures such as subscriber growth.

Adjusted OIBDA is the primary measure used by our chief operating decision maker to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of our management for purposes of incentive compensation plans. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. A reconciliation of total Adjusted OIBDA to operating income (loss) and to earnings (loss) before income taxes is presented below.

The amounts presented below represent 100% of the revenue and Adjusted OIBDA of each of our reportable segments and our corporate operations. As we have the ability to control certain subsidiaries that are not wholly-owned, we include 100% of the revenue and expenses of these entities in our condensed consolidated statements of operations despite the fact that third parties own significant interests in these entities. The noncontrolling owners’ interests in the operating results of Cabletica and certain subsidiaries of C&W are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations.

	Revenue
	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
C&W Caribbean and Networks	$	434.2	$	404.9	$	864.0	$	856.9
C&W Panama	128.1		112.2		250.1		250.5
Liberty Puerto Rico	360.4		109.1		721.7		213.7
VTR	209.3		193.1		419.6		399.5
Cabletica	36.3		34.6		72.5		68.3
Corporate	5.4		—		10.8		—
Intersegment eliminations	(5.7)		(5.0)		(10.8)		(9.0)
Total	$	1,168.0	$	848.9	$	2,327.9	$	1,779.9

	Adjusted OIBDA
	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
C&W Caribbean and Networks	$	188.1	$	166.7	$	369.4	$	353.7
C&W Panama	45.6		36.9		89.6		82.7
Liberty Puerto Rico	161.4		52.4		311.3		102.9
VTR	68.7		73.1		139.2		153.2
Cabletica	12.7		13.2		26.8		26.5
Corporate	(12.5)		(9.7)		(23.0)		(22.5)
Total	$	464.0	$	332.6	$	913.3	$	696.5

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

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
Total Adjusted OIBDA	$	464.0	$	332.6	$	913.3	$	696.5
Share-based compensation expense	(32.8)		(23.5)		(55.8)		(47.3)
Depreciation and amortization	(254.0)		(216.4)		(499.9)		(429.9)
Impairment, restructuring and other operating items, net	(17.0)		(298.7)		(19.2)		(317.5)
Operating income (loss)	160.2		(206.0)		338.4		(98.2)
Interest expense	(133.7)		(135.3)		(260.1)		(278.6)
Realized and unrealized gains (losses) on derivative instruments, net	57.3		(179.0)		172.2		(161.6)
Foreign currency transaction gains (losses), net	(44.4)		19.1		(69.8)		(145.2)
Losses on debt extinguishment	—		—		(23.3)		(3.4)
Other income (expense), net	(0.4)		4.8		(1.0)		11.6
Earnings (loss) before income taxes	$	39.0	$	(496.4)	$	156.4	$	(675.4)

Property and Equipment Additions of our Reportable Segments

The property and equipment additions of our reportable segments and corporate operations (including capital additions financed under vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditure amounts included in our condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing, see note 7.

	Six months ended June 30,
	2021		2020
	in millions
C&W Caribbean and Networks	$	122.8	$	121.0
C&W Panama	30.8		31.0
Liberty Puerto Rico	84.9		32.9
VTR	102.5		84.2
Cabletica	14.6		10.9
Corporate	11.5		6.2
Total property and equipment additions	367.1		286.2
Assets acquired under capital-related vendor financing arrangements	(38.3)		(53.3)
Changes in current liabilities related to capital expenditures	5.4		38.5
Total capital expenditures	$	334.2	$	271.4

Revenue by Major Category

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

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

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

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

•B2B subsea network revenue, which includes long-term capacity contracts with customers where the customer either pays a fee over time or prepays for the capacity upfront and pays a portion related to operating and maintenance of the network over time.

	Three months ended June 30, 2021
	C&W Caribbean and Networks		C&W Panama		Liberty Puerto Rico		VTR		Cabletica		Corporate (a)		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	33.4	$	6.2	$	39.2	$	77.4	$	19.0	$	—	$	—	$	175.2
Broadband internet	67.7		10.8		63.2		84.7		14.5		—		—		240.9
Fixed-line telephony	17.1		4.2		7.1		19.9		1.1		—		—		49.4
Total subscription revenue	118.2		21.2		109.5		182.0		34.6		—		—		465.5
Non-subscription revenue	11.4		2.4		4.9		4.0		1.7		—		—		24.4
Total residential fixed revenue	129.6		23.6		114.4		186.0		36.3		—		—		489.9
Residential mobile revenue:
Service revenue	75.0		39.4		114.7		13.0		—		—		—		242.1
Interconnect, inbound roaming, equipment sales and other (b)	14.0		11.3		70.9		1.8		—		5.4		—		103.4
Total residential mobile revenue	89.0		50.7		185.6		14.8		—		5.4		—		345.5
Total residential revenue	218.6		74.3		300.0		200.8		36.3		5.4		—		835.4
B2B revenue:
Service revenue (c)	152.8		53.8		51.9		8.5		—		—		(0.9)		266.1
Subsea network revenue	62.8		—		—		—		—		—		(4.8)		58.0
Total B2B revenue	215.6		53.8		51.9		8.5		—		—		(5.7)		324.1
Other revenue (d)	—		—		8.5		—		—		—		—		8.5
Total	$	434.2	$	128.1	$	360.4	$	209.3	$	36.3	$	5.4	$	(5.7)	$	1,168.0

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

(b)The total amount includes $26 million of inbound roaming revenue and $56 million of revenue from sales of mobile handsets and other devices.

(c)The total amount includes $4 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

(d)Amount relates to revenue received from the FCC related to Liberty Mobile following the closing of the AT&T Acquisition.

	Three months ended June 30, 2020
	C&W Caribbean and Networks		C&W Panama		Liberty Puerto Rico		VTR		Cabletica		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	35.5	$	7.2	$	36.7	$	67.0	$	20.5	$	—	$	166.9
Broadband internet	61.0		9.5		49.2		80.8		12.5		—		213.0
Fixed-line telephony	19.3		4.9		6.2		17.6		0.9		—		48.9
Total subscription revenue	115.8		21.6		92.1		165.4		33.9		—		428.8
Non-subscription revenue	8.7		2.6		3.8		4.7		0.7		—		20.5
Total residential fixed revenue	124.5		24.2		95.9		170.1		34.6		—		449.3
Residential mobile revenue:
Service revenue	67.6		36.8		—		13.8		—		—		118.2
Interconnect, inbound roaming, equipment sales and other (a)	8.9		9.4		—		1.6		—		—		19.9
Total residential mobile revenue	76.5		46.2		—		15.4		—		—		138.1
Total residential revenue	201.0		70.4		95.9		185.5		34.6		—		587.4
B2B revenue:
Service revenue (b)	142.5		41.8		13.2		7.6		—		(1.3)		203.8
Subsea network revenue	61.4		—		—		—		—		(3.7)		57.7
Total B2B revenue	203.9		41.8		13.2		7.6		—		(5.0)		261.5
Total	$	404.9	$	112.2	$	109.1	$	193.1	$	34.6	$	(5.0)	$	848.9

(a)The total amount includes $1 million of inbound roaming revenue and $6 million of revenue from sales of mobile handsets and other devices.

(b)The total amount includes $3 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

	Six months ended June 30, 2021
	C&W Caribbean and Networks		C&W Panama		Liberty Puerto Rico		VTR		Cabletica		Corporate (a)		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	67.7	$	12.4	$	77.8	$	155.7	$	38.5	$	—	$	—	$	352.1
Broadband internet	134.3		21.5		124.6		169.5		28.5		—		—		478.4
Fixed-line telephony	33.6		8.5		14.1		39.9		2.2		—		—		98.3
Total subscription revenue	235.6		42.4		216.5		365.1		69.2		—		—		928.8
Non-subscription revenue	22.1		4.9		9.1		7.4		3.3		—		—		46.8
Total residential fixed revenue	257.7		47.3		225.6		372.5		72.5		—		—		975.6
Residential mobile revenue:
Service revenue	146.8		78.7		232.1		26.2		—		—		—		483.8
Interconnect, inbound roaming, equipment sales and other (b)	25.4		21.6		143.0		4.1		—		10.8		—		204.9
Total residential mobile revenue	172.2		100.3		375.1		30.3		—		10.8		—		688.7
Total residential revenue	429.9		147.6		600.7		402.8		72.5		10.8		—		1,664.3
B2B revenue:
Service revenue (c)	303.6		102.5		104.0		16.8		—		—		(2.0)		524.9
Subsea network revenue	130.5		—		—		—		—		—		(8.8)		121.7
Total B2B revenue	434.1		102.5		104.0		16.8		—		—		(10.8)		646.6
Other revenue (d)	—		—		17.0		—		—		—		—		17.0
Total	$	864.0	$	250.1	$	721.7	$	419.6	$	72.5	$	10.8	$	(10.8)	$	2,327.9

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

(b)The total amount includes $50 million of inbound roaming revenue and $113 million of revenue from sales of mobile handsets and other devices.

(c)The total amount includes $7 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

(d)Amount relates to revenue received from the FCC related to Liberty Mobile following the closing of the AT&T Acquisition.

	Six months ended June 30, 2020
	C&W Caribbean and Networks		C&W Panama		Liberty Puerto Rico		VTR		Cabletica		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	72.8	$	14.8	$	72.0	$	142.6	$	39.9	$	—	$	342.1
Broadband internet	122.4		19.1		94.7		162.7		25.0		—		423.9
Fixed-line telephony	38.6		9.9		12.1		37.2		1.6		—		99.4
Total subscription revenue	233.8		43.8		178.8		342.5		66.5		—		865.4
Non-subscription revenue	21.8		6.4		8.4		9.6		1.8		—		48.0
Total residential fixed revenue	255.6		50.2		187.2		352.1		68.3		—		913.4
Residential mobile revenue:
Service revenue	146.4		81.0		—		28.4		—		—		255.8
Interconnect, inbound roaming, equipment sales and other (a)	22.6		21.2		—		3.6		—		—		47.4
Total residential mobile revenue	169.0		102.2		—		32.0		—		—		303.2
Total residential revenue	424.6		152.4		187.2		384.1		68.3		—		1,216.6
B2B revenue:
Service revenue (b)	300.2		98.1		26.5		15.4		—		(2.2)		438.0
Subsea network revenue	132.1		—		—		—		—		(6.8)		125.3
Total B2B revenue	432.3		98.1		26.5		15.4		—		(9.0)		563.3
Total	$	856.9	$	250.5	$	213.7	$	399.5	$	68.3	$	(9.0)	$	1,779.9

(a)The total amount includes $9 million of inbound roaming revenue and $16 million of revenue from sales of mobile handsets and other devices.

(b)The total amount includes $6 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

Geographic Markets

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

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
Puerto Rico	$	346.6	$	108.7	$	693.9	$	213.0
Chile	209.3		193.1		419.6		399.5
Panama	127.6		111.6		249.0		249.3
Networks & LatAm (a)	84.8		83.5		175.2		178.5
Jamaica	99.4		87.6		196.7		183.7
The Bahamas	47.7		41.0		92.7		90.3
Barbados	35.0		33.6		68.9		70.3
Trinidad and Tobago	39.9		39.9		79.6		80.7
Curacao	35.3		34.5		69.6		74.1
Costa Rica	36.3		34.6		72.5		68.3
Other (b)	106.1		80.8		210.2		172.2
Total	$	1,168.0	$	848.9	$	2,327.9	$	1,779.9

(a)The amounts represent managed services and wholesale revenue from various jurisdictions across Latin America and the Caribbean, primarily related to the sale and lease of telecommunications capacity on C&W’s subsea and terrestrial fiber optic cable networks.

(b)The amounts primarily relate to a number of countries in which we have less significant operations, most of which are located in the Caribbean, and to a lesser extent, in Latin America.

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Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounting Changes

Accounting Changes

ASU 2018-14

In August 2018, the FASB issued ASU No. 2018-14, Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans (ASU 2018-14), which removes and modifies certain existing disclosure requirements and adds new disclosure requirements related to employer sponsored defined benefit pension or other postretirement plans. We adopted ASU 2018-14 effective January 1, 2021 and it did not have a material impact on the disclosures in our condensed consolidated financial statements.

Recent Accounting Pronouncements

ASU 2020-04 and ASU 2021-01

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04), which provides optional guidance for a limited time to ease the potential accounting burden associated with transitioning away from reference rates, such as the LIBOR, which regulators in the U.K. have announced will be phased out by the end of 2021. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) (ASU 2021-01), which clarifies certain optional expedients and exceptions in ASC 848. The expedients and exceptions provided by ASU 2020-04 and ASU 2021-01 are for the application of U.S. GAAP to contracts, hedging relationships and other transactions affected by the rate reform, and will not be available after December 31, 2022, other than for certain hedging relationships entered into before December 31, 2022. We do not currently expect that the phase out of LIBOR will have a material impact on our consolidated financial statements.

ASU 2020-06

In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity’s Own Equity: Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06), which (i) reduces the number of accounting models for convertible instruments and allows more contracts to qualify for equity classification and (ii) makes targeted improvements to convertible instruments and earnings-per-share disclosure requirements. ASU 2020-06 is effective for annual reporting periods after December 15, 2021, including interim periods within those fiscal years, with early adoption permitted, but no earlier than annual and interim periods in fiscal years beginning after December 15, 2020. While we are still evaluating the impact of ASU 2020-06, we do not currently expect it will have a material impact on our consolidated financial statements.

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Current Expected Credit Losses (Tables)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Accounts Receivable, Allowance for Credit Loss

The changes in our trade receivables allowance for credit losses are set forth below:

	Six months ended June 30,
	2021		2020
	in millions
Balance at beginning of period	$	100.0	$	87.3
Provision for expected losses	23.2		36.0
Write-offs	(27.0)		(24.5)
Foreign currency translation adjustments and other	(4.6)		5.3
Balance at end of period	$	91.6	$	104.1

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Acquisitions (Tables)

6 Months Ended

Jun. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Purchase Price Allocation

A summary of the preliminary opening balance sheet of the AT&T Acquired Entities at the October 31, 2020 acquisition date is presented in the following table (in millions):

Trade receivables	$	52.8
Prepaid expenses	0.1
Other current assets (a)	102.7
Goodwill (b)	317.9
Property and equipment	768.6
Intangible assets subject to amortization, net (c)	82.7
Intangible assets not subject to amortization (d)	894.4
Other assets (a) (e)	272.6
Accounts payable	(3.0)
Current portion of debt and finance lease obligations	(0.2)
Other accrued and current liabilities (e)	(64.5)
Long-term debt and finance lease obligations	(10.6)
Non-current deferred tax liabilities	(313.8)
Other long-term liabilities (e)	(167.3)
Total purchase price (f)	$	1,932.4

(a)Other current assets and other assets include $67 million and $39 million, respectively, in equipment installment-plan receivables.

(b)The goodwill recognized in connection with the AT&T Acquisition is primarily attributable to (i) the ability to take advantage of the AT&T Acquired Entities’ existing mobile network to gain immediate access to potential customers and (ii) synergies that are expected to be achieved through the integration of the AT&T Acquired Entities with Liberty Latin America. Due to the nature of the AT&T Acquisition, no tax deductions related to goodwill are expected.

(c)Amount includes intangible assets related to customer relationships. At October 31, 2020 the preliminary assessment of the weighted average useful life of the acquired customer relationship intangible assets was approximately 10 years.

(d)Amount represents the preliminary value of spectrum licenses.

(e)Other assets, other accrued and current liabilities and other long-term liabilities include $182 million, $33 million and $163 million related to operating lease right-of-use assets, current operating lease obligations and non-current operating lease obligations, respectively.

(f)Amount excludes $51 million and $5 million of direct acquisition costs, incurred during 2020 and 2019, respectively. Direct acquisition costs are included in impairment, restructuring and other operating items, net, in our consolidated statements of operations.

Schedule of Pro Forma Information

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

	Three months ended June 30, 2020		Six months ended June 30, 2020
	in millions
Revenue	$	1,063.8	$	2,206.8
Net loss attributable to Liberty Latin America shareholders	$	(350.6)	$	(503.3)

The pro forma information set forth in the table above includes tax-effected pro forma adjustments primarily related to:

i.the impact of estimated costs associated with the TSA that replaced parent-company allocations included in the historical financial statements of the AT&T Acquired Entities;

ii.the impact of new rate agreements associated with roaming, subsea and ethernet services;

iii.the alignment of accounting policies;

iv.interest expense related to additional borrowings in conjunction with the AT&T Acquisition; and

v.the elimination of direct acquisition costs.

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Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Values of Our Derivative Instrument Assets and Liabilities

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

	June 30, 2021						December 31, 2020
	Current (a)		Long-term (a)		Total		Current (a)		Long-term (a)		Total
	in millions
Assets:
Cross-currency and interest rate derivative contracts (b)	$	0.5	$	19.1	$	19.6	$	0.7	$	4.4	$	5.1
Foreign currency forward contracts	1.4		1.8		3.2		—		—		—
Total	$	1.9	$	20.9	$	22.8	$	0.7	$	4.4	$	5.1
Liabilities:
Cross-currency and interest rate derivative contracts (b)	$	63.1	$	166.9	$	230.0	$	71.4	$	403.0	$	474.4
Foreign currency forward contracts	6.1		—		6.1		18.8		—		18.8
Total	$	69.2	$	166.9	$	236.1	$	90.2	$	403.0	$	493.2

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

(b)We consider credit risk relating to our and our counterparties’ nonperformance in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our primary borrowing groups (see note 8). The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net gains (losses) of ($9 million) and $7 million during the three months ended June 30, 2021 and 2020, respectively, and ($30 million) and $40 million during the six months ended June 30, 2021 and 2020, respectively. These amounts are included in realized and unrealized gains (losses) on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 6.

Schedule of Realized and Unrealized Gains on Derivative Instruments, Net

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

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
Cross-currency and interest rate derivative contracts (a)	$	59.6	$	(173.3)	$	179.1	$	(164.0)
Foreign currency forward contracts	4.0		(2.4)		4.7		8.1
Weather Derivatives	(6.3)		(3.3)		(11.6)		(5.7)
Total	$	57.3	$	(179.0)	$	172.2	$	(161.6)

(a) The losses for the three and six months ended June 30, 2020 include a realized gain (loss) of ($106 million) and $71 million, respectively, associated with the settlement of certain cross-currency interest rate swaps at VTR in June 2020 that were unwound in connection with the refinancing of certain VTR debt in 2020.

Schedule of Classification of the Net Cash Inflows (Outflows) of Our Derivative Instruments

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

	Six months ended June 30,
	2021		2020
	in millions
Operating activities	$	(37.2)	$	2.8
Investing activities	(1.7)		5.8
Financing activities (a)	(43.0)		180.7
Total	$	(81.9)	$	189.3

(a)     The 2021 amount is associated with activity during the first quarter of 2021 primarily related to (i) $11 million associated with the settlement of interest rate swaps at VTR in connection with the refinancing of the VTR Credit Facilities and (ii) $32 million associated with the settlement of interest rate swaps at Liberty Puerto Rico in connection with the refinancing of the LPR Credit Facilities. The 2020 amount is primarily related to the settlement of certain cross-currency interest rate swaps at VTR. For additional information regarding our debt refinancing activity, see note 8.

Schedule of Derivative Instruments

The following table sets forth the total notional amounts and the related weighted average remaining contractual lives of our cross-currency swap contracts at June 30, 2021:

Borrowing group	Notional amount due from counterparty		Notional amount due to counterparty		Weighted average remaining life
	in millions				in years
C&W	$	56.3	COP	197,014.1	5.1
VTR	$	1,380.0	CLP	1,096,693.0	5.2

The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at June 30, 2021:

Borrowing group	Notional amount due from counterparty		Weighted average remaining life
	in millions		in years
C&W (a)	$	2,250.0	4.9
Liberty Puerto Rico	$	500.0	7.3
Cabletica	$	53.5	2.0

(a)Includes forward-starting derivative instruments.

The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our basis swap contracts at June 30, 2021:

Borrowing group	Notional amount due from counterparty		Weighted average remaining life
	in millions		in years
C&W	$	1,510.0	0.5
Liberty Puerto Rico	$	500.0	0.5

The following table sets forth amounts due to and from our counterparties and the related weighted average remaining contractual lives of our foreign currency forward contracts at June 30, 2021:

Borrowing group	Notional amount due from counterparty		Notional amount due to counterparty		Weighted average remaining life
	in millions				in years
VTR	$	244.5	CLP	182,692.5	0.7
Cabletica	$	14.8	CRC	9,248.9	0.2

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Long-lived Assets (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

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

	January 1, 2021		Acquisitions and related adjustments		Foreign currency translation adjustments and other		June 30, 2021
	in millions
C&W Caribbean and Networks	$	3,112.0	$	—	$	(64.0)	$	3,048.0
C&W Panama	617.1		—		—		617.1
Liberty Puerto Rico	629.9		(34.3)		—		595.6
VTR	374.6		—		(10.4)		364.2
Cabletica	151.9		—		(1.6)		150.3
Total	$	4,885.5	$	(34.3)	$	(76.0)	$	4,775.2

Schedule of Property and Equipment and the Related Accumulated Depreciation

The details of our property and equipment and the related accumulated depreciation are set forth below:

	June 30, 2021		December 31, 2020
	in millions
Distribution systems	$	5,481.4	$	5,082.9
CPE	2,020.6		1,935.5
Support equipment, buildings and land	1,790.2		1,721.3
	9,292.2		8,739.7
Accumulated depreciation	(4,419.1)		(3,828.3)
Total	$	4,873.1	$	4,911.4

Schedule of Intangible Assets Subject to Amortization

The details of our intangible assets subject to amortization and the related accumulated amortization are set forth below:

	June 30, 2021		December 31, 2020
	in millions
Customer relationships	$	1,547.0	$	1,554.8
Licenses and other	157.3		159.4
	1,704.3		1,714.2
Accumulated amortization	(949.0)		(855.3)
Total	$	755.3	$	858.9

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Debt and Finance Lease Obligations (Tables)

6 Months Ended

Jun. 30, 2021

Debt and Lease Obligation [Abstract]

Schedule of Debt

The U.S. dollar equivalents of the components of our debt are as follows:

	June 30, 2021						Estimated fair value (c)				Principal amount
	Weighted average interest rate (a)		Unused borrowing capacity (b)
			Borrowing currency		US $ equivalent		June 30, 2021		December 31, 2020		June 30, 2021		December 31, 2020
			in millions
Convertible Notes (d)	2.00	%	—		$	—	$	408.7	$	381.8	$	402.5	$	402.5
C&W Notes	6.74	%	—		—		2,403.2		2,435.8		2,270.0		2,270.0
C&W Credit Facilities	2.77	%	(e)		774.6		1,828.8		1,834.7		1,852.9		1,856.2
LPR Senior Secured Notes	6.12	%	—		—		2,237.2		1,389.4		2,110.0		1,290.0
LPR Credit Facilities	3.85	%	$	167.5	167.5		500.6		1,002.5		500.0		1,000.0
VTR Notes	5.38	%	—		—		1,560.8		1,239.7		1,500.0		1,150.0
VTR Credit Facilities	—	%	(f)		261.5		—		243.8		—		244.5
Cabletica Credit Facilities (g)	8.17	%	$	7.0	7.0		126.3		119.3		126.9		119.6
Vendor financing (h)	2.31	%	—		—		171.6		168.1		171.6		168.1
Total debt before premiums, discounts and deferred financing costs	5.10	%			$	1,210.6	$	9,237.2	$	8,815.1	$	8,933.9	$	8,500.9

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

	June 30, 2021		December 31, 2020
	in millions
Total debt before premiums, discounts and deferred financing costs	$	8,933.9	$	8,500.9
Premiums, discounts and deferred financing costs, net	(152.3)		(157.1)
Total carrying amount of debt	8,781.6		8,343.8
Finance lease obligations	12.7		13.4
Total debt and finance lease obligations	8,794.3		8,357.2
Less: Current maturities of debt and finance lease obligations	(164.6)		(161.9)
Long-term debt and finance lease obligations	$	8,629.7	$	8,195.3

(a)Represents the weighted average interest rate in effect at June 30, 2021 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented represent stated rates and do not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing.

(b)Unused borrowing capacity represents the maximum availability under the applicable facility at June 30, 2021 without regard to covenant compliance calculations or other conditions precedent to borrowing. At June 30, 2021, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, both before and after completion of the June 30, 2021 compliance reporting requirements. At June 30, 2021, there were no restrictions on the respective subsidiary’s ability to upstream cash from this availability to Liberty Latin America or its subsidiaries or other equity holders.

(c)The estimated fair values of our debt instruments are determined using the average of applicable bid and ask prices (mostly Level 1 of the fair value hierarchy) or, when quoted market prices are unavailable or not considered indicative of fair value, discounted cash flow models (mostly Level 2 of the fair value hierarchy). The discount rates used in the cash flow models are based on the market interest rates and estimated credit spreads of the applicable entity, to the extent available, and other relevant factors. For additional information regarding fair value hierarchies, see note 6.

(d)The interest rate reflects the stated rate of the Convertible Notes. The effective interest rate of the Convertible Notes is 6.7%, which considers the impact of a discount recorded in connection with the value ascribed to the instrument’s conversion option. At June 30, 2021, the carrying value of the Convertible Notes was $350 million and the unamortized debt discount on the Convertible Notes was $50 million.

(e)The C&W Credit Facilities unused borrowing capacity comprise certain U.S. dollar and Trinidad & Tobago dollar revolving credit facilities.

(f)The VTR Credit Facilities unused borrowing capacity comprises U.S. dollar and CLP revolving credit facilities.

(g)The Cabletica Credit Facilities comprise certain Costa Rican colón and U.S. dollar term loans and a U.S. dollar revolving credit facility.

(h)Represents amounts owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our operating expenses and property and equipment additions. These obligations are generally due within one year and include VAT that were paid on our behalf by the vendor. Our operating expenses include $54 million and $52 million for the six months ended June 30, 2021 and 2020, respectively, that were financed by an intermediary and are reflected on the borrowing date as a hypothetical cash outflow within net cash provided by operating activities and a hypothetical cash inflow within net cash provided by financing activities in our condensed consolidated statements of cash flows. Repayments of vendor financing obligations are included in payments of principal amounts of debt and finance lease obligations in our condensed consolidated statements of cash flows.

Schedule of Line of Credit Facilities

The general terms of the significant notes we issued and credit facilities we entered into or amended during 2021 are as follows:

Borrowing group		Issued at		Interest rate	Borrowing		Non-cash component (a)
	Instrument		Maturity
					in millions
Liberty Puerto Rico	2029 LPR Senior Secured Notes	100%	July 15, 2029	5.125%	$	820.0	$	500.0
Liberty Puerto Rico	2028 LPR Term Loan	100%	October 15, 2028	LIBOR + 3.75%	$	500.0	$	500.0
Liberty Puerto Rico	LPR Revolving Credit Facility	N/A	March 15, 2027	LIBOR + 3.5%	(b)		N/A
VTR	2029 VTR Senior Secured Notes	100%	April 15, 2029	4.375%	$	410.0	$	60.0
VTR	VTR RCF – A	N/A	June 15, 2026	TAB + 3.35%	$	—	N/A

N/A — Not applicable.

(a)Represents the non-cash component of the financing, if any. Non-cash activity relates to cash borrowed that did not pass through our bank accounts, as financing proceeds from the issuance of debt were used to directly repay some or all of outstanding debt instruments within the same borrowing group.

(b)Total commitments under the LPR Revolving Credit Facility were increased by $43 million during the first quarter of 2021.

During 2021, we made repayments on the following debt instruments:

Borrowing group		Redemption price	Principal amount repaid					Non-cash component (b)		Loss on debt extinguishment
	Instrument		Borrowing currency			USD equivalent (a)
			in millions
Liberty Puerto Rico	2026 SPV Credit Facility	100%		$	1,000.0	$	1,000.0	$	1,000.0	$	14.3
VTR	2028 VTR Senior Secured Notes	103%		$	60.0	$	60.0	$	60.0	$	2.1
VTR	VTR TLB-1 Facility	100%	CLP	140,900.0		$	196.4	$	—	$	5.6
VTR	VTR TLB-2 Facility	100%	CLP	33,100.0		$	46.1	$	—	$	1.3

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

(b)Represents the non-cash component of the repayment, if any. Non-cash activity relates to cash repayments that did not pass through our bank accounts, as financing proceeds from the issuance of debt were used to directly repay some or all of outstanding debt instruments within the same borrowing group.

Schedule of Maturities of Debt

Maturities of our debt as of June 30, 2021 are presented below. Amounts presented below represent U.S. dollar equivalents based on June 30, 2021 exchange rates:

	C&W		Liberty Puerto Rico		VTR		Cabletica		Liberty Latin America (a)		Consolidated
	in millions
Years ending December 31:
2021 (remainder of year)	$	42.4	$	—	$	47.3	$	—	$	0.4	$	90.1
2022	39.6		—		48.3		—		0.6		88.5
2023	124.6		—		—		—		0.8		125.4
2024	60.2		—		—		126.9		402.9		590.0
2025	144.6		—		—		—		—		144.6
2026	500.6		—		—		—		—		500.6
Thereafter	3,284.7		2,610.0		1,500.0		—		—		7,394.7
Total debt maturities	4,196.7		2,610.0		1,595.6		126.9		404.7		8,933.9
Premiums, discounts and deferred financing costs, net	(28.0)		(39.2)		(26.2)		(6.1)		(52.8)		(152.3)
Total debt	$	4,168.7	$	2,570.8	$	1,569.4	$	120.8	$	351.9	$	8,781.6
Current portion	$	67.4	$	—	$	95.6	$	—	$	0.4	$	163.4
Noncurrent portion	$	4,101.3	$	2,570.8	$	1,473.8	$	120.8	$	351.5	$	8,618.2

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

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Leases (Tables)

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Operating Lease Expense

The following table provides details of our operating lease expense:

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
Operating lease expense:
Operating lease cost	$	18.6	$	10.8	$	40.5	$	22.6
Short-term lease cost	5.9		3.4		9.9		6.2
Total operating lease expense	$	24.5	$	14.2	$	50.4	$	28.8

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

Certain Other Details of Operating Leases Assets and Liabilities

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

	June 30, 2021		December 31, 2020
	in millions
Operating lease right-of-use assets	$	299.6	$	328.6
Operating lease liabilities:
Current	$	56.4	$	63.2
Noncurrent	256.0		269.7
Total operating lease liabilities	$	312.4	$	332.9

Weighted-average remaining lease term	7.0 years		7.2 years
Weighted-average discount rate	5.4	%	5.6	%

	Six months ended June 30,
	2021		2020
	in millions
Operating cash outflows related to operating leases	$	39.7	$	19.0
Right-of-use assets obtained in exchange for new operating lease liabilities (a)	$	19.5	$	22.2

(a)Represents non-cash transactions associated with operating leases entered into during the six months ended June 30, 2021 and 2020, respectively.

Maturities of Operating Lease Liabilities

Maturities of our operating lease liabilities as of June 30, 2021 are presented below. Amounts presented below represent U.S. dollar equivalents (in millions) based on June 30, 2021 exchange rates.

Years ending December 31:
2021 (remainder of year)	$	36.4
2022	66.3
2023	54.6
2024	46.7
2025	36.5
2026	31.4
Thereafter	107.6
Total operating lease liabilities on an undiscounted basis	379.5
Present value discount	(67.1)
Present value of operating lease liabilities	$	312.4

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Programming and Other Direct Costs of Services (Tables)

6 Months Ended

Jun. 30, 2021

Other Income and Expenses [Abstract]

Schedule of Cost of Goods and Services Sold

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

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
Programming and copyright	$	114.4	$	92.9	$	226.2	$	193.5
Interconnect	65.8		58.7		132.2		125.0
Equipment and other	95.5		28.1		197.5		72.0
Total programming and other direct costs of services	$	275.7	$	179.7	$	555.9	$	390.5

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Other Operating Costs and Expenses (Tables)

6 Months Ended

Jun. 30, 2021

Other Income and Expenses [Abstract]

Schedule of Other Operating Cost and Expense

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

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
Personnel and contract labor	$	143.8	$	113.2	$	282.2	$	237.7
Network-related	80.6		62.8		157.8		126.8
Service-related	45.3		36.5		92.8		74.8
Commercial	53.7		39.4		106.1		81.5
Facility, provision, franchise and other	104.9		84.7		219.8		172.1
Share-based compensation expense	32.8		23.5		55.8		47.3
Total other operating costs and expenses	$	461.1	$	360.1	$	914.5	$	740.2

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Share-based Compensation (Tables)

6 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of SARs

The following tables summarize the share-based incentive awards related to Liberty Latin America Class A and Class C common shares held by our employees and our Directors as of June 30, 2021.

	Number of shares	Weighted average exercise price
Share-based incentive award type
SARs:
Class A common shares:
Outstanding	6,513,845	$	16.18
Exercisable	2,701,455	$	19.63
Class C common shares:
Outstanding	13,013,359	$	16.24
Exercisable	5,388,956	$	19.68

Schedule of RSUs

	Number of shares
Share-based incentive award type
RSUs outstanding:
Class A common shares	1,159,048
Class C common shares	2,317,825
PSUs outstanding:
Class A common shares	779,089
Class C common shares	1,625,891

The following tables summarize the share-based incentive awards related to Liberty Latin America Class A and Class C common shares granted to our employees and our Directors during the six months ended June 30, 2021.

	Number of shares	Weighted average exercise price		Weighted average grant date fair value
Share-based incentive award type
SARs granted:
Class A common shares	1,790,014	$	14.00	$	6.49
Class C common shares	3,580,028	$	14.10	$	6.44
PSARs granted (2021 PSARs):
Class A common shares	2,599,992	$	14.00	$	6.94
Class C common shares	5,200,008	$	14.10	$	6.91

	Number of shares	Weighted average grant-date fair value
Share-based incentive award type
RSUs granted:
Class A common shares (a)	1,490,105	$	13.90
Class C common shares (a)	2,980,396	$	14.02
PSUs granted (2020 PSUs):
Class A common shares	645,704	$	11.76
Class C common shares	1,347,552	$	11.48

(a)    During March 2021, we granted 0.6 million and 1.2 million shares of Class A and Class C RSUs, respectively, that vested immediately in settlement of certain bonus liabilities relating to the year ended December 31, 2020, which are included in the amounts presented in the table.

Schedule of PSUs

	Number of shares
Share-based incentive award type
RSUs outstanding:
Class A common shares	1,159,048
Class C common shares	2,317,825
PSUs outstanding:
Class A common shares	779,089
Class C common shares	1,625,891

The following tables summarize the share-based incentive awards related to Liberty Latin America Class A and Class C common shares granted to our employees and our Directors during the six months ended June 30, 2021.

	Number of shares	Weighted average exercise price		Weighted average grant date fair value
Share-based incentive award type
SARs granted:
Class A common shares	1,790,014	$	14.00	$	6.49
Class C common shares	3,580,028	$	14.10	$	6.44
PSARs granted (2021 PSARs):
Class A common shares	2,599,992	$	14.00	$	6.94
Class C common shares	5,200,008	$	14.10	$	6.91

	Number of shares	Weighted average grant-date fair value
Share-based incentive award type
RSUs granted:
Class A common shares (a)	1,490,105	$	13.90
Class C common shares (a)	2,980,396	$	14.02
PSUs granted (2020 PSUs):
Class A common shares	645,704	$	11.76
Class C common shares	1,347,552	$	11.48

(a)    During March 2021, we granted 0.6 million and 1.2 million shares of Class A and Class C RSUs, respectively, that vested immediately in settlement of certain bonus liabilities relating to the year ended December 31, 2020, which are included in the amounts presented in the table.

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Earnings or Loss per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Weighted Average Shares Outstanding

The details of our weighted average shares outstanding are set forth below:

	Three months ended June 30,		Six months ended June 30,
	2021	2020	2021	2020
Weighted average shares outstanding:
Basic	233,960,795	185,424,779	233,189,937	185,101,185
Diluted	234,800,020	185,424,779	233,945,963	185,101,185

Schedule of Earnings Per Share

The details of the calculations of our basic and diluted EPS for the three and six months ended June 30, 2021 are set forth below in millions, except for share amounts:

	Three months ended		Six months ended
	June 30, 2021		June 30, 2021
Numerator:
Net earnings attributable to holders of Liberty Latin America Shares (basic and diluted EPS computation)	$	4.4	$	92.2
Denominator:
Weighted average shares (basic EPS computation)	233,960,795		233,189,937
Incremental shares attributable to the release of PSUs, RSUs and SARs upon vesting (treasury stock method)	839,225		756,026
Weighted average shares (diluted EPS computation) (a)	234,800,020		233,945,963

(a)    We have excluded (i) the aggregate number of shares issuable pursuant to outstanding options, SARs and RSUs of 24.5 million, (ii) the aggregate number of shares issuable pursuant to outstanding PSARs and PSUs of 7.8 million and (iii) using the if-converted method, the aggregate number of shares potentially issuable under our Convertible Notes of 19.5 million, because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs and PSARs, because such awards had not yet met the applicable performance criteria.

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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Commitments

The following table sets forth the U.S. dollar equivalents of such commitments as of June 30, 2021:

	Payments due during:
	Remainder of 2021		2022		2023		2024		2025		2026		Thereafter		Total
	in millions
Programming commitments	$	95.0	$	91.4	$	52.8	$	42.8	$	0.5	$	—	$	—	$	282.5
Network and connectivity commitments	45.3		39.2		28.2		9.1		6.3		1.8		7.3		137.2
Purchase commitments	166.3		32.9		17.3		—		—		—		—		216.5
Other commitments	5.7		1.8		1.6		1.5		1.4		1.4		7.0		20.4
Total (a)	$	312.3	$	165.3	$	99.9	$	53.4	$	8.2	$	3.2	$	14.3	$	656.6

(a)    The commitments included in this table do not reflect any liabilities that are included in our June 30, 2021 condensed consolidated balance sheet.

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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting, Measurement Disclosures [Abstract]

Revenue and Adjusted OIBDA by Segment

The amounts presented below represent 100% of the revenue and Adjusted OIBDA of each of our reportable segments and our corporate operations. As we have the ability to control certain subsidiaries that are not wholly-owned, we include 100% of the revenue and expenses of these entities in our condensed consolidated statements of operations despite the fact that third parties own significant interests in these entities. The noncontrolling owners’ interests in the operating results of Cabletica and certain subsidiaries of C&W are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations.

	Revenue
	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
C&W Caribbean and Networks	$	434.2	$	404.9	$	864.0	$	856.9
C&W Panama	128.1		112.2		250.1		250.5
Liberty Puerto Rico	360.4		109.1		721.7		213.7
VTR	209.3		193.1		419.6		399.5
Cabletica	36.3		34.6		72.5		68.3
Corporate	5.4		—		10.8		—
Intersegment eliminations	(5.7)		(5.0)		(10.8)		(9.0)
Total	$	1,168.0	$	848.9	$	2,327.9	$	1,779.9

	Adjusted OIBDA
	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
C&W Caribbean and Networks	$	188.1	$	166.7	$	369.4	$	353.7
C&W Panama	45.6		36.9		89.6		82.7
Liberty Puerto Rico	161.4		52.4		311.3		102.9
VTR	68.7		73.1		139.2		153.2
Cabletica	12.7		13.2		26.8		26.5
Corporate	(12.5)		(9.7)		(23.0)		(22.5)
Total	$	464.0	$	332.6	$	913.3	$	696.5

Reconciliation of Total Adjusted OIBDA to Earnings (Loss) Before Income Taxes

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

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
Total Adjusted OIBDA	$	464.0	$	332.6	$	913.3	$	696.5
Share-based compensation expense	(32.8)		(23.5)		(55.8)		(47.3)
Depreciation and amortization	(254.0)		(216.4)		(499.9)		(429.9)
Impairment, restructuring and other operating items, net	(17.0)		(298.7)		(19.2)		(317.5)
Operating income (loss)	160.2		(206.0)		338.4		(98.2)
Interest expense	(133.7)		(135.3)		(260.1)		(278.6)
Realized and unrealized gains (losses) on derivative instruments, net	57.3		(179.0)		172.2		(161.6)
Foreign currency transaction gains (losses), net	(44.4)		19.1		(69.8)		(145.2)
Losses on debt extinguishment	—		—		(23.3)		(3.4)
Other income (expense), net	(0.4)		4.8		(1.0)		11.6
Earnings (loss) before income taxes	$	39.0	$	(496.4)	$	156.4	$	(675.4)

Capital Expenditures of Reportable Segments

The property and equipment additions of our reportable segments and corporate operations (including capital additions financed under vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditure amounts included in our condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing, see note 7.

	Six months ended June 30,
	2021		2020
	in millions
C&W Caribbean and Networks	$	122.8	$	121.0
C&W Panama	30.8		31.0
Liberty Puerto Rico	84.9		32.9
VTR	102.5		84.2
Cabletica	14.6		10.9
Corporate	11.5		6.2
Total property and equipment additions	367.1		286.2
Assets acquired under capital-related vendor financing arrangements	(38.3)		(53.3)
Changes in current liabilities related to capital expenditures	5.4		38.5
Total capital expenditures	$	334.2	$	271.4

Revenue by Major Category

	Three months ended June 30, 2021
	C&W Caribbean and Networks		C&W Panama		Liberty Puerto Rico		VTR		Cabletica		Corporate (a)		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	33.4	$	6.2	$	39.2	$	77.4	$	19.0	$	—	$	—	$	175.2
Broadband internet	67.7		10.8		63.2		84.7		14.5		—		—		240.9
Fixed-line telephony	17.1		4.2		7.1		19.9		1.1		—		—		49.4
Total subscription revenue	118.2		21.2		109.5		182.0		34.6		—		—		465.5
Non-subscription revenue	11.4		2.4		4.9		4.0		1.7		—		—		24.4
Total residential fixed revenue	129.6		23.6		114.4		186.0		36.3		—		—		489.9
Residential mobile revenue:
Service revenue	75.0		39.4		114.7		13.0		—		—		—		242.1
Interconnect, inbound roaming, equipment sales and other (b)	14.0		11.3		70.9		1.8		—		5.4		—		103.4
Total residential mobile revenue	89.0		50.7		185.6		14.8		—		5.4		—		345.5
Total residential revenue	218.6		74.3		300.0		200.8		36.3		5.4		—		835.4
B2B revenue:
Service revenue (c)	152.8		53.8		51.9		8.5		—		—		(0.9)		266.1
Subsea network revenue	62.8		—		—		—		—		—		(4.8)		58.0
Total B2B revenue	215.6		53.8		51.9		8.5		—		—		(5.7)		324.1
Other revenue (d)	—		—		8.5		—		—		—		—		8.5
Total	$	434.2	$	128.1	$	360.4	$	209.3	$	36.3	$	5.4	$	(5.7)	$	1,168.0

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

(b)The total amount includes $26 million of inbound roaming revenue and $56 million of revenue from sales of mobile handsets and other devices.

(c)The total amount includes $4 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

(d)Amount relates to revenue received from the FCC related to Liberty Mobile following the closing of the AT&T Acquisition.

	Three months ended June 30, 2020
	C&W Caribbean and Networks		C&W Panama		Liberty Puerto Rico		VTR		Cabletica		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	35.5	$	7.2	$	36.7	$	67.0	$	20.5	$	—	$	166.9
Broadband internet	61.0		9.5		49.2		80.8		12.5		—		213.0
Fixed-line telephony	19.3		4.9		6.2		17.6		0.9		—		48.9
Total subscription revenue	115.8		21.6		92.1		165.4		33.9		—		428.8
Non-subscription revenue	8.7		2.6		3.8		4.7		0.7		—		20.5
Total residential fixed revenue	124.5		24.2		95.9		170.1		34.6		—		449.3
Residential mobile revenue:
Service revenue	67.6		36.8		—		13.8		—		—		118.2
Interconnect, inbound roaming, equipment sales and other (a)	8.9		9.4		—		1.6		—		—		19.9
Total residential mobile revenue	76.5		46.2		—		15.4		—		—		138.1
Total residential revenue	201.0		70.4		95.9		185.5		34.6		—		587.4
B2B revenue:
Service revenue (b)	142.5		41.8		13.2		7.6		—		(1.3)		203.8
Subsea network revenue	61.4		—		—		—		—		(3.7)		57.7
Total B2B revenue	203.9		41.8		13.2		7.6		—		(5.0)		261.5
Total	$	404.9	$	112.2	$	109.1	$	193.1	$	34.6	$	(5.0)	$	848.9

(a)The total amount includes $1 million of inbound roaming revenue and $6 million of revenue from sales of mobile handsets and other devices.

(b)The total amount includes $3 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

	Six months ended June 30, 2021
	C&W Caribbean and Networks		C&W Panama		Liberty Puerto Rico		VTR		Cabletica		Corporate (a)		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	67.7	$	12.4	$	77.8	$	155.7	$	38.5	$	—	$	—	$	352.1
Broadband internet	134.3		21.5		124.6		169.5		28.5		—		—		478.4
Fixed-line telephony	33.6		8.5		14.1		39.9		2.2		—		—		98.3
Total subscription revenue	235.6		42.4		216.5		365.1		69.2		—		—		928.8
Non-subscription revenue	22.1		4.9		9.1		7.4		3.3		—		—		46.8
Total residential fixed revenue	257.7		47.3		225.6		372.5		72.5		—		—		975.6
Residential mobile revenue:
Service revenue	146.8		78.7		232.1		26.2		—		—		—		483.8
Interconnect, inbound roaming, equipment sales and other (b)	25.4		21.6		143.0		4.1		—		10.8		—		204.9
Total residential mobile revenue	172.2		100.3		375.1		30.3		—		10.8		—		688.7
Total residential revenue	429.9		147.6		600.7		402.8		72.5		10.8		—		1,664.3
B2B revenue:
Service revenue (c)	303.6		102.5		104.0		16.8		—		—		(2.0)		524.9
Subsea network revenue	130.5		—		—		—		—		—		(8.8)		121.7
Total B2B revenue	434.1		102.5		104.0		16.8		—		—		(10.8)		646.6
Other revenue (d)	—		—		17.0		—		—		—		—		17.0
Total	$	864.0	$	250.1	$	721.7	$	419.6	$	72.5	$	10.8	$	(10.8)	$	2,327.9

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

(b)The total amount includes $50 million of inbound roaming revenue and $113 million of revenue from sales of mobile handsets and other devices.

(c)The total amount includes $7 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

(d)Amount relates to revenue received from the FCC related to Liberty Mobile following the closing of the AT&T Acquisition.

	Six months ended June 30, 2020
	C&W Caribbean and Networks		C&W Panama		Liberty Puerto Rico		VTR		Cabletica		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	72.8	$	14.8	$	72.0	$	142.6	$	39.9	$	—	$	342.1
Broadband internet	122.4		19.1		94.7		162.7		25.0		—		423.9
Fixed-line telephony	38.6		9.9		12.1		37.2		1.6		—		99.4
Total subscription revenue	233.8		43.8		178.8		342.5		66.5		—		865.4
Non-subscription revenue	21.8		6.4		8.4		9.6		1.8		—		48.0
Total residential fixed revenue	255.6		50.2		187.2		352.1		68.3		—		913.4
Residential mobile revenue:
Service revenue	146.4		81.0		—		28.4		—		—		255.8
Interconnect, inbound roaming, equipment sales and other (a)	22.6		21.2		—		3.6		—		—		47.4
Total residential mobile revenue	169.0		102.2		—		32.0		—		—		303.2
Total residential revenue	424.6		152.4		187.2		384.1		68.3		—		1,216.6
B2B revenue:
Service revenue (b)	300.2		98.1		26.5		15.4		—		(2.2)		438.0
Subsea network revenue	132.1		—		—		—		—		(6.8)		125.3
Total B2B revenue	432.3		98.1		26.5		15.4		—		(9.0)		563.3
Total	$	856.9	$	250.5	$	213.7	$	399.5	$	68.3	$	(9.0)	$	1,779.9

(a)The total amount includes $9 million of inbound roaming revenue and $16 million of revenue from sales of mobile handsets and other devices.

(b)The total amount includes $6 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

Revenue by Geographic Segments

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

	Three months ended June 30,				Six months ended June 30,
	2021		2020		2021		2020
	in millions
Puerto Rico	$	346.6	$	108.7	$	693.9	$	213.0
Chile	209.3		193.1		419.6		399.5
Panama	127.6		111.6		249.0		249.3
Networks & LatAm (a)	84.8		83.5		175.2		178.5
Jamaica	99.4		87.6		196.7		183.7
The Bahamas	47.7		41.0		92.7		90.3
Barbados	35.0		33.6		68.9		70.3
Trinidad and Tobago	39.9		39.9		79.6		80.7
Curacao	35.3		34.5		69.6		74.1
Costa Rica	36.3		34.6		72.5		68.3
Other (b)	106.1		80.8		210.2		172.2
Total	$	1,168.0	$	848.9	$	2,327.9	$	1,779.9

(a)The amounts represent managed services and wholesale revenue from various jurisdictions across Latin America and the Caribbean, primarily related to the sale and lease of telecommunications capacity on C&W’s subsea and terrestrial fiber optic cable networks.

(b)The amounts primarily relate to a number of countries in which we have less significant operations, most of which are located in the Caribbean, and to a lesser extent, in Latin America.

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Basis of Presentation (Details)	Jun. 30, 2021 country market
Residential and Business-to-Business Services
Basis of Presentation [Line Items]
Number of countries in which entity provides services (over) | country	20
C&W | Wholesale Communication Services
Basis of Presentation [Line Items]
Number of markets (over) | market	40

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Current Expected Credit Losses - Changes in Allowance for Credit Loss (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 100.0	$ 87.3
Provision for expected losses	23.2	36.0
Write-offs	(27.0)	(24.5)
Foreign currency translation adjustments and other	(4.6)	5.3
Balance at end of period	$ 91.6	$ 104.1

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Acquisitions - Narrative (Details) $ in Millions			6 Months Ended
	Oct. 31, 2020	Jul. 30, 2020 USD ($)	Jun. 30, 2021 USD ($)
B2 B Operations In Puerto Rico
Business Acquisition [Line Items]
Stated purchase price			$ 22
Gain on sale of business			$ 9
Telefónica S.A. Acquisition
Business Acquisition [Line Items]
Enterprise value		$ 500
AT&T Acquisition
Business Acquisition [Line Items]
Transitional services term	36 months
Termination period	60

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Acquisitions - Preliminary Opening Balance Sheet (Details) - USD ($) $ in Millions		12 Months Ended
	Oct. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2021
Business Acquisition [Line Items]
Goodwill		$ 4,885.5		$ 4,775.2
Intangible assets not subject to amortization		1,465.6		$ 1,465.0
AT&T Acquisition
Business Acquisition [Line Items]
Trade receivables	$ 52.8
Prepaid expenses	0.1
Other current assets	102.7
Goodwill	317.9
Property and equipment	768.6
Intangible assets subject to amortization, net	82.7
Intangible assets not subject to amortization	894.4
Other assets	272.6
Accounts payable	(3.0)
Current portion of debt and finance lease obligations	(0.2)
Other accrued and current liabilities	(64.5)
Long-term debt and finance lease obligations	(10.6)
Non-current deferred tax liabilities	(313.8)
Other long-term liabilities	(167.3)
Total purchase price	1,932.4
Current EIP receivables	67.0
Noncurrent EIP receivables	39.0
Right-of-use assets acquired	182.0
Current operating lease liabilities assumed	33.0
Noncurrent operating lease liabilities assumed	$ 163.0
Direct acquisition costs		$ 51.0	$ 5.0
AT&T Acquisition | Customer relationships
Business Acquisition [Line Items]
Weighted average useful life of acquired intangible assets	10 years

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Acquisitions - Pro Forma Information (Details) - AT&T Acquisition - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Business Acquisition [Line Items]
Revenue	$ 1,063.8	$ 2,206.8
Net loss attributable to Liberty Latin America shareholders	$ (350.6)	$ (503.3)

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Derivative Instruments - Fair Values of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Assets:
Current	$ 1.9	$ 0.7
Long-term	20.9	4.4
Total	22.8	5.1
Liabilities:
Current	69.2	90.2
Long-term	166.9	403.0
Total	236.1	493.2
Cross-currency and interest rate derivative contracts
Assets:
Current	0.5	0.7
Long-term	19.1	4.4
Total	19.6	5.1
Liabilities:
Current	63.1	71.4
Long-term	166.9	403.0
Total	230.0	474.4
Foreign currency forward contracts
Assets:
Current	1.4	0.0
Long-term	1.8	0.0
Total	3.2	0.0
Liabilities:
Current	6.1	18.8
Long-term	0.0	0.0
Total	$ 6.1	$ 18.8

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Derivative Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Cross currency interest rate contract - credit risk valuation adjustments
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on credit risk derivatives	$ (9)	$ 7	$ (30)	$ 40
Interest Rate Floor
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivative	$ 500		$ 500
Weighted average remaining life			7 years 3 months 18 days

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Derivative Instruments - Realized and Unrealized Gains (Losses) on Derivatives (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative [Line Items]
Gain (loss) on derivative instruments, net	$ 57.3	$ (179.0)	$ 172.2	$ (161.6)
VTR
Derivative [Line Items]
Realized gains (losses)		(106.0)		71.0
Cross-currency and interest rate derivative contracts
Derivative [Line Items]
Gain (loss) on derivative instruments, net	59.6	(173.3)	179.1	(164.0)
Foreign currency forward contracts
Derivative [Line Items]
Gain (loss) on derivative instruments, net	4.0	(2.4)	4.7	8.1
Weather Derivatives
Derivative [Line Items]
Gain (loss) on derivative instruments, net	$ (6.3)	$ (3.3)	$ (11.6)	$ (5.7)

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Derivative Instruments - Net Cash Received (Paid) Related to Derivatives (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Derivative [Line Items]
Operating activities	$ (37.2)	$ 2.8
Investing activities	(1.7)	5.8
Financing activities	(43.0)	180.7
Total	(81.9)	$ 189.3
Interest Rate Swap | VTR
Derivative [Line Items]
Financing activities	(11.0)
Interest Rate Swap | Liberty Puerto Rico
Derivative [Line Items]
Financing activities	$ (32.0)

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Derivative Instruments - Cross-currency Derivative Contracts (Details) - 6 months ended Jun. 30, 2021 $ in Millions, $ in Millions, $ in Millions	USD ($)	COP ($)	CLP ($)
Cross-Currency Swap 1 | C&W
Derivative [Line Items]
Weighted average remaining life	5 years 1 month 6 days
Cross-Currency Swap 2 | VTR
Derivative [Line Items]
Weighted average remaining life	5 years 2 months 12 days
Notional amount due from counterparty | Cross-Currency Swap 1 | C&W
Derivative [Line Items]
Notional amount of derivative	$ 56.3
Notional amount due from counterparty | Cross-Currency Swap 2 | VTR
Derivative [Line Items]
Notional amount of derivative	$ 1,380.0
Notional amount due to counterparty | Cross-Currency Swap 1 | C&W
Derivative [Line Items]
Notional amount of derivative		$ 197,014.1
Notional amount due to counterparty | Cross-Currency Swap 2 | VTR
Derivative [Line Items]
Notional amount of derivative			$ 1,096,693.0

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Derivative Instruments - Interest Rate Derivative Contracts (Details) - 6 months ended Jun. 30, 2021 ₡ in Millions, $ in Millions, $ in Millions	USD ($)	CLP ($)	CRC (₡)
Interest Rate Swap | C&W
Derivative [Line Items]
Notional amount of derivative	$ 2,250.0
Weighted average remaining life	4 years 10 months 24 days
Interest Rate Swap | Liberty Puerto Rico
Derivative [Line Items]
Notional amount of derivative	$ 500.0
Weighted average remaining life	7 years 3 months 18 days
Interest Rate Swap | Cabletica
Derivative [Line Items]
Notional amount of derivative	$ 53.5
Weighted average remaining life	2 years
Basis Swap | C&W
Derivative [Line Items]
Notional amount of derivative	$ 1,510.0
Weighted average remaining life	6 months
Basis Swap | Liberty Puerto Rico
Derivative [Line Items]
Notional amount of derivative	$ 500.0
Weighted average remaining life	6 months
Foreign currency forward contracts | Cabletica
Derivative [Line Items]
Notional amount of derivative	$ 14.8		₡ 9,248.9
Weighted average remaining life	2 months 12 days
Foreign currency forward contracts | VTR
Derivative [Line Items]
Notional amount of derivative	$ 244.5	$ 182,692.5
Weighted average remaining life	8 months 12 days

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Fair Value Measurements (Details) - Level 3 - Derivative Financial Instruments, Liabilities - Sable Currency Swaps - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative instrument liability					$ 1,000,000
Net gains (losses) recorded in earnings	$ 0	$ 3,000,000	$ (1,000,000)	$ 13,000,000

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Long-lived Assets - Goodwill (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Beginning balance	$ 4,885.5
Acquisitions and related adjustments	(34.3)
Foreign currency translation adjustments and other	(76.0)
Ending balance	4,775.2
Accumulated goodwill impairments	1,624.0	$ 1,624.0
C&W Caribbean and Networks
Goodwill [Roll Forward]
Beginning balance	3,112.0
Acquisitions and related adjustments	0.0
Foreign currency translation adjustments and other	(64.0)
Ending balance	3,048.0
C&W Panama
Goodwill [Roll Forward]
Beginning balance	617.1
Acquisitions and related adjustments	0.0
Foreign currency translation adjustments and other	0.0
Ending balance	617.1
Liberty Puerto Rico
Goodwill [Roll Forward]
Beginning balance	629.9
Acquisitions and related adjustments	(34.3)
Foreign currency translation adjustments and other	0.0
Ending balance	595.6
VTR
Goodwill [Roll Forward]
Beginning balance	374.6
Acquisitions and related adjustments	0.0
Foreign currency translation adjustments and other	(10.4)
Ending balance	364.2
Cabletica
Goodwill [Roll Forward]
Beginning balance	151.9
Acquisitions and related adjustments	0.0
Foreign currency translation adjustments and other	(1.6)
Ending balance	$ 150.3

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Long-lived Assets - Property and Equipment, Net (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 9,292.2		$ 8,739.7
Accumulated depreciation	(4,419.1)		(3,828.3)
Total	4,873.1		4,911.4
Non-cash increases related to vendor financing arrangements	38.3	$ 53.3
Distribution systems
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,481.4		5,082.9
CPE
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,020.6		1,935.5
Support equipment, buildings and land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,790.2		$ 1,721.3

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Long-lived Assets - Intangible Assets Subject to Amortization, Net (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Statement [Line Items]
Gross carrying amount	$ 1,704.3	$ 1,714.2
Accumulated amortization	(949.0)	(855.3)
Total	755.3	858.9
Customer relationships
Statement [Line Items]
Gross carrying amount	1,547.0	1,554.8
Licenses and other
Statement [Line Items]
Gross carrying amount	$ 157.3	$ 159.4

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Debt and Finance Lease Obligations - Components of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Weighted average interest rate	5.10%
Unused borrowing capacity	$ 1,210.6
Estimated fair value	9,237.2	$ 8,815.1
Total debt before premiums, discounts and deferred financing costs	8,933.9	8,500.9
Premiums, discounts and deferred financing costs, net	(152.3)	(157.1)
Total carrying amount of debt	8,781.6	8,343.8
Finance lease obligations	12.7	13.4
Total debt and finance lease obligations	8,794.3	8,357.2
Less: Current maturities of debt and finance lease obligations	(164.6)	(161.9)
Long-term debt and finance lease obligations	$ 8,629.7	8,195.3
Convertible Debt | Convertible Notes
Debt Instrument [Line Items]
Weighted average interest rate	2.00%
Unused borrowing capacity	$ 0.0
Estimated fair value	408.7	381.8
Total debt before premiums, discounts and deferred financing costs	$ 402.5	402.5
Senior Notes | C&W Notes
Debt Instrument [Line Items]
Weighted average interest rate	6.74%
Unused borrowing capacity	$ 0.0
Estimated fair value	2,403.2	2,435.8
Total debt before premiums, discounts and deferred financing costs	$ 2,270.0	2,270.0
Line of Credit | C&W Credit Facilities
Debt Instrument [Line Items]
Weighted average interest rate	2.77%
Unused borrowing capacity	$ 774.6
Estimated fair value	1,828.8	1,834.7
Total debt before premiums, discounts and deferred financing costs	$ 1,852.9	1,856.2
Line of Credit | LPR Senior Secured Notes
Debt Instrument [Line Items]
Weighted average interest rate	6.12%
Unused borrowing capacity	$ 0.0
Estimated fair value	2,237.2	1,389.4
Total debt before premiums, discounts and deferred financing costs	$ 2,110.0	1,290.0
Line of Credit | LPR Credit Facilities
Debt Instrument [Line Items]
Weighted average interest rate	3.85%
Unused borrowing capacity	$ 167.5
Estimated fair value	500.6	1,002.5
Total debt before premiums, discounts and deferred financing costs	$ 500.0	1,000.0
Line of Credit | VTR Credit Facilities
Debt Instrument [Line Items]
Weighted average interest rate	0.00%
Unused borrowing capacity	$ 261.5
Estimated fair value	0.0	243.8
Total debt before premiums, discounts and deferred financing costs	$ 0.0	244.5
Line of Credit | Cabletica Credit Facilities
Debt Instrument [Line Items]
Weighted average interest rate	8.17%
Unused borrowing capacity	$ 7.0
Estimated fair value	126.3	119.3
Total debt before premiums, discounts and deferred financing costs	$ 126.9	119.6
Medium-term Notes | VTR Notes
Debt Instrument [Line Items]
Weighted average interest rate	5.38%
Unused borrowing capacity	$ 0.0
Estimated fair value	1,560.8	1,239.7
Total debt before premiums, discounts and deferred financing costs	$ 1,500.0	1,150.0
Unsecured Debt | Vendor financing
Debt Instrument [Line Items]
Weighted average interest rate	2.31%
Unused borrowing capacity	$ 0.0
Estimated fair value	171.6	168.1
Total debt before premiums, discounts and deferred financing costs	$ 171.6	$ 168.1

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Debt and Finance Lease Obligations - Components of Debt Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Convertible Notes
Debt Instrument [Line Items]
Carrying amount of convertible note	$ 350
Unamortized debt discount	$ 50
Convertible Debt | Convertible Notes
Debt Instrument [Line Items]
Interest rate	6.70%
Unsecured Debt | Vendor Financing Obligations
Debt Instrument [Line Items]
General term of vendor financing arrangements for amounts due	1 year	1 year
Operating expenses financed by intermediary	$ 54	$ 52

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Debt and Finance Lease Obligations - VTR Finance Senior Note (Details) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2021 CLP ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Principal amount repaid	$ 8,933,900,000			$ 8,933,900,000			$ 8,500,900,000
Loss on debt extinguishment	0		$ 0	23,300,000	$ 3,400,000
2029 LPR Senior Secured Notes | Senior Notes
Debt Instrument [Line Items]
Issued at		100.00%				100.00%
Interest rate		5.125%				5.125%
Borrowing		$ 820,000,000.0
Non-cash component		$ 500,000,000.0
2028 LPR Term Loan | Medium-term Notes
Debt Instrument [Line Items]
Issued at		100.00%				100.00%
Borrowing		$ 500,000,000.0
Non-cash component		$ 500,000,000.0
2028 LPR Term Loan | Medium-term Notes | LIBOR
Debt Instrument [Line Items]
Interest rate		3.75%
LPR Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Borrowing	$ 43,000,000			$ 43,000,000
LPR Revolving Credit Facility | Line of Credit | LIBOR
Debt Instrument [Line Items]
Interest rate		3.50%
2029 VTR Senior Secured Notes | Senior Notes
Debt Instrument [Line Items]
Issued at		100.00%				100.00%
Interest rate		4.375%				4.375%
Borrowing		$ 410,000,000.0
Non-cash component		60,000,000.0
VTR RCF – A | Line of Credit
Debt Instrument [Line Items]
Borrowing		$ 0
VTR RCF – A | Line of Credit | TAB
Debt Instrument [Line Items]
Interest rate		3.35%
2026 SPV Credit Facility | Line of Credit
Debt Instrument [Line Items]
Non-cash component		$ 1,000,000,000.0
Redemption price		100.00%
Principal amount repaid		$ 1,000,000,000.0
Loss on debt extinguishment		14,300,000
2028 VTR Senior Secured Notes | Senior Notes
Debt Instrument [Line Items]
Non-cash component		$ 60,000,000.0
Redemption price		103.00%
Principal amount repaid		$ 60,000,000.0
Loss on debt extinguishment		2,100,000
VTR TLB-1 Facility | Medium-term Notes
Debt Instrument [Line Items]
Non-cash component		$ 0
Redemption price		100.00%
Principal amount repaid		$ 196,400,000				$ 140,900.0
Loss on debt extinguishment		5,600,000
VTR TLB-2 Facility | Medium-term Notes
Debt Instrument [Line Items]
Non-cash component		$ 0
Redemption price		100.00%
Principal amount repaid		$ 46,100,000				$ 33,100.0
Loss on debt extinguishment		$ 1,300,000

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Debt and Finance Lease Obligations - Maturities of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt maturities	$ 8,933.9	$ 8,500.9
Premiums, discounts and deferred financing costs, net	(152.3)	(157.1)
Total carrying amount of debt	8,781.6	$ 8,343.8
C&W
Debt Instrument [Line Items]
2021 (remainder of year)	42.4
2022	39.6
2023	124.6
2024	60.2
2025	144.6
2026	500.6
Thereafter	3,284.7
Total debt maturities	4,196.7
Premiums, discounts and deferred financing costs, net	(28.0)
Total carrying amount of debt	4,168.7
Current portion	67.4
Noncurrent portion	4,101.3
Liberty Puerto Rico
Debt Instrument [Line Items]
2021 (remainder of year)	0.0
2022	0.0
2023	0.0
2024	0.0
2025	0.0
2026	0.0
Thereafter	2,610.0
Total debt maturities	2,610.0
Premiums, discounts and deferred financing costs, net	(39.2)
Total carrying amount of debt	2,570.8
Current portion	0.0
Noncurrent portion	2,570.8
VTR
Debt Instrument [Line Items]
2021 (remainder of year)	47.3
2022	48.3
2023	0.0
2024	0.0
2025	0.0
2026	0.0
Thereafter	1,500.0
Total debt maturities	1,595.6
Premiums, discounts and deferred financing costs, net	(26.2)
Total carrying amount of debt	1,569.4
Current portion	95.6
Noncurrent portion	1,473.8
Cabletica
Debt Instrument [Line Items]
2021 (remainder of year)	0.0
2022	0.0
2023	0.0
2024	126.9
2025	0.0
2026	0.0
Thereafter	0.0
Total debt maturities	126.9
Premiums, discounts and deferred financing costs, net	(6.1)
Total carrying amount of debt	120.8
Current portion	0.0
Noncurrent portion	120.8
Liberty Latin America
Debt Instrument [Line Items]
2021 (remainder of year)	0.4
2022	0.6
2023	0.8
2024	402.9
2025	0.0
2026	0.0
Thereafter	0.0
Total debt maturities	404.7
Premiums, discounts and deferred financing costs, net	(52.8)
Total carrying amount of debt	351.9
Current portion	0.4
Noncurrent portion	351.5
Consolidated
Debt Instrument [Line Items]
2021 (remainder of year)	90.1
2022	88.5
2023	125.4
2024	590.0
2025	144.6
2026	500.6
Thereafter	7,394.7
Total debt maturities	8,933.9
Premiums, discounts and deferred financing costs, net	(152.3)
Total carrying amount of debt	8,781.6
Current portion	163.4
Noncurrent portion	$ 8,618.2

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Debt and Finance Lease Obligations - Narrative (Details) - VTR Finance Senior Secured Notes - Senior Notes - Subsequent Event $ in Millions	1 Months Ended
	Jul. 31, 2021 USD ($)
Debt Instrument [Line Items]
Repurchased face amount	$ 60
Repurchase amount	$ 62
Redemption price	103.00%

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Leases - Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating lease cost	$ 18.6	$ 10.8	$ 40.5	$ 22.6
Short-term lease cost	5.9	3.4	9.9	6.2
Total operating lease expense	$ 24.5	$ 14.2	$ 50.4	$ 28.8

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Leases - Operating Leases Assets and Liabilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Leases [Abstract]
Operating lease right-of-use assets	$ 299.6		$ 328.6
Operating lease liabilities:
Current	56.4		63.2
Noncurrent	256.0		269.7
Total operating lease liabilities	$ 312.4		$ 332.9
Weighted-average remaining lease term	7 years		7 years 2 months 12 days
Weighted-average discount rate	5.40%		5.60%
Operating cash outflows related to operating leases	$ 39.7	$ 19.0
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 19.5	$ 22.2
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets		us-gaap:OtherAssets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherLiabilitiesCurrent		us-gaap:OtherLiabilitiesCurrent
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities		Other long-term liabilities

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Leases - Lease Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Operating leases
2021 (remainder of year)	$ 36.4
2022	66.3
2023	54.6
2024	46.7
2025	36.5
2026	31.4
Thereafter	107.6
Total operating lease liabilities on an undiscounted basis	379.5
Present value discount	(67.1)
Present value of operating lease liabilities	$ 312.4	$ 332.9

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Unfulfilled Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 $ in Millions	Jun. 30, 2021 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unfulfilled performance obligations	$ 387
Unfulfilled performance obligations, period	6 years

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Programming and Other Direct Costs of Services (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Income and Expenses [Line Items]
Programming and other direct costs of services	$ 275.7	$ 179.7	$ 555.9	$ 390.5
Programming and copyright
Other Income and Expenses [Line Items]
Programming and other direct costs of services	114.4	92.9	226.2	193.5
Interconnect
Other Income and Expenses [Line Items]
Programming and other direct costs of services	65.8	58.7	132.2	125.0
Equipment and other
Other Income and Expenses [Line Items]
Programming and other direct costs of services	$ 95.5	$ 28.1	$ 197.5	$ 72.0

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Other Operating Costs and Expenses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Other Income and Expenses [Abstract]
Personnel and contract labor	$ 143.8	$ 113.2	$ 282.2	$ 237.7
Network-related	80.6	62.8	157.8	126.8
Service-related	45.3	36.5	92.8	74.8
Commercial	53.7	39.4	106.1	81.5
Facility, provision, franchise and other	104.9	84.7	219.8	172.1
Share-based compensation expense	32.8	23.5	55.8	47.3
Total other operating costs and expenses	$ 461.1	$ 360.1	$ 914.5	$ 740.2

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Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (38.0)	$ (3.8)	$ (66.0)	$ (9.4)
Effective income tax rate	(97.40%)	0.80%	(42.20%)	1.40%
Reduction in uncertain tax positions		$ 18.0

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Share-based Compensation - SARs (Details) - SARs	Jun. 30, 2021 $ / shares shares
Common Class A
Number of shares
Outstanding (in shares) | shares	6,513,845
Exercisable (in shares) | shares	2,701,455
Weighted average exercise price
Outstanding (in dollars per share) | $ / shares	$ 16.18
Exercisable (in dollars per share) | $ / shares	$ 19.63
Common Class C
Number of shares
Outstanding (in shares) | shares	13,013,359
Exercisable (in shares) | shares	5,388,956
Weighted average exercise price
Outstanding (in dollars per share) | $ / shares	$ 16.24
Exercisable (in dollars per share) | $ / shares	$ 19.68

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Share-based Compensation - RSUs and PSUs (Details) - $ / shares	1 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021
RSUs | Common Class A
Number of shares
Outstanding (in shares)		1,159,048
Granted (in shares)	600,000	1,490,105
Weighted average grant-date fair value
Granted, weighted average grant-date fair value (in dollars per share)		$ 13.90
RSUs | Common Class C
Number of shares
Outstanding (in shares)		2,317,825
Granted (in shares)	1,200,000	2,980,396
Weighted average grant-date fair value
Granted, weighted average grant-date fair value (in dollars per share)		$ 14.02
PSUs | Common Class A
Number of shares
Outstanding (in shares)		779,089
Granted (in shares)		645,704
Weighted average grant-date fair value
Granted, weighted average grant-date fair value (in dollars per share)		$ 11.76
PSUs | Common Class C
Number of shares
Outstanding (in shares)		1,625,891
Granted (in shares)		1,347,552
Weighted average grant-date fair value
Granted, weighted average grant-date fair value (in dollars per share)		$ 11.48
SARs | Common Class A
Number of shares
Granted (in shares)		1,790,014
Weighted average exercise price
Granted, weighted average exercise price (in dollars per share)		$ 14.00
Weighted average grant-date fair value
Granted, weighted average grant-date fair value (in dollars per share)		$ 6.49
SARs | Common Class C
Number of shares
Granted (in shares)		3,580,028
Weighted average exercise price
Granted, weighted average exercise price (in dollars per share)		$ 14.10
Weighted average grant-date fair value
Granted, weighted average grant-date fair value (in dollars per share)		$ 6.44
PSARs | Common Class A
Number of shares
Granted (in shares)		2,599,992
Weighted average exercise price
Granted, weighted average exercise price (in dollars per share)		$ 14.00
Weighted average grant-date fair value
Granted, weighted average grant-date fair value (in dollars per share)		$ 6.94
PSARs | Common Class C
Number of shares
Granted (in shares)		5,200,008
Weighted average exercise price
Granted, weighted average exercise price (in dollars per share)		$ 14.10
Weighted average grant-date fair value
Granted, weighted average grant-date fair value (in dollars per share)		$ 6.91

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Share-based Compensation - 2021 PSARs & 2020 PSUs (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award performance range		0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award performance range		150.00%
PSARs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	10 years
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period		2 years
PSUs | March 15, 2022 and September 15, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights		50.00%

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Earnings or Loss per Share (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average shares (basic EPS computation) (in shares)	233,960,795	185,424,779	233,189,937	185,101,185
Weighted average shares (diluted EPS computation) (in shares)	234,800,020	185,424,779	233,945,963	185,101,185
Net earnings attributable to holders of Liberty Latin America Shares (basic EPS computation	$ 4.4		$ 92.2
Net earnings attributable to holders of Liberty Latin America Shares (diluted EPS computation	$ 4.4		$ 92.2
Incremental shares attributable to the release of PSUs, RSUs and SARs upon vesting (treasury stock method) (in shares)	839,225		756,026
Options, SARs and RSUs
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Securities excluded (in shares)			24,500,000	19,600,000
PSUs
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Securities excluded (in shares)			1,500,000	1,500,000
Convertible Notes
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Securities excluded (in shares)			19,500,000	18,100,000
PSARs And PSUs
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Securities excluded (in shares)			7,800,000

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Equity - Share Repurchase Program (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 16, 2020
Class of Stock [Line Items]
Stock repurchase program, authorized amount			$ 100,000,000
Stock repurchased program, remaining authorized repurchase amount	$ 81,000,000
Common Class A
Class of Stock [Line Items]
Number of shares repurchased (in shares)	706,400	293,816
Common Class C
Class of Stock [Line Items]
Number of shares repurchased (in shares)		673,158

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Commitments and Contingencies - Commitments (Details) $ in Millions	Jun. 30, 2021 USD ($)
Purchase commitments
Remainder of 2021	$ 166.3
2022	32.9
2023	17.3
2024	0.0
2025	0.0
2026	0.0
Thereafter	0.0
Total	216.5
Other commitments
Remainder of 2021	5.7
2022	1.8
2023	1.6
2024	1.5
2025	1.4
2026	1.4
Thereafter	7.0
Total	20.4
Total
Remainder of 2021	312.3
2022	165.3
2023	99.9
2024	53.4
2025	8.2
2026	3.2
Thereafter	14.3
Total	656.6
Programming commitments
Programming and network commitments
Remainder of 2021	95.0
2022	91.4
2023	52.8
2024	42.8
2025	0.5
2026	0.0
Thereafter	0.0
Total	282.5
Network and connectivity commitments
Programming and network commitments
Remainder of 2021	45.3
2022	39.2
2023	28.2
2024	9.1
2025	6.3
2026	1.8
Thereafter	7.3
Total	$ 137.2

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Segment Reporting - Narrative (Details)	6 Months Ended
	Jun. 30, 2021
Segment Reporting, Measurement Disclosures [Abstract]
Percentage of minority interest revenues and adjusted OBIDA included in net earnings attributable to noncontrolling interest	100.00%
Percentage of minority interest revenues and expenses included in net earnings attributable to noncontrolling interest	100.00%

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Segment Reporting - Performance Measures (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Revenue	$ 1,168.0	$ 848.9	$ 2,327.9	$ 1,779.9
Adjusted OIBDA	464.0	332.6	913.3	696.5
Operating Segments | C&W Caribbean and Networks
Segment Reporting Information [Line Items]
Revenue	434.2	404.9	864.0	856.9
Adjusted OIBDA	188.1	166.7	369.4	353.7
Operating Segments | C&W Panama
Segment Reporting Information [Line Items]
Revenue	128.1	112.2	250.1	250.5
Adjusted OIBDA	45.6	36.9	89.6	82.7
Operating Segments | Liberty Puerto Rico
Segment Reporting Information [Line Items]
Revenue	360.4	109.1	721.7	213.7
Adjusted OIBDA	161.4	52.4	311.3	102.9
Operating Segments | VTR
Segment Reporting Information [Line Items]
Revenue	209.3	193.1	419.6	399.5
Adjusted OIBDA	68.7	73.1	139.2	153.2
Operating Segments | Cabletica
Segment Reporting Information [Line Items]
Revenue	36.3	34.6	72.5	68.3
Adjusted OIBDA	12.7	13.2	26.8	26.5
Corporate
Segment Reporting Information [Line Items]
Revenue	5.4	0.0	10.8	0.0
Adjusted OIBDA	(12.5)	(9.7)	(23.0)	(22.5)
Intersegment eliminations
Segment Reporting Information [Line Items]
Revenue	$ (5.7)	$ (5.0)	$ (10.8)	$ (9.0)

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Segment Reporting - Reconciliation of Operating Cash Flow to Earnings from Continuing Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting, Measurement Disclosures [Abstract]
Total Adjusted OIBDA	$ 464.0	$ 332.6	$ 913.3	$ 696.5
Share-based compensation expense	(32.8)	(23.5)	(55.8)	(47.3)
Depreciation and amortization	(254.0)	(216.4)	(499.9)	(429.9)
Impairment, restructuring and other operating items, net	(17.0)	(298.7)	(19.2)	(317.5)
Operating income (loss)	160.2	(206.0)	338.4	(98.2)
Interest expense	(133.7)	(135.3)	(260.1)	(278.6)
Realized and unrealized gains (losses) on derivative instruments, net	57.3	(179.0)	172.2	(161.6)
Foreign currency transaction gains (losses), net	(44.4)	19.1	(69.8)	(145.2)
Losses on debt extinguishment	0.0	0.0	(23.3)	(3.4)
Other income (expense), net	(0.4)	4.8	(1.0)	11.6
Earnings (loss) before income taxes	$ 39.0	$ (496.4)	$ 156.4	$ (675.4)

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Segment Reporting - Property and Equipment Additions of our Reportable Segments (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Total property and equipment additions	$ 367.1	$ 286.2
Assets acquired under capital-related vendor financing arrangements	(38.3)	(53.3)
Changes in current liabilities related to capital expenditures	5.4	38.5
Total capital expenditures	334.2	271.4
Corporate
Segment Reporting Information [Line Items]
Total property and equipment additions	11.5	6.2
C&W Caribbean and Networks | Operating Segments
Segment Reporting Information [Line Items]
Total property and equipment additions	122.8	121.0
C&W Panama | Operating Segments
Segment Reporting Information [Line Items]
Total property and equipment additions	30.8	31.0
Liberty Puerto Rico | Operating Segments
Segment Reporting Information [Line Items]
Total property and equipment additions	84.9	32.9
VTR | Operating Segments
Segment Reporting Information [Line Items]
Total property and equipment additions	102.5	84.2
Cabletica | Operating Segments
Segment Reporting Information [Line Items]
Total property and equipment additions	$ 14.6	$ 10.9

XML

Segment Reporting - Revenue by Major Category (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Principal Transaction Revenue [Line Items]
Revenue	$ 1,168.0	$ 848.9	$ 2,327.9	$ 1,779.9
Total residential revenue
Principal Transaction Revenue [Line Items]
Revenue	835.4	587.4	1,664.3	1,216.6
Total residential fixed revenue
Principal Transaction Revenue [Line Items]
Revenue	489.9	449.3	975.6	913.4
Total subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	465.5	428.8	928.8	865.4
Video
Principal Transaction Revenue [Line Items]
Revenue	175.2	166.9	352.1	342.1
Broadband internet
Principal Transaction Revenue [Line Items]
Revenue	240.9	213.0	478.4	423.9
Fixed-line telephony
Principal Transaction Revenue [Line Items]
Revenue	49.4	48.9	98.3	99.4
Non-subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	24.4	20.5	46.8	48.0
Total residential mobile revenue
Principal Transaction Revenue [Line Items]
Revenue	345.5	138.1	688.7	303.2
Service revenue
Principal Transaction Revenue [Line Items]
Revenue	242.1	118.2	483.8	255.8
Interconnect, inbound roaming, equipment sales and other
Principal Transaction Revenue [Line Items]
Revenue	103.4	19.9	204.9	47.4
Total B2B revenue
Principal Transaction Revenue [Line Items]
Revenue	324.1	261.5	646.6	563.3
Service revenue
Principal Transaction Revenue [Line Items]
Revenue	266.1	203.8	524.9	438.0
Subsea network revenue
Principal Transaction Revenue [Line Items]
Revenue	58.0	57.7	121.7	125.3
Other revenue
Principal Transaction Revenue [Line Items]
Revenue	8.5		17.0
Mobile Service Revenue
Principal Transaction Revenue [Line Items]
Revenue	26.0	1.0	50.0	16.0
Mobile Handset
Principal Transaction Revenue [Line Items]
Revenue	56.0	6.0	113.0	9.0
B2B Mobile Handset and Other Devices
Principal Transaction Revenue [Line Items]
Revenue	4.0	3.0	7.0	6.0
Operating Segments | Total residential revenue
Principal Transaction Revenue [Line Items]
Revenue			600.7
Operating Segments | C&W Caribbean and Networks
Principal Transaction Revenue [Line Items]
Revenue	434.2	404.9	864.0	856.9
Operating Segments | C&W Caribbean and Networks | Total residential revenue
Principal Transaction Revenue [Line Items]
Revenue	218.6	201.0	429.9	424.6
Operating Segments | C&W Caribbean and Networks | Total residential fixed revenue
Principal Transaction Revenue [Line Items]
Revenue	129.6	124.5	257.7	255.6
Operating Segments | C&W Caribbean and Networks | Total subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	118.2	115.8	235.6	233.8
Operating Segments | C&W Caribbean and Networks | Video
Principal Transaction Revenue [Line Items]
Revenue	33.4	35.5	67.7	72.8
Operating Segments | C&W Caribbean and Networks | Broadband internet
Principal Transaction Revenue [Line Items]
Revenue	67.7	61.0	134.3	122.4
Operating Segments | C&W Caribbean and Networks | Fixed-line telephony
Principal Transaction Revenue [Line Items]
Revenue	17.1	19.3	33.6	38.6
Operating Segments | C&W Caribbean and Networks | Non-subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	11.4	8.7	22.1	21.8
Operating Segments | C&W Caribbean and Networks | Total residential mobile revenue
Principal Transaction Revenue [Line Items]
Revenue	89.0	76.5	172.2	169.0
Operating Segments | C&W Caribbean and Networks | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	75.0	67.6	146.8	146.4
Operating Segments | C&W Caribbean and Networks | Interconnect, inbound roaming, equipment sales and other
Principal Transaction Revenue [Line Items]
Revenue	14.0	8.9	25.4	22.6
Operating Segments | C&W Caribbean and Networks | Total B2B revenue
Principal Transaction Revenue [Line Items]
Revenue	215.6	203.9	434.1	432.3
Operating Segments | C&W Caribbean and Networks | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	152.8	142.5	303.6	300.2
Operating Segments | C&W Caribbean and Networks | Subsea network revenue
Principal Transaction Revenue [Line Items]
Revenue	62.8	61.4	130.5	132.1
Operating Segments | C&W Caribbean and Networks | Other revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0		0.0
Operating Segments | C&W Panama
Principal Transaction Revenue [Line Items]
Revenue	128.1	112.2	250.1	250.5
Operating Segments | C&W Panama | Total residential revenue
Principal Transaction Revenue [Line Items]
Revenue	74.3	70.4	147.6	152.4
Operating Segments | C&W Panama | Total residential fixed revenue
Principal Transaction Revenue [Line Items]
Revenue	23.6	24.2	47.3	50.2
Operating Segments | C&W Panama | Total subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	21.2	21.6	42.4	43.8
Operating Segments | C&W Panama | Video
Principal Transaction Revenue [Line Items]
Revenue	6.2	7.2	12.4	14.8
Operating Segments | C&W Panama | Broadband internet
Principal Transaction Revenue [Line Items]
Revenue	10.8	9.5	21.5	19.1
Operating Segments | C&W Panama | Fixed-line telephony
Principal Transaction Revenue [Line Items]
Revenue	4.2	4.9	8.5	9.9
Operating Segments | C&W Panama | Non-subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	2.4	2.6	4.9	6.4
Operating Segments | C&W Panama | Total residential mobile revenue
Principal Transaction Revenue [Line Items]
Revenue	50.7	46.2	100.3	102.2
Operating Segments | C&W Panama | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	39.4	36.8	78.7	81.0
Operating Segments | C&W Panama | Interconnect, inbound roaming, equipment sales and other
Principal Transaction Revenue [Line Items]
Revenue	11.3	9.4	21.6	21.2
Operating Segments | C&W Panama | Total B2B revenue
Principal Transaction Revenue [Line Items]
Revenue	53.8	41.8	102.5	98.1
Operating Segments | C&W Panama | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	53.8	41.8	102.5	98.1
Operating Segments | C&W Panama | Subsea network revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Operating Segments | C&W Panama | Other revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0		0.0
Operating Segments | Liberty Puerto Rico
Principal Transaction Revenue [Line Items]
Revenue	360.4	109.1	721.7	213.7
Operating Segments | Liberty Puerto Rico | Total residential revenue
Principal Transaction Revenue [Line Items]
Revenue	300.0	95.9		187.2
Operating Segments | Liberty Puerto Rico | Total residential fixed revenue
Principal Transaction Revenue [Line Items]
Revenue	114.4	95.9	225.6	187.2
Operating Segments | Liberty Puerto Rico | Total subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	109.5	92.1	216.5	178.8
Operating Segments | Liberty Puerto Rico | Video
Principal Transaction Revenue [Line Items]
Revenue	39.2	36.7	77.8	72.0
Operating Segments | Liberty Puerto Rico | Broadband internet
Principal Transaction Revenue [Line Items]
Revenue	63.2	49.2	124.6	94.7
Operating Segments | Liberty Puerto Rico | Fixed-line telephony
Principal Transaction Revenue [Line Items]
Revenue	7.1	6.2	14.1	12.1
Operating Segments | Liberty Puerto Rico | Non-subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	4.9	3.8	9.1	8.4
Operating Segments | Liberty Puerto Rico | Total residential mobile revenue
Principal Transaction Revenue [Line Items]
Revenue	185.6	0.0	375.1	0.0
Operating Segments | Liberty Puerto Rico | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	114.7	0.0	232.1	0.0
Operating Segments | Liberty Puerto Rico | Interconnect, inbound roaming, equipment sales and other
Principal Transaction Revenue [Line Items]
Revenue	70.9	0.0	143.0	0.0
Operating Segments | Liberty Puerto Rico | Total B2B revenue
Principal Transaction Revenue [Line Items]
Revenue	51.9	13.2	104.0	26.5
Operating Segments | Liberty Puerto Rico | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	51.9	13.2	104.0	26.5
Operating Segments | Liberty Puerto Rico | Subsea network revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Operating Segments | Liberty Puerto Rico | Other revenue
Principal Transaction Revenue [Line Items]
Revenue	8.5		17.0
Operating Segments | VTR
Principal Transaction Revenue [Line Items]
Revenue	209.3	193.1	419.6	399.5
Operating Segments | VTR | Total residential revenue
Principal Transaction Revenue [Line Items]
Revenue	200.8	185.5	402.8	384.1
Operating Segments | VTR | Total residential fixed revenue
Principal Transaction Revenue [Line Items]
Revenue	186.0	170.1	372.5	352.1
Operating Segments | VTR | Total subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	182.0	165.4	365.1	342.5
Operating Segments | VTR | Video
Principal Transaction Revenue [Line Items]
Revenue	77.4	67.0	155.7	142.6
Operating Segments | VTR | Broadband internet
Principal Transaction Revenue [Line Items]
Revenue	84.7	80.8	169.5	162.7
Operating Segments | VTR | Fixed-line telephony
Principal Transaction Revenue [Line Items]
Revenue	19.9	17.6	39.9	37.2
Operating Segments | VTR | Non-subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	4.0	4.7	7.4	9.6
Operating Segments | VTR | Total residential mobile revenue
Principal Transaction Revenue [Line Items]
Revenue	14.8	15.4	30.3	32.0
Operating Segments | VTR | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	13.0	13.8	26.2	28.4
Operating Segments | VTR | Interconnect, inbound roaming, equipment sales and other
Principal Transaction Revenue [Line Items]
Revenue	1.8	1.6	4.1	3.6
Operating Segments | VTR | Total B2B revenue
Principal Transaction Revenue [Line Items]
Revenue	8.5	7.6	16.8	15.4
Operating Segments | VTR | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	8.5	7.6	16.8	15.4
Operating Segments | VTR | Subsea network revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Operating Segments | VTR | Other revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0		0.0
Operating Segments | Cabletica
Principal Transaction Revenue [Line Items]
Revenue	36.3	34.6	72.5	68.3
Operating Segments | Cabletica | Total residential revenue
Principal Transaction Revenue [Line Items]
Revenue	36.3	34.6	72.5	68.3
Operating Segments | Cabletica | Total residential fixed revenue
Principal Transaction Revenue [Line Items]
Revenue	36.3	34.6	72.5	68.3
Operating Segments | Cabletica | Total subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	34.6	33.9	69.2	66.5
Operating Segments | Cabletica | Video
Principal Transaction Revenue [Line Items]
Revenue	19.0	20.5	38.5	39.9
Operating Segments | Cabletica | Broadband internet
Principal Transaction Revenue [Line Items]
Revenue	14.5	12.5	28.5	25.0
Operating Segments | Cabletica | Fixed-line telephony
Principal Transaction Revenue [Line Items]
Revenue	1.1	0.9	2.2	1.6
Operating Segments | Cabletica | Non-subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	1.7	0.7	3.3	1.8
Operating Segments | Cabletica | Total residential mobile revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Operating Segments | Cabletica | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Operating Segments | Cabletica | Interconnect, inbound roaming, equipment sales and other
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Operating Segments | Cabletica | Total B2B revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Operating Segments | Cabletica | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Operating Segments | Cabletica | Subsea network revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Operating Segments | Cabletica | Other revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0		0.0
Corporate
Principal Transaction Revenue [Line Items]
Revenue	5.4	0.0	10.8	0.0
Corporate | Total residential revenue
Principal Transaction Revenue [Line Items]
Revenue	5.4		10.8
Corporate | Total residential fixed revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0		0.0
Corporate | Total subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0		0.0
Corporate | Video
Principal Transaction Revenue [Line Items]
Revenue	0.0		0.0
Corporate | Broadband internet
Principal Transaction Revenue [Line Items]
Revenue	0.0		0.0
Corporate | Fixed-line telephony
Principal Transaction Revenue [Line Items]
Revenue	0.0		0.0
Corporate | Non-subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0		0.0
Corporate | Total residential mobile revenue
Principal Transaction Revenue [Line Items]
Revenue	5.4		10.8
Corporate | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0		0.0
Corporate | Interconnect, inbound roaming, equipment sales and other
Principal Transaction Revenue [Line Items]
Revenue	5.4		10.8
Corporate | Total B2B revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0		0.0
Corporate | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0		0.0
Corporate | Subsea network revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0		0.0
Corporate | Other revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0		0.0
Intersegment Eliminations
Principal Transaction Revenue [Line Items]
Revenue	(5.7)	(5.0)	(10.8)	(9.0)
Intersegment Eliminations | Total residential revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Intersegment Eliminations | Total residential fixed revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Intersegment Eliminations | Total subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Intersegment Eliminations | Video
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Intersegment Eliminations | Broadband internet
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Intersegment Eliminations | Fixed-line telephony
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Intersegment Eliminations | Non-subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Intersegment Eliminations | Total residential mobile revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Intersegment Eliminations | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0	0.0	0.0
Intersegment Eliminations | Interconnect, inbound roaming, equipment sales and other
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0		0.0
Intersegment Eliminations | Total B2B revenue
Principal Transaction Revenue [Line Items]
Revenue	(5.7)	(5.0)	(10.8)	(9.0)
Intersegment Eliminations | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	(0.9)	(1.3)	(2.0)	(2.2)
Intersegment Eliminations | Subsea network revenue
Principal Transaction Revenue [Line Items]
Revenue	(4.8)	$ (3.7)	(8.8)	$ (6.8)
Intersegment Eliminations | Other revenue
Principal Transaction Revenue [Line Items]
Revenue	$ 0.0		$ 0.0

XML

Segment Reporting - Geographic Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Revenue	$ 1,168.0	$ 848.9	$ 2,327.9	$ 1,779.9
Puerto Rico
Segment Reporting Information [Line Items]
Revenue	106.1	108.7	693.9	213.0
Chile
Segment Reporting Information [Line Items]
Revenue	35.3	193.1	419.6	399.5
Panama
Segment Reporting Information [Line Items]
Revenue	346.6	111.6	249.0	249.3
Networks & LatAm
Segment Reporting Information [Line Items]
Revenue	127.6	83.5	175.2	178.5
Jamaica
Segment Reporting Information [Line Items]
Revenue	209.3	87.6	196.7	183.7
The Bahamas
Segment Reporting Information [Line Items]
Revenue	84.8	41.0	92.7	90.3
Barbados
Segment Reporting Information [Line Items]
Revenue	99.4	33.6	68.9	70.3
Trinidad and Tobago
Segment Reporting Information [Line Items]
Revenue	35.0	39.9	79.6	80.7
Curacao
Segment Reporting Information [Line Items]
Revenue	47.7	34.5	69.6	74.1
Costa Rica
Segment Reporting Information [Line Items]
Revenue	36.3	34.6	72.5	68.3
Other
Segment Reporting Information [Line Items]
Revenue	$ 39.9	$ 80.8	$ 210.2	$ 172.2