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	March 31, 2022

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from to

Commission file number: 001-38335

Liberty Latin America Ltd.

(Exact name of Registrant as specified in its charter)

Bermuda	98-1386359
(State or Other Jurisdiction of 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 April 30, 2022 was: 44,888,911 Class A; 1,930,907 Class B; and 179,576,478 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 March 31, 2022 and December 31, 2021 (unaudited)	1
	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2022 and 2021 (unaudited)	3
	Condensed Consolidated Statements of Comprehensive Earnings for the Three Months Ended March 31, 2022 and 2021 (unaudited)	4
	Condensed Consolidated Statements of Equity for the Three Months Ended March 31, 2022 and 2021 (unaudited)	5
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021 (unaudited)	6
	Notes to Condensed Consolidated Financial Statements (unaudited)	7
Item 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	33
Item 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	57
Item 4.	CONTROLS AND PROCEDURES	59
	PART II - OTHER INFORMATION
Item 1.	LEGAL PROCEEDINGS	60
Item 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	60
Item 6.	EXHIBITS	61

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.

2021 Form 10-K	Annual Report on Form 10-K for the year ended December 31, 2021
2020 Share Repurchase Program	The share repurchase program that was authorized by our Directors on March 16, 2020 that authorized us to repurchase from time to time up to $100 million of our Class A and/or Class C common shares and expired in March 2022
2022 Share Repurchase Program	The share repurchase program that was authorized by our Directors on February 22, 2022 that authorizes us to repurchase from time to time up to $200 million of our Class A and/or Class C common shares through December 2024
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)
2027 C&W Senior Notes	$1.2 billion aggregate principal amount 6.875% senior notes due September 15, 2027 issued by C&W Senior Finance
2027 C&W Senior Secured Notes	$495 million aggregate principal amount 5.75% senior secured notes due September 7, 2027 issued by Sable
2027 LPR Senior Secured Notes	$1.2 billion aggregate principal amount 6.75% senior secured notes due October 15, 2027 issued by LCPR Senior Secured Financing
2027 LPR Senior Secured Notes Add-on	$90 million principal amount issued at 102.5% of par under the existing 2027 LPR Senior Secured Notes indenture
2028 CWP Term Loan A	$275 million principal amount 4.25% term loan facility due January 18, 2028 issued by CWP
2028 CWP Term Loan B	$160 million principal amount 4.25% term loan facility due January 18, 2028 issued by CWP
2028 LPR Term Loan	$620 million principal amount LIBOR + 3.75% term loan facility due October 15, 2028 issued by LCPR Loan Financing
2028 VTR Senior Notes	$550 million principal amount 6.375% senior notes due July 15, 2028 issued by VTR Finance N.V.
2028 VTR Senior Secured Notes	$480 million principal amount 5.125% senior secured notes due January 15, 2028 issued by VTR Comunicaciones SpA
2029 LPR Senior Secured Notes	$820 million principal amount 5.125% senior secured notes due July 15, 2029 issued by LCPR Senior Secured Financing
2029 VTR Senior Secured Notes	$410 million principal amount 4.375% senior secured notes due April 15, 2029 issued by VTR Comunicaciones SpA
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.
Adjusted Term SOFR	SOFR U.S. dollar denominated loans adjusted as follows: (i) 0.11448% for a one-month interest period, (ii) 0.26161% for a three-month interest period and (iii) 0.42826% for a six-month interest period
AGRECU	Asociación Gremial de Consumidores Y Usuarios de Chile
América Móvil	América Móvil S.A.B. de C.V.
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 Acquisition	October 31, 2020 acquisition of all of the outstanding shares of the AT&T Acquired Entities
AT&T Acquired Entities	Collectively, Liberty Mobile Inc., Liberty Mobile Puerto Rico Inc. and Liberty Mobile USVI Inc.
B2B	Business-to-business

GLOSSARY OF DEFINED TERMS – (Continued)

Broadband VI, LLC Acquisition	December 31, 2021 acquisition of 96% of Broadband VI, LLC
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-6 Facility; (ii) C&W Term Loan B-5 Facility; (iii) C&W Revolving Credit Facility; and (iv) C&W Regional Facilities
C&W Jamaica	Cable & Wireless Jamaica Limited, a 92%-owned subsidiary of C&W
C&W Notes	The senior and senior secured notes of C&W comprised of: (i) 2027 C&W Senior Secured Notes; and (ii) 2027 C&W Senior Notes
C&W Panama	Reportable segment for our operations in Panama
C&W Regional Facilities	Primarily comprised of credit facilities at CWP, Columbus Communications Trinidad Limited and C&W Jamaica
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, 2027, of C&W
C&W Senior Finance	C&W Senior Finance Limited, a wholly-owned subsidiary of C&W
C&W Term Loan B-5 Facility	$1,510 million principal amount LIBOR + 2.25% term loan B-5 facility due January 31, 2028 of C&W
C&W Term Loan B-6 Facility	$590 million principal amount LIBOR + 3.00% term loan B-6 facility due October 15, 2029 of C&W
Cabletica	Cabletica, S.A., an indirectly 80%-owned subsidiary in Costa Rica, and its subsidiaries, including Telefónica-Costa Rica that was acquired in August 2021
Cabletica Revolving Credit Facility	$15 million LIBOR + 4.25% revolving credit facility due August 1, 2024 of Cabletica
Cabletica Term Loan B-1 Facility	$277 million principal amount 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 80 billion principal amount TBP + 6.75% term loan facility, 50% of which is due February 1, 2024 and 50% due August 1, 2024, of Cabletica
Capped Calls	Capped call option contracts issued in connection with the issuance of our Convertible Notes
Chile JV	Defined as the pending formation of a joint venture between Liberty Latin America and América Móvil that will be 50:50 owned by each investee
Chile JV Entities	Represents the entities that will be contributed to the Chile JV upon closing, consisting of Lila Chile Holding BV and its subsidiaries, which include VTR, and combine each of the Chile JV investee's Chilean operations
Claro Panama	América Móvil's operations in Panama
Claro Panama Acquisition	Pending acquisition of Claro Panama
CLP	Chilean peso
CONADECUS	Corporación Nacional de Consumidores y Usuarios de Chile
Convertible Notes	$403 million principal amount 2% convertible senior notes due July 15, 2024 issued by Liberty Latin America
COP	Colombian peso
Costa Rica	Reportable segment comprised of Cabletica and Telefónica Costa Rica
Costa Rica 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
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
CWP Credit Facilities	Credit facilities of CWP comprised of: (i) 2028 CWP Term Loan A, (ii) 2028 CWP Term Loan B and (iii) CWP Revolving Credit Facility

GLOSSARY OF DEFINED TERMS – (Continued)

CWP Revolving Credit Facility	$20 million principal amount at Adjusted Term SOFR + 3.75% revolving credit facility due January 18, 2027 issued by CWP
Directors	Members of Liberty Latin America’s board of directors
EIP	Equipment installment-plan
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 Communications 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; and (ii) 2028 LPR Term Loan
LPR Revolving Credit Facility	$173 million LIBOR + 3.5% revolving credit facility due March 15, 2027 of LCPR
LPR Senior Secured Notes	Senior secured notes of Liberty Puerto Rico comprised of: (i) 2029 LPR Senior Secured Notes; (ii) 2027 LPR Senior Secured Notes; and (iii) 2027 LPR Senior Secured Notes Add-on
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
SARs	Stock appreciation rights
SEC	U.S. Securities and Exchange Commission
SERNAC	Servicio Nacional del Consumidor (the Chilean National Consumer Authority)
Share Repurchase Programs	Collectively, the 2020 Share Repurchase Program and the 2022 Share Repurchase Program
SOFR	Reference rate based on secured overnight financing rate administered by the Federal Reserve Bank of New York
TAB	Tasa Activa Bancaria interest rate
TBP	Tasa Básica Pasiva interest rate
Telefónica	Telefónica, S.A., a telecommunications company with operations primarily in Europe and Latin America
Telefónica Acquisition Agreement	The agreement dated July 30, 2020 with Telefónica for our acquisition of their operations in Costa Rica
Telefónica Costa Rica	Telefónica de Costa Rica TC, S.A., an indirectly 80%-owned subsidiary in Costa Rica and it's subsidiary
Telefónica Costa Rica Acquisition	Acquisition of Telefónica’s wireless operations in Costa Rica

GLOSSARY OF DEFINED TERMS – (Continued)

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; and (ii) VTR RCF – B
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 ICP +3.8% term loan facility of VTR (repaid during 2021)
VTR TLB-2 Facility	CLP 33 billion principal amount 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)

	March 31, 2022		December 31, 2021
	in millions
ASSETS
Current assets:
Cash and cash equivalents	$	856.6	$	956.7
Trade receivables, net of allowances of $92.8 million and $80.3 million, respectively	548.6		536.4
Prepaid expenses	72.3		67.7
Current notes receivable, net of allowances of $20.6 million and $18.9 million, respectively	119.2		116.4
Other current assets, net	427.1		389.0
Total current assets	2,023.8		2,066.2
Goodwill	3,927.6		3,948.0
Property and equipment, net	4,136.4		4,168.4
Intangible assets not subject to amortization	1,592.8		1,592.4
Intangible assets subject to amortization, net	734.6		788.6
Assets held for sale	1,488.7		1,568.7
Other assets, net	1,326.9		1,253.7
Total assets	$	15,230.8	$	15,386.0

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

1

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS – (Continued)

(unaudited)

	March 31, 2022		December 31, 2021
	in millions
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	349.2	$	398.0
Current portion of deferred revenue	160.7		148.0
Current portion of debt and finance lease obligations	117.8		106.3
Accrued interest	88.7		113.0
Accrued payroll and employee benefits	80.7		100.5
Current operating lease liabilities	78.8		82.0
Other accrued and current liabilities	484.1		566.7
Total current liabilities	1,360.0		1,514.5
Long-term debt and finance lease obligations	7,476.0		7,459.6
Deferred tax liabilities	699.2		696.3
Deferred revenue	143.6		152.6
Liabilities associated with assets held for sale	1,862.0		1,854.1
Other long-term liabilities	735.1		795.5
Total liabilities	12,275.9		12,472.6
Commitments and contingencies
Equity:
Liberty Latin America shareholders:
Class A, $0.01 par value; 500,000,000 shares authorized; 51,492,519 and 44,962,903 shares issued and outstanding, respectively, at March 31, 2022; 50,127,969 and 45,482,853 shares issued and outstanding, respectively, at December 31, 2021	0.5		0.5
Class B, $0.01 par value; 50,000,000 shares authorized; 1,930,907 shares issued and outstanding at March 31, 2022; 1,930,907 shares issued and outstanding at December 31, 2021	—		—
Class C, $0.01 par value; 500,000,000 shares authorized; 186,346,357 and 181,449,399 shares issued and outstanding, respectively, at March 31, 2022; 183,643,584 and 182,270,626 shares issued and outstanding, respectively, at December 31, 2021	1.9		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; 11,426,574 and 6,018,074 shares, respectively	(130.0)		(74.0)
Additional paid-in capital	5,113.2		5,075.3
Accumulated deficit	(2,594.3)		(2,677.9)
Accumulated other comprehensive loss, net of taxes	(123.3)		(89.7)
Total Liberty Latin America shareholders	2,268.0		2,236.0
Noncontrolling interests	686.9		677.4
Total equity	2,954.9		2,913.4
Total liabilities and equity	$	15,230.8	$	15,386.0

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 March 31,
	2022		2021
	in millions, except per share amounts
Revenue	$	1,218.7	$	1,165.2
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services	302.2		283.7
Other operating costs and expenses	506.3		455.2
Depreciation and amortization	214.1		243.1
Impairment, restructuring and other operating items, net	7.8		2.2
	1,030.4		984.2
Operating income	188.3		181.0
Non-operating income (expense):
Interest expense	(129.7)		(126.4)
Realized and unrealized gains (losses) on derivative instruments, net	(33.7)		114.9
Foreign currency transaction gains (losses), net	96.6		(25.4)
Losses on debt extinguishment	—		(23.3)
Other expense, net	(4.8)		(0.6)
	(71.6)		(60.8)
Earnings before income taxes	116.7		120.2
Income tax expense	(23.5)		(29.5)
Net earnings	93.2		90.7
Net earnings attributable to noncontrolling interests	(9.6)		(1.6)
Net earnings attributable to Liberty Latin America shareholders	$	83.6	$	89.1
Basic net earnings per share attributable to Liberty Latin America shareholders	$	0.37	$	0.38
Dilutive net earnings per share attributable to Liberty Latin America shareholders	$	0.36	$	0.38

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

3

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS

(unaudited)

 

	Three months ended March 31,
	2022		2021
	in millions
Net earnings	$	93.2	$	90.7
Other comprehensive loss, net of taxes:
Foreign currency translation adjustments	(22.5)		(26.0)
Reclassification adjustments included in net earnings	(1.5)		1.2
Other	(9.7)		0.2
Other comprehensive loss	(33.7)		(24.6)
Comprehensive earnings	59.5		66.1
Comprehensive earnings attributable to noncontrolling interests	(9.5)		(1.4)
Comprehensive earnings attributable to Liberty Latin America shareholders	$	50.0	$	64.7

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 January 1, 2021	$	0.5	$	—	$	1.8	$	(9.5)	$	4,982.0	$	(2,237.8)	$	(125.6)	$	2,611.4	$	729.0	$	3,340.4
Net earnings	—		—		—		—		—		89.1		—		89.1		1.6		90.7
Other comprehensive loss	—		—		—		—		—		—		(24.4)		(24.4)		(0.2)		(24.6)
Share-based compensation	—		—		—		—		27.9		—		—		27.9		—		27.9
Other	—		—		—		—		(0.1)		—		—		(0.1)		—		(0.1)
Balance at March 31, 2021	$	0.5	$	—	$	1.8	$	(9.5)	$	5,009.8	$	(2,148.7)	$	(150.0)	$	2,703.9	$	730.4	$	3,434.3

Balance at January 1, 2022	$	0.5	$	—	$	1.8	$	(74.0)	$	5,075.3	$	(2,677.9)	$	(89.7)	$	2,236.0	$	677.4	$	2,913.4
Net earnings	—		—		—		—		—		83.6		—		83.6		9.6		93.2
Other comprehensive loss	—		—		—		—		—		—		(33.6)		(33.6)		(0.1)		(33.7)
Repurchase of Liberty Latin America common shares	—		—				(56.0)		—		—		—		(56.0)		—		(56.0)
Share-based compensation	—		—		0.1		—		37.9		—		—		38.0		—		38.0
Balance at March 31, 2022	$	0.5	$	—	$	1.9	$	(130.0)	$	5,113.2	$	(2,594.3)	$	(123.3)	$	2,268.0	$	686.9	$	2,954.9

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

5

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited) 

	Three months ended March 31,
	2022		2021
	in millions
Cash flows from operating activities:
Net earnings	$	93.2	$	90.7
Adjustments to reconcile net earnings to net cash provided by operating activities:
Share-based compensation expense	30.0		23.0
Depreciation and amortization	214.1		243.1
Impairment	1.9		2.3
Loss (gain) on dispositions	0.1		(8.6)
Amortization of debt financing costs, premiums and discounts, net	9.5		6.8
Realized and unrealized losses (gains) on derivative instruments, net	33.7		(114.9)
Foreign currency transaction losses (gains), net	(96.6)		25.4
Losses on debt extinguishment	—		23.3
Deferred income tax expense	0.8		8.7
Changes in operating assets and liabilities, net of the effect of acquisitions and dispositions	(164.4)		(96.3)
Net cash provided by operating activities	122.3		203.5
Cash flows from investing activities:
Capital expenditures	(164.7)		(135.6)
Cash paid in connection with acquisitions, net of cash acquired	(24.8)		—
Proceeds from dispositions	0.5		20.4
Other investing activities, net	—		(11.2)
Net cash used by investing activities	(189.0)		(126.4)
Cash flows from financing activities:
Borrowings of debt	38.6		696.0
Payments of principal amounts of debt and finance lease obligations	(50.2)		(288.3)
Repurchase of Liberty Latin America common shares	(55.3)		—
Net cash paid related to derivative instruments	—		(43.0)
Payment of financing costs and debt redemption premiums	(2.6)		(26.8)
Other financing activities, net	(8.7)		(4.9)
Net cash provided (used) by financing activities	(78.2)		333.0
Effect of exchange rate changes on cash, cash equivalents and restricted cash	2.0		2.8
Net increase (decrease) in cash, cash equivalents and restricted cash	(142.9)		412.9
Cash, cash equivalents and restricted cash:
Beginning of period	1,074.2		912.5
End of period	$	931.3	$	1,325.4
Cash paid for interest	$	150.4	$	138.1
Net cash paid for taxes	$	25.2	$	14.7

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

6

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements

March 31, 2022

(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.

General

Liberty Latin America Ltd. 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 subsidiaries, which include Cabletica and, as of August 9, 2021 and as further described in note 4, Telefónica Costa Rica. 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:

A.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;

iv.Costa Rica, through Cabletica and its subsidiary, Telefónica Costa Rica; and

B.through the Networks & LatAm business of our C&W Caribbean and Networks segment, (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 approximately 40 markets in that region.

As further described in note 8, we are accounting for the Chile JV Entities as "held for sale”. Consistent with the applicable guidance, we have not reflected reclassifications to exclude the Chile JV Entities from continuing operations in our condensed consolidated statements of operations or cash flows and related footnote disclosures.

Unless otherwise indicated, ownership percentages are calculated as of March 31, 2022.

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 2021 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.

7

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2022

(unaudited)

Correction of Immaterial Errors

As further described in our 2021 Form 10-K, during the fourth quarter of 2021 we identified certain errors in our previously reported condensed consolidated financial statements, primarily related to the understatement of depreciation and amortization of long-lived assets, and to a lesser extent, asset impairments. The errors did not have an impact on our revenue, key segment performance measure (Adjusted OIBDA), cash flow from operations or property and equipment additions. The revisions to our March 31, 2021 condensed consolidated statement of operations as a result of these immaterial error corrections were not material.

(2)    Accounting Changes and Recent Accounting Pronouncements

Accounting Changes

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. We adopted ASU 2020-06 effective January 1, 2022 and it did not have a material impact on 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. 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. In March 2021, LIBOR’s regulator announced that certain tenors of USD LIBOR will continue to be published through June 30, 2023. We do not currently expect that the phase out of LIBOR will have a material impact on our condensed consolidated financial statements.

(3)    Current Expected Credit Losses

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

	Three months ended March 31,
	2022		2021
	in millions
Balance at beginning of period	$	80.3	$	100.0
Provision for expected losses	17.3		12.3
Write-offs	(6.9)		(13.5)
Foreign currency translation adjustments and other	2.1		(3.9)
Balance at end of period	$	92.8	$	94.9

8

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2022

(unaudited)

The changes in our allowance for expected credit losses associated with our current and long-term notes receivables are set forth below:

	Three months ended March 31,
	2022		2021
	in millions
Balance at beginning of period	$	32.3	$	16.2
Provision for expected losses	1.6		1.9
Foreign currency translation adjustments and other	(0.5)		—
Balance at end of period	$	33.4	$	18.1

(4)    Acquisitions

Pending Acquisition

Claro Panama Acquisition. On September 14, 2021, we entered into a definitive agreement to acquire América Móvil’s operations in Panama in an all-cash transaction based upon an enterprise value of $200 million on a cash- and debt-free basis. The transaction is subject to certain customary closing conditions, including regulatory approvals, and is expected to close during the second quarter of 2022.

2021 Acquisition

Telefónica Costa Rica Acquisition. On July 30, 2020, we entered into the Telefónica Acquisition Agreement to acquire Telefónica S.A.’s operations in Costa Rica in an all-cash transaction based upon an enterprise value of $500 million on a cash- and debt-free basis. On August 9, 2021, we completed the acquisition of all of the outstanding shares of Telefónica Costa Rica. The Telefónica Costa Rica Acquisition was financed through a combination of debt, existing cash and a $47 million equity contribution from the noncontrolling interest owner of our Cabletica entity.

During the first quarter of 2022, we finalized the purchase price for the Telefónica Costa Rica Acquisition, which resulted in a reduction in total consideration paid of $12 million, $8 million of which was received during the quarter, and $4 million of which we expect to receive during the second quarter of 2022. The proceeds received from the final purchase price adjustments have been reflected as an investing activity in our condensed consolidated statement of cash flows.

We have accounted for the Telefónica Costa Rica 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 Telefónica Costa Rica based on assessments of their respective fair values, and the excess of the purchase price over the fair values of these identifiable net assets was allocated to goodwill. The preliminary opening balance sheet is subject to adjustment based on our final assessment of the fair values of the acquired identifiable net assets and liabilities. The items with the highest likelihood to change upon finalization of the valuation process include property and equipment, goodwill, intangible assets, leases and income taxes. A summary of the purchase price and the preliminary opening balance sheet of Telefónica Costa Rica at the August 9, 2021 acquisition date is presented in the following table (in millions):

Current assets (a)	$	74.7
Goodwill (b)	250.8
Property and equipment	148.8
Intangible assets subject to amortization (c)	131.9
Other assets (d)	170.7
Current liabilities (e)	(88.6)
Long-term liabilities (f)	(163.2)
Total purchase price	$	525.1

9

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2022

(unaudited)

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

(b)The goodwill recognized in connection with the Telefónica Costa Rica Acquisition is primarily attributable to (i) the ability to take advantage of Telefónica Costa Rica’s existing mobile network to gain immediate access to potential customers, and (ii) synergies that are expected to be achieved through the integration of Telefónica Costa Rica with Liberty Latin America’s existing business in Costa Rica, Cabletica. Due to the nature of the Telefónica Costa Rica Acquisition, no tax deductions related to goodwill are expected.

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

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

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

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

Broadband VI, LLC Acquisition. Effective December 31, 2021, we acquired 96% of the outstanding shares of Broadband VI, LLC for $33 million, the payment of which occurred in January 2022, subject to certain post-closing adjustments. Broadband VI, LLC provides fixed services to residential and business customers in the U.S. Virgin Islands and is included in our Liberty Puerto Rico reportable segment.

Supplemental Pro Forma Information

The pro forma financial information set forth in the table 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 Telefónica Costa Rica Acquisition occurred on January 1, 2020 nor should it be considered representative of our future financial condition or results of operations. The pro forma information set forth in the table below includes, as applicable, tax-effected pro forma adjustments primarily related to:

i.the impact of estimated revenue and costs associated with the transition services agreement entered into in connection with the Telefónica Costa Rica Acquisition;

ii.the alignment of accounting policies;

iii.interest expense related to additional borrowings in conjunction with the Telefónica Costa Rica Acquisition;

iv.depreciation expense related to acquired tangible assets;

v.amortization expense related to acquired intangible assets; and

vi.the elimination of direct acquisition costs.

The following unaudited pro forma condensed consolidated operating results give effect to the Telefónica Costa Rica Acquisition, as if it had been completed as of January 1, 2020:

	Three months ended March 31, 2021
	in millions
Revenue	$	1,233.0
Net earnings attributable to Liberty Latin America shareholders	$	86.7

10

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2022

(unaudited)

(5)    Derivative Instruments

In general, we enter into derivative instruments to mitigate risk associated with (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 CRC. 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:

	March 31, 2022						December 31, 2021
	Current (a)		Long-term (a)		Total		Current (a)		Long-term (a)		Total
	in millions
Assets (b):
Cross-currency and interest rate derivative contracts (c)	$	10.6	$	128.8	$	139.4	$	15.1	$	25.3	$	40.4
Foreign currency forward contracts	3.2		—		3.2		0.1		—		0.1
Total	$	13.8	$	128.8	$	142.6	$	15.2	$	25.3	$	40.5
Liabilities (b):
Cross-currency and interest rate derivative contracts (c)	$	11.4	$	22.8	$	34.2	$	33.3	$	62.1	$	95.4
Foreign currency forward contracts	—		—		—		5.8		—		5.8
Total	$	11.4	$	22.8	$	34.2	$	39.1	$	62.1	$	101.2

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

(b)In connection with the pending formation of the Chile JV, the derivative assets and liabilities associated with the Chile JV Entities have been included in assets held for sale and liabilities associated with assets held for sale, respectively, on our condensed consolidated balance sheets. For information regarding the pending formation of the Chile JV and the held-for-sale presentation of the Chile JV Entities, see note 8.

(c)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 9) and are recorded 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.

11

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2022

(unaudited)

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

	Three months ended March 31,
	2022		2021
	in millions
Cross-currency and interest rate derivative contracts (a)	$	(17.6)	$	119.5
Foreign currency forward contracts	(8.3)		0.7
Weather Derivatives	(7.8)		(5.3)
Total	$	(33.7)	$	114.9

(a)    Changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net losses of $5 million and $21 million during the three months ended March 31, 2022 and 2021, respectively. Included in these amounts are net gains (losses) of $2 million and ($4 million), respectively, related to the Chile JV Entities.

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

	Three months ended March 31,
	2022		2021
	in millions
Operating activities	$	(1.4)	$	(23.8)
Investing activities	1.2		(0.7)
Financing activities (a)	—		(43.0)
Total	$	(0.2)	$	(67.5)

(a)    The 2021 amount is 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. For additional information regarding our debt refinancing activity, see note 9.

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 March 31, 2022, our exposure to counterparty credit risk associated with our derivative instruments, as set forth in the assets and liabilities table above, included derivative assets with an aggregate fair value of $108 million.

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.

12

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2022

(unaudited)

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. At March 31, 2022, our C&W borrowing group had a cross-currency swap contract with notional amounts due from and to counterparties of $56 million and COP 197,014 million, respectively, with a remaining contractual life of 4.3 years.

Interest Rate Derivative Contracts

Interest Rate Swaps

As noted above, we enter into interest rate swaps to mitigate risk associated with 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 March 31, 2022:

Borrowing group	Notional amount due from counterparty		Weighted average remaining life
	in millions		in years
C&W (a)	$	2,690.0	5.1
Liberty Puerto Rico	$	500.0	6.5
Costa Rica (b)	$	276.7	1.8

(a)Includes forward-starting derivative instruments and, on certain interest rate swaps, an embedded floor of 0%.

(b)Includes an embedded floor of 0.75%.

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 March 31, 2022:

Borrowing group	Notional amount due from counterparty		Weighted average remaining life
	in millions		in years
C&W	$	2,100.0	1.3
Liberty Puerto Rico	$	620.0	1.3

13

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2022

(unaudited)

Foreign Currency Forwards Contracts

We enter into foreign currency forward contracts with respect to non-functional currency exposure. 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 foreign currency forwards contracts at March 31, 2022:

	Notional amount due from counterparty		Notional amount due to counterparty		Weighted average remaining life
		in millions			in years
LLA UK Holding Limited (a)	CLP	73,000.0	$	88.1	0.5
Costa Rica borrowing group	$	59.1	CRC	38,727.8	0.3

(a)Represents a foreign currency forward contract entered into in connection with the Chile JV transaction, as discussed further in note 8.

Interest Rate Floors

Interest rate floors provide protection against interest rates falling below a pre-set level. At March 31, 2022, our Liberty Puerto Rico borrowing group had an interest rate floor with a total notional amount of $620 million and a remaining contractual life of 6.5 years.

Interest Rate Caps

Interest rate caps provide protection against interest rates rising above a pre-set level. At March 31, 2022, our Liberty Puerto Rico borrowing group had interest rate caps with total notional amounts of $120 million and a remaining weighted average contractual life of 6.5 years.

(6)    Fair Value Measurements

General

We use the fair value method to account for most of our derivative instruments. The reported fair values of our derivative instruments likely will not represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities, as we expect that the values realized generally will be based on market conditions at the time of settlement, 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

14

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2022

(unaudited)

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.

Non-recurring Fair Value Measurements

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

During the three months ended March 31, 2022, we did not perform non-recurring valuations related to acquisition accounting or impairments. For information related to the status of valuation work associated with assets acquired in connection with the Telefónica Costa Rica Acquisition, see note 4.

(7)    Long-lived Assets

Goodwill

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

	January 1, 2022		Acquisitions and related adjustments		Foreign currency translation adjustments and other		March 31, 2022
	in millions
C&W Caribbean and Networks	$	2,433.9	$	—	$	4.3	$	2,438.2
C&W Panama	617.1		—		—		617.1
Liberty Puerto Rico	498.3		0.4		—		498.7
Costa Rica	398.7		(11.2)		(13.9)		373.6
Total	$	3,948.0	$	(10.8)	$	(9.6)	$	3,927.6

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 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 $2,229 million at each of March 31, 2022 and December 31, 2021.

15

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2022

(unaudited)

Property and Equipment, Net

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

	March 31, 2022		December 31, 2021
	in millions
Distribution systems	$	4,342.1	$	4,208.8
CPE	928.5		893.7
Support equipment, buildings and land	1,586.9		1,641.6
	6,857.5		6,744.1
Accumulated depreciation	(2,721.1)		(2,575.7)
Total	$	4,136.4	$	4,168.4

During the three months ended March 31, 2022 and 2021, we recorded non-cash increases to our property and equipment related to vendor financing arrangements aggregating $32 million and $19 million, respectively.

Intangible Assets Not Subject to Amortization

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

	March 31, 2022		December 31, 2021
	in millions
Spectrum licenses	$	1,051.0	$	1,050.9
Cable television franchise rights	540.0		540.0
Other	1.8		1.5
Total intangible assets not subject to amortization	$	1,592.8	$	1,592.4

Intangible Assets Subject to Amortization, Net

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

	March 31, 2022		December 31, 2021
	in millions
Gross carrying amount:
Customer relationships	$	1,523.9	$	1,527.6
Licenses and other	215.0		220.2
Total gross carrying amount	1,738.9		1,747.8
Accumulated amortization	(1,004.3)		(959.2)
Net carrying amount	$	734.6	$	788.6

16

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2022

(unaudited)

(8)    Assets Held for Sale

On September 29, 2021, we entered into an agreement with América Móvil to contribute the Chile JV Entities to América Móvil’s Chilean operations to form the Chile JV that will be owned 50:50 by Liberty Latin America and América Móvil. The consummation of the transaction is subject to certain customary closing conditions, including regulatory approvals, and is expected to close in the second half of 2022.

In connection with this transaction, we will make a balancing payment to América Móvil of CLP 73 billion ($0.1 billion equivalent). The transaction will not trigger a change of control under VTR’s debt agreements, and is not subject to Liberty Latin America or América Móvil shareholder approvals. Following completion of the transaction, we expect to account for our 50% interest in the Chile JV as an equity method investment.

Effective with the agreement to form the Chile JV, we began accounting for the Chile JV Entities as held for sale. Accordingly, we ceased to depreciate the long-lived assets and amortization or right of use assets of the Chile JV Entities. We have not presented the Chile JV Entities as a discontinued operation, as this transaction does not represent a strategic shift that will have a major effect on our financial results or operations. The carrying amounts of the major classes of assets and liabilities that are classified as held for sale at March 31, 2022 are summarized below (in millions):

	March 31, 2022		December 31, 2021
	in millions
Assets:
Cash and cash equivalents (a)	$	66.8	$	109.7
Other current assets, net (b)	127.0		132.6
Property and equipment, net	789.8		686.0
Goodwill	339.6		313.0
Other assets, net (b)	165.5		327.4
Total assets	$	1,488.7	$	1,568.7
Liabilities:
Current portion of debt	$	89.1	$	82.2
Other accrued and current liabilities (c)	300.5		294.2
Long-term debt	1,416.9		1,416.8
Other long-term liabilities (c)	55.5		60.9
Total liabilities	$	1,862.0	$	1,854.1

(a)Amounts exclude certain cash and cash equivalent balances of the Chile JV Entities that Liberty Latin America is able to retain upon the formation of the Chile JV and are therefore not classified as held for sale.

(b)Other current assets, net includes $11 million and $27 million, respectively, and other assets, net, includes $119 million and $277 million, respectively, related to derivative assets.

(c)Other accrued and current liabilities includes $23 million and $16 million, respectively, and other long-term liabilities includes $2 million at each period related to derivative liabilities.

Our condensed consolidated statements of operations include losses before income taxes attributable to the Chile JV Entities of $76 million and $22 million for the three months ended March 31, 2022 and 2021, respectively.

17

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2022

(unaudited)

(9)    Debt and Finance Lease Obligations

In connection with the pending formation of the Chile JV, the outstanding third-party debt and vendor financing of the Chile JV Entities has been reflected in liabilities associated with assets held for sale on our condensed consolidated balance sheets. For information regarding the pending formation of the Chile JV and the held-for-sale presentation of the Chile JV Entities, see note 8.

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

	March 31, 2022						Estimated fair value (c)				Principal amount
	Weighted average interest rate (a)		Unused borrowing capacity (b)
			Borrowing currency		US $ equivalent		March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021
			in millions
Convertible Notes (d)	2.00	%	—		$	—	$	368.9	$	396.5	$	402.5	$	402.5
C&W Notes	6.55	%	—		—		1,707.8		1,774.3		1,715.0		1,715.0
C&W Credit Facilities	3.12	%	(e)		794.5		2,420.8		2,422.7		2,455.3		2,451.3
LPR Senior Secured Notes	6.08	%	—		—		1,975.1		2,058.1		1,981.0		1,981.0
LPR Credit Facilities	4.15	%	$	172.5	172.5		616.9		623.1		620.0		620.0
Costa Rica Credit Facilities (f)	7.23	%	$	7.0	7.0		400.0		407.1		404.1		408.7
Vendor financing (g)	2.99	%	—		—		117.7		99.8		117.7		99.8
Total debt before premiums, discounts and deferred financing costs	4.88	%			$	974.0	$	7,607.2	$	7,781.6	$	7,695.6	$	7,678.3

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

	March 31, 2022		December 31, 2021
	in millions
Total debt before premiums, discounts and deferred financing costs	$	7,695.6	$	7,678.3
Premiums, discounts and deferred financing costs, net	(113.6)		(120.0)
Total carrying amount of debt	7,582.0		7,558.3
Finance lease obligations	11.8		7.6
Total debt and finance lease obligations	7,593.8		7,565.9
Less: Current maturities of debt and finance lease obligations	(117.8)		(106.3)
Long-term debt and finance lease obligations	$	7,476.0	$	7,459.6

(a)Represents the weighted average interest rate in effect at March 31, 2022 for all borrowings outstanding (excluding those of the Chile JV Entities) 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 March 31, 2022 without regard to covenant compliance calculations or other conditions precedent to borrowing. At March 31, 2022, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, including VTR, both before and after completion of the March 31, 2022 compliance reporting requirements. At March 31, 2022, except as may be limited by tax and legal considerations, the presence of noncontrolling interests,

18

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2022

(unaudited)

foreign currency exchange restrictions with respect to certain C&W subsidiaries and other factors, 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, other than VTR’s that is limited to approximately CLP 81 billion ($103 million) under the terms of the 2028 VTR Senior Notes indenture.

(c)The estimated fair values of our debt instruments are determined using the applicable bid prices (mostly Level 1 of the fair value hierarchy) or from quoted prices for similar instruments in active markets adjusted for the estimated credit spreads of the applicable entity, to the extent available, and other relevant factors (Level 2 of the fair value hierarchy). 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 March 31, 2022, the carrying value of the Convertible Notes was $362 million and the unamortized debt discount on the Convertible Notes was $39 million.

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

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

(g)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 $32 million and $26 million for the three months ended March 31, 2022 and 2021, respectively, that were financed by an intermediary and are reflected on the borrowing date as a cash outflow within net cash provided by operating activities and a 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.

19

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2022

(unaudited)

Financing Activity

Borrowings related to significant notes we issued and credit facilities we drew down, entered into or amended during the three months ended March 31, 2022 and 2021, including activity related to the Chile JV Entities, are included in the table below. 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.

Period	Borrowing group	Instrument	Issued at	Maturity	Interest rate	Principal amount borrowed		Non-cash component
						in millions
2022	C&W	2028 CWP Term Loan A	100%	January 18, 2028	4.25%	$	275.0	$	272.9
2022	C&W	2028 CWP Term Loan B (a)	100%	January 18, 2028	4.25%	$	—	$	—
2022	C&W	CWP Revolving Credit Facility (b)	100%	January 18, 2027	3.75%	$	—	N/A
2021	Liberty Puerto Rico	2029 LPR Senior Secured Notes	100%	July 15, 2029	5.125%	$	820.0	$	500.0
2021	Liberty Puerto Rico	2028 LPR Term Loan	100%	October 15, 2028	LIBOR + 3.75%	$	620.0	$	500.0
2021	Liberty Puerto Rico	LPR Revolving Credit Facility	N/A	March 15, 2027	LIBOR + 3.50%	(c)		N/A
2021	VTR	2029 VTR Senior Secured Notes	100%	April 15, 2029	4.375%	$	410.0	$	60.0
2021	VTR	VTR RCF – A	N/A	June 15, 2026	TAB + 3.35%	$	—	N/A

N/A – Not applicable.

(a)The 2028 CWP Term Loan B is unfunded as of March 31, 2022, restricted for use to fund the Claro Panama Acquisition and is subject to certain ticking fees until the Claro Panama Acquisition closing date.

(b)The CWP Revolving Credit Facility has a fee on unused commitments of 0.50%.

(c)Total commitments under the LPR Revolving Credit Facility were increased by $43 million.

During the three months ended March 31, 2022 and 2021, we made repayments on the following debt instruments, including activity related to the Chile JV Entities:

				Principal amount repaid
Period	Borrowing group	Instrument	Redemption price	Borrowing currency		USD equivalent (a)		Non-cash component		Loss on debt extinguishment
				in millions
2022	C&W	CWP Credit Facilities	100%	$	272.9	$	272.9	$	272.9	$	—
2021	Liberty Puerto Rico	2026 SPV Credit Facility	100%	$	1,000.0	$	1,000.0	$	1,000.0	$	14.3
2021	VTR	2028 VTR Senior Secured Notes	103%	$	60.0	$	60.0	$	60.0	$	2.1
2021	VTR	VTR TLB-1 Facility	100%	CLP	140,900.0	$	196.4	$	—	$	5.6
2021	VTR	VTR TLB-2 Facility	100%	CLP	33,100.0	$	46.1	$	—	$	1.3

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

20

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2022

(unaudited)

Maturities of Debt

Maturities of our debt as of March 31, 2022 are presented below. The table below excludes the debt of the Chile JV Entities as it has been reflected in liabilities associated with assets held for sale on our March 31, 2022 condensed consolidated balance sheet. Amounts presented below represent U.S. dollar equivalents based on March 31, 2022 exchange rates:

	C&W		Liberty Puerto Rico		Costa Rica		Liberty Latin America (a)		Consolidated
	in millions
Years ending December 31:
2022 (remainder of year)	$	79.8	$	—	$	—	$	0.5	$	80.3
2023	38.2		—		—		0.6		38.8
2024	64.1		—		404.1		402.7		870.9
2025	1.7		—		—		—		1.7
2026	0.6		—		—		—		0.6
2027	1,715.5		1,161.0		—		—		2,876.5
Thereafter	2,386.8		1,440.0		—		—		3,826.8
Total debt maturities	4,286.7		2,601.0		404.1		403.8		7,695.6
Premiums, discounts and deferred financing costs, net	(32.7)		(32.8)		(7.5)		(40.6)		(113.6)
Total debt	$	4,254.0	$	2,568.2	$	396.6	$	363.2	$	7,582.0
Current portion	$	115.9	$	—	$	—	$	0.5	$	116.4
Noncurrent portion	$	4,138.1	$	2,568.2	$	396.6	$	362.7	$	7,465.6

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

(10)    Leases

The following table provides details of our operating lease expense:

	Three months ended March 31,
	2022		2021
	in millions
Operating lease expense:
Operating lease cost	$	27.3	$	21.9
Short-term lease cost	5.9		4.0
Total operating lease expense	$	33.2	$	25.9

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.

21

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2022

(unaudited)

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

	March 31, 2022			December 31, 2021
	in millions
Operating lease right-of-use assets	$	427.3		$	441.0
Operating lease liabilities:
Current	$	78.8		$	82.0
Noncurrent	360.9			371.0
Total operating lease liabilities	$	439.7		$	453.0
Weighted-average remaining lease term	7.4 years			7.5 years
Weighted-average discount rate	6.5		%	6.2		%

	Three months ended March 31,
	2022		2021
	in millions
Operating cash outflows related to operating leases	$	32.1	$	20.3
Right-of-use assets obtained in exchange for new operating lease liabilities (a)	$	13.6	$	10.3

(a)Represents non-cash transactions associated with operating leases entered into during the three months ended March 31, 2022 and 2021, respectively.

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

Maturities of Operating Leases

Maturities of our operating lease liabilities as of March 31, 2022 are presented below. The table below excludes the operating lease liabilities of the Chile JV Entities as they have been reflected in liabilities associated with assets held for sale on our March 31, 2022 condensed consolidated balance sheet. Amounts presented below represent U.S. dollar equivalents (in millions) based on March 31, 2022 exchange rates.

Years ending December 31:
2022 (remainder of year)	$	69.6
2023	87.7
2024	78.1
2025	70.3
2026	60.5
2027	46.8
Thereafter	138.0
Total operating lease liabilities on an undiscounted basis	551.0
Present value discount	(111.3)
Present value of operating lease liabilities	$	439.7

22

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2022

(unaudited)

(11)    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 March 31, 2022, we have approximately $351 million of unfulfilled performance obligations relating to our long-term capacity contracts, primarily subsea contracts, that generally will be recognized as revenue over an average remaining life of six years.

(12)    Programming and Other Direct Costs of Services

Programming and other direct costs of services include programming and copyright costs, interconnect and access costs, equipment costs, which primarily relate to costs of mobile handsets and other devices, 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 March 31,
	2022		2021
	in millions
Programming and copyright	$	109.3	$	111.8
Interconnect	85.7		80.6
Equipment and other (a)	107.2		91.3
Total programming and other direct costs of services	$	302.2	$	283.7

(a)Amounts for the three months ended March 31, 2022 and 2021 include $85 million and $72 million, respectively, related to equipment cost of goods sold.

(13)    Other Operating Costs and Expenses

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

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

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

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

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

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

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

23

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2022

(unaudited)

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

	Three months ended March 31,
	2022		2021
	in millions
Personnel and contract labor	$	153.2	$	138.4
Network-related	82.6		79.0
Service-related	51.2		47.5
Commercial	65.5		52.4
Facility, provision, franchise and other	123.8		114.9
Share-based compensation expense	30.0		23.0
Total other operating costs and expenses	$	506.3	$	455.2

(14)    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 $24 million and $30 million during the three months ended March 31, 2022 and 2021, respectively. This represents an effective income tax rate of (20.1%) and (24.5%) for the three months ended March 31, 2022 and 2021, respectively, including items treated discretely.

For the three months ended March 31, 2022, the income tax expense attributable to our earnings before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the net detrimental effects of international rate differences, increases in valuation allowances, and negative effects of permanent tax differences, such as non-deductible expenses. These negative impacts to our effective tax rate were partially offset by the beneficial effects of permanent tax differences, such as non-taxable income.

For the three months ended March 31, 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 the net detrimental effects of international rate differences, increases in valuation allowances, changes in uncertain tax positions, and negative effects of permanent tax differences, such as non-deductible expenses. These negative impacts to our effective tax rate were partially offset by the beneficial effects of permanent tax differences, such as non-taxable income.

24

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2022

(unaudited)

(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 March 31,
	2022	2021
Weighted average shares outstanding:
Basic	228,274,215	232,410,514
Diluted	249,501,352	252,970,163

We reported net earnings attributable to Liberty Latin America shareholders during the three months ended March 31, 2022 and 2021, respectively. The details of the calculations of our basic and diluted EPS for the three months ended March 31, 2022 and 2021 are set forth below in millions, except for share amounts:

	Three months ended March 31,
	2022		2021
Numerator:
Net earnings attributable to holders of Liberty Latin America Shares (basic EPS computation)	$	83.6	$	89.1
Add back: interest expense and amortization of deferred financing costs and premiums associated with Convertible Notes (if-converted method)	6.1		5.9
Net earnings attributable to holders of Liberty Latin America Shares (diluted EPS computation)	$	89.7	$	95.0
Denominator:
Weighted average shares (basic EPS computation)	228,274,215		232,410,514
Incremental shares attributable to an employee stock purchase plan and the release of PSUs and RSUs upon vesting (treasury stock method)	1,733,458		1,065,970
Number of shares issuable under our Convertible Notes (if-converted method) (a)	19,493,679		19,493,679
Weighted average shares (diluted EPS computation) (b) (c)	249,501,352		252,970,163

(a)The Capped Calls provide an economic hedge to reduce or offset potential dilution to our Class C common shares upon any conversion of the Convertible Notes and/or offset any cash payments we are required to make in excess of the principal amount of such converted notes, as the case may be, with such reduction and/or offset subject to a cap. The effect of the Capped Calls have not been reflected in dilutive share calculations set forth above as they are anti-dilutive.

(b)For the 2022 period, we have excluded (i) the aggregate number of shares issuable pursuant to outstanding options, SARs, and RSUs of 30.6 million, and (ii) the aggregate number of shares issuable pursuant to outstanding PSARs of 8.2 million, because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSARs, because such awards had not yet met the applicable performance criteria.

(c)For the 2021 period, we have excluded (i) the aggregate number of shares issuable pursuant to outstanding options, SARs and RSUs of 17.6 million, and (ii) the aggregate number of shares issuable pursuant to outstanding PSUs of 2.0 million 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.

25

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2022

(unaudited)

(16)    Equity

Share Repurchase Programs

On March 16, 2020, our Directors approved the 2020 Share Repurchase Program, which authorized us to repurchase from time to time up to $100 million of our Class A common shares and/or Class C common shares through March 2022, subject to certain limitations and conditions. On February 22, 2022, our Directors approved the 2022 Share Repurchase Program. This program authorizes us to repurchase from time to time up to an additional $200 million of our Class A common shares and/or Class C common shares through December 2024. The 2022 Share Repurchase Program does not obligate us to repurchase any of our Class A or C common shares. Under the 2022 Share Repurchase Program, we may repurchase our common shares in open market purchases at prevailing market prices, in privately negotiated transactions, in block trades, derivative transactions and/or through other legally permissible means.

During the three months ended March 31, 2022, we repurchased 1,884,500 and 3,524,000 Class A and Class C common shares, respectively, under the Share Repurchase Programs. We did not repurchase any shares during the three months ended March 31, 2021. At March 31, 2022, the remaining amount authorized for share repurchases under the 2022 Share Repurchase Program was $170 million.

(17)    Commitments and Contingencies

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 and punitive 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. 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.

26

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2022

(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, which derive revenue from mobile handset insurance services. We generally identify our reportable segments as those operating segments that represent 10% or more of our revenue, Adjusted OIBDA or total assets.

As of March 31, 2022, our reportable segments are as follows:

•C&W Caribbean and Networks;

•C&W Panama;

•Liberty Puerto Rico;

•VTR; and

•Costa Rica.

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 and to earnings 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 (i) certain subsidiaries of (a) C&W and (b) Liberty Puerto Rico, and (ii) Costa Rica are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations.

	Revenue
	Three months ended March 31,
	2022		2021
	in millions
C&W Caribbean and Networks	$	444.9	$	429.8
C&W Panama	127.2		127.3
Liberty Puerto Rico	369.3		361.3
VTR	170.8		210.3
Costa Rica	107.4		36.2
Corporate	5.6		5.4
Intersegment eliminations	(6.5)		(5.1)
Total	$	1,218.7	$	1,165.2

27

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2022

(unaudited)

	Adjusted OIBDA
	Three months ended March 31,
	2022		2021
	in millions
C&W Caribbean and Networks	$	192.5	$	181.3
C&W Panama	40.5		44.0
Liberty Puerto Rico	144.3		149.9
VTR	46.5		70.5
Costa Rica	30.2		14.1
Corporate	(13.8)		(10.5)
Total	$	440.2	$	449.3

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

	Three months ended March 31,
	2022		2021
	in millions
Total Adjusted OIBDA	$	440.2	$	449.3
Share-based compensation expense	(30.0)		(23.0)
Depreciation and amortization	(214.1)		(243.1)
Impairment, restructuring and other operating items, net	(7.8)		(2.2)
Operating income	188.3		181.0
Interest expense	(129.7)		(126.4)
Realized and unrealized gains (losses) on derivative instruments, net	(33.7)		114.9
Foreign currency transaction gains (losses), net	96.6		(25.4)
Losses on debt extinguishment	—		(23.3)
Other expense, net	(4.8)		(0.6)
Earnings before income taxes	$	116.7	$	120.2

28

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2022

(unaudited)

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.

	Three months ended March 31,
	2022		2021
	in millions
C&W Caribbean and Networks	$	51.6	$	49.6
C&W Panama	15.0		10.7
Liberty Puerto Rico	44.5		33.7
VTR	44.7		46.7
Costa Rica	9.9		7.3
Corporate	9.7		4.4
Total property and equipment additions	175.4		152.4
Assets acquired under capital-related vendor financing arrangements	(31.9)		(18.8)
Changes in current liabilities related to capital expenditures	21.2		2.0
Total capital expenditures	$	164.7	$	135.6

Revenue by Major Category

Our revenue by major category for our reportable segments is set forth in the tables 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.

29

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2022

(unaudited)

	Three months ended March 31, 2022
	C&W Caribbean and Networks		C&W Panama		Liberty Puerto Rico		VTR		Costa Rica		Corporate		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	32.6	$	7.1	$	39.7	$	65.9	$	17.3	$	—	$	—	$	162.6
Broadband internet	70.6		12.4		68.9		65.8		16.3		—		—		234.0
Fixed-line telephony	18.5		4.2		7.2		17.9		1.1		—		—		48.9
Total subscription revenue	121.7		23.7		115.8		149.6		34.7		—		—		445.5
Non-subscription revenue	9.1		2.2		5.4		3.1		0.8		—		—		20.6
Total residential fixed revenue	130.8		25.9		121.2		152.7		35.5		—		—		466.1
Residential mobile revenue:
Service revenue	76.5		43.0		116.8		9.3		46.2		—		—		291.8
Interconnect, inbound roaming, equipment sales and other (a)	14.5		10.4		63.2		1.1		16.5		5.6		—		111.3
Total residential mobile revenue	91.0		53.4		180.0		10.4		62.7		5.6		—		403.1
Total residential revenue	221.8		79.3		301.2		163.1		98.2		5.6		—		869.2
B2B revenue:
Service revenue (b)	158.2		47.9		57.8		7.7		9.2		—		(1.7)		279.1
Subsea network revenue	64.9		—		—		—		—		—		(4.8)		60.1
Total B2B revenue	223.1		47.9		57.8		7.7		9.2		—		(6.5)		339.2
Other revenue	—		—		10.3		—		—		—		—		10.3
Total	$	444.9	$	127.2	$	369.3	$	170.8	$	107.4	$	5.6	$	(6.5)	$	1,218.7

(a)The total amount includes $26 million of inbound roaming revenue and $59 million of revenue from sales of mobile handsets and other devices.

(b)The total amount includes $5 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

30

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2022

(unaudited)

	Three months ended March 31, 2021
	C&W Caribbean and Networks		C&W Panama		Liberty Puerto Rico		VTR		Costa Rica		Corporate		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	34.3	$	6.2	$	38.6	$	78.3	$	19.5	$	—	$	—	$	176.9
Broadband internet	66.6		10.7		61.4		84.8		14.0		—		—		237.5
Fixed-line telephony	16.5		4.3		7.0		20.0		1.1		—		—		48.9
Total subscription revenue	117.4		21.2		107.0		183.1		34.6		—		—		463.3
Non-subscription revenue	8.5		2.5		4.2		3.4		1.6		—		—		20.2
Total residential fixed revenue	125.9		23.7		111.2		186.5		36.2		—		—		483.5
Residential mobile revenue:
Service revenue	71.8		44.6		116.5		13.2		—		—		—		246.1
Interconnect, inbound roaming, equipment sales and other (a)	13.6		10.3		73.0		2.3		—		5.4		—		104.6
Total residential mobile revenue	85.4		54.9		189.5		15.5		—		5.4		—		350.7
Total residential revenue	211.3		78.6		300.7		202.0		36.2		5.4		—		834.2
B2B revenue:
Service revenue (b)	150.8		48.7		52.1		8.3		—		—		(1.1)		258.8
Subsea network revenue	67.7		—		—		—		—		—		(4.0)		63.7
Total B2B revenue	218.5		48.7		52.1		8.3		—		—		(5.1)		322.5
Other revenue	—		—		8.5		—		—		—		—		8.5
Total	$	429.8	$	127.3	$	361.3	$	210.3	$	36.2	$	5.4	$	(5.1)	$	1,165.2

(a)The total amount includes $25 million of inbound roaming revenue and $57 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.

31

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2022

(unaudited)

Revenue by Geographic Market

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

	Three months ended March 31,
	2022		2021
	in millions
Puerto Rico	$	356.6	$	347.3
Chile	170.8		210.3
Panama	126.4		126.7
Jamaica	104.8		97.3
Networks & LatAm (a)	88.5		90.4
Costa Rica	107.2		36.2
The Bahamas	47.7		45.0
Trinidad and Tobago	40.6		39.7
Barbados	36.5		33.9
Curacao	33.1		34.3
Other (b)	106.5		104.1
Total	$	1,218.7	$	1,165.2

(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, all of which are located in the Caribbean, and to a lesser extent, in Latin America.

32

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 2021 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 months ended March 31, 2022 and 2021.

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

Unless otherwise indicated, operational data (including subscriber statistics) is presented as of March 31, 2022.

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 and the remediation of material weaknesses; foreign currency risks; interest rate risks; compliance with debt, financial and other covenants; our projected sources and uses of cash; the Telefónica Costa Rica Acquisition; the timing and impacts of proposed transactions, including the pending Claro Panama Acquisition; the pending formation of the Chile JV; the effects and potential impacts of COVID-19 on our business and results of operations; reductions in operating and capital costs; our 2022 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 2021 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, some of which are also offering content directly to consumers, and our ability to maintain access to desirable programming on acceptable economic terms;

•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;

33

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

•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 future spectrum or other licenses that we need to offer new 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 pending formation of the Chile JV and the pending Claro Panama 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 Chile JV, the pending Claro Panama Acquisition and the Telefónica Costa Rica 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;

34

•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, targeted vandalism against our networks, and cybersecurity 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;

•the impacts of climate change such as rising sea levels or increasing frequency and intensity of certain weather phenomena; 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,

A.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 Cabletica and its subsidiary, Telefónica Costa Rica; and

35

B.through our Networks & LatAm business of our C&W Caribbean and Networks segment, (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 approximately 40 markets in that region.

At March 31, 2022, we (i) owned and operated fixed networks that passed 8,463,800 homes and served 6,453,300 RGUs comprising 2,873,000 broadband internet subscribers, 1,966,600 video subscribers and 1,613,700 fixed-line telephony subscribers, and (ii) served 7,590,000 mobile subscribers.

Competition and Management Focus

We are experiencing significant competition from other telecommunications operators and other communication service providers in all of our markets, and in particular in our operations in Chile as competitors continued to expand and upgrade their networks. In addition, technological advances and product innovations have increased and are likely to continue to increase giving customers several options for the provision of their communications services. In all markets, we seek to differentiate our communications services by focusing on customer service and competitive pricing, and offering quality high-speed connectivity. For example, in March, VTR introduced a new pricing plans for new and existing customers. The significant competition we are experiencing in Chile has adversely impacted our revenue, RGUs and ARPU. For additional information regarding the revenue impact of changes in the RGUs and ARPU, see discussion below.

Material Changes in Results of Operations

The comparability of our operating results during the three months ended March 31, 2022 and 2021 is affected by acquisitions and FX effects. As we use the term, “organic” changes exclude FX and the impacts of acquisitions, each as further discussed below.

In the following discussion, we quantify the estimated impact on the operating results of the periods under comparison that is attributable to acquisitions. We acquired (i) Telefónica’s operations in Costa Rica in August 2021 and (ii) 96% of Broadband VI, LLC’s operations in the U.S. Virgin Islands effective December, 31 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.

Changes in foreign currency exchange rates may have a significant impact on our operating results, as VTR, Costa Rica 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 appreciated by 11% for the three months ended March 31, 2022, as compared to the corresponding period in 2021. 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 (i) certain subsidiaries of (a) C&W and (b) Liberty Puerto Rico, and (ii) Costa Rica 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 determine how to allocate resources to segments. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different

36

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.

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

	Three months ended March 31,
	2022		2021
	in millions
Operating income	$	188.3	$	181.0
Share-based compensation expense	30.0		23.0
Depreciation and amortization	214.1		243.1
Impairment, restructuring and other operating items, net	7.8		2.2
Consolidated Adjusted OIBDA	$	440.2	$	449.3

37

The following table sets forth organic and non-organic changes in Adjusted OIBDA for the period indicated:

	C&W Caribbean and Networks		C&W Panama		Liberty Puerto Rico		VTR		Costa Rica		Corporate		Intersegment eliminations		Consolidated
	in millions
Adjusted OIBDA for the three months ending:
March 31, 2021	$	181.3	$	44.0	$	149.9	$	70.5	$	14.1	$	(10.5)	$	—	$	449.3
Organic changes related to:
Revenue	22.4		(0.1)		5.1		(19.6)		1.0		0.2		(1.4)		7.6
Programming and other direct costs	(5.3)		(0.3)		(4.9)		(0.6)		0.1		—		0.2		(10.8)
Other operating costs and expenses	(3.4)		(3.1)		(6.3)		1.8		(1.7)		(3.5)		1.2		(15.0)
Non-organic increases (decreases):
FX	(2.5)		—		—		(5.6)		(0.7)		—		—		(8.8)
Acquisitions	—		—		0.5		—		17.4		—		—		17.9
March 31, 2022	$	192.5	$	40.5	$	144.3	$	46.5	$	30.2	$	(13.8)	$	—	$	440.2

Adjusted OIBDA Margin

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

	Three months ended March 31,
	2022	2021
	%
C&W Caribbean and Networks	43.3	42.2
C&W Panama	31.8	34.6
Liberty Puerto Rico	39.1	41.5
VTR	27.2	33.5
Costa Rica	28.1	39.0

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 decrease in the Adjusted OIBDA margin for VTR is primarily related to a decline in revenue, as further discussed below and in the Overview above. The decrease in the Adjusted OIBDA margin for Costa Rica is primarily related to the inclusion of the Telefónica Costa Rica operations following the Telefónica Costa Rica Acquisition, which generates lower Adjusted OIBDA margin relative to the legacy operations.

Revenue

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

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.

38

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.

The following table sets forth the organic and non-organic changes in revenue by reportable segment.

	Three months ended March 31,				Increase (decrease)		Increase (decrease) from:
	2022		2021				FX		Acquisitions		Organic
	in millions
C&W Caribbean and Networks	$	444.9	$	429.8	$	15.1	$	(7.3)	$	—	$	22.4
C&W Panama	127.2		127.3		(0.1)		—		—		(0.1)
Liberty Puerto Rico	369.3		361.3		8.0		—		2.9		5.1
VTR	170.8		210.3		(39.5)		(19.9)		—		(19.6)
Costa Rica	107.4		36.2		71.2		(1.8)		72.0		1.0
Corporate	5.6		5.4		0.2		—		—		0.2
Intersegment eliminations	(6.5)		(5.1)		(1.4)		—		—		(1.4)
Total	$	1,218.7	$	1,165.2	$	53.5	$	(29.0)	$	74.9	$	7.6

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

	Three months ended March 31,				Increase (decrease)
	2022		2021		$		%
	in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	32.6	$	34.3	$	(1.7)	(5)
Broadband internet	70.6		66.6		4.0		6
Fixed-line telephony	18.5		16.5		2.0		12
Total subscription revenue	121.7		117.4		4.3		4
Non-subscription revenue	9.1		8.5		0.6		7
Total residential fixed revenue	130.8		125.9		4.9		4
Residential mobile revenue:
Service revenue	76.5		71.8		4.7		7
Interconnect, inbound roaming, equipment sales and other (a)	14.5		13.6		0.9		7
Total residential mobile revenue	91.0		85.4		5.6		7
Total residential revenue	221.8		211.3		10.5		5
B2B revenue:
Service revenue	158.2		150.8		7.4		5
Subsea network revenue	64.9		67.7		(2.8)		(4)
Total B2B revenue	223.1		218.5		4.6		2
Total	$	444.9	$	429.8	$	15.1	4

(a)Revenue from inbound roaming was $6 million and $5 million, respectively.

39

The details of the changes in C&W Caribbean and Networks’ revenue during the three months ended March 31, 2022, as compared to the corresponding period in 2021, are set forth below (in millions):

Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of RGUs (a)	$	7.1
ARPU (b)	(0.8)
Increase in residential fixed non-subscription revenue	0.7
Total increase in residential fixed revenue	7.0
Increase in residential mobile service revenue (c)	6.0
Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue	1.0
Increase in B2B service revenue (d)	10.5
Decrease in B2B subsea network revenue (e)	(2.1)
Total organic increase	22.4
Impact of FX	(7.3)
Total	$	15.1

(a)The increase is primarily attributable to higher average broadband internet and fixed-line telephony RGUs.

(b)The decrease is primarily due to lower ARPU from video services, partially offset by higher ARPU from fixed-line telephony.

(c)The increase is attributable to higher average numbers of mobile subscribers, mostly due to an increase in sales initiatives and growth from fixed-mobile convergence efforts.

(d)The increase is primarily due to higher revenue from (i) certain non-recurring B2B contracts, and (ii) fixed and mobile services.

(e)The decrease is primarily due to (i) the net negative impact associated with the recognition of deferred revenue and penalties upon termination of customer contracts during the first quarter of 2022 and 2021, partially offset by (ii) increased demand for telecommunications capacity on our subsea network.

40

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

	Three months ended March 31,				Increase (decrease)
	2022		2021		$		%
	in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	7.1	$	6.2	$	0.9	15
Broadband internet	12.4		10.7		1.7		16
Fixed-line telephony	4.2		4.3		(0.1)		(2)
Total subscription revenue	23.7		21.2		2.5		12
Non-subscription revenue	2.2		2.5		(0.3)		(12)
Total residential fixed revenue	25.9		23.7		2.2		9
Residential mobile revenue:
Service revenue	43.0		44.6		(1.6)		(4)
Interconnect, inbound roaming, equipment sales and other	10.4		10.3		0.1		1
Total residential mobile revenue	53.4		54.9		(1.5)		(3)
Total residential revenue	79.3		78.6		0.7		1
B2B service revenue	47.9		48.7		(0.8)		(2)
Total	$	127.2	$	127.3	$	(0.1)	—

The details of the changes in C&W Panama’s revenue during the three months ended March 31, 2022, as compared to the corresponding period in 2021, are set forth below (in millions):

Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of RGUs (a)	$	3.4
ARPU	(0.9)
Decrease in residential fixed non-subscription revenue	(0.3)
Total increase in residential fixed revenue	2.2
Decrease in residential mobile service revenue (b)	(1.6)
Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue	0.1
Decrease in B2B service revenue (c)	(0.8)
Total organic decrease	$	(0.1)

(a)The increase is primarily attributable to higher average broadband internet and video RGUs.

(b)The decrease is primarily due to the net effect of (i) lower ARPU from prepaid mobile services, mainly attributable to lower recharging activity, and (ii) higher average numbers of postpaid mobile subscribers.

(c)The decrease is primarily due to the net effect of (i) a decrease in the volume of certain government-related projects, (ii) higher revenue from data services and (iii) increased mobile services revenue.

41

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

	Three months ended March 31,				Increase (decrease)
	2022		2021		$		%
	in millions, except percentages
Residential fixed revenue:
Subscription revenue:
Video	$	39.7	$	38.6	$	1.1	3
Broadband internet	68.9		61.4		7.5		12
Fixed-line telephony	7.2		7.0		0.2		3
Total subscription revenue	115.8		107.0		8.8		8
Non-subscription revenue	5.4		4.2		1.2		29
Total residential fixed revenue	121.2		111.2		10.0		9
Residential mobile revenue:
Service revenue	116.8		116.5		0.3		—
Interconnect, inbound roaming, equipment sales and other (a)	63.2		73.0		(9.8)		(13)
Total residential mobile revenue	180.0		189.5		(9.5)		(5)
Total residential revenue	301.2		300.7		0.5		—
B2B service revenue	57.8		52.1		5.7		11
Other revenue (b)	10.3		8.5		1.8		21
Total	$	369.3	$	361.3	$	8.0	2

(a)Revenue from inbound roaming was $17 million and $20 million, respectively.

The details of the changes in Liberty Puerto Rico’s revenue during the three months ended March 31, 2022, as compared to the corresponding periods in 2021, are set forth below (in millions):

Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of RGUs (a)	$	7.5
ARPU	(1.0)
Increase in residential fixed non-subscription revenue	0.6
Total increase in residential fixed revenue	7.1
Increase in residential mobile service revenue (b)	0.3
Decrease in residential mobile interconnect, inbound roaming, equipment sales and other revenue (c)	(9.8)
Increase in B2B service (d)	5.7
Increase in other revenue (e)	1.8
Total organic increase	5.1
Impact of an acquisition	2.9
Total	$	8.0

(a)The increase is primarily attributable to higher average broadband internet and video RGUs.

(b)The increase is primarily due to a higher average number of mobile subscribers that was mostly offset by lower ARPU from mobile services.

(c)The decrease is primarily due to (i) higher promotions associated with handset sales, and (ii) lower inbound roaming revenue.

(d)The increase is primarily due to higher revenue from equipment sales and mobile services.

(e)The increase is primarily attributable to funds received from the FCC to continue to expand and improve our fixed network in Puerto Rico.

42

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

	Three months ended March 31,				Decrease
	2022		2021		$		%
	in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	65.9	$	78.3	$	(12.4)	(16)
Broadband internet	65.8		84.8		(19.0)		(22)
Fixed-line telephony	17.9		20.0		(2.1)		(11)
Total subscription revenue	149.6		183.1		(33.5)		(18)
Non-subscription revenue	3.1		3.4		(0.3)		(9)
Total residential fixed revenue	152.7		186.5		(33.8)		(18)
Residential mobile revenue:
Service revenue	9.3		13.2		(3.9)		(30)
Interconnect, inbound roaming, equipment sales and other	1.1		2.3		(1.2)		(52)
Total residential mobile revenue	10.4		15.5		(5.1)		(33)
Total residential revenue	163.1		202.0		(38.9)		(19)
B2B service revenue	7.7		8.3		(0.6)		(7)
Total	$	170.8	$	210.3	$	(39.5)	(19)

The details of the changes in VTR’s revenue during the three months ended March 31, 2022, as compared to the corresponding period in 2021, are set forth below (in millions):

Decrease in residential fixed subscription revenue due to change in:
Average number of RGUs (a)	$	(4.0)
ARPU (b)	(12.1)
Change in residential fixed non-subscription revenue	—
Total decrease in residential fixed revenue	(16.1)
Decrease in residential mobile service revenue (c)	(2.9)
Decrease in residential mobile interconnect, inbound roaming, equipment sales and other revenue	(1.0)
Increase in B2B service revenue	0.4
Total organic decrease	(19.6)
Impact of FX	(19.9)
Total	$	(39.5)

(a)The decrease is primarily attributable to lower average broadband internet and video RGUs.

(b)The decrease is primarily due to lower ARPU from broadband internet services, mainly associated with (i) increased competition that generally resulted in (a) the churn of higher-ARPU customers and (b) the addition of lower-ARPU customers, and (ii) strategic initiatives implemented during the first quarter of 2022. Higher discounts and lower premium subscribers related to video services also contributed to the decline in ARPU.

(c)The decrease is due to (i) lower ARPU from mobile services and (ii) lower average numbers of mobile subscribers.

43

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

	Three months ended March 31,				Increase (decrease)
	2022		2021		$		%
	in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	17.3	$	19.5	$	(2.2)	(11)
Broadband internet	16.3		14.0		2.3		16
Fixed-line telephony	1.1		1.1		—		—
Total subscription revenue	34.7		34.6		0.1		—
Non-subscription revenue	0.8		1.6		(0.8)		(50)
Total residential fixed revenue	35.5		36.2		(0.7)		(2)
Residential mobile revenue:
Service revenue	46.2		—		46.2		N.M.
Interconnect, inbound roaming, equipment sales and other (a)	16.5		—		16.5		N.M.
Total residential mobile revenue	62.7		—		62.7		N.M.
Total residential revenue	98.2		36.2		62.0		171
B2B service revenue	9.2		—		9.2		N.M.
Total	$	107.4	$	36.2	$	71.2	197

N.M. — Not Meaningful.

(a)Amount includes $2 million of revenue from inbound roaming and $10 million of revenue from sale of mobile handsets and other devices.

The details of the changes in Costa Rica’s revenue during three months ended March 31, 2022, as compared to the corresponding period in 2021, are set forth below (in millions):

Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of RGUs (a)	$	3.5
ARPU (b)	(1.7)
Decrease in residential fixed non-subscription revenue	(0.8)
Total organic increase	1.0
Impact of an acquisition	72.0
Impact of FX	(1.8)
Total	$	71.2

(a)The increase is primarily attributable to higher average broadband internet RGUs.

(b)The decrease is primarily due to lower ARPU from video services and the impact of product mix, partially offset by an increase in ARPU from broadband internet services.

Programming and other direct costs of services

Programming and other direct costs of services include programming and copyright costs, interconnect and access costs, equipment costs, which primarily relate to costs of mobile handsets and other devices, 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.

44

Consolidated. The following table sets forth the organic and non-organic changes in programming and other direct costs of services on a consolidated basis.

	Three months ended March 31,				Increase (decrease)		Increase (decrease) from:
	2022		2021				FX		Acquisitions		Organic
	in millions
Programming and copyright	$	109.3	$	111.8	$	(2.5)	$	(6.1)	$	—	$	3.6
Interconnect	85.7		80.6		5.1		(2.3)		7.2		0.2
Equipment and other	107.2		91.3		15.9		(0.5)		9.4		7.0
Total programming and other direct costs of services	$	302.2	$	283.7	$	18.5	$	(8.9)	$	16.6	$	10.8

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

	Three months ended March 31,				Increase (decrease)		Increase (decrease) from:
	2022		2021				FX		Organic
	in millions
Programming and copyright	$	23.1	$	23.7	$	(0.6)	$	(0.4)	$	(0.2)
Interconnect	37.6		37.6		—		(1.3)		1.3
Equipment and other	20.4		16.6		3.8		(0.4)		4.2
Total programming and other direct costs of services	$	81.1	$	77.9	$	3.2	$	(2.1)	$	5.3

•Equipment and other: The organic increase is primarily due to higher costs associated with certain non-recurring B2B contracts.

C&W Panama. The following table sets forth the organic changes in programming and other direct costs of services for our C&W Panama segment.

	Three months ended March 31,				Organic Increase
	2022		2021
	in millions
Programming and copyright	$	4.0	$	3.7	$	0.3
Interconnect	15.2		15.2		—
Equipment and other	17.6		17.6		—
Total programming and other direct costs of services	$	36.8	$	36.5	$	0.3

45

Liberty Puerto Rico. The following table sets forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Puerto Rico segment.

							Increase (decrease) from:
	Three months ended March 31,				Increase (decrease)		An acquisition		Organic
	2022		2021
	in millions
Programming and copyright	$	27.6	$	27.2	$	0.4	$	—	$	0.4
Interconnect	19.4		20.6		(1.2)		0.6		(1.8)
Equipment and other	59.3		52.8		6.5		0.2		6.3
Total programming and other direct costs of services	$	106.3	$	100.6	$	5.7	$	0.8	$	4.9

•Interconnect: The organic decrease is primarily due to lower roaming costs, mainly due to lower volumes.

•Equipment and other: The organic increase is primarily associated with (i) higher volumes of handset sales and (ii) $2 million of equipment-related integration costs incurred in 2022.

VTR. The following table sets forth the organic and non-organic changes in programming and other direct costs of services for our VTR segment.

	Three months ended March 31,				Decrease		Increase (decrease) from:
	2022		2021				FX		Organic
	in millions
Programming and copyright	$	45.7	$	48.4	$	(2.7)	$	(5.3)	$	2.6
Interconnect	7.7		7.8		(0.1)		(0.9)		0.8
Equipment and other	1.1		4.0		(2.9)		(0.1)		(2.8)
Total programming and other direct costs of services	$	54.5	$	60.2	$	(5.7)	$	(6.3)	$	0.6

•Programming and copyright: The organic increase is primarily due to (i) basic content costs, in part from higher rates, and (ii) a settlement associated with a programming contract.

•Interconnect: The organic increase is primarily due to the net effect of (i) higher national leased capacity and (ii) lower MVNO charges.

•Equipment and other: The organic decrease is primarily due to lower volumes of equipment sales.

Costa Rica. The following table sets forth the organic and non-organic changes in programming and other direct costs of services for our Costa Rica segment.

							Increase (decrease) from:
	Three months ended March 31,								An acquisition
	2022		2021		Increase		FX				Organic
	in millions
Programming and copyright	$	8.9	$	8.8	$	0.1	$	(0.4)	$	—	$	0.5
Interconnect	7.2		0.6		6.6		(0.1)		6.6		0.1
Equipment and other	9.3		0.8		8.5		—		9.2		(0.7)
Total programming and other direct costs of services	$	25.4	$	10.2	$	15.2	$	(0.5)	$	15.8	$	(0.1)

46

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, and CPE repair, maintenance and test costs;

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

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

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

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

Consolidated. The following table sets forth the organic and non-organic changes in other operating costs and expenses on a consolidated basis.

	Three months ended March 31,				Increase		Increase (decrease) from:
	2022		2021				FX		Acquisitions		Organic
	in millions
Personnel and contract labor	$	153.2	$	138.4	$	14.8	$	(2.8)	$	4.3	$	13.3
Network-related	82.6		79.0		3.6		(3.1)		5.7		1.0
Service-related	51.2		47.5		3.7		(1.0)		5.0		(0.3)
Commercial	65.5		52.4		13.1		(2.8)		11.6		4.3
Facility, provision, franchise and other	123.8		114.9		8.9		(1.6)		13.8		(3.3)
Share-based compensation expense	30.0		23.0		7.0		(0.4)		0.6		6.8
Total other operating costs and expenses	$	506.3	$	455.2	$	51.1	$	(11.7)	$	41.0	$	21.8

C&W Caribbean and Networks. The following table sets forth the organic and non-organic changes in other operating costs and expenses for our C&W Caribbean and Networks segment.

	Three months ended March 31,				Increase (decrease)		Increase (decrease) from:
	2022		2021				FX		Organic
	in millions
Personnel and contract labor	$	63.6	$	64.3	$	(0.7)	$	(1.1)	$	0.4
Network-related	38.8		37.8		1.0		(0.7)		1.7
Service-related	18.4		17.7		0.7		(0.1)		0.8
Commercial	11.2		11.2		—		(0.3)		0.3
Facility, provision, franchise and other	39.3		39.6		(0.3)		(0.5)		0.2
Share-based compensation expense	7.2		6.2		1.0		—		1.0
Total other operating costs and expenses	$	178.5	$	176.8	$	1.7	$	(2.7)	$	4.4

•Personnel and contract labor: The organic increase is primarily due to higher contract labor costs, as higher compensation levels were offset by a reduction in employees.

•Network-related: The organic increase is primarily due to higher utilities costs.

47

•Service-related: The organic increase is primarily due to charges allocated from our Corporate operations, partially offset by lower audit, legal and consultancy fees.

•Facility, provision, franchise and other: The organic increase is primarily due to the net impact of (i) higher costs associated with the addition of new cell sites, (ii) higher utility charges and (iii) the positive impact of an accrual release during the first quarter of 2022 related to a favorable court ruling associated with an industry levy on franchise fees.

C&W Panama. The following table sets forth the organic changes in other operating costs and expenses for our C&W Panama segment.

	Three months ended March 31,				Organic increase (decrease)
	2022		2021
	in millions
Personnel and contract labor	$	18.9	$	17.2	$	1.7
Network-related	9.9		9.8		0.1
Service-related	4.6		3.9		0.7
Commercial	5.9		5.1		0.8
Facility, provision, franchise and other	10.6		10.8		(0.2)
Share-based compensation expense	1.3		0.7		0.6
Total other operating costs and expenses	$	51.2	$	47.5	$	3.7

•Personnel and contract labor: The organic increase is primarily due to higher staff costs related to increased sales activities.

Liberty Puerto Rico. The following table sets forth the organic and non-organic changes in other operating costs and expenses for our Liberty Puerto Rico segment.

							Increase (decrease) from:
	Three months ended March 31,				Increase (decrease)		An acquisition		Organic
	2022		2021
	in millions
Personnel and contract labor	$	40.6	$	32.4	$	8.2	$	0.5	$	7.7
Network-related	10.9		10.8		0.1		0.1		—
Service-related	11.5		10.4		1.1		0.4		0.7
Commercial	12.1		12.0		0.1		—		0.1
Facility, provision, franchise and other	43.6		45.2		(1.6)		0.6		(2.2)
Share-based compensation expense	3.2		3.0		0.2		—		0.2
Total other operating costs and expenses	$	121.9	$	113.8	$	8.1	$	1.6	$	6.5

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

•Network-related: We incurred network-related integration costs associated with the AT&T Acquisition of $1 million during the three months ended March 31, 2022.

•Service-related: We incurred service-related integration costs associated with the AT&T Acquisition of $1 million during each of the three months ended March 31, 2022 and 2021. The service-related integration costs are expected to grow in future periods.

•Facility, provision, franchise and other: The organic decrease is driven by individually insignificant changes across various facility, provision, franchise and other expenses.

48

VTR. The following table sets forth the organic and non-organic changes in other operating costs and expenses for our VTR segment.

	Three months ended March 31,				Increase (decrease)		Increase (decrease) from:
	2022		2021				FX		Organic
	in millions
Personnel and contract labor	$	14.0	$	16.1	$	(2.1)	$	(1.6)	$	(0.5)
Network-related	18.5		21.1		(2.6)		(2.2)		(0.4)
Service-related	7.4		10.1		(2.7)		(0.8)		(1.9)
Commercial	22.6		22.3		0.3		(2.6)		2.9
Facility, provision, franchise and other	7.3		10.0		(2.7)		(0.8)		(1.9)
Share-based compensation expense	3.2		1.9		1.3		(0.4)		1.7
Total other operating costs and expenses	$	73.0	$	81.5	$	(8.5)	$	(8.4)	$	(0.1)

•Service-related: The organic decrease is primarily due to lower professional services.

•Commercial: The organic increase is due to higher marketing and advertising costs, primarily related to a commitment to sponsor a music festival that has been postponed during each of the past two years due to COVID-19.

•Facility, provision, franchise and other costs: The organic decrease is primarily due to lower operating lease expense as a result of ceasing the amortization of our right of use assets in connection with held for sale accounting of the Chile JV Entities, as further described in note 8 to our condensed consolidated financial statements..

Costa Rica. The following table sets forth the organic and non-organic changes in other operating costs and expenses for our Costa Rica segment.

					Increase		Increase (decrease) from:
	Three months ended March 31,								An acquisition
	2022		2021				FX				Organic
	in millions
Personnel and contract labor	$	7.4	$	3.4	$	4.0	$	(0.2)	$	3.8	$	0.4
Network-related	8.7		2.9		5.8		(0.2)		5.6		0.4
Service-related	5.4		0.8		4.6		—		4.6		—
Commercial	13.7		1.8		11.9		(0.1)		11.6		0.4
Facility, provision, franchise and other	16.6		3.0		13.6		(0.1)		13.2		0.5
Share-based compensation expense	0.9		0.1		0.8		—		0.6		0.2
Total other operating costs and expenses	$	52.7	$	12.0	$	40.7	$	(0.6)	$	39.4	$	1.9

•Service-related: During the three months ended March 31, 2022, we incurred $2 million of integration costs associated with the Telefónica Costa Rica Acquisition that are primarily included in the increase from an acquisition set forth in the table above. Integration costs are expected to grow significantly during the remainder of 2022.

49

Corporate. The following table sets forth the organic changes in other operating costs and expenses for our corporate operations.

	Three months ended March 31,				Organic increase (decrease)
	2022		2021
	in millions
Personnel and contract labor	$	9.1	$	5.0	$	4.1
Service-related	3.6		4.6		(1.0)
Facility, provision, franchise and other	6.7		6.3		0.4
Share-based compensation expense	14.4		11.1		3.3
Total other operating costs and expenses	$	33.8	$	27.0	$	6.8

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

Results of Operations (below Adjusted OIBDA)

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

Share-based compensation expense increased $7 million during the three months ended March 31, 2022, as compared to the corresponding period in 2021, primarily due to additional equity awards granted to our employees and Directors.

Depreciation and amortization

Our depreciation and amortization expense decreased $29 million or 12% during the three months ended March 31, 2022, as compared to the corresponding period in 2021, primarily due to the net effect of (i) a $43 million decline at VTR as we ceased recording depreciation expense during the third quarter of 2021 when we began accounting for the Chile JV Entities as held for sale, (ii) an increase in our Costa Rica segment resulting from the Telefónica Costa Rica Acquisition, and (iii) an increase in property and equipment additions mainly at our Puerto Rico segment.

Impairment, restructuring and other operating items, net

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

	Three months ended March 31,
	2022		2021
	in millions
Impairment charges	$	1.9	$	2.3
Restructuring charges	2.7		1.8
Other operating items, net (a)	3.2		(1.9)
Total	$	7.8	$	2.2

(a)The 2022 amount primarily includes direct acquisition costs. The 2021 amount primarily includes a gain of $9 million on the disposition of certain B2B operations in our Liberty Puerto Rico segment that was completed in January 2021, which was more than offset by direct acquisition costs of $7 million, and impairment and restructuring costs.

Interest expense

Our interest expense increased $3 million during the three months ended March 31, 2022, as compared to the corresponding period in 2021. The increase is primarily attributable to higher amortization of debt financing costs, premiums and discounts.

For additional information regarding our outstanding indebtedness, see note 9 to our condensed consolidated financial statements.

50

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.

Realized and unrealized gains or 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 March 31,
	2022		2021
	in millions
Cross-currency and interest rate derivative contracts (a)	$	(17.6)	$	119.5
Foreign currency forward contracts	(8.3)		0.7
Weather Derivatives (b)	(7.8)		(5.3)
Total	$	(33.7)	$	114.9

(a)The gains (losses) during the three months ended March 31, 2022 and 2021 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 net losses associated with changes in our credit risk valuation adjustments of $5 million and $21 million, respectively. Included in these amounts are net gains (losses) of $2 million and ($4 million), respectively, related to the Chile JV Entities.

(b)Amounts represent the amortization of 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 or 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 March 31,
	2022		2021
	in millions
U.S. dollar-denominated debt issued by a Chilean peso functional currency entity	$	118.0	$	(4.1)
Intercompany payables and receivables denominated in a currency other than the entity’s functional currency	8.1		(16.2)
Other (a)	(29.5)		(5.1)
Total	$	96.6	$	(25.4)

(a)    Primarily includes (i) third-party receivables and payables denominated in a currency other than an entity’s functional currency, (ii) cash denominated in a currency other than an entity’s functional currency and (iii) U.S. dollar-denominated debt issued by a CRC functional currency entity.

Gains or losses on debt modification and extinguishment, net

Our gains or losses on debt modification and extinguishment generally include (i) redemption premiums, (ii) the write-off of unamortized deferred financing costs, premiums and/or discounts and/or (iii) breakage fees.

51

We recognized losses on debt extinguishment of nil and $23 million during the three months ended March 31, 2022 and 2021, respectively. The losses during 2021 are primarily associated with refinancing activity at Liberty Puerto Rico and VTR.

For additional information concerning our losses on debt extinguishment, see note 9 to our condensed consolidated financial statements.

Other income or expense, net

Our other income or expense, net, generally includes (i) certain amounts associated with our defined benefit plans, including interest expense and expected return on plan assets, (ii) interest income on cash and cash equivalents, and (iii) share of affiliate income or loss. Other income or expense was not material for the three months ended March 31, 2022 and 2021.

Income tax expense

We recognized income tax expense of $24 million and $30 million during the three months ended March 31, 2022 and 2021, respectively.

For the three months ended March 31, 2022, the income tax expense attributable to our earnings before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the net detrimental effects of international rate differences, increases in valuation allowances, and negative effects of permanent tax differences, such as non-deductible expenses. These negative impacts to our effective tax rate were partially offset by the beneficial effects of permanent tax differences, such as non-taxable income.

For the three months ended March 31, 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 the net detrimental effects of international rate differences, increases in valuation allowances, changes in uncertain tax positions, and negative effects of permanent tax differences, such as non-deductible expenses. These negative impacts to our effective tax rate were partially offset by the beneficial effects of permanent tax differences, such as non-taxable income.

For additional information regarding our income taxes, see note 14 to our condensed consolidated financial statements.

Net earnings or loss

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

	Three months ended March 31,
	2022		2021
	in millions
Operating income	$	188.3	$	181.0
Net non-operating expenses	$	(71.6)	$	(60.8)
Income tax expense	$	(23.5)	$	(29.5)
Net earnings	$	93.2	$	90.7

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 earnings attributable to noncontrolling interests of $10 million and $2 million during 2022 and 2021, respectively.

52

Material Changes in Financial Condition

Sources and Uses of Cash

As of March 31, 2022, we have four primary “borrowing groups,” which include the respective restricted parent and subsidiary entities of C&W, Liberty Puerto Rico, VTR and Costa Rica. Our borrowing groups, which typically generate cash from operating activities, held a significant portion of our consolidated cash and cash equivalents at March 31, 2022. 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 with respect to certain C&W subsidiaries and other factors. For details of the restrictions on our subsidiaries to make payments to us through dividends, loans or other distributions see note 9 to our condensed consolidated financial statements.

Cash and cash equivalents

The details of the U.S. dollar equivalent balances of our cash and cash equivalents at March 31, 2022 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)	$	21.2
Unrestricted subsidiaries (b)	141.3
Total Liberty Latin America and unrestricted subsidiaries	162.5
Borrowing groups (c):
C&W	541.3
Liberty Puerto Rico	103.6
VTR (d)	32.1
Costa Rica	17.1
Total borrowing groups	694.1
Total cash and cash equivalents	$	856.6

(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.

(d)Cash of $67 million associated with the Chile JV Entities has been reflected in assets held for sale on our March 31, 2022 condensed consolidated balance sheet. Accordingly, the cash of VTR set forth in the table above reflects certain cash and cash equivalent balances of the Chile JV Entities that Liberty Latin America is able to retain upon the formation of the Chile JV and are therefore not classified as held for sale.

Liquidity and capital resources 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.

53

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.

During the three months ended March 31, 2022, the aggregate amount of our share repurchases was $56 million. For additional information regarding our Share Repurchase Programs, 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 and capital resources 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 March 31, 2022, see note 9 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 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 March 31, 2022, 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 March 31, 2022, the outstanding principal amount of our debt, together with our finance lease obligations, excluding VTR, aggregated $7,707 million, including $118 million that is classified as current in our condensed consolidated balance sheet and $6,710 million that is not due until 2027 or thereafter. At March 31, 2022, $7,303 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 March 31, 2022 is $118 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 9 to our condensed consolidated financial statements.

54

The weighted average interest rate in effect at March 31, 2022 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin, was 4.9%. 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 March 31, 2022 was as follows:

Borrowing group	Increase to borrowing costs
C&W	0.60	%
Liberty Puerto Rico	0.40	%
Costa Rica	0.40	%
Liberty Latin America borrowing groups combined	0.49	%

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 5.6% at March 31, 2022.

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 three months ended March 31, 2022 and 2021 are summarized as follows:

	Three months ended March 31,
	2022		2021		Change
	in millions
Net cash provided by operating activities	$	122.3	$	203.5	$	(81.2)
Net cash used by investing activities	(189.0)		(126.4)		(62.6)
Net cash provided (used) by financing activities	(78.2)		333.0		(411.2)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	2.0		2.8		(0.8)
Net increase (decrease) in cash, cash equivalents and restricted cash	$	(142.9)	$	412.9	$	(555.8)

Operating Activities. The decrease in cash provided by operating activities is primarily due to timing associated with changes in working capital.

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 paid during the 2022 period in connection with acquisitions, net of cash acquired, and (iii) $20 million of cash proceeds received during the 2021 period related to the disposition of assets. During the 2022 period, we paid $33 million in connection with the Broadband VI, LLC Acquisition that closed in December 2021, which was partially offset by $8 million cash received in connection with the Telefónica Costa Rica Acquisition, as further described in note 4 to the condensed consolidated financial statements.

55

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 that were not acquired in connection with 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:

	Three months ended March 31,
	2022		2021
	in millions
Property and equipment additions	$	175.4	$	152.4
Assets acquired under capital-related vendor financing arrangements	(31.9)		(18.8)
Changes in current liabilities related to capital expenditures	21.2		2.0
Capital expenditures	$	164.7	$	135.6

The increase in our property and equipment additions during the three months ended March 31, 2022, as compared to the corresponding period in 2021, is primarily due to increases related to CPE-related additions and capacity. During the three months ended March 31, 2022 and 2021, our property and equipment additions represented 14.4% and 13.1% of revenue, respectively.

Financing Activities. During the three months ended March 31, 2022, we used $78 million of cash from financing activities, primarily due to the net effect of (i) $55 million associated with the repurchase of Liberty Latin America common shares and (ii) $12 million of net payments of debt.

During the three months ended March 31, 2021, we generated $333 million of cash from financing activities primarily due to $408 million of net borrowings of debt, which was partially offset by $43 million related to payments of derivatives and $27 million related to payments of financing costs and debt premiums.

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.

Contractual Commitments

For information concerning our debt and operating lease obligations, see notes 9 and 10, respectively, to our condensed consolidated financial statements. In addition, 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 three months ended March 31, 2022 and 2021, see note 5 to our condensed consolidated financial statements.

56

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 2021 Form 10-K.

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.

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:

	March 31, 2022	December 31, 2021
Spot rates:
CLP	785.26	852.00
JMD	153.48	153.96
CRC	666.78	642.21

	Three months ended March 31,
	2022	2021
Average rates:
CLP	808.55	725.54
JMD	154.86	148.35
CRC	644.94	612.38

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 March 31, 2022, we paid a fixed or capped 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 match 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.

57

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.

C&W Cross-currency and Interest Rate Derivative Contracts

Holding all other factors constant, at March 31, 2022, 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 $115 million ($115 million).

Liberty Puerto Rico Interest Rate Derivative Contracts

Holding all other factors constant, at March 31, 2022, 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 $32 million ($27 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 March 31, 2022. 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 2022		2023		2024		2025		2026		2027		Thereafter
	in millions
Projected derivative cash payments (receipts), net (a):
Interest-related (b)	$	31.1	$	57.3	$	43.5	$	43.1	$	42.7	$	41.5	$	32.3	$	291.5
Principal-related (c)	—		—		—		—		(3.9)		—		—		(3.9)
Other (d)	(5.9)		—		—		—		—		—		—		(5.9)
Total	$	25.2	$	57.3	$	43.5	$	43.1	$	38.8	$	41.5	$	32.3	$	281.7

(a)Amounts do not include projected cash flows related to derivatives of the Chile JV Entities, which comprise (i) total interest-related payments of $123 million, (ii) total principal-related payments of $19 million and (iii) total foreign currency-related receipts of $5 million. For information regarding the pending formation of the Chile JV, see note 8 to our condensed consolidated financial statements.

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

(c)Includes the principal-related cash flows of our cross-currency derivative contract.

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

58

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, 2021, 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 March 31, 2022. As remediation is not completed, the Executives concluded that our disclosure controls and procedures continue to be ineffective as of March 31, 2022.

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, 2021. 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,

•hired additional accounting, finance, and technology and information resources to design, implement, perform and monitor the execution of internal controls over financial reporting, including general IT controls,

•implemented the central enterprise resource planning software to standardize and enhance the related processes and controls for another one of our segments,

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

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

59

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 16, 2020, our Directors approved the 2020 Share Repurchase Program, which authorized us to repurchase from time to time up to $100 million of our Class A common shares and/or Class C common shares through March 2022, subject to certain limitations and conditions. On February 22, 2022, our Directors approved the 2022 Share Repurchase Program. This program authorizes us to repurchase from time to time up to an additional $200 million of our Class A common shares and/or Class C common shares through December 2024 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 2022 Share Repurchase Program does not obligate us to repurchase any of our Class A or C common shares.

The following table sets forth information concerning our company’s purchase of its own equity securities during the three months ended March 31, 2022:

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
January 1, 2022 through January 31, 2022:
Class A	758,800	$	11.19	758,800	(b)
Class C	463,000	$	10.89	463,000
February 1, 2022 through February 28, 2022:
Class A	800,500	$	11.05	800,500	(b)
Class C	571,800	$	10.68	571,800
March 1, 2022 through March 31, 2022:
Class A	325,200	$	9.78	325,200	(b)
Class C	2,489,200	$	9.78	2,489,200
Total – January 1, 2022 through March 31, 2022:
Class A	1,884,500	$	10.89	1,884,500	(b)
Class C	3,524,000	$	10.07	3,524,000

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

(b)At March 31, 2022, the remaining amount authorized for repurchases under the 2022 Share Repurchase Program was $170 million.

60

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	Employment Agreement, effective as of July 16, 2021, between Liberty Latin America Ltd. and Rocio Lorenzo.*
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

61

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:	May 4, 2022	/s/ BALAN NAIR
		Balan Nair President and Chief Executive Officer
Dated:	May 4, 2022	/s/ CHRISTOPHER NOYES
		Christopher Noyes Senior Vice President and Chief Financial Officer

62

EX-10.1

Exhibit 10.1

EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT (this “Agreement”) is made effective as of July 16, 2021 (the “Effective Date”) by and among Liberty Latin America, Ltd., a Bermuda limited liability company (the “Parent”) and Rocio Lorenzo (the “Executive”) (the Company and the Executive together, the “Parties”, and each individually referred to as a “Party”).

WHEREAS, the Company desires to engage the services of the Executive as Senior Vice President and Chief Commercial Officer of the Company;

WHEREAS, the Company intends that the Executive be directly employed by its Panamanian subsidiary Liberty Iberoamérica S.L.U., a company registered in the Public Register in Folio No. 155679802, of the Microfilms Section (Mercantil), with address at Calle 53, Marbella, Humboldt Tower, second floor, Republic of Panama, Province of Panama (the “Company”);

WHEREAS, the Company and the Executive have entered into that certain Indefinite-Time Employment Agreement under the Special Regime of Headquarters of Multinational Companies in Panama, dated as of July 16, 2021 (the “SYM Contract”), which governs the Executive’s terms of employment by the Company under the laws of Panama; and

WHEREAS, the Parties desire to enter into this Agreement to further secure the Executive’s employment during the term hereof, on the terms and conditions set forth herein.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

DEFINITIONS

Section 1.1    Defined Terms. As used in this Agreement, the following terms have the following meanings:

“Board” means the Board of Directors of the Parent.

“Cause” means a determination in good faith by the Company that the Executive (a) has engaged in gross negligence, gross incompetence or willful misconduct in the performance of the Executive’s duties with respect to the Parent, the Company or any of their subsidiaries, (b) has refused without proper legal reason to perform the Executive’s duties and responsibilities to the Parent, the Company or any of its subsidiaries, (c) has materially breached any provision of this Agreement or any material written agreement or corporate policy or code of conduct established by the Parent, the Company or any of their subsidiaries (and as may be amended from time to time), has engaged in conduct that is materially injurious to the Parent, the Company or any of their subsidiaries, (e) has disclosed without specific authorization from the Company material Confidential Information (as defined in Section 6.3(a)), (t) has committed an act of theft, fraud, embezzlement, misappropriation or breach of a fiduciary duty to the Parent, the Company or any of their subsidiaries, (g) has been indicted for a crime involving fraud, dishonesty or moral turpitude or any felony (or a crime of similar import in a jurisdiction outside the U.S.), or (h) has, directly or indirectly (through a failure to put in place and enforce appropriate compliance controls and procedures), violated, or there appears to be, after due inquiry, a reasonable basis to conclude that the Executive has

1

violated, the Foreign Corrupt Practices Act of 1977, as amended, and/or other similar applicable laws, in any material respect.

“Class A Shares” means the Parent’s Class A shares.

“Class C Shares” means the Parent’s Class C shares.

“Code” means the Internal Revenue Code of 1986, as amended.

“Company Entity” means the Parent, the Company and/or any of their subsidiaries or other affiliates.

“Compensation Committee” means the Compensation Committee of the Board.

“Date of Termination” means the date specified in the Notice of Termination relating to termination of the Executive’s employment with the Company; provided, that the Company may require an earlier Date of Termination than the date specified by the Executive in a Notice of Termination delivered pursuant to Section 4.2.

“Disability” means that the Executive meets the requirements for disability benefits under the Company’s long-term disability plan.

“Good Reason” means any of the following events that occur without the Executive’s prior written consent: (a) the assignment to the Executive of any duties materially inconsistent with the Executive’s position, authority, duties or responsibilities, or any other action by the Company that results in a material diminution in the Executive’s position, authority, duties or responsibilities (excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith); (b) any material breach of this Agreement by the Parent; (c) a reduction in Base Salary or target Annual Bonus under Article III, as each may be increased from time to time; or (d) relocation of Executive’s principal place of employment from Panama City, Panama.

In order for a termination to be considered for “Good Reason,” (i) the Executive must provide written notice to the Company of the existence of the condition(s) the Executive claims constitutes Good Reason within 30 days of the initial existence, or if later, the Executive’s actual good faith knowledge of the condition(s), (ii) the Company shall have 30 days after such notice is given (the “Cure Period”) during which to remedy the condition(s) to the extent that such condition(s) is reasonably curable, and, if not so cured, and (iii) the Executive must actually terminate employment within 30 days of the expiration of the Cure Period.

“Grant Award Agreements” means collectively and individually any one of the equity grant agreements in the form established by the Parent, awarding equity grants to senior management personnel, including the Executive.

“Incentive Plan” means the Liberty Latin America 2018 Incentive Plan, as may be amended from time to time, or a successor plan.

“Notice of Termination” means a written notice delivered by the Company or the Executive to the other party in accordance with Section 8.9 indicating the specific termination provision in this Agreement relied upon for termination of the Executive’s employment and the Date of Termination that sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated.

2

Section 1.2    Other Interpretive Provisions.

(a)    Capitalized terms are used as defined in this Agreement, unless otherwise indicated.

(b)    The name assigned to this Agreement and headings and captions of the sections, paragraphs, subparagraphs, clauses and subclauses of this Agreement are for convenience of reference only and shall not in any way affect the meaning or interpretation of any of the provisions hereof. Words of inclusion shall not be construed as terms of limitation herein, so that references to “include,” “includes” and “including” shall not be limiting and shall be regarded as references to non-exclusive and non-characterizing illustrations. Any reference to a Section of the Code shall be deemed to include any successor to such Section.

EMPLOYMENT & DUTIES

Section 2.1    Title and Location. The Company hereby employs the Executive, and the Executive agrees to serve the Parent as Senior Vice President and Chief Commercial Officer of the Company and of the Parent, on the terms and conditions hereinafter set forth, with the location of employment to be principally Panama City, Panama; provided, however, that Executive may work remotely in accordance with the Company’s policies as in effect from time to time for similarly situated executives.

Section 2.2    Employment Period. The Executive’s employment by the Company pursuant to this Agreement and the SYM Contract will commence on the Effective Date and will continue until terminated pursuant to Article IV (the “Employment Period”).

Section 2.3    Duties; Other Interests.

(a)    Reporting. The Executive shall report directly to the President and CEO of the Parent (the “CEO”).

(b)    Duties. The Executive agrees to serve in the positions referred to in Section 2.1 and to perform diligently, faithfully and to the best of the Executive’s abilities the usual and customary duties and services appertaining to such positions, as well as such additional duties and services appropriate to such positions which the Parent, the Company and the Executive mutually may agree upon from time to time or which the CEO may lawfully direct. The Executive’s employment shall also be subject to the policies maintained and established by the Parent and/or the Company that are of general applicability to the Parent’s and/or the Company’s employees, as such policies may be amended from time to time, including without limitation all relevant Codes of Conduct.

(c)    Business Time. As provided in Section 6.1, the Executive will, while employed, devote substantially all of the Executive’s business time and attention to the Executive’s duties and responsibilities for the Parent and the Company. Notwithstanding the foregoing, the Executive may engage in personal business and non-profit activities that in no manner conflict with her ability to fulfill her duties to the Parent and the Company.

(d)    Fiduciary Duties. The Executive acknowledges and agrees that the Executive owes a fiduciary duty of loyalty, fidelity and allegiance to act in the best interests of the Parent and the Company and to do no act that would materially injure the business, interests, or reputation of the Parent and the Company or any of their affiliates. In keeping with these duties, the Executive shall make full disclosure to the Parent of all business opportunities pertaining to the Parent’s and the Company’s business and shall not appropriate for the Executive’s own benefit business opportunities concerning the subject matter of the fiduciary relationship.

3

COMPENSATION & BENEFITS

Section 3.1    Compensation.

(a)    Base Salary. During the Employment Period, the Company shall pay the Executive a base salary (the “Base Salary”), to be paid on the same payroll cycle as other executive officers of the Company located in Panama City, Panama, at an annual rate of four hundred forty thousand U.S. dollars ($440,000 USD). The Base Salary is comprised of twelve regular monthly salaries in the amount of $33,846.15 USD and an additional thirteenth salary paid in three installments over the course of the calendar year. The Base Salary will be reviewed annually and may be adjusted upward (but not downward) by the CEO and the Compensation Committee in its discretion. Except as otherwise determined by the Parent, all compensation set forth in this Agreement shall be paid to the Executive by the Company and shall not be in addition to any amounts required to be paid to the Executive by the Company under local law.

(b)    Annual Bonus. For each calendar year ending during the Employment Period, the Executive will be eligible to earn a bonus (the “Annual Bonus”), provided that the Executive remains employed with a Company Entity through the payment date for such Annual Bonus (except as otherwise provided herein). The Executive’s target Annual Bonus opportunity for calendar year 2021 is one million U.S. dollars ($1,000,000 USD), prorated for the portion of the calendar year the Executive is employed with a Company Entity. The target Annual Bonus will be reviewed annually and for calendar years after 2021 may be adjusted by the Compensation Committee in its discretion. No portion of the Annual Bonus is guaranteed. The Annual Bonus shall be subject to the terms and conditions established by the Compensation Committee with respect to the Parent’s annual incentive program, including any recoupment provision, and shall be paid in the calendar year following the year of performance in the same manner as for other employees.

(c)    Annual Equity Awards. The Executive shall be granted annual equity awards under the terms of the Incentive Plan and the implementing award agreements in each calendar year during the Employment Period, conditioned upon the Executive being employed by a Company Entity on the applicable grant date (the “Annual Equity Grant”). For calendar year 2021, the Annual Equity Grant shall have a target equity value of one million five hundred thousand U.S. dollars ($1,500,000 USD) (the “Annual Grant Value”). The target Annual Grant Value will be reviewed annually and may be adjusted by the Compensation Committee in its sole discretion. The Annual Equity Grant shall be granted in the form, at the same time and on otherwise substantially the same terms and conditions as annual equity grants are made to the Parent’s other senior executive officers (pursuant to a grant award agreement in respect thereof to be established by the Parent).

(d)    Sign-On SAR Award. Within three months following the Effective Date, the Executive shall be granted a one-time award of 300,000 stock appreciation rights (“SARs”) under the terms of the Incentive Plan (the “Sign-On SARs”). The Sign-On SARs shall have a vesting date in March 2024 and shall be granted in the form and on otherwise substantially the same terms and conditions as stock appreciation rights have been granted to the Parent’s other senior executive officers, subject to the approval of the Compensation Committee in its sole discretion.

Section 3.2    Withholding. The Company and the Parent will have the right to withhold from payments otherwise due and owing to the Executive, an amount sufficient to satisfy any federal, state, and/or local income and payroll taxes, any amount required to be deducted under any employee benefit plan in which the Executive participates or as required to satisfy any valid lien or court order.

4

Section 3.3    Employee Benefits. During the Employment Period, the Executive shall have the opportunity to participate in all Panama-based employee benefit plans and arrangements sponsored or maintained by the Company for the benefit of its senior executive group based in Panama City, Panama, including without limitation, all group insurance plans (term life, medical and disability) and retirement plans, subject to the terms and conditions of such plans, and as provided in the SYM Contract. The Executive shall be entitled to vacation leave as provided in the SYM Contract. During the Employment Period, the Executive shall be entitled to the relocation and expatriate benefits set forth in Exhibit B to this Agreement; provided, however, that such expatriate benefits can be modified from time to time by the Company so long as they are no less favorable than those generally available to similarly situated executives.

Section 3.4    Business Expenses. The Executive shall be reimbursed for all reasonable expenses incurred by the Executive in the discharge of the Executive’s duties, subject to and in accordance with the Company’s practices and policies for its senior executives.

TERMINATION

Section 4.1    Company’s Right to Terminate. This is an at-will employment agreement. The Parent or the Company may terminate the Executive’s employment under this Agreement with or without Cause at any time by providing the Executive with a Notice of Termination, which in the case of a termination without Cause shall have an effective date not less than thirty days after delivery of such Notice of Termination.

Section 4.2    The Executive’s Right to Terminate. The Executive may terminate the Executive’s employment under this Agreement for any reason whatsoever, by providing the Company with a Notice of Termination, with an effective date not less than ninety (90) days after delivery of such Notice of Termination, unless such termination is effected with Good Reason, in which case the notice shall comply with the timing specified in the definition of Good Reason.

Section 4.3    Death; Disability. If not terminated earlier, the Executive’s employment under this Agreement shall terminate upon the date of the Executive’s death during her employment or upon the date specified in a Notice of Termination upon the Executive’s Disability.

Section 4.4    Deemed Resignations. Unless otherwise agreed by the Parent and the Company in writing prior to the termination of the Executive’s employment, any termination of the Executive’s employment will constitute an automatic resignation of the Executive as an officer, board member or any other position with the Parent, the Company or any of their affiliates. The Executive agrees to execute and deliver all documents reasonably requested by the Parent in connection therewith.

EFFECT OF TERMINATION OF EMPLOYMENT ON COMPENSATION

Section 5.1    Effect of Termination of Employment on Compensation.

(a)    Benefit Obligation and Accrued Obligation Defined. For purposes of this Agreement, payment of the “Benefit Obligation” shall mean payment by the Company to the Executive (or the Executive’s designated beneficiary or legal representative, as applicable), in accordance with the terms of this Agreement or the applicable plan document, of all vested benefits to which he is entitled under the terms of the employee benefit plans and compensation arrangements in which the Executive is a participant as of the Date of Termination. “Accrued Obligation” means the sum of (1) the Executive’s Base Salary through the Date of Termination and (2)

5

any incurred but unreimbursed expenses for which the Executive is entitled to reimbursement m accordance with Company policies, in each case, to the extent not theretofore paid.

(b)    Termination by the Company without Cause; Termination by the Executive with Good Reason; Disability. Subject to Section 5.l(e), if the Executive’s employment is terminated involuntarily by the Company without Cause, by the Company due to Disability, or voluntarily by the Executive with Good Reason, the Company shall pay or provide to the Executive (or the Executive’s guardian, if applicable):

(i)    The Accrued Obligation within thirty (30) days following the Date of Termination or such earlier date as may be required by applicable law;

(ii)    The Benefit Obligation at the times specified in and in accordance with the terms of the applicable employee benefit plans and compensation arrangements;

(iii)    A pro-rated Annual Bonus for the year in which the Date of Termination occurs based on actual performance results as determined by the Compensation Committee, multiplied by a fraction, the numerator of which shall be the number of days of the Executive’s actual employment in the year in which the Date of Termination occurs and the denominator of which shall be the total number of days in the year in which the Date of Termination occurs, which amount shall be paid at the time that bonuses for such year are otherwise paid to the Company’s active executives;

(iv)    Severance equal to one (1) times the Executive’s annual Base Salary at the rate in effect on the Date of Termination, which shall be paid in a single lump sum; provided, however, that if the Executive’s termination is due to Disability, the total amount payable pursuant to this Section 5.l(b)(iv) shall be reduced by the total amount of all disability benefits payable to the Executive pursuant to employee benefit plans of any Company Entity during the period of such installment payments; and

(v)    During the period beginning on the Date of Termination and ending on the earlier of (A) the date that is twelve (12) months after the Date of Termination or (B) such date that the Executive obtains similar coverage from a subsequent employer, the Executive and the Executive’s spouse and eligible dependents, as the case may be, shall be entitled to continue participation in all welfare benefit plans, practices, policies and programs in which the Executive and the Executive’s spouse and eligible dependents participate in immediately prior to the Date of Termination at a cost to the Executive no greater than that of active senior executive employees of the Company.

It is understood and agreed that this severance includes, and is not in addition to, the amount of the severance set forth by the Labor Code of Panama for termination by the employer without cause.

(c)    Death. If the Executive’s employment is terminated due to the Executive’s death, the Company shall pay or provide to the Executive’s estate:

(i)    The Accrued Obligation within thirty (30) days following the Date of Termination or such earlier date as may be required by applicable law;

(ii)    The Benefit Obligation at the times specified in and in accordance with the terms of the applicable employee benefit plans and compensation arrangements;

6

(iii)    A pro-rated Annual Bonus for the year in which the Date of Termination occurs based on actual performance results as determined by the Compensation Committee, multiplied by a fraction, the numerator of which shall be the number of days of the Executive’s actual employment in the year in which the Date of Termination occurs and the denominator of which shall be the total number of days in the year in which the Date of Termination occurs, which amount (if any) shall be paid at the time that bonuses for such year are otherwise paid to the Company’s active executives (any individual performance rating will be at the discretion of the CEO); and

(iv)    Severance equal to one times the Executive’s annual Base Salary at the rate in effect on the Date of Termination, which shall be paid in a single lump sum on the sixtieth (60th) day following the Date of Termination, in the manner set forth by the Labor Code of Panama.

(d)    Other Terminations. If, during the Employment Period, the Executive’s employment is terminated for any reason other than those specified in Section 5.1(b) or 5.l(c), the Executive shall be entitled only to the Accrued Obligation, payable within thirty (30) days following the Date of Termination or such earlier date as may be required by applicable law, and the Benefit Obligation, payable or due at the times specified in and in accordance with the terms of the applicable employee benefit plans and compensation arrangements, and the Executive shall not be entitled to any other amounts under this Agreement.

(e) Release of Claims. Notwithstanding any provision herein to the contrary, if the Executive has not delivered to the Company an executed release, substantially in the form attached as Exhibit A (the “Release”), which shall effectuate a full and complete release of claims against the Company and its affiliates, officers and directors and acknowledge the applicability of continuing covenants under this Agreement, on or before the fiftieth (50th) day after the Date of Termination, or if the Executive revokes such executed Release prior to the sixtieth (60th) day after the Date of Termination, the Executive (or the Executive’s estate or guardian, as applicable) shall forfeit all of the payments and benefits described in Sections 5.l(b)(iii) through (v).

(f)    Non-duplication of Benefits. If the Executive is entitled to receive separation or severance benefits under the terms of any other plan, practice or arrangement of the Parent, Company or any affiliate or pursuant to the terms of any applicable law but not including any acceleration or payment of equity awards under the terms of the applicable award agreement (the “Other Separation Benefits”), the amount of the severance benefits payable under this Article V shall be reduced by the amount of the Other Separation Benefits but shall not be reduced below $5,000 USD.

RESTRICTIVE COVENANTS

Section 6.1    Exclusive Services. Except as permitted in accordance with Section 2.3(c), the Executive shall during the Employment Period, except during vacation periods, periods of illness and the like, devote substantially all of the Executive’s business time and attention to the Executive’s duties and responsibilities for the Parent and the Company. During the Executive’s employment with any Company Entity, the Executive shall not engage in any other business activity that would materially interfere with the Executive’s responsibilities or the performance of the Executive’s duties under this Agreement, provided that, (i) with the consent of the CEO of the Company, the Executive may sit on the boards of directors of other entities (and earn compensation relating to such service as a director); (ii) with prior disclosure to the Parent’s Chief People Officer, the Executive may engage in civic and charitable activities and (iii) the Executive may manage personal investments and affairs, in each case so long as such other activities do not materially interfere with the performance of the Executive’s duties hereunder. If the Executive serves on the board of directors or advisory board or similar body of any entity at the direction of the Parent or the Company, any compensation of the Executive for such service shall be paid to a Company Entity unless otherwise determined by the Board.

7

Section 6.2    Non-Solicitation, Non-Interference and Non-Competition. As a means to protect the Company Entities’ legitimate business interests including protection of the Confidential Information (as defined in Section 6.3(a)) of any Company Entity (the Executive hereby agreeing and acknowledging that the activities prohibited by this Article VI would necessarily involve the use of Confidential Information), during the Restricted Period (as defined below), the Executive shall not, directly, indirectly or as an agent on behalf of any person, firm, partnership, corporation or other entity:

(a)    solicit for employment, consulting or any other provision of services or hire any person who is a full-time or part-time employee of (or in the preceding six (6) months was employed by) any Company Entity or an individual performing, on average, twenty or more hours per week of personal services as an independent contractor to any Company Entity. This includes, without limitation, inducing or attempting to induce, or influencing or attempting to influence, any such person to terminate her employment or performance of services with or for any Company Entity; or(x) solicit or encourage any person or entity who is or, within the prior six (6) months, was a customer, producer, advertiser, distributor or supplier of any Company Entity during the Employment Period to discontinue such person’s or entity’s business relationship with the Company Entity; or (y) discourage any prospective customer, producer, advertiser, distributor or supplier of any Company Entity from becoming a customer, producer, advertiser, distributor or supplier of the Company Entity; or

(b)    hold any interest in (whether as owner, investor, shareholder, lender or otherwise) or perform any services for (whether as employee, consultant, advisor, director or otherwise), including the service of providing advice for, a Competitive Business. For the purposes of this Agreement, a “Competitive Business” shall be any entity that directly or through subsidiaries in which it has a controlling interest operates a cable, satellite, telecommunications or broadband communications system (including fixed and wireless mobile) that is in direct competition with the Parent or the Company.

(c)    The “Restricted Period” shall begin on the Effective Date and shall expire on the first anniversary of the Executive’s termination of employment with all Company Entities.

(d)    Notwithstanding Section 6.2(c) above, the Executive may own, directly or indirectly, an aggregate of not more than five percent (5%) of the outstanding shares or other equity interest in any entity that engages in a Competitive Business, so long as such ownership therein is solely as a passive investor and does not include the performance of any services (as director, employee, consultant, advisor or otherwise) to such entity.

Section 6.3    Confidential Information.

(a)    No Disclosure. The Executive shall not, at any time (whether during or after the Employment Period) (x) retain or use for the benefit, purposes or account of himself or any other person or entity, or (y) disclose, divulge, reveal, communicate, share, transfer or provide access to any person or entity outside any Company Entity (other than the Parent, its shareholders, directors, officers, managers, employees, agents, counsel, investment advisers or representatives in the normal course of the performance of their duties), any non-public, proprietary or confidential information (including trade secrets, know-how, research and development, software, databases, inventions, processes, formulae, technology, designs and other intellectual property, information concerning finances, investments, profits, pricing, costs, products, services, vendors, customers, clients, partners, investors, personnel, compensation, recruiting, training, advertising, sales, marketing, promotions, government and regulatory activities and approval) concerning the past, current or future business, activities and operations of any Company Entities and/or any third party that has disclosed or provided any of same to any Company Entity on a confidential basis (“Confidential Information”) without the prior authorization of the Board. Confidential Information shall not include any information that is (A) generally known to the industry or the public other than as

8

a result of the Executive’s breach of this Agreement; (B) is or was available to the Executive on a non-confidential basis prior to its disclosure to the Executive by any Company Entity, or (C) made available to the Executive by a third party who, to the best of the Executive’s knowledge, is or was not bound by a confidentiality agreement with (or other confidentiality obligation to) any Company Entity or another person or entity. The Executive shall handle Confidential Information in accordance with the applicable federal securities laws.

(b)    Permitted Disclosures. Notwithstanding the provisions of the immediately preceding clause (i), nothing in this Agreement shall preclude the Executive from (x) using any Confidential Information in any manner reasonably connected to the conduct of the business of any Company Entity; or (y) disclosing the Confidential Information to the extent required by applicable law, rule or regulation (including complying with any oral or written questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or similar process to which the Executive is subject). Nothing contained herein shall prevent the use in any formal dispute resolution proceeding (subject, to the extent possible, to a protective order) of Confidential Information in connection with the assertion or defense of any claim, charge or other dispute by or against any Company Entity or the Executive. Notwithstanding the foregoing, nothing in this Agreement prohibits or restricts the Executive from reporting possible violations of law to any governmental authority or making other disclosures that are protected under whistleblower provisions of applicable law, and the Parties acknowledge and agree that the Executive does not need the prior authorization of any Company Entity to make any such reports or disclosures and the Executive is not required to notify any Company Entity that the Executive has made such reports or disclosures. However, to the maximum extent permitted by law, the Executive agrees that if such an administrative claim is made, the Executive shall not be entitled to recover any individual monetary relief or other individual remedies from any Company Entity; provided, however, that nothing herein limits the Executive’s right to receive an award for information provided to any federal, state or local government agency.

(c)    Return All Materials. Upon termination of the Executive’s employment for any reason, the Executive shall (x) cease and not thereafter commence use of any Confidential Information or intellectual property (including any patent, invention, copyright, trade secret, trademark, trade name, logo, domain name or other source indicator) owned or used by any Company Entity, (y) immediately destroy, delete, or return to the Parent (at the Parent’s option) all originals and copies in any form or medium (including memoranda, books, papers, plans, computer files, letters and other data) in the Executive’s possession or control (including any of the foregoing stored or located in the Executive’s office, home, smartphone, laptop or other computer, whether or not such computer is property of any Company Entity) that contain Confidential Information or otherwise relate to the business of any Company Entity, except that the Executive may retain only those portions of any personal notes, notebooks and diaries that do not contain any Confidential Information; and (z) notify and fully cooperate with the Parent regarding the delivery or destruction of any other Confidential Information of which the Executive is or becomes aware; provided that nothing in this Agreement or elsewhere shall prevent the Executive from retaining and utilizing: documents relating to personal benefits, entitlements and obligations; documents relating to personal tax obligations; desk calendar, rolodex, and the like; and such other records and documents as may reasonably be approved by the Parent.

Section 6.4    Reasonableness of Covenants. The Executive acknowledges and agrees that the services to be provided by the Executive under this Agreement are of a special, unique and extraordinary nature. The Executive further acknowledges and agrees that the restrictions contained in this Article VI are necessary to prevent the use and disclosure of Confidential Information and to protect other legitimate business interests of the Company Entities. The Executive acknowledges that all of the restrictions in this Article VI are reasonable in all respects, including duration, territory and scope of activity. The Executive agrees that the restrictions contained in this Article VI shall be construed as separate agreements independent of any other provision of this Agreement or any other

9

agreement between the Executive and any Company Entity. The Executive agrees that the existence of any claim or cause of action by the Executive against any Company Entity, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Parent or the Company of the covenants and restrictions in this Article VI. The Executive agrees that the restrictive covenants contained in this Article VI are a material part of the Executive’s obligations under this Agreement for which the Parent and the Company have agreed to compensate the Executive as provided in this Agreement. The Restricted Period referenced above shall be tolled on a day-for-day basis for each day during which the Executive violates the provisions of the subparagraphs above in any respect, so that the Executive is restricted from engaging in the activities prohibited by the subparagraphs for the full period.

Section 6.5    Works Made for Hire.

(a) General. The Executive recognizes and agrees that all original works of authorship, and all inventions, discoveries, improvements and other results of creative thinking or discovery by the Executive during the Employment Period, whether the result of individual efforts or in acts in concert with others, arising in the scope of the Executive’s employment, utilizing in any way any of the Confidential Information or property of any Company Entity, or otherwise relating to the business of any Company Entity, are and shall be “works made for hire” within the meaning of the United States copyright laws, to the extent applicable thereto, and in all events shall be the sole and exclusive property of a Company Entity (collectively, the “Created Works”). Without limiting the generality of the foregoing, the Created Works shall include all computer software, written materials, business processes, compilations, programs, improvements, inventions, notes, copyrightable works made, fixed, conceived, or acquired by the Executive in the scope of the Executive’s employment, utilizing in any way any of the Confidential Information, or otherwise relating to the business of any Company Entity. No part of the definition of Created Works is intended to exclude the Created Works from being included among the items constituting Confidential Information.

(b)    Assignment of Created Works. The Executive hereby fully assigns to the Parent or its designee all of the Executive’s right, title and interest in and to the Created Works and all aspects thereof, including without limitation all rights to renewals, extensions, causes of action, reproduce, prepare derivative works, distribute, display, perform, transfer, make, use and sell. The Executive will, from time to time during the Employment Period and thereafter, and at any time upon the request of the Parent or its designee, execute and deliver any documents, agreements, certificates or other instruments affirming, giving effect to or otherwise perfecting the Parent’s or its designee’s rights in the Created Works and will provide such cooperation as the Parent or its designee shall reasonably request in connection with the protection, exploitation or perfection of its rights therein anywhere in the world.

(c)    Power of Attorney. If the Parent or its designee is unable, after reasonable effort, to secure the Executive’s signature on any application for patent, copyright, trademark or other analogous registration or other documents regarding any legal protection relating to a Created Work, whether because of the Executive’s physical or mental incapacity or for any other reason whatsoever, the Executive hereby irrevocably designates and appoints the Parent and its duly authorized designees, officers and agents as the Executive’s agent and attorney-in-fact, to act for and in the Executive’s behalf and stead to execute and file any such application or applications or other documents and to do all other lawfully permitted acts to further the prosecution and issuance of patent, copyright or trademark registrations or any other legal protection thereon with the same legal force and effect as if executed by the Executive.

10

(d)    Disclosure of Created Works. The Executive will promptly and without reservation fully disclose any Created Works to the Parent or its designee both during the Employment Period and thereafter.

Section 6.6 Intangible Property. The Executive will not at any time during or after the Employment Period have or claim any right, title or interest in any trade name, trademark, or copyright belonging to or used by any Company Entity, it being the intention of the Parties that the Executive shall, and hereby does, recognize that the Company Entities now have and shall hereafter have and retain the sole and exclusive rights in any and all such trade names, trademarks and copyrights. The Executive shall cooperate fully with any Company Entity during the Employment Period and thereafter in the securing of trade name, patent, trademark or copyright protection or other similar rights in the United States and in foreign countries and shall give evidence and testimony and execute and deliver to the Company Entity all papers reasonably requested by it in connection therewith; provided, however that the Company shall reimburse the Executive for reasonable expenses related thereto.

OTHER COVENANTS

Section 7.1    409A Limitations. To the extent that any payment to the Executive constitutes a “deferral of compensation” subject to Section 409A of the Code (a “409A Payment”), and such payment is triggered by the Executive’s termination of employment for any reason other than death, then such 409A Payment shall not commence unless and until the Executive has experienced a “separation from service,” as defined in Treasury Regulation 1.409A-l(h) (“Separation from Service”). Furthermore, if on the date of the Executive’s Separation from Service, the Executive is a “specified employee,” as such term is defined in Treas. Reg. Section l.409A-l(i), as determined from time to time by the Company, then such 409A Payment shall be made to the Executive on the earlier of (i) the date that is six (6) months after the Executive’s Separation from Service; or (ii) the date of the Executive’s death. The 409A Payments under this Agreement that would otherwise be made during such period shall be aggregated and paid in one (1) lump sum, without interest, on the first business day following the end of the six (6) month period or following the date of the Executive’s death, whichever is earlier, and the balance of the 409A Payments, if any, shall be paid in accordance with the applicable payment schedule provided in this Agreement. The intent of the parties hereto is that payments and benefits under this Agreement comply with or be exempt from Section 409A of the Code and the regulations and guidance promulgated thereunder. Accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith or exempt therefrom. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “paid within sixty (60) days”) following the Executive’s termination of employment, such payment shall commence following the Executive’s Separation from Service and the actual date of payment within the specified period shall be within the sole discretion of the Company. With respect to reimbursements (whether such reimbursements are for business expenses or, to the extent permitted under the Company’s policies, other expenses) and/or in-kind benefits, in each case, that constitute deferred compensation subject to Section 409A of the Code, each of the following shall apply: (x) no reimbursement of expenses incurred by the Executive during any taxable year shall be made after the last day of the following taxable year of the Executive; (y) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a taxable year of the Executive shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, to the Executive in any other taxable year; and (z) the right to reimbursement of such expenses or in-kind benefits shall not be subject to liquidation or exchange for another benefit.

Section 7.2    280G Matters.

(a)    Gross-Up Waiver. The Executive hereby acknowledges and agrees that he shall have no rights to any additional payments intended to make the Executive whole for any taxes relating to “parachute

11

payments” (as defined in Section 280G of the Code), including without limitation excise taxes imposed by Section 4999 of the Code and any related federal, state or local taxes (including without limitation any interest or penalties imposed with respect to such taxes) under any plans, agreements or arrangements, including the Grant Award Agreements by and between the Executive and the Parent and/or the Company.

(b)    Potential Reduction in Payments. The following shall apply with respect to all plans, agreements and arrangements applicable to the Executive and shall supersede any provisions in such plans, agreements or arrangements relating to the reduction of payments or benefits in connection with Section 280G and Section 4999 of the Code.

(i)    Notwithstanding any provision of this Agreement, if any portion of the payments or benefits under this Agreement, or under any other agreement with the Executive or plan of the Company or its affiliates (in the aggregate, “Total Payments”), would constitute an “excess parachute payment” and would, but for this Section 7.2, result in the imposition on the Executive of an excise tax under Section 4999 of the Code (the “Excise Tax”), then the Total Payments to be made to the Executive shall either be (i) delivered in full, or (ii) delivered in such reduced amount in the manner determined in accordance with Section 7.2(b)(ii) so that no portion of such Total Payments would be subject to the Excise Tax, whichever of the foregoing clauses (i) or (ii) results in the receipt by the Executive of the greatest benefit on an after-tax basis (taking into account the applicable federal, state and local income taxes and the Excise Tax). The determinations with respect to this Section 7.2(b) shall be made by an independent auditor (the “Auditor”) paid by the Company. The Auditor shall be a nationally recognized certified public accounting firm or other professional organization that is a certified public accounting firm recognized as an expert in determinations and calculations for purposes of Section 280G of the Code that is selected by the Parent or the Company for purposes of making the applicable determinations hereunder.

(ii)    If the Auditor determines that payments or benefits included in the Total Payments shall be reduced or eliminated, such reduction or elimination shall be accomplished by applying the following principles, in order: (1) the payment or benefit with the higher ratio of the parachute payment value to present economic value (determined using reasonable actuarial assumptions) shall be reduced or eliminated before a payment or benefit with a lower ratio; (2) the payment or benefit with the later possible payment date shall be reduced or eliminated before a payment or benefit with an earlier payment date; and (3) cash payments shall be reduced prior to non-cash benefits; provided that if the foregoing order of reduction or elimination would violate Section 409A of the Code, then the reduction shall be made pro rata among the payments or benefits included in the Total Payments (on the basis of the relative present value of the parachute payments).

(iii)    It is possible that after the determinations and selections made pursuant to this Section 7.2, the Executive will receive Total Payments that are, in the aggregate, either more or less than the amount provided under this Section 7.2 (hereafter referred to as an “Excess Payment” or “Underpayment,” respectively). If it is established, pursuant to a final determination of a court or an Internal Revenue Service proceeding that has been finally and conclusively resolved, that an Excess Payment has been made, then the Executive shall promptly pay an amount equal to the Excess Payment to the Company (or the Parent), together with interest on such amount at the applicable federal rate (as defined in and under Section 1274(d) of the Code) from the date of the Executive’s receipt of such Excess Payment until the date of such payment. In the event that it is determined by the Auditor upon request by a Party that an Underpayment has occurred, the Company shall promptly pay an amount equal to the Underpayment to the Executive, together with interest on such amount at the applicable federal rate from the date such amount would have been paid to the Executive had the provisions of this Section 7.2 not been applied until the date of such payment.

12

(iv) The Company agrees that, in connection with making determinations under this Section 7.2, it shall instruct the Auditor to take into account the value of any reasonable compensation for services to be rendered by the Executive in connection with making determinations with respect to Section 280G and/or Section 4999 of the Code, including the non-competition provisions applicable to the Executive under Article VI of this Agreement and any other non-competition provisions that may apply to the Executive, and the Company and the Parent agree to fully cooperate in the valuation of any such services, including any non-competition provisions.

Section 7.3    The Company agrees to directly pay within 30 business days following the Company’s receipt of an invoice from counsel, all reasonable legal fees and expenses that Executive incurs in connection with the negotiation and execution of this Agreement, up to a maximum of $20,000.

MISCELLANEOUS

Section 8.1    Waiver or Modification. Any waiver by either Party of a breach of any provision of this Agreement shall not operate as, or to be, construed to be a waiver of any other breach of such provision of this Agreement. The failure of a Party to insist upon strict adherence to any term of this Agreement on one or more occasions shall not be considered a waiver or deprive that Party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. Neither this Agreement nor any part of it may be waived, changed or terminated orally, and any waiver, amendment or modification must be in writing and signed by each of the Parties.

Section 8.2    Successors and Assigns. The rights and obligations of the Company under this Agreement shall be binding on and inure to the benefit of the Company, its successors and permitted assigns. The rights and obligations of the Executive under this Agreement shall be binding on and inure to the benefit of the heirs and legal representatives of the Executive. The Company may assign this Agreement to a successor in interest, including the purchaser of all or substantially all of the assets of the Company, provided that the Company shall remain liable hereunder unless the assignee purchased all or substantially all of the assets of the Company. The Executive may not assign any of the Executive’s duties under this Agreement.

Section 8.3    Mitigation/Offset. The Executive shall be under no obligation to seek other employment or to otherwise mitigate the obligations of the Company under this Agreement, and there shall be no offset against amounts or benefits due to the Executive under this Agreement or otherwise on account of any claim the Company or its affiliates may have against the Executive or any remuneration or other benefit earned or received by the Executive after such termination.

Section 8.4    Counterparts. This Agreement may be executed in any number of counterparts, each of which shall, when executed, be deemed to be an original and all of which shall be deemed to be one and the same instrument; and all signatures need not appear on any one counterpart.

Section 8.5    Governing Law; Dispute Resolution. This Agreement will be governed and construed and enforced in accordance with the laws of the State of Colorado, without regard to its conflicts of law rules, which might result in the application of laws of any other jurisdiction. Any dispute, controversy or claim, whether based on contract, tort or statute, between the Parties arising out of or relating to or in connection with this Agreement, or in any amendment, modification hereof (including, without limitation, any dispute, controversy or claim as to the validity, interpretation, enforceability or breach of this Agreement or any amendment or modification hereof) will be resolved in the state or federal courts located in the State of Colorado. The parties acknowledge that venue in such courts is proper and that those courts possess personal jurisdiction over them, to which the Parties’ consent. It is agreed that service of process may be effectuated pursuant to Section 8.9 of this Agreement.

13

Section 8.6    Dispute Resolution. Any controversy or claim arising out of or relating to this Agreement, other than claims entitling the claimant to injunctive relief or claims or disputes arising from a violation or alleged violation by the Executive of the provisions of Article VI shall be settled exclusively by final and binding arbitration in Denver, Colorado in accordance with the Employment Arbitration Rules of the American Arbitration Association (the “AAA”), and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction. The arbitrator shall be selected by mutual agreement of the parties, if possible. If the parties fail to reach agreement upon appointment of an arbitrator within thirty (30) days following receipt by one party of the other party’s notice of desire to arbitrate, the arbitrator shall be selected from a panel or panels of persons submitted by the AAA. The selection process shall be that which is set forth in the AAA Employment Arbitration Rules then prevailing. The costs of the arbitrator shall be borne by both parties equally; provided that each party will pay its own attorneys’ fees. Either party may appeal the arbitration award and judgment thereon and, in actions seeking to vacate an award, the standard of review to be applied to the arbitrator’s findings of fact and conclusions of law will be the same as that applied by an appellate court reviewing a decision of a trial court sitting without a jury. This agreement to arbitrate shall not preclude the parties from engaging in voluntary, non-binding settlement efforts including mediation.

Section 8.7    Entire Agreement. This Agreement (together with the Grant Award Agreements with respect to equity awards) contains the entire understanding of the Parties relating to the subject matter of this Agreement and supersedes all other prior written or oral agreements, understandings or arrangements regarding the subject matter hereof. The Parties each acknowledge that, in entering into this Agreement, such Party does not rely on any statements or representations not contained in this Agreement or in the Grant Award Agreements.

Section 8.8    Severability. Any term or provision of this Agreement which is determined to be invalid or unenforceable by any court of competent jurisdiction in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction and such invalid or unenforceable provision shall be modified by such court so that it is enforceable to the extent permitted by applicable law.

Section 8.9    Notices. Except as otherwise specifically provided in this Agreement, all notices and other communications required or permitted to be given under this Agreement shall be in writing and delivery thereof shall be deemed to have been made (i) three (3) business days following the date when such notice shall have been deposited in first class mail, postage prepaid, return receipt requested, or any comparable or superior postal or air courier service then in effect, or (ii) on the date transmitted by hand delivery to the Party entitled to receive the same, at the address indicated below or at such other address as such Party shall have specified by written

notice to the other Parties given in accordance with this Section 8.9:

If to the Company:

Liberty Latin America Ltd.

Attn: Chief People Officer

1550 Wewatta Street, Suite 710

Denver, CO 80202

If to the Executive: At the address then on file with the Company.

14

Section 8.10    No Third-Party Beneficiaries. Except as provided in Section 5.l(c) in the event of the Executive’s death or Disability, this Agreement does not create, and shall not be construed as creating, any rights enforceable by any person not a party to this Agreement.

Section 8.11    Survival. The covenants, agreements, representations and warranties contained in this Agreement shall survive the termination of the Employment Period and the Executive’s termination of employment with the Company for any reason.

[Remainder of page blank; Signature page follows]

15

16

IN WITNESS WHEREOF, this Agreement has been executed and delivered by the

Parties as of the first date written above, but effective as of the Effective Date.

LIBERTY LATIN AMERICA LTD.

By:_/s/ John Winter___________________________

John Winter

Senior Vice President

EXECUTIVE

/s/ Rocio Lorenzo____________________________

[Signature Page to Employment Agreement]

[Signature Page to Employment Agreement]

EXHIBIT B

RELOCATION BENEFITS SCHEDULE

Additional Relocation Benefits:

Visa and Immigration

The Company will assist with and pay the cost of a work visa for the employee’s spouse and immediate

family if applicable.

The employee is responsible for having a valid passport, which must have a minimum of four blank pages

prior to departure, valid for at least 12 months beyond the expected start date of employment with the

Company. The Company’s immigration provider will assist the employee in providing the required

documents and certificates for the visa process.

Relocation Travel

The Company will pay for a one-way flight for the employee and, if applicable, spouse and immediate

family relocating to Panama City, Panama. This travel will be booked by the Company aligning with the

Travel Policy

Temporary Support; Accommodation and Transport

The Company will provide furnished accommodation in a preferred and sourced apartment for up to four

weeks for the employee and accompanying family with the option to extend based on business approval.

Where needed, we’ll also provide temporary transportation for the same period in Panama, this could be a

rental car or taxi/ride share service.

Pre-assignment Visit

Following the acceptance of the offer of employment with the Company, the Company will facilitate,

coordinate and organize a pre-assignment visit to the host country. Employee, and accompanying spouse

if applicable, will be accompanied by a realtor or relocation consultant for home viewings and area

orientation. The total trip will be up to four days and reasonable costs for travel, food, lodging and

transportation will be covered and according to the Company’s travel and expense policy.

Housing Allowance

While living in Panama, the Company will provide a housing allowance of $4,000 USD per month for 36

months paid up-front on a quarterly basis. The housing allowance will commence following the

completion of the temporary accommodation benefit. If temporary accommodation is not required, this

allowance will commence immediately.

Tuition Support

The Company will provide tuition fee reimbursement based on actual costs and not exceeding $16,000

USD (one time) Capital Donation and up to $18,000 USD per year, per child for a maximum of three

years.

Move of Household Goods

The Company will arrange and pay for the costs for the shipment of households goods from the employee’s home country to the host country, including packing and loading; door-to-door transportation; unloading; and unpacking; fees and insurances. The shipment may not exceed 60m3 (40 foot container) for employees with accompanying family. Weekend delivery is also not included. The Company will contact their preferred moving company to perform a survey at the employee’s current residence to assess the needs of the employee and provide a cost quotation following the survey, which they will share with the Company. Costs for storage in either the home or the host country will be covered for up to four weeks in total when necessary. The move is limited to one pick-up and one delivery address.

Further details of what is covered and what isn’t covered in the shipment of your household goods will be explained during your relocation consultation.

Local Registration

The Company will provide assistance for local registration with agencies such as social security administration and bank account registration.

Spouse Support

The Company will make all reasonable efforts to support the transition of the accompanying family. Spouse support can include making connections to our partners, support for training and/or recruitment and costs up to $3,500 USD for expenses related to job search and training.

Annual Flights

The Company will cover the cost of an annual return flight to Europe for the Employee, Spouse and Dependents as applicable for the first three years. Such booking must be made in line with the companies travel policy and preferred airlines.

Repatriation

In the event that things do not work out for the family within the first 12 months, we will repatriate the family back to Germany together with the return shipment of household goods, assistance with closing down the lease and services in Panama and temporary accommodation for up to 30 days in Germany, if needed. If addition, we will cover four weeks additional compensation and a pro-rata bonus.

Outside of this first 12 month period, the Company will pay repatriation costs, limited to flights and shipment within the Company’s policies to the Employee’s country of origin upon termination in accordance with its policies, except for termination for cause. Such repatriation must take place within 90 days of termination.

Reimbursement of Company

In the event the employee voluntarily resigns from the Company or the Company terminates the employee for cause after the first twelve months but before three years from the employee’s start date, the employee shall reimburse the Company for 50% of all expenses incurred by the Company for such employee’s relocation.

Note 1: The mobility benefits offered are non-convertible into a cash allowance.

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:May 4, 2022    

/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: May 4, 2022

/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 March 31, 2022 (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 March 31, 2022 and December 31, 2021, and for the three months ended March 31, 2022 and 2021.

Dated:	May 4, 2022	/s/ Balan Nair
		Balan Nair
		President and Chief Executive Officer
Dated:	May 4, 2022	/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	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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	2022
Document Fiscal Period Focus	Q1
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 (in shares)		44,888,911
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		1,930,907
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 (in shares)		179,576,478

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 856.6	$ 956.7
Trade receivables, net of allowances of $92.8 million and $80.3 million, respectively	548.6	536.4
Prepaid expenses	72.3	67.7
Current notes receivable, net of allowances of $20.6 million and $18.9 million, respectively	119.2	116.4
Other current assets, net	427.1	389.0
Total current assets	2,023.8	2,066.2
Goodwill	3,927.6	3,948.0
Property and equipment, net	4,136.4	4,168.4
Intangible assets not subject to amortization	1,592.8	1,592.4
Intangible assets subject to amortization, net	734.6	788.6
Assets held for sale	1,488.7	1,568.7
Other assets, net	1,326.9	1,253.7
Total assets	15,230.8	15,386.0
Current liabilities:
Accounts payable	349.2	398.0
Current portion of deferred revenue	160.7	148.0
Current portion of debt and finance lease obligations	117.8	106.3
Accrued interest	88.7	113.0
Accrued payroll and employee benefits	80.7	100.5
Current operating lease liabilities	78.8	82.0
Other accrued and current liabilities	484.1	566.7
Total current liabilities	1,360.0	1,514.5
Long-term debt and finance lease obligations	7,476.0	7,459.6
Deferred tax liabilities	699.2	696.3
Deferred revenue	143.6	152.6
Liabilities associated with assets held for sale	1,862.0	1,854.1
Other long-term liabilities	735.1	795.5
Total liabilities	12,275.9	12,472.6
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; 11,426,574 and 6,018,074 shares, respectively	(130.0)	(74.0)
Additional paid-in capital	5,113.2	5,075.3
Accumulated deficit	(2,594.3)	(2,677.9)
Accumulated other comprehensive loss, net of taxes	(123.3)	(89.7)
Total Liberty Latin America shareholders	2,268.0	2,236.0
Noncontrolling interests	686.9	677.4
Total equity	2,954.9	2,913.4
Total liabilities and equity	15,230.8	15,386.0
Class A
Liberty Latin America shareholders:
Common stock	0.5	0.5
Class B
Liberty Latin America shareholders:
Common stock	0.0	0.0
Class C
Liberty Latin America shareholders:
Common stock	$ 1.9	$ 1.8

XML

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Trade receivables, net of allowance	$ 92.8	$ 80.3
Current notes receivable, net of allowances	$ 20.6	$ 18.9
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)	11,426,574	6,018,074
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)	51,492,519	50,127,969
Common stock, shares outstanding (in shares)	44,962,903	45,482,853
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)	1,930,907	1,930,907
Common stock, shares outstanding (in shares)	1,930,907	1,930,907
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)	186,346,357	183,643,584
Common stock, shares outstanding (in shares)	181,449,399	182,270,626

XML

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 1,218.7	$ 1,165.2
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services	302.2	283.7
Other operating costs and expenses	506.3	455.2
Depreciation and amortization	214.1	243.1
Impairment, restructuring and other operating items, net	7.8	2.2
Operating costs and expenses (exclusive of depreciation and amortization)	1,030.4	984.2
Operating income	188.3	181.0
Non-operating income (expense):
Interest expense	(129.7)	(126.4)
Realized and unrealized gains (losses) on derivative instruments, net	(33.7)	114.9
Foreign currency transaction gains (losses), net	96.6	(25.4)
Losses on debt extinguishment	0.0	(23.3)
Other expense, net	(4.8)	(0.6)
Non-operating income (expense)	(71.6)	(60.8)
Earnings before income taxes	116.7	120.2
Income tax expense	(23.5)	(29.5)
Net earnings	93.2	90.7
Net earnings attributable to noncontrolling interests	(9.6)	(1.6)
Net earnings attributable to Liberty Latin America shareholders	$ 83.6	$ 89.1
Basic net earnings per share attributable to Liberty Latin America shareholders (in dollars per share)	$ 0.37	$ 0.38
Dilutive net earnings per share attributable to Liberty Latin America shareholders (in dollars per share)	$ 0.36	$ 0.38

XML

Condensed Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net earnings	$ 93.2	$ 90.7
Other comprehensive loss, net of taxes:
Foreign currency translation adjustments	(22.5)	(26.0)
Reclassification adjustments included in net earnings	(1.5)	1.2
Other	(9.7)	0.2
Other comprehensive loss	(33.7)	(24.6)
Comprehensive earnings	59.5	66.1
Comprehensive earnings attributable to noncontrolling interests	(9.5)	(1.4)
Comprehensive earnings attributable to Liberty Latin America shareholders	$ 50.0	$ 64.7

XML

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Total	Total Liberty Latin America shareholders	Common shares Class A	Common shares Class B	Common shares Class C	Treasury Stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss, net of taxes	Non-controlling interests
Beginning balance at Dec. 31, 2020	$ 3,340.4	$ 2,611.4	$ 0.5	$ 0.0	$ 1.8	$ (9.5)	$ 4,982.0	$ (2,237.8)	$ (125.6)	$ 729.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	90.7	89.1						89.1		1.6
Other comprehensive loss	(24.6)	(24.4)							(24.4)	(0.2)
Share-based compensation	27.9	27.9					27.9
Other	(0.1)	(0.1)					(0.1)
Ending balance at Mar. 31, 2021	3,434.3	2,703.9	0.5	0.0	1.8	(9.5)	5,009.8	(2,148.7)	(150.0)	730.4
Beginning balance at Dec. 31, 2021	2,913.4	2,236.0	0.5	0.0	1.8	(74.0)	5,075.3	(2,677.9)	(89.7)	677.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	93.2	83.6						83.6		9.6
Other comprehensive loss	(33.7)	(33.6)							(33.6)	(0.1)
Repurchase of Liberty Latin America common shares	(56.0)	(56.0)				(56.0)
Share-based compensation	38.0	38.0			0.1		37.9
Ending balance at Mar. 31, 2022	$ 2,954.9	$ 2,268.0	$ 0.5	$ 0.0	$ 1.9	$ (130.0)	$ 5,113.2	$ (2,594.3)	$ (123.3)	$ 686.9

XML

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net earnings	$ 93.2	$ 90.7
Adjustments to reconcile net earnings to net cash provided by operating activities:
Share-based compensation expense	30.0	23.0
Depreciation and amortization	214.1	243.1
Impairment	1.9	2.3
Loss (gain) on dispositions	0.1	(8.6)
Amortization of debt financing costs, premiums and discounts, net	9.5	6.8
Realized and unrealized losses (gains) on derivative instruments, net	33.7	(114.9)
Foreign currency transaction losses (gains), net	(96.6)	25.4
Losses on debt extinguishment	0.0	23.3
Deferred income tax expense	0.8	8.7
Changes in operating assets and liabilities, net of the effect of acquisitions and dispositions	(164.4)	(96.3)
Net cash provided by operating activities	122.3	203.5
Cash flows from investing activities:
Capital expenditures	(164.7)	(135.6)
Cash paid in connection with acquisitions, net of cash acquired	(24.8)	0.0
Proceeds from dispositions	0.5	20.4
Other investing activities, net	0.0	(11.2)
Net cash used by investing activities	(189.0)	(126.4)
Cash flows from financing activities:
Borrowings of debt	38.6	696.0
Payments of principal amounts of debt and finance lease obligations	(50.2)	(288.3)
Repurchase of Liberty Latin America common shares	(55.3)	0.0
Net cash paid related to derivative instruments	0.0	(43.0)
Payment of financing costs and debt redemption premiums	(2.6)	(26.8)
Other financing activities, net	(8.7)	(4.9)
Net cash provided (used) by financing activities	(78.2)	333.0
Effect of exchange rate changes on cash, cash equivalents and restricted cash	2.0	2.8
Net increase (decrease) in cash, cash equivalents and restricted cash	(142.9)	412.9
Cash, cash equivalents and restricted cash:
Beginning of period	1,074.2	912.5
End of period	931.3	1,325.4
Cash paid for interest	150.4	138.1
Net cash paid for taxes	$ 25.2	$ 14.7

XML

Basis of Presentation

3 Months Ended

Mar. 31, 2022

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.

General

Liberty Latin America Ltd. 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 subsidiaries, which include Cabletica and, as of August 9, 2021 and as further described in note 4, Telefónica Costa Rica. 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:

A.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;

iv.Costa Rica, through Cabletica and its subsidiary, Telefónica Costa Rica; and

B.through the Networks & LatAm business of our C&W Caribbean and Networks segment, (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 approximately 40 markets in that region.

As further described in note 8, we are accounting for the Chile JV Entities as "held for sale”. Consistent with the applicable guidance, we have not reflected reclassifications to exclude the Chile JV Entities from continuing operations in our condensed consolidated statements of operations or cash flows and related footnote disclosures.

Unless otherwise indicated, ownership percentages are calculated as of March 31, 2022.

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 2021 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.

Correction of Immaterial Errors As further described in our 2021 Form 10-K, during the fourth quarter of 2021 we identified certain errors in our previously reported condensed consolidated financial statements, primarily related to the understatement of depreciation and amortization of long-lived assets, and to a lesser extent, asset impairments. The errors did not have an impact on our revenue, key segment performance measure (Adjusted OIBDA), cash flow from operations or property and equipment additions. The revisions to our March 31, 2021 condensed consolidated statement of operations as a result of these immaterial error corrections were not material.

XML

Accounting Changes and Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2022

Accounting Changes and Error Corrections [Abstract]

Accounting Changes and Recent Accounting Pronouncements

Accounting Changes and Recent Accounting Pronouncements

Accounting Changes

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. We adopted ASU 2020-06 effective January 1, 2022 and it did not have a material impact on 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. 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. In March 2021, LIBOR’s regulator announced that certain tenors of USD LIBOR will continue to be published through June 30, 2023. We do not currently expect that the phase out of LIBOR will have a material impact on our condensed consolidated financial statements.

XML

Current Expected Credit Losses

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Current Expected Credit Losses

Current Expected Credit Losses

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

	Three months ended March 31,
	2022		2021
	in millions
Balance at beginning of period	$	80.3	$	100.0
Provision for expected losses	17.3		12.3
Write-offs	(6.9)		(13.5)
Foreign currency translation adjustments and other	2.1		(3.9)
Balance at end of period	$	92.8	$	94.9

The changes in our allowance for expected credit losses associated with our current and long-term notes receivables are set forth below:

	Three months ended March 31,
	2022		2021
	in millions
Balance at beginning of period	$	32.3	$	16.2
Provision for expected losses	1.6		1.9
Foreign currency translation adjustments and other	(0.5)		—
Balance at end of period	$	33.4	$	18.1

XML

Acquisitions

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Acquisitions

Pending Acquisition

Claro Panama Acquisition. On September 14, 2021, we entered into a definitive agreement to acquire América Móvil’s operations in Panama in an all-cash transaction based upon an enterprise value of $200 million on a cash- and debt-free basis. The transaction is subject to certain customary closing conditions, including regulatory approvals, and is expected to close during the second quarter of 2022.

2021 Acquisition

Telefónica Costa Rica Acquisition. On July 30, 2020, we entered into the Telefónica Acquisition Agreement to acquire Telefónica S.A.’s operations in Costa Rica in an all-cash transaction based upon an enterprise value of $500 million on a cash- and debt-free basis. On August 9, 2021, we completed the acquisition of all of the outstanding shares of Telefónica Costa Rica. The Telefónica Costa Rica Acquisition was financed through a combination of debt, existing cash and a $47 million equity contribution from the noncontrolling interest owner of our Cabletica entity.

During the first quarter of 2022, we finalized the purchase price for the Telefónica Costa Rica Acquisition, which resulted in a reduction in total consideration paid of $12 million, $8 million of which was received during the quarter, and $4 million of which we expect to receive during the second quarter of 2022. The proceeds received from the final purchase price adjustments have been reflected as an investing activity in our condensed consolidated statement of cash flows.

We have accounted for the Telefónica Costa Rica 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 Telefónica Costa Rica based on assessments of their respective fair values, and the excess of the purchase price over the fair values of these identifiable net assets was allocated to goodwill. The preliminary opening balance sheet is subject to adjustment based on our final assessment of the fair values of the acquired identifiable net assets and liabilities. The items with the highest likelihood to change upon finalization of the valuation process include property and equipment, goodwill, intangible assets, leases and income taxes. A summary of the purchase price and the preliminary opening balance sheet of Telefónica Costa Rica at the August 9, 2021 acquisition date is presented in the following table (in millions):

Current assets (a)	$	74.7
Goodwill (b)	250.8
Property and equipment	148.8
Intangible assets subject to amortization (c)	131.9
Other assets (d)	170.7
Current liabilities (e)	(88.6)
Long-term liabilities (f)	(163.2)
Total purchase price	$	525.1

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

(b)The goodwill recognized in connection with the Telefónica Costa Rica Acquisition is primarily attributable to (i) the ability to take advantage of Telefónica Costa Rica’s existing mobile network to gain immediate access to potential customers, and (ii) synergies that are expected to be achieved through the integration of Telefónica Costa Rica with Liberty Latin America’s existing business in Costa Rica, Cabletica. Due to the nature of the Telefónica Costa Rica Acquisition, no tax deductions related to goodwill are expected.

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

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

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

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

Broadband VI, LLC Acquisition. Effective December 31, 2021, we acquired 96% of the outstanding shares of Broadband VI, LLC for $33 million, the payment of which occurred in January 2022, subject to certain post-closing adjustments. Broadband VI, LLC provides fixed services to residential and business customers in the U.S. Virgin Islands and is included in our Liberty Puerto Rico reportable segment.

Supplemental Pro Forma Information

The pro forma financial information set forth in the table 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 Telefónica Costa Rica Acquisition occurred on January 1, 2020 nor should it be considered representative of our future financial condition or results of operations. The pro forma information set forth in the table below includes, as applicable, tax-effected pro forma adjustments primarily related to:

i.the impact of estimated revenue and costs associated with the transition services agreement entered into in connection with the Telefónica Costa Rica Acquisition;

ii.the alignment of accounting policies;

iii.interest expense related to additional borrowings in conjunction with the Telefónica Costa Rica Acquisition;

iv.depreciation expense related to acquired tangible assets;

v.amortization expense related to acquired intangible assets; and

vi.the elimination of direct acquisition costs.

The following unaudited pro forma condensed consolidated operating results give effect to the Telefónica Costa Rica Acquisition, as if it had been completed as of January 1, 2020:

	Three months ended March 31, 2021
	in millions
Revenue	$	1,233.0
Net earnings attributable to Liberty Latin America shareholders	$	86.7

XML

Derivative Instruments

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative Instruments

In general, we enter into derivative instruments to mitigate risk associated with (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 CRC. 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:

	March 31, 2022						December 31, 2021
	Current (a)		Long-term (a)		Total		Current (a)		Long-term (a)		Total
	in millions
Assets (b):
Cross-currency and interest rate derivative contracts (c)	$	10.6	$	128.8	$	139.4	$	15.1	$	25.3	$	40.4
Foreign currency forward contracts	3.2		—		3.2		0.1		—		0.1
Total	$	13.8	$	128.8	$	142.6	$	15.2	$	25.3	$	40.5
Liabilities (b):
Cross-currency and interest rate derivative contracts (c)	$	11.4	$	22.8	$	34.2	$	33.3	$	62.1	$	95.4
Foreign currency forward contracts	—		—		—		5.8		—		5.8
Total	$	11.4	$	22.8	$	34.2	$	39.1	$	62.1	$	101.2

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

(b)In connection with the pending formation of the Chile JV, the derivative assets and liabilities associated with the Chile JV Entities have been included in assets held for sale and liabilities associated with assets held for sale, respectively, on our condensed consolidated balance sheets. For information regarding the pending formation of the Chile JV and the held-for-sale presentation of the Chile JV Entities, see note 8.

(c)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 9) and are recorded 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 March 31,
	2022		2021
	in millions
Cross-currency and interest rate derivative contracts (a)	$	(17.6)	$	119.5
Foreign currency forward contracts	(8.3)		0.7
Weather Derivatives	(7.8)		(5.3)
Total	$	(33.7)	$	114.9

(a)    Changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net losses of $5 million and $21 million during the three months ended March 31, 2022 and 2021, respectively. Included in these amounts are net gains (losses) of $2 million and ($4 million), respectively, related to the Chile JV Entities.

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

	Three months ended March 31,
	2022		2021
	in millions
Operating activities	$	(1.4)	$	(23.8)
Investing activities	1.2		(0.7)
Financing activities (a)	—		(43.0)
Total	$	(0.2)	$	(67.5)

(a)    The 2021 amount is 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. For additional information regarding our debt refinancing activity, see note 9.

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 March 31, 2022, our exposure to counterparty credit risk associated with our derivative instruments, as set forth in the assets and liabilities table above, included derivative assets with an aggregate fair value of $108 million.

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. At March 31, 2022, our C&W borrowing group had a cross-currency swap contract with notional amounts due from and to counterparties of $56 million and COP 197,014 million, respectively, with a remaining contractual life of 4.3 years.

Interest Rate Derivative Contracts

Interest Rate Swaps

As noted above, we enter into interest rate swaps to mitigate risk associated with 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 March 31, 2022:

Borrowing group	Notional amount due from counterparty		Weighted average remaining life
	in millions		in years
C&W (a)	$	2,690.0	5.1
Liberty Puerto Rico	$	500.0	6.5
Costa Rica (b)	$	276.7	1.8

(a)Includes forward-starting derivative instruments and, on certain interest rate swaps, an embedded floor of 0%.

(b)Includes an embedded floor of 0.75%.

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 March 31, 2022:

Borrowing group	Notional amount due from counterparty		Weighted average remaining life
	in millions		in years
C&W	$	2,100.0	1.3
Liberty Puerto Rico	$	620.0	1.3

Foreign Currency Forwards Contracts

We enter into foreign currency forward contracts with respect to non-functional currency exposure. 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 foreign currency forwards contracts at March 31, 2022:

	Notional amount due from counterparty		Notional amount due to counterparty		Weighted average remaining life
		in millions			in years
LLA UK Holding Limited (a)	CLP	73,000.0	$	88.1	0.5
Costa Rica borrowing group	$	59.1	CRC	38,727.8	0.3

(a)Represents a foreign currency forward contract entered into in connection with the Chile JV transaction, as discussed further in note 8.

Interest Rate Floors

Interest rate floors provide protection against interest rates falling below a pre-set level. At March 31, 2022, our Liberty Puerto Rico borrowing group had an interest rate floor with a total notional amount of $620 million and a remaining contractual life of 6.5 years.

Interest Rate Caps

Interest rate caps provide protection against interest rates rising above a pre-set level. At March 31, 2022, our Liberty Puerto Rico borrowing group had interest rate caps with total notional amounts of $120 million and a remaining weighted average contractual life of 6.5 years.

XML

Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

General

We use the fair value method to account for most of our derivative instruments. The reported fair values of our derivative instruments likely will not represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities, as we expect that the values realized generally will be based on market conditions at the time of settlement, 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.

Non-recurring Fair Value Measurements

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

During the three months ended March 31, 2022, we did not perform non-recurring valuations related to acquisition accounting or impairments. For information related to the status of valuation work associated with assets acquired in connection with the Telefónica Costa Rica Acquisition, see note 4.

XML

Long-lived Assets

3 Months Ended

Mar. 31, 2022

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, 2022		Acquisitions and related adjustments		Foreign currency translation adjustments and other		March 31, 2022
	in millions
C&W Caribbean and Networks	$	2,433.9	$	—	$	4.3	$	2,438.2
C&W Panama	617.1		—		—		617.1
Liberty Puerto Rico	498.3		0.4		—		498.7
Costa Rica	398.7		(11.2)		(13.9)		373.6
Total	$	3,948.0	$	(10.8)	$	(9.6)	$	3,927.6

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 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 $2,229 million at each of March 31, 2022 and December 31, 2021.

Property and Equipment, Net

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

	March 31, 2022		December 31, 2021
	in millions
Distribution systems	$	4,342.1	$	4,208.8
CPE	928.5		893.7
Support equipment, buildings and land	1,586.9		1,641.6
	6,857.5		6,744.1
Accumulated depreciation	(2,721.1)		(2,575.7)
Total	$	4,136.4	$	4,168.4

During the three months ended March 31, 2022 and 2021, we recorded non-cash increases to our property and equipment related to vendor financing arrangements aggregating $32 million and $19 million, respectively.

Intangible Assets Not Subject to Amortization

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

	March 31, 2022		December 31, 2021
	in millions
Spectrum licenses	$	1,051.0	$	1,050.9
Cable television franchise rights	540.0		540.0
Other	1.8		1.5
Total intangible assets not subject to amortization	$	1,592.8	$	1,592.4

Intangible Assets Subject to Amortization, Net

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

	March 31, 2022		December 31, 2021
	in millions
Gross carrying amount:
Customer relationships	$	1,523.9	$	1,527.6
Licenses and other	215.0		220.2
Total gross carrying amount	1,738.9		1,747.8
Accumulated amortization	(1,004.3)		(959.2)
Net carrying amount	$	734.6	$	788.6

XML

Assets Held for Sale

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale

Assets Held for Sale

On September 29, 2021, we entered into an agreement with América Móvil to contribute the Chile JV Entities to América Móvil’s Chilean operations to form the Chile JV that will be owned 50:50 by Liberty Latin America and América Móvil. The consummation of the transaction is subject to certain customary closing conditions, including regulatory approvals, and is expected to close in the second half of 2022.

In connection with this transaction, we will make a balancing payment to América Móvil of CLP 73 billion ($0.1 billion equivalent). The transaction will not trigger a change of control under VTR’s debt agreements, and is not subject to Liberty Latin America or América Móvil shareholder approvals. Following completion of the transaction, we expect to account for our 50% interest in the Chile JV as an equity method investment.

Effective with the agreement to form the Chile JV, we began accounting for the Chile JV Entities as held for sale. Accordingly, we ceased to depreciate the long-lived assets and amortization or right of use assets of the Chile JV Entities. We have not presented the Chile JV Entities as a discontinued operation, as this transaction does not represent a strategic shift that will have a major effect on our financial results or operations. The carrying amounts of the major classes of assets and liabilities that are classified as held for sale at March 31, 2022 are summarized below (in millions):

	March 31, 2022		December 31, 2021
	in millions
Assets:
Cash and cash equivalents (a)	$	66.8	$	109.7
Other current assets, net (b)	127.0		132.6
Property and equipment, net	789.8		686.0
Goodwill	339.6		313.0
Other assets, net (b)	165.5		327.4
Total assets	$	1,488.7	$	1,568.7
Liabilities:
Current portion of debt	$	89.1	$	82.2
Other accrued and current liabilities (c)	300.5		294.2
Long-term debt	1,416.9		1,416.8
Other long-term liabilities (c)	55.5		60.9
Total liabilities	$	1,862.0	$	1,854.1

(a)Amounts exclude certain cash and cash equivalent balances of the Chile JV Entities that Liberty Latin America is able to retain upon the formation of the Chile JV and are therefore not classified as held for sale.

(b)Other current assets, net includes $11 million and $27 million, respectively, and other assets, net, includes $119 million and $277 million, respectively, related to derivative assets.

(c)Other accrued and current liabilities includes $23 million and $16 million, respectively, and other long-term liabilities includes $2 million at each period related to derivative liabilities.

Our condensed consolidated statements of operations include losses before income taxes attributable to the Chile JV Entities of $76 million and $22 million for the three months ended March 31, 2022 and 2021, respectively.

XML

Debt and Finance Lease Obligations

3 Months Ended

Mar. 31, 2022

Debt and Lease Obligation [Abstract]

Debt and Finance Lease Obligations

Debt and Finance Lease Obligations

In connection with the pending formation of the Chile JV, the outstanding third-party debt and vendor financing of the Chile JV Entities has been reflected in liabilities associated with assets held for sale on our condensed consolidated balance sheets. For information regarding the pending formation of the Chile JV and the held-for-sale presentation of the Chile JV Entities, see note 8.

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

	March 31, 2022						Estimated fair value (c)				Principal amount
	Weighted average interest rate (a)		Unused borrowing capacity (b)
			Borrowing currency		US $ equivalent		March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021
			in millions
Convertible Notes (d)	2.00	%	—		$	—	$	368.9	$	396.5	$	402.5	$	402.5
C&W Notes	6.55	%	—		—		1,707.8		1,774.3		1,715.0		1,715.0
C&W Credit Facilities	3.12	%	(e)		794.5		2,420.8		2,422.7		2,455.3		2,451.3
LPR Senior Secured Notes	6.08	%	—		—		1,975.1		2,058.1		1,981.0		1,981.0
LPR Credit Facilities	4.15	%	$	172.5	172.5		616.9		623.1		620.0		620.0
Costa Rica Credit Facilities (f)	7.23	%	$	7.0	7.0		400.0		407.1		404.1		408.7
Vendor financing (g)	2.99	%	—		—		117.7		99.8		117.7		99.8
Total debt before premiums, discounts and deferred financing costs	4.88	%			$	974.0	$	7,607.2	$	7,781.6	$	7,695.6	$	7,678.3

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

	March 31, 2022		December 31, 2021
	in millions
Total debt before premiums, discounts and deferred financing costs	$	7,695.6	$	7,678.3
Premiums, discounts and deferred financing costs, net	(113.6)		(120.0)
Total carrying amount of debt	7,582.0		7,558.3
Finance lease obligations	11.8		7.6
Total debt and finance lease obligations	7,593.8		7,565.9
Less: Current maturities of debt and finance lease obligations	(117.8)		(106.3)
Long-term debt and finance lease obligations	$	7,476.0	$	7,459.6

(a)Represents the weighted average interest rate in effect at March 31, 2022 for all borrowings outstanding (excluding those of the Chile JV Entities) 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 March 31, 2022 without regard to covenant compliance calculations or other conditions precedent to borrowing. At March 31, 2022, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, including VTR, both before and after completion of the March 31, 2022 compliance reporting requirements. At March 31, 2022, except as may be limited by tax and legal considerations, the presence of noncontrolling interests,

foreign currency exchange restrictions with respect to certain C&W subsidiaries and other factors, 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, other than VTR’s that is limited to approximately CLP 81 billion ($103 million) under the terms of the 2028 VTR Senior Notes indenture.

(c)The estimated fair values of our debt instruments are determined using the applicable bid prices (mostly Level 1 of the fair value hierarchy) or from quoted prices for similar instruments in active markets adjusted for the estimated credit spreads of the applicable entity, to the extent available, and other relevant factors (Level 2 of the fair value hierarchy). 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 March 31, 2022, the carrying value of the Convertible Notes was $362 million and the unamortized debt discount on the Convertible Notes was $39 million.

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

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

(g)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 $32 million and $26 million for the three months ended March 31, 2022 and 2021, respectively, that were financed by an intermediary and are reflected on the borrowing date as a cash outflow within net cash provided by operating activities and a 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

Borrowings related to significant notes we issued and credit facilities we drew down, entered into or amended during the three months ended March 31, 2022 and 2021, including activity related to the Chile JV Entities, are included in the table below. 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.

Period	Borrowing group	Instrument	Issued at	Maturity	Interest rate	Principal amount borrowed		Non-cash component
						in millions
2022	C&W	2028 CWP Term Loan A	100%	January 18, 2028	4.25%	$	275.0	$	272.9
2022	C&W	2028 CWP Term Loan B (a)	100%	January 18, 2028	4.25%	$	—	$	—
2022	C&W	CWP Revolving Credit Facility (b)	100%	January 18, 2027	3.75%	$	—	N/A
2021	Liberty Puerto Rico	2029 LPR Senior Secured Notes	100%	July 15, 2029	5.125%	$	820.0	$	500.0
2021	Liberty Puerto Rico	2028 LPR Term Loan	100%	October 15, 2028	LIBOR + 3.75%	$	620.0	$	500.0
2021	Liberty Puerto Rico	LPR Revolving Credit Facility	N/A	March 15, 2027	LIBOR + 3.50%	(c)		N/A
2021	VTR	2029 VTR Senior Secured Notes	100%	April 15, 2029	4.375%	$	410.0	$	60.0
2021	VTR	VTR RCF – A	N/A	June 15, 2026	TAB + 3.35%	$	—	N/A

N/A – Not applicable.

(a)The 2028 CWP Term Loan B is unfunded as of March 31, 2022, restricted for use to fund the Claro Panama Acquisition and is subject to certain ticking fees until the Claro Panama Acquisition closing date.

(b)The CWP Revolving Credit Facility has a fee on unused commitments of 0.50%.

(c)Total commitments under the LPR Revolving Credit Facility were increased by $43 million.

During the three months ended March 31, 2022 and 2021, we made repayments on the following debt instruments, including activity related to the Chile JV Entities:

				Principal amount repaid
Period	Borrowing group	Instrument	Redemption price	Borrowing currency		USD equivalent (a)		Non-cash component		Loss on debt extinguishment
				in millions
2022	C&W	CWP Credit Facilities	100%	$	272.9	$	272.9	$	272.9	$	—
2021	Liberty Puerto Rico	2026 SPV Credit Facility	100%	$	1,000.0	$	1,000.0	$	1,000.0	$	14.3
2021	VTR	2028 VTR Senior Secured Notes	103%	$	60.0	$	60.0	$	60.0	$	2.1
2021	VTR	VTR TLB-1 Facility	100%	CLP	140,900.0	$	196.4	$	—	$	5.6
2021	VTR	VTR TLB-2 Facility	100%	CLP	33,100.0	$	46.1	$	—	$	1.3

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

Maturities of Debt

Maturities of our debt as of March 31, 2022 are presented below. The table below excludes the debt of the Chile JV Entities as it has been reflected in liabilities associated with assets held for sale on our March 31, 2022 condensed consolidated balance sheet. Amounts presented below represent U.S. dollar equivalents based on March 31, 2022 exchange rates:

	C&W		Liberty Puerto Rico		Costa Rica		Liberty Latin America (a)		Consolidated
	in millions
Years ending December 31:
2022 (remainder of year)	$	79.8	$	—	$	—	$	0.5	$	80.3
2023	38.2		—		—		0.6		38.8
2024	64.1		—		404.1		402.7		870.9
2025	1.7		—		—		—		1.7
2026	0.6		—		—		—		0.6
2027	1,715.5		1,161.0		—		—		2,876.5
Thereafter	2,386.8		1,440.0		—		—		3,826.8
Total debt maturities	4,286.7		2,601.0		404.1		403.8		7,695.6
Premiums, discounts and deferred financing costs, net	(32.7)		(32.8)		(7.5)		(40.6)		(113.6)
Total debt	$	4,254.0	$	2,568.2	$	396.6	$	363.2	$	7,582.0
Current portion	$	115.9	$	—	$	—	$	0.5	$	116.4
Noncurrent portion	$	4,138.1	$	2,568.2	$	396.6	$	362.7	$	7,465.6

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

XML

Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

Leases

The following table provides details of our operating lease expense:

	Three months ended March 31,
	2022		2021
	in millions
Operating lease expense:
Operating lease cost	$	27.3	$	21.9
Short-term lease cost	5.9		4.0
Total operating lease expense	$	33.2	$	25.9

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:

	March 31, 2022			December 31, 2021
	in millions
Operating lease right-of-use assets	$	427.3		$	441.0
Operating lease liabilities:
Current	$	78.8		$	82.0
Noncurrent	360.9			371.0
Total operating lease liabilities	$	439.7		$	453.0
Weighted-average remaining lease term	7.4 years			7.5 years
Weighted-average discount rate	6.5		%	6.2		%

	Three months ended March 31,
	2022		2021
	in millions
Operating cash outflows related to operating leases	$	32.1	$	20.3
Right-of-use assets obtained in exchange for new operating lease liabilities (a)	$	13.6	$	10.3

(a)Represents non-cash transactions associated with operating leases entered into during the three months ended March 31, 2022 and 2021, respectively.

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

Maturities of Operating Leases

Maturities of our operating lease liabilities as of March 31, 2022 are presented below. The table below excludes the operating lease liabilities of the Chile JV Entities as they have been reflected in liabilities associated with assets held for sale on our March 31, 2022 condensed consolidated balance sheet. Amounts presented below represent U.S. dollar equivalents (in millions) based on March 31, 2022 exchange rates.

Years ending December 31:
2022 (remainder of year)	$	69.6
2023	87.7
2024	78.1
2025	70.3
2026	60.5
2027	46.8
Thereafter	138.0
Total operating lease liabilities on an undiscounted basis	551.0
Present value discount	(111.3)
Present value of operating lease liabilities	$	439.7

XML

Unfulfilled Performance Obligations	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, we have approximately $351 million of unfulfilled performance obligations relating to our long-term capacity contracts, primarily subsea contracts, that generally will be recognized as revenue over an average remaining life of six years.

XML

Programming and Other Direct Costs of Services

3 Months Ended

Mar. 31, 2022

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, equipment costs, which primarily relate to 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 March 31,
	2022		2021
	in millions
Programming and copyright	$	109.3	$	111.8
Interconnect	85.7		80.6
Equipment and other (a)	107.2		91.3
Total programming and other direct costs of services	$	302.2	$	283.7

(a)Amounts for the three months ended March 31, 2022 and 2021 include $85 million and $72 million, respectively, related to equipment cost of goods sold.

XML

Other Operating Costs and Expenses

3 Months Ended

Mar. 31, 2022

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, and CPE repair, maintenance and test costs;

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

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

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

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

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

	Three months ended March 31,
	2022		2021
	in millions
Personnel and contract labor	$	153.2	$	138.4
Network-related	82.6		79.0
Service-related	51.2		47.5
Commercial	65.5		52.4
Facility, provision, franchise and other	123.8		114.9
Share-based compensation expense	30.0		23.0
Total other operating costs and expenses	$	506.3	$	455.2

XML

Income Taxes

3 Months Ended

Mar. 31, 2022

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 $24 million and $30 million during the three months ended March 31, 2022 and 2021, respectively. This represents an effective income tax rate of (20.1%) and (24.5%) for the three months ended March 31, 2022 and 2021, respectively, including items treated discretely.

For the three months ended March 31, 2022, the income tax expense attributable to our earnings before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the net detrimental effects of international rate differences, increases in valuation allowances, and negative effects of permanent tax differences, such as non-deductible expenses. These negative impacts to our effective tax rate were partially offset by the beneficial effects of permanent tax differences, such as non-taxable income.

For the three months ended March 31, 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 the net detrimental effects of international rate differences, increases in valuation allowances, changes in uncertain tax positions, and negative effects of permanent tax differences, such as non-deductible expenses. These negative impacts to our effective tax rate were partially offset by the beneficial effects of permanent tax differences, such as non-taxable income.

XML

Earnings or Loss Per Share

3 Months Ended

Mar. 31, 2022

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 March 31,
	2022	2021
Weighted average shares outstanding:
Basic	228,274,215	232,410,514
Diluted	249,501,352	252,970,163

We reported net earnings attributable to Liberty Latin America shareholders during the three months ended March 31, 2022 and 2021, respectively. The details of the calculations of our basic and diluted EPS for the three months ended March 31, 2022 and 2021 are set forth below in millions, except for share amounts:

	Three months ended March 31,
	2022		2021
Numerator:
Net earnings attributable to holders of Liberty Latin America Shares (basic EPS computation)	$	83.6	$	89.1
Add back: interest expense and amortization of deferred financing costs and premiums associated with Convertible Notes (if-converted method)	6.1		5.9
Net earnings attributable to holders of Liberty Latin America Shares (diluted EPS computation)	$	89.7	$	95.0
Denominator:
Weighted average shares (basic EPS computation)	228,274,215		232,410,514
Incremental shares attributable to an employee stock purchase plan and the release of PSUs and RSUs upon vesting (treasury stock method)	1,733,458		1,065,970
Number of shares issuable under our Convertible Notes (if-converted method) (a)	19,493,679		19,493,679
Weighted average shares (diluted EPS computation) (b) (c)	249,501,352		252,970,163

(a)The Capped Calls provide an economic hedge to reduce or offset potential dilution to our Class C common shares upon any conversion of the Convertible Notes and/or offset any cash payments we are required to make in excess of the principal amount of such converted notes, as the case may be, with such reduction and/or offset subject to a cap. The effect of the Capped Calls have not been reflected in dilutive share calculations set forth above as they are anti-dilutive.

(b)For the 2022 period, we have excluded (i) the aggregate number of shares issuable pursuant to outstanding options, SARs, and RSUs of 30.6 million, and (ii) the aggregate number of shares issuable pursuant to outstanding PSARs of 8.2 million, because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSARs, because such awards had not yet met the applicable performance criteria.

(c)For the 2021 period, we have excluded (i) the aggregate number of shares issuable pursuant to outstanding options, SARs and RSUs of 17.6 million, and (ii) the aggregate number of shares issuable pursuant to outstanding PSUs of 2.0 million 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.

XML

Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Equity

Equity

Share Repurchase Programs

On March 16, 2020, our Directors approved the 2020 Share Repurchase Program, which authorized us to repurchase from time to time up to $100 million of our Class A common shares and/or Class C common shares through March 2022, subject to certain limitations and conditions. On February 22, 2022, our Directors approved the 2022 Share Repurchase Program. This program authorizes us to repurchase from time to time up to an additional $200 million of our Class A common shares and/or Class C common shares through December 2024. The 2022 Share Repurchase Program does not obligate us to repurchase any of our Class A or C common shares. Under the 2022 Share Repurchase Program, we may repurchase our common shares in open market purchases at prevailing market prices, in privately negotiated transactions, in block trades, derivative transactions and/or through other legally permissible means.

During the three months ended March 31, 2022, we repurchased 1,884,500 and 3,524,000 Class A and Class C common shares, respectively, under the Share Repurchase Programs. We did not repurchase any shares during the three months ended March 31, 2021. At March 31, 2022, the remaining amount authorized for share repurchases under the 2022 Share Repurchase Program was $170 million.

XML

Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

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 and punitive 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. 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.

XML

Segment Reporting

3 Months Ended

Mar. 31, 2022

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, which derive revenue from mobile handset insurance services. We generally identify our reportable segments as those operating segments that represent 10% or more of our revenue, Adjusted OIBDA or total assets.

As of March 31, 2022, our reportable segments are as follows:

•C&W Caribbean and Networks;

•C&W Panama;

•Liberty Puerto Rico;

•VTR; and

•Costa Rica.

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 and to earnings 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 (i) certain subsidiaries of (a) C&W and (b) Liberty Puerto Rico, and (ii) Costa Rica are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations.

	Revenue
	Three months ended March 31,
	2022		2021
	in millions
C&W Caribbean and Networks	$	444.9	$	429.8
C&W Panama	127.2		127.3
Liberty Puerto Rico	369.3		361.3
VTR	170.8		210.3
Costa Rica	107.4		36.2
Corporate	5.6		5.4
Intersegment eliminations	(6.5)		(5.1)
Total	$	1,218.7	$	1,165.2

	Adjusted OIBDA
	Three months ended March 31,
	2022		2021
	in millions
C&W Caribbean and Networks	$	192.5	$	181.3
C&W Panama	40.5		44.0
Liberty Puerto Rico	144.3		149.9
VTR	46.5		70.5
Costa Rica	30.2		14.1
Corporate	(13.8)		(10.5)
Total	$	440.2	$	449.3

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

	Three months ended March 31,
	2022		2021
	in millions
Total Adjusted OIBDA	$	440.2	$	449.3
Share-based compensation expense	(30.0)		(23.0)
Depreciation and amortization	(214.1)		(243.1)
Impairment, restructuring and other operating items, net	(7.8)		(2.2)
Operating income	188.3		181.0
Interest expense	(129.7)		(126.4)
Realized and unrealized gains (losses) on derivative instruments, net	(33.7)		114.9
Foreign currency transaction gains (losses), net	96.6		(25.4)
Losses on debt extinguishment	—		(23.3)
Other expense, net	(4.8)		(0.6)
Earnings before income taxes	$	116.7	$	120.2

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.

	Three months ended March 31,
	2022		2021
	in millions
C&W Caribbean and Networks	$	51.6	$	49.6
C&W Panama	15.0		10.7
Liberty Puerto Rico	44.5		33.7
VTR	44.7		46.7
Costa Rica	9.9		7.3
Corporate	9.7		4.4
Total property and equipment additions	175.4		152.4
Assets acquired under capital-related vendor financing arrangements	(31.9)		(18.8)
Changes in current liabilities related to capital expenditures	21.2		2.0
Total capital expenditures	$	164.7	$	135.6

Revenue by Major Category

Our revenue by major category for our reportable segments is set forth in the tables 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 March 31, 2022
	C&W Caribbean and Networks		C&W Panama		Liberty Puerto Rico		VTR		Costa Rica		Corporate		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	32.6	$	7.1	$	39.7	$	65.9	$	17.3	$	—	$	—	$	162.6
Broadband internet	70.6		12.4		68.9		65.8		16.3		—		—		234.0
Fixed-line telephony	18.5		4.2		7.2		17.9		1.1		—		—		48.9
Total subscription revenue	121.7		23.7		115.8		149.6		34.7		—		—		445.5
Non-subscription revenue	9.1		2.2		5.4		3.1		0.8		—		—		20.6
Total residential fixed revenue	130.8		25.9		121.2		152.7		35.5		—		—		466.1
Residential mobile revenue:
Service revenue	76.5		43.0		116.8		9.3		46.2		—		—		291.8
Interconnect, inbound roaming, equipment sales and other (a)	14.5		10.4		63.2		1.1		16.5		5.6		—		111.3
Total residential mobile revenue	91.0		53.4		180.0		10.4		62.7		5.6		—		403.1
Total residential revenue	221.8		79.3		301.2		163.1		98.2		5.6		—		869.2
B2B revenue:
Service revenue (b)	158.2		47.9		57.8		7.7		9.2		—		(1.7)		279.1
Subsea network revenue	64.9		—		—		—		—		—		(4.8)		60.1
Total B2B revenue	223.1		47.9		57.8		7.7		9.2		—		(6.5)		339.2
Other revenue	—		—		10.3		—		—		—		—		10.3
Total	$	444.9	$	127.2	$	369.3	$	170.8	$	107.4	$	5.6	$	(6.5)	$	1,218.7

(a)The total amount includes $26 million of inbound roaming revenue and $59 million of revenue from sales of mobile handsets and other devices.

(b)The total amount includes $5 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

	Three months ended March 31, 2021
	C&W Caribbean and Networks		C&W Panama		Liberty Puerto Rico		VTR		Costa Rica		Corporate		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	34.3	$	6.2	$	38.6	$	78.3	$	19.5	$	—	$	—	$	176.9
Broadband internet	66.6		10.7		61.4		84.8		14.0		—		—		237.5
Fixed-line telephony	16.5		4.3		7.0		20.0		1.1		—		—		48.9
Total subscription revenue	117.4		21.2		107.0		183.1		34.6		—		—		463.3
Non-subscription revenue	8.5		2.5		4.2		3.4		1.6		—		—		20.2
Total residential fixed revenue	125.9		23.7		111.2		186.5		36.2		—		—		483.5
Residential mobile revenue:
Service revenue	71.8		44.6		116.5		13.2		—		—		—		246.1
Interconnect, inbound roaming, equipment sales and other (a)	13.6		10.3		73.0		2.3		—		5.4		—		104.6
Total residential mobile revenue	85.4		54.9		189.5		15.5		—		5.4		—		350.7
Total residential revenue	211.3		78.6		300.7		202.0		36.2		5.4		—		834.2
B2B revenue:
Service revenue (b)	150.8		48.7		52.1		8.3		—		—		(1.1)		258.8
Subsea network revenue	67.7		—		—		—		—		—		(4.0)		63.7
Total B2B revenue	218.5		48.7		52.1		8.3		—		—		(5.1)		322.5
Other revenue	—		—		8.5		—		—		—		—		8.5
Total	$	429.8	$	127.3	$	361.3	$	210.3	$	36.2	$	5.4	$	(5.1)	$	1,165.2

(a)The total amount includes $25 million of inbound roaming revenue and $57 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.

Revenue by Geographic Market

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

	Three months ended March 31,
	2022		2021
	in millions
Puerto Rico	$	356.6	$	347.3
Chile	170.8		210.3
Panama	126.4		126.7
Jamaica	104.8		97.3
Networks & LatAm (a)	88.5		90.4
Costa Rica	107.2		36.2
The Bahamas	47.7		45.0
Trinidad and Tobago	40.6		39.7
Barbados	36.5		33.9
Curacao	33.1		34.3
Other (b)	106.5		104.1
Total	$	1,218.7	$	1,165.2

(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, all of which are located in the Caribbean, and to a lesser extent, in Latin America.

XML

Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounting Changes and Recent Accounting Pronouncements

Accounting Changes

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. We adopted ASU 2020-06 effective January 1, 2022 and it did not have a material impact on 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. 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. In March 2021, LIBOR’s regulator announced that certain tenors of USD LIBOR will continue to be published through June 30, 2023. We do not currently expect that the phase out of LIBOR will have a material impact on our condensed consolidated financial statements.

XML

Current Expected Credit Losses (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Accounts Receivable, Allowance for Credit Loss

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

	Three months ended March 31,
	2022		2021
	in millions
Balance at beginning of period	$	80.3	$	100.0
Provision for expected losses	17.3		12.3
Write-offs	(6.9)		(13.5)
Foreign currency translation adjustments and other	2.1		(3.9)
Balance at end of period	$	92.8	$	94.9

The changes in our allowance for expected credit losses associated with our current and long-term notes receivables are set forth below:

	Three months ended March 31,
	2022		2021
	in millions
Balance at beginning of period	$	32.3	$	16.2
Provision for expected losses	1.6		1.9
Foreign currency translation adjustments and other	(0.5)		—
Balance at end of period	$	33.4	$	18.1

XML

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Purchase Price Allocation

A summary of the purchase price and the preliminary opening balance sheet of Telefónica Costa Rica at the August 9, 2021 acquisition date is presented in the following table (in millions):

Current assets (a)	$	74.7
Goodwill (b)	250.8
Property and equipment	148.8
Intangible assets subject to amortization (c)	131.9
Other assets (d)	170.7
Current liabilities (e)	(88.6)
Long-term liabilities (f)	(163.2)
Total purchase price	$	525.1

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

(b)The goodwill recognized in connection with the Telefónica Costa Rica Acquisition is primarily attributable to (i) the ability to take advantage of Telefónica Costa Rica’s existing mobile network to gain immediate access to potential customers, and (ii) synergies that are expected to be achieved through the integration of Telefónica Costa Rica with Liberty Latin America’s existing business in Costa Rica, Cabletica. Due to the nature of the Telefónica Costa Rica Acquisition, no tax deductions related to goodwill are expected.

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

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

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

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

Schedule of Pro Forma Information

The following unaudited pro forma condensed consolidated operating results give effect to the Telefónica Costa Rica Acquisition, as if it had been completed as of January 1, 2020:

	Three months ended March 31, 2021
	in millions
Revenue	$	1,233.0
Net earnings attributable to Liberty Latin America shareholders	$	86.7

XML

Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2022

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:

	March 31, 2022						December 31, 2021
	Current (a)		Long-term (a)		Total		Current (a)		Long-term (a)		Total
	in millions
Assets (b):
Cross-currency and interest rate derivative contracts (c)	$	10.6	$	128.8	$	139.4	$	15.1	$	25.3	$	40.4
Foreign currency forward contracts	3.2		—		3.2		0.1		—		0.1
Total	$	13.8	$	128.8	$	142.6	$	15.2	$	25.3	$	40.5
Liabilities (b):
Cross-currency and interest rate derivative contracts (c)	$	11.4	$	22.8	$	34.2	$	33.3	$	62.1	$	95.4
Foreign currency forward contracts	—		—		—		5.8		—		5.8
Total	$	11.4	$	22.8	$	34.2	$	39.1	$	62.1	$	101.2

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

(b)In connection with the pending formation of the Chile JV, the derivative assets and liabilities associated with the Chile JV Entities have been included in assets held for sale and liabilities associated with assets held for sale, respectively, on our condensed consolidated balance sheets. For information regarding the pending formation of the Chile JV and the held-for-sale presentation of the Chile JV Entities, see note 8.

(c)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 9) and are recorded 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 (Losses) on Derivative Instruments, Net

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

	Three months ended March 31,
	2022		2021
	in millions
Cross-currency and interest rate derivative contracts (a)	$	(17.6)	$	119.5
Foreign currency forward contracts	(8.3)		0.7
Weather Derivatives	(7.8)		(5.3)
Total	$	(33.7)	$	114.9

(a)    Changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net losses of $5 million and $21 million during the three months ended March 31, 2022 and 2021, respectively. Included in these amounts are net gains (losses) of $2 million and ($4 million), respectively, related to the Chile JV Entities.

Schedule of Classification of the Net Cash Inflows (Outflows) of Our Derivative Instruments

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

	Three months ended March 31,
	2022		2021
	in millions
Operating activities	$	(1.4)	$	(23.8)
Investing activities	1.2		(0.7)
Financing activities (a)	—		(43.0)
Total	$	(0.2)	$	(67.5)

(a)    The 2021 amount is 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. For additional information regarding our debt refinancing activity, see note 9.

Schedule of 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 interest rate swap contracts at March 31, 2022:

Borrowing group	Notional amount due from counterparty		Weighted average remaining life
	in millions		in years
C&W (a)	$	2,690.0	5.1
Liberty Puerto Rico	$	500.0	6.5
Costa Rica (b)	$	276.7	1.8

(a)Includes forward-starting derivative instruments and, on certain interest rate swaps, an embedded floor of 0%.

(b)Includes an embedded floor of 0.75%.

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 March 31, 2022:

Borrowing group	Notional amount due from counterparty		Weighted average remaining life
	in millions		in years
C&W	$	2,100.0	1.3
Liberty Puerto Rico	$	620.0	1.3

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 foreign currency forwards contracts at March 31, 2022:

	Notional amount due from counterparty		Notional amount due to counterparty		Weighted average remaining life
		in millions			in years
LLA UK Holding Limited (a)	CLP	73,000.0	$	88.1	0.5
Costa Rica borrowing group	$	59.1	CRC	38,727.8	0.3

(a)Represents a foreign currency forward contract entered into in connection with the Chile JV transaction, as discussed further in note 8.

XML

Long-lived Assets (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

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

	January 1, 2022		Acquisitions and related adjustments		Foreign currency translation adjustments and other		March 31, 2022
	in millions
C&W Caribbean and Networks	$	2,433.9	$	—	$	4.3	$	2,438.2
C&W Panama	617.1		—		—		617.1
Liberty Puerto Rico	498.3		0.4		—		498.7
Costa Rica	398.7		(11.2)		(13.9)		373.6
Total	$	3,948.0	$	(10.8)	$	(9.6)	$	3,927.6

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:

	March 31, 2022		December 31, 2021
	in millions
Distribution systems	$	4,342.1	$	4,208.8
CPE	928.5		893.7
Support equipment, buildings and land	1,586.9		1,641.6
	6,857.5		6,744.1
Accumulated depreciation	(2,721.1)		(2,575.7)
Total	$	4,136.4	$	4,168.4

Schedule of Intangible Assets Not Subject to Amortization

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

	March 31, 2022		December 31, 2021
	in millions
Spectrum licenses	$	1,051.0	$	1,050.9
Cable television franchise rights	540.0		540.0
Other	1.8		1.5
Total intangible assets not subject to amortization	$	1,592.8	$	1,592.4

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:

	March 31, 2022		December 31, 2021
	in millions
Gross carrying amount:
Customer relationships	$	1,523.9	$	1,527.6
Licenses and other	215.0		220.2
Total gross carrying amount	1,738.9		1,747.8
Accumulated amortization	(1,004.3)		(959.2)
Net carrying amount	$	734.6	$	788.6

XML

Assets Held for Sale (Tables)

3 Months Ended

Mar. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Carrying Amounts of The Major Classes of Assets and Liabilities That are Classified as Held for Sale

The carrying amounts of the major classes of assets and liabilities that are classified as held for sale at March 31, 2022 are summarized below (in millions):

	March 31, 2022		December 31, 2021
	in millions
Assets:
Cash and cash equivalents (a)	$	66.8	$	109.7
Other current assets, net (b)	127.0		132.6
Property and equipment, net	789.8		686.0
Goodwill	339.6		313.0
Other assets, net (b)	165.5		327.4
Total assets	$	1,488.7	$	1,568.7
Liabilities:
Current portion of debt	$	89.1	$	82.2
Other accrued and current liabilities (c)	300.5		294.2
Long-term debt	1,416.9		1,416.8
Other long-term liabilities (c)	55.5		60.9
Total liabilities	$	1,862.0	$	1,854.1

(a)Amounts exclude certain cash and cash equivalent balances of the Chile JV Entities that Liberty Latin America is able to retain upon the formation of the Chile JV and are therefore not classified as held for sale.

(b)Other current assets, net includes $11 million and $27 million, respectively, and other assets, net, includes $119 million and $277 million, respectively, related to derivative assets.

(c)Other accrued and current liabilities includes $23 million and $16 million, respectively, and other long-term liabilities includes $2 million at each period related to derivative liabilities.

XML

Debt and Finance Lease Obligations (Tables)

3 Months Ended

Mar. 31, 2022

Debt and Lease Obligation [Abstract]

Schedule of Debt

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

	March 31, 2022						Estimated fair value (c)				Principal amount
	Weighted average interest rate (a)		Unused borrowing capacity (b)
			Borrowing currency		US $ equivalent		March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021
			in millions
Convertible Notes (d)	2.00	%	—		$	—	$	368.9	$	396.5	$	402.5	$	402.5
C&W Notes	6.55	%	—		—		1,707.8		1,774.3		1,715.0		1,715.0
C&W Credit Facilities	3.12	%	(e)		794.5		2,420.8		2,422.7		2,455.3		2,451.3
LPR Senior Secured Notes	6.08	%	—		—		1,975.1		2,058.1		1,981.0		1,981.0
LPR Credit Facilities	4.15	%	$	172.5	172.5		616.9		623.1		620.0		620.0
Costa Rica Credit Facilities (f)	7.23	%	$	7.0	7.0		400.0		407.1		404.1		408.7
Vendor financing (g)	2.99	%	—		—		117.7		99.8		117.7		99.8
Total debt before premiums, discounts and deferred financing costs	4.88	%			$	974.0	$	7,607.2	$	7,781.6	$	7,695.6	$	7,678.3

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

	March 31, 2022		December 31, 2021
	in millions
Total debt before premiums, discounts and deferred financing costs	$	7,695.6	$	7,678.3
Premiums, discounts and deferred financing costs, net	(113.6)		(120.0)
Total carrying amount of debt	7,582.0		7,558.3
Finance lease obligations	11.8		7.6
Total debt and finance lease obligations	7,593.8		7,565.9
Less: Current maturities of debt and finance lease obligations	(117.8)		(106.3)
Long-term debt and finance lease obligations	$	7,476.0	$	7,459.6

(a)Represents the weighted average interest rate in effect at March 31, 2022 for all borrowings outstanding (excluding those of the Chile JV Entities) 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 March 31, 2022 without regard to covenant compliance calculations or other conditions precedent to borrowing. At March 31, 2022, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, including VTR, both before and after completion of the March 31, 2022 compliance reporting requirements. At March 31, 2022, except as may be limited by tax and legal considerations, the presence of noncontrolling interests,

foreign currency exchange restrictions with respect to certain C&W subsidiaries and other factors, 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, other than VTR’s that is limited to approximately CLP 81 billion ($103 million) under the terms of the 2028 VTR Senior Notes indenture.

(c)The estimated fair values of our debt instruments are determined using the applicable bid prices (mostly Level 1 of the fair value hierarchy) or from quoted prices for similar instruments in active markets adjusted for the estimated credit spreads of the applicable entity, to the extent available, and other relevant factors (Level 2 of the fair value hierarchy). 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 March 31, 2022, the carrying value of the Convertible Notes was $362 million and the unamortized debt discount on the Convertible Notes was $39 million.

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

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

(g)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 $32 million and $26 million for the three months ended March 31, 2022 and 2021, respectively, that were financed by an intermediary and are reflected on the borrowing date as a cash outflow within net cash provided by operating activities and a 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

Period	Borrowing group	Instrument	Issued at	Maturity	Interest rate	Principal amount borrowed		Non-cash component
						in millions
2022	C&W	2028 CWP Term Loan A	100%	January 18, 2028	4.25%	$	275.0	$	272.9
2022	C&W	2028 CWP Term Loan B (a)	100%	January 18, 2028	4.25%	$	—	$	—
2022	C&W	CWP Revolving Credit Facility (b)	100%	January 18, 2027	3.75%	$	—	N/A
2021	Liberty Puerto Rico	2029 LPR Senior Secured Notes	100%	July 15, 2029	5.125%	$	820.0	$	500.0
2021	Liberty Puerto Rico	2028 LPR Term Loan	100%	October 15, 2028	LIBOR + 3.75%	$	620.0	$	500.0
2021	Liberty Puerto Rico	LPR Revolving Credit Facility	N/A	March 15, 2027	LIBOR + 3.50%	(c)		N/A
2021	VTR	2029 VTR Senior Secured Notes	100%	April 15, 2029	4.375%	$	410.0	$	60.0
2021	VTR	VTR RCF – A	N/A	June 15, 2026	TAB + 3.35%	$	—	N/A

N/A – Not applicable.

(a)The 2028 CWP Term Loan B is unfunded as of March 31, 2022, restricted for use to fund the Claro Panama Acquisition and is subject to certain ticking fees until the Claro Panama Acquisition closing date.

(b)The CWP Revolving Credit Facility has a fee on unused commitments of 0.50%.

(c)Total commitments under the LPR Revolving Credit Facility were increased by $43 million.

During the three months ended March 31, 2022 and 2021, we made repayments on the following debt instruments, including activity related to the Chile JV Entities:

				Principal amount repaid
Period	Borrowing group	Instrument	Redemption price	Borrowing currency		USD equivalent (a)		Non-cash component		Loss on debt extinguishment
				in millions
2022	C&W	CWP Credit Facilities	100%	$	272.9	$	272.9	$	272.9	$	—
2021	Liberty Puerto Rico	2026 SPV Credit Facility	100%	$	1,000.0	$	1,000.0	$	1,000.0	$	14.3
2021	VTR	2028 VTR Senior Secured Notes	103%	$	60.0	$	60.0	$	60.0	$	2.1
2021	VTR	VTR TLB-1 Facility	100%	CLP	140,900.0	$	196.4	$	—	$	5.6
2021	VTR	VTR TLB-2 Facility	100%	CLP	33,100.0	$	46.1	$	—	$	1.3

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

Schedule of Maturities of Debt

Maturities of our debt as of March 31, 2022 are presented below. The table below excludes the debt of the Chile JV Entities as it has been reflected in liabilities associated with assets held for sale on our March 31, 2022 condensed consolidated balance sheet. Amounts presented below represent U.S. dollar equivalents based on March 31, 2022 exchange rates:

	C&W		Liberty Puerto Rico		Costa Rica		Liberty Latin America (a)		Consolidated
	in millions
Years ending December 31:
2022 (remainder of year)	$	79.8	$	—	$	—	$	0.5	$	80.3
2023	38.2		—		—		0.6		38.8
2024	64.1		—		404.1		402.7		870.9
2025	1.7		—		—		—		1.7
2026	0.6		—		—		—		0.6
2027	1,715.5		1,161.0		—		—		2,876.5
Thereafter	2,386.8		1,440.0		—		—		3,826.8
Total debt maturities	4,286.7		2,601.0		404.1		403.8		7,695.6
Premiums, discounts and deferred financing costs, net	(32.7)		(32.8)		(7.5)		(40.6)		(113.6)
Total debt	$	4,254.0	$	2,568.2	$	396.6	$	363.2	$	7,582.0
Current portion	$	115.9	$	—	$	—	$	0.5	$	116.4
Noncurrent portion	$	4,138.1	$	2,568.2	$	396.6	$	362.7	$	7,465.6

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

XML

Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Operating Lease Expense

The following table provides details of our operating lease expense:

	Three months ended March 31,
	2022		2021
	in millions
Operating lease expense:
Operating lease cost	$	27.3	$	21.9
Short-term lease cost	5.9		4.0
Total operating lease expense	$	33.2	$	25.9

Certain Other Details of Operating Leases Assets and Liabilities

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

	March 31, 2022			December 31, 2021
	in millions
Operating lease right-of-use assets	$	427.3		$	441.0
Operating lease liabilities:
Current	$	78.8		$	82.0
Noncurrent	360.9			371.0
Total operating lease liabilities	$	439.7		$	453.0
Weighted-average remaining lease term	7.4 years			7.5 years
Weighted-average discount rate	6.5		%	6.2		%

	Three months ended March 31,
	2022		2021
	in millions
Operating cash outflows related to operating leases	$	32.1	$	20.3
Right-of-use assets obtained in exchange for new operating lease liabilities (a)	$	13.6	$	10.3

(a)Represents non-cash transactions associated with operating leases entered into during the three months ended March 31, 2022 and 2021, respectively.

Maturities of Operating Lease Liabilities

Maturities of our operating lease liabilities as of March 31, 2022 are presented below. The table below excludes the operating lease liabilities of the Chile JV Entities as they have been reflected in liabilities associated with assets held for sale on our March 31, 2022 condensed consolidated balance sheet. Amounts presented below represent U.S. dollar equivalents (in millions) based on March 31, 2022 exchange rates.

Years ending December 31:
2022 (remainder of year)	$	69.6
2023	87.7
2024	78.1
2025	70.3
2026	60.5
2027	46.8
Thereafter	138.0
Total operating lease liabilities on an undiscounted basis	551.0
Present value discount	(111.3)
Present value of operating lease liabilities	$	439.7

XML

Programming and Other Direct Costs of Services (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31,
	2022		2021
	in millions
Programming and copyright	$	109.3	$	111.8
Interconnect	85.7		80.6
Equipment and other (a)	107.2		91.3
Total programming and other direct costs of services	$	302.2	$	283.7

(a)Amounts for the three months ended March 31, 2022 and 2021 include $85 million and $72 million, respectively, related to equipment cost of goods sold.

XML

Other Operating Costs and Expenses (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31,
	2022		2021
	in millions
Personnel and contract labor	$	153.2	$	138.4
Network-related	82.6		79.0
Service-related	51.2		47.5
Commercial	65.5		52.4
Facility, provision, franchise and other	123.8		114.9
Share-based compensation expense	30.0		23.0
Total other operating costs and expenses	$	506.3	$	455.2

XML

Earnings or Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31,
	2022	2021
Weighted average shares outstanding:
Basic	228,274,215	232,410,514
Diluted	249,501,352	252,970,163

Schedule of Earnings Per Share

The details of the calculations of our basic and diluted EPS for the three months ended March 31, 2022 and 2021 are set forth below in millions, except for share amounts:

	Three months ended March 31,
	2022		2021
Numerator:
Net earnings attributable to holders of Liberty Latin America Shares (basic EPS computation)	$	83.6	$	89.1
Add back: interest expense and amortization of deferred financing costs and premiums associated with Convertible Notes (if-converted method)	6.1		5.9
Net earnings attributable to holders of Liberty Latin America Shares (diluted EPS computation)	$	89.7	$	95.0
Denominator:
Weighted average shares (basic EPS computation)	228,274,215		232,410,514
Incremental shares attributable to an employee stock purchase plan and the release of PSUs and RSUs upon vesting (treasury stock method)	1,733,458		1,065,970
Number of shares issuable under our Convertible Notes (if-converted method) (a)	19,493,679		19,493,679
Weighted average shares (diluted EPS computation) (b) (c)	249,501,352		252,970,163

(a)The Capped Calls provide an economic hedge to reduce or offset potential dilution to our Class C common shares upon any conversion of the Convertible Notes and/or offset any cash payments we are required to make in excess of the principal amount of such converted notes, as the case may be, with such reduction and/or offset subject to a cap. The effect of the Capped Calls have not been reflected in dilutive share calculations set forth above as they are anti-dilutive.

(b)For the 2022 period, we have excluded (i) the aggregate number of shares issuable pursuant to outstanding options, SARs, and RSUs of 30.6 million, and (ii) the aggregate number of shares issuable pursuant to outstanding PSARs of 8.2 million, because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSARs, because such awards had not yet met the applicable performance criteria.

(c)For the 2021 period, we have excluded (i) the aggregate number of shares issuable pursuant to outstanding options, SARs and RSUs of 17.6 million, and (ii) the aggregate number of shares issuable pursuant to outstanding PSUs of 2.0 million 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.

XML

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2022

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 (i) certain subsidiaries of (a) C&W and (b) Liberty Puerto Rico, and (ii) Costa Rica are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations.

	Revenue
	Three months ended March 31,
	2022		2021
	in millions
C&W Caribbean and Networks	$	444.9	$	429.8
C&W Panama	127.2		127.3
Liberty Puerto Rico	369.3		361.3
VTR	170.8		210.3
Costa Rica	107.4		36.2
Corporate	5.6		5.4
Intersegment eliminations	(6.5)		(5.1)
Total	$	1,218.7	$	1,165.2

	Adjusted OIBDA
	Three months ended March 31,
	2022		2021
	in millions
C&W Caribbean and Networks	$	192.5	$	181.3
C&W Panama	40.5		44.0
Liberty Puerto Rico	144.3		149.9
VTR	46.5		70.5
Costa Rica	30.2		14.1
Corporate	(13.8)		(10.5)
Total	$	440.2	$	449.3

Reconciliation of Total Adjusted OIBDA to Earnings Before Income Taxes

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

	Three months ended March 31,
	2022		2021
	in millions
Total Adjusted OIBDA	$	440.2	$	449.3
Share-based compensation expense	(30.0)		(23.0)
Depreciation and amortization	(214.1)		(243.1)
Impairment, restructuring and other operating items, net	(7.8)		(2.2)
Operating income	188.3		181.0
Interest expense	(129.7)		(126.4)
Realized and unrealized gains (losses) on derivative instruments, net	(33.7)		114.9
Foreign currency transaction gains (losses), net	96.6		(25.4)
Losses on debt extinguishment	—		(23.3)
Other expense, net	(4.8)		(0.6)
Earnings before income taxes	$	116.7	$	120.2

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.

	Three months ended March 31,
	2022		2021
	in millions
C&W Caribbean and Networks	$	51.6	$	49.6
C&W Panama	15.0		10.7
Liberty Puerto Rico	44.5		33.7
VTR	44.7		46.7
Costa Rica	9.9		7.3
Corporate	9.7		4.4
Total property and equipment additions	175.4		152.4
Assets acquired under capital-related vendor financing arrangements	(31.9)		(18.8)
Changes in current liabilities related to capital expenditures	21.2		2.0
Total capital expenditures	$	164.7	$	135.6

Revenue by Major Category

	Three months ended March 31, 2022
	C&W Caribbean and Networks		C&W Panama		Liberty Puerto Rico		VTR		Costa Rica		Corporate		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	32.6	$	7.1	$	39.7	$	65.9	$	17.3	$	—	$	—	$	162.6
Broadband internet	70.6		12.4		68.9		65.8		16.3		—		—		234.0
Fixed-line telephony	18.5		4.2		7.2		17.9		1.1		—		—		48.9
Total subscription revenue	121.7		23.7		115.8		149.6		34.7		—		—		445.5
Non-subscription revenue	9.1		2.2		5.4		3.1		0.8		—		—		20.6
Total residential fixed revenue	130.8		25.9		121.2		152.7		35.5		—		—		466.1
Residential mobile revenue:
Service revenue	76.5		43.0		116.8		9.3		46.2		—		—		291.8
Interconnect, inbound roaming, equipment sales and other (a)	14.5		10.4		63.2		1.1		16.5		5.6		—		111.3
Total residential mobile revenue	91.0		53.4		180.0		10.4		62.7		5.6		—		403.1
Total residential revenue	221.8		79.3		301.2		163.1		98.2		5.6		—		869.2
B2B revenue:
Service revenue (b)	158.2		47.9		57.8		7.7		9.2		—		(1.7)		279.1
Subsea network revenue	64.9		—		—		—		—		—		(4.8)		60.1
Total B2B revenue	223.1		47.9		57.8		7.7		9.2		—		(6.5)		339.2
Other revenue	—		—		10.3		—		—		—		—		10.3
Total	$	444.9	$	127.2	$	369.3	$	170.8	$	107.4	$	5.6	$	(6.5)	$	1,218.7

(a)The total amount includes $26 million of inbound roaming revenue and $59 million of revenue from sales of mobile handsets and other devices.

(b)The total amount includes $5 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

	Three months ended March 31, 2021
	C&W Caribbean and Networks		C&W Panama		Liberty Puerto Rico		VTR		Costa Rica		Corporate		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video	$	34.3	$	6.2	$	38.6	$	78.3	$	19.5	$	—	$	—	$	176.9
Broadband internet	66.6		10.7		61.4		84.8		14.0		—		—		237.5
Fixed-line telephony	16.5		4.3		7.0		20.0		1.1		—		—		48.9
Total subscription revenue	117.4		21.2		107.0		183.1		34.6		—		—		463.3
Non-subscription revenue	8.5		2.5		4.2		3.4		1.6		—		—		20.2
Total residential fixed revenue	125.9		23.7		111.2		186.5		36.2		—		—		483.5
Residential mobile revenue:
Service revenue	71.8		44.6		116.5		13.2		—		—		—		246.1
Interconnect, inbound roaming, equipment sales and other (a)	13.6		10.3		73.0		2.3		—		5.4		—		104.6
Total residential mobile revenue	85.4		54.9		189.5		15.5		—		5.4		—		350.7
Total residential revenue	211.3		78.6		300.7		202.0		36.2		5.4		—		834.2
B2B revenue:
Service revenue (b)	150.8		48.7		52.1		8.3		—		—		(1.1)		258.8
Subsea network revenue	67.7		—		—		—		—		—		(4.0)		63.7
Total B2B revenue	218.5		48.7		52.1		8.3		—		—		(5.1)		322.5
Other revenue	—		—		8.5		—		—		—		—		8.5
Total	$	429.8	$	127.3	$	361.3	$	210.3	$	36.2	$	5.4	$	(5.1)	$	1,165.2

(a)The total amount includes $25 million of inbound roaming revenue and $57 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.

Revenue by Geographic Segments

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

	Three months ended March 31,
	2022		2021
	in millions
Puerto Rico	$	356.6	$	347.3
Chile	170.8		210.3
Panama	126.4		126.7
Jamaica	104.8		97.3
Networks & LatAm (a)	88.5		90.4
Costa Rica	107.2		36.2
The Bahamas	47.7		45.0
Trinidad and Tobago	40.6		39.7
Barbados	36.5		33.9
Curacao	33.1		34.3
Other (b)	106.5		104.1
Total	$	1,218.7	$	1,165.2

(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, all of which are located in the Caribbean, and to a lesser extent, in Latin America.

XML

Basis of Presentation (Details)	Mar. 31, 2022 country market
Residential and Business-to-Business Services
Basis of Presentation [Line Items]
Number of countries in which entity provides services | country	20
Wholesale Communication Services | C&W
Basis of Presentation [Line Items]
Number of markets | market	40

XML

Current Expected Credit Losses - Changes in Allowance for Credit Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 80.3	$ 100.0
Provision for expected losses	17.3	12.3
Write-offs	(6.9)	(13.5)
Foreign currency translation adjustments and other	2.1	(3.9)
Balance at end of period	$ 92.8	$ 94.9

XML

Current Expected Credit Losses - Changes in Notes Receivable Allowance For Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 32.3	$ 16.2
Provision for expected losses	1.6	1.9
Foreign currency translation adjustments and other	(0.5)	0.0
Balance at end of period	$ 33.4	$ 18.1

XML

Acquisitions - Narrative (Details) - USD ($) $ in Millions				3 Months Ended
	Dec. 31, 2021	Aug. 09, 2021	Jul. 30, 2020	Jun. 30, 2022	Mar. 31, 2022
America Movil | Forecast
Business Acquisition [Line Items]
Enterprise value				$ 200
Telefónica S.A. Acquisition
Business Acquisition [Line Items]
Enterprise value			$ 500
Capital contribution from noncontrolling interest owner		$ 47
Reduction in total consideration paid					$ 12
Business combination, consideration received after purchase price adjustments					$ 8
Telefónica S.A. Acquisition | Forecast
Business Acquisition [Line Items]
Business combination, consideration received after purchase price adjustments				$ 4
Broadband VI, LLC Acquisition
Business Acquisition [Line Items]
Enterprise value	$ 33
Percentage of interests acquired	96.00%

XML

Acquisitions - Preliminary Opening Balance Sheet (Details) - USD ($) $ in Millions	Aug. 09, 2021	Mar. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill		$ 3,927.6	$ 3,948.0
Telefónica S.A. Acquisition
Business Acquisition [Line Items]
Current assets	$ 74.7
Goodwill	250.8
Property and equipment	148.8
Intangible assets subject to amortization	131.9
Other assets	170.7
Current liabilities	(88.6)
Long-term liabilities	(163.2)
Total purchase price	$ 525.1
Telefónica S.A. Acquisition | Customer relationships
Business Acquisition [Line Items]
Weighted average useful life of acquired intangible assets	7 years
Telefónica S.A. Acquisition | Spectrum licenses
Business Acquisition [Line Items]
Weighted average useful life of acquired intangible assets	25 years

XML

Acquisitions - Pro Forma Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)
Business Combination and Asset Acquisition [Abstract]
Revenue	$ 1,233.0
Net earnings attributable to Liberty Latin America shareholders	$ 86.7

XML

Derivative Instruments - Fair Values of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets:
Current	$ 13.8	$ 15.2
Long-term	128.8	25.3
Total	142.6	40.5
Liabilities:
Current	11.4	39.1
Long-term	22.8	62.1
Total	34.2	101.2
Cross-currency and interest rate derivative contracts
Assets:
Current	10.6	15.1
Long-term	128.8	25.3
Total	139.4	40.4
Liabilities:
Current	11.4	33.3
Long-term	22.8	62.1
Total	34.2	95.4
Foreign currency forward contracts
Assets:
Current	3.2	0.1
Long-term	0.0	0.0
Total	3.2	0.1
Liabilities:
Current	0.0	5.8
Long-term	0.0	0.0
Total	$ 0.0	$ 5.8

XML

Derivative Instruments - Realized and Unrealized Gains on Derivatives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative [Line Items]
Gain (loss) on derivative instruments, net	$ (33.7)	$ 114.9
Cross-currency and interest rate derivative contracts
Derivative [Line Items]
Gain (loss) on derivative instruments, net	(17.6)	119.5
Foreign currency forward contracts
Derivative [Line Items]
Gain (loss) on derivative instruments, net	(8.3)	0.7
Weather Derivatives
Derivative [Line Items]
Gain (loss) on derivative instruments, net	(7.8)	(5.3)
Cross currency interest rate contract - credit risk valuation adjustments
Derivative [Line Items]
Gain (loss) on credit risk derivatives	(5.0)	(21.0)
Cross currency interest rate contract - credit risk valuation adjustments | Chile JV
Derivative [Line Items]
Gain (loss) on credit risk derivatives	$ 2.0	$ (4.0)

XML

Derivative Instruments - Net Cash Received (Paid) Related to Derivatives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative [Line Items]
Operating activities	$ (1.4)	$ (23.8)
Investing activities	1.2	(0.7)
Financing activities	0.0	(43.0)
Total	$ (0.2)	(67.5)
Interest Rate Swap | VTR
Derivative [Line Items]
Financing activities		(11.0)
Interest Rate Swap | Liberty Puerto Rico
Derivative [Line Items]
Financing activities		$ (32.0)

XML

Derivative Instruments - Counterparty Credit Risk (Details) $ in Millions	Mar. 31, 2022 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Exposure to counterparty credit risk	$ 108

XML

Derivative Instruments - Cross-currency Derivative Contracts (Details) - 3 months ended Mar. 31, 2022 - Cross-Currency Swap 1 - C&W $ in Millions, $ in Millions	USD ($)	COP ($)
Derivative [Line Items]
Notional amount of derivative	$ 56	$ 197,014
Weighted average remaining life	4 years 3 months 18 days

XML

Derivative Instruments - Interest Rate Derivative Contracts (Details) ₡ in Millions, $ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)	Mar. 31, 2022 CLP ($)	Mar. 31, 2022 CRC (₡)
Interest Rate Swap | C&W
Derivative [Line Items]
Notional amount of derivative	$ 2,690.0
Weighted average remaining life	5 years 1 month 6 days
Derivative floor interest rate	0.00%	0.00%	0.00%
Interest Rate Swap | Liberty Puerto Rico
Derivative [Line Items]
Notional amount of derivative	$ 500.0
Weighted average remaining life	6 years 6 months
Interest Rate Swap | Costa Rica
Derivative [Line Items]
Notional amount of derivative	$ 276.7
Weighted average remaining life	1 year 9 months 18 days
Derivative floor interest rate	0.75%	0.75%	0.75%
Basis Swap | C&W
Derivative [Line Items]
Notional amount of derivative	$ 2,100.0
Weighted average remaining life	1 year 3 months 18 days
Basis Swap | Liberty Puerto Rico
Derivative [Line Items]
Notional amount of derivative	$ 620.0
Weighted average remaining life	1 year 3 months 18 days
Foreign currency forward contracts | Costa Rica
Derivative [Line Items]
Notional amount of derivative	$ 59.1
Foreign currency forward contracts | LLA UK Holding Limited
Derivative [Line Items]
Notional amount of derivative	$ 88.1	$ 73,000.0
Weighted average remaining life	6 months
Foreign currency forward contracts | Costa Rice Borrowing Group
Derivative [Line Items]
Notional amount of derivative | ₡			₡ 38,727.8
Weighted average remaining life	3 months 18 days

XML

Derivative Instruments - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Interest Rate Floor
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivative	$ 620
Weighted average remaining life	6 years 6 months
Interest Rate Cap
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount of derivative	$ 120
Weighted average remaining life	6 years 6 months

XML

Long-lived Assets - Goodwill (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Beginning balance	$ 3,948.0
Acquisitions and related adjustments	(10.8)
Foreign currency translation adjustments and other	(9.6)
Ending balance	3,927.6
Accumulated goodwill impairments	2,229.0	$ 2,229.0
C&W Caribbean and Networks
Goodwill [Roll Forward]
Beginning balance	2,433.9
Acquisitions and related adjustments	0.0
Foreign currency translation adjustments and other	4.3
Ending balance	2,438.2
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	498.3
Acquisitions and related adjustments	0.4
Foreign currency translation adjustments and other	0.0
Ending balance	498.7
Costa Rica
Goodwill [Roll Forward]
Beginning balance	398.7
Acquisitions and related adjustments	(11.2)
Foreign currency translation adjustments and other	(13.9)
Ending balance	$ 373.6

XML

Long-lived Assets - Property and Equipment, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 6,857.5		$ 6,744.1
Accumulated depreciation	(2,721.1)		(2,575.7)
Total	4,136.4		4,168.4
Non-cash increases related to vendor financing arrangements	31.9	$ 18.8
Distribution systems
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,342.1		4,208.8
CPE
Property, Plant and Equipment [Line Items]
Property and equipment, gross	928.5		893.7
Support equipment, buildings and land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 1,586.9		$ 1,641.6

XML

Long-lived Assets - Intangible Assets Not Subject to Amortization (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Indefinite-lived Intangible Assets [Line Items]
Intangible assets not subject to amortization	$ 1,592.8	$ 1,592.4
Spectrum licenses
Indefinite-lived Intangible Assets [Line Items]
Intangible assets not subject to amortization	1,051.0	1,050.9
Cable television franchise rights
Indefinite-lived Intangible Assets [Line Items]
Intangible assets not subject to amortization	540.0	540.0
Other
Indefinite-lived Intangible Assets [Line Items]
Intangible assets not subject to amortization	$ 1.8	$ 1.5

XML

Long-lived Assets - Intangible Assets Subject to Amortization, Net (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Gross carrying amount	$ 1,738.9	$ 1,747.8
Accumulated amortization	(1,004.3)	(959.2)
Net carrying amount	734.6	788.6
Customer relationships
Statement [Line Items]
Gross carrying amount	1,523.9	1,527.6
Licenses and other
Statement [Line Items]
Gross carrying amount	$ 215.0	$ 220.2

XML

Assets Held for Sale - Narrative (Details) $ in Millions, $ in Billions			3 Months Ended
	Sep. 29, 2021 CLP ($)	Sep. 29, 2021 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss before income taxes			$ 116.7	$ 120.2
Chile JV
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest percentage	50.00%	50.00%
Loss before income taxes			$ (76.0)	$ (22.0)
America Movil
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments to acquire equity method investments	$ 73	$ 100.0

XML

Assets Held for Sale - Schedule of Assets and Liabilities (Details) - Disposal Group, Held-for-sale, Not Discontinued Operations - Chile JV Entities - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents	$ 66.8	$ 109.7
Other current assets, net	127.0	132.6
Property and equipment, net	789.8	686.0
Goodwill	339.6	313.0
Other assets, net	165.5	327.4
Total assets	1,488.7	1,568.7
Liabilities:
Current portion of debt	89.1	82.2
Other accrued and current liabilities	300.5	294.2
Long-term debt	1,416.9	1,416.8
Other long-term liabilities	55.5	60.9
Total liabilities	1,862.0	1,854.1
Derivative assets, current	11.0	27.0
Derivative assets, noncurrent	119.0	277.0
Derivative liabilities, current	23.0	$ 16.0
Derivative liabilities, noncurrent	$ 2.0

XML

Debt and Finance Lease Obligations - Components of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Weighted average interest rate	4.88%
Unused borrowing capacity	$ 974.0
Estimated fair value	7,607.2	$ 7,781.6
Total debt before premiums, discounts and deferred financing costs	7,695.6	7,678.3
Premiums, discounts and deferred financing costs, net	(113.6)	(120.0)
Total carrying amount of debt	7,582.0	7,558.3
Finance lease obligations	11.8	7.6
Total debt and finance lease obligations	7,593.8	7,565.9
Less: Current maturities of debt and finance lease obligations	(117.8)	(106.3)
Long-term debt and finance lease obligations	$ 7,476.0	$ 7,459.6
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Total debt and finance lease obligations	Total debt and finance lease obligations
Convertible Debt | Convertible Notes
Debt Instrument [Line Items]
Weighted average interest rate	2.00%
Unused borrowing capacity	$ 0.0
Estimated fair value	368.9	$ 396.5
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	6.55%
Unused borrowing capacity	$ 0.0
Estimated fair value	1,707.8	1,774.3
Total debt before premiums, discounts and deferred financing costs	$ 1,715.0	1,715.0
Line of Credit | C&W Credit Facilities
Debt Instrument [Line Items]
Weighted average interest rate	3.12%
Unused borrowing capacity	$ 794.5
Estimated fair value	2,420.8	2,422.7
Total debt before premiums, discounts and deferred financing costs	$ 2,455.3	2,451.3
Line of Credit | LPR Senior Secured Notes
Debt Instrument [Line Items]
Weighted average interest rate	6.08%
Unused borrowing capacity	$ 0.0
Estimated fair value	1,975.1	2,058.1
Total debt before premiums, discounts and deferred financing costs	$ 1,981.0	1,981.0
Line of Credit | LPR Credit Facilities
Debt Instrument [Line Items]
Weighted average interest rate	4.15%
Unused borrowing capacity	$ 172.5
Estimated fair value	616.9	623.1
Total debt before premiums, discounts and deferred financing costs	$ 620.0	620.0
Line of Credit | Costa Rica Credit Facilities
Debt Instrument [Line Items]
Weighted average interest rate	7.23%
Unused borrowing capacity	$ 7.0
Estimated fair value	400.0	407.1
Total debt before premiums, discounts and deferred financing costs	$ 404.1	408.7
Unsecured Debt | Vendor financing
Debt Instrument [Line Items]
Weighted average interest rate	2.99%
Unused borrowing capacity	$ 0.0
Estimated fair value	117.7	99.8
Total debt before premiums, discounts and deferred financing costs	$ 117.7	$ 99.8

XML

Debt and Finance Lease Obligations - Components of Debt Narrative (Details) $ in Millions, $ in Billions	3 Months Ended
	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2022 CLP ($)	Mar. 31, 2022 USD ($)
A2028 VTR Finance Senior Notes
Debt Instrument [Line Items]
Aggregate facility amount			$ 81	$ 103
Convertible Notes
Debt Instrument [Line Items]
Carrying amount of convertible note				362
Unamortized debt discount				$ 39
Convertible Debt | Convertible Notes
Debt Instrument [Line Items]
Interest rate			6.70%	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	$ 32	$ 26

XML

Debt and Finance Lease Obligations - Finance Activity (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2021 CLP ($)
Debt Instrument [Line Items]
Principal amount repaid	$ 7,695,600,000		$ 7,678,300,000
Loss on debt extinguishment	$ 0	$ 23,300,000
2028 CWP Term Loan A | Line of Credit
Debt Instrument [Line Items]
Issued at	100.00%
Interest rate	4.25%
Aggregate facility amount	$ 275,000,000.0
Non-cash component	$ 272,900,000
2028 CWP Term Loan B | Line of Credit
Debt Instrument [Line Items]
Issued at	100.00%
Interest rate	4.25%
Aggregate facility amount	$ 0
Non-cash component	$ 0
CWP Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Issued at	100.00%
Interest rate	3.75%
Aggregate facility amount	$ 0
2029 LPR Senior Secured Notes | Senior Notes
Debt Instrument [Line Items]
Issued at		100.00%		100.00%
Interest rate		5.125%		5.125%
Aggregate facility amount		$ 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%
Aggregate facility amount		$ 620,000,000.0
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]
Aggregate facility amount	$ 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%
Aggregate facility amount		$ 410,000,000.0
Non-cash component		60,000,000.0
VTR RCF – A | Line of Credit
Debt Instrument [Line Items]
Aggregate facility amount		$ 0
VTR RCF – A | Line of Credit | TAB
Debt Instrument [Line Items]
Interest rate		3.35%
C&W Credit Facilities | Line of Credit
Debt Instrument [Line Items]
Fee on unused portion of credit facility	0.50%
Principal amount repaid	$ 2,455,300,000		$ 2,451,300,000
CWP Credit Facilities | Line of Credit
Debt Instrument [Line Items]
Non-cash component	$ 272,900,000
Redemption price	100.00%
Principal amount repaid	$ 272,900,000
Loss on debt extinguishment	$ 0
2026 SPV Credit Facility | Line of Credit
Debt Instrument [Line Items]
Non-cash component		$ 1,000,000,000
Redemption price		100.00%
Principal amount repaid		$ 1,000,000,000
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

XML

Debt and Finance Lease Obligations - Maturities of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt maturities	$ 7,695.6	$ 7,678.3
Premiums, discounts and deferred financing costs, net	(113.6)	(120.0)
Total carrying amount of debt	7,582.0	$ 7,558.3
C&W
Debt Instrument [Line Items]
2022 (remainder of year)	79.8
2023	38.2
2024	64.1
2025	1.7
2026	0.6
2027	1,715.5
Thereafter	2,386.8
Total debt maturities	4,286.7
Premiums, discounts and deferred financing costs, net	(32.7)
Total carrying amount of debt	4,254.0
Current portion	115.9
Noncurrent portion	4,138.1
Liberty Puerto Rico
Debt Instrument [Line Items]
2022 (remainder of year)	0.0
2023	0.0
2024	0.0
2025	0.0
2026	0.0
2027	1,161.0
Thereafter	1,440.0
Total debt maturities	2,601.0
Premiums, discounts and deferred financing costs, net	(32.8)
Total carrying amount of debt	2,568.2
Current portion	0.0
Noncurrent portion	2,568.2
Costa Rica
Debt Instrument [Line Items]
2022 (remainder of year)	0.0
2023	0.0
2024	404.1
2025	0.0
2026	0.0
2027	0.0
Thereafter	0.0
Total debt maturities	404.1
Premiums, discounts and deferred financing costs, net	(7.5)
Total carrying amount of debt	396.6
Current portion	0.0
Noncurrent portion	396.6
Liberty Latin America
Debt Instrument [Line Items]
2022 (remainder of year)	0.5
2023	0.6
2024	402.7
2025	0.0
2026	0.0
2027	0.0
Thereafter	0.0
Total debt maturities	403.8
Premiums, discounts and deferred financing costs, net	(40.6)
Total carrying amount of debt	363.2
Current portion	0.5
Noncurrent portion	362.7
Consolidated
Debt Instrument [Line Items]
2022 (remainder of year)	80.3
2023	38.8
2024	870.9
2025	1.7
2026	0.6
2027	2,876.5
Thereafter	3,826.8
Total debt maturities	7,695.6
Premiums, discounts and deferred financing costs, net	(113.6)
Total carrying amount of debt	7,582.0
Current portion	116.4
Noncurrent portion	$ 7,465.6

XML

Leases - Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease cost	$ 27.3	$ 21.9
Short-term lease cost	5.9	4.0
Total operating lease expense	$ 33.2	$ 25.9

XML

Leases - Operating Leases Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Leases [Abstract]
Operating lease right-of-use assets	$ 427.3		$ 441.0
Operating lease liabilities:
Current	78.8		82.0
Noncurrent	360.9		371.0
Total operating lease liabilities	$ 439.7		$ 453.0
Weighted-average remaining lease term	7 years 4 months 24 days		7 years 6 months
Weighted-average discount rate	6.50%		6.20%
Operating cash outflows related to operating leases	$ 32.1	$ 20.3
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 13.6	$ 10.3
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets, net		Other assets, net
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities		Other long-term liabilities

XML

Leases - Lease Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2022 (remainder of year)	$ 69.6
2023	87.7
2024	78.1
2025	70.3
2026	60.5
2027	46.8
Thereafter	138.0
Total operating lease liabilities on an undiscounted basis	551.0
Present value discount	(111.3)
Present value of operating lease liabilities	$ 439.7	$ 453.0

XML

Unfulfilled Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01 $ in Millions	Mar. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unfulfilled performance obligations	$ 351
Unfulfilled performance obligations, period	6 years

XML

Programming and Other Direct Costs of Services (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Income and Expenses [Line Items]
Programming and other direct costs of services	$ 302.2	$ 283.7
Programming and copyright
Other Income and Expenses [Line Items]
Programming and other direct costs of services	109.3	111.8
Interconnect
Other Income and Expenses [Line Items]
Programming and other direct costs of services	85.7	80.6
Equipment and other
Other Income and Expenses [Line Items]
Programming and other direct costs of services	107.2	91.3
Equipment
Other Income and Expenses [Line Items]
Programming and other direct costs of services	$ 85.0	$ 72.0

XML

Other Operating Costs and Expenses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Other Income and Expenses [Abstract]
Personnel and contract labor	$ 153.2	$ 138.4
Network-related	82.6	79.0
Service-related	51.2	47.5
Commercial	65.5	52.4
Facility, provision, franchise and other	123.8	114.9
Share-based compensation expense	30.0	23.0
Total other operating costs and expenses	$ 506.3	$ 455.2

XML

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 23.5	$ 29.5
Effective income tax rate	20.10%	24.50%

XML

Earnings or Loss Per Share - Weighted Average Shares Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Weighted average shares outstanding:
Basic (in shares)	228,274,215	232,410,514
Diluted (in shares)	249,501,352	252,970,163

XML

Earnings or Loss per Share - Basic and Diluted (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net earnings attributable to holders of Liberty Latin America Shares (basic EPS computation)	$ 83.6	$ 89.1
Add back: interest expense and amortization of deferred financing costs and premiums associated with Convertible Notes (if-converted method)	6.1	5.9
Net earnings attributable to holders of Liberty Latin America Shares (diluted EPS computation)	$ 89.7	$ 95.0
Denominator:
Weighted average shares (basic EPS computation) (in shares)	228,274,215	232,410,514
Incremental shares attributable to an employee stock purchase plan and the release of PSUs and RSUs upon vesting (treasury stock method) (in shares)	1,733,458	1,065,970
Number of shares issuable under our Convertible Notes (if-converted method) (in shares)	19,493,679	19,493,679
Weighted average shares (diluted EPS computation) (in shares)	249,501,352	252,970,163
Options, SARs and RSUs
Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	30,600,000	17,600,000
PSUs
Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	8,200,000	2,000,000

XML

Equity - Share Repurchase Program (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Feb. 22, 2022	Mar. 16, 2020
Class of Stock [Line Items]
Stock repurchased program, remaining authorized repurchase amount	$ 170,000,000
Common Class A And Common Class C
Class of Stock [Line Items]
Stock repurchase program, authorized amount				$ 100,000,000
Additional amount authorized to be repurchased			$ 200,000,000
Common Class A
Class of Stock [Line Items]
Number of shares repurchased (in shares)	1,884,500	0
Common Class C
Class of Stock [Line Items]
Number of shares repurchased (in shares)	3,524,000	0

XML

Commitments and Contingencies - Narrative (Details) - claim		1 Months Ended	3 Months Ended
	Apr. 21, 2021	Aug. 31, 2021	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Number of complaints filed	1	2	4

XML

Segment Reporting - Narrative (Details)	3 Months Ended
	Mar. 31, 2022
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%

XML

Segment Reporting - Performance Measures (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 1,218.7	$ 1,165.2
Adjusted OIBDA	440.2	449.3
Operating Segments | C&W Caribbean and Networks
Segment Reporting Information [Line Items]
Revenue	444.9	429.8
Adjusted OIBDA	192.5	181.3
Operating Segments | C&W Panama
Segment Reporting Information [Line Items]
Revenue	127.2	127.3
Adjusted OIBDA	40.5	44.0
Operating Segments | Liberty Puerto Rico
Segment Reporting Information [Line Items]
Revenue	369.3	361.3
Adjusted OIBDA	144.3	149.9
Operating Segments | VTR
Segment Reporting Information [Line Items]
Revenue	170.8	210.3
Adjusted OIBDA	46.5	70.5
Operating Segments | Costa Rica
Segment Reporting Information [Line Items]
Revenue	107.4	36.2
Adjusted OIBDA	30.2	14.1
Corporate
Segment Reporting Information [Line Items]
Revenue	5.6	5.4
Adjusted OIBDA	(13.8)	(10.5)
Intersegment eliminations
Segment Reporting Information [Line Items]
Revenue	$ (6.5)	$ (5.1)

XML

Segment Reporting - Reconciliation of Operating Cash Flow to Earnings from Continuing Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting, Measurement Disclosures [Abstract]
Total Adjusted OIBDA	$ 440.2	$ 449.3
Share-based compensation expense	(30.0)	(23.0)
Depreciation and amortization	(214.1)	(243.1)
Impairment, restructuring and other operating items, net	(7.8)	(2.2)
Operating income	188.3	181.0
Interest expense	(129.7)	(126.4)
Realized and unrealized gains (losses) on derivative instruments, net	(33.7)	114.9
Foreign currency transaction gains (losses), net	96.6	(25.4)
Losses on debt extinguishment	0.0	(23.3)
Other expense, net	(4.8)	(0.6)
Earnings before income taxes	$ 116.7	$ 120.2

XML

Segment Reporting - Property and Equipment Additions of our Reportable Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Total property and equipment additions	$ 175.4	$ 152.4
Assets acquired under capital-related vendor financing arrangements	(31.9)	(18.8)
Changes in current liabilities related to capital expenditures	21.2	2.0
Total capital expenditures	164.7	135.6
Corporate
Segment Reporting Information [Line Items]
Total property and equipment additions	9.7	4.4
C&W Caribbean and Networks | Operating Segments
Segment Reporting Information [Line Items]
Total property and equipment additions	51.6	49.6
C&W Panama | Operating Segments
Segment Reporting Information [Line Items]
Total property and equipment additions	15.0	10.7
Liberty Puerto Rico | Operating Segments
Segment Reporting Information [Line Items]
Total property and equipment additions	44.5	33.7
VTR | Operating Segments
Segment Reporting Information [Line Items]
Total property and equipment additions	44.7	46.7
Costa Rica | Operating Segments
Segment Reporting Information [Line Items]
Total property and equipment additions	$ 9.9	$ 7.3

XML

Segment Reporting - Revenue by Major Category (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Principal Transaction Revenue [Line Items]
Revenue	$ 1,218.7	$ 1,165.2
Total residential revenue
Principal Transaction Revenue [Line Items]
Revenue	869.2	834.2
Total residential fixed revenue
Principal Transaction Revenue [Line Items]
Revenue	466.1	483.5
Total subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	445.5	463.3
Video
Principal Transaction Revenue [Line Items]
Revenue	162.6	176.9
Broadband internet
Principal Transaction Revenue [Line Items]
Revenue	234.0	237.5
Fixed-line telephony
Principal Transaction Revenue [Line Items]
Revenue	48.9	48.9
Non-subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	20.6	20.2
Total residential mobile revenue
Principal Transaction Revenue [Line Items]
Revenue	403.1	350.7
Service revenue
Principal Transaction Revenue [Line Items]
Revenue	291.8	246.1
Interconnect, inbound roaming, equipment sales and other
Principal Transaction Revenue [Line Items]
Revenue	111.3	104.6
Total B2B revenue
Principal Transaction Revenue [Line Items]
Revenue	339.2	322.5
Service revenue
Principal Transaction Revenue [Line Items]
Revenue	279.1	258.8
Subsea network revenue
Principal Transaction Revenue [Line Items]
Revenue	60.1	63.7
Other revenue
Principal Transaction Revenue [Line Items]
Revenue	10.3	8.5
Mobile Service Revenue
Principal Transaction Revenue [Line Items]
Revenue	26.0	57.0
Mobile Handset
Principal Transaction Revenue [Line Items]
Revenue	59.0	25.0
B2B Mobile Handset and Other Devices
Principal Transaction Revenue [Line Items]
Revenue	5.0	3.0
Operating Segments | Total residential revenue
Principal Transaction Revenue [Line Items]
Revenue	301.2
Operating Segments | C&W Caribbean and Networks
Principal Transaction Revenue [Line Items]
Revenue	444.9	429.8
Operating Segments | C&W Caribbean and Networks | Total residential revenue
Principal Transaction Revenue [Line Items]
Revenue	221.8	211.3
Operating Segments | C&W Caribbean and Networks | Total residential fixed revenue
Principal Transaction Revenue [Line Items]
Revenue	130.8	125.9
Operating Segments | C&W Caribbean and Networks | Total subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	121.7	117.4
Operating Segments | C&W Caribbean and Networks | Video
Principal Transaction Revenue [Line Items]
Revenue	32.6	34.3
Operating Segments | C&W Caribbean and Networks | Broadband internet
Principal Transaction Revenue [Line Items]
Revenue	70.6	66.6
Operating Segments | C&W Caribbean and Networks | Fixed-line telephony
Principal Transaction Revenue [Line Items]
Revenue	18.5	16.5
Operating Segments | C&W Caribbean and Networks | Non-subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	9.1	8.5
Operating Segments | C&W Caribbean and Networks | Total residential mobile revenue
Principal Transaction Revenue [Line Items]
Revenue	91.0	85.4
Operating Segments | C&W Caribbean and Networks | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	76.5	71.8
Operating Segments | C&W Caribbean and Networks | Interconnect, inbound roaming, equipment sales and other
Principal Transaction Revenue [Line Items]
Revenue	14.5	13.6
Operating Segments | C&W Caribbean and Networks | Total B2B revenue
Principal Transaction Revenue [Line Items]
Revenue	223.1	218.5
Operating Segments | C&W Caribbean and Networks | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	158.2	150.8
Operating Segments | C&W Caribbean and Networks | Subsea network revenue
Principal Transaction Revenue [Line Items]
Revenue	64.9	67.7
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	127.2	127.3
Operating Segments | C&W Panama | Total residential revenue
Principal Transaction Revenue [Line Items]
Revenue	79.3	78.6
Operating Segments | C&W Panama | Total residential fixed revenue
Principal Transaction Revenue [Line Items]
Revenue	25.9	23.7
Operating Segments | C&W Panama | Total subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	23.7	21.2
Operating Segments | C&W Panama | Video
Principal Transaction Revenue [Line Items]
Revenue	7.1	6.2
Operating Segments | C&W Panama | Broadband internet
Principal Transaction Revenue [Line Items]
Revenue	12.4	10.7
Operating Segments | C&W Panama | Fixed-line telephony
Principal Transaction Revenue [Line Items]
Revenue	4.2	4.3
Operating Segments | C&W Panama | Non-subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	2.2	2.5
Operating Segments | C&W Panama | Total residential mobile revenue
Principal Transaction Revenue [Line Items]
Revenue	53.4	54.9
Operating Segments | C&W Panama | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	43.0	44.6
Operating Segments | C&W Panama | Interconnect, inbound roaming, equipment sales and other
Principal Transaction Revenue [Line Items]
Revenue	10.4	10.3
Operating Segments | C&W Panama | Total B2B revenue
Principal Transaction Revenue [Line Items]
Revenue	47.9	48.7
Operating Segments | C&W Panama | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	47.9	48.7
Operating Segments | C&W Panama | Subsea network revenue
Principal Transaction Revenue [Line Items]
Revenue	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	369.3	361.3
Operating Segments | Liberty Puerto Rico | Total residential revenue
Principal Transaction Revenue [Line Items]
Revenue		300.7
Operating Segments | Liberty Puerto Rico | Total residential fixed revenue
Principal Transaction Revenue [Line Items]
Revenue	121.2	111.2
Operating Segments | Liberty Puerto Rico | Total subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	115.8	107.0
Operating Segments | Liberty Puerto Rico | Video
Principal Transaction Revenue [Line Items]
Revenue	39.7	38.6
Operating Segments | Liberty Puerto Rico | Broadband internet
Principal Transaction Revenue [Line Items]
Revenue	68.9	61.4
Operating Segments | Liberty Puerto Rico | Fixed-line telephony
Principal Transaction Revenue [Line Items]
Revenue	7.2	7.0
Operating Segments | Liberty Puerto Rico | Non-subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	5.4	4.2
Operating Segments | Liberty Puerto Rico | Total residential mobile revenue
Principal Transaction Revenue [Line Items]
Revenue	180.0	189.5
Operating Segments | Liberty Puerto Rico | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	116.8	116.5
Operating Segments | Liberty Puerto Rico | Interconnect, inbound roaming, equipment sales and other
Principal Transaction Revenue [Line Items]
Revenue	63.2	73.0
Operating Segments | Liberty Puerto Rico | Total B2B revenue
Principal Transaction Revenue [Line Items]
Revenue	57.8	52.1
Operating Segments | Liberty Puerto Rico | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	57.8	52.1
Operating Segments | Liberty Puerto Rico | Subsea network revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0
Operating Segments | Liberty Puerto Rico | Other revenue
Principal Transaction Revenue [Line Items]
Revenue	10.3	8.5
Operating Segments | VTR
Principal Transaction Revenue [Line Items]
Revenue	170.8	210.3
Operating Segments | VTR | Total residential revenue
Principal Transaction Revenue [Line Items]
Revenue	163.1	202.0
Operating Segments | VTR | Total residential fixed revenue
Principal Transaction Revenue [Line Items]
Revenue	152.7	186.5
Operating Segments | VTR | Total subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	149.6	183.1
Operating Segments | VTR | Video
Principal Transaction Revenue [Line Items]
Revenue	65.9	78.3
Operating Segments | VTR | Broadband internet
Principal Transaction Revenue [Line Items]
Revenue	65.8	84.8
Operating Segments | VTR | Fixed-line telephony
Principal Transaction Revenue [Line Items]
Revenue	17.9	20.0
Operating Segments | VTR | Non-subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	3.1	3.4
Operating Segments | VTR | Total residential mobile revenue
Principal Transaction Revenue [Line Items]
Revenue	10.4	15.5
Operating Segments | VTR | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	9.3	13.2
Operating Segments | VTR | Interconnect, inbound roaming, equipment sales and other
Principal Transaction Revenue [Line Items]
Revenue	1.1	2.3
Operating Segments | VTR | Total B2B revenue
Principal Transaction Revenue [Line Items]
Revenue	7.7	8.3
Operating Segments | VTR | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	7.7	8.3
Operating Segments | VTR | Subsea network revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0
Operating Segments | VTR | Other revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0
Operating Segments | Costa Rica
Principal Transaction Revenue [Line Items]
Revenue	107.4	36.2
Operating Segments | Costa Rica | Total residential revenue
Principal Transaction Revenue [Line Items]
Revenue	98.2	36.2
Operating Segments | Costa Rica | Total residential fixed revenue
Principal Transaction Revenue [Line Items]
Revenue	35.5	36.2
Operating Segments | Costa Rica | Total subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	34.7	34.6
Operating Segments | Costa Rica | Video
Principal Transaction Revenue [Line Items]
Revenue	17.3	19.5
Operating Segments | Costa Rica | Broadband internet
Principal Transaction Revenue [Line Items]
Revenue	16.3	14.0
Operating Segments | Costa Rica | Fixed-line telephony
Principal Transaction Revenue [Line Items]
Revenue	1.1	1.1
Operating Segments | Costa Rica | Non-subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	0.8	1.6
Operating Segments | Costa Rica | Total residential mobile revenue
Principal Transaction Revenue [Line Items]
Revenue	62.7	0.0
Operating Segments | Costa Rica | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	46.2	0.0
Operating Segments | Costa Rica | Interconnect, inbound roaming, equipment sales and other
Principal Transaction Revenue [Line Items]
Revenue	16.5	0.0
Operating Segments | Costa Rica | Total B2B revenue
Principal Transaction Revenue [Line Items]
Revenue	9.2	0.0
Operating Segments | Costa Rica | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	9.2	0.0
Operating Segments | Costa Rica | Subsea network revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0
Operating Segments | Costa Rica | Other revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0
Corporate
Principal Transaction Revenue [Line Items]
Revenue	5.6	5.4
Corporate | Total residential revenue
Principal Transaction Revenue [Line Items]
Revenue	5.6	5.4
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	5.6	5.4
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	5.6	5.4
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	(6.5)	(5.1)
Intersegment Eliminations | Total residential revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0
Intersegment Eliminations | Total residential fixed revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0
Intersegment Eliminations | Total subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0
Intersegment Eliminations | Video
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0
Intersegment Eliminations | Broadband internet
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0
Intersegment Eliminations | Fixed-line telephony
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0
Intersegment Eliminations | Non-subscription revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0
Intersegment Eliminations | Total residential mobile revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0
Intersegment Eliminations | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0
Intersegment Eliminations | Interconnect, inbound roaming, equipment sales and other
Principal Transaction Revenue [Line Items]
Revenue	0.0	0.0
Intersegment Eliminations | Total B2B revenue
Principal Transaction Revenue [Line Items]
Revenue	(6.5)	(5.1)
Intersegment Eliminations | Service revenue
Principal Transaction Revenue [Line Items]
Revenue	(1.7)	(1.1)
Intersegment Eliminations | Subsea network revenue
Principal Transaction Revenue [Line Items]
Revenue	(4.8)	(4.0)
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
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 1,218.7	$ 1,165.2
Puerto Rico
Segment Reporting Information [Line Items]
Revenue	356.6	347.3
Chile
Segment Reporting Information [Line Items]
Revenue	170.8	210.3
Panama
Segment Reporting Information [Line Items]
Revenue	126.4	126.7
Jamaica
Segment Reporting Information [Line Items]
Revenue	104.8	97.3
Networks & LatAm
Segment Reporting Information [Line Items]
Revenue	88.5	90.4
Costa Rica
Segment Reporting Information [Line Items]
Revenue	107.2	36.2
The Bahamas
Segment Reporting Information [Line Items]
Revenue	47.7	45.0
Trinidad and Tobago
Segment Reporting Information [Line Items]
Revenue	40.6	39.7
Barbados
Segment Reporting Information [Line Items]
Revenue	36.5	33.9
Curacao
Segment Reporting Information [Line Items]
Revenue	33.1	34.3
Other
Segment Reporting Information [Line Items]
Revenue	$ 106.5	$ 104.1