000171218412/312024Q1falsehttp://fasb.org/us-gaap/2023#LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturitieshttp://fasb.org/us-gaap/2023#LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities00017121842024-01-012024-03-310001712184us-gaap:CommonClassAMember2024-01-012024-03-310001712184us-gaap:CommonClassCMember2024-01-012024-03-310001712184us-gaap:CommonClassAMember2024-04-30xbrli:shares0001712184us-gaap:CommonClassBMember2024-04-300001712184us-gaap:CommonClassCMember2024-04-3000017121842024-03-31iso4217:USD00017121842023-12-310001712184us-gaap:CommonClassAMember2023-12-31iso4217:USDxbrli:shares0001712184us-gaap:CommonClassAMember2024-03-310001712184us-gaap:CommonClassBMember2024-03-310001712184us-gaap:CommonClassBMember2023-12-310001712184us-gaap:CommonClassCMember2024-03-310001712184us-gaap:CommonClassCMember2023-12-3100017121842023-01-012023-03-310001712184us-gaap:CommonClassAMemberus-gaap:CommonStockMember2022-12-310001712184us-gaap:CommonClassCMemberus-gaap:CommonStockMember2022-12-310001712184us-gaap:TreasuryStockCommonMember2022-12-310001712184us-gaap:AdditionalPaidInCapitalMember2022-12-310001712184us-gaap:RetainedEarningsMember2022-12-310001712184us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001712184us-gaap:ParentMember2022-12-310001712184us-gaap:NoncontrollingInterestMember2022-12-3100017121842022-12-310001712184us-gaap:RetainedEarningsMember2023-01-012023-03-310001712184us-gaap:ParentMember2023-01-012023-03-310001712184us-gaap:NoncontrollingInterestMember2023-01-012023-03-310001712184us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001712184us-gaap:TreasuryStockCommonMember2023-01-012023-03-310001712184us-gaap:NoncontrollingInterestMember2024-01-012024-03-310001712184us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001712184us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-03-310001712184us-gaap:CommonClassCMemberus-gaap:CommonStockMember2023-03-310001712184us-gaap:TreasuryStockCommonMember2023-03-310001712184us-gaap:AdditionalPaidInCapitalMember2023-03-310001712184us-gaap:RetainedEarningsMember2023-03-310001712184us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001712184us-gaap:ParentMember2023-03-310001712184us-gaap:NoncontrollingInterestMember2023-03-3100017121842023-03-310001712184us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-12-310001712184us-gaap:CommonClassCMemberus-gaap:CommonStockMember2023-12-310001712184us-gaap:TreasuryStockCommonMember2023-12-310001712184us-gaap:AdditionalPaidInCapitalMember2023-12-310001712184us-gaap:RetainedEarningsMember2023-12-310001712184us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001712184us-gaap:ParentMember2023-12-310001712184us-gaap:NoncontrollingInterestMember2023-12-310001712184us-gaap:RetainedEarningsMember2024-01-012024-03-310001712184us-gaap:ParentMember2024-01-012024-03-310001712184us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001712184us-gaap:TreasuryStockCommonMember2024-01-012024-03-310001712184us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001712184us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-03-310001712184us-gaap:CommonClassCMemberus-gaap:CommonStockMember2024-03-310001712184us-gaap:TreasuryStockCommonMember2024-03-310001712184us-gaap:AdditionalPaidInCapitalMember2024-03-310001712184us-gaap:RetainedEarningsMember2024-03-310001712184us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001712184us-gaap:ParentMember2024-03-310001712184us-gaap:NoncontrollingInterestMember2024-03-310001712184lila:TelefnicaCostaRicaCWMember2024-03-31xbrli:pure0001712184lila:ResidentialandBusinesstoBusinessServicesMember2024-03-31lila:countrylila:segment0001712184lila:CableWirelessCommunicationsLimitedCWMemberlila:WholesaleCommunicationServicesMember2024-03-31lila:market0001712184lila:DISHMembersrt:ScenarioForecastMember2024-04-012024-12-31lila:installment0001712184us-gaap:InterestRateContractMember2024-03-310001712184us-gaap:InterestRateContractMember2023-12-310001712184us-gaap:OtherContractMember2024-03-310001712184us-gaap:OtherContractMember2023-12-310001712184us-gaap:ForeignExchangeForwardMember2024-03-310001712184us-gaap:ForeignExchangeForwardMember2023-12-310001712184us-gaap:InterestRateContractMember2024-01-012024-03-310001712184us-gaap:InterestRateContractMember2023-01-012023-03-310001712184us-gaap:ForeignExchangeForwardMember2024-01-012024-03-310001712184us-gaap:ForeignExchangeForwardMember2023-01-012023-03-310001712184lila:WeatherDerivativesMember2024-01-012024-03-310001712184lila:WeatherDerivativesMember2023-01-012023-03-310001712184us-gaap:MeasurementInputCounterpartyCreditRiskMember2024-03-310001712184lila:CableWirelessCommunicationsLimitedCWMemberus-gaap:InterestRateSwapMember2024-03-310001712184lila:CableWirelessCommunicationsLimitedCWMemberus-gaap:InterestRateSwapMember2024-01-012024-03-310001712184lila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMemberus-gaap:InterestRateSwapMember2024-03-310001712184lila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMemberus-gaap:InterestRateSwapMember2024-01-012024-03-310001712184lila:CableWirelessCommunicationsLimitedCWMemberus-gaap:BasisSwapMember2024-03-310001712184lila:CableWirelessCommunicationsLimitedCWMemberus-gaap:BasisSwapMember2024-01-012024-03-310001712184us-gaap:BasisSwapMemberlila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMember2024-03-310001712184us-gaap:BasisSwapMemberlila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMember2024-01-012024-03-310001712184us-gaap:InterestRateFloorMember2024-03-310001712184us-gaap:InterestRateFloorMember2024-01-012024-03-310001712184us-gaap:InterestRateCapMember2024-03-310001712184us-gaap:InterestRateCapMember2024-01-012024-03-310001712184lila:CostaRiceBorrowingGroupMemberus-gaap:ForeignExchangeForwardMember2024-03-31iso4217:CRC0001712184lila:CostaRiceBorrowingGroupMemberus-gaap:ForeignExchangeForwardMember2024-01-012024-03-310001712184lila:CableWirelessCommunicationsLimitedCWMember2023-12-310001712184lila:CableWirelessCommunicationsLimitedCWPanamaMember2023-12-310001712184lila:LibertyNetworksMember2023-12-310001712184lila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMember2023-12-310001712184lila:CostaRicaSegmentMember2023-12-310001712184lila:CableWirelessCommunicationsLimitedCWMember2024-01-012024-03-310001712184lila:CableWirelessCommunicationsLimitedCWPanamaMember2024-01-012024-03-310001712184lila:LibertyNetworksMember2024-01-012024-03-310001712184lila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMember2024-01-012024-03-310001712184lila:CostaRicaSegmentMember2024-01-012024-03-310001712184lila:CableWirelessCommunicationsLimitedCWMember2024-03-310001712184lila:CableWirelessCommunicationsLimitedCWPanamaMember2024-03-310001712184lila:LibertyNetworksMember2024-03-310001712184lila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMember2024-03-310001712184lila:CostaRicaSegmentMember2024-03-310001712184lila:DistributionSystemsMember2024-03-310001712184lila:DistributionSystemsMember2023-12-310001712184lila:SupportEquipmentBuildingsLandAndCIPMember2024-03-310001712184lila:SupportEquipmentBuildingsLandAndCIPMember2023-12-310001712184lila:CustomerPremisesEquipmentMember2024-03-310001712184lila:CustomerPremisesEquipmentMember2023-12-310001712184us-gaap:CustomerRelationshipsMember2024-03-310001712184us-gaap:CustomerRelationshipsMember2023-12-310001712184us-gaap:LicensingAgreementsMember2024-03-310001712184us-gaap:LicensingAgreementsMember2023-12-310001712184lila:SpectrumLicensesMember2024-03-310001712184lila:SpectrumLicensesMember2023-12-310001712184us-gaap:FranchiseRightsMember2024-03-310001712184us-gaap:FranchiseRightsMember2023-12-310001712184us-gaap:ConvertibleDebtMemberlila:ConvertibleNotesMember2024-03-310001712184us-gaap:ConvertibleDebtMemberlila:ConvertibleNotesMember2023-12-310001712184lila:CWNotesMemberus-gaap:SeniorNotesMember2024-03-310001712184lila:CWNotesMemberus-gaap:SeniorNotesMember2023-12-310001712184us-gaap:LineOfCreditMemberlila:CWCreditFacilitiesMember2024-03-310001712184us-gaap:LineOfCreditMemberlila:CWCreditFacilitiesMember2023-12-310001712184us-gaap:LineOfCreditMemberlila:LPRSeniorSecuredNotesMember2024-03-310001712184us-gaap:LineOfCreditMemberlila:LPRSeniorSecuredNotesMember2023-12-310001712184us-gaap:LineOfCreditMemberlila:LPRBankFacilityMember2024-03-310001712184us-gaap:LineOfCreditMemberlila:LPRBankFacilityMember2023-12-310001712184lila:CostaRicaCreditFacilitiesMemberus-gaap:LineOfCreditMember2024-03-310001712184lila:CostaRicaCreditFacilitiesMemberus-gaap:LineOfCreditMember2023-12-310001712184lila:VendorFinancingTowerTransactionsAndOtherMemberus-gaap:UnsecuredDebtMember2024-03-310001712184lila:VendorFinancingTowerTransactionsAndOtherMemberus-gaap:UnsecuredDebtMember2023-12-310001712184lila:ConvertibleNotesMember2024-03-310001712184lila:VendorFinancingMemberus-gaap:UnsecuredDebtMember2024-03-310001712184lila:VendorFinancingMemberus-gaap:UnsecuredDebtMember2023-12-310001712184lila:VendorFinancingObligationsMemberus-gaap:UnsecuredDebtMember2023-01-012023-03-310001712184lila:VendorFinancingObligationsMemberus-gaap:UnsecuredDebtMember2024-01-012024-03-310001712184us-gaap:LineOfCreditMemberlila:LCRRevolvingCreditFacilityMember2024-03-310001712184us-gaap:LineOfCreditMemberlila:SecuredOvernightFinancingRateSOFRMemberlila:LCRRevolvingCreditFacilityMember2024-03-310001712184us-gaap:LineOfCreditMemberlila:A2031LCRTermLoanAMember2023-03-310001712184lila:A2031LCRTermLoanBMemberus-gaap:LineOfCreditMember2023-03-310001712184us-gaap:LineOfCreditMemberlila:SecuredOvernightFinancingRateSOFRMemberlila:LCRRevolvingCreditFacilityMember2023-03-310001712184us-gaap:LineOfCreditMemberlila:LCRRevolvingCreditFacilityMember2023-03-310001712184us-gaap:LineOfCreditMemberlila:CWCreditFacilitiesMember2024-01-012024-03-310001712184us-gaap:LineOfCreditMemberlila:LibertyServiciosConvertibleNotesMember2024-03-310001712184us-gaap:LineOfCreditMemberlila:CWRevolvingCreditFacilityMember2024-01-012024-03-310001712184us-gaap:LineOfCreditMemberlila:CWRevolvingCreditFacilityMember2024-03-310001712184us-gaap:LineOfCreditMemberlila:LibertyServiciosTermLoanB1FacilityMember2023-01-012023-03-310001712184us-gaap:LineOfCreditMemberlila:LibertyServiciosTermLoanB1FacilityMember2023-03-310001712184us-gaap:LineOfCreditMemberlila:LibertyServiciosTermLoanB2FacilityMember2023-01-012023-03-310001712184us-gaap:LineOfCreditMemberlila:LibertyServiciosTermLoanB2FacilityMember2023-03-310001712184us-gaap:LineOfCreditMemberlila:LibertyServiciosConvertibleNotesMember2023-01-012023-03-310001712184us-gaap:LineOfCreditMemberlila:LibertyServiciosConvertibleNotesMember2023-03-310001712184us-gaap:ConvertibleNotesPayableMemberus-gaap:LineOfCreditMemberlila:LibertyServiciosConvertibleNotesMember2024-02-012024-02-290001712184us-gaap:SeniorNotesMember2023-03-012023-03-310001712184lila:LibertyLatinAmericaMember2024-03-310001712184lila:ConsolidatedMember2024-03-310001712184us-gaap:LineOfCreditMemberus-gaap:SubsequentEventMemberlila:CWRevolvingCreditFacilityMember2024-05-070001712184us-gaap:LineOfCreditMemberlila:LPRRevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2024-05-070001712184us-gaap:LineOfCreditMemberlila:CWCreditFacilitiesMemberus-gaap:SubsequentEventMember2024-05-0700017121842024-04-012024-03-310001712184us-gaap:CommonClassAMember2023-01-012023-03-310001712184us-gaap:CommonClassCMember2023-01-012023-03-310001712184us-gaap:CommonClassCMemberus-gaap:SubsequentEventMember2024-05-070001712184us-gaap:CommonClassAMemberus-gaap:SubsequentEventMember2024-05-070001712184lila:ProgrammingAndCopyrightMember2024-01-012024-03-310001712184lila:ProgrammingAndCopyrightMember2023-01-012023-03-310001712184lila:InterconnectMember2024-01-012024-03-310001712184lila:InterconnectMember2023-01-012023-03-310001712184us-gaap:EquipmentMember2024-01-012024-03-310001712184us-gaap:EquipmentMember2023-01-012023-03-310001712184lila:ProjectRelatedAndOtherMember2024-01-012024-03-310001712184lila:ProjectRelatedAndOtherMember2023-01-012023-03-310001712184lila:OptionsStockAppreciationRightsSARsandRestrictedStockUnitsRSUsMember2024-01-012024-03-310001712184lila:OptionsStockAppreciationRightsSARsandRestrictedStockUnitsRSUsMember2023-01-012023-03-310001712184lila:PSUsAndPSARsMember2024-01-012024-03-310001712184lila:PSUsAndPSARsMember2023-01-012023-03-310001712184lila:LTVPsAndESPPMember2024-01-012024-03-310001712184lila:LTVPsAndESPPMember2023-01-012023-03-310001712184us-gaap:ConvertibleDebtSecuritiesMember2024-01-012024-03-310001712184us-gaap:ConvertibleDebtSecuritiesMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWPanamaMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWPanamaMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:LibertyNetworksMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:LibertyNetworksMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:CostaRicaSegmentMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:CostaRicaSegmentMember2023-01-012023-03-310001712184us-gaap:CorporateNonSegmentMember2024-01-012024-03-310001712184us-gaap:CorporateNonSegmentMember2023-01-012023-03-310001712184us-gaap:IntersegmentEliminationMember2024-01-012024-03-310001712184us-gaap:IntersegmentEliminationMember2023-01-012023-03-310001712184lila:CableSubscriptionMemberus-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWMember2024-01-012024-03-310001712184lila:CableSubscriptionMemberus-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWPanamaMember2024-01-012024-03-310001712184lila:CableSubscriptionMemberus-gaap:OperatingSegmentsMemberlila:LibertyNetworksMember2024-01-012024-03-310001712184lila:CableSubscriptionMemberus-gaap:OperatingSegmentsMemberlila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMember2024-01-012024-03-310001712184lila:CableSubscriptionMemberus-gaap:OperatingSegmentsMemberlila:CostaRicaSegmentMember2024-01-012024-03-310001712184lila:CableSubscriptionMemberus-gaap:CorporateNonSegmentMember2024-01-012024-03-310001712184lila:CableSubscriptionMemberus-gaap:IntersegmentEliminationMember2024-01-012024-03-310001712184lila:CableSubscriptionMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWMemberlila:CableNonSubscriptionMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWPanamaMemberlila:CableNonSubscriptionMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:LibertyNetworksMemberlila:CableNonSubscriptionMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMemberlila:CableNonSubscriptionMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:CostaRicaSegmentMemberlila:CableNonSubscriptionMember2024-01-012024-03-310001712184us-gaap:CorporateNonSegmentMemberlila:CableNonSubscriptionMember2024-01-012024-03-310001712184us-gaap:IntersegmentEliminationMemberlila:CableNonSubscriptionMember2024-01-012024-03-310001712184lila:CableNonSubscriptionMember2024-01-012024-03-310001712184lila:ResidentialCableMemberus-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWMember2024-01-012024-03-310001712184lila:ResidentialCableMemberus-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWPanamaMember2024-01-012024-03-310001712184lila:ResidentialCableMemberus-gaap:OperatingSegmentsMemberlila:LibertyNetworksMember2024-01-012024-03-310001712184lila:ResidentialCableMemberus-gaap:OperatingSegmentsMemberlila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMember2024-01-012024-03-310001712184lila:ResidentialCableMemberus-gaap:OperatingSegmentsMemberlila:CostaRicaSegmentMember2024-01-012024-03-310001712184lila:ResidentialCableMemberus-gaap:CorporateNonSegmentMember2024-01-012024-03-310001712184lila:ResidentialCableMemberus-gaap:IntersegmentEliminationMember2024-01-012024-03-310001712184lila:ResidentialCableMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWMemberlila:MobileSubscriptionMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWPanamaMemberlila:MobileSubscriptionMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:LibertyNetworksMemberlila:MobileSubscriptionMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMemberlila:MobileSubscriptionMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:CostaRicaSegmentMemberlila:MobileSubscriptionMember2024-01-012024-03-310001712184us-gaap:CorporateNonSegmentMemberlila:MobileSubscriptionMember2024-01-012024-03-310001712184us-gaap:IntersegmentEliminationMemberlila:MobileSubscriptionMember2024-01-012024-03-310001712184lila:MobileSubscriptionMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWMemberlila:MobileNonSubscriptionMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:MobileNonSubscriptionMemberlila:CableWirelessCommunicationsLimitedCWPanamaMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:LibertyNetworksMemberlila:MobileNonSubscriptionMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:MobileNonSubscriptionMemberlila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:MobileNonSubscriptionMemberlila:CostaRicaSegmentMember2024-01-012024-03-310001712184lila:MobileNonSubscriptionMemberus-gaap:CorporateNonSegmentMember2024-01-012024-03-310001712184lila:MobileNonSubscriptionMemberus-gaap:IntersegmentEliminationMember2024-01-012024-03-310001712184lila:MobileNonSubscriptionMember2024-01-012024-03-310001712184lila:MobileResidentialMemberus-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWMember2024-01-012024-03-310001712184lila:MobileResidentialMemberus-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWPanamaMember2024-01-012024-03-310001712184lila:MobileResidentialMemberus-gaap:OperatingSegmentsMemberlila:LibertyNetworksMember2024-01-012024-03-310001712184lila:MobileResidentialMemberus-gaap:OperatingSegmentsMemberlila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMember2024-01-012024-03-310001712184lila:MobileResidentialMemberus-gaap:OperatingSegmentsMemberlila:CostaRicaSegmentMember2024-01-012024-03-310001712184lila:MobileResidentialMemberus-gaap:CorporateNonSegmentMember2024-01-012024-03-310001712184lila:MobileResidentialMemberus-gaap:IntersegmentEliminationMember2024-01-012024-03-310001712184lila:MobileResidentialMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWMemberlila:ResidentialServicesMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWPanamaMemberlila:ResidentialServicesMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:LibertyNetworksMemberlila:ResidentialServicesMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:ResidentialServicesMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:CostaRicaSegmentMemberlila:ResidentialServicesMember2024-01-012024-03-310001712184us-gaap:CorporateNonSegmentMemberlila:ResidentialServicesMember2024-01-012024-03-310001712184us-gaap:IntersegmentEliminationMemberlila:ResidentialServicesMember2024-01-012024-03-310001712184lila:ResidentialServicesMember2024-01-012024-03-310001712184lila:BusinessToBusinessServicesMemberus-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWMember2024-01-012024-03-310001712184lila:BusinessToBusinessServicesMemberus-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWPanamaMember2024-01-012024-03-310001712184lila:BusinessToBusinessServicesMemberus-gaap:OperatingSegmentsMemberlila:LibertyNetworksMember2024-01-012024-03-310001712184lila:BusinessToBusinessServicesMemberus-gaap:OperatingSegmentsMemberlila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMember2024-01-012024-03-310001712184lila:BusinessToBusinessServicesMemberus-gaap:OperatingSegmentsMemberlila:CostaRicaSegmentMember2024-01-012024-03-310001712184lila:BusinessToBusinessServicesMemberus-gaap:CorporateNonSegmentMember2024-01-012024-03-310001712184lila:BusinessToBusinessServicesMemberus-gaap:IntersegmentEliminationMember2024-01-012024-03-310001712184lila:BusinessToBusinessServicesMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWMemberlila:OtherServicesMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWPanamaMemberlila:OtherServicesMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:LibertyNetworksMemberlila:OtherServicesMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMemberlila:OtherServicesMember2024-01-012024-03-310001712184us-gaap:OperatingSegmentsMemberlila:CostaRicaSegmentMemberlila:OtherServicesMember2024-01-012024-03-310001712184us-gaap:CorporateNonSegmentMemberlila:OtherServicesMember2024-01-012024-03-310001712184us-gaap:IntersegmentEliminationMemberlila:OtherServicesMember2024-01-012024-03-310001712184lila:OtherServicesMember2024-01-012024-03-310001712184lila:LibertyNetworksOtherMember2024-01-012024-03-310001712184lila:MobileHandsetAndOtherDevicesMember2024-01-012024-03-310001712184lila:B2BMobileHandsetandOtherDevicesMember2024-01-012024-03-310001712184lila:CableSubscriptionMemberus-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWMember2023-01-012023-03-310001712184lila:CableSubscriptionMemberus-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWPanamaMember2023-01-012023-03-310001712184lila:CableSubscriptionMemberus-gaap:OperatingSegmentsMemberlila:LibertyNetworksMember2023-01-012023-03-310001712184lila:CableSubscriptionMemberus-gaap:OperatingSegmentsMemberlila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMember2023-01-012023-03-310001712184lila:CableSubscriptionMemberus-gaap:OperatingSegmentsMemberlila:CostaRicaSegmentMember2023-01-012023-03-310001712184lila:CableSubscriptionMemberus-gaap:CorporateNonSegmentMember2023-01-012023-03-310001712184lila:CableSubscriptionMemberus-gaap:IntersegmentEliminationMember2023-01-012023-03-310001712184lila:CableSubscriptionMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWMemberlila:CableNonSubscriptionMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWPanamaMemberlila:CableNonSubscriptionMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:LibertyNetworksMemberlila:CableNonSubscriptionMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMemberlila:CableNonSubscriptionMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:CostaRicaSegmentMemberlila:CableNonSubscriptionMember2023-01-012023-03-310001712184us-gaap:CorporateNonSegmentMemberlila:CableNonSubscriptionMember2023-01-012023-03-310001712184us-gaap:IntersegmentEliminationMemberlila:CableNonSubscriptionMember2023-01-012023-03-310001712184lila:CableNonSubscriptionMember2023-01-012023-03-310001712184lila:ResidentialCableMemberus-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWMember2023-01-012023-03-310001712184lila:ResidentialCableMemberus-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWPanamaMember2023-01-012023-03-310001712184lila:ResidentialCableMemberus-gaap:OperatingSegmentsMemberlila:LibertyNetworksMember2023-01-012023-03-310001712184lila:ResidentialCableMemberus-gaap:OperatingSegmentsMemberlila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMember2023-01-012023-03-310001712184lila:ResidentialCableMemberus-gaap:OperatingSegmentsMemberlila:CostaRicaSegmentMember2023-01-012023-03-310001712184lila:ResidentialCableMemberus-gaap:CorporateNonSegmentMember2023-01-012023-03-310001712184lila:ResidentialCableMemberus-gaap:IntersegmentEliminationMember2023-01-012023-03-310001712184lila:ResidentialCableMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWMemberlila:MobileSubscriptionMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWPanamaMemberlila:MobileSubscriptionMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:LibertyNetworksMemberlila:MobileSubscriptionMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMemberlila:MobileSubscriptionMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:CostaRicaSegmentMemberlila:MobileSubscriptionMember2023-01-012023-03-310001712184us-gaap:CorporateNonSegmentMemberlila:MobileSubscriptionMember2023-01-012023-03-310001712184us-gaap:IntersegmentEliminationMemberlila:MobileSubscriptionMember2023-01-012023-03-310001712184lila:MobileSubscriptionMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWMemberlila:MobileNonSubscriptionMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:MobileNonSubscriptionMemberlila:CableWirelessCommunicationsLimitedCWPanamaMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:LibertyNetworksMemberlila:MobileNonSubscriptionMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:MobileNonSubscriptionMemberlila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:MobileNonSubscriptionMemberlila:CostaRicaSegmentMember2023-01-012023-03-310001712184lila:MobileNonSubscriptionMemberus-gaap:CorporateNonSegmentMember2023-01-012023-03-310001712184lila:MobileNonSubscriptionMemberus-gaap:IntersegmentEliminationMember2023-01-012023-03-310001712184lila:MobileNonSubscriptionMember2023-01-012023-03-310001712184lila:MobileResidentialMemberus-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWMember2023-01-012023-03-310001712184lila:MobileResidentialMemberus-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWPanamaMember2023-01-012023-03-310001712184lila:MobileResidentialMemberus-gaap:OperatingSegmentsMemberlila:LibertyNetworksMember2023-01-012023-03-310001712184lila:MobileResidentialMemberus-gaap:OperatingSegmentsMemberlila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMember2023-01-012023-03-310001712184lila:MobileResidentialMemberus-gaap:OperatingSegmentsMemberlila:CostaRicaSegmentMember2023-01-012023-03-310001712184lila:MobileResidentialMemberus-gaap:CorporateNonSegmentMember2023-01-012023-03-310001712184lila:MobileResidentialMemberus-gaap:IntersegmentEliminationMember2023-01-012023-03-310001712184lila:MobileResidentialMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWMemberlila:ResidentialServicesMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWPanamaMemberlila:ResidentialServicesMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:LibertyNetworksMemberlila:ResidentialServicesMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMemberlila:ResidentialServicesMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:CostaRicaSegmentMemberlila:ResidentialServicesMember2023-01-012023-03-310001712184us-gaap:CorporateNonSegmentMemberlila:ResidentialServicesMember2023-01-012023-03-310001712184us-gaap:IntersegmentEliminationMemberlila:ResidentialServicesMember2023-01-012023-03-310001712184lila:ResidentialServicesMember2023-01-012023-03-310001712184lila:BusinessToBusinessServicesMemberus-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWMember2023-01-012023-03-310001712184lila:BusinessToBusinessServicesMemberus-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWPanamaMember2023-01-012023-03-310001712184lila:BusinessToBusinessServicesMemberus-gaap:OperatingSegmentsMemberlila:LibertyNetworksMember2023-01-012023-03-310001712184lila:BusinessToBusinessServicesMemberus-gaap:OperatingSegmentsMemberlila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMember2023-01-012023-03-310001712184lila:BusinessToBusinessServicesMemberus-gaap:OperatingSegmentsMemberlila:CostaRicaSegmentMember2023-01-012023-03-310001712184lila:BusinessToBusinessServicesMemberus-gaap:CorporateNonSegmentMember2023-01-012023-03-310001712184lila:BusinessToBusinessServicesMemberus-gaap:IntersegmentEliminationMember2023-01-012023-03-310001712184lila:BusinessToBusinessServicesMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWMemberlila:OtherServicesMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:CableWirelessCommunicationsLimitedCWPanamaMemberlila:OtherServicesMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:LibertyNetworksMemberlila:OtherServicesMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:LibertyCablevisionofPuertoRicoLLCLibertyPuertoRicoMemberlila:OtherServicesMember2023-01-012023-03-310001712184us-gaap:OperatingSegmentsMemberlila:CostaRicaSegmentMemberlila:OtherServicesMember2023-01-012023-03-310001712184us-gaap:CorporateNonSegmentMemberlila:OtherServicesMember2023-01-012023-03-310001712184us-gaap:IntersegmentEliminationMemberlila:OtherServicesMember2023-01-012023-03-310001712184lila:OtherServicesMember2023-01-012023-03-310001712184lila:LibertyNetworksMember2023-01-012023-03-310001712184lila:MobileServiceRevenueMember2023-01-012023-03-310001712184lila:B2BMobileHandsetandOtherDevicesMember2023-01-012023-03-310001712184country:PR2024-01-012024-03-310001712184country:PR2023-01-012023-03-310001712184country:PA2024-01-012024-03-310001712184country:PA2023-01-012023-03-310001712184country:CR2024-01-012024-03-310001712184country:CR2023-01-012023-03-310001712184country:JM2024-01-012024-03-310001712184country:JM2023-01-012023-03-310001712184lila:NetworksandLatinAmericaMember2024-01-012024-03-310001712184lila:NetworksandLatinAmericaMember2023-01-012023-03-310001712184country:BS2024-01-012024-03-310001712184country:BS2023-01-012023-03-310001712184country:TT2024-01-012024-03-310001712184country:TT2023-01-012023-03-310001712184country:BB2024-01-012024-03-310001712184country:BB2023-01-012023-03-310001712184country:CW2024-01-012024-03-310001712184country:CW2023-01-012023-03-310001712184lila:OtherCaribbeanOperationsMember2024-01-012024-03-310001712184lila:OtherCaribbeanOperationsMember2023-01-012023-03-31

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, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to                    
Commission file number: 001-38335
colorlogoa21.jpg
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, 
 HamiltonHM 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 ClassTrading SymbolsName of Each Exchange on Which Registered
Class A Common Shares, par value $0.01 per shareLILAThe NASDAQ Stock Market LLC
Class C Common Shares, par value $0.01 per shareLILAKThe 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, 2024 was: 38.7 million Class A; 2.4 million Class B; and 156.2 million 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, 2024 and December 31, 2023 (unaudited)
Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 (unaudited)
Condensed Consolidated Statements of Comprehensive Earnings (Loss) for the Three Months Ended March 31, 2024 and 2023 (unaudited)
Condensed Consolidated Statements of Equity for the Three Months Ended March 31, 2024 and 2023 (unaudited)
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (unaudited)
Notes to Condensed Consolidated Financial Statements (unaudited)
Item 2.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Item 4.CONTROLS AND PROCEDURES
PART II - OTHER INFORMATION
Item 1.
LEGAL PROCEEDINGS
Item 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Item 5.OTHER INFORMATION
Item 6.EXHIBITS



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.
2023 Form 10-KAnnual Report on Form 10-K as filed with the SEC under the Exchange Act for the year ended December 31, 2023
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 International Finance Limited
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
2028 CWP Term Loan$435 million principal amount 4.25% term loan facility due January 18, 2028 issued by CWP
2028 LPR Term Loan$620 million principal amount Adjusted Term SOFR + 3.75% term loan facility due October 15, 2028 issued by LCPR Loan Financing
2029 LPR Senior Secured Notes$820 million principal amount 5.125% senior secured notes due July 15, 2029 issued by LCPR Senior Secured Financing
2031 LCR Term Loan A$50 million principal amount 10.875% senior secured term loan due January 15, 2031 borrowed by Liberty Servicios; from July 15, 2028 and thereafter, the applicable interest rate will increase by 0.125% per annum for each of the Sustainability Performance Targets (as defined in the credit agreement) not achieved by Liberty Costa Rica by no later than December 31, 2027
2031 LCR Term Loan B$400 million principal amount 10.875% senior secured term loan due January 15, 2031 borrowed by Liberty Servicios; from July 15, 2028 and thereafter, the applicable interest rate will increase by 0.125% per annum for each of the Sustainability Performance Targets (as defined in the credit agreement) not achieved by Liberty Costa Rica by no later than December 31, 2027
Adjusted OIBDAOperating 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 OIBDA MarginAdjusted OIBDA divided by revenue
Adjusted Term SOFRSOFR 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
América MóvilAmérica Móvil S.A.B. de C.V.
ARPUAverage monthly subscription revenue per average fixed RGU or mobile subscriber, as applicable
ASUAccounting Standards Update
AT&TAT&T Inc.
AT&T AcquisitionOctober 31, 2020 acquisition of all of the outstanding shares of the AT&T Acquired Entities
AT&T Acquired EntitiesCollectively, Liberty Mobile Inc., Liberty Mobile Puerto Rico Inc. and Liberty Mobile USVI Inc.
B2BBusiness-to-business
C&WCable & Wireless Communications Limited and its subsidiaries
C&W BahamasThe Bahamas Telecommunications Company Limited, a 49%-owned subsidiary of C&W that owns all of our operations in The Bahamas
C&W CaribbeanReportable segment that includes all subsidiaries of C&W, excluding those within our C&W Panama and Liberty Networks segments
C&W Credit FacilitiesSenior secured credit facilities of certain subsidiaries of C&W comprising: (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

GLOSSARY OF DEFINED TERMS – (Continued)
C&W JamaicaCable & Wireless Jamaica Limited, a 92%-owned subsidiary of C&W
C&W NotesThe senior and senior secured notes of C&W comprising: (i) 2027 C&W Senior Secured Notes; and (ii) 2027 C&W Senior Notes
C&W PanamaReportable segment for our operations in Panama
C&W Regional FacilitiesPrimarily comprises credit facilities at CWP, Columbus Communications Trinidad Limited and Columbus Communications Jamaica Limited
C&W Revolving Credit Facility$580 million Adjusted Term SOFR + 3.25% revolving credit facility due January 30, 2027, of C&W
C&W Senior FinanceC&W Senior Finance Limited, a wholly-owned subsidiary of C&W
C&W Term Loan B-5 Facility$1,510 million principal amount Adjusted Term SOFR + 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 Adjusted Term SOFR + 3.00% term loan B-6 facility due October 15, 2029 of C&W
Capped CallsCapped call option contracts issued in connection with the issuance of our Convertible Notes
Chile JVJoint venture between Liberty Latin America and América Móvil that is 50:50 owned by each investee, the formation of which occurred during October 2022
CIPConstruction-in-process
Claro PanamaAmérica Móvil's operations in Panama
Claro Panama AcquisitionJuly 1, 2022 acquisition of Claro Panama
CLPChilean peso
CODMChief operating decision maker
Convertible Notes$140 million principal amount 2% convertible senior notes due July 15, 2024 issued by Liberty Latin America
COPColombian peso
CPECustomer premises equipment
CRCCosta Rican colón
CWPCable & Wireless Panama, S.A., a 49%-owned subsidiary of C&W that owns most of our operations in Panama
CWP Credit FacilitiesCredit facilities of CWP comprised of: (i) 2028 CWP Term Loan and (ii) CWP Revolving Credit Facility
CWP Revolving Credit Facility$20 million principal amount at Adjusted Term SOFR + 3.75% revolving credit facility due January 18, 2027 at CWP
DirectorsMembers of Liberty Latin America’s board of directors
DISH NetworkDISH Network Corporation
Employee Incentive PlanLiberty Latin America Ltd. 2018 Incentive Plan
EPSEarnings or loss per share
ESPPEmployee stock purchase plan
Exchange ActSecurities Exchange Act of 1934, as amended
ExecutivesLiberty Latin America's Principal Executive Officer and Principal Financial Officer
FASBFinancial Accounting Standards Board
FCCUnited States Federal Communications Commission
FCPAUnited States Foreign Corrupt Practices Act of 1977, as amended
FXForeign currency translation effects
JMDJamaican dollar
LCPRLiberty Communications of Puerto Rico LLC
LCPR Loan Financing
LCPR Loan Financing LLC, a consolidated special purpose financing entity that was created for the primary purpose of facilitating the issuance of certain term loan debt. LCPR is required to consolidate LCPR Loan Financing as a result of certain variable interests in LCPR Loan Financing, for which LCPR is considered the primary beneficiary.

GLOSSARY OF DEFINED TERMS – (Continued)
LCPR Senior Secured Financing
LCPR Senior Secured Financing Designated Activity Company, a consolidated special purpose financing entity that was created for the primary purpose of facilitating the issuance of certain debt offerings. Liberty Mobile is required to consolidate LCPR Senior Secured Financing as a result of certain variable interests in LCPR Senior Secured Financing, of which Liberty Mobile is considered the primary beneficiary.
LCR Credit FacilitiesSenior secured credit facilities of Liberty Servicios comprised of: (i) 2031 LCR Term Loan A; (ii) 2031 LCR Term Loan B; and (iii) LCR Revolving Credit Facility
LCR Revolving Credit Facility$60 million Term SOFR + 4.25% amended and restated revolving credit facility due January 15, 2028 of Liberty Servicios
LCR Term Loan B-1 Facility$277 million principal amount LIBOR + 5.50% term loan facility, 50% of which was due February 1, 2024 and 50% due August 1, 2024, of Liberty Servicios (repaid January 2023)
LCR Term Loan B-2 FacilityCRC 80 billion principal amount TBP + 6.75% term loan facility, 50% of which was due February 1, 2024 and 50% due August 1, 2024, of Liberty Servicios (repaid January 2023)
Liberty Communications PRLiberty Communications PR Holding LP and its subsidiaries, which include LCPR and Liberty Mobile and its subsidiaries
Liberty Costa RicaReportable segment comprising Liberty Servicios and Liberty Telecomunicaciones
Liberty Latin America SharesCollectively, Class A, Class B and Class C common shares of Liberty Latin America
Liberty MobileLiberty Mobile Inc. and it subsidiaries
Liberty NetworksReportable segment comprising our managed services and wholesale business, which primarily operates through our subsea and terrestrial fiber optic cable networks; the segment comprises certain subsidiaries of C&W
Liberty Puerto RicoReportable segment comprising Liberty Communications PR, which has operations in Puerto Rico and USVI
Liberty ServiciosLiberty Servicios Fijos LY, S.A., an indirectly 80%-owned subsidiary in Costa Rica, and its subsidiaries, including Liberty Telecomunicaciones
Liberty TelecomunicacionesLiberty Telecomunicaciones de Costa Rica LY, S.A. (formerly known as Telefónica de Costa Rica TC, S.A.), an indirectly 80%-owned subsidiary in Costa Rica and it's subsidiary
LIBORLondon Inter-Bank Offered Rate
LPR Credit FacilitiesSenior secured credit facilities of Liberty Puerto Rico comprising: (i) 2028 LPR Term Loan; and (ii) LPR Revolving Credit Facility
LPR Revolving Credit Facility$173 million Adjusted Term SOFR + 3.5% revolving credit facility due March 15, 2027 of LPR
LPR Senior Secured Notes
Senior secured notes of Liberty Puerto Rico comprising: (i) 2029 LPR Senior Secured Notes; and (ii) 2027 LPR Senior Secured Notes
LTVPLong-term Value Plan that represents a new component of the Employee Incentive Plan implemented during the second quarter of 2023 whereby employees receive a fixed-value award that vests annually over three years and can be settled in either common shares or cash at the discretion of Liberty Latin America's Compensation Committee.
OFACOffice of Foreign Assets Control
PSARsPerformance-based stock appreciation rights
PSUsPerformance-based restricted stock units
Puerto Rico and USVI Spectrum AcquisitionPending acquisition of Dish Network spectrum assets in Puerto Rico and USVI and prepaid mobile subscribers in those markets
Quarterly Report on Form 10-QQuarterly Report on Form 10-Q as filed with the SEC under the Exchange Act
RGURevenue generating unit
RSUsRestricted stock units
SARsStock appreciation rights
SECU.S. Securities and Exchange Commission

GLOSSARY OF DEFINED TERMS – (Continued)
Share Repurchase ProgramThe 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. On May 8, 2023, our Directors approved an additional $200 million for the repurchase of our Class A common shares and/or Class C common shares under the Share Repurchase Program through December 2025. Additionally, on May 7, 2024, our Directors approved an additional $200 million for the repurchase of our Class A common shares and/or Class C common shares under the Share Repurchase Program through December 2026.
SOFRReference rate based on secured overnight financing rate administered by the Federal Reserve Bank of New York
TBPTasa Básica Pasiva interest rate
TelefónicaTelefónica, S.A., a telecommunications company
Term SOFRForward-looking term rate based on SOFR as published by CME Group Benchmark Administration Limited
Tower TransactionsTransactions associated with certain of our mobile towers across various markets that (i) have terms of 15 or 20 years and did not meet the criteria to be accounted for as a sale and leaseback and (ii) also include "build to suit" sites that we are obligated to construct over the next 5 years. The total weighted average imputed interest rate of the financial liabilities associated with these transactions is approximately 7%.
U.S.United States
U.S. GAAPGenerally accepted accounting principles in the United States
USVIThe U.S. Virgin Islands
VATValue-added taxes
VTRVTR Finance N.V. and its subsidiaries, a reportable segment through the date of close of the Chile JV
Weather DerivativesWeather derivative contracts that provide insurance coverage for certain weather-related events


LIBERTY LATIN AMERICA LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
 
March 31,
2024		December 31,
2023
 in millions
ASSETS
Current assets:
Cash and cash equivalents$668.5 $988.6 
Trade receivables, net707.8 686.1 
Prepaid expenses92.1 68.8 
Current derivative assets95.3 92.0 
Current notes receivable, net89.9 107.0 
Current contract assets105.6 110.2 
Other current assets, net342.2 359.5 
Total current assets2,101.4 2,412.2 
Goodwill 3,502.7 3,483.4 
Property and equipment, net 4,149.7 4,205.7 
Intangible assets not subject to amortization
1,592.8 1,592.8 
Intangible assets subject to amortization, net
506.1 541.6 
Other assets, net 1,420.0 1,358.9 
Total assets$13,272.7 $13,594.6 



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,
2024		December 31,
2023
 in millions
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$365.8 $424.4 
Current portion of deferred revenue 131.2 167.1 
Current portion of debt and finance lease obligations465.2 581.9 
Accrued interest113.1 157.3 
Accrued payroll and employee benefits75.3 79.1 
Current derivative liabilities58.1 25.0 
Current portion of operating lease liabilities87.9 84.3 
Other accrued and current liabilities 583.1 613.5 
Total current liabilities1,879.7 2,132.6 
Long-term debt and finance lease obligations 7,590.8 7,598.0 
Deferred tax liabilities 630.3 630.6 
Deferred revenue96.7 91.6 
Other long-term liabilities 796.2 832.1 
Total liabilities10,993.7 11,284.9 
Commitments and contingencies
Equity:
Liberty Latin America shareholders:
Class A, $0.01 par value; 500.0 million shares authorized; 53.5 million and 39.3 million shares issued and outstanding, respectively, at March 31, 2024; 52.6 million and 40.8 million shares issued and outstanding, respectively, at December 31, 2023
0.5 0.5 
Class B,$0.01 par value; 50.0 million shares authorized; 2.4 million shares issued and outstanding at March 31, 2024; 2.2 million shares issued and outstanding at December 31, 2023
— — 
Class C, $0.01 par value; 500.0 million shares authorized; 191.7 million and 157.1 million shares issued and outstanding, respectively, at March 31, 2024; 189.6 million and 161.7 million shares issued and outstanding, respectively, at December 31, 2023
1.9 1.9 
Undesignated preference shares, $0.01 par value; 50.0 million shares authorized; nil shares issued and outstanding at each period
— — 
Treasury shares, at cost; 48.9 million and 39.6 million shares, respectively
(421.7)(361.2)
Additional paid-in capital
5,282.4 5,262.0 
Accumulated deficit(2,942.2)(2,941.7)
Accumulated other comprehensive loss, net of taxes(187.5)(198.0)
Total Liberty Latin America shareholders
1,733.4 1,763.5 
Noncontrolling interests545.6 546.2 
Total equity2,279.0 2,309.7 
Total liabilities and equity$13,272.7 $13,594.6 
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,
 20242023
 in millions, except per share amounts
Revenue $1,099.4 $1,101.5 
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services
240.2 246.5 
Other operating costs and expenses
512.0 484.1 
Depreciation and amortization247.8 234.6 
Impairment, restructuring and other operating items, net6.6 29.7 
1,006.6 994.9 
Operating income92.8 106.6 
Non-operating income (expense):
Interest expense(155.9)(146.6)
Realized and unrealized gains (losses) on derivative instruments, net46.4 (59.1)
Foreign currency transaction gains, net23.3 49.2 
Losses on debt extinguishments, net(0.3)(4.6)
Other expense, net(1.7)(1.7)
(88.2)(162.8)
Earnings (loss) before income taxes4.6 (56.2)
Income tax expense(5.1)(11.9)
Net loss(0.5)(68.1)
Net loss attributable to noncontrolling interests— 2.5 
Net loss attributable to Liberty Latin America shareholders$(0.5)$(65.6)
Basic and diluted net loss per share attributable to Liberty Latin America shareholders$— $(0.30)




The accompanying notes are an integral part of these condensed consolidated financial statements.
3

LIBERTY LATIN AMERICA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)
(unaudited)
 
 Three months ended March 31,
 20242023
 in millions
Net loss$(0.5)$(68.1)
Other comprehensive earnings, net of taxes:
Foreign currency translation adjustments11.2 20.4 
Reclassification adjustments included in net loss0.9 — 
Other, net(2.2)2.2 
Other comprehensive earnings9.9 22.6 
Comprehensive earnings (loss)9.4 (45.5)
Comprehensive loss attributable to noncontrolling interests0.6 3.1 
Comprehensive earnings (loss) attributable to Liberty Latin America shareholders$10.0 $(42.4)


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 shareholdersNon-controlling
interests		Total equity
Common sharesTreasury StockAdditional paid-in capitalAccumulated deficitAccumulated
other
comprehensive loss, net of taxes		Total Liberty Latin America shareholders
Class AClass BClass C
in millions
Balance at January 1, 2023$0.5 $— $1.9 $(243.4)$5,177.1 $(2,868.1)$(149.2)$1,918.8 $637.9 $2,556.7 
Net loss— — — — — (65.6)— (65.6)(2.5)(68.1)
Other comprehensive earnings— — — — — — 23.2 23.2 (0.6)22.6 
Repurchase of Liberty Latin America common shares— — — (24.6)— — — (24.6)— (24.6)
Cash and non-cash distributions to
  noncontrolling interest owners
— — — — — — — — (9.1)(9.1)
Share-based compensation— — — — 30.2 — — 30.2 — 30.2 
Balance at March 31, 2023$0.5 $— $1.9 $(268.0)$5,207.3 $(2,933.7)$(126.0)$1,882.0 $625.7 $2,507.7 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

LIBERTY LATIN AMERICA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY – (Continued)
(unaudited)
Liberty Latin America shareholdersNon-controlling
interests		Total equity
Common sharesTreasury StockAdditional paid-in capitalAccumulated deficitAccumulated
other
comprehensive loss, net of taxes		Total Liberty Latin America shareholders
Class AClass BClass C
in millions
Balance at January 1, 2024$0.5 $— $1.9 $(361.2)$5,262.0 $(2,941.7)$(198.0)$1,763.5 $546.2 $2,309.7 
Net loss— — — — — (0.5)— (0.5)— (0.5)
Other comprehensive earnings— — — — — — 10.5 10.5 (0.6)9.9 
Repurchase of Liberty Latin America common shares— — — (60.5)— — — (60.5)— (60.5)
Share-based compensation— — — — 20.4 — — 20.4 — 20.4 
Balance at March 31, 2024$0.5 $— $1.9 $(421.7)$5,282.4 $(2,942.2)$(187.5)$1,733.4 $545.6 $2,279.0 

The accompanying notes are an integral part of these condensed consolidated financial statements.
6

LIBERTY LATIN AMERICA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited) 
 Three months ended March 31,
 20242023
 in millions
Cash flows from operating activities:
Net loss$(0.5)$(68.1)
Adjustments to reconcile net loss to net cash provided by operating activities:
Share-based compensation expense27.0 29.2 
Depreciation and amortization247.8 234.6 
Impairments and other non-cash charges, net3.3 16.0 
Amortization of debt financing costs, premiums and discounts, net6.2 8.5 
Realized and unrealized losses (gains) on derivative instruments, net(46.4)59.1 
Foreign currency transaction gains, net(23.3)(49.2)
Losses on debt extinguishments, net0.3 4.6 
Deferred income tax expense benefit(28.2)(18.4)
Changes in operating assets and liabilities(162.9)(153.9)
Net cash provided by operating activities23.3 62.4 
Cash flows from investing activities:
Capital expenditures, net(109.7)(114.1)
Other investing activities, net(7.2)(18.0)
Net cash used by investing activities$(116.9)$(132.1)












The accompanying notes are an integral part of these condensed consolidated financial statements.
7

LIBERTY LATIN AMERICA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – (Continued)
(unaudited)
 Three months ended March 31,
 20242023
 in millions
Cash flows from financing activities:
Borrowings of debt$46.1 $491.4 
Payments of principal amounts of debt and finance lease obligations(211.4)(495.7)
Repurchase of Liberty Latin America common shares(56.0)(21.9)
Net cash received related to derivative instruments— 9.8 
Payment of financing costs and debt redemption premiums(0.1)(14.8)
Other financing activities, net(4.3)(4.2)
Net cash used by financing activities(225.7)(35.4)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(0.8)(4.2)
Net decrease in cash, cash equivalents and restricted cash(320.1)(109.3)
Cash, cash equivalents and restricted cash:
Beginning of period999.8 788.9 
End of period$679.7 $679.6 
Cash paid for interest
$192.0 $149.6 
Net cash paid for taxes
$54.4 $19.9 
The accompanying notes are an integral part of these condensed consolidated financial statements.
8
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements
March 31, 2024
(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; and (iii) LBT CT Communications, S.A. (a less than wholly-owned entity) and its subsidiaries, which include Liberty Servicios and Liberty Telecomunicaciones. 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 C&W Panama;
ii.Puerto Rico and USVI, through our reportable segment Liberty Puerto Rico; and
iii.Costa Rica, through our reportable segment Liberty Costa Rica.
B.through our reportable segment Liberty Networks, (i) enterprise services in certain other countries in Latin America and the Caribbean and (ii) wholesale services over our subsea and terrestrial fiber optic cable networks that connect approximately 40 markets in that region.
Unless otherwise indicated, ownership percentages are calculated as of March 31, 2024.
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 SEC 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 2023 Form 10-K.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, expected credit losses, programming and copyright expenses, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, useful lives of long-lived assets and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates. Certain prior-period amounts have been reclassified to conform to the current period presentation.
(2)    Accounting Changes and Recent Accounting Pronouncements
Recent Accounting Pronouncements
ASU 2022-04
In September 2022, the FASB issued ASU No. 2022-04, Liabilities—Supplier Finance Programs (ASU 2022-04), which requires, among other things, a rollforward of the obligations during the period. The rollforward disclosure requirement is effective for the first annual report filed for fiscal years beginning after December 15, 2023. Additional disclosures surrounding
9
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
March 31, 2024
(unaudited)
our supplier finance programs are included in note 9.
ASU 2023-07
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires enhanced disclosures surrounding significant segment expenses. In each annual and interim period, entities are required to disclose (i) significant segment expenses that are regularly provided to the CODM and are included within each reported measure of segment profit or loss, (ii) an amount and description for other segment items by reportable segment, where the other items category represents the difference between segment revenue, significant segment expenses and the reported measure of segment profit or loss, (iii) all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280, and (iv) the title and position of the CODM and an explanation of how the CODM uses the reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources. In addition, ASU 2023-07 clarifies that a public entity may disclose more than one measure of a segment’s profit or loss if the CODM uses more than one measure to assess segment performance and allocate resources. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024 with early adoption permitted. We are currently evaluating the impact this standard will have on the footnotes to our consolidated financial statements.
ASU 2023-09
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which was issued to enhance transparency of income tax disclosures, primarily by requiring consistent categories and disaggregated information about an entity’s effective tax rate reconciliation and disaggregated jurisdictional information on income taxes paid. The standard also eliminates certain existing requirements related to uncertain tax positions and unrecognized deferred tax liabilities. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 with early adoption permitted. We are currently evaluating the impact this standard will have on the footnotes to our consolidated financial statements.
(3)    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.
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 6. 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
10
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
March 31, 2024
(unaudited)
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 derivative contracts are further explained in note 6.
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, 2024, we did not perform any such non-recurring valuations.
(4)    Acquisition
Pending Acquisition
Puerto Rico and USVI Spectrum Acquisition. On November 6, 2023, we entered into an agreement with DISH Network to acquire DISH Network spectrum assets in Puerto Rico and USVI and prepaid mobile subscribers in those markets in exchange for cash and international roaming credits. The aggregate purchase price of $256 million will be paid in four annual installments commencing on the closing date, subject to post-closing adjustments. The transaction is subject to certain customary closing conditions, including regulatory approvals, and is expected to close during 2024.
(5)    Current Expected Credit Losses
The aggregate changes in our allowance for expected credit losses associated with our trade receivables, and current and long-term notes receivables are set forth below:
Three months ended March 31,
20242023
in millions
Balance at beginning of period$91.6 $101.1 
Provision for expected losses, net23.8 18.2 
Write-offs, net of recoveries(20.2)(19.7)
Foreign currency translation adjustments0.7 — 
Balance at end of period$95.9 $99.6 
(6)    Derivative Instruments
In general, we seek to enter into derivative instruments to protect against (i) increases in the interest rates on our variable-rate debt and (ii) foreign currency movements. 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.
11
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
March 31, 2024
(unaudited)
The following table provides details of the fair values of our derivative instrument assets and liabilities:
 March 31, 2024December 31, 2023
 CurrentLong-term (a)TotalCurrentLong-term (a)Total
 in millions
Assets (b):
Interest rate derivative contracts$95.3 $189.7 $285.0 $91.9 $157.4 $249.3 
Other— — — 0.1 — 0.1 
Total$95.3 $189.7 $285.0 $92.0 $157.4 $249.4 
Liabilities (b):
Interest rate derivative contracts$37.3 $1.0 $38.3 $8.2 $30.6 $38.8 
Foreign currency forward contracts20.8 3.7 24.5 16.8 4.0 20.8 
Total$58.1 $4.7 $62.8 $25.0 $34.6 $59.6 
(a)Our long-term derivative assets and long-term derivative liabilities are included in other assets, net and other long-term liabilities, respectively, in our condensed consolidated balance sheets.
(b)We consider credit risk relating to our nonperformance and the nonperformance of our counterparties 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 or losses on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 3.
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,
 20242023
 in millions
Interest rate derivative contracts$61.2 $(35.5)
Foreign currency forward contracts and other(7.2)(15.8)
Weather Derivatives(7.6)(7.8)
Total$46.4 $(59.1)
The following table sets forth the classification of the net cash inflows of our derivative instruments:
 Three months ended March 31,
 20242023
 in millions
Operating activities$18.5 $14.9 
Financing activities— 9.8 
Total$18.5 $24.7 
12
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
March 31, 2024
(unaudited)
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, 2024, 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 $247 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
Interest Rate Derivative Contracts
Interest Rate Swaps
We enter into interest rate swaps to protect against increases in the interest rates on our variable-rate debt. Pursuant to these derivative instruments, we typically pay fixed interest rates and receive variable interest rates on specified notional amounts. The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at March 31, 2024:
Borrowing groupNotional amount due from counterpartyWeighted average remaining life
 
in millionsin years
C&W (a)$2,100.0 4.3
Liberty Puerto Rico$500.0 4.5
(a)Includes embedded floors of 0% on certain contracts.
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, 2024:
Borrowing groupNotional amount due from counterpartyWeighted average remaining life
 
in millionsin years
C&W$2,100.0 0.8
Liberty Puerto Rico$620.0 0.8
13
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
March 31, 2024
(unaudited)
Interest Rate Floors
Interest rate floors provide protection against interest rates falling below a pre-set level. At March 31, 2024, 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 4.5 years.
Interest Rate Caps
Interest rate caps provide protection against interest rates rising above a pre-set level. At March 31, 2024, 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 4.5 years.
Foreign Currency Forwards Contracts
We enter into foreign currency forward contracts with respect to non-functional currency exposure. At March 31, 2024, our Liberty Costa Rica borrowing group had foreign currency forward contracts with total notional amounts due from and to counterparties of $179 million and CRC 102 billion, respectively, with a weighted average remaining contractual life of 0.6 years.
(7)    Long-lived Assets
Goodwill
Changes in the carrying amount of our goodwill are set forth below:
C&W CaribbeanC&W PanamaLiberty NetworksLiberty Puerto RicoLiberty Costa RicaTotal
 in millions
January 1, 2024$1,218.1 $617.1 $655.9 $501.1 $491.2 $3,483.4 
Foreign currency translation adjustments and other1.2 — 0.1 — 18.0 19.3 
March 31, 2024$1,219.3 $617.1 $656.0 $501.1 $509.2 $3,502.7 
Based on the results of our prior year goodwill impairment test, if, among other factors, (i) our equity values were to decline significantly, (ii) we experience additional adverse impacts associated with macroeconomic factors, including increases in our estimated weighted average cost of capital, or (iii) the adverse impacts stemming from competition, economic, regulatory or other factors were to cause our results of operations or cash flows to be worse than currently anticipated, we could conclude in future periods that additional impairment charges of certain reporting units are required in order to reduce the carrying values of goodwill. Any such impairment charges could be significant.
Our accumulated goodwill impairments were $2,784 million at each of March 31, 2024 and December 31, 2023.
14
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
March 31, 2024
(unaudited)
Property and Equipment, Net
The details of our property and equipment and the related accumulated depreciation are set forth below:
March 31,
2024		December 31,
2023
 in millions
Distribution systems$4,903.1 $4,797.4 
Support equipment, buildings, land and CIP
1,914.4 1,923.9 
CPE949.2 938.3 
7,766.7 7,659.6 
Accumulated depreciation(3,617.0)(3,453.9)
Total$4,149.7 $4,205.7 
During the three months ended March 31, 2024 and 2023, we recorded non-cash increases to our property and equipment related to vendor financing arrangements aggregating $34 million and $36 million, respectively.
Intangible Assets Subject to Amortization, Net
The details of our intangible assets subject to amortization and the related accumulated amortization are set forth below:
March 31,
2024		December 31,
2023
 in millions
Customer relationships$1,335.3 $1,327.8 
Licenses and other290.3 286.7 
1,625.6 1,614.5 
Accumulated amortization(1,119.5)(1,072.9)
Total$506.1 $541.6 
Intangible Assets Not Subject to Amortization
The details of our intangible assets not subject to amortization are set forth below:
March 31,
2024		December 31,
2023
 in millions
Spectrum licenses$1,051.0 $1,051.0 
Cable television franchise rights and other541.8 541.8 
Total$1,592.8 $1,592.8 

15
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
March 31, 2024
(unaudited)
(8)    Operating Leases
The following table provides details of our operating lease expense:
Three months ended March 31,
20242023
in millions
Operating lease expense:
Operating lease cost
$29.8 $33.1 
Short-term lease cost
6.6 6.9 
Total operating lease expense
$36.4 $40.0 
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,
2024		December 31,
2023
in millions
Operating lease right-of-use assets (a)$476.4 $475.2 
Operating lease liabilities:
Current$87.9 $84.3 
Noncurrent477.4 483.4 
Total operating lease liabilities$565.3 $567.7 
Weighted-average remaining lease term7.3 years7.4 years
Weighted-average discount rate7.9 %7.8 %
Three months ended March 31,
20242023
in millions
Operating cash outflows related to operating leases$33.6 $37.1 
Right-of-use assets obtained in exchange for new operating lease liabilities (b)$20.5 $7.4 
(a)During the three months ended March 31, 2023, we recorded impairment charges totaling $19 million associated with certain operating lease right-of-use assets, predominantly related to decommissioned tower leases at C&W Panama. These charges are included in impairment, restructuring and other, net, in our condensed consolidated statement of operations.
(b)Represents non-cash transactions associated with operating leases entered into during the three months ended March 31, 2024 and 2023, respectively.
16
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
March 31, 2024
(unaudited)
Maturities of Operating Leases
Maturities of our operating lease liabilities as of March 31, 2024 are presented below. Amounts presented below represent U.S. dollar equivalents (in millions) based on March 31, 2024 exchange rates.
Years ending December 31:
2024 (remainder of year)$95.0 
2025119.1 
2026107.6 
202791.9 
202882.4 
202971.9 
Thereafter195.8 
Total operating lease liabilities on an undiscounted basis
763.7 
Present value discount(198.4)
Present value of operating lease liabilities
$565.3 
(9)    Debt and Finance Lease Obligations
The U.S. dollar equivalents of the components of our debt are as follows:
 March 31, 2024Estimated fair value (c)Principal amount
Weighted
average
interest
rate (a)		Unused borrowing capacity (b)
Borrowing currencyUS $ equivalentMarch 31,
2024		December 31, 2023March 31,
2024		December 31, 2023
in millions
Convertible Notes (d)2.00 %— $— $137.1 $213.8 $139.6 $220.3 
C&W Notes
6.55 %— — 1,631.5 1,609.8 1,715.0 1,715.0 
C&W Credit Facilities
7.26 %(e)652.0 2,618.1 2,663.4 2,661.4 2,694.2 
LPR Senior Secured Notes
6.08 %— — 1,772.9 1,851.5 1,981.0 1,981.0 
LPR Credit Facilities9.19 %$172.5 172.5 611.5 621.6 620.0 620.0 
LCR Credit Facilities
10.84 %$46.0 46.0 478.0 463.5 464.0 450.0 
Vendor financing, Tower Transactions and other (f) (g)7.89 %— — 530.1 561.7 530.1 561.7 
Total debt before premiums, discounts and deferred financing costs
7.12 %$870.5 $7,779.2 $7,985.3 $8,111.1 $8,242.2 
17
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
March 31, 2024
(unaudited)
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,
2024		December 31, 2023
in millions
Total debt before premiums, discounts and deferred financing costs
$8,111.1 $8,242.2 
Premiums, discounts and deferred financing costs, net
(60.4)(67.8)
Total carrying amount of debt
8,050.7 8,174.4 
Finance lease obligations
5.3 5.5 
Total debt and finance lease obligations
8,056.0 8,179.9 
Less: Current maturities of debt and finance lease obligations
(465.2)(581.9)
Long-term debt and finance lease obligations
$7,590.8 $7,598.0 
(a)Represents the weighted average interest rate in effect at March 31, 2024 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented generally 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, 2024 without regard to covenant compliance calculations or other conditions precedent to borrowing. At March 31, 2024, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, both before and after completion of the March 31, 2024 compliance reporting requirements. At March 31, 2024, 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.
(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 3.
(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, 2024, the carrying value of the Convertible Notes was $138 million and the unamortized debt discount on the Convertible Notes was $2 million.
(e)The C&W Credit Facilities unused borrowing capacity comprise certain U.S. dollar, Trinidad & Tobago dollar and JMD revolving credit facilities.
(f)During 2023, we entered into the Tower Transactions associated with certain of our mobile towers across various markets. The Tower Transactions did not meet the criteria to be accounted for as a sale and leaseback. The proceeds from the Tower Transactions are recorded as a financial liability and the associated tower assets remain on our condensed consolidated balance sheets.
18
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
March 31, 2024
(unaudited)
(g)Includes $288 million and $299 million at March 31, 2024 and December 31, 2023, respectively, 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 $41 million for the three months ended March 31, 2024 and 2023, respectively, that were financed by an intermediary and are reflected on the borrowing date as a cash outflow within net cash provided or used by operating activities and a cash inflow within net cash used 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
During the three months ended March 31, 2024 and 2023, borrowings related to significant credit facilities we drew down, entered into or amended, are as follows:
PeriodBorrowing group/ BorrowerInstrumentIssued atMaturityInterest rateAmount borrowed
in millions
2024Liberty Costa Rica
LCR Revolving Credit Facility (a)
100%January 15, 2028
Term SOFR + 4.25%
$14.0 
2023Liberty Costa Rica
2031 LCR Term Loan A
100%January 15, 203110.875%$50.0 
2023Liberty Costa Rica
2031 LCR Term Loan B
100%January 15, 203110.875%$400.0 
2023Liberty Costa Rica
LCR Revolving Credit Facility (a)
N/AJanuary 15, 2028
Term SOFR + 4.25%
$— 
N/A – Not applicable.
(a)The LCR Revolving Credit Facility has a fee on unused commitments of 0.5% per year.
During the three months ended March 31, 2024 and 2023, we made certain repurchases or repayments on the following debt instruments:
Amount paid
PeriodBorrowing group / BorrowerInstrumentRedemption priceBorrowing currencyUSD equivalent (a)
USD in millions, CRC in billions
2024Liberty Latin AmericaConvertible Notes(b)$79.6 $79.6 
2024C&WC&W Revolving Credit Facility100%$30.0 $30.0 
2023Liberty Costa Rica
LCR Term Loan B-1 Facility
100%$276.7 $276.7 
2023Liberty Costa Rica
LCR Term Loan B-2 Facility
100%CRC79.6 $138.6 
2023Liberty Latin AmericaConvertible Notes (c)93.5%$23.4 $23.4 
(a)Translated at the transaction date, as applicable.
(b)In February 2024, we repurchased and cancelled $81 million original principal amount of the Convertible Notes at a weighted average redemption price of 98.7%. In addition, we unwound the remaining $102 million of the Capped Calls for immaterial value on settlement.
(c)In March 2023, we repurchased and cancelled $25 million original principal amount of the Convertible Notes. In connection with the partial repurchase of the Convertible Notes, we unwound $25 million of the related Capped Calls for immaterial value on settlement.
19
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
March 31, 2024
(unaudited)
Maturities of Debt
Maturities of our debt as of March 31, 2024 are presented below. Amounts presented below represent U.S. dollar equivalents based on March 31, 2024 exchange rates:
C&WLiberty Puerto RicoLiberty Costa RicaLiberty Latin America (a)Consolidated
in millions
Years ending December 31:
2024 (remainder of year)$239.4 $26.1 $14.0 $140.3 $419.8 
202559.7 15.9 — — 75.6 
202627.9 0.3 — — 28.2 
20271,720.3 1,161.4 — — 2,881.7 
20282,003.2 620.5 — — 2,623.7 
2029596.9 820.7 — — 1,417.6 
Thereafter176.7 37.8 450.0 — 664.5 
Total debt maturities4,824.1 2,682.7 464.0 140.3 8,111.1 
Premiums, discounts and deferred financing costs, net
(24.3)(20.4)(13.9)(1.8)(60.4)
Total debt$4,799.8 $2,662.3 $450.1 $138.5 $8,050.7 
Current portion$270.6 $41.7 $14.0 $138.5 $464.8 
Noncurrent portion$4,529.2 $2,620.6 $436.1 $— $7,585.9 
(a)Represents the amount held by Liberty Latin America on a standalone basis plus the aggregate amount held by subsidiaries of Liberty Latin America that are outside our borrowing groups.
Subsequent Events
Subsequent to March 31, 2024, we borrowed $30 million and $25 million on the C&W Revolving Credit Facility and the LPR Revolving Credit Facility, respectively. In addition, C&W entered into a $22 million amortizing loan that is due in three annual installments beginning in May 2025.
(10)    Unfulfilled Performance Obligations
We enter into certain long-term capacity contracts with customers where the customer either pays a fixed fee over time or prepays for the capacity upfront and pays a portion related to operating and maintenance of the network over time. We assess whether prepaid capacity contracts contain a significant financing component. If the financing component is significant, interest expense is accreted over the life of the contract using the effective interest method. The revenue associated with prepaid capacity contracts is deferred and generally recognized on a straight-line basis over the life of the contract. As of March 31, 2024, we have approximately $270 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 four years.
(11)    Equity
Share Repurchase Program
During the three months ended March 31, 2024, we repurchased 2 million and 7 million Class A and Class C common shares, respectively. During the three months ended March 31, 2023, we repurchased 1 million and 2 million Class A and Class C common shares, respectively. At March 31, 2024, the remaining amount authorized for share repurchases under the Share Repurchase Program was $79 million.
20
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
March 31, 2024
(unaudited)
On May 7, 2024, our Directors approved the repurchase of an additional $200 million of our Class A common shares and/or Class C common shares under the Share Repurchase Program through December 2026 through open market purchases at prevailing market prices, in privately negotiated transactions, in block trades, derivative transactions and/or through other legally permissible means.
(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, B2B project-related costs 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,
 20242023