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News

06/24 09:00 EST - businesswire.com
América Móvil to Acquire a Controlling Interest in ClaroVTR
MEXICO CITY, Mexico and DENVER, USA--(BUSINESS WIRE)--América Móvil S.A.B. de C.V. (“América Móvil” or “AMX”) (BMV: AMX, NYSE: AMX and AMOV) and Liberty Latin America Ltd. (“Liberty Latin America” or “LLA”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) announce that, subject to obtaining the required approval from the National Economic Prosecutor's Office of the Republic of Chile (Fiscalía Nacional Económica), América Móvil will be consolidating ClaroVTR into its ongoing operations. As previously d.

05/30 11:17 EST - businesswire.com
LIBERTY LATIN AMERICA PUBLISHES ESG REPORT HIGHLIGHTING SUSTAINABILITY PROGRESS
DENVER, Colorado--(BUSINESS WIRE)--Liberty Latin America Ltd. (“Liberty Latin America”, “LLA”, or “Company”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) announces the publication of its Environment, Social Impact, and Corporate Governance (ESG) report, showcasing the meaningful strides the Company has made in its commitment to being more sustainable. The report can be found on the company website here. "Our ESG report reflects our commitment to responsible business practices," said Balan Nair, CE.

05/20 07:20 EST - https://www.defenseworld.net
Panagora Asset Management Inc. Raises Stock Position in Liberty Latin America Ltd. (NASDAQ:LILA)
Panagora Asset Management Inc. boosted its stake in Liberty Latin America Ltd. (NASDAQ:LILA – Free Report) by 3.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 438,094 shares of the company’s stock after purchasing an additional 15,416 shares during the period. Panagora Asset Management Inc. owned approximately 0.21% of Liberty Latin America worth $3,202,000 at the end of the most recent reporting period. A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Barclays PLC increased its stake in Liberty Latin America by 55.9% during the 3rd quarter. Barclays PLC now owns 34,048 shares of the company’s stock worth $277,000 after buying an additional 12,203 shares during the period. Wittenberg Investment Management Inc. boosted its holdings in Liberty Latin America by 18.6% in the third quarter. Wittenberg Investment Management Inc. now owns 748,648 shares of the company’s stock worth $6,109,000 after purchasing an additional 117,300 shares during the period. Teza Capital Management LLC acquired a new stake in shares of Liberty Latin America during the third quarter worth $124,000. Gamco Investors INC. ET AL lifted its position in shares of Liberty Latin America by 1.5% in the 3rd quarter. Gamco Investors INC. ET AL now owns 343,950 shares of the company’s stock worth $2,807,000 after buying an additional 5,248 shares during the last quarter. Finally, Diversified Trust Co grew its position in shares of Liberty Latin America by 9.5% during the 4th quarter. Diversified Trust Co now owns 21,538 shares of the company’s stock valued at $157,000 after buying an additional 1,867 shares during the last quarter. Institutional investors and hedge funds own 18.48% of the company’s stock. Insider Activity In other news, major shareholder John C. Malone bought 35,780 shares of the stock in a transaction that occurred on Wednesday, March 20th. The shares were purchased at an average cost of $6.43 per share, with a total value of $230,065.40. Following the completion of the acquisition, the insider now directly owns 7,402,498 shares in the company, valued at $47,598,062.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Brian D. Zook sold 27,711 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $6.76, for a total value of $187,326.36. Following the completion of the transaction, the chief accounting officer now owns 34,798 shares in the company, valued at approximately $235,234.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder John C. Malone purchased 35,780 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was bought at an average cost of $6.43 per share, for a total transaction of $230,065.40. Following the purchase, the insider now directly owns 7,402,498 shares in the company, valued at approximately $47,598,062.14. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 1,220,056 shares of company stock worth $8,247,512. 11.35% of the stock is owned by company insiders. Liberty Latin America Price Performance Shares of NASDAQ LILA opened at $8.75 on Monday. Liberty Latin America Ltd. has a 12-month low of $5.90 and a 12-month high of $9.85. The stock has a 50 day simple moving average of $7.39 and a 200-day simple moving average of $7.06. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 3.33. Liberty Latin America (NASDAQ:LILA – Get Free Report) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.16). Liberty Latin America had a negative return on equity of 0.23% and a negative net margin of 0.12%. The company had revenue of $1.10 billion during the quarter, compared to analyst estimates of $1.12 billion. During the same period in the previous year, the company earned ($0.23) EPS. On average, equities analysts expect that Liberty Latin America Ltd. will post -0.64 earnings per share for the current year. Analysts Set New Price Targets Separately, Barclays cut their price target on Liberty Latin America from $9.00 to $8.00 and set an “equal weight” rating on the stock in a report on Tuesday, May 7th. View Our Latest Stock Analysis on LILA About Liberty Latin America (Free Report) Liberty Latin America Ltd., together with its subsidiaries, provides fixed, mobile, and subsea telecommunications services. The company operates through C&W Caribbean, C&W Panama, Liberty Networks, Liberty Puerto Rico, and Liberty Costa Rico segments. It offers communications and entertainment services, including video, broadband internet, fixed-line, telephony, and mobiles services to residential and business customers; and business products and services that include enterprise-grade connectivity, data center, hosting, and managed solutions, as well as information technology solutions for small and medium enterprises, international companies, and governmental agencies.

05/08 17:08 EST - seekingalpha.com
Liberty Latin America Ltd. (LILA) Q1 2024 Earnings Call Transcript
Liberty Latin America Ltd. (NASDAQ:LILA ) Q1 2024 Results Conference Call May 8, 2024 8:30 AM ET Company Participants Daniel Neiva - VP, Chief Commercial Officer of Liberty Networks Balan Nair - President and Chief Executive Officer Eduardo Diaz Corona - Senior Vice President and General Manager Chris Noyes - Chief Financial Officer Rocio Lorenzo - Senior VP & GM of Cable and Wireless Panama Conference Call Participants Michael Rollins - Citigroup Vitor Tomita - Goldman Sachs Andres Coello - Scotiabank Soomit Datta - New Street Research Operator Good morning, ladies and gentlemen, and thank you for standing by.

02/23 14:18 EST - seekingalpha.com
Liberty Latin America Ltd. (LILA) Q4 2023 Earnings Call Transcript
Liberty Latin America Ltd. (LILA) Q4 2023 Earnings Call Transcript

11/10 14:28 EST - seekingalpha.com
Liberty Latin America Ltd. (LILA) Q3 2023 Earnings Call Transcript
Liberty Latin America Ltd. (NASDAQ:LILA ) Q3 2023 Earnings Conference Call November 10, 2023 8:30 AM ET Company Participants Matt Read - Treasurer Balan Nair - President and Chief Executive Officer Christopher Noyes - Chief Financial Officer Conference Call Participants Michael Rollins - Citigroup Vitor Tomita - Goldman Sachs Cesar Medina - Morgan Stanley Soomit Datta - New Street Research Matthew Harrigan - Benchmark Operator Good morning, ladies and gentlemen, and thank you for standing by.

11/10 12:08 EST - prnewswire.com
LIBERTY LATIN AMERICA SIGNS AGREEMENT WITH PHOENIX TOWER INTERNATIONAL TO MONETIZE MOBILE TOWER ASSETS
Transaction includes ~1,300 sites across 6 markets in the Caribbean and Panama Unlocks significant value at an accretive cash flow multiple with $355 million of expected proceeds DENVER , Nov. 10, 2023 /PRNewswire/ --  Liberty Latin America Ltd . ("Liberty Latin America" or the "Company") (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced it has reached an agreement with Phoenix Tower International ("PTI") to monetize approximately 1,300 mobile tower sites across Panama, Jamaica, The Bahamas, Puerto Rico, Barbados, and the British Virgin Islands.

08/09 14:54 EST - seekingalpha.com
Liberty Latin America Ltd. (LILA) Q2 2023 Earnings Call Transcript
Liberty Latin America Ltd. (NASDAQ:LILA ) Q2 2023 Earnings Conference Call August 9, 2023 8:30 AM ET Company Participants Stephen Price - Vice President & General Manager Balan Nair - President, Chief Executive Officer & Director Christopher Noyes - Senior Vice President & Chief Financial Officer Naji Khoury - Managing Director, Liberty Communications of Puerto Rico LLC Conference Call Participants Vitor Tomita - Goldman Sachs Soomit Datta - New Street Research Andres Coello - Scotiabank Matthew Harrigan - The Benchmark Company Operator Good morning, ladies and gentlemen, and thank you for standing by.

05/19 10:30 EST - markets.businessinsider.com
These are the top 10 stocks held by 'Big Short' investor Michael Burry
Michael Burry invested a lot of money into the stock market last quarter, according to 13F filings. The "Big Short" investor who has held a bearish tilt towards stocks initiated 17 new positions last quarter.

05/08 16:34 EST - businesswire.com
Liberty Latin America Reports Q1 2023 Results
DENVER, Colorado--(BUSINESS WIRE)--Liberty Latin America Ltd. (“Liberty Latin America” or “LLA”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced its financial and operating results for the three months (“Q1”) ended March 31, 2023. CEO Balan Nair commented, “We had a good start to the year, delivering solid subscriber growth in the first quarter and remain on track to achieve our 2023 financial guidance targets.” “We added internet and mobile postpaid subscribers across all of our reporting segments in Q1. Broadband additions were particularly strong led by improved performance in C&W Caribbean as we continue to make our networks Giga-Ready and delight our customers with differentiated converged propositions. In connection with our enhanced services and offers, we recently implemented nominal price increases in select markets to reflect the added value being delivered to our customers, in most cases, these rate adjustments follow several years without any increase.” “Inorganically, 2023 is a key year as we work to complete our integrations in Puerto Rico, Panama and Costa Rica, which will deliver significant value for our stakeholders. We have started to migrate prepaid mobile customers onto our own platform in Puerto Rico and are taking swift action to drive synergies in Panama following the removal of integration-related restrictions in January.” “We remain confident in our cash generation for the business, and have renewed our buyback authorization for up to an additional $200 million through the end of 2025.” “Our first quarter performance provides a solid foundation for 2023. As we progress through the year, we plan to maintain a relentless focus on delivering value for our customers, executing our integration initiatives, and driving further growth for shareholders.” Business Highlights C&W Caribbean: strong start to the year Broadband and mobile postpaid organic adds more than doubled YoY Reported and rebased Adj. OIBDA growth of 8% Broadband and mobile postpaid organic adds more than doubled YoY Reported and rebased Adj. OIBDA growth of 8% C&W Panama: investments and acquisition benefits drive growth Reported and rebased revenue growth of 30% and 4%, respectively Reported and rebased Adj. OIBDA growth of 7% and 16%, respectively Reported and rebased revenue growth of 30% and 4%, respectively Reported and rebased Adj. OIBDA growth of 7% and 16%, respectively C&W Networks & LatAm: solid financial momentum Reported and rebased revenue growth of 1% and 6%, respectively Reported and rebased Adj. OIBDA growth of 2% and 4%, respectively Reported and rebased revenue growth of 1% and 6%, respectively Reported and rebased Adj. OIBDA growth of 2% and 4%, respectively Liberty Puerto Rico: sequential Adj. OIBDA improvement Broadband subscriber growth continuing to drive fixed revenue growth YoY Migration of prepaid mobile customers to new Liberty Puerto Rico platform underway Broadband subscriber growth continuing to drive fixed revenue growth YoY Migration of prepaid mobile customers to new Liberty Puerto Rico platform underway Liberty Costa Rica: strong operational and financial performance Over 15,000 broadband and mobile postpaid organic adds Adj. OIBDA up 50% and 28% on a reported and rebased basis, respectively Over 15,000 broadband and mobile postpaid organic adds Adj. OIBDA up 50% and 28% on a reported and rebased basis, respectively FY 2023 LLA Financial Guidance - Reconfirmed Adjusted OIBDA mid-to-high single digit rebased growth P&E additions as a percentage of revenue at ~16% Adjusted FCF of ~$300 million, before distributions to noncontrolling interests Share Repurchase Program On February 22, 2022, our Board of Directors approved a new share repurchase program. The program authorized us to repurchase from time to time up to $200 million of our Class A common shares and/or Class C common shares through December 2024. At March 31, 2023, the remaining amount authorized for share repurchases under the share repurchase program was $32 million. On May 8, 2023, our Board of Directors authorized 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 under our share repurchase program through December 2025. Financial and Operating Highlights Financial Highlights Q1 2023 Q1 2022 YoY Growth / (Decline) YoY Rebased Growth1 (USD in millions) Revenue $ 1,104 $ 1,216 (9 %) 1 % Revenue (excluding VTR)2 $ 1,104 $ 1,045 6 % Operating income $ 113 $ 185 (39 %) Adjusted OIBDA3 $ 407 $ 437 (7 %) 4 % Adjusted OIBDA3 (excluding VTR)2 $ 407 $ 390 4 % Property & equipment additions $ 145 $ 175 (18 %) As a percentage of revenue 13 % 14 % Adjusted FCF4 $ (50 ) $ (56 ) Cash provided by operating activities $ 62 $ 122 Cash used by investing activities $ (132 ) $ (189 ) Cash used by financing activities $ (35 ) $ (78 ) Operating Highlights5 Q1 2023 Q1 2022 Total customers 1,937,100 3,227,600 Organic customer additions (losses) 23,900 (7,900 ) Fixed RGUs 3,853,500 6,453,300 Organic RGU additions 56,300 3,200 Organic internet additions 29,400 13,700 Mobile subscribers 8,027,700 7,590,000 Organic mobile (losses) additions (16,000 ) 49,700 Organic postpaid additions 35,200 121,100 * Q1 2023 figures include mobile subscribers related to the Claro Panama Acquisition, which was completed on July 1, 2022, and are therefore not included in Q1 2022 subscriber data. Q1 2023 figures exclude VTR as it was deconsolidated in October 2022 in connection with the closing of our joint venture in Chile with América Móvil. Revenue Highlights The following table presents (i) revenue of each of our segments and corporate operations for the periods indicated and (ii) the percentage change from period-to-period on both a reported and rebased basis: Three months ended Increase/(decrease) March 31, 2023 2022 % Rebased % in millions, except % amounts C&W Caribbean $ 353.8 $ 354.8 — (1 ) C&W Panama 165.3 127.2 30 4 C&W Networks & LatAm 108.7 107.6 1 6 Liberty Puerto Rico 365.8 366.7 — — Liberty Costa Rica 129.2 107.4 20 4 VTR — 170.8 N.M. N.M. Corporate 6.4 5.6 14 14 Eliminations (25.4 ) (23.9 ) N.M. N.M. Total 1,103.8 1,216.2 (9 ) 1 Less: VTR — 170.8 Total excluding VTR2 $ 1,103.8 $ 1,045.4 6 N.M. – Not Meaningful. Reported revenue for the three months ended March 31, 2023 declined by 9%. Reported revenue declined in Q1 as (1) the addition of $35 million from the acquisition of América Móvil's Panama operations (Claro Panama) on July 1, 2022, (2) a net foreign exchange benefit of $14 million, and (3) organic growth in C&W Networks & LatAm and C&W Panama, were more than offset by the negative year-over-year impact of VTR's deconsolidation further to the formation of the Chile JV in October 2022. Reported revenue declined in Q1 as (1) the addition of $35 million from the acquisition of América Móvil's Panama operations (Claro Panama) on July 1, 2022, (2) a net foreign exchange benefit of $14 million, and (3) organic growth in C&W Networks & LatAm and C&W Panama, were more than offset by the negative year-over-year impact of VTR's deconsolidation further to the formation of the Chile JV in October 2022. Q1 2023 Revenue Growth – Segment Highlights C&W Caribbean: revenue was flat on a reported basis and declined by 1% on a rebased basis. Fixed residential revenue decreased 3% on a reported and rebased basis. This was driven by reduced ARPU and revenue reduction related to the removal of certain programming rights, partly offset by a higher average number of fixed subscribers. Mobile revenue was up 11% on a reported basis and by 10% on a rebased basis. The increase is primarily attributable to higher average numbers of postpaid mobile subscribers, year-over-year, driven by growth from fixed-mobile convergence efforts. There has also been an increase in inbound roaming revenue as tourism has recovered in the region. B2B revenue was 5% lower on both a reported and rebased basis. Underlying B2B growth was more than offset by the discontinuation of a non-core voice transit services arrangement in C&W Jamaica, which contributed $10 million of revenue in the prior-year period with a slightly negative gross margin. Fixed residential revenue decreased 3% on a reported and rebased basis. This was driven by reduced ARPU and revenue reduction related to the removal of certain programming rights, partly offset by a higher average number of fixed subscribers. Mobile revenue was up 11% on a reported basis and by 10% on a rebased basis. The increase is primarily attributable to higher average numbers of postpaid mobile subscribers, year-over-year, driven by growth from fixed-mobile convergence efforts. There has also been an increase in inbound roaming revenue as tourism has recovered in the region. B2B revenue was 5% lower on both a reported and rebased basis. Underlying B2B growth was more than offset by the discontinuation of a non-core voice transit services arrangement in C&W Jamaica, which contributed $10 million of revenue in the prior-year period with a slightly negative gross margin. C&W Panama: revenue grew by 30% and 4% on a reported and rebased basis, respectively. Reported performance benefited from the inclusion of América Móvil's Panama operations in the quarter. Fixed residential revenue was up 15% and 6% on a reported and rebased basis, respectively. Rebased growth was driven by RGU additions over the past twelve months, resulting from investments in our networks, products and commercial activities. Mobile revenue increased by 47% on a reported basis and 2% on a rebased basis. Increased usage and ARPU levels drove rebased growth, more than offsetting volume reduction in our prepaid subscriber base. B2B revenue grew by 20% and 7% on a reported and rebased basis, respectively. The year-over-year rebased performance was driven by growth in mobile services and an increase in the volume of certain government-related projects. Fixed residential revenue was up 15% and 6% on a reported and rebased basis, respectively. Rebased growth was driven by RGU additions over the past twelve months, resulting from investments in our networks, products and commercial activities. Mobile revenue increased by 47% on a reported basis and 2% on a rebased basis. Increased usage and ARPU levels drove rebased growth, more than offsetting volume reduction in our prepaid subscriber base. B2B revenue grew by 20% and 7% on a reported and rebased basis, respectively. The year-over-year rebased performance was driven by growth in mobile services and an increase in the volume of certain government-related projects. C&W Networks & LatAm: revenue grew by 1% and 6% on a reported and rebased basis, respectively. Growth on a rebased basis was driven by higher subsea network revenue associated with a significant customer that is recognized on a cash basis, and growth in B2B service-related connectivity and managed services. Liberty Puerto Rico: revenue was flat on a reported and rebased basis. Residential fixed revenue growth was driven by subscriber additions over the past twelve months, partly offset by reduced ARPU. Residential mobile revenue was lower compared to the prior-year period, as higher volumes of handset sales were more than offset by (1) lower ARPU from mobile services, including the impact of higher contract asset amortization driven by increases in handset sales and subsidy levels, and (2) a decline in the average number of prepaid mobile subscribers. Sequentially, subscription revenue and ARPU was stable with overall revenue lower driven by the step down from seasonally strong handset sales in the fourth quarter. B2B revenue growth was driven by increased data services volumes and new customers. Residential fixed revenue growth was driven by subscriber additions over the past twelve months, partly offset by reduced ARPU. Residential mobile revenue was lower compared to the prior-year period, as higher volumes of handset sales were more than offset by (1) lower ARPU from mobile services, including the impact of higher contract asset amortization driven by increases in handset sales and subsidy levels, and (2) a decline in the average number of prepaid mobile subscribers. Sequentially, subscription revenue and ARPU was stable with overall revenue lower driven by the step down from seasonally strong handset sales in the fourth quarter. Sequentially, subscription revenue and ARPU was stable with overall revenue lower driven by the step down from seasonally strong handset sales in the fourth quarter. B2B revenue growth was driven by increased data services volumes and new customers. Liberty Costa Rica: revenue grew by 20% and 4% on a reported and rebased basis, respectively. Reported performance benefited from a $16 million positive foreign exchange impact year-over-year, as the Costa Rican colon appreciated against the U.S. dollar. Rebased growth was driven by our mobile operations, with strong postpaid subscriber additions over the past twelve months. Operating Income Operating income was $113 million and $185 million for the three months ended March 31, 2023 and 2022, respectively. We reported lower operating income during the three months ended March 31, 2023, as compared with the corresponding period in 2022, primarily due to the net impact of (i) a decline in Adjusted OIBDA and (ii) increases in impairment, restructuring and other operating items, net, and depreciation and amortization. We reported lower operating income during the three months ended March 31, 2023, as compared with the corresponding period in 2022, primarily due to the net impact of (i) a decline in Adjusted OIBDA and (ii) increases in impairment, restructuring and other operating items, net, and depreciation and amortization. Adjusted OIBDA Highlights The following table presents (i) Adjusted OIBDA of each of our reportable segments and our corporate category for the periods indicated and (ii) the percentage change from period-to-period on both a reported and rebased basis: Three months ended March 31, Increase (decrease) 2023 2022 % Rebased % in millions, except % amounts C&W Caribbean $ 140.2 $ 129.9 8 8 C&W Panama 43.5 40.5 7 16 C&W Networks & LatAm 63.6 62.6 2 4 Liberty Puerto Rico 134.4 140.6 (4 ) (4 ) Liberty Costa Rica 45.2 30.2 50 28 VTR — 46.5 N.M. N.M. Corporate (20.4 ) (13.8 ) (48 ) (44 ) Total $ 406.5 $ 436.5 (7 ) 4 Less: VTR — 46.5 Total excluding VTR2 $ 406.5 $ 390.0 4 Operating income margin 10.2 % 15.2 % Adjusted OIBDA margin 36.8 % 35.9 % Adjusted OIBDA margin excl. VTR2 36.8 % 37.3 % N.M. – Not Meaningful. Our reported Adjusted OIBDA for the three months ended March 31, 2023 was 7% lower, as compared to the corresponding prior-year period. Reported Adjusted OIBDA performance in Q1 was primarily driven by the deconsolidation of VTR. Reported Adjusted OIBDA performance in Q1 was primarily driven by the deconsolidation of VTR. Q1 2023 Adjusted OIBDA Growth – Segment Highlights C&W Caribbean: Adjusted OIBDA increased by 8% on a reported and rebased basis. Performance was driven by lower direct costs, primarily those related to programming rights. Our Adjusted OIBDA margin improved by ~300 basis points year-over-year to 40%. C&W Panama: Adjusted OIBDA increased on a reported and rebased basis by 7% and 16%, respectively. Rebased growth was driven by the aforementioned revenue performance and value capture activities related to the Claro Panama acquisition. C&W Networks & LatAm: Adjusted OIBDA increased on a reported and rebased basis by 2% and 4%, respectively. Our rebased performance was driven by revenue growth. Liberty Puerto Rico: Adjusted OIBDA declined by 4% on a reported and rebased basis. The decline was driven by higher operating costs, partly offset by lower direct costs following equipment credits received in Q1 2023 related to historical handset purchases. Liberty Costa Rica: Adjusted OIBDA grew by 50% and 28% on a reported and rebased basis, respectively. Rebased performance was driven by the aforementioned rebased revenue growth, favorable foreign exchange movements on non-CRC denominated costs and execution of the integration plan. Net Earnings (Loss) Attributable to Shareholders Net earnings (loss) attributable to shareholders was ($50 million) and $81 million for the three months ended March 31, 2023 and 2022, respectively. Property & Equipment Additions and Capital Expenditures The table below highlights the categories of the property and equipment additions (P&E Additions) for the indicated periods and reconciles to cash paid for capital expenditures, net. Three months ended March 31, 2023 2022 USD in millions Customer Premises Equipment $ 46.9 $ 82.8 New Build & Upgrade 28.0 30.1 Capacity 19.4 24.6 Baseline 39.4 25.0 Product & Enablers 11.0 12.9 Property & equipment additions 144.7 175.4 Assets acquired under capital-related vendor financing arrangements (35.9 ) (31.9 ) Changes in current liabilities related to capital expenditures and other 5.3 20.7 Capital expenditures, net $ 114.1 $ 164.2 Property & equipment additions as % of revenue 13.1 % 14.4 % Property & Equipment Additions: C&W Caribbean $ 46.0 $ 44.0 C&W Panama 19.6 15.0 C&W Networks & LatAm 10.8 7.6 Liberty Puerto Rico 47.7 44.5 Liberty Costa Rica 12.7 9.9 VTR — 44.7 Corporate 7.9 9.7 Property & equipment additions $ 144.7 $ 175.4 Property & Equipment Additions as a Percentage of Revenue by Reportable Segment: C&W Caribbean 13.0 % 12.4 % C&W Panama 11.9 % 11.8 % C&W Networks & LatAm 9.9 % 7.1 % Liberty Puerto Rico 13.0 % 12.1 % Liberty Costa Rica 9.8 % 9.2 % VTR N/A 26.2 % New Build and Homes Upgraded by Reportable Segment1: C&W Caribbean 44,200 31,300 C&W Panama 27,200 44,300 Liberty Puerto Rico 8,900 7,400 Liberty Costa Rica 9,600 13,700 VTR — 65,000 Total 89,900 161,700 Summary of Debt, Finance Lease Obligations and Cash and Cash Equivalents The following table details the U.S. dollar equivalent balances of the outstanding principal amounts of our debt and finance lease obligations, and cash and cash equivalents at March 31, 2023: Debt Finance lease obligations Debt and finance lease obligations Cash and cash equivalents in millions Liberty Latin America1 $ 378.2 $ — $ 378.2 $ 84.0 C&W2 4,533.1 — 4,533.1 493.8 Liberty Puerto Rico 2,633.4 5.6 2,639.0 61.0 Liberty Costa Rica 456.4 3.0 459.4 33.0 Total $ 8,001.1 $ 8.6 $ 8,009.7 $ 671.8 Consolidated Leverage and Liquidity Information: March 31, 2023 December 31, 2022 Consolidated debt and finance lease obligations to operating income ratio 17.8x 15.0x Consolidated net debt and finance lease obligations to operating income ratio 16.3x 13.5x Consolidated gross leverage ratio3 4.9x 5.1x Consolidated net leverage ratio3 4.5x 4.6x Weighted average debt tenor4 5.0 years 4.9 years Fully-swapped borrowing costs 5.9% 5.7% Unused borrowing capacity (in millions)5 $957.3 $898.7 Quarterly Subscriber Variance Fixed and Mobile Subscriber Variance Table — March 31, 2023 vs December 31, 2022 Homes Passed Two-way Homes Passed Fixed-line Customer Relationships Video RGUs Internet RGUs Telephony RGUs Total RGUs Prepaid Postpaid Total Mobile Subscribers C&W Caribbean: Jamaica 6,800 6,700 5,500 (700 ) 7,400 9,100 15,800 13,400 9,300 22,700 The Bahamas — (100 ) (1,100 ) 700 1,600 200 2,500 (2,000 ) (100 ) (2,100 ) Trinidad and Tobago — — (2,800 ) (300 ) (2,100 ) 1,200 (1,200 ) — — — Barbados — — 300 200 700 (200 ) 700 (1,700 ) 2,200 500 Other — — (100 ) (400 ) 2,900 100 2,600 (2,400 ) 8,100 5,700 Total C&W Caribbean 6,800 6,600 1,800 (500 ) 10,500 10,400 20,400 7,300 19,500 26,800 C&W Panama 9,300 9,400 3,200 2,900 9,000 6,700 18,600 (71,800 ) 900 (70,900 ) Total C&W 16,100 16,000 5,000 2,400 19,500 17,100 39,000 (64,500 ) 20,400 (44,100 ) Liberty Puerto Rico 1,600 1,600 17,100 (100 ) 7,500 2,700 10,100 (15,700 ) 1,400 (14,300 ) Liberty Costa Rica 7,700 7,800 1,800 (400 ) 2,400 5,200 7,200 29,000 13,400 42,400 Total Organic Change 25,400 25,400 23,900 1,900 29,400 25,000 56,300 (51,200 ) 35,200 (16,000 ) Q1 2023 Adjustments: C&W Caribbean - Jamaica — — — — — — — (10,700 ) — (10,700 ) C&W Caribbean - Other 6,800 6,800 — — — — — — — — C&W Panama1 — — (3,400 ) (2,700 ) (3,400 ) (2,400 ) (8,500 ) (115,100 ) — (115,100 ) Liberty Costa Rica 14,000 14,000 (8,100 ) (5,400 ) (6,500 ) (1,900 ) (13,800 ) — — — Total Q1 2023 Adjustments: 20,800 20,800 (11,500 ) (8,100 ) (9,900 ) (4,300 ) (22,300 ) (125,800 ) — (125,800 ) Net Adds 46,200 46,200 12,400 (6,200 ) 19,500 20,700 34,000 (177,000 ) 35,200 (141,800 ) ARPU per Customer Relationship The following table provides ARPU per customer relationship for the indicated periods: Three months ended FX-Neutral1 March 31, 2023 December 31, 2022 % Change % Change Reportable Segment: C&W Caribbean $ 48.55 $ 48.81 (1 %) (1 %) C&W Panama $ 37.74 $ 36.68 3 % 3 % Liberty Puerto Rico $ 73.95 $ 74.29 — % — % Liberty Costa Rica2 $ 43.89 $ 40.27 9 % 1 % Cable & Wireless Borrowing Group $ 46.04 $ 45.97 — % — % Mobile ARPU The following table provides ARPU per mobile subscriber for the indicated periods: Three months ended FX-Neutral1 March 31, 2023 December 31, 2022 % Change % Change Reportable Segment: C&W Caribbean $ 13.85 $ 14.31 (3 %) (3 %) C&W Panama $ 10.68 $ 9.97 7 % 7 % Liberty Puerto Rico $ 38.90 $ 38.91 — % — % Liberty Costa Rica3 $ 6.42 $ 5.90 9 % — % Cable & Wireless Borrowing Group $ 12.23 $ 11.98 2 % 2 % Forward-Looking Statements and Disclaimer This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our strategies, priorities and objectives, performance, guidance and growth expectations for 2023; our digital strategy, product innovation and commercial plans and projects; subscriber growth; expectations on demand for connectivity in the region; our anticipated integration plans, synergies, opportunities and integration costs in Puerto Rico following the AT&T Acquisition, in Costa Rica following the acquisition of Telefónica's Costa Rica business and in Panama following the acquisition of América Móvil’s Panama operations; the strength of our balance sheet and tenor of our debt; our share repurchase program; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include events that are outside of our control, such as hurricanes and other natural disasters, political or social events, and pandemics, such as COVID-19, the uncertainties surrounding such events, the ability and cost to restore networks in the markets impacted by hurricanes or generally to respond to any such events; the continued use by subscribers and potential subscribers of our services and their willingness to upgrade to our more advanced offerings; our ability to meet challenges from competition, to manage rapid technological change or to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers; the effects of changes in laws or regulation; general economic factors; our ability to successfully acquire and integrate new businesses and realize anticipated efficiencies from acquired businesses; the availability of attractive programming for our video services and the costs associated with such programming; our ability to achieve forecasted financial and operating targets; the outcome of any pending or threatened litigation; the ability of our operating companies to access cash of their respective subsidiaries; the impact of our operating companies' future financial performance, or market conditions generally, on the availability, terms and deployment of capital; fluctuations in currency exchange and interest rates; the ability of suppliers and vendors to timely deliver quality products, equipment, software, services and access; our ability to adequately forecast and plan future network requirements including the costs and benefits associated with network expansions; and other factors detailed from time to time in our filings with the Securities and Exchange Commission, including our most recently filed Form 10-K and Form 10-Q. These forward-looking statements speak only as of the date of this press release. 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 change in events, conditions or circumstances on which any such statement is based. About Liberty Latin America Liberty Latin America is a leading communications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands BTC, Flow, Liberty and Más Móvil, and through ClaroVTR, our joint venture in Chile. The communications and entertainment services that we offer to our residential and business customers in the region include digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a subsea and terrestrial fiber optic cable network that connects approximately 40 markets in the region. Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols “LILA” (Class A) and “LILAK” (Class C), and on the OTC link under the symbol “LILAB” (Class B). For more information, please visit www.lla.com. Footnotes Additional Information | Cable & Wireless Borrowing Group The following tables reflect preliminary unaudited selected financial results, on a consolidated C&W basis, for the periods indicated, in accordance with U.S. GAAP. Three months ended March 31, Change Rebased change1 2023 2022 in millions, except % amounts Revenue $ 607.2 $ 570.1 7 % 2 % Operating income $ 60.6 $ 73.6 (18 %) Adjusted OIBDA $ 247.0 $ 233.0 6 % 8 % Property & equipment additions $ 76.5 $ 66.7 15 % Operating income as a percentage of revenue 10.0 % 12.9 % Adjusted OIBDA as a percentage of revenue 40.7 % 40.9 % Proportionate Adjusted OIBDA $ 212.0 $ 200.2 The following table details the U.S. dollar equivalent of the nominal amount outstanding of C&W's third-party debt and cash and cash equivalents: March 31, December 31, Facility Amount 2023 2022 in millions Credit Facilities: Revolving Credit Facility due 2023 (LIBOR + 3.25%) $ 50.0 $ — $ — Revolving Credit Facility due 2027 (LIBOR + 3.25%) $ 580.0 — — Term Loan Facility B-5 due 2028 (LIBOR + 2.25%) $ 1,510.0 1,510.0 1,510.0 Term Loan Facility B-6 due 2029 (LIBOR + 3.00%) $ 590.0 590.0 590.0 Total Senior Secured Credit Facilities 2,100.0 2,100.0 Notes: 5.75% USD Senior Secured Notes due 2027 $ 495.0 495.0 495.0 6.875% USD Senior Notes due 2027 $ 1,220.0 1,220.0 1,220.0 Total Notes 1,715.0 1,715.0 Other debt: 4.25% CWP Term Loan due 2028 $ 435.0 435.0 435.0 Other regional debt 62.1 70.2 Vendor financing 221.0 199.4 Total third-party debt 4,533.1 4,519.6 Less: premiums, discounts and deferred financing costs, net (30.5 ) (31.6 ) Total carrying amount of third-party debt 4,502.6 4,488.0 Less: cash and cash equivalents (493.8 ) (536.2 ) Net carrying amount of third-party debt $ 4,008.8 $ 3,951.8 At March 31, 2023, our third-party total and proportionate net debt was $4.0 billion and $3.8 billion, respectively, our Fully-swapped Borrowing Cost was 5.3%, and the average tenor of our debt obligations (excluding vendor financing) was approximately 4.9 years. Our portion of Adjusted OIBDA, after deducting the noncontrolling interests' share, (“Proportionate Adjusted OIBDA”) was $212 million for Q1 2023. Based on Q1 results, our Proportionate Net Leverage Ratio was 4.0x, calculated in accordance with C&W's Credit Agreement. At March 31, 2023, we had maximum undrawn commitments of $725 million, including $95 million under our regional facilities. At March 31, 2023, the full amount of unused borrowing capacity under our credit facilities (including regional facilities) was available to be borrowed, both before and after completion of the March 31, 2023 compliance reporting requirements. Liberty Puerto Rico (LPR) Borrowing Group The following table reflects preliminary unaudited selected financial results, on a consolidated Liberty Puerto Rico basis, for the periods indicated, in accordance with U.S. GAAP: Three months ended March 31, Change 2023 2022 in millions, except % amounts Revenue $ 365.8 $ 366.7 — % Operating income $ 61.6 $ 65.7 (6 ) % Adjusted OIBDA $ 134.4 $ 140.6 (4 ) % Property & equipment additions $ 47.7 $ 44.5 7 % Operating income as a percentage of revenue 16.8 % 17.9 % Adjusted OIBDA as a percentage of revenue 36.7 % 38.3 % The following table details the nominal amount outstanding of Liberty Puerto Rico's third-party debt, finance lease obligations and cash and cash equivalents:. March 31, December 31, Facility amount 2023 2022 in millions Credit Facilities: Revolving Credit Facility due 2027 (LIBOR + 3.50%) $ 172.5 $ — $ — Term Loan Facility due 2028 (LIBOR + 3.75%) $ 620.0 620.0 620.0 Total Senior Secured Credit Facilities 620.0 620.0 Notes: 6.75% Senior Secured Notes due 2027 $ 1,161.0 1,161.0 1,161.0 5.125% Senior Secured Notes due 2029 $ 820.0 820.0 820.0 Total Notes 1,981.0 1,981.0 Vendor financing 32.4 16.7 Finance lease obligations 5.6 5.7 Total debt and finance lease obligations 2,639.0 2,623.4 Less: premiums and deferred financing costs, net (26.5 ) (28.6 ) Total carrying amount of debt 2,612.5 2,594.8 Less: cash and cash equivalents (61.0 ) (72.3 ) Net carrying amount of debt $ 2,551.5 $ 2,522.5 At March 31, 2023, our Fully-swapped Borrowing Cost was 6.1% and the average tenor of our debt (excluding vendor financing) was approximately 5.3 years. Based on our results for Q1 2023, our Consolidated Net Leverage Ratio was 4.9x, calculated in accordance with LPR’s Group Credit Agreement. At March 31, 2023, we had maximum undrawn commitments of $173 million. At March 31, 2023, the full amount of unused borrowing capacity under our revolving credit facility was available to be borrowed, both before and after completion of the March 31, 2023 compliance reporting requirements. Liberty Costa Rica Borrowing Group The following table reflects preliminary unaudited selected financial results, on a consolidated Liberty Costa Rica basis, for the periods indicated, in accordance with U.S. GAAP: Three months ended March 31, Change Rebased change1 2023 2022 CRC in billions, except % amounts Revenue 72.7 69.2 5 % 4 % Operating income 8.4 8.2 2 % Adjusted OIBDA 25.4 19.4 31 % 28 % Property & equipment additions 7.1 6.4 11 % Operating income as a percentage of revenue 11.6 % 11.8 % Adjusted OIBDA as a percentage of revenue 34.9 % 28.0 % 1. Indicated growth rates are rebased for the acquisition by the Liberty Costa Rica borrowing group of the B2B Costa Rican operations within our C&W borrowing group. The following table details the borrowing currency and Costa Rican colón equivalent of the nominal amount outstanding of Liberty Costa Rica's third-party debt, finance lease obligations and cash and cash equivalents: March 31, December 31, 2023 2022 Borrowing currency in millions CRC equivalent in billions 10.875% Term Loan A Facility due 20311 $ 50.0 27.1 — 10.875% Term Loan B Facility due 20311 $ 400.0 216.7 — Term Loan B-1 Facility due 2024 (LIBOR + 5.50%) $ 276.7 — 163.8 Term Loan B-2 Facility due 2024 (TBP2 + 6.75%) CRC 79,635.2 — 79.6 Revolving Credit Facility due 2028 (SOFR3 + 4.25%) $ 60.0 — — Revolving Credit Facility due 2024 (LIBOR + 4.25%) $ 15.0 — 4.7 Total credit facilities 243.8 248.1 Other 3.5 3.6 Finance lease obligations 1.6 1.7 Total debt and finance lease obligations 248.9 253.4 Less: discounts and deferred financing costs (8.3 ) (3.3 ) Total carrying amount of debt 240.6 250.1 Less: cash and cash equivalents (17.9 ) (9.5 ) Net carrying amount of debt 222.7 240.6 Exchange rate (CRC to $) 541.9 591.8 In January 2023, Liberty Costa Rica entered into the 2031 LCR Term Loan A and the 2031 LCR Term Loan B, both issued at par. The proceeds from the 2031 LCR Term Loan A and 2031 LCR Term Loan B were primarily used to repay the LCR Term Loan B-1 Facility and LCR Term Loan B-2 Facility. In January 2023, the LCR Revolving Credit Facility was amended and restated. The amended and restated agreement increased the borrowing capacity to $60 million, extended the tenor to January 15, 2028 and changed the rate of interest to SOFR plus a margin of 4.25%. At March 31, 2023, our Fully-swapped Borrowing Cost was 10.9% and the average tenor of our debt was approximately 7.8 years. Based on our results for Q1 2023, our Consolidated Net Leverage Ratio was 2.5x, calculated in accordance with LCR’s Credit Agreement. At March 31, 2023, we had maximum undrawn commitments of $60 million. At March 31, 2023, the full amount of unused borrowing capacity under our revolving credit facility was available to be borrowed, both before and after completion of the March 31, 2023 compliance reporting requirements. Subscriber Table Consolidated Operating Data — March 31, 2023 Homes Passed Two-way Homes Passed Fixed-line Customer Relationships Video RGUs Internet RGUs Telephony RGUs Total RGUs Prepaid Postpaid Total Mobile Subscribers C&W Caribbean: Jamaica 692,500 692,400 337,300 131,300 315,600 310,000 756,900 1,122,700 83,000 1,205,700 The Bahamas 120,900 120,800 34,800 6,300 24,700 33,800 64,800 144,400 23,900 168,300 Trinidad and Tobago 340,900 340,900 152,800 101,500 138,200 95,400 335,100 — — — Barbados 140,400 140,400 84,600 38,200 76,400 70,100 184,700 85,900 42,600 128,500 Other 342,800 322,900 215,000 74,000 190,100 115,100 379,200 330,800 108,200 439,000 Total C&W Caribbean 1,637,500 1,617,400 824,500 351,300 745,000 624,400 1,720,700 1,683,800 257,700 1,941,500 C&W Panama 838,500 838,600 251,500 159,500 213,000 204,200 576,700 1,633,800 359,100 1,992,900 Total C&W 2,476,000 2,456,000 1,076,000 510,800 958,000 828,600 2,297,400 3,317,600 616,800 3,934,400 Liberty Puerto Rico 1,2 1,175,200 1,175,200 568,200 242,700 531,500 260,100 1,034,300 166,600 904,700 1,071,300 Liberty Costa Rica 3 722,000 716,200 292,900 199,000 264,100 58,700 521,800 2,191,400 830,600 3,022,000 Total 4,373,200 4,347,400 1,937,100 952,500 1,753,600 1,147,400 3,853,500 5,675,600 2,352,100 8,027,700 Glossary Adjusted OIBDA Margin – Calculated by dividing Adjusted OIBDA by total revenue for the applicable period. ARPU – Average revenue per unit refers to the average monthly subscription revenue (subscription revenue excludes interconnect, mobile handset sales and late fees) per average customer relationship or mobile subscriber, as applicable. ARPU per average customer relationship is calculated by dividing the average monthly subscription revenue from residential fixed and SOHO fixed services by the average of the opening and closing balances for customer relationships for the indicated period. ARPU per average mobile subscriber is calculated by dividing the average monthly mobile service revenue by the average of the opening and closing balances for mobile subscribers for the indicated period. Unless otherwise indicated, ARPU per customer relationship or mobile subscriber is not adjusted for currency impacts. ARPU per average RGU is calculated by dividing the average monthly subscription revenue from the applicable residential fixed service by the average of the opening and closing balances of the applicable RGUs for the indicated period. Unless otherwise noted, ARPU in this release is considered to be ARPU per average customer relationship or mobile subscriber, as applicable. Customer relationships, mobile subscribers and RGUs of entities acquired during the period are normalized. Consolidated Debt and Finance Lease Obligations to Operating Income Ratio – Defined as total principal amount of debt and finance lease obligations outstanding to annualized operating income from the most recent two consecutive fiscal quarters. Consolidated Net Debt and Finance Lease Obligations to Operating Income Ratio – Defined as total principal amount of debt and finance lease obligations outstanding less cash and cash equivalents to annualized operating income from the most recent two consecutive fiscal quarters. CRU – Corporate responsible user. Customer Relationships – The number of customers who receive at least one of our video, internet or telephony services that we count as RGUs, without regard to which or to how many services they subscribe. To the extent that RGU counts include equivalent billing unit (“EBU”) adjustments, we reflect corresponding adjustments to our customer relationship counts. For further information regarding our EBU calculation, see Additional General Notes below. Customer relationships generally are counted on a unique premises basis. Accordingly, if an individual receives our services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two customer relationships. We exclude mobile-only customers from customer relationships. Fully-swapped Borrowing Cost – Represents the weighted average interest rate on our debt (excluding finance leases and including vendor financing obligations), including the effects of derivative instruments, original issue premiums or discounts, which includes a discount on the convertible notes issued by Liberty Latin America associated with a conversion option feature, and commitment fees, but excluding the impact of financing costs. Homes Passed – Homes, residential multiple dwelling units or commercial units that can be connected to our networks without materially extending the distribution plant. Certain of our homes passed counts are based on census data that can change based on either revisions to the data or from new census results. Internet (Broadband) RGU – A home, residential multiple dwelling unit or commercial unit that receives internet services over our network. Leverage – Our gross and net leverage ratios, each a non-GAAP measure, are defined as total debt (total principal amount of debt and finance lease obligations outstanding, net of projected derivative principal-related cash payments (receipts)) and net debt to annualized Adjusted OIBDA of the latest two quarters. Net debt is defined as total debt (including the convertible notes) less cash and cash equivalents. For purposes of these calculations, debt is measured using swapped foreign currency rates, consistent with the covenant calculation requirements of our subsidiary debt agreements. Mobile Subscribers – Our mobile subscriber count represents the number of active subscriber identification module (“SIM”) cards in service rather than services provided. For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber. Alternatively, a subscriber who has a voice and data plan for a mobile handset and a data plan for a laptop (via a dongle) would be counted as two mobile subscribers. Customers who do not pay a recurring monthly fee are excluded from our mobile telephony subscriber counts after periods of inactivity ranging from 30 to 90 days, based on industry standards within the respective country. In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts. Our Liberty Puerto Rico segment prepaid subscriber count includes mobile reseller subscribers, which represent organizations that purchase minutes and data at wholesale prices and subsequently resell it under the purchaser's brand name. These reseller subscribers result in a significantly lower ARPU than the remaining subscribers included in our prepaid balance. Additionally, our Liberty Puerto Rico segment postpaid subscriber count includes CRUs, which represent an individual receiving mobile services through an organization that has entered into a contract for mobile services with us and where the organization is responsible for the payment of the CRU’s mobile services. NPS – Net promoter score. Property and Equipment Addition Categories Customer Premises Equipment: Includes capitalizable equipment and labor, materials and other costs directly associated with the installation of such CPE; New Build & Upgrade: Includes capitalizable costs of network equipment, materials, labor and other costs directly associated with entering a new service area and upgrading our existing network; Capacity: Includes capitalizable costs for network capacity required for growth and services expansions from both existing and new customers. This category covers Core and Access parts of the network and includes, for example, fiber node splits, upstream/downstream spectrum upgrades and optical equipment additions in our international backbone connections; Baseline: Includes capitalizable costs of equipment, materials, labor and other costs directly associated with maintaining and supporting the business. Relates to areas such as network improvement, property and facilities, technical sites, information technology systems and fleet; and Product & Enablers: Discretionary capitalizable costs that include investments (i) required to support, maintain, launch or innovate in new customer products, and (ii) in infrastructure, which drive operational efficiency over the long term. Proportionate Net Leverage Ratio (C&W) – Calculated in accordance with C&W's Credit Agreement, taking into account the ratio of outstanding indebtedness (subject to certain exclusions) less cash and cash equivalents to EBITDA (subject to certain adjustments) for the last two quarters annualized, with both indebtedness and EBITDA reduced proportionately to remove any noncontrolling interests' share of the C&W group. Revenue Generating Unit (RGU) – RGU is separately a video RGU, internet RGU or telephony RGU. A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUs. For example, if a residential customer in Puerto Rico subscribed to our video service, fixed-line telephony service and broadband internet service, the customer would constitute three RGUs. RGUs are generally counted on a unique premises basis such that a given premises does not count as more than one RGU for any given service. On the other hand, if an individual receives one of our services in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs for that service. Each bundled video, internet or telephony service is counted as a separate RGU regardless of the nature of any bundling discount or promotion. Non-paying subscribers are counted as RGUs during their free promotional service period. Some of these subscribers may choose to disconnect after their free service period. Services offered without charge on a long-term basis (e.g., VIP subscribers or free service to employees) generally are not counted as RGUs. We do not include subscriptions to mobile services in our externally reported RGU counts. In this regard, our RGU counts exclude our separately reported postpaid and prepaid mobile subscribers. SOHO – Small office/home office customers. Telephony RGU – A home, residential multiple dwelling unit or commercial unit that receives voice services over our network. Telephony RGUs exclude mobile subscribers. Two-way Homes Passed – Homes passed by those sections of our networks that are technologically capable of providing two-way services, including video, internet and telephony services. U.S. GAAP – Generally accepted accounting principles in the United States. Video RGU – A home, residential multiple dwelling unit or commercial unit that receives our video service over our network primarily via a digital video signal while subscribing to any recurring monthly service that requires the use of encryption-enabling technology. Video RGUs that are not counted on an EBU basis are generally counted on a unique premises basis. For example, a subscriber with one or more set-top boxes that receives our video service in one premises is generally counted as just one RGU. Additional General Notes Most of our operations provide telephony, broadband internet, mobile data, video or other B2B services. Certain of our B2B service revenue is derived from SOHO customers that pay a premium price to receive enhanced service levels along with video, internet or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers. All mass marketed products provided to SOHO customers, whether or not accompanied by enhanced service levels and/or premium prices, are included in the respective RGU and customer counts of our operations, with only those services provided at premium prices considered to be “SOHO RGUs” or “SOHO customers.” To the extent our existing customers upgrade from a residential product offering to a SOHO product offering, the number of SOHO RGUs and SOHO customers will increase, but there is no impact to our total RGU or customer counts. With the exception of our B2B SOHO customers, we generally do not count customers of B2B services as customers or RGUs for external reporting purposes. Certain of our residential and commercial RGUs are counted on an EBU basis, including residential multiple dwelling units and commercial establishments, such as bars, hotels, and hospitals, in Puerto Rico. Our EBUs are generally calculated by dividing the bulk price charged to accounts in an area by the most prevalent price charged to non-bulk residential customers in that market for the comparable tier of service. As such, we may experience variances in our EBU counts solely as a result of changes in rates. While we take appropriate steps to ensure that subscriber and homes passed statistics are presented on a consistent and accurate basis at any given balance sheet date, the variability from country to country in (i) the nature and pricing of products and services, (ii) the distribution platform, (iii) billing systems, (iv) bad debt collection experience and (v) other factors add complexity to the subscriber and homes passed counting process. We periodically review our subscriber and homes passed counting policies and underlying systems to improve the accuracy and consistency of the data reported on a prospective basis. Accordingly, we may from time to time make appropriate adjustments to our subscriber and homes passed statistics based on those reviews. Non-GAAP Reconciliations We include certain financial measures in this press release that are considered non-GAAP measures, including (i) Adjusted OIBDA and Adjusted OIBDA Margin, each on a consolidated basis, (ii) Adjusted Free Cash Flow, (iii) rebased revenue and rebased Adjusted OIBDA growth rates, and (iv) consolidated leverage ratios. The following sections set forth reconciliations of the nearest GAAP measure to our non-GAAP measures as well as information on how and why management of the Company believes such information is useful to an investor. Adjusted OIBDA On a consolidated basis, Adjusted OIBDA, a non-GAAP measure, 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 determine how to allocate resources to segments. As we use the term, Adjusted OIBDA is defined as 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. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. We believe our Adjusted OIBDA measure is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure 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. A reconciliation of our operating income or loss to total Adjusted OIBDA is presented in the following table: Three months ended March 31, 2023 2022 in millions Operating income $ 113.0 $ 184.6 Share-based compensation expense 29.2 30.0 Depreciation and amortization 234.6 214.1 Impairment, restructuring and other operating items, net 29.7 7.8 Adjusted OIBDA $ 406.5 $ 436.5 Operating income margin1 10.2 % 15.2 % Adjusted OIBDA margin2 36.8 % 35.9 % Adjusted Free Cash Flow Definition and Reconciliation We define Adjusted Free Cash Flow (Adjusted FCF), a non-GAAP measure, as net cash provided by our operating activities, plus (i) cash payments for third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, (ii) expenses financed by an intermediary, (iii) insurance recoveries related to damaged and destroyed property and equipment and (iv) certain net interest payments or receipts incurred or received, including associated derivative instrument payments and receipts, in advance of a significant acquisition, less (a) capital expenditures, net, (b) principal payments on amounts financed by vendors and intermediaries, (c) principal payments on finance leases, and (d) distributions to noncontrolling interest owners. We believe that our presentation of Adjusted FCF provides useful information to our investors because this measure can be used to gauge our ability to service debt and fund new investment opportunities. Adjusted FCF should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, which are not deducted to arrive at this amount. Investors should view Adjusted FCF as a supplement to, and not a substitute for, U.S. GAAP measures of liquidity included in our consolidated statements of cash flows. The following table provides the reconciliation of our net cash provided by operating activities to Adjusted FCF for the indicated period: Three months ended March 31, 2023 2022 in millions Net cash provided by operating activities $ 62.4 $ 122.3 Cash payments for direct acquisition and disposition costs 1.4 1.7 Expenses financed by an intermediary1 41.3 31.7 Capital expenditures, net (114.1 ) (164.2 ) Principal payments on amounts financed by vendors and intermediaries (40.2 ) (47.3 ) Principal payments on finance leases (0.2 ) (0.2 ) Adjusted FCF before distributions to noncontrolling interest owners (49.4 ) (56.0 ) Distributions to noncontrolling interest owners (0.4 ) — Adjusted FCF $ (49.8 ) $ (56.0 ) Rebase Information Rebase growth rates are a non-GAAP measure. For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during the current year, we have adjusted our historical revenue and Adjusted OIBDA to include or exclude the pre-acquisition amounts of acquired, disposed or transferred business, as applicable, to the same extent they are included or excluded from the current year. The businesses that were acquired, disposed or transferred impacting the comparative periods are as follows: In addition, we reflect the translation of our rebased amounts for the prior-year periods at the applicable average foreign currency exchange rates that were used to translate our results for the corresponding current-year periods. We have reflected the revenue and Adjusted OIBDA of acquired entities in our prior-year rebased amounts based on what we believe to be the most reliable information that is currently available to us (generally pre-acquisition financial statements), as adjusted for the estimated effects of (a) any significant differences between U.S. GAAP and local generally accepted accounting principles, (b) any significant effects of acquisition accounting adjustments, (c) any significant differences between our accounting policies and those of the acquired entities and (d) other items we deem appropriate. We do not adjust pre-acquisition periods to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that might be implemented during post-acquisition periods. As we did not own or operate the acquired entities during the pre-acquisition periods, no assurance can be given that we have identified all adjustments necessary to present their revenue and Adjusted OIBDA on a basis that is comparable to the corresponding post-acquisition amounts that are included in our historical results or that the pre-acquisition financial statements we have relied upon do not contain undetected errors. In addition, the rebased growth percentages are not necessarily indicative of the revenue and Adjusted OIBDA that would have occurred if these transactions had occurred on the dates assumed for purposes of calculating our rebased amounts or the revenue and Adjusted OIBDA that will occur in the future. The rebased growth percentages have been presented as a basis for assessing growth rates on a comparable basis and should be viewed as measures of operating performance that are a supplement to, and not a substitute for, U.S. GAAP reported growth rates. The following tables provide the aforementioned adjustments made to the revenue and Adjusted OIBDA amounts for the periods indicated, to derive our rebased growth rates. Due to rounding, certain rebased growth rate percentages may not recalculate. In the tables set forth below: reported percentage changes are calculated as current period measure, as applicable, less prior-period measure divided by prior-period measure; and rebased percentage changes are calculated as current period measure, as applicable, less rebased prior-period measure divided by rebased prior-period measure. The following table sets forth the reconciliation from reported revenue to rebased revenue and related change calculations. Three months ended March 31, 2022 C&W Caribbean C&W Panama C&W Network & LatAm Liberty Puerto Rico Liberty Costa Rica VTR Corporate Intersegment eliminations Total In millions Revenue – Reported $ 354.8 $ 127.2 $ 107.6 $ 366.7 $ 107.4 $ 170.8 $ 5.6 $ (23.9 ) $ 1,216.2 Rebase adjustments: Acquisition — 31.2 — — — — — — 31.2 Disposition — — — — — (170.8 ) — — (170.8 ) Foreign currency 1.3 — (3.2 ) — 15.7 — — 0.2 14.0 Other1 — — (1.6 ) — 1.6 — — — — Revenue – Rebased $ 356.1 $ 158.4 $ 102.8 $ 366.7 $ 124.7 $ — $ 5.6 $ (23.7 ) $ 1,090.6 Reported percentage change — % 30 % 1 % — % 20 % N.M. 14 % N.M. (9 )% Rebased percentage change (1 )% 4 % 6 % — % 4 % N.M. 14 % N.M. 1 % N.M. – Not Meaningful. The following table sets forth the reconciliation from reported Adjusted OIBDA to rebased Adjusted OIBDA and related change calculations. Three months ended March 31, 2022 C&W Caribbean C&W Panama C&W Networks & LatAm Liberty Puerto Rico Liberty Costa Rica VTR Corporate Total In millions Adjusted OIBDA – Reported $ 129.9 $ 40.5 $ 62.6 $ 140.6 $ 30.2 $ 46.5 $ (13.8 ) $ 436.5 Rebase adjustments: Acquisition — (3.0 ) — — — — — (3.0 ) Disposition — — — — — (46.5 ) (0.4 ) (46.9 ) Foreign currency 0.3 — (0.8 ) — 4.4 — — 3.9 Other1 — — (0.8 ) — 0.8 — — — Adjusted OIBDA – Rebased $ 130.2 $ 37.5 $ 61.0 $ 140.6 $ 35.4 $ — $ (14.2 ) $ 390.5 Reported percentage change 8 % 7 % 2 % (4 )% 50 % N.M. (48 )% (7 )% Rebased percentage change 8 % 16 % 4 % (4 )% 28 % N.M. (44 )% 4 % N.M. – Not Meaningful. The following table sets forth the reconciliations from reported revenue by product for our C&W Caribbean segment to rebased revenue by product and related change calculations. Three months ended March 31, 2022 Residential fixed revenue Residential mobile revenue Total residential revenue B2B revenue Total revenue In millions Revenue by product – Reported $ 130.8 $ 91.0 $ 221.8 $ 133.0 $ 354.8 Rebase adjustment: Foreign currency 0.6 0.3 0.9 0.4 1.3 Revenue by product – Rebased $ 131.4 $ 91.3 $ 222.7 $ 133.4 $ 356.1 Reported percentage change (3 )% 11 % 3 % (5 )% — % Rebased percentage change (3 )% 10 % 2 % (5 )% (1 )% The following table sets forth the reconciliations from reported revenue by product for our C&W Panama segment to rebased revenue by product and related change calculations. Three months ended March 31, 2022 Residential fixed revenue Residential mobile revenue Total residential revenue B2B revenue Total revenue In millions Revenue by product – Reported $ 25.9 $ 53.4 $ 79.3 $ 47.9 $ 127.2 Rebase adjustment: Acquisition 2.0 23.7 25.7 5.5 31.2 Revenue by product – Rebased $ 27.9 $ 77.1 $ 105.0 $ 53.4 $ 158.4 Reported percentage change 15 % 47 % 36 % 20 % 30 % Rebased percentage change 6 % 2 % 3 % 7 % 4 % Non-GAAP Reconciliation for Consolidated Leverage Ratios We have set forth below our consolidated leverage and net leverage ratios. The December 31, 2022 leverage ratios exclude the Adjusted OIBDA of VTR in light of the deconsolidation of VTR that occurred in connection with the formation of the Chile JV in October 2022. Our consolidated leverage and net leverage ratios, each a non-GAAP measure, are defined as (i) adjusted total debt and finance lease obligations (total carrying value of debt and finance lease obligations plus discounts, premiums and deferred finance costs) less cash and cash equivalents divided by (ii) last two quarters annualized Adjusted OIBDA as of March 31, 2023. For purposes of these calculations, adjusted total debt and finance lease obligations is measured using swapped foreign currency rates. We believe our consolidated leverage and net leverage ratios are useful because they allow our investors to consider the aggregate leverage on the business inclusive of any leverage at the Liberty Latin America level, not just at each of our operations. Investors should view consolidated leverage and net leverage as supplements to, and not substitutes for, the ratios calculated based upon measures presented in accordance with U.S. GAAP. Reconciliations of the numerator and denominator used to calculate the consolidated leverage and net leverage ratios as of March 31, 2023 and December 31, 2022 are set forth below: March 31, 2023 December 31, 2022 Liberty Latin America Liberty Latin America VTR LLA, excluding VTR in millions, except leverage ratios Total debt and finance lease obligations $ 7,915.2 $ 7,880.7 $ — $ 7,880.7 Discounts, premiums and deferred financing costs, net 94.5 94.0 — 94.0 Adjusted total debt and finance lease obligations 8,009.7 7,974.7 — 7,974.7 Less: Cash and cash equivalents 671.8 781.0 — 781.0 Net debt and finance lease obligations $ 7,337.9 $ 7,193.7 $ — $ 7,193.7 Operating income1: Operating income for the three months ended September 30, 2022 N/A $ 152.9 $ 30.4 $ 122.5 Operating income for the three months ended December 31, 2022 $ 109.5 109.5 — 109.5 Operating income for the three months ended March 31, 2023 113.0 N/A N/A N/A Operating income – last two quarters 222.5 262.4 30.4 232.0 Annualized operating income – last two quarters annualized $ 445.0 $ 524.8 $ 60.8 $ 464.0 Adjusted OIBDA2: Adjusted OIBDA for the three months ended September 30, 2022 N/A $ 415.0 $ 31.9 $ 383.1 Adjusted OIBDA for the three months ended December 31, 2022 $ 405.2 405.2 — 405.2 Adjusted OIBDA for the three months ended March 31, 2023 406.5 N/A N/A N/A Adjusted OIBDA – last two quarters $ 811.7 $ 820.2 $ 31.9 $ 788.3 Annualized Adjusted OIBDA – last two quarters annualized $ 1,623.4 $ 1,640.4 $ 63.8 $ 1,576.6 Consolidated debt and finance lease obligations to operating income ratio 17.8 x 15.0 x N/A Consolidated net debt and finance lease obligations to operating income ratio 16.3 x 13.5 x N/A Consolidated leverage ratio 4.9 x N/A 5.1 x Consolidated net leverage ratio 4.5 x N/A 4.6 x N/A – Not Applicable. Three months ended September 30, 2022 December 31, 2022 Liberty Latin America VTR Liberty Latin America in millions Operating income $ 152.9 $ 30.4 $ 109.5 Share-based compensation expense 20.8 0.3 10.9 Depreciation and amortization 234.3 — 249.0 Impairment, restructuring and other operating items, net 7.0 1.2 35.8 Adjusted OIBDA $ 415.0 $ 31.9 $ 405.2 Non-GAAP Reconciliations for Our Borrowing Groups The financial statements of each of our borrowing groups are prepared in accordance with U.S. GAAP. We include certain financial measures for our C&W, Liberty Puerto Rico and Liberty Costa Rica borrowing groups in this press release that are considered non-GAAP measures, including: (i) Adjusted OIBDA; (ii) Adjusted OIBDA Margin; (iii) Proportionate Adjusted OIBDA, (iv) rebased revenue and (v) rebased Adjusted OIBDA. Adjusted OIBDA is defined as operating income or loss before share-based compensation, depreciation and amortization, related-party fees and allocations, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Proportionate Adjusted OIBDA is defined as Adjusted OIBDA less the noncontrolling interests' share of Adjusted OIBDA. We believe these measures at the borrowing group level are useful to investors because they are 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. These measures should be viewed as measures of operating performance that are a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income. A reconciliation of C&W's operating income to Adjusted OIBDA and Proportionate Adjusted OIBDA is presented in the following table: Three months ended March 31, 2023 2022 in millions Operating income $ 60.6 $ 73.6 Share-based compensation expense 6.2 8.5 Depreciation and amortization 147.6 137.5 Related-party fees and allocations 15.4 9.9 Impairment, restructuring and other operating items, net 17.2 3.5 Adjusted OIBDA 247.0 233.0 Noncontrolling interests' share of Adjusted OIBDA 35.0 32.8 Proportionate Adjusted OIBDA $ 212.0 $ 200.2 A reconciliation of Liberty Puerto Rico's operating income to Adjusted OIBDA is presented in the following table: Three months ended March 31, 2023 2022 in millions Operating income $ 61.6 $ 65.7 Share-based compensation expense 1.8 3.2 Depreciation and amortization 55.9 57.7 Related-party fees and allocations 12.1 12.6 Impairment, restructuring and other operating items, net 3.0 1.4 Adjusted OIBDA $ 134.4 $ 140.6 A reconciliation of Liberty Costa Rica's operating income to Adjusted OIBDA is presented in the following table: Three months ended March 31, 2023 2022 CRC in billions Operating income 8.4 8.2 Share-based compensation expense 0.1 0.6 Depreciation and amortization 12.8 10.5 Related-party fees and allocations 0.3 0.3 Impairment, restructuring and other operating items, net 3.8 (0.2 ) Adjusted OIBDA 25.4 19.4 The following table sets forth the reconciliations from reported revenue for our C&W borrowing group to rebased revenue and related change calculations (USD in millions). Three months ended March 31, 2022 Revenue – Reported $ 570.1 Rebase adjustments: Acquisition 31.2 Foreign currency (1.8 ) Other1 (1.6 ) Revenue – Rebased $ 597.9 Reported percentage change 7 % Rebased percentage change 2 % The following table sets forth the reconciliation from Adjusted OIBDA for our C&W borrowing group to rebased Adjusted OIBDA and related change calculations. Three months ended March 31, 2022 In millions Adjusted OIBDA – Reported $ 233.0 Rebase adjustments: Acquisition (3.0 ) Foreign currency (0.5 ) Other1 (0.8 ) Adjusted OIBDA – Rebased $ 228.7 Reported percentage change 6 % Rebased percentage change 8 % The following table sets forth the reconciliations from reported revenue for our Liberty Costa Rica borrowing group to rebased revenue and related change calculations. Three months ended March 31, 2022 CRC in billions Revenue – As reported 69.2 Rebased adjustment – Other1 0.9 Revenue – As rebased 70.1 Reported percent change 5 % Rebased percent change 4 % The following table sets forth the reconciliations from reported Adjusted OIBDA for our Liberty Costa Rica borrowing group to rebased Adjusted OIBDA and related change calculations. Three months ended March 31, 2022 CRC in billions Adjusted OIBDA – Reported 19.4 Rebased adjustment – Other1 0.5 Adjusted OIBDA – Rebased 19.9 Reported percent change 31 % Rebased percent change 28 %

05/02 09:00 EST - businesswire.com
Liberty Latin America Schedules Investor Call for First Quarter 2023 Results
DENVER--(BUSINESS WIRE)--Liberty Latin America Ltd. (“Liberty Latin America” or the “Company”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced plans to release its first quarter 2023 results on Monday, May 8, 2023 after NASDAQ market close. You are invited to participate in its investor call, which will begin the following day at 8:30 a.m. (Eastern Time) on Tuesday, May 9, 2023. During the call, management will discuss the Company’s results and business, and may provide other forward-looking information. Please dial in using the information provided below, at least 15 minutes prior to the start of the call. Domestic 833 470 1428 International +1 404 975 4839 Conference Passcode 363079 Pre-register for Liberty Latin America's first quarter 2023 investor call by clicking here. You will receive your access details via email. In addition to the dial-in teleconference, a summary investor presentation and listen-only webcast will be available within the Investor Relations section of www.lla.com. The webcast will be archived in the Investor Relations section of the Company’s website for at least 75 days. ABOUT LIBERTY LATIN AMERICA Liberty Latin America is a leading communications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands BTC, Flow, Liberty and Más Móvil, and through ClaroVTR, our joint venture in Chile. The communications and entertainment services that we offer to our residential and business customers in the region include digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a subsea and terrestrial fiber optic cable network that connects approximately 40 markets in the region. Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols “LILA” (Class A) and “LILAK” (Class C), and on the OTC link under the symbol “LILAB” (Class B). For more information, please visit www.lla.com.

04/19 17:31 EST - seekingalpha.com
How Liberty Latin America Can Unlock Its Value In 2023 And Beyond
How Liberty Latin America Can Unlock Its Value In 2023 And Beyond

03/21 16:37 EST - businesswire.com
Liberty Latin America Hosts First Annual Tech Summit
DENVER, Colorado--(BUSINESS WIRE)--Liberty Latin America Ltd. (“Liberty Latin America” or “LLA”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) hosts its first annual Tech Summit tomorrow at the RIU Plaza in Panama City, Panama. The Company will welcome over 500 attendees under the theme “Driving Growth through Innovation”. The Summit will focus on the critical importance of innovation in driving business opportunities and economic development across the region, as well as how the Company is improving customer experience through automated tools, developing new products, growing fixed-mobile convergence, and providing next generation B2B solutions. Liberty Latin America will showcase its products and services, including Hybrid Cloud, Private Networks, Always On connectivity, Next-Gen Unified Communications, Video Analytics, its portfolio of 5G Handsets, and how e-SIM will be deployed across the region. In addition, the Company will be sharing how it is preparing its fixed networks to deliver higher speeds, enhancing mobile performance through a new wireless core, and enabling IT transformation. Aamir Hussain, Liberty Latin America’s Chief Technology and Product Officer, noted, “This first Tech Summit aligns perfectly with our company's purpose of connecting communities and changing lives. Our focus on driving growth through innovation is essential to stay ahead in today's fast-paced world. We are thrilled to showcase our cutting-edge products and solutions and learn from industry-leading speakers. With the collective wisdom and insights gained from this event, we look forward to driving innovation that will create a positive impact across our region.” ABOUT LIBERTY LATIN AMERICA Liberty Latin America is a leading communications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands BTC, Flow, Liberty and Más Móvil, and through ClaroVTR, our joint venture in Chile. The communications and entertainment services that we offer to our residential and business customers in the region include digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a subsea and terrestrial fiber optic cable network that connects approximately 40 markets in the region. Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols “LILA” (Class A) and “LILAK” (Class C), and on the OTC link under the symbol “LILAB” (Class B). For more information, please visit www.lla.com.

02/25 11:30 EST - seekingalpha.com
Liberty Latin America, Ltd. (LILA) Q4 2022 Earnings Call Transcript
Liberty Latin America, Ltd. (NASDAQ:LILA ) Q4 2022 Earnings Conference Call February 23, 2023 8:00 AM ET Company Participants Aamir Hussain - Chief Technology and Product Officer Balan Nair - President & CEO Christopher Noyes - SVP & CFO Conference Call Participants Soomit Datta - New Street Research Operator Good morning, ladies and gentlemen, and thank you for standing by.

02/22 16:52 EST - businesswire.com
Liberty Latin America Reports Q4 & FY 2022 Results
DENVER, Colorado--(BUSINESS WIRE)--Liberty Latin America Ltd. (“Liberty Latin America” or “LLA”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced its financial and operating results for the three months (“Q4”) and twelve months (“YTD” and “FY”) ended December 31, 2022. CEO Balan Nair commented, “We continued to drive top-line growth in the fourth quarter, led by strong performances in our C&W Caribbean and Networks & LatAm operations and in Costa Rica. Puerto Rico's performance was impacted by residual negative impacts from Hurricane Fiona, and higher levels of promotional activity.” “Subscriber growth underpinned our performance with continued broadband additions across our reporting segments. Mobile postpaid additions also more than doubled as compared to the prior year, fueled by our convergent offers and focus on prepaid to postpaid migration.” “Inorganically, we have now completed our outstanding transactions and are focused on integration activities in Puerto Rico, Panama and Costa Rica, which are set to deliver significant value for stakeholders.” “We have continued to be aggressive with our share buyback activity, purchasing a record amount during the year and taking our total since commencing activity to over $240 million as we remain confident in our plans and outlook for the business.” “Overall, we continued to drive operating momentum in 2022 and are well positioned to create value in 2023. Our focus this year is on delivering further broadband and postpaid mobile subscriber growth, and making significant progress towards the successful integration of our acquisitions in Puerto Rico, Costa Rica and Panama. Through these actions, we expect to generate mid-to-high single digit adjusted OIBDA expansion in 2023 and strong adjusted free cash flow growth.” Business Highlights C&W Caribbean: strong growth in FY 2022 Subscriber adds drove reported and rebased revenue up 3% and 4%, respectively Reported and rebased Adj. OIBDA growth of 11% for the year Subscriber adds drove reported and rebased revenue up 3% and 4%, respectively Reported and rebased Adj. OIBDA growth of 11% for the year C&W Panama: strong fixed operating momentum 25,000 broadband adds in the year drove fixed service revenue growth Claro Panama acquisition completed; integration and synergy capture underway 25,000 broadband adds in the year drove fixed service revenue growth Claro Panama acquisition completed; integration and synergy capture underway C&W Networks & LatAm: top-line and Adj. OIBDA growth with strong margins in FY 2022 Reported and rebased revenue growth of 4% and 7%, respectively Reported and rebased Adj. OIBDA growth of 5% Reported and rebased revenue growth of 4% and 7%, respectively Reported and rebased Adj. OIBDA growth of 5% Liberty Puerto Rico: fixed growth driven by continued subscriber additions 36,000 broadband adds in 2022, Q4 up 35% YoY Adj. OIBDA impacted by Hurricane Fiona and increased promotional activity 36,000 broadband adds in 2022, Q4 up 35% YoY Adj. OIBDA impacted by Hurricane Fiona and increased promotional activity Liberty Costa Rica: subscriber additions and cost control driving Adj. OIBDA growth Reported and rebased revenue growth of 71% and 7%, respectively, YTD Adj. OIBDA up 68% and 10% on a reported and rebased basis, respectively, YTD Reported and rebased revenue growth of 71% and 7%, respectively, YTD Adj. OIBDA up 68% and 10% on a reported and rebased basis, respectively, YTD FY 2023 LLA Financial Guidance Adjusted OIBDA mid-to-high single digit rebased growth P&E additions as a percentage of revenue at ~16% Adjusted FCF of ~$300 million, before distributions to noncontrolling interests 50/50 Joint Venture with América Móvil in Chile VTR has been deconsolidated from Liberty Latin America effective upon our contribution of VTR into the Chile JV, at the beginning of October 2022. Financial and Operating Highlights Financial Highlights Q4 2022 Q4 2021 YoY Growth / (Decline) YoY Rebased Growth / (Decline)1 FY 2022 FY 2021 YoY Growth / (Decline) YoY Rebased Growth / (Decline)1 (USD in millions) Revenue $ 1,161 $ 1,281 (9 %) 1 % $ 4,815 $ 4,815 — % 1 % Revenue (excluding VTR)2 $ 1,161 $ 1,106 5 % 1 % $ 4,365 $ 4,027 8 % 3 % Adjusted OIBDA3 $ 405 $ 464 (13 %) (1 %) $ 1,718 $ 1,815 (5 %) (3 %) Adjusted OIBDA3 (excluding VTR)2 $ 405 $ 408 (1 %) (1 %) $ 1,602 $ 1,556 3 % — % Operating income (loss) $ 110 $ (418 ) (126 %) $ 94 $ 67 40 % Property & equipment additions $ 225 $ 257 (12 %) $ 816 $ 856 (5 %) As a percentage of revenue 19 % 20 % 17 % 18 % Adjusted FCF4 $ 210 $ 51 $ 189 $ 200 Cash provided by operating activities $ 377 $ 298 $ 869 $ 1,016 Cash used by investing activities $ (378 ) $ (193 ) $ (1,123 ) $ (1,269 ) Cash provided (used) by financing activities $ (51 ) $ (104 ) $ (29 ) $ 427 Operating Highlights5 Q4 2022 Q4 2021 Total customers 1,924,700 3,226,400 Organic customer losses (3,300 ) (10,300 ) Fixed RGUs 3,819,500 6,441,000 Organic RGU additions 31,300 35,800 Organic internet additions 24,700 5,200 Mobile subscribers 8,169,500 7,540,300 Organic mobile additions 59,000 246,400 Organic postpaid additions 58,200 68,700 * Q4 2022 figures include mobile subscribers related to the Claro Panama Acquisition, which was completed on July 1, 2022, and are therefore not included in Q4 2021 subscriber data. Q4 2022 excludes VTR as it has been deconsolidated as further described above. Revenue Highlights The following table presents (i) revenue of each of our segments and corporate operations for the periods indicated and (ii) the percentage change from period-to-period on both a reported and rebased basis: Three months ended Increase/(decrease) Year ended Increase/(decrease) December 31, December 31, 2022 2021 % Rebased % 2022 2021 % Rebased % in millions, except % amounts C&W Caribbean $ 367.3 $ 356.9 3 3 $ 1,436.8 $ 1,389.9 3 4 C&W Panama 201.4 173.6 16 (3 ) 642.7 568.1 13 1 C&W Networks & LatAm 124.0 111.9 11 14 450.8 431.9 4 7 Liberty Puerto Rico 373.7 371.2 1 — 1,470.1 1,449.7 1 1 Liberty Costa Rica 116.7 108.2 8 3 441.3 258.5 71 7 VTR — 174.8 N.M. N.M. 450.6 787.5 (43 ) (15 ) Corporate 5.7 5.4 6 6 22.2 21.6 3 3 Eliminations (28.1 ) (21.4 ) N.M. N.M. (99.4 ) (92.4 ) N.M. N.M. Total $ 1,160.7 $ 1,280.6 (9 ) 1 $ 4,815.1 $ 4,814.8 — 1 Less: VTR — 174.8 450.6 787.5 Total excluding VTR2 $ 1,160.7 $ 1,105.8 5 1 $ 4,364.5 $ 4,027.3 8 3 N.M. – Not Meaningful. Reported revenue for the three months and year ended December 31, 2022 declined by 9% and was flat, respectively. Reported revenue declined in Q4 2022 as (1) the addition of $35 million from the acquisition of América Móvil's Panama operations (Claro Panama) on July 1, 2022, and (2) organic growth in C&W Networks & LatAm and C&W Caribbean, were more than offset by the negative year-over-year impact of VTR's deconsolidation further to the formation of the Chile JV in October 2022. Reported revenue performance in FY 2022 was driven by (1) the addition of $239 million, from the acquisitions of Telefónica's Costa Rica operations and América Móvil's Panama operations, (2) the impact of VTR's deconsolidation, (3) organic growth in C&W Caribbean, C&W Networks & LatAm and Liberty Costa Rica, (4) a net negative FX impact of $94 million, and (5) organic declines at VTR. The FX impact was driven by depreciation of the Chilean peso in the nine months ended September 30, 2022 as compared to the corresponding prior-year period. Reported revenue declined in Q4 2022 as (1) the addition of $35 million from the acquisition of América Móvil's Panama operations (Claro Panama) on July 1, 2022, and (2) organic growth in C&W Networks & LatAm and C&W Caribbean, were more than offset by the negative year-over-year impact of VTR's deconsolidation further to the formation of the Chile JV in October 2022. Reported revenue performance in FY 2022 was driven by (1) the addition of $239 million, from the acquisitions of Telefónica's Costa Rica operations and América Móvil's Panama operations, (2) the impact of VTR's deconsolidation, (3) organic growth in C&W Caribbean, C&W Networks & LatAm and Liberty Costa Rica, (4) a net negative FX impact of $94 million, and (5) organic declines at VTR. The FX impact was driven by depreciation of the Chilean peso in the nine months ended September 30, 2022 as compared to the corresponding prior-year period. Q4 2022 Revenue Growth – Segment Highlights C&W Caribbean: revenue grew by 3% on a reported and rebased basis. Fixed residential revenue was flat on a reported and rebased basis, as subscription revenue growth was offset by lower interconnect and other revenue year-over-year. Mobile revenue was up 5% on a reported and rebased basis, as compared to the prior-year period. Rebased growth was primarily driven by a higher average number of mobile subscribers, resulting from sales initiatives, including converged offerings. Inbound roaming also grew year-over-year, as a recovery in tourism led to increased traffic. B2B revenue was 4% higher on both a reported and rebased basis. Performance was driven by internet services-related growth as well as mobile subscriber growth. Fixed residential revenue was flat on a reported and rebased basis, as subscription revenue growth was offset by lower interconnect and other revenue year-over-year. Mobile revenue was up 5% on a reported and rebased basis, as compared to the prior-year period. Rebased growth was primarily driven by a higher average number of mobile subscribers, resulting from sales initiatives, including converged offerings. Inbound roaming also grew year-over-year, as a recovery in tourism led to increased traffic. B2B revenue was 4% higher on both a reported and rebased basis. Performance was driven by internet services-related growth as well as mobile subscriber growth. C&W Panama: revenue grew by 16% and declined by 3% on a reported and rebased basis, respectively. Reported performance benefited from the inclusion of América Móvil's Panama operations in the quarter. Fixed residential revenue was up 15% and 5% on a reported and rebased basis, respectively. Rebased growth was driven by more than 60,000 RGU additions over the past twelve months, resulting from investments in our networks, products and commercial activities. Mobile revenue increased by 45% on a reported basis and was 1% lower on a rebased basis. Revenue declined slightly on a rebased basis as postpaid service revenue growth in our legacy C&W Panama operation was more than offset by year-over-year declines in our newly acquired business. B2B revenue declined by 1% and 7% on a reported and rebased basis, respectively. The year-over-year rebased decline was driven by the successful award of certain infrastructure projects in the prior-year period. Fixed residential revenue was up 15% and 5% on a reported and rebased basis, respectively. Rebased growth was driven by more than 60,000 RGU additions over the past twelve months, resulting from investments in our networks, products and commercial activities. Mobile revenue increased by 45% on a reported basis and was 1% lower on a rebased basis. Revenue declined slightly on a rebased basis as postpaid service revenue growth in our legacy C&W Panama operation was more than offset by year-over-year declines in our newly acquired business. B2B revenue declined by 1% and 7% on a reported and rebased basis, respectively. The year-over-year rebased decline was driven by the successful award of certain infrastructure projects in the prior-year period. C&W Networks & LatAm: revenue grew by 11% and 14% on a reported and rebased basis, respectively. Growth on a rebased basis was driven by higher revenue associated with a significant subsea network customer that is recognized on a cash basis, increased affiliate revenue, and growth in B2B service-related connectivity and managed services. This growth was partially offset by higher IRU accelerations in Q4 2021. Liberty Puerto Rico: revenue grew by 1% on a reported basis and was flat on a rebased basis. Reported performance benefited from the inclusion of our fixed operations in the USVI in the quarter. On a rebased basis, residential fixed revenue growth was driven by subscriber additions as we added nearly 40,000 RGUs in the year, partly offset by the negative impact of $5 million of customer credits following Hurricane Fiona. Residential mobile revenue was broadly flat compared to the prior-year period, as higher volumes of handset sales were offset by (1) lower ARPU from mobile services, including the impact of higher contract asset amortization driven by increases in handset sales and subsidy levels, and (2) a decline in the average number of prepaid mobile subscribers. On a rebased basis, residential fixed revenue growth was driven by subscriber additions as we added nearly 40,000 RGUs in the year, partly offset by the negative impact of $5 million of customer credits following Hurricane Fiona. Residential mobile revenue was broadly flat compared to the prior-year period, as higher volumes of handset sales were offset by (1) lower ARPU from mobile services, including the impact of higher contract asset amortization driven by increases in handset sales and subsidy levels, and (2) a decline in the average number of prepaid mobile subscribers. Liberty Costa Rica: revenue grew by 8% and 3% on a reported and rebased basis, respectively. Rebased growth was driven by strong subscriber additions across both our mobile and fixed businesses over the past twelve months. Operating Income (Loss) Operating income (loss) was $110 million and ($418 million) for the three months ended December 31, 2022 and 2021, respectively, and $94 million and $67 million for the year ended December 31, 2022 and 2021, respectively. We reported operating income during the three months ended December 31, 2022 compared with an operating loss during the corresponding period in 2021. The increase during the three-month comparison is due to lower expenses associated with impairment, restructuring and other operating items, net, which were partially offset by a decline in Adjusted OIBDA. We reported higher operating income during the year ended December 31, 2022 compared with the corresponding period in 2021, primarily due to the net effect of (i) decreases in depreciation and amortization, goodwill impairments and stock-based compensation expense and (ii) a decline in Adjusted OIBDA. We experienced a decrease in depreciation and amortization expense as we ceased recording depreciation expense for the Chile JV Entities during the third quarter of 2021 when we began accounting for them as held for sale. We reported operating income during the three months ended December 31, 2022 compared with an operating loss during the corresponding period in 2021. The increase during the three-month comparison is due to lower expenses associated with impairment, restructuring and other operating items, net, which were partially offset by a decline in Adjusted OIBDA. We reported higher operating income during the year ended December 31, 2022 compared with the corresponding period in 2021, primarily due to the net effect of (i) decreases in depreciation and amortization, goodwill impairments and stock-based compensation expense and (ii) a decline in Adjusted OIBDA. We experienced a decrease in depreciation and amortization expense as we ceased recording depreciation expense for the Chile JV Entities during the third quarter of 2021 when we began accounting for them as held for sale. Adjusted OIBDA Highlights The following table presents (i) Adjusted OIBDA of each of our reportable segments and our corporate category for the periods indicated and (ii) the percentage change from period-to-period on both a reported and rebased basis: Three months ended Year ended December 31, Increase (decrease) December 31, Increase (decrease) 2022 2021 % Rebased % 2022 2021 % Rebased % in millions, except % amounts C&W Caribbean $ 138.1 $ 125.0 10 10 $ 535.2 $ 482.9 11 11 C&W Panama 57.2 62.6 (9 ) (10 ) 188.8 200.1 (6 ) (7 ) C&W Networks & LatAm 79.7 71.2 12 13 276.3 264.3 5 5 Liberty Puerto Rico 120.2 135.3 (11 ) (11 ) 538.4 580.9 (7 ) (8 ) Liberty Costa Rica 36.1 29.4 23 17 134.7 80.2 68 10 VTR — 55.3 N.M. N.M. 115.6 259.6 (55 ) (34 ) Corporate (26.1 ) (15.2 ) (72 ) (72 ) (71.5 ) (52.9 ) (35 ) (35 ) Total $ 405.2 $ 463.6 (13 ) (1 ) $ 1,717.5 $ 1,815.1 (5 ) (3 ) Less: VTR — 55.3 115.6 259.6 Total excluding VTR2 $ 405.2 $ 408.3 (1 ) (1 ) $ 1,601.9 $ 1,555.5 3 — Operating income (loss) margin 9.4 % (32.6 ) % 2.0 % 1.4 % Adjusted OIBDA margin 34.9 % 36.2 % 35.7 % 37.7 % Adjusted OIBDA margin excl. VTR2 34.9 % 36.9 % 36.7 % 38.6 % N.M. – Not Meaningful. Our reported Adjusted OIBDA for the three months and year ended December 31, 2022 was 13% and 5% lower, respectively, as compared to the corresponding prior-year periods. Reported Adjusted OIBDA performance in Q4 was primarily driven by the deconsolidation of VTR. Reported Adjusted OIBDA performance YTD was primarily driven by (1) organic declines in Chile and Puerto Rico partly offset by growth in C&W Caribbean, and (2) FX headwinds in Chile. Reported Adjusted OIBDA performance in Q4 was primarily driven by the deconsolidation of VTR. Reported Adjusted OIBDA performance YTD was primarily driven by (1) organic declines in Chile and Puerto Rico partly offset by growth in C&W Caribbean, and (2) FX headwinds in Chile. Q4 2022 Adjusted OIBDA Growth – Segment Highlights C&W Caribbean: Adjusted OIBDA increased by 10% on a reported and rebased basis. Performance was driven by the aforementioned rebased revenue growth. Our Adjusted OIBDA margin improved by ~250 basis points year-over-year to 38%. C&W Panama: Adjusted OIBDA decreased on a reported and rebased basis by 9% and 10%, respectively. The rebased decline was driven by lower revenue and higher bad debt provisions, including the cost of factoring certain receivables, year-over-year. C&W Networks & LatAm: Adjusted OIBDA increased on a reported and rebased basis by 12% and 13%, respectively. Our rebased performance was driven by the aforementioned revenue growth. Liberty Puerto Rico: Adjusted OIBDA declined by 11% on a reported and rebased basis. The decline in the quarter was driven by (i) $7 million in revenue credits and costs associated with Hurricane Fiona (aforementioned revenue credits and increased network-related expenses), (ii) increased facilities costs driven by higher electricity and maintenance expense, (iii) higher personnel costs including higher commissions expense impacted by the accounting for the AT&T acquisition, and (iv) increased negative margins on equipment sales driven by a higher volume of handset sales and promotions. Liberty Costa Rica: Adjusted OIBDA grew by 23% and 17% on a reported and rebased basis, respectively. Rebased performance was driven by the aforementioned rebased revenue growth and cost control driving a nearly 400 basis point improvement in Adjusted OIBDA margin, year-over-year. Net Earnings (Loss) Attributable to Shareholders Net earnings (loss) attributable to shareholders was $135 million and ($612 million) for the three months ended December 31, 2022 and 2021, respectively, and ($176 million) and ($438 million) for the year ended December 31, 2022 and 2021, respectively. Property & Equipment Additions and Capital Expenditures The table below highlights the categories of the property and equipment additions (P&E Additions) for the indicated periods and reconciles to cash paid for capital expenditures, net. Three months ended Year ended December 31, December 31, 2022 2021 2022 2021 USD in millions Customer Premises Equipment $ 40.9 $ 61.0 $ 246.3 $ 296.2 New Build & Upgrade 44.9 51.5 156.7 163.2 Capacity 41.4 35.8 127.3 130.9 Baseline 71.6 68.3 210.8 172.7 Product & Enablers 26.4 40.3 75.2 92.9 Property & equipment additions 225.2 256.9 816.3 855.9 Assets acquired under capital-related vendor financing arrangements (46.9 ) (35.5 ) (161.1 ) (100.5 ) Changes in current liabilities related to capital expenditures and other (12.3 ) (29.8 ) 4.9 (19.1 ) Capital expenditures, net $ 166.0 $ 191.6 $ 660.1 $ 736.3 Property & equipment additions as % of revenue 19.4 % 20.1 % 17.0 % 17.8 % Property & Equipment Additions: C&W Caribbean $ 79.3 $ 67.4 $ 230.7 $ 222.9 C&W Panama 26.8 24.4 98.4 88.9 C&W Networks & LatAm 8.2 9.9 40.2 45.3 Liberty Puerto Rico 78.7 80.1 233.5 219.2 Liberty Costa Rica 19.8 19.4 65.5 45.0 VTR — 41.1 107.3 199.1 Corporate 12.4 14.6 40.7 35.5 Property & equipment additions $ 225.2 $ 256.9 $ 816.3 $ 855.9 Property & Equipment Additions as a Percentage of Revenue by Reportable Segment: C&W Caribbean 21.6 % 18.9 % 16.1 % 16.0 % C&W Panama 13.3 % 14.1 % 15.3 % 15.6 % C&W Networks & LatAm 6.6 % 8.8 % 8.9 % 10.5 % Liberty Puerto Rico 21.1 % 21.6 % 15.9 % 15.1 % Liberty Costa Rica 17.0 % 17.9 % 14.8 % 17.4 % VTR — % 23.5 % 23.8 % 25.3 % New Build and Homes Upgraded by Reportable Segment1: C&W Caribbean 15,800 47,100 106,700 150,100 C&W Panama 19,100 16,600 148,400 121,400 Liberty Puerto Rico 16,900 9,500 41,800 22,600 Liberty Costa Rica 11,000 10,600 50,300 43,800 VTR — 64,200 137,400 400,900 Total 62,800 148,000 484,600 738,800 1. Table excludes C&W Networks & LatAm as that segment only provides B2B-related services. Summary of Debt, Finance Lease Obligations and Cash and Cash Equivalents The following table details the U.S. dollar equivalent balances of the outstanding principal amounts of our debt and finance lease obligations, and cash and cash equivalents at December 31, 2022: Debt Finance lease obligations Debt and finance lease obligations Cash and cash equivalents in millions Liberty Latin America1 $ 403.4 $ — $ 403.4 $ 156.5 C&W2 4,519.6 — 4,519.6 536.2 Liberty Puerto Rico 2,617.7 5.7 2,623.4 72.3 Liberty Costa Rica 425.4 2.9 428.3 16.0 Total $ 7,966.1 $ 8.6 $ 7,974.7 $ 781.0 Consolidated Leverage and Liquidity Information: December 31, 2022 September 30, 2022 Consolidated debt and finance lease obligations to operating income (loss) ratio 15.0x (23.1)x Consolidated net debt and finance lease obligations to operating income (loss) ratio 13.5x (21.1)x Consolidated gross leverage ratio3 5.1x 4.9x Consolidated net leverage ratio3 4.6x 4.5x Average debt tenor4 4.9 years 5.2 years Fully-swapped borrowing costs 5.7% 5.6% Unused borrowing capacity (in millions)5 $898.7 $971.7 1. 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. 2. Represents the C&W borrowing group, including the C&W Caribbean, C&W Networks & LatAm and C&W Panama reporting segments. 3. Consolidated leverage ratios are non-GAAP measures. The leverage ratios exclude the Adjusted OIBDA of VTR in light of the deconsolidation of VTR and the fact that our December, 31, 2022 balance sheet does not include any VTR debt. For additional information, including definitions of our consolidated leverage ratios and required reconciliations, see Non-GAAP Reconciliations below. 4. For purposes of calculating our average tenor, total debt excludes vendor financing, finance lease obligations and, as of September 30, 2022, VTR debt. 5. At December 31, 2022, the full amount of unused borrowing capacity under our subsidiaries' revolving credit facilities was available to be borrowed, both before and after completion of the December 31, 2022 compliance reporting requirements. The September 30, 2022 amount excludes VTR's then unused borrowing capacity of $247 million. Quarterly Subscriber Variance Fixed and Mobile Subscriber Variance Table — December 31, 2022 vs September 30, 2022 Homes Passed Two-way Homes Passed Fixed-line Customer Relationships Video RGUs Internet RGUs Telephony RGUs Total RGUs Prepaid Postpaid Total Mobile Subscribers C&W Caribbean: Jamaica 6,900 6,900 2,600 (400 ) 4,100 4,600 8,300 18,900 8,800 27,700 The Bahamas — — (7,900 ) (200 ) (100 ) (900 ) (1,200 ) 4,500 (600 ) 3,900 Trinidad and Tobago — — (800 ) (600 ) (1,100 ) 600 (1,100 ) — — — Barbados — — 400 300 900 (100 ) 1,100 1,200 2,600 3,800 Other 200 100 2,700 500 3,900 400 4,800 200 11,500 11,700 Total C&W Caribbean 7,100 7,000 (3,000 ) (400 ) 7,700 4,600 11,900 24,800 22,300 47,100 C&W Panama 4,900 4,900 600 600 5,400 5,100 11,100 (65,900 ) 8,700 (57,200 ) Total C&W 12,000 11,900 (2,400 ) 200 13,100 9,700 23,000 (41,100 ) 31,000 (10,100 ) Liberty Puerto Rico1 4,100 4,100 (3,100 ) (4,700 ) 10,400 (3,300 ) 2,400 (5,300 ) 17,000 11,700 Liberty Costa Rica 8,600 8,600 2,200 — 1,200 4,700 5,900 47,200 10,200 57,400 VTR — — — — — — — — — — Total Organic Change 24,700 24,600 (3,300 ) (4,500 ) 24,700 11,100 31,300 800 58,200 59,000 Q4 2022 Adjustments: C&W Caribbean - Jamaica — — — — — — — (14,400 ) — (14,400 ) C&W Caribbean - Bahamas — — 1,300 (3,800 ) (8,400 ) 3,400 (8,800 ) — (6,500 ) (6,500 ) C&W Caribbean - Other 5,800 5,800 — — — — — — — — C&W Panama — — — — — — — — 18,700 18,700 VTR2 (4,292,100 ) (3,926,500 ) (1,311,500 ) (967,900 ) (1,171,800 ) (486,100 ) (2,625,800 ) (6,300 ) (257,900 ) (264,200 ) Total Q4 2022 Adjustments: (4,286,300 ) (3,920,700 ) (1,310,200 ) (971,700 ) (1,180,200 ) (482,700 ) (2,634,600 ) (20,700 ) (245,700 ) (266,400 ) Net Adds (4,261,600 ) (3,896,100 ) (1,313,500 ) (976,200 ) (1,155,500 ) (471,600 ) (2,603,300 ) (19,900 ) (187,500 ) (207,400 ) 1. Included in Liberty Puerto Rico's mobile prepaid organic loss is a decrease of 3,300 mobile reseller subscribers. 2. During October 2022, we contributed our Chilean operation into a joint venture with Claro Chile, which resulted in a non-organic adjustment that represents the removal of VTR from our consolidated subscriber balances. ARPU per Customer Relationship The following table provides ARPU per customer relationship for the indicated periods: Three months ended December 31, FX-Neutral1 2022 2021 % Change % Change Reportable Segment: C&W Caribbean $ 48.81 $ 48.13 1 % 1 % C&W Panama $ 36.68 $ 38.97 (6 %) (6 %) Liberty Puerto Rico $ 74.29 $ 75.90 (2 %) (2 %) Liberty Costa Rica2 $ 40.27 $ 41.62 (3 %) (8 %) Cable & Wireless Borrowing Group $ 45.97 $ 46.36 (1 %) (1 %) Mobile ARPU The following table provides ARPU per mobile subscriber for the indicated periods: Three months ended December 31, FX-Neutral1 2022 2021 % Change % Change Reportable Segment: C&W Caribbean $ 14.31 $ 14.36 — % — % C&W Panama $ 9.97 $ 8.73 14 % 14 % Liberty Puerto Rico3 $ 38.91 $ 46.04 (15 %) (15 %) Liberty Costa Rica4 $ 5.90 $ 5.49 7 % 3 % Cable & Wireless Borrowing Group $ 11.98 $ 11.65 3 % 3 % The FX-Neutral change represents the percentage change on a year-over-year basis adjusted for FX impacts and is calculated by adjusting the current-period figures to reflect translation at the foreign currency rates used to translate the prior year amounts. The ARPU per customer relationship amounts in Costa Rican colones for the three months ended December 31, 2022 and 2021 were CRC 24,512 and CRC 26,495, respectively. The year-over-year decline in mobile ARPU was primarily driven by increased promotional activity on postpaid plans, an increase in lower ARPU data subscribers driven by a large Department of Education contract, and lower prepaid ARPU including the prepaid reseller channel. The mobile ARPU amount in Costa Rican colones for the three months ended December 31, 2022 and 2021 were CRC 3,597 and CRC 3,498, respectively. Forward-Looking Statements and Disclaimer This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our strategies, priorities and objectives, performance, guidance and growth expectations for 2023; our digital strategy, product innovation and commercial plans and projects; subscriber growth; expectations on demand for connectivity in the region; our anticipated integration plans, synergies, opportunities and integration costs in Puerto Rico following the AT&T Acquisition, in Costa Rica following the acquisition of Telefónica's Costa Rica business and in Panama following the acquisition of América Móvil’s Panama operations; the strength of our balance sheet and tenor of our debt; our share repurchase program; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include events that are outside of our control, such as hurricanes and other natural disasters, political or social events, and pandemics, such as COVID-19, the uncertainties surrounding such events, the ability and cost to restore networks in the markets impacted by hurricanes or generally to respond to any such events; the continued use by subscribers and potential subscribers of our services and their willingness to upgrade to our more advanced offerings; our ability to meet challenges from competition, to manage rapid technological change or to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers; the effects of changes in laws or regulation; general economic factors; our ability to successfully acquire and integrate new businesses and realize anticipated efficiencies from acquired businesses; the availability of attractive programming for our video services and the costs associated with such programming; our ability to achieve forecasted financial and operating targets; the outcome of any pending or threatened litigation; the ability of our operating companies to access cash of their respective subsidiaries; the impact of our operating companies' future financial performance, or market conditions generally, on the availability, terms and deployment of capital; fluctuations in currency exchange and interest rates; the ability of suppliers and vendors to timely deliver quality products, equipment, software, services and access; our ability to adequately forecast and plan future network requirements including the costs and benefits associated with network expansions; and other factors detailed from time to time in our filings with the Securities and Exchange Commission, including our most recently filed Form 10-K. These forward-looking statements speak only as of the date of this press release. 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 change in events, conditions or circumstances on which any such statement is based. About Liberty Latin America Liberty Latin America is a leading communications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands BTC, Flow, Liberty and Más Móvil, and through ClaroVTR, our joint venture in Chile. The communications and entertainment services that we offer to our residential and business customers in the region include digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a subsea and terrestrial fiber optic cable network that connects approximately 40 markets in the region. Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols “LILA” (Class A) and “LILAK” (Class C), and on the OTC link under the symbol “LILAB” (Class B). For more information, please visit www.lla.com. Footnotes 1. Rebased growth rates are a non-GAAP measure. The indicated growth rates are rebased for the estimated impacts of (i) acquisitions and (ii) FX. See Non-GAAP Reconciliations below. 2. We provide rebased revenue and Adjusted OIBDA growth rates, each a non-GAAP measure, for Liberty Latin America excluding VTR in light of the October deconsolidation of VTR that occurred in connection with the closing of our joint venture in Chile with América Móvil. See the tables below for the required non-GAAP reconciliations. 3. Adjusted OIBDA is a non-GAAP measure. For the definition of Adjusted OIBDA and required reconciliations, see Non-GAAP Reconciliations below. 4. Adjusted Free Cash Flow (“Adjusted FCF”) is a non-GAAP measure. For the definition of Adjusted FCF and required reconciliations, see Non-GAAP Reconciliations below. 5. See Glossary for the definition of RGUs and mobile subscribers. Organic figures exclude RGUs and mobile subscribers of acquired entities at the date of acquisition and other non-organic adjustments, but include the impact of changes in RGUs and mobile subscribers from the date of acquisition. All subscriber / RGU additions or losses refer to net organic changes, unless otherwise noted. Additional Information | Cable & Wireless Borrowing Group The following tables reflect preliminary unaudited selected financial results, on a consolidated C&W basis, for the periods indicated, in accordance with U.S. GAAP. Three months ended December 31, Change Rebased change1 2022 2021 in millions, except % amounts Revenue $ 669.3 $ 624.4 7 % 2 % Operating income (loss) $ 77.1 $ (526.9 ) (115 %) Adjusted OIBDA $ 275.0 $ 258.8 6 % 6 % Operating income (loss) as a percentage of revenue 11.5 % (84.4 )% Adjusted OIBDA as a percentage of revenue 41.1 % 41.4 % Proportionate Adjusted OIBDA $ 231.7 $ 215.6 Year ended December 31, Change Rebased change1 2022 2021 in millions, except % amounts Revenue $ 2,448.6 $ 2,310.6 6 % 4 % Operating loss $ (252.1 ) $ (340.0 ) (26 %) Adjusted OIBDA $ 1,000.0 $ 947.3 6 % 6 % Operating loss as a percentage of revenue (10.3 )% (14.7 )% Adjusted OIBDA as a percentage of revenue 40.8 % 41.0 % Proportionate Adjusted OIBDA $ 852.4 $ 801.6 Indicated growth rates are rebased for the estimated impacts of an acquisition and FX. The following table details the U.S. dollar equivalent of the nominal amount outstanding of C&W's third-party debt and cash and cash equivalents: December 31, September 30, Facility Amount 2022 2022 in millions Credit Facilities: Revolving Credit Facility due 2023 (LIBOR + 3.25%) $ 50.0 $ — $ — Revolving Credit Facility due 2027 (LIBOR + 3.25%) $ 580.0 — — Term Loan Facility B-5 due 2028 (LIBOR + 2.25%) $ 1,510.0 1,510.0 1,510.0 Term Loan Facility B-6 due 2029 (LIBOR + 3.00%) $ 590.0 590.0 590.0 Total Senior Secured Credit Facilities 2,100.0 2,100.0 Notes: 5.75% USD Senior Secured Notes due 2027 $ 495.0 495.0 495.0 6.875% USD Senior Notes due 2027 $ 1,220.0 1,220.0 1,220.0 Total Notes 1,715.0 1,715.0 Other debt: 4.25% CWP Term Loan due 2028 $ 435.0 435.0 435.0 Other regional debt 70.2 83.1 Vendor financing 199.4 178.0 Total third-party debt 4,519.6 4,511.1 Less: premiums, discounts and deferred financing costs, net (31.6 ) (33.3 ) Total carrying amount of third-party debt 4,488.0 4,477.8 Less: cash and cash equivalents (536.2 ) (458.3 ) Net carrying amount of third-party debt $ 3,951.8 $ 4,019.5 At December 31, 2022, our third-party total and proportionate net debt was $4.0 billion and $3.7 billion, respectively, our Fully-swapped Borrowing Cost was 5.1%, and the average tenor of our debt obligations (excluding vendor financing) was approximately 5.1 years. Our portion of Adjusted OIBDA, after deducting the noncontrolling interests' share, (“Proportionate Adjusted OIBDA”) was $232 million for Q4 2022. Based on Q4 results, our Proportionate Net Leverage Ratio was 4.0x, calculated in accordance with C&W's Credit Agreement. At December 31, 2022, we had maximum undrawn commitments of $719 million, including $89 million under our regional facilities. At December 31, 2022, the full amount of unused borrowing capacity under our credit facilities (including regional facilities) was available to be borrowed, both before and after completion of the December 31, 2022 compliance reporting requirements. Liberty Puerto Rico (LPR) Borrowing Group The following table details the nominal amount outstanding of Liberty Puerto Rico's debt, finance lease obligations and cash and cash equivalents: December 31, September 30, Facility amount 2022 2022 in millions Credit Facilities: Revolving Credit Facility due 2027 (LIBOR + 3.50%) $ 172.5 $ — $ — Term Loan Facility due 2028 (LIBOR + 3.75%) $ 620.0 620.0 620.0 Total Senior Secured Credit Facilities 620.0 620.0 Notes: 6.75% Senior Secured Notes due 2027 $ 1,161.0 1,161.0 1,161.0 5.125% Senior Secured Notes due 2029 $ 820.0 820.0 820.0 Total Notes 1,981.0 1,981.0 Vendor financing 16.7 — Finance lease obligations 5.7 6.1 Total debt and finance lease obligations 2,623.4 2,607.1 Less: discounts and deferred financing costs, net (28.6 ) (29.6 ) Total carrying amount of debt 2,594.8 2,577.5 Less: cash and cash equivalents (72.3 ) (118.2 ) Net carrying amount of debt $ 2,522.5 $ 2,459.3 At December 31, 2022, our Fully-swapped Borrowing Cost was 6.1% and the average tenor of our debt was approximately 5.6 years. Based on our results for Q4 2022, and subject to the completion of the corresponding compliance reporting requirements, our Consolidated Net Leverage Ratio was 4.5x, calculated in accordance with LPR’s Group Credit Agreement. At December 31, 2022, we had maximum undrawn commitments of $173 million. At December 31, 2022, the full amount of unused borrowing capacity under our revolving credit facility was available to be borrowed, both before and after completion of the December 31, 2022 compliance reporting requirements. Liberty Costa Rica Borrowing Group The following table details the borrowing currency and Costa Rican colón equivalent of the nominal amount outstanding of Liberty Costa Rica's debt and cash and cash equivalents: December 31, September 30, 2022 2022 Borrowing currency in millions CRC equivalent in billions Term Loan B-1 Facility due 20241 (LIBOR + 5.50%) $ 276.7 163.8 173.9 Term Loan B-2 Facility due 20241 (TBP2 + 6.75%) CRC 79,635.2 79.6 79.6 Revolving Credit Facility due 2024 (LIBOR + 4.25%) $ 15.0 4.7 5.0 Total credit facilities 248.1 258.5 Other 3.6 10.5 Finance lease obligations 1.7 1.9 Total debt and finance lease obligations 253.4 270.9 Less: discounts and deferred financing costs (3.3 ) (4.5 ) Total carrying amount of debt 250.1 266.4 Less: cash and cash equivalents (9.5 ) (4.3 ) Net carrying amount of debt 240.6 262.1 Exchange rate (CRC to $) 591.8 628.5 1. Under the terms of the credit agreement, Liberty Costa Rica was obligated to repay 50% of the outstanding aggregate principal amounts of the LCR Term Loan B-1 Facility and the LCR Term Loan B-2 Facility on February 1, 2024, with the remaining respective principal amounts due on August 1, 2024, which represented the ultimate maturity date of the facilities. 2. Tasa Básica Pasiva rate. In January 2023, Liberty Costa Rica entered into the 2031 LCR Term Loan A and the 2031 LCR Term Loan B, both issued at par. The proceeds from the 2031 LCR Term Loan A and 2031 LCR Term Loan B were primarily used to repay the LCR Term Loan B-1 Facility and LCR Term Loan B-2 Facility. In January 2023, the LCR Revolving Credit Facility was amended and restated. The amended and restated $60 million LCR Revolving Credit Facility bears interest at SOFR plus a margin of 4.25% and matures on January 15, 2028. Subscriber Table Consolidated Operating Data — December 31, 2022 Homes Passed Two-way Homes Passed Fixed-line Customer Relationships Video RGUs Internet RGUs Telephony RGUs Total RGUs Prepaid Postpaid Total Mobile Subscribers C&W Caribbean: Jamaica 685,700 685,700 331,800 132,000 308,200 300,900 741,100 1,120,000 73,700 1,193,700 The Bahamas 120,900 120,900 35,900 5,600 23,100 33,600 62,300 146,400 24,000 170,400 Trinidad and Tobago 340,900 340,900 155,600 101,800 140,300 94,200 336,300 — — — Barbados 140,400 140,400 84,300 38,000 75,700 70,300 184,000 87,600 40,400 128,000 Other 336,000 316,100 215,100 74,400 187,200 115,000 376,600 333,200 100,100 433,300 Total C&W Caribbean 1,623,900 1,604,000 822,700 351,800 734,500 614,000 1,700,300 1,687,200 238,200 1,925,400 C&W Panama 829,200 829,200 251,700 159,300 207,400 199,900 566,600 1,820,700 358,200 2,178,900 Total C&W 2,453,100 2,433,200 1,074,400 511,100 941,900 813,900 2,266,900 3,507,900 596,400 4,104,300 Liberty Puerto Rico 1,2 1,173,600 1,173,600 551,100 242,800 524,000 257,400 1,024,200 182,300 903,300 1,085,600 Liberty Costa Rica 3 700,300 694,400 299,200 204,800 268,200 55,400 528,400 2,162,400 817,200 2,979,600 Total 4,327,000 4,301,200 1,924,700 958,700 1,734,100 1,126,700 3,819,500 5,852,600 2,316,900 8,169,500 1. Prepaid mobile subscribers include 52,200 mobile reseller subscribers. 2. Postpaid mobile subscribers include 206,700 CRUs. 3. Our homes passed in Liberty Costa Rica include 57,000 homes on a third-party network that provides us long-term access. Glossary Adjusted OIBDA Margin – Calculated by dividing Adjusted OIBDA by total revenue for the applicable period. ARPU – Average revenue per unit refers to the average monthly subscription revenue (subscription revenue excludes interconnect, mobile handset sales and late fees) per average customer relationship or mobile subscriber, as applicable. ARPU per average customer relationship is calculated by dividing the average monthly subscription revenue from residential fixed and SOHO fixed services by the average of the opening and closing balances for customer relationships for the indicated period. ARPU per average mobile subscriber is calculated by dividing the average monthly mobile service revenue by the average of the opening and closing balances for mobile subscribers for the indicated period. Unless otherwise indicated, ARPU per customer relationship or mobile subscriber is not adjusted for currency impacts. ARPU per average RGU is calculated by dividing the average monthly subscription revenue from the applicable residential fixed service by the average of the opening and closing balances of the applicable RGUs for the indicated period. Unless otherwise noted, ARPU in this release is considered to be ARPU per average customer relationship or mobile subscriber, as applicable. Customer relationships, mobile subscribers and RGUs of entities acquired during the period are normalized. Consolidated Debt and Finance Lease Obligations to Operating Income Ratio – Defined as total principal amount of debt and finance lease obligations outstanding to annualized operating income from the most recent two consecutive fiscal quarters. Consolidated Net Debt and Finance Lease Obligations to Operating Income Ratio – Defined as total principal amount of debt and finance lease obligations outstanding less cash and cash equivalents to annualized operating income from the most recent two consecutive fiscal quarters. Consolidated Net Leverage Ratio (LPR) – Defined in accordance with LPR's Group Credit Agreement, taking into account the ratio of its outstanding indebtedness less its cash and cash equivalents to its annualized EBITDA from the most recent two consecutive fiscal quarters. CRU – Corporate responsible user. Customer Relationships – The number of customers who receive at least one of our video, internet or telephony services that we count as RGUs, without regard to which or to how many services they subscribe. To the extent that RGU counts include equivalent billing unit (“EBU”) adjustments, we reflect corresponding adjustments to our customer relationship counts. For further information regarding our EBU calculation, see Additional General Notes below. Customer relationships generally are counted on a unique premises basis. Accordingly, if an individual receives our services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two customer relationships. We exclude mobile-only customers from customer relationships. Fully-swapped Borrowing Cost – Represents the weighted average interest rate on our debt (excluding finance leases and including vendor financing obligations), including the effects of derivative instruments, original issue premiums or discounts, which includes a discount on the convertible notes issued by Liberty Latin America associated with a conversion option feature, and commitment fees, but excluding the impact of financing costs. Homes Passed – Homes, residential multiple dwelling units or commercial units that can be connected to our networks without materially extending the distribution plant. Certain of our homes passed counts are based on census data that can change based on either revisions to the data or from new census results. Internet (Broadband) RGU – A home, residential multiple dwelling unit or commercial unit that receives internet services over our network. Leverage – Our gross and net leverage ratios, each a non-GAAP measure, are defined as total debt (total principal amount of debt and finance lease obligations outstanding, net of projected derivative principal-related cash payments (receipts)) and net debt to annualized Adjusted OIBDA of the latest two quarters. Net debt is defined as total debt (including the convertible notes) less cash and cash equivalents. For purposes of these calculations, debt is measured using swapped foreign currency rates, consistent with the covenant calculation requirements of our subsidiary debt agreements. Mobile Subscribers – Our mobile subscriber count represents the number of active subscriber identification module (“SIM”) cards in service rather than services provided. For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber. Alternatively, a subscriber who has a voice and data plan for a mobile handset and a data plan for a laptop (via a dongle) would be counted as two mobile subscribers. Customers who do not pay a recurring monthly fee are excluded from our mobile telephony subscriber counts after periods of inactivity ranging from 30 to 90 days, based on industry standards within the respective country. In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts. Our Liberty Puerto Rico segment prepaid subscriber count includes mobile reseller subscribers, which represent organizations that purchase minutes and data at wholesale prices and subsequently resell it under the purchaser's brand name. These reseller subscribers result in a significantly lower ARPU than the remaining subscribers included in our prepaid balance. Additionally, our Liberty Puerto Rico segment postpaid subscriber count includes CRUs, which represent an individual receiving mobile services through an organization that has entered into a contract for mobile services with us and where the organization is responsible for the payment of the CRU’s mobile services. NPS – Net promoter score. Property and Equipment Addition Categories Customer Premises Equipment: Includes capitalizable equipment and labor, materials and other costs directly associated with the installation of such CPE; New Build & Upgrade: Includes capitalizable costs of network equipment, materials, labor and other costs directly associated with entering a new service area and upgrading our existing network; Capacity: Includes capitalizable costs for network capacity required for growth and services expansions from both existing and new customers. This category covers Core and Access parts of the network and includes, for example, fiber node splits, upstream/downstream spectrum upgrades and optical equipment additions in our international backbone connections; Baseline: Includes capitalizable costs of equipment, materials, labor and other costs directly associated with maintaining and supporting the business. Relates to areas such as network improvement, property and facilities, technical sites, information technology systems and fleet; and Product & Enablers: Discretionary capitalizable costs that include investments (i) required to support, maintain, launch or innovate in new customer products, and (ii) in infrastructure, which drive operational efficiency over the long term. Proportionate Net Leverage Ratio (C&W) – Calculated in accordance with C&W's Credit Agreement, taking into account the ratio of outstanding indebtedness (subject to certain exclusions) less cash and cash equivalents to EBITDA (subject to certain adjustments) for the last two quarters annualized, with both indebtedness and EBITDA reduced proportionately to remove any noncontrolling interests' share of the C&W group. Revenue Generating Unit (RGU) – RGU is separately a video RGU, internet RGU or telephony RGU. A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUs. For example, if a residential customer in Puerto Rico subscribed to our video service, fixed-line telephony service and broadband internet service, the customer would constitute three RGUs. RGUs are generally counted on a unique premises basis such that a given premises does not count as more than one RGU for any given service. On the other hand, if an individual receives one of our services in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs for that service. Each bundled video, internet or telephony service is counted as a separate RGU regardless of the nature of any bundling discount or promotion. Non-paying subscribers are counted as RGUs during their free promotional service period. Some of these subscribers may choose to disconnect after their free service period. Services offered without charge on a long-term basis (e.g., VIP subscribers or free service to employees) generally are not counted as RGUs. We do not include subscriptions to mobile services in our externally reported RGU counts. In this regard, our RGU counts exclude our separately reported postpaid and prepaid mobile subscribers. SOHO – Small office/home office customers. Telephony RGU – A home, residential multiple dwelling unit or commercial unit that receives voice services over our network. Telephony RGUs exclude mobile subscribers. Two-way Homes Passed – Homes passed by those sections of our networks that are technologically capable of providing two-way services, including video, internet and telephony services. U.S. GAAP – Generally accepted accounting principles in the United States. Video RGU – A home, residential multiple dwelling unit or commercial unit that receives our video service over our network primarily via a digital video signal while subscribing to any recurring monthly service that requires the use of encryption-enabling technology. Video RGUs that are not counted on an EBU basis are generally counted on a unique premises basis. For example, a subscriber with one or more set-top boxes that receives our video service in one premises is generally counted as just one RGU. Additional General Notes Most of our operations provide telephony, broadband internet, mobile data, video or other B2B services. Certain of our B2B service revenue is derived from SOHO customers that pay a premium price to receive enhanced service levels along with video, internet or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers. All mass marketed products provided to SOHO customers, whether or not accompanied by enhanced service levels and/or premium prices, are included in the respective RGU and customer counts of our operations, with only those services provided at premium prices considered to be “SOHO RGUs” or “SOHO customers.” To the extent our existing customers upgrade from a residential product offering to a SOHO product offering, the number of SOHO RGUs and SOHO customers will increase, but there is no impact to our total RGU or customer counts. With the exception of our B2B SOHO customers, we generally do not count customers of B2B services as customers or RGUs for external reporting purposes. Certain of our residential and commercial RGUs are counted on an EBU basis, including residential multiple dwelling units and commercial establishments, such as bars, hotels, and hospitals, in Puerto Rico. Our EBUs are generally calculated by dividing the bulk price charged to accounts in an area by the most prevalent price charged to non-bulk residential customers in that market for the comparable tier of service. As such, we may experience variances in our EBU counts solely as a result of changes in rates. While we take appropriate steps to ensure that subscriber and homes passed statistics are presented on a consistent and accurate basis at any given balance sheet date, the variability from country to country in (i) the nature and pricing of products and services, (ii) the distribution platform, (iii) billing systems, (iv) bad debt collection experience and (v) other factors add complexity to the subscriber and homes passed counting process. We periodically review our subscriber and homes passed counting policies and underlying systems to improve the accuracy and consistency of the data reported on a prospective basis. Accordingly, we may from time to time make appropriate adjustments to our subscriber and homes passed statistics based on those reviews. Non-GAAP Reconciliations We include certain financial measures in this press release that are considered non-GAAP measures, including (i) Adjusted OIBDA, Adjusted OIBDA Margin and Adjusted OIBDA less P&E Additions, (ii) Adjusted Free Cash Flow, (iii) rebased revenue and rebased Adjusted OIBDA growth rates, and (iv) consolidated leverage ratios. The following sections set forth reconciliations of the nearest GAAP measure to our non-GAAP measures as well as information on how and why management of the Company believes such information is useful to an investor. Adjusted OIBDA and Adjusted OIBDA less P&E Additions Adjusted OIBDA and Adjusted OIBDA less P&E Additions, each a non-GAAP measure, are the primary measures used by our chief operating decision maker to evaluate segment operating performance. Adjusted OIBDA and Adjusted OIBDA less P&E Additions are also key factors that are used by our internal decision makers to determine how to allocate resources to segments. As we use the term, Adjusted OIBDA is defined as 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. Our internal decision makers believe Adjusted OIBDA and Adjusted OIBDA less P&E Additions are meaningful measures because they represent a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. We believe our Adjusted OIBDA and Adjusted OIBDA less P&E Additions measures are useful to investors because they are 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 and Adjusted OIBDA less P&E Additions should be viewed as measures of operating performance that are a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income. A reconciliation of our operating income or loss to total Adjusted OIBDA and Adjusted OIBDA less P&E Additions are presented in the following table: Three months ended Year ended December 31, December 31, 2022 2021 2022 2021 in millions Operating income (loss) $ 109.5 $ (417.7 ) $ 94.1 $ 67.3 Share-based compensation expense 10.9 29.2 93.5 118.1 Depreciation and amortization 249.0 228.4 910.7 964.7 Impairment, restructuring and other operating items, net 35.8 623.7 619.2 665.0 Adjusted OIBDA 405.2 463.6 1,717.5 1,815.1 Less: Property and equipment additions 225.2 256.9 816.3 855.9 Adjusted OIBDA less P&E additions $ 180.0 $ 206.7 $ 901.2 $ 959.2 Operating income (loss) margin1 9.4 % (32.6 )% 2.0 % 1.4 % Adjusted OIBDA margin2 34.9 % 36.2 % 35.7 % 37.7 % 1. Calculated by dividing operating income (loss) by total revenue for the applicable period. 2. Calculated by dividing Adjusted OIBDA by total revenue for the applicable period. Adjusted Free Cash Flow Definition and Reconciliation We define Adjusted Free Cash Flow (Adjusted FCF), a non-GAAP measure, as net cash provided by our operating activities, plus (i) cash payments for third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, (ii) expenses financed by an intermediary, (iii) insurance recoveries related to damaged and destroyed property and equipment and (iv) certain net interest payments or receipts incurred or received, including associated derivative instrument payments and receipts, in advance of a significant acquisition, less (a) capital expenditures, net, (b) principal payments on amounts financed by vendors and intermediaries, (c) principal payments on finance leases, and (d) distributions to noncontrolling interest owners. We believe that our presentation of Adjusted FCF provides useful information to our investors because this measure can be used to gauge our ability to service debt and fund new investment opportunities. Adjusted FCF should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, which are not deducted to arrive at this amount. Investors should view Adjusted FCF as a supplement to, and not a substitute for, U.S. GAAP measures of liquidity included in our consolidated statements of cash flows. The following table provides the reconciliation of our net cash provided by operating activities to Adjusted FCF for the indicated period: Three months ended Year ended December 31, December 31, 2022 2021 2022 2021 in millions Net cash provided by operating activities $ 377.0 $ 298.4 $ 868.8 $ 1,016.2 Cash payments for direct acquisition and disposition costs 8.1 12.3 26.5 34.4 Expenses financed by an intermediary1 33.4 28.1 149.1 110.0 Capital expenditures, net (166.0 ) (191.6 ) (660.1 ) (736.3 ) Principal payments on amounts financed by vendors and intermediaries (42.6 ) (47.0 ) (196.7 ) (184.0 ) Pre-acquisition interest payments, net2 — — 3.9 11.2 Principal payments on finance leases (0.2 ) (2.6 ) (1.1 ) (4.1 ) Adjusted FCF before distributions to noncontrolling interest owners 209.7 97.6 190.4 247.4 Distributions to noncontrolling interest owners — (46.3 ) (1.9 ) (47.6 ) Adjusted FCF $ 209.7 $ 51.3 $ 188.5 $ 199.8 1. For purposes of our consolidated statements of cash flows, expenses, including value-added taxes, financed by an intermediary are treated as operating cash outflows and financing cash inflows when the expenses are incurred. When we pay the financing intermediary, we record financing cash outflows in our consolidated statements of cash flows. For purposes of our Adjusted FCF definition, we add back the operating cash outflows when these financed expenses are incurred and deduct the financing cash outflows when we pay the financing intermediary. 2. The amount for the year ended December 31, 2022 reflects the portion of interest paid that relates to the pre-acquisition debt for the Claro Panama Acquisition. The amount for the year ended December 31, 2021 relates to (i) the LCR Term Loan B-1 Facility and LCR Term Loan B-2 Facility that were entered into in advance of the Telefónica Costa Rica Acquisition and (ii) the portion of interest paid in April 2021 that relates to pre-acquisition debt for the AT&T Acquisition. Rebase Information Rebase growth rates are a non-GAAP measure. For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during the current year, we have adjusted our historical revenue and Adjusted OIBDA to include or exclude the pre-acquisition amounts of acquired or disposed business, as applicable, to the same extent they are included or excluded from the current year. The businesses that were acquired or disposed impacting the comparative periods are as follows: Telefónica Costa Rica, which was acquired on August 9, 2021; Broadband VI, LLC, which was acquired effective December 31, 2021; Claro Panama, which was acquired on July 1, 2022; and VTR, which was disposed of on October 6, 2022. In addition, we reflect the translation of our rebased amounts for the prior-year periods at the applicable average foreign currency exchange rates that were used to translate our results for the corresponding current-year periods. We have reflected the revenue and Adjusted OIBDA of acquired entities in our prior-year rebased amounts based on what we believe to be the most reliable information that is currently available to us (generally pre-acquisition financial statements), as adjusted for the estimated effects of (a) any significant differences between U.S. GAAP and local generally accepted accounting principles, (b) any significant effects of acquisition accounting adjustments, (c) any significant differences between our accounting policies and those of the acquired entities and (d) other items we deem appropriate. We do not adjust pre-acquisition periods to eliminate nonrecurring items or to give retroactive effect to any changes in estimates that might be implemented during post-acquisition periods. As we did not own or operate the acquired entities during the pre-acquisition periods, no assurance can be given that we have identified all adjustments necessary to present their revenue and Adjusted OIBDA on a basis that is comparable to the corresponding post-acquisition amounts that are included in our historical results or that the pre-acquisition financial statements we have relied upon do not contain undetected errors. In addition, the rebased growth percentages are not necessarily indicative of the revenue and Adjusted OIBDA that would have occurred if these transactions had occurred on the dates assumed for purposes of calculating our rebased amounts or the revenue and Adjusted OIBDA that will occur in the future. The rebased growth percentages have been presented as a basis for assessing growth rates on a comparable basis and should be viewed as measures of operating performance that are a supplement to, and not a substitute for, U.S. GAAP reported growth rates. The following tables provide the aforementioned adjustments made to the revenue and Adjusted OIBDA amounts for the periods indicated, to derive our rebased growth rates. Due to rounding, certain rebased growth rate percentages may not recalculate. In the tables set forth below: reported percentage changes are calculated as current period measure, as applicable, less prior-period measure divided by prior-period measure; and rebased percentage changes are calculated as current period measure, as applicable, less rebased prior-period measure divided by rebased prior-period measure. The following tables set forth the reconciliations from reported revenue to rebased revenue and related change calculations. Three months ended December 31, 2021 C&W Caribbean C&W Panama C&W Network & LatAm Liberty Puerto Rico Liberty Costa Rica VTR Corporate Intersegment eliminations Total In millions Revenue – Reported $ 356.9 $ 173.6 $ 111.9 $ 371.2 $ 108.2 $ 174.8 $ 5.4 $ (21.4 ) $ 1,280.6 Rebase adjustments: Acquisitions — 33.9 — 2.9 — — — — 36.8 Disposition — — — — — (174.8 ) — — (174.8 ) Foreign currency 0.2 — (3.5 ) — 4.8 — — — 1.5 Revenue – Rebased $ 357.1 $ 207.5 $ 108.4 $ 374.1 $ 113.0 $ — $ 5.4 $ (21.4 ) $ 1,144.1 Reported percentage change 3 % 16 % 11 % 1 % 8 % N.M. 6 % N.M. (9 )% Rebased percentage change 3 % (3 )% 14 % — % 3 % N.M. 6 % N.M. 1 % N.M. – Not Meaningful. Year ended December 31, 2021 C&W Caribbean C&W Panama C&W Networks & LatAm Liberty Puerto Rico Liberty Costa Rica VTR Corporate Intersegment eliminations Total In millions Revenue – Reported $ 1,389.9 $ 568.1 $ 431.9 $ 1,449.7 $ 258.5 $ 787.5 $ 21.6 $ (92.4 ) $ 4,814.8 Rebase adjustments: Acquisitions — 69.4 — 11.7 169.5 — — — 250.6 Disposition — — — — — (174.8 ) — — (174.8 ) Foreign currency (7.2 ) — (8.6 ) — (15.9 ) (85.6 ) — (0.1 ) (117.4 ) Revenue – Rebased $ 1,382.7 $ 637.5 $ 423.3 $ 1,461.4 $ 412.1 $ 527.1 $ 21.6 $ (92.5 ) $ 4,773.2 Reported percentage change 3 % 13 % 4 % 1 % 71 % (43 ) % 3 % N.M. — % Rebased percentage change 4 % 1 % 7 % 1 % 7 % (15 ) % 3 % N.M. 1 % N.M. – Not Meaningful. The following tables set forth the reconciliations from reported Adjusted OIBDA to rebased Adjusted OIBDA and related change calculations. Three months ended December 31, 2021 C&W Caribbean C&W Panama C&W Networks & LatAm Liberty Puerto Rico Liberty Costa Rica VTR Corporate Total In millions Adjusted OIBDA – Reported $ 125.0 $ 62.6 $ 71.2 $ 135.3 $ 29.4 $ 55.3 $ (15.2 ) $ 463.6 Rebase adjustments: Acquisitions — 0.9 — 0.2 — — — 1.1 Disposition — — — — — (55.3 ) — (55.3 ) Foreign currency 0.1 — (0.7 ) — 1.4 — — 0.8 Adjusted OIBDA – Rebased $ 125.1 $ 63.5 $ 70.5 $ 135.5 $ 30.8 $ — $ (15.2 ) $ 410.2 Reported percentage change 10 % (9 ) % 12 % (11 ) % 23 % N.M. (72 ) % (13 ) % Rebased percentage change 10 % (10 ) % 13 % (11 ) % 17 % N.M. (72 ) % (1 ) % N.M. – Not Meaningful. Year ended December 31, 2021 C&W Caribbean C&W Panama C&W Networks & LatAm Liberty Puerto Rico Liberty Costa Rica VTR Corporate Total In millions Adjusted OIBDA – Reported $ 482.9 $ 200.1 $ 264.3 $ 580.9 $ 80.2 $ 259.6 $ (52.9 ) $ 1,815.1 Rebase adjustments: Acquisitions — 2.3 — 1.1 47.5 — — 50.9 Disposition — — — — — (55.3 ) — (55.3 ) Foreign currency (2.7 ) — (2.1 ) — (5.3 ) (28.7 ) — (38.8 ) Adjusted OIBDA – Rebased $ 480.2 $ 202.4 $ 262.2 $ 582.0 $ 122.4 $ 175.6 $ (52.9 ) $ 1,771.9 Reported percentage change 11 % (6 ) % 5 % (7 ) % 68 % (55 ) % (35 ) % (5 ) % Rebased percentage change 11 % (7 ) % 5 % (8 ) % 10 % (34 ) % (35 ) % (3 ) % The following tables set forth the reconciliations from reported revenue by product for our C&W Caribbean segment to rebased revenue by product and related change calculations. Three months ended December 31, 2021 Residential fixed revenue Residential mobile revenue Total residential revenue B2B revenue Total revenue In millions Revenue by product – Reported $ 128.4 $ 96.2 $ 224.6 $ 132.3 $ 356.9 Rebase adjustment: Foreign currency 0.1 0.1 0.2 — 0.2 Revenue by product – Rebased $ 128.5 $ 96.3 $ 224.8 $ 132.3 $ 357.1 Reported percentage change — % 5 % 2 % 4 % 3 % Rebased percentage change — % 5 % 2 % 4 % 3 % Year ended December 31, 2021 Residential fixed revenue Residential mobile revenue Total residential revenue B2B revenue Total revenue In millions Revenue by product – Reported $ 508.0 $ 364.1 $ 872.1 $ 517.8 $ 1,389.9 Rebase adjustment: Foreign currency (2.3 ) (1.7 ) (4.0 ) (3.2 ) (7.2 ) Revenue by product – Rebased $ 505.7 $ 362.4 $ 868.1 $ 514.6 $ 1,382.7 Reported percentage change 2 % 5 % 3 % 4 % 3 % Rebased percentage change 2 % 6 % 4 % 4 % 4 % The following tables set forth the reconciliations from reported revenue by product for our C&W Panama segment to rebased revenue by product and related change calculations. Three months ended December 31, 2021 Residential fixed revenue Residential mobile revenue Total residential revenue B2B revenue Total revenue In millions Revenue by product – Reported $ 25.5 $ 54.9 $ 80.4 $ 93.2 $ 173.6 Rebase adjustment: Acquisition 2.2 25.5 27.7 6.2 33.9 Revenue by product – Rebased $ 27.7 $ 80.4 $ 108.1 $ 99.4 $ 207.5 Reported percentage change 15 % 45 % 35 % (1 ) % 16 % Rebased percentage change 5 % (1 ) % 1 % (7 ) % (3 ) % Year ended December 31, 2021 Residential fixed revenue Residential mobile revenue Total residential revenue B2B revenue Total revenue In millions Revenue by product – Reported $ 97.4 $ 220.9 $ 318.3 $ 249.8 $ 568.1 Rebase adjustment: Acquisition 4.3 52.0 56.3 13.1 69.4 Revenue by product – Rebased $ 101.7 $ 272.9 $ 374.6 $ 262.9 $ 637.5 Reported percentage change 13 % 21 % 19 % 6 % 13 % Rebased percentage change 8 % (2 )% 1 % 1 % 1 % The following tables set forth the reconciliations from reported revenue for our C&W borrowing group to rebased revenue and related change calculations (USD in millions). Three months ended December 31, 2021 Year ended December 31, 2021 Revenue by product – Reported $ 624.4 $ 2,310.6 Rebase adjustments: Acquisition 33.9 69.4 Foreign currency (3.4 ) (15.6 ) Revenue by product – Rebased $ 654.9 $ 2,364.4 Reported percentage change 7 % 6 % Rebased percentage change 2 % 4 % The following table sets forth the reconciliation from Adjusted OIBDA for our C&W borrowing group to rebased Adjusted OIBDA and related change calculations. Three months ended December 31, 2021 Year ended December 31, 2021 In millions Adjusted OIBDA – Reported $ 258.8 $ 947.3 Rebase adjustments: Acquisition 0.9 2.3 Foreign currency (0.6 ) (4.8 ) Adjusted OIBDA – Rebased $ 259.1 $ 944.8 Reported percentage change 6 % 6 % Rebased percentage change 6 % 6 % Non-GAAP Reconciliation for Consolidated Leverage Ratios We have set forth below our consolidated leverage and net leverage ratios, inclusive and exclusive of VTR in light of the deconsolidation of VTR that occurred in connection with the formation of the Chile JV in October 2022. Our consolidated leverage and net leverage ratios, each a non-GAAP measure, are defined as (i) adjusted total debt and finance lease obligations (total carrying value of debt and finance lease obligations plus discounts, premiums and deferred finance costs, less projected derivative principal-related cash receipts) less cash and cash equivalents divided by (ii) last two quarters annualized Adjusted OIBDA as of December 31, 2022. For purposes of these calculations, adjusted total debt and finance lease obligations is measured using swapped foreign currency rates. We believe our consolidated leverage and net leverage ratios are useful because they allow our investors to consider the aggregate leverage on the business inclusive of any leverage at the Liberty Latin America level, not just at each of our operations. Investors should view consolidated leverage and net leverage as supplements to, and not substitutes for, the ratios calculated based upon measures presented in accordance with U.S. GAAP. Reconciliations of the numerator and denominator used to calculate the consolidated leverage and net leverage ratios as of December 31, 2022 and September 30, 2022 are set forth below: December 31, 2022 September 30, 2022 Liberty Latin America VTR LLA, excluding VTR Liberty Latin America VTR LLA, excluding VTR in millions, except leverage ratios Total debt and finance lease obligations $ 7,880.7 $ — $ 7,880.7 $ 9,254.7 $ 1,403.2 $ 7,851.5 Discounts, premiums and deferred financing costs, net 94.0 — 94.0 120.4 18.2 102.2 Projected derivative principal-related cash receipts, net1 — — — (167.6 ) (167.6 ) — Adjusted total debt and finance lease obligations 7,974.7 — 7,974.7 9,207.5 1,253.8 7,953.7 Less: Cash and cash equivalents 781.0 — 781.0 832.2 63.0 769.2 Net debt and finance lease obligations $ 7,193.7 $ — $ 7,193.7 $ 8,375.3 $ 1,190.8 $ 7,184.5 Operating income2: Operating income (loss) for the three months ended June 30, 2022 N/A N/A N/A $ (352.9 ) $ 31.4 $ (384.3 ) Operating income for the three months ended September 30, 2022 $ 152.9 $ 30.4 $ 122.5 152.9 30.4 122.5 Operating income for the three months ended December 31, 2022 109.5 — 109.5 N/A N/A N/A Operating income (loss) – last two quarters 262.4 30.4 232.0 (200.0 ) 61.8 (261.8 ) Annualized operating income (loss) – last two quarters annualized $ 524.8 $ 60.8 $ 464.0 $ (400.0 ) $ 123.6 $ (523.6 ) Adjusted OIBDA3: Adjusted OIBDA for the three months ended June 30, 2022 N/A N/A N/A $ 460.8 $ 38.3 $ 422.5 Adjusted OIBDA for the three months ended September 30, 2022 $ 415.0 $ 31.9 $ 383.1 415.0 31.9 383.1 Adjusted OIBDA for the three months ended December 31, 2022 405.2 — 405.2 N/A N/A N/A Adjusted OIBDA – last two quarters $ 820.2 $ 31.9 $ 788.3 $ 875.8 $ 70.2 $ 805.6 Annualized Adjusted OIBDA – last two quarters annualized $ 1,640.4 $ 63.8 $ 1,576.6 $ 1,751.6 $ 140.4 $ 1,611.2 Consolidated debt and finance lease obligations to operating income (loss) ratio 15.0 N/A (23.1 N/A Consolidated net debt and finance lease obligations to operating income (loss) ratio 13.5 x N/A (21.1 N/A Consolidated leverage ratio N/A 5.1 x N/A 4.9 Consolidated net leverage ratio N/A 4.6 x N/A 4.5 N/A – Not Applicable. 1. Amounts represent the U.S. dollar equivalents and are based on interest rates and exchange rates that were in effect as of December 31, 2022 and September 30, 2022, respectively. 2. Operating income or loss is the closest U.S. GAAP measure to Adjusted OIBDA, as discussed in Adjusted OIBDA and Adjusted OIBDA less P&E Additions above. Accordingly, we have presented consolidated debt and finance lease obligations to operating income (loss) and consolidated net debt and finance lease obligations to operating income (loss) as the most directly comparable financial ratios to our non-GAAP consolidated leverage and consolidated net leverage ratios. 3. Adjusted OIBDA is a non-GAAP measure. See Adjusted OIBDA and Adjusted OIBDA less P&E Additions above for reconciliation of Adjusted OIBDA to the nearest U.S. GAAP measure for the three months ended December 31, 2022. A reconciliation of our operating income (loss) to Adjusted OIBDA for the three months ended June 30, 2022 and September 30, 2022 is presented in the following table: Three months ended June 30, 2022 September 30, 2022 Liberty Latin America VTR Liberty Latin America VTR Operating income (loss) $ (352.8 ) $ 31.4 $ 152.9 $ 30.4 Share-based compensation expense 31.8 4.2 20.8 0.3 Depreciation and amortization 213.3 — 234.3 — Impairment, restructuring and other operating items, net 568.5 2.7 7.0 1.2 Adjusted OIBDA $ 460.8 $ 38.3 $ 415.0 $ 31.9 Non-GAAP Reconciliations for Our C&W Borrowing Group The financial statements of each of our borrowing groups are prepared in accordance with U.S. GAAP. We include certain financial measures for our C&W borrowing group in this press release that are considered non-GAAP measures, including: (i) Adjusted OIBDA; (ii) Adjusted OIBDA Margin; and (iii) Proportionate Adjusted OIBDA. Adjusted OIBDA is defined as operating income or loss before share-based compensation, depreciation and amortization, related-party fees and allocations, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Proportionate Adjusted OIBDA is defined as Adjusted OIBDA less the noncontrolling interests' share of Adjusted OIBDA. We believe these measures at the borrowing group level are useful to investors because they are 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. These measures should be viewed as measures of operating performance that are a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income. A reconciliation of C&W's operating income (loss) to Adjusted OIBDA and Proportionate Adjusted OIBDA is presented in the following table: Three months ended Year ended December 31, December 31, 2022 2021 2022 2021 in millions Operating income (loss) $ 77.1 $ (526.9 ) $ (252.1 ) $ (340.0 ) Share-based compensation expense 3.2 8.5 27.8 36.8 Depreciation and amortization 152.2 146.1 574.2 578.5 Related-party fees and allocations 15.0 14.3 54.2 42.6 Impairment, restructuring and other operating items, net 27.5 616.8 595.9 629.4 Adjusted OIBDA 275.0 258.8 1,000.0 947.3 Noncontrolling interests' share of Adjusted OIBDA 43.3 43.2 147.6 145.7 Proportionate Adjusted OIBDA $ 231.7 $ 215.6 $ 852.4 $ 801.6

02/17 19:37 EST - businesswire.com
Liberty Latin America Schedules Investor Call for Full-Year 2022 Results
DENVER, Colorado--(BUSINESS WIRE)--Liberty Latin America Ltd. (“Liberty Latin America” or the “Company”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced plans to release its full-year 2022 results on Wednesday, February 22, 2023 after NASDAQ market close. You are invited to participate in its investor call, which will begin the following day at 8:00 a.m. (Eastern Time) on Thursday, February 23, 2023. During the call, management will discuss the Company’s results and business, and may provide other forward-looking information. Please dial in using the information provided below, at least 15 minutes prior to the start of the call. Domestic 844 200 6205 International +1 929 526 1599 Conference Passcode 825821 Pre-register for Liberty Latin America's full-year 2022 investor call by clicking here. You will receive your access details via email. In addition to the dial-in teleconference, a summary investor presentation and listen-only webcast will be available within the Investor Relations section of www.lla.com. The webcast will be archived in the Investor Relations section of the Company’s website for at least 75 days. ABOUT LIBERTY LATIN AMERICA Liberty Latin America is a leading communications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands BTC, Flow, Liberty and Más Móvil, and through ClaroVTR, our joint venture in Chile. The communications and entertainment services that we offer to our residential and business customers in the region include digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a subsea and terrestrial fiber optic cable network that connects approximately 40 markets in the region. Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols “LILA” (Class A) and “LILAK” (Class C), and on the OTC link under the symbol “LILAB” (Class B). For more information, please visit www.lla.com.

02/07 09:00 EST - businesswire.com
Liberty Latin America Focuses on Education and Online Awareness to Support Safer Internet Day
DENVER, Colorado--(BUSINESS WIRE)--Liberty Latin America Ltd. (“Liberty Latin America” or “LLA”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) is focusing its support for Safer Internet Day on education and awareness programs designed to reach the youngest and oldest online users and ensure that their experiences are safe and secure. By launching a number of activities, informational resources, games, and outreach, Liberty Latin America is embracing its community under the banner of #KeepingYouAndMeSafe, recognizing that internet safety needs to be an everyday practice for everyone -- employees and their families, customers, colleagues, friends, and vendors throughout the community. Felipe Ruiz, VP, Information Security, and CISO, Liberty Latin America, commented, “We believe that keeping our information safe is a shared responsibility and to mark Safer Internet Day, we are providing a wide range of tools, games, activities, and outreach across the region. Focusing on some of the most vulnerable groups who are targeted by online fraud and abuse, such as children and the elderly, we are encouraging cross-generational dialogue around how to ensure the internet is safe for all users. Our multi-faceted, interactive approach is designed to ensure that what we learn on Safer Internet Day lasts all year long.” Liberty Latin America’s Safer Internet Day activations across the region will see thousands of employees join together to make an online difference for everyone. Activities include: Online educational games designed for children from grades three through eight that reinforce online safety and reward good behavior Quick reference materials for anyone to download with practical do’s and don’ts around issues including password protection, phishing, malware, and mobile device best practices Leveraging partnerships to host online discussions and webinars about cyber-violence, life online, and the safety and positive use of technology Hosting roundtable discussions relating to cybersecurity and crime with local associations and first responders/governments Reinforcing through internal messaging and events the importance of protecting our customers’ information Launching a virtual space that offers free cybersecurity resources in certain markets “This year we want all of our communities to embrace Safer Internet Day,” Ruiz continued. “Our colleagues, friends, customers, vendors, and families are interconnected online, and it is imperative that we work together to keep each other safe. We are encouraged by the enthusiasm at the local level and the grassroots commitments that we see every day are making the internet as safe, effective, efficient, and collaborative as it can and should be.” ABOUT LIBERTY LATIN AMERICA Liberty Latin America is a leading communications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands BTC, Flow, Liberty and Más Móvil, and through ClaroVTR, our joint venture in Chile. The communications and entertainment services that we offer to our residential and business customers in the region include digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a subsea and terrestrial fiber optic cable network that connects approximately 40 markets in the region. Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols “LILA” (Class A) and “LILAK” (Class C), and on the OTC link under the symbol “LILAB” (Class B). For more information, please visit www.lla.com.

01/17 11:51 EST - gurufocus.com
2 Communications Stocks Michael Burry Has Been Buying
Michael Burry is the founder of Scion Asset Management and is most famous for forecasting the bursting of the housing bubble and the financial crisis of 2008. His story was the basis for the critically acclaimed “Big Short” movie, in which Burry was played by Christian Bale.

01/13 11:04 EST - businesswire.com
Liberty Latin America’s ‘Mission Week’ Volunteer Initiative Delivers for Communities Across the Region
DENVER, Colorado--(BUSINESS WIRE)--Liberty Latin America Ltd. (“Liberty Latin America” or “LLA”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) is proud of the impact its employees have made as part of its third annual Mission Week volunteer initiative. Linked to the United Nations International Volunteer Day on December 5, 2022, employees from across the region came together and contributed over 7,000 hours of volunteer service. Activities were conducted in support of the Company’s four Corporate Social Responsibility (CSR) pillars: Learning, Environment, Access, and Disaster Relief. Efforts took place from December 5 – 9, 2022 and had over 1,700 employees across 20 countries come together to serve communities across Latin America and the Caribbean. As a result of this initiative, Liberty Latin America’s employees contributed over 7,000 volunteer hours of in-person and virtual service. The activities included engaging over 7,300 students through different learning activities, planting more than 1,200 trees, collecting over 5,800 pounds of garbage in support of environmental sustainability, and donating more than 470 electronic devices to provide greater digital access. Michael Coakley, VP, Head of Communications, Liberty Latin America, said, "Liberty Latin America’s Mission Week is an important initiative when our colleagues from across the region come together to make a difference in our local communities. Each year our contributions grow and more of our people get involved in our CSR activities focused on supporting learning, taking care of the environment, enabling digital access, and providing disaster relief. This is a testament to who we are and highlights our commitment to giving back in the communities where we live and operate. I am thankful to all those who enthusiastically volunteered their time to make a positive impact on the lives of thousands of people across our region.” Liberty Latin America's Mission Week provides the opportunity for employees to work closely with the Company’s charitable foundations: Cable & Wireless Charitable Foundation, Cable & Wireless Panama Foundation, Jamaica Flow Foundation, and Liberty Puerto Rico Foundation in addition to nearly 70 partners across the region to extend support in the communities. To learn more about Liberty Latin America’s CSR community outreach efforts, please click here. ABOUT LIBERTY LATIN AMERICA Liberty Latin America is a leading communications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands BTC, Flow, Liberty and Más Móvil, and through ClaroVTR, our joint venture in Chile. The communications and entertainment services that we offer to our residential and business customers in the region include digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a subsea and terrestrial fiber optic cable network that connects approximately 40 markets in the region. Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols “LILA” (Class A) and “LILAK” (Class C), and on the OTC link under the symbol “LILAB” (Class B). For more information, please visit www.lla.com.

11/09 13:50 EST - seekingalpha.com
Liberty Latin America, Ltd. (LILA) Q3 2022 Earnings Call Transcript
Liberty Latin America, Ltd. (NASDAQ:LILA ) Q3 2022 Earnings Conference Call November 9, 2022 8:30 AM ET Company Participants Beverly Reyes - Vice President, Securities & Corporate Governance Counsel Balan Nair - President & CEO Christopher Noyes - SVP & CFO Naji Khoury - General Manager of Liberty Communications Aamir Hussain - Chief Technology and Product Officer Conference Call Participants Michael Rollins - Citi Kevin Roe - Roe Equity Research Cesar Medina - Morgan Stanley Soomit Datta - New Street Research Diego Aragao - Goldman Sachs Operator Good morning, ladies and gentlemen, and thank you for standing by.