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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to                    
Commission file number: 001-38335
lila-20220331_g1.jpg
Liberty Latin America Ltd.
(Exact name of Registrant as specified in its charter)
Bermuda 98-1386359
(State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.)
2 Church Street, 
 HamiltonHM 11
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (441) 295-5950 or (303) 925-6000
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolsName of Each Exchange on Which Registered
Class A Common Shares, par value $0.01 per shareLILAThe NASDAQ Stock Market LLC
Class C Common Shares, par value $0.01 per shareLILAKThe NASDAQ Stock Market LLC
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ        No  ¨
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).    Yes  þ        No  ¨
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated Filer Non-Accelerated Filer
Smaller Reporting CompanyEmerging Growth Company



If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act  ¨
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
No þ
The number of outstanding common shares of Liberty Latin America Ltd. as of April 30, 2022 was: 44,888,911 Class A; 1,930,907 Class B; and 179,576,478 Class C.



LIBERTY LATIN AMERICA LTD.
TABLE OF CONTENTS
 
  Page
Number
PART I - FINANCIAL INFORMATION
Item 1.FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 (unaudited)
Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2022 and 2021 (unaudited)
Condensed Consolidated Statements of Comprehensive Earnings for the Three Months Ended March 31, 2022 and 2021 (unaudited)
Condensed Consolidated Statements of Equity for the Three Months Ended March 31, 2022 and 2021 (unaudited)
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021 (unaudited)
Notes to Condensed Consolidated Financial Statements (unaudited)
Item 2.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Item 4.CONTROLS AND PROCEDURES
PART II - OTHER INFORMATION
Item 1.
LEGAL PROCEEDINGS
Item 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Item 6.EXHIBITS




GLOSSARY OF DEFINED TERMS
Unless the context requires otherwise, references to Liberty Latin America, “we,” “our,” “our company” and “us” in this Quarterly Report on Form 10-Q (as defined below) may refer to Liberty Latin America Ltd. or collectively to Liberty Latin America Ltd. and its subsidiaries. We have used several other terms in this Quarterly Report on Form 10-Q, most of which are defined or explained below.
2021 Form 10-KAnnual Report on Form 10-K for the year ended December 31, 2021
2020 Share Repurchase ProgramThe share repurchase program that was authorized by our Directors on March 16, 2020 that authorized us to repurchase from time to time up to $100 million of our Class A and/or Class C common shares and expired in March 2022
2022 Share Repurchase ProgramThe share repurchase program that was authorized by our Directors on February 22, 2022 that authorizes us to repurchase from time to time up to $200 million of our Class A and/or Class C common shares through December 2024
2026 SPV Credit Facility$1.0 billion principal amount of LIBOR + 5.0% term loan facility due October 15, 2026 issued by LCPR Loan Financing (repaid during 2021)
2027 C&W Senior Notes$1.2 billion aggregate principal amount 6.875% senior notes due September 15, 2027 issued by C&W Senior Finance
2027 C&W Senior Secured Notes
$495 million aggregate principal amount 5.75% senior secured notes due September 7, 2027 issued by Sable
2027 LPR Senior Secured Notes$1.2 billion aggregate principal amount 6.75% senior secured notes due October 15, 2027 issued by LCPR Senior Secured Financing
2027 LPR Senior Secured Notes Add-on$90 million principal amount issued at 102.5% of par under the existing 2027 LPR Senior Secured Notes indenture
2028 CWP Term Loan A$275 million principal amount 4.25% term loan facility due January 18, 2028 issued by CWP
2028 CWP Term Loan B$160 million principal amount 4.25% term loan facility due January 18, 2028 issued by CWP
2028 LPR Term Loan$620 million principal amount LIBOR + 3.75% term loan facility due October 15, 2028 issued by LCPR Loan Financing
2028 VTR Senior Notes$550 million principal amount 6.375% senior notes due July 15, 2028 issued by VTR Finance N.V.
2028 VTR Senior Secured Notes$480 million principal amount 5.125% senior secured notes due January 15, 2028 issued by VTR Comunicaciones SpA
2029 LPR Senior Secured Notes$820 million principal amount 5.125% senior secured notes due July 15, 2029 issued by LCPR Senior Secured Financing
2029 VTR Senior Secured Notes$410 million principal amount 4.375% senior secured notes due April 15, 2029 issued by VTR Comunicaciones SpA
Adjusted OIBDAOperating income or loss before share-based compensation, depreciation and amortization, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration.
Adjusted Term SOFRSOFR U.S. dollar denominated loans adjusted as follows: (i) 0.11448% for a one-month interest period, (ii) 0.26161% for a three-month interest period and (iii) 0.42826% for a six-month interest period
AGRECUAsociación Gremial de Consumidores Y Usuarios de Chile
América MóvilAmérica Móvil S.A.B. de C.V.
Annual Report on Form 10-KAnnual Report on Form 10-K as filed with the SEC under the Exchange Act
ARPUAverage monthly subscription revenue per average fixed RGU or mobile subscriber, as applicable
ASUAccounting Standards Update
AT&T AcquisitionOctober 31, 2020 acquisition of all of the outstanding shares of the AT&T Acquired Entities
AT&T Acquired EntitiesCollectively, Liberty Mobile Inc., Liberty Mobile Puerto Rico Inc. and Liberty Mobile USVI Inc.
B2BBusiness-to-business


GLOSSARY OF DEFINED TERMS – (Continued)
Broadband VI, LLC AcquisitionDecember 31, 2021 acquisition of 96% of Broadband VI, LLC
C&WCable & Wireless Communications Limited and its subsidiaries
C&W BahamasThe Bahamas Telecommunications Company Limited, a 49%-owned subsidiary of C&W that owns all of our operations in the Bahamas
C&W Caribbean and NetworksReportable segment that includes all subsidiaries of C&W, excluding CWP that is a separate reportable segment
C&W Credit FacilitiesSenior secured credit facilities of certain subsidiaries of C&W comprised of: (i) C&W Term Loan B-6 Facility; (ii) C&W Term Loan B-5 Facility; (iii) C&W Revolving Credit Facility; and (iv) C&W Regional Facilities
C&W JamaicaCable & Wireless Jamaica Limited, a 92%-owned subsidiary of C&W
C&W NotesThe senior and senior secured notes of C&W comprised of: (i) 2027 C&W Senior Secured Notes; and (ii) 2027 C&W Senior Notes
C&W PanamaReportable segment for our operations in Panama
C&W Regional FacilitiesPrimarily comprised of credit facilities at CWP, Columbus Communications Trinidad Limited and C&W Jamaica
C&W Revolving Credit Facility$630 million LIBOR + 3.25% revolving credit facility, $50 million of which is due June 30, 2023 and $580 million due January 30, 2027, of C&W
C&W Senior FinanceC&W Senior Finance Limited, a wholly-owned subsidiary of C&W
C&W Term Loan B-5 Facility$1,510 million principal amount LIBOR + 2.25% term loan B-5 facility due January 31, 2028 of C&W
C&W Term Loan B-6 Facility$590 million principal amount LIBOR + 3.00% term loan B-6 facility due October 15, 2029 of C&W
CableticaCabletica, S.A., an indirectly 80%-owned subsidiary in Costa Rica, and its subsidiaries, including Telefónica-Costa Rica that was acquired in August 2021
Cabletica Revolving Credit Facility$15 million LIBOR + 4.25% revolving credit facility due August 1, 2024 of Cabletica
Cabletica Term Loan B-1 Facility$277 million principal amount LIBOR + 5.50% term loan facility, 50% of which is due February 1, 2024 and 50% due August 1, 2024, of Cabletica
Cabletica Term Loan B-2 FacilityCRC 80 billion principal amount TBP + 6.75% term loan facility, 50% of which is due February 1, 2024 and 50% due August 1, 2024, of Cabletica
Capped CallsCapped call option contracts issued in connection with the issuance of our Convertible Notes
Chile JVDefined as the pending formation of a joint venture between Liberty Latin America and América Móvil that will be 50:50 owned by each investee
Chile JV EntitiesRepresents the entities that will be contributed to the Chile JV upon closing, consisting of Lila Chile Holding BV and its subsidiaries, which include VTR, and combine each of the Chile JV investee's Chilean operations
Claro PanamaAmérica Móvil's operations in Panama
Claro Panama AcquisitionPending acquisition of Claro Panama
CLPChilean peso
CONADECUSCorporación Nacional de Consumidores y Usuarios de Chile
Convertible Notes$403 million principal amount 2% convertible senior notes due July 15, 2024 issued by Liberty Latin America
COPColombian peso
Costa RicaReportable segment comprised of Cabletica and Telefónica Costa Rica
Costa Rica Credit FacilitiesSenior secured credit facilities of Cabletica comprised of: (i) Cabletica Term Loan B-1 Facility; (ii) Cabletica Term Loan B-2 Facility; and (iii) Cabletica Revolving Credit Facility
CPECustomer premises equipment
CRCCosta Rica colón
CWPCable & Wireless Panama, S.A., a 49%-owned subsidiary of C&W that owns most of our operations in Panama
CWP Credit FacilitiesCredit facilities of CWP comprised of: (i) 2028 CWP Term Loan A, (ii) 2028 CWP Term Loan B and (iii) CWP Revolving Credit Facility


GLOSSARY OF DEFINED TERMS – (Continued)
CWP Revolving Credit Facility$20 million principal amount at Adjusted Term SOFR + 3.75% revolving credit facility due January 18, 2027 issued by CWP
DirectorsMembers of Liberty Latin America’s board of directors
EIPEquipment installment-plan
EPSEarnings or loss per share
Exchange ActSecurities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FCCUnited States Federal Communications Commission
FXForeign currency translation effects
JMDJamaican dollar
LCPRLiberty Communications of Puerto Rico LLC
LCPR Loan Financing
LCPR Loan Financing LLC, a consolidated special purpose financing entity
LCPR Senior Secured Financing
LCPR Senior Secured Financing Designated Activity Company, a consolidated special purpose financing entity
Liberty Communications PRLiberty Communications PR Holding LP and its subsidiaries, which include LCPR and, as of October 31, 2020, Liberty Mobile and its subsidiaries
Liberty Latin America SharesCollectively, Class A, Class B and Class C common shares of Liberty Latin America
Liberty MobileLiberty Mobile Inc. and it subsidiaries
Liberty Puerto RicoReportable segment with operations in Puerto Rico and the U.S. Virgin Islands
LIBORLondon Inter-Bank Offered Rate
LPR Credit FacilitiesSenior secured credit facilities of Liberty Puerto Rico comprised of: (i) LPR Revolving Credit Facility; and (ii) 2028 LPR Term Loan
LPR Revolving Credit Facility$173 million LIBOR + 3.5% revolving credit facility due March 15, 2027 of LCPR
LPR Senior Secured Notes
Senior secured notes of Liberty Puerto Rico comprised of: (i) 2029 LPR Senior Secured Notes; (ii) 2027 LPR Senior Secured Notes; and (iii) 2027 LPR Senior Secured Notes Add-on
MVNOMobile virtual network operator
Networks & LatAmBusiness operations within our C&W Caribbean and Network segment
ODECULa Organización de Consumidores y Usuarios de Chile
PSARsPerformance-based stock appreciation rights
PSUsPerformance-based restricted stock units
Quarterly Report on Form 10-QQuarterly Report on Form 10-Q as filed with the SEC under the Exchange Act
RGURevenue generating unit
RSUsRestricted stock units
SARsStock appreciation rights
SECU.S. Securities and Exchange Commission
SERNAC
Servicio Nacional del Consumidor (the Chilean National Consumer Authority)
Share Repurchase ProgramsCollectively, the 2020 Share Repurchase Program and the 2022 Share Repurchase Program
SOFRReference rate based on secured overnight financing rate administered by the Federal Reserve Bank of New York
TABTasa Activa Bancaria interest rate
TBPTasa Básica Pasiva interest rate
TelefónicaTelefónica, S.A., a telecommunications company with operations primarily in Europe and Latin America
Telefónica Acquisition AgreementThe agreement dated July 30, 2020 with Telefónica for our acquisition of their operations in Costa Rica
Telefónica Costa RicaTelefónica de Costa Rica TC, S.A., an indirectly 80%-owned subsidiary in Costa Rica and it's subsidiary
Telefónica Costa Rica Acquisition
Acquisition of Telefónica’s wireless operations in Costa Rica


GLOSSARY OF DEFINED TERMS – (Continued)
U.K.United Kingdom
U.S.United States
U.S. GAAPGenerally accepted accounting principles in the United States
VATValue-added taxes
VTRVTR Finance N.V. and its subsidiaries, a reportable segment
VTR Credit FacilitiesSenior secured credit facilities of VTR comprised of: (i) VTR RCF – A; and (ii) VTR RCF – B
VTR RCF – ACLP 45 billion TAB + 3.35% revolving credit facility due June 15, 2026 of VTR
VTR RCF – B$200 million LIBOR + 2.75% revolving credit facility due June 15, 2026 of VTR
VTR TLB-1 FacilityCLP 141 billion principal amount ICP +3.8% term loan facility of VTR (repaid during 2021)
VTR TLB-2 FacilityCLP 33 billion principal amount 7% term loan facility of VTR (repaid during 2021)
Weather DerivativesWeather derivative contracts that provide insurance coverage for certain weather-related events



LIBERTY LATIN AMERICA LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
 
March 31,
2022
December 31,
2021
 in millions
ASSETS
Current assets:
Cash and cash equivalents$856.6 $956.7 
Trade receivables, net of allowances of $92.8 million and $80.3 million, respectively
548.6 536.4 
Prepaid expenses72.3 67.7 
Current notes receivable, net of allowances of $20.6 million and $18.9 million, respectively
119.2 116.4 
Other current assets, net427.1 389.0 
Total current assets2,023.8 2,066.2 
Goodwill 3,927.6 3,948.0 
Property and equipment, net 4,136.4 4,168.4 
Intangible assets not subject to amortization
1,592.8 1,592.4 
Intangible assets subject to amortization, net
734.6 788.6 
Assets held for sale1,488.7 1,568.7 
Other assets, net 1,326.9 1,253.7 
Total assets$15,230.8 $15,386.0 



The accompanying notes are an integral part of these condensed consolidated financial statements.
1


LIBERTY LATIN AMERICA LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS – (Continued)
(unaudited)
March 31,
2022
December 31,
2021
 in millions
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$349.2 $398.0 
Current portion of deferred revenue 160.7 148.0 
Current portion of debt and finance lease obligations117.8 106.3 
Accrued interest88.7 113.0 
Accrued payroll and employee benefits80.7 100.5 
Current operating lease liabilities78.8 82.0 
Other accrued and current liabilities 484.1 566.7 
Total current liabilities1,360.0 1,514.5 
Long-term debt and finance lease obligations 7,476.0 7,459.6 
Deferred tax liabilities 699.2 696.3 
Deferred revenue143.6 152.6 
Liabilities associated with assets held for sale1,862.0 1,854.1 
Other long-term liabilities 735.1 795.5 
Total liabilities12,275.9 12,472.6 
Commitments and contingencies
Equity:
Liberty Latin America shareholders:
Class A, $0.01 par value; 500,000,000 shares authorized; 51,492,519 and 44,962,903 shares issued and outstanding, respectively, at March 31, 2022; 50,127,969 and 45,482,853 shares issued and outstanding, respectively, at December 31, 2021
0.5 0.5 
Class B, $0.01 par value; 50,000,000 shares authorized; 1,930,907 shares issued and outstanding at March 31, 2022; 1,930,907 shares issued and outstanding at December 31, 2021
  
Class C, $0.01 par value; 500,000,000 shares authorized; 186,346,357 and 181,449,399 shares issued and outstanding, respectively, at March 31, 2022; 183,643,584 and 182,270,626 shares issued and outstanding, respectively, at December 31, 2021
1.9 1.8 
Undesignated preference shares, $0.01 par value; 50,000,000 shares authorized; nil shares issued and outstanding at each period
  
Treasury shares, at cost; 11,426,574 and 6,018,074 shares, respectively
(130.0)(74.0)
Additional paid-in capital
5,113.2 5,075.3 
Accumulated deficit(2,594.3)(2,677.9)
Accumulated other comprehensive loss, net of taxes(123.3)(89.7)
Total Liberty Latin America shareholders
2,268.0 2,236.0 
Noncontrolling interests686.9 677.4 
Total equity2,954.9 2,913.4 
Total liabilities and equity$15,230.8 $15,386.0 
The accompanying notes are an integral part of these condensed consolidated financial statements.
2


LIBERTY LATIN AMERICA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
 Three months ended March 31,
 20222021
 in millions, except per share amounts
Revenue $1,218.7 $1,165.2 
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services
302.2 283.7 
Other operating costs and expenses
506.3 455.2 
Depreciation and amortization214.1 243.1 
Impairment, restructuring and other operating items, net7.8 2.2 
1,030.4 984.2 
Operating income
188.3 181.0 
Non-operating income (expense):
Interest expense(129.7)(126.4)
Realized and unrealized gains (losses) on derivative instruments, net(33.7)114.9 
Foreign currency transaction gains (losses), net96.6 (25.4)
Losses on debt extinguishment (23.3)
Other expense, net(4.8)(0.6)
(71.6)(60.8)
Earnings before income taxes
116.7 120.2 
Income tax expense(23.5)(29.5)
Net earnings93.2 90.7 
Net earnings attributable to noncontrolling interests(9.6)(1.6)
Net earnings attributable to Liberty Latin America shareholders$83.6 $89.1 
Basic net earnings per share attributable to Liberty Latin America shareholders$0.37 $0.38 
Dilutive net earnings per share attributable to Liberty Latin America shareholders$0.36 $0.38 




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


LIBERTY LATIN AMERICA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
(unaudited)
 
 Three months ended March 31,
 20222021
 in millions
Net earnings$93.2 $90.7 
Other comprehensive loss, net of taxes:
Foreign currency translation adjustments(22.5)(26.0)
Reclassification adjustments included in net earnings(1.5)1.2 
Other(9.7)0.2 
Other comprehensive loss
(33.7)(24.6)
Comprehensive earnings
59.5 66.1 
Comprehensive earnings attributable to noncontrolling interests
(9.5)(1.4)
Comprehensive earnings attributable to Liberty Latin America shareholders$50.0 $64.7 


The accompanying notes are an integral part of these condensed consolidated financial statements.
4


LIBERTY LATIN AMERICA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(unaudited)
Liberty Latin America shareholdersNon-controlling
interests
Total equity
Common sharesTreasury StockAdditional paid-in capitalAccumulated deficitAccumulated
other
comprehensive loss, net of taxes
Total Liberty Latin America shareholders
Class AClass BClass C
in millions
Balance at January 1, 2021$0.5 $ $1.8 $(9.5)$4,982.0 $(2,237.8)$(125.6)$2,611.4 $729.0 $3,340.4 
Net earnings— — — — — 89.1 — 89.1 1.6 90.7 
Other comprehensive loss— — — — — — (24.4)(24.4)(0.2)(24.6)
Share-based compensation— — — — 27.9 — — 27.9 — 27.9 
Other— — — — (0.1)— — (0.1)— (0.1)
Balance at March 31, 2021$0.5 $ $1.8 $(9.5)$5,009.8 $(2,148.7)$(150.0)$2,703.9 $730.4 $3,434.3 
Balance at January 1, 2022$0.5 $ $1.8 $(74.0)$5,075.3 $(2,677.9)$(89.7)$2,236.0 $677.4 $2,913.4 
Net earnings— — — — — 83.6 — 83.6 9.6 93.2 
Other comprehensive loss— — — — — — (33.6)(33.6)(0.1)(33.7)
Repurchase of Liberty Latin America common shares— — (56.0)— — — (56.0)— (56.0)
Share-based compensation— — 0.1 — 37.9 — — 38.0 — 38.0 
Balance at March 31, 2022$0.5 $ $1.9 $(130.0)$5,113.2 $(2,594.3)$(123.3)$2,268.0 $686.9 $2,954.9 

The accompanying notes are an integral part of these condensed consolidated financial statements.
5


LIBERTY LATIN AMERICA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited) 
 Three months ended March 31,
 20222021
 in millions
Cash flows from operating activities:
Net earnings$93.2 $90.7 
Adjustments to reconcile net earnings to net cash provided by operating activities:
Share-based compensation expense30.0 23.0 
Depreciation and amortization214.1 243.1 
Impairment1.9 2.3 
Loss (gain) on dispositions0.1 (8.6)
Amortization of debt financing costs, premiums and discounts, net9.5 6.8 
Realized and unrealized losses (gains) on derivative instruments, net33.7 (114.9)
Foreign currency transaction losses (gains), net(96.6)25.4 
Losses on debt extinguishment 23.3 
Deferred income tax expense0.8 8.7 
Changes in operating assets and liabilities, net of the effect of acquisitions and dispositions(164.4)(96.3)
Net cash provided by operating activities122.3 203.5 
Cash flows from investing activities:
Capital expenditures(164.7)(135.6)
Cash paid in connection with acquisitions, net of cash acquired(24.8) 
Proceeds from dispositions0.5 20.4 
Other investing activities, net (11.2)
Net cash used by investing activities(189.0)(126.4)
Cash flows from financing activities:
Borrowings of debt38.6 696.0 
Payments of principal amounts of debt and finance lease obligations(50.2)(288.3)
Repurchase of Liberty Latin America common shares(55.3) 
Net cash paid related to derivative instruments (43.0)
Payment of financing costs and debt redemption premiums (2.6)(26.8)
Other financing activities, net(8.7)(4.9)
Net cash provided (used) by financing activities(78.2)333.0 
Effect of exchange rate changes on cash, cash equivalents and restricted cash2.0 2.8 
Net increase (decrease) in cash, cash equivalents and restricted cash(142.9)412.9 
Cash, cash equivalents and restricted cash:
Beginning of period1,074.2 912.5 
End of period$931.3 $1,325.4 
Cash paid for interest
$150.4 $138.1 
Net cash paid for taxes
$25.2 $14.7 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6

Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements
March 31, 2022
(unaudited)

(1)    Basis of Presentation
See the Glossary of defined terms at the beginning of this Quarterly Report on Form 10-Q for terms used throughout the condensed consolidated financial statements.
General
Liberty Latin America Ltd. is a registered company in Bermuda that primarily includes: (i) C&W; (ii) Liberty Communications PR; (iii) VTR; and (iv) LBT CT Communications, S.A. (a less than wholly-owned entity) and its subsidiaries, which include Cabletica and, as of August 9, 2021 and as further described in note 4, Telefónica Costa Rica. C&W owns less than 100% of certain of its consolidated subsidiaries, including C&W Bahamas, C&W Jamaica and CWP.
We are an international provider of fixed, mobile and subsea telecommunications services. We provide:
A.residential and B2B services in:
i.over 20 countries across Latin America and the Caribbean through two of our reportable segments, C&W Caribbean and Networks, and C&W Panama;
ii.Puerto Rico, through our reportable segment Liberty Puerto Rico;
iii.Chile, through our reportable segment VTR;
iv.Costa Rica, through Cabletica and its subsidiary, Telefónica Costa Rica; and
B.through the Networks & LatAm business of our C&W Caribbean and Networks segment, (i) B2B services in certain other countries in Latin America and the Caribbean and (ii) wholesale communication services over its subsea and terrestrial fiber optic cable networks that connect approximately 40 markets in that region.
As further described in note 8, we are accounting for the Chile JV Entities as "held for sale”. Consistent with the applicable guidance, we have not reflected reclassifications to exclude the Chile JV Entities from continuing operations in our condensed consolidated statements of operations or cash flows and related footnote disclosures.
Unless otherwise indicated, ownership percentages are calculated as of March 31, 2022.
The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by U.S. GAAP or Securities and Exchange Commission rules and regulations for complete financial statements. In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods presented. The results of operations for any interim period are not necessarily indicative of results for the full year. These condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto included in our 2021 Form 10-K.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, expected credit losses, programming and copyright expenses, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, useful lives of long-lived assets and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates. Certain prior-period amounts have been reclassified to conform to the current period presentation.
7

Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
March 31, 2022
(unaudited)
Correction of Immaterial Errors
As further described in our 2021 Form 10-K, during the fourth quarter of 2021 we identified certain errors in our previously reported condensed consolidated financial statements, primarily related to the understatement of depreciation and amortization of long-lived assets, and to a lesser extent, asset impairments. The errors did not have an impact on our revenue, key segment performance measure (Adjusted OIBDA), cash flow from operations or property and equipment additions. The revisions to our March 31, 2021 condensed consolidated statement of operations as a result of these immaterial error corrections were not material.

(2)    Accounting Changes and Recent Accounting Pronouncements
Accounting Changes
ASU 2020-06
In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options and Derivatives and Hedging—Contracts in Entity’s Own Equity: Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06), which (i) reduces the number of accounting models for convertible instruments and allows more contracts to qualify for equity classification and (ii) makes targeted improvements to convertible instruments and earnings-per-share disclosure requirements. We adopted ASU 2020-06 effective January 1, 2022 and it did not have a material impact on our condensed consolidated financial statements.
Recent Accounting Pronouncements
ASU 2020-04 and ASU 2021-01
In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (ASU 2020-04), which provides optional guidance for a limited time to ease the potential accounting burden associated with transitioning away from reference rates, such as the LIBOR. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) (ASU 2021-01), which clarifies certain optional expedients and exceptions in ASC 848. The expedients and exceptions provided by ASU 2020-04 and ASU 2021-01 are for the application of U.S. GAAP to contracts, hedging relationships and other transactions affected by the rate reform. In March 2021, LIBOR’s regulator announced that certain tenors of USD LIBOR will continue to be published through June 30, 2023. We do not currently expect that the phase out of LIBOR will have a material impact on our condensed consolidated financial statements.

(3)    Current Expected Credit Losses
The changes in our allowance for expected credit losses associated with trade receivables are set forth below:
Three months ended March 31,
20222021
in millions
Balance at beginning of period$80.3 $100.0 
Provision for expected losses17.3 12.3 
Write-offs(6.9)(13.5)
Foreign currency translation adjustments and other2.1 (3.9)
Balance at end of period$92.8 $94.9 
8

Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
March 31, 2022
(unaudited)
The changes in our allowance for expected credit losses associated with our current and long-term notes receivables are set forth below:
Three months ended March 31,
20222021
in millions
Balance at beginning of period$32.3 $16.2 
Provision for expected losses1.6 1.9 
Foreign currency translation adjustments and other(0.5) 
Balance at end of period$33.4 $18.1 

(4)    Acquisitions
Pending Acquisition
Claro Panama Acquisition. On September 14, 2021, we entered into a definitive agreement to acquire América Móvil’s operations in Panama in an all-cash transaction based upon an enterprise value of $200 million on a cash- and debt-free basis. The transaction is subject to certain customary closing conditions, including regulatory approvals, and is expected to close during the second quarter of 2022.
2021 Acquisition
Telefónica Costa Rica Acquisition. On July 30, 2020, we entered into the Telefónica Acquisition Agreement to acquire Telefónica S.A.’s operations in Costa Rica in an all-cash transaction based upon an enterprise value of $500 million on a cash- and debt-free basis. On August 9, 2021, we completed the acquisition of all of the outstanding shares of Telefónica Costa Rica. The Telefónica Costa Rica Acquisition was financed through a combination of debt, existing cash and a $47 million equity contribution from the noncontrolling interest owner of our Cabletica entity.
During the first quarter of 2022, we finalized the purchase price for the Telefónica Costa Rica Acquisition, which resulted in a reduction in total consideration paid of $12 million, $8 million of which was received during the quarter, and $4 million of which we expect to receive during the second quarter of 2022. The proceeds received from the final purchase price adjustments have been reflected as an investing activity in our condensed consolidated statement of cash flows.
We have accounted for the Telefónica Costa Rica Acquisition as a business combination using the acquisition method of accounting, whereby the total purchase price was allocated to the acquired identifiable net assets of Telefónica Costa Rica based on assessments of their respective fair values, and the excess of the purchase price over the fair values of these identifiable net assets was allocated to goodwill. The preliminary opening balance sheet is subject to adjustment based on our final assessment of the fair values of the acquired identifiable net assets and liabilities. The items with the highest likelihood to change upon finalization of the valuation process include property and equipment, goodwill, intangible assets, leases and income taxes. A summary of the purchase price and the preliminary opening balance sheet of Telefónica Costa Rica at the August 9, 2021 acquisition date is presented in the following table (in millions):
Current assets (a)$74.7 
Goodwill (b)250.8 
Property and equipment148.8 
Intangible assets subject to amortization (c)131.9 
Other assets (d)170.7 
Current liabilities (e)(88.6)
Long-term liabilities (f)(163.2)
Total purchase price$525.1 
9

Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
March 31, 2022
(unaudited)
(a)Primarily consists of trade receivables, notes receivables related to EIP receivables and cash.
(b)The goodwill recognized in connection with the Telefónica Costa Rica Acquisition is primarily attributable to (i) the ability to take advantage of Telefónica Costa Rica’s existing mobile network to gain immediate access to potential customers, and (ii) synergies that are expected to be achieved through the integration of Telefónica Costa Rica with Liberty Latin America’s existing business in Costa Rica, Cabletica. Due to the nature of the Telefónica Costa Rica Acquisition, no tax deductions related to goodwill are expected.
(c)At August 9, 2021, the preliminary assessments of the weighted average useful lives of the acquired customer relationship intangible assets and spectrum intangible assets were approximately 7 years and 25 years, respectively.
(d)Other assets primarily consist of the long-term portion of note receivables related to EIP receivables and operating lease right-of-use assets.
(e)Primarily consists of accounts payable and the current portion of operating lease obligations.
(f)Primarily consists of the non-current portion of operating lease obligations and deferred tax liabilities.
Broadband VI, LLC Acquisition. Effective December 31, 2021, we acquired 96% of the outstanding shares of Broadband VI, LLC for $33 million, the payment of which occurred in January 2022, subject to certain post-closing adjustments. Broadband VI, LLC provides fixed services to residential and business customers in the U.S. Virgin Islands and is included in our Liberty Puerto Rico reportable segment.
Supplemental Pro Forma Information
The pro forma financial information set forth in the table below is based on available information and assumptions that we believe are reasonable. The pro forma financial information is for illustrative and informational purposes only and is not intended to represent or be indicative of what our results of operations would have been had the Telefónica Costa Rica Acquisition occurred on January 1, 2020 nor should it be considered representative of our future financial condition or results of operations. The pro forma information set forth in the table below includes, as applicable, tax-effected pro forma adjustments primarily related to:
i.the impact of estimated revenue and costs associated with the transition services agreement entered into in connection with the Telefónica Costa Rica Acquisition;
ii.the alignment of accounting policies;
iii.interest expense related to additional borrowings in conjunction with the Telefónica Costa Rica Acquisition;
iv.depreciation expense related to acquired tangible assets;
v.amortization expense related to acquired intangible assets; and
vi.the elimination of direct acquisition costs.
The following unaudited pro forma condensed consolidated operating results give effect to the Telefónica Costa Rica Acquisition, as if it had been completed as of January 1, 2020:
Three months ended March 31, 2021
in millions
Revenue$1,233.0 
Net earnings attributable to Liberty Latin America shareholders$86.7 

10

Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
March 31, 2022
(unaudited)
(5)    Derivative Instruments
In general, we enter into derivative instruments to mitigate risk associated with (i) increases in the interest rates on our variable-rate debt and (ii) foreign currency movements, particularly with respect to borrowings that are denominated in a currency other than the functional currency of the borrowing entity. In this regard, through our subsidiaries, we have entered into various derivative instruments to manage interest rate exposure and foreign currency exposure with respect to the U.S. dollar, the CLP, the COP and the CRC. With the exception of certain foreign currency forward contracts, we do not apply hedge accounting to our derivative instruments. Accordingly, changes in the fair values of most of our derivative instruments are recorded in realized and unrealized gains or losses on derivative instruments in our condensed consolidated statements of operations.
The following table provides details of the fair values of our derivative instrument assets and liabilities:
 March 31, 2022December 31, 2021
 Current (a)Long-term (a)TotalCurrent (a)Long-term (a)Total
 in millions
Assets (b):
Cross-currency and interest rate derivative contracts (c)$10.6 $128.8 $139.4 $15.1 $25.3 $40.4 
Foreign currency forward contracts
3.2  3.2 0.1  0.1 
Total$13.8 $128.8 $142.6 $15.2 $25.3 $40.5 
Liabilities (b):
Cross-currency and interest rate derivative contracts (c)$11.4 $22.8 $34.2 $33.3 $62.1 $95.4 
Foreign currency forward contracts
   5.8  5.8 
Total$11.4 $22.8 $34.2 $39.1 $62.1 $101.2 
(a)Our current derivative assets, long-term derivative assets, current derivative liabilities and long-term derivative liabilities are included in other current assets, net, other assets, net, other accrued and current liabilities and other long-term liabilities, respectively, in our condensed consolidated balance sheets.
(b)In connection with the pending formation of the Chile JV, the derivative assets and liabilities associated with the Chile JV Entities have been included in assets held for sale and liabilities associated with assets held for sale, respectively, on our condensed consolidated balance sheets. For information regarding the pending formation of the Chile JV and the held-for-sale presentation of the Chile JV Entities, see note 8.
(c)We consider credit risk relating to our and our counterparties’ nonperformance in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our primary borrowing groups (see note 9) and are recorded in realized and unrealized gains (losses) on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 6.
The derivative assets set forth in the table above exclude our Weather Derivatives as they are not accounted for at fair value. The premium payments associated with our Weather Derivatives are included in other current assets, net, in our condensed consolidated balance sheets.
11

Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
March 31, 2022
(unaudited)
The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:
Three months ended March 31,
 20222021
 in millions
Cross-currency and interest rate derivative contracts (a)$(17.6)$119.5 
Foreign currency forward contracts(8.3)0.7 
Weather Derivatives(7.8)(5.3)
Total$(33.7)$114.9 
(a)    Changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in net losses of $5 million and $21 million during the three months ended March 31, 2022 and 2021, respectively. Included in these amounts are net gains (losses) of $2 million and ($4 million), respectively, related to the Chile JV Entities.
The following table sets forth the classification of the net cash outflows of our derivative instruments:
 Three months ended March 31,
 20222021
 in millions
Operating activities$(1.4)$(23.8)
Investing activities1.2 (0.7)
Financing activities (a) (43.0)
Total$(0.2)$(67.5)
(a)    The 2021 amount is primarily related to (i) $11 million associated with the settlement of interest rate swaps at VTR in connection with the refinancing of the VTR Credit Facilities and (ii) $32 million associated with the settlement of interest rate swaps at Liberty Puerto Rico in connection with the refinancing of the LPR Credit Facilities. For additional information regarding our debt refinancing activity, see note 9.
Counterparty Credit Risk
We are exposed to the risk that the counterparties to the derivative instruments of our borrowing groups will default on their obligations to us. We manage these credit risks through the evaluation and monitoring of the creditworthiness of, and concentration of risk with, the respective counterparties. In this regard, credit risk associated with our derivative instruments is spread across a relatively broad counterparty base of banks and financial institutions. Collateral has not been posted by either party under the derivative instruments of our borrowing groups. At March 31, 2022, our exposure to counterparty credit risk associated with our derivative instruments, as set forth in the assets and liabilities table above, included derivative assets with an aggregate fair value of $108 million.
Each of our borrowing groups has entered into derivative instruments under agreements with each counterparty that contain master netting arrangements that are applicable in the event of early termination by either party to such derivative instrument. The master netting arrangements under each of these master agreements are limited to the derivative instruments governed by the relevant master agreement within each individual borrowing group and are independent of similar arrangements of our other subsidiary borrowing groups.
12

Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
March 31, 2022
(unaudited)
Details of our Derivative Instruments
Cross-currency Derivative Contracts
As noted above, we are exposed to foreign currency exchange rate risk in situations where our debt is denominated in a currency other than the functional currency of the operations whose cash flows support our ability to service, repay or refinance such debt. Although we generally seek to match the denomination of our borrowings with the functional currency of the operations that are supporting the respective borrowings, market conditions or other factors may cause us to enter into borrowing arrangements that are not denominated in the functional currency of the underlying operations (unmatched debt). Our policy is generally to provide for an economic hedge against foreign currency exchange rate movements, whenever possible and when cost effective to do so, by using derivative instruments to synthetically convert unmatched debt into the applicable underlying currency. At March 31, 2022, our C&W borrowing group had a cross-currency swap contract with notional amounts due from and to counterparties of $56 million and COP 197,014 million, respectively, with a remaining contractual life of 4.3 years.
Interest Rate Derivative Contracts
Interest Rate Swaps
As noted above, we enter into interest rate swaps to mitigate risk associated with increases in the interest rates on our variable-rate debt. Pursuant to these derivative instruments, we typically pay fixed interest rates and receive variable interest rates on specified notional amounts. The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at March 31, 2022:
Borrowing groupNotional amount due from counterparty Weighted average remaining life
 
in millionsin years
C&W (a)$2,690.0 5.1
Liberty Puerto Rico$500.0 6.5
Costa Rica (b)$276.7 1.8
(a)Includes forward-starting derivative instruments and, on certain interest rate swaps, an embedded floor of 0%.
(b)Includes an embedded floor of 0.75%.
Basis Swaps
Basis swaps involve the exchange of attributes used to calculate our floating interest rates, including (i) the benchmark rate, (ii) the underlying currency and/or (iii) the borrowing period. We typically enter into these swaps to optimize our interest rate profile based on our current evaluations of yield curves, our risk management policies and other factors. The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our basis swap contracts at March 31, 2022:
Borrowing groupNotional amount due from counterparty Weighted average remaining life
 
in millionsin years
C&W$2,100.0 1.3
Liberty Puerto Rico$620.0 1.3
13

Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
March 31, 2022
(unaudited)
Foreign Currency Forwards Contracts
We enter into foreign currency forward contracts with respect to non-functional currency exposure. The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our foreign currency forwards contracts at March 31, 2022:
Notional amount due from counterparty Notional amount due
to counterparty
Weighted average remaining life
 
in millionsin years
LLA UK Holding Limited (a)CLP73,000.0$88.10.5
Costa Rica borrowing group$59.1 CRC38,727.80.3
(a)Represents a foreign currency forward contract entered into in connection with the Chile JV transaction, as discussed further in note 8.
Interest Rate Floors
Interest rate floors provide protection against interest rates falling below a pre-set level. At March 31, 2022, our Liberty Puerto Rico borrowing group had an interest rate floor with a total notional amount of $620 million and a remaining contractual life of 6.5 years.
Interest Rate Caps
Interest rate caps provide protection against interest rates rising above a pre-set level. At March 31, 2022, our Liberty Puerto Rico borrowing group had interest rate caps with total notional amounts of $120