The market for fixed-line telephony services is mature across our markets. Changes in market share are driven by the combination of price and quality of services provided and the inclusion of telephony services in bundled offerings. In most of our ~~C&W~~ Caribbean and Networks markets, we are the incumbent telecommunications provider with long established customer relationships. In our other markets, our fixed-line telephony services compete against the incumbent telecommunications operator in the applicable market. In these markets, the incumbent operators have substantially more experience in providing fixed-line telephony, greater resources to devote to the provision of such services and long-standing customer relationships. In all of our markets, we also compete with ~~VoIP~~ ~~operators offering services across broadband lines and over-the-top (OTT) telephony providers, such as WhatsApp. In many countries, our businesses also face competition from other cable telephony providers,~~ ~~FTTH-based providers or other indirect access providers.~~

Competition exists in both the residential and business fixed-line telephony products due to market trends, the offering of carrier pre-select services, number portability, the replacement of fixed-line with mobile telephony and the growth of ~~VoIP~~ services, as well as continued deregulation of telephony markets and other regulatory action, such as general price competition. Carrier pre-select allows the end user to choose the voice services of operators other than the incumbent while using the incumbent’s network. Our fixed-line telephony strategy is focused around value leadership, and we position our services as “anytime” or “any destination.” Our portfolio of calling plans includes a variety of innovative calling options designed to meet the needs of our subscribers. In many of our markets, we provide product innovation, such as telephone applications that allow customers to make and receive calls from their fixed-line call packages on smart phones. In addition, we offer varying plans to meet customer needs and, similar to our mobile services, we use our telephony bundle options with our digital video and internet services to help promote our telephony services and flat rate offers are standard.

•~~C&W Caribbean and Networks~~. ~~We face competition in the provision of fixed-telephony services main from~~ ~~Digicel~~ in our Caribbean markets and Cable Bahamas Limited in the Bahamas. These companies all have competitive pricing on similar services, and the intensified level of competition we are experiencing in several of our markets has added increased pressure on the pricing of our services.

•~~C&W Panama. We face competition from a subsidiary of Millicom in Panama. Millicom entered the Panama market through its acquisition of an 80% stake in~~ ~~Cable Onda~~ ~~in 2019.~~

•~~Liberty Puerto Rico~~. ~~Liberty Puerto Rico~~ ~~primarily~~ ~~competes with Claro who is the incumbent fixed operator in Puerto Rico, and smaller fiber builders. For B2B, Liberty Puerto Rico primarily competes with Claro, Aeronet, Neptuno and WorldNet.~~

•~~VTR.~~ VTR faces fixed-telephony competition from the incumbent telecommunications operator, Movistar and other telecommunications operators. Movistar has substantial experience in providing telephony services, resources to devote to the provision of telephony services and long-standing customer relationships. Price is a key factor as are bundles with quality services. We distinguish our services by delivering reliable market leading internet access speeds with attractive bundled offers.

•~~Costa Rica.~~ ~~In Costa Rica, we compete with ICE (through the Kolbi brand), who is the incumbent fixed telephony operator in Costa Rica, as well as Millicom (through the Tigo brand) and Telecable.~~

Broadband Internet

With respect to broadband internet services and online content, our businesses face competition in a rapidly evolving marketplace from incumbent and non-incumbent telecommunications companies, mobile operators and cable-based ISPs, many of which have substantial resources. The internet services offered by these competitors include both fixed-line broadband internet services using cable, DSL or FTTH networks and wireless broadband internet services. These competitors have a range of product offerings with varying speeds and pricing, as well as interactive services, data and other non-video services offered to homes and businesses. With the demand for mobile internet services increasing, competition from wireless services using various advanced technologies is a competitive factor. In several of our markets, competitors offer high-speed mobile data via

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LTE wireless networks. In addition, other wireless technologies, such as WiFi, are available in almost all of our markets. In this intense competitive environment, speed, bundling, and pricing are key drivers for customers.

A key component of our strategy is speed leadership. Our focus is on increasing the maximum speed of our connections as well as offering varying tiers of services and prices, a variety of bundled product offerings and a range of value added services. We update our bundles and packages on an ongoing basis to meet the needs of our customers. Our top download speeds generally range from 50100 Mbps to speeds of up to 1 Gbps. In many of our markets, we offer the highest download speeds available via our HFC cable and FTTH networks. The focus is on high-speed internet products to safeguard our high-end customer base and allow us to become more aggressive at the low- and medium-end of the internet market. By fully utilizing the technical capabilities of DOCSIS 3.0 ~~technology~~and DOCSIS 3.1 technologies on our cable systems, we can compete with local FTTH initiatives and create a competitive advantage compared to DSL infrastructures and LTE initiatives on a national level.

In several of our C&W Caribbean ~~and Networks’~~ markets, we are the incumbent phone company offering broadband internet products through a variety of technologies, ~~ranging from DSL to~~predominantly HFC cable and FTTH. In these markets and our other Latin American markets, our key competition for internet services is from cable and IPTV operators and mobile data service providers. To compete effectively, we are expanding our LTE service areas and increasing our download speeds. In most of our markets, we offer our internet service through bundled offerings that include video and fixed-line telephony. We also offer a wide range of mobile products either on a prepaid or postpaid basis.

•C&W ~~Caribbean and Networks.~~Caribbean. Where C&W Caribbean ~~and Networks~~ is the incumbent telecommunications provider, it competes with cable operators, the largest of which are Cable Bahamas Limited in the Bahamas and Digicel in certain of C&W Caribbean ~~and Networks’~~ markets. To distinguish itself from these competitors, C&W Caribbean ~~and Networks~~ is investing in footprint expansion and upgrades and uses its bundled offers with video and telephony to promote its broadband internet services.

•C&W Panama. The largest competitor in Panama is Millicom (through the Cable ~~Onda.~~Onda brand).

•Liberty Puerto Rico. Liberty Puerto Rico competes primarily with Claro and other operators using fiber networks or fixed wireless access technologies. To compete with these providers, Liberty Puerto Rico offers its high-speed internet with download speeds of up to ~~600~~1,000 Mbps.

•~~VTR.~~ ~~VTR~~ ~~faces competition primarily from non-cable-based~~ ~~ISPs, such as~~ ~~Movistar, Entel, and Mundo Pacifico, and from other cable-based providers, such as~~ ~~Claro~~ and GTD Manquehue. Competition is particularly intense with each of these companies offering competitively priced services, including bundled offers with high-speed internet services. Mobile broadband competition is significant as well. ~~Movistar~~, ~~Claro~~ ~~and~~ ~~Entel~~ ~~have launched 5G services for high-speed mobile data and all 4 MVNO operators have LTE services. To compete effectively,~~ ~~VTR~~ ~~is expanding its two-way coverage and offering attractive bundling with fixed-line telephony and digital video service and high-speed internet with download speeds of up to 600 Mbps.~~

•Liberty Costa Rica. In Costa Rica, we face competition primarily from ICE (Kolbi), Telecable and Millicom (Tigo).

Video Distribution

Our video services compete primarily with traditional FTA broadcast television services, DTH satellite service providers and other fixed-line telecommunications carriers and broadband providers, including operations offering (i) services over ~~hybrid fiber coaxial~~HFC cable networks, (ii) DTH satellite services, (iii) internet protocol television (IPTV) over broadband internet connections using asymmetric DSL or VDSL or an enhancement to VDSL called “vectoring,” (iv) IPTV over FTTH networks, or (v) LTE services. Many of these competitors have a national footprint and offer features, pricing and video services individually and in bundles comparable to what we offer. In certain markets, we also compete with other cable or FTTH based providers who have overbuilt portions of our systems.

OTT aggregators and ~~SVOD~~SVoD services utilizing our or our competitors’ high-speed broadband connections are also a significant competitive factor as are other video service providers that overlap our service areas. OTT video providers (such as HBO Go/Max, Amazon Prime Video, Disney+ and Netflix in most of our markets, and Hulu, DirecTV Now, Sling, and ~~Digicel Play~~Sportsmax in selected markets) offer rich ~~VOD~~VoD catalogues and/or linear channels. In some cases, these ~~AVOD~~AVoD services are provided free-of-charge (such as YouTube and Pluto TV). Typically, these services are available on multiple devices in and out of the home. To enhance our video offering, we are developing cloud-based, next generation user interfaces based on advanced technologies, and are providing our subscribers with TV Everywhere applications, and in some markets, we feature leading premium and ~~AVOD~~AVoD OTT video services in our video platforms (such as HubTV in Puerto-Rico), and our users can subscribe to these OTT services, search and discover and consume programs through our UI. Our businesses also compete to varying

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degrees with other sources of entertainment and information, such as online entertainment, newspapers, magazines, books, live entertainment/concerts and sporting events.

Piracy and other unauthorized uses and distribution of content, including through web-based applications, devices and online platforms, also present challenges for our video business. These platforms illegally stream copyrighted content, for example, Premier League games that can be viewed with an internet connection. While piracy is a challenge in most jurisdictions in which we operate, it is particularly prevalent in those jurisdictions that lack developed copyright laws and effective enforcement of copyright laws.

We believe that our deep-fiber access, where available, provides us with several competitive advantages. For instance, our ~~cable~~ networks allow us to concurrently deliver internet access, together with real-time television and VoD content, without impairing our high-speed internet service. In addition, our cable infrastructure in most of our footprint allows us to provide triple-play bundled services of broadband internet, television and fixed-line telephony services without relying on a third-party service provider or network. Where mobile is available, our mobile networks, together with our fixed fiber-rich networks, will allow us to provide a comprehensive set of converged mobile and fixed-line services. Our capacity is designed to support peak consumer demand. In serving the business market, many aspects of the network can be leveraged at very low incremental costs given that business demand peaks at a time when consumer demand is low, and peaks at lower levels than consumer demand. In response to the continued growth in OTT viewing, we have launched a number of innovative video services, including Flow ~~ToGo~~Sports in C&W ~~Caribbean and Networks’~~Caribbean’s markets, ~~+TV Go~~+TV Total in C&W Panama, ~~LibertyGo~~and Liberty Go in Puerto Rico ~~VTR Play in Chile~~ and ~~Next TV in~~ Costa Rica.

Our ability to attract and retain customers depends on our continued ability to acquire appealing content and services on competitive terms and to make such content available on multiple devices and outside the home. Some competitors have obtained long-term exclusive contracts for certain sports programs, which limits the opportunities for other providers to offer such programs. Other competitors also have obtained long-term exclusive contracts for programs, but our operations have limited access to certain of such programming through select contracts with those companies. If exclusive content offerings increase through other providers, programming options could be a deciding factor for subscribers on selecting a video service.

In this competitive environment, we enhance our offers with converged digital services, such as DVR and replay functionalities, ~~and~~ VoD and ~~multiscreen services.~~multi-screen services, along with exploring and aligning partnerships with adjacent categories like music, e-sports, fitness and others. In addition, we offer attractive content packages tailored to particular markets and discounts for bundled services. To improve the quality of the programming in our packages, our operations periodically modify their digital channel offerings. Where we offer mobile, we focus on our converged service offerings. We use these services, as well as bundles of our fixed-line services, as a means of driving video and other products where we can leverage convenience and price across our portfolio of available services.

•C&W Caribbean ~~and Networks~~. C&W Caribbean ~~and Networks~~ competes with a variety of pay TV service providers, with several of these competitors offering double-play and triple-play packages. In several of its other markets, including Jamaica, Trinidad and Tobago and Barbados, C&W Caribbean ~~and Networks~~ is the largest or one of the largest video service providers. In these markets, its primary competition is from DTH providers, such as DIRECTV Latin America Holdings, Inc. (DirecTV), which is now called Vrio Corp., and operators of IPTV services over VDSL and FTTH, such as Digicel.

•C&W Panama. C&W Panama competes primarily with Cable Onda which is ~~80%~~ owned by Millicom and which offers video, internet and fixed-line telephony over its cable ~~network, and with the~~ ~~DTH~~ ~~services of~~ ~~Claro~~.network. To compete effectively, C&W Panama invests in leading mobile and fixed networks and content.

•Liberty Puerto Rico. Liberty Puerto Rico is the largest provider of fixed-line video services in Puerto Rico. Liberty Puerto Rico’s primary competition for video customers is from DTH satellite providers DirecTV and Dish Network. Dish Network is an aggressive competitor, offering low introductory offers, free HD channels and, in its top tier packages, a free multi-room DVR service. DirecTV is also a significant competitor offering similar programming in Puerto Rico compared to Dish Network. In order to compete, Liberty Puerto Rico focuses on offering video packages with attractive programming, including HD and Spanish language channels, plus a specialty video package of Spanish-only channels that has gained popularity. In addition, Liberty Puerto Rico uses its bundled offers that include high-speed fixed and mobile internet connectivity solutions to drive its video services.

•~~VTR. VTR competes primarily with~~ ~~DTH~~ ~~and IPTV service providers, including~~ ~~Movistar~~, ~~Claro~~ ~~and~~ ~~DirecTV, among others.~~ ~~Movistar~~ ~~offers double-play and triple-play packages using~~ ~~IPTV~~ ~~for video in its~~ ~~FTTH~~ ~~footprint and OTT on its~~ ~~DSL~~ ~~footprint.~~ ~~Claro~~ ~~offers triple-play packages using~~ ~~DTH~~ and, in most major cities in Chile, through a hybrid fiber coaxial cable network. It also offers mobile services. DirecTV offers video through DTH and does not bundle with any broadband or telephony services. To compete effectively, VTR focuses on enhancing its subscribers’ viewing

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~~options in and out of the home through a broad non-linear content offering, catch-up television,~~ ~~DVR~~ ~~functionality, and a variety of premium channels. These services and its variety of bundled options, including internet and telephony, enhance~~ ~~VTR’s competitive position.~~

•Liberty Costa Rica. ~~Cabletica competes~~We compete primarily with Millicom (Tigo) and Telecable over their cable network, and with the DTH services of Claro.

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Fixed-Line Telephony

The market for fixed-line telephony services is mature across our footprint. Changes in market share are driven by the combination of price and quality of services provided and the inclusion of telephony services in bundled offerings. In most of our C&W Caribbean markets, we are the incumbent telecommunications provider with long established customer relationships. In our other markets, our fixed-line telephony services compete against the incumbent telecommunications operator in the applicable market. In these markets, the incumbent operators have substantially more experience in providing fixed-line telephony, greater resources to devote to the provision of such services and long-standing customer relationships. In all of our markets, we also compete with VoIP operators offering services across broadband lines and over-the-top (OTT) telephony providers, such as WhatsApp. In many countries, our businesses also face competition from other cable telephony providers, FTTH-based providers or other indirect access providers.

Competition exists in both the residential and business fixed-line telephony products due to market trends, the offering of carrier pre-select services, number portability, the replacement of fixed-line with mobile telephony and the growth of VoIP services, as well as continued deregulation of telephony markets and other regulatory action, such as general price competition. Carrier pre-select allows the end user to choose the voice services of operators other than the incumbent while using the incumbent’s network. Our fixed-line telephony strategy is focused around value leadership, and we position our services as “anytime” or “any destination.” Our portfolio of calling plans includes a variety of innovative calling options designed to meet the needs of our subscribers. In many of our markets, we provide product innovation, such as telephone applications that allow customers to make and receive calls from their fixed-line call packages on smart phones. In addition, we offer varying plans to meet customer needs and, similar to our mobile services, we use our telephony bundle options with our digital video and internet services to help promote our telephony services and flat rate offers are standard.

•C&W Caribbean. We face competition in the provision of fixed-telephony services mainly from Digicel in our Caribbean markets and Cable Bahamas Limited in the Bahamas. These companies all have competitive pricing on similar services, and the intensified level of competition we are experiencing in several of our markets has added increased pressure on the pricing of our services.

•C&W Panama. We face competition from Millicom (through the Tigo brand) in Panama.

•Liberty Puerto Rico. Liberty Puerto Rico primarily competes with Claro who is the incumbent fixed operator in Puerto Rico, and smaller fiber builders. For B2B services, Liberty Puerto Rico primarily competes with Claro, Aeronet, Neptuno and WorldNet.

•Liberty Costa Rica. In Costa Rica, we compete with ICE (through the Kolbi brand), who is the incumbent fixed telephony operator in Costa Rica, as well as Millicom (through the Tigo brand) and Telecable.

Business and Wholesale Services

Through C&W, we provide a variety of advanced, point-to-point, clear channel broadband capacity, IP, Multiprotocol Label Switching, Ethernet and managed services over our owned and operated, technologically advanced, subsea fiber optic cable network. Our subsea and terrestrial fiber routes combine to form a series of fully integrated networks that typically provide complete operational redundancy, stability and reliability, allowing us in most cases to provide our clients with superior service and minimal network downtime. Given the advanced technical state of the network combined with the challenges in securing the necessary governmental and environmental licenses in all of our operating markets, we believe the network is unlikely to be replicated in the region. Competing networks in the region connect fewer countries than we do and are either linear in design, or if ringed, have high latency protection routes. In addition, our network as of December 31, ~~2021,~~2022, utilized less than ~~10%~~20% of its potential design capacity, and we believe that our ability to take advantage of this large unused carrying capacity, as well as the financial and time investment required to build a similar network, and the potential delays associated with acquiring governmental permissions, makes it unlikely that our network will be replicated in the near term.

We compete in the provision of B2B services with residential telecommunications operators as noted above. We also compete with regional and international service providers, particularly when addressing larger customers.

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Human Capital Resources

Our Team. As of December 31, ~~2021,~~2022, we employed approximately ~~11,900~~11,000 full-time employees across our five reportable segments. Our employees are employed across our segments as follows: C&W Caribbean ~~and Networks~~ approximately ~~4,500~~3,700 full-time employees, C&W Panama approximately ~~2,300~~ 2,600 full-time employees, C&W Networks & LatAm approximately 1,000full-time employees, Liberty Puerto Rico approximately ~~2,200~~2,300 employees, ~~VTR approximately 1,500 employees,~~ and Liberty Costa Rica approximately 800 employees. The remaining employees are employed by our corporate entities. Following the formation of the Chile JV in October 2022, 1,400 VTR employees transitioned out of Liberty Latin America and became employees of the Chile JV. Women represented 42% of our global employees and ~~38%~~40% of our managerial positions. Of our total employee population, approximately ~~4,200~~3,400 are covered by contracts with various unions, primarily across our Caribbean markets, Panama, and Puerto Rico.

During ~~2021,~~2022, our total employee attrition rate, both voluntary and involuntary, was approximately ~~13%~~11%. The Employee Net Promoter Score (eNPS) is a widely-used methodology to measure employee experience. In ~~2021,~~2022, we measured our employee net promoter score (eNPS) at ~~+34~~+32 as part of our annual employee survey, which we believe indicates we have a passionate, engaged, and dedicated workforce.

Our Chief People Officer, who reports to the CEO and is part of the Executive Team, leads our People and Culture initiatives. All leaders incorporate these initiatives as part of the operating strategy, and our Chief People Officer regularly reports progress on these initiatives to our Board of Directors.

Talent Strategy. We manage our talent strategy through a cycle consisting of Talent Acquisition, Learning & Development, and Performance Management. We offer prospective candidates a compelling employee value proposition rooted in our culture, which combines a shared vision, philosophy, and principles for how we work. We foster an environment where employees can learn, develop, and gain experience through new opportunities to work in different geographies. Unique to our region, we utilize an annual performance management system that better aligns with our culture and ways of working as one team. We offer a simpler, meaningful, and engaging Agile Performance Development (APD) experience for all our employees, focused on frequent conversations throughout the year combined with real-time feedback between managers and employees.

Our employees are the heart and soul of our business, helping us to deliver value to our customers, shareholders and communities. As our employees grow and develop, so will our company.

Equality, Diversity & Inclusion. Our employees comprise many races, ethnicities, beliefs, and cultures, and we are built on a set of strong principles including respect.

In ~~2021,~~2022, we ~~took deliberate actions~~continued our efforts to foster a more diverse and inclusive workplace as part of our Equality, Diversity, and Inclusion strategy. ~~This year we focused~~Our focus remains on the pillars of gender equity, LGBTQ+ inclusion, and issues of Race & Ethnicity. We launched our ~~‘Pride~~‘ELLAS at Liberty Latin America’ employee resource group, which seeks to ~~engage, educate,~~empower women inside the company and ~~empower LGBTQ+ people~~in our local communities to thrive and ~~allies, aiming to create a truly inclusive space where LGBTQ+ people feel heard, supported,~~reach their full potential through representation, allyship, support and ~~represented.~~

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connection.

We ~~also joined~~partnered with the ~~global community~~United Nations Foundation and Spotlight Initiative to ~~contribute to~~support the WithHer Fund and the ongoing fight against gender-based violence. This initiative will direct much needed resources to women-led grassroots organizations working in the Global South to eliminate gender-based violence ~~by launching a company-wide policy and making education and advocacy materials available on our website.~~in their communities. Our ~~goal is~~efforts aim to educate, prevent, protect, and ~~support~~advocate against gender-based violence ~~to create~~in our communities, while creating a safe workplace that prioritizes employees' wellbeing and mental health.

~~We continued~~In 2022, we maintained our ~~work on~~commitment to the CEO Action for Diversity & Inclusion pledge focused on: creating an environment for open dialogue, conducting implicit bias training, sharing best practices and lessons learned, and developing dedicated Diversity & Inclusion plans in consultation with our Board of Directors.

We know that our success depends on our people. Having a diverse and inclusive workforce will help us become more innovative, more reflective of our customer base, and more creative when it comes to engaging with our customers and our communities.

COVID-19 Response. We continue to adapt to ~~rapidly changing~~evolving conditions related to the ~~pandemic. Throughout 2021,~~pandemic in the markets where we ~~maintained~~operate. Our focus is ensuring we have appropriate stringent health and safety protocols in accordance with local regulations to help protect our employees, our customers, and our communities.

Across all of our markets we have strongly encouraged vaccination both within our employee base as well as externally in our communities as it has proven to significantly reduce symptoms and help mitigate the spread of the virus. We have also partnered with local governments on vaccination drives and complied with local regulations and policies, which vary across our markets.

In 2021 we continued to offer a COVID-19 Employee Assistance Fund where employees could apply for grants up to $500 to support financial needs created by the pandemic. This was funded through donations from members of our Board of Directors, our Executive Team and employees.

Corporate Social Responsibility. In addition to our core products and services, we meaningfully contribute to the communities where we operate. Our communities are so much more than locations for our business. It’s where we live, where our families grow, where we celebrate and connect. We believe we have a responsibility to enable progress and build more

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resilient communities. We bring this to life through a shared approach across our markets with a focus on four critical areas: Learning; Environment; Access; and Disaster Relief.

Our employees lead many of our outreach programs, working alongside our local and regional charitable foundations. We proudly support and give back. In ~~2021,~~2022, through our company-wide initiative, Mission Week, over ~~1,250~~1,700 employees across 20 countries came together to contribute more than ~~4,000~~7,000 volunteer hours in support of communities across Latin America and the Caribbean through a wide range of volunteer activities. 

Compensation, Benefits and Well-being. As part of our Employee Value Proposition, we offer compensation, benefits, and well-being packages that we believe are fair and competitive. We include a mix of base salary, short and long-term incentives (based on eligibility), as well as a wide range of programs that support our employees’ overall well-being including: retirement savings plans, healthcare and insurance benefits, paid parental leave, paid time off, and employee assistance programs. These programs vary by employee level and geography.

Compliance and Ethics. We conduct our business with honesty and integrity in accordance with high ethical and legal standards, and with respect for each other and those with whom we do business. Our Code of Conduct sets out the basic rules, standards and behaviors necessary to achieve those objectives. Employees can confidentially and anonymously report any behavior or action they see or experience which goes against our Code of Conduct through SpeakUp, our employee hotline.

We expect our employees and directors to display responsible and ethical behavior, to follow consistently both the meaning and intent of our Code of Conduct, and to act with integrity in all of our business dealings. We expect managers and supervisors to take such action as is necessary and appropriate to ensure that our business processes and practices are in full compliance with our company culture and principles.

We expect our business partners to also act with integrity in all business dealings with us and others. Our Business Partner Code of Conduct sets forth the basic rules, standards, and behaviors that we expect of our business partners.

As part of our global onboarding process, we require all new employees to complete training on our Code of Conduct. Additionally, we periodically host seminars on anti-corruption, anti-bribery, and other important compliance topics such as cyber security.

Health & Safety. Our vision is to have the safest operations in our industry and markets. To reduce the risk of serious injuries we invest in systems that enable us to receive reliable and structured data to enable informed decision making. We also work to improve our safety practices in the field and in our retail and office locations to prevent work-related illness and injuries.

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Available Information

All our filings with the SEC, as well as amendments to such filings, are available on our internet website free of charge generally within 24 hours after we file such material with the SEC. Our website address is www.lla.com. The information on our website is not part of this Annual Report on Form 10-K and is not incorporated by reference herein.

Item 1A. RISK FACTORS

In addition to the other information contained in this Annual Report on Form 10-K, you should consider the following risk factors in evaluating our results of operations, financial condition, business and operations or an investment in the shares of our company.

The risk factors described in this section have been separated into ~~five~~six groups:

•risks that relate to the competition we face and the technology used in our businesses;

•risks that relate to our operating in overseas markets and being subject to foreign and domestic regulation;

•risks that relate to certain financial matters;

•risks related to climate change;

•risks relating to our corporate history and structure; and

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•risks relating to our common shares and the securities market.

Although we describe below and elsewhere in this Annual Report on Form 10-K the risks we consider to be the most material, there may be other unknown or unpredictable economic, business, competitive, regulatory or other factors that also could have material adverse effects on our results of operations, financial condition, businesses or operations in the future. In addition, past financial performance may not be a reliable indicator of future performance and historical trends should not be used to anticipate results or trends in future periods.

If any of the events described below, individually or in combination, were to occur, our businesses, prospects, financial condition, results of operations and/or cash flows could be materially adversely affected.

Risks that Relate to the Competition we Face and the Technology Used in Our Businesses

We operate in increasingly competitive markets, and there is a risk that we will not be able to effectively compete with other service providers.

The markets for cable television, broadband internet, telephony and mobile services are highly competitive. In the provision of video services, we face competition from FTA and DTT broadcasters, DTH satellite providers, networks using DSL, VDSL or vectoring technology, Multi-channel Multipoint Distribution System operators, FTTH networks, OTT content providers, and, in some countries where parts of our systems are overbuilt, with cable & fiber-to-the-home/-cabinet/-building/-node networks, among others. Our operating businesses are facing increasing competition from video services provided by, or over the networks of, other telecommunications operators and service providers. As the availability and speed of broadband internet increases, we also face competition from OTT providers, including telephony providers such as WhatsApp, utilizing our or our competitors’ high-speed internet connections. Some of these providers offer services without charging a fee, which could erode relationships with customers and may lead to a downward pressure on prices and returns for telecommunication services providers. In the provision of telephony and broadband internet services, we are experiencing increasing competition from other telecommunications operators and other service providers in each country in which we operate, as well as other mobile providers of voice and data. Many of the other operators offer double-play, triple-play and quadruple-play bundles of services. In many countries, we also compete with other facilities-based operators and wireless providers. Developments in wireless technologies, such as LTE, 5G (the next generation of ultra-high-speed mobile data) and WiFi, are creating additional competitive challenges.

In almost all cases, our licenses are not exclusive. As a result, our competitors have similar licenses and have and may continue to build systems and provide services in areas in which we hold licenses. In the case of cable- and broadband-enabled services, the existence of more than one cable or fiber-to-the-home/-cabinet/-building/-node system operating in the same

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territory is referred to as an “overbuild.” Overbuilds increase competition or create competition where none existed previously, either of which could adversely affect our growth, financial condition and results of operations.

In some of our markets, national and local government agencies may seek to become involved, either directly or indirectly, in the establishment of FTTH networks, DTT systems or other communications systems. We intend to pursue available options to restrict such involvement or to ensure that such involvement is on commercially reasonable terms. There can be no assurance, however, that we will be successful in these pursuits. As a result, we may face competition from entities not requiring a normal commercial return on their investments. In addition, we may face more vigorous competition than would have been the case if there were no such government involvement. Increased competition could result in increased customer churn, reductions of customer acquisition rates for some products and services and significant price and promotional competition. In combination with difficult economic environments, these competitive pressures could adversely impact our business, results of operations and cash flows.

Changes in technology may limit the competitiveness of and demand for our services.

Technology in the video, telecommunications and data services industries is changing rapidly, including advances in current technologies and the emergence of new technologies. New technologies, products and services may impact consumer behavior and therefore demand for our products and services. Our ability to anticipate changes in technology and consumer tastes and to develop and introduce new and enhanced products and services on a timely basis will affect our ability to maintain, continue to grow, or increase our revenue and number of customers and remain competitive. New products and services, once marketed, may not meet consumer expectations or demand, can be subject to delays in development and may fail to operate as intended. A lack of market acceptance of new products and services that we may offer, or the development of significant competitive products or services by others, could have a material adverse impact on our results of operations and cash flows.

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Our significant property and equipment additions may not generate a positive return.

Significant additions to our property and equipment are, or in the future may be, required to add customers to our networks and to upgrade or expand our broadband communications networks and upgrade customer premises equipment to enhance our service offerings and improve the customer experience. Additions to our property and equipment, including in connection with Network Extensions, require significant capital expenditures for equipment and associated labor costs to build out and/or upgrade our networks as well as for related customer premises equipment. Additionally, significant competition, the introduction of new technologies, the expansion of existing technologies, such as FTTH and advanced DSL technologies, the impact of natural disasters like hurricanes, or adverse regulatory developments could cause us to decide to undertake previously unplanned builds or upgrades of our networks and customer premises equipment.

No assurance can be given that any rebuilds, upgrades or extensions of our network will increase penetration rates, increase average monthly subscription revenue per average cable RGU or mobile subscriber, as applicable, or otherwise generate positive returns as anticipated, or that we will have adequate capital available to finance such rebuilds, upgrades or extensions. Additionally, costs related to our Network Extensions and property and equipment additions could end up being greater than originally anticipated or planned. If this is the case, we may require additional financing sooner than anticipated or we may have to delay or abandon some or all of our development and expansion plans or otherwise forego market opportunities. Additional financing may not be available on favorable terms, if at all, and our ability to incur additional debt will be limited by our debt agreements. If we are unable to, or elect not to, pay for costs associated with adding new customers, expanding, extending or upgrading our networks or making other planned or unplanned additions to our property and equipment, or are delayed in making such investments, our growth could be limited and our competitive position could be harmed.

We depend almost exclusively on our relationships with third-party programming providers, broadcasters and rights owners for programming content, and a failure to acquire desirable programming on acceptable terms could adversely affect subscriptions of our video services.

The success of our video subscription offerings depends, in large part, on our ability to offer a selection of popular and desirable programming. We generally do not produce our own content and we therefore depend on our agreements and cooperation with public and private broadcasters, rights holders and collective rights associations to obtain such content. If we fail to obtain desirable and popular programming for our pay television offerings, including linear channels as well as non-linear content (such as a selection of attractive VoD content and rights for ancillary services such as network DVR services), on satisfactory terms, we may not be able to offer a compelling product to our video customers at a price they are willing to pay. Additionally, we periodically negotiate and renegotiate content agreements and our annual costs for programming can vary

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as a result of these negotiations. There can be no assurance that we will be able to renew the terms of our agreements on desirable terms or at all.

If we are unable to obtain or retain attractively priced content, demand for our video subscription services could decrease, thereby limiting our ability to attract new bundle customers to subscribe to video services and/or maintain existing video customers. Furthermore, we may be placed at a competitive disadvantage as certain OTT providers increasingly produce their own exclusive content if certain of our providers also offering content directly to consumers restrict our access to valued content or if certain of our pay- TV competitors acquire exclusive programming rights, particularly with respect to sports.

We depend on third-party suppliers and licensors to supply and maintain necessary equipment, software and certain services required for our businesses.

We rely on third-party vendors for the equipment (including customer premises equipment, network infrastructure and mobile handsets), software and services that we require in order to provide services to our customers. Our suppliers often conduct business worldwide and their ability to meet our needs is subject to various risks, including political and economic instability, international regulations or sanctions, natural calamities, interruptions in transportation systems, power supplies, terrorism and labor issues. In addition, we rely on third parties (in particular, local municipalities, power companies and other telecommunications companies) for access to poles to attach our network equipment, and their ability to provide such access is subject to similar risks. As a result, we may not be able to obtain the equipment, software, access and services required for our businesses on a timely basis or on satisfactory ~~terms.~~terms, and this may lead us to issue credit to customers which could adversely impact our revenue and cash flows. Any shortfall in our equipment could lead to delays in completing extensions to our networks and in connecting customers to our services and, accordingly, could adversely impact our ability to maintain or increase our RGUs, revenue and cash flows. Also, if demand exceeds the suppliers’ and licensors’ capacity or if they experience financial difficulties, the ability of our businesses to provide some services may be materially adversely affected, which in turn could affect our businesses’ ability to attract and retain customers. To the extent that we have minimum order

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commitments, we would be adversely affected in the event that we were unable to resell committed products or otherwise decline to accept committed products. Although we actively monitor the creditworthiness of our key third-party suppliers and licensors, the financial failure of a key third-party supplier or licensor could disrupt our operations and have an adverse impact on our revenue and cash flows. We rely upon intellectual property that is owned or licensed by us to use various technologies, conduct our operations and sell our products and services. Legal challenges could be made against our use of our owned or licensed intellectual property rights (such as trademarks, patents and trade secrets) and we may be required to enter into licensing arrangements on unfavorable terms, incur monetary damages or be enjoined from use of the intellectual property rights in question. We rely on power companies to provide power necessary to operate equipment necessary to conduct our operations and to operate our customer premises equipment. As a result of any long-term interruption in power supplies, we may not be able to deliver our services on a timely or satisfactory basis or we may issue credits to customers, which could accordingly adversely impact our ability to maintain or increase our RGUs, revenue and cash flows.

In addition, the operation, administration, maintenance and repair of our network, including our subsea cable network, requires the coordination and integration of sophisticated and highly specialized hardware and software technologies and equipment located throughout the Caribbean and Latin America and requires operating and capital expenses. Events outside of our control, such as natural disasters, technological failures, vandalism, war, terrorism, inadvertent cuts or extraordinary social or political events, could impact the continued operation of our network. We cannot assure you that our systems will continue to function as expected in a cost-effective manner.

~~VTR, which offers~~Additionally, product shipments from third-party suppliers may be delayed due to supply chain challenges that our suppliers may face. If such a disruption were to extend over a prolonged period, it could have an impact on the continuity of our supply chain and our ability to build or upgrade our networks and customer premises equipment generally. Any disruption resulting from similar events on a larger scale or over a prolonged period could cause significant delays in shipments of products until we are able to resume such shipments or shift from the affected contractor or vendor to another third-party supplier. If our suppliers cannot deliver the supplies we need to operate our business, including handsets, set-top boxes, and other devices, and if we are unable to deliver our products to our customers, our business and results of operations would be negatively impacted.

We may be unable to obtain or maintain the roaming services we need from other carriers to remain competitive.

Some of our competitors have national networks that enable them to offer nationwide and/or international coverage to their subscribers at a lower cost than we do. The networks we operate do not, by themselves, provide national or international coverage and we must pay fees to other carriers who provide roaming services to us. For example, Liberty Puerto Rico currently relies on roaming agreements with several carriers for the majority of its roaming services.

The FCCrequires commercial mobile ~~telephony~~radio service providers to provide roaming, upon request, for voice and SMS text messaging services on just, reasonable and non-discriminatory terms. The FCC also requires carriers to offer data roaming services. The rules do not provide or mandate any specific mechanism for determining the reasonableness of roaming rates for voice, SMS text messaging or data services and require that roaming complaints be resolved on a case-by-case basis, based on a non-exclusive list of factors that can be taken into account in determining the reasonableness of particular conduct or rates. If Liberty Puerto Rico were to lose the benefit of one or more key roaming or wholesale agreements unexpectedly, it may be unable to obtain similar replacement agreements and as a result may be unable to continue providing the same level of voice and data roaming services ~~relies on the radio access network of a third-party wireless network provider~~for its customers that they’ve grown accustomed to ~~carry its mobile communications traffic.~~

~~VTR’s services to mobile customers in Chile rely on the use of an~~ ~~MVNO~~ ~~arrangement in which VTR utilizes the radio access network of a third-party wireless network provider to carry its mobile communications traffic. If the~~ ~~MVNO~~ ~~arrangement is terminated,~~ or ~~if the third-party wireless network provider fails~~may be unable to provide ~~the~~such services ~~required under the~~ ~~MVNO~~ ~~arrangement, or if a third-party wireless network provider fails to deploy and maintain its network, and VTR is unable to find a replacement network operator~~ on a ~~timely~~cost-effective basis. Liberty Puerto Rico’s inability to obtain new or replacement roaming services on a cost-effective basis may limit its ability to compete effectively for wireless customers, which may increase its turnover and ~~commercially reasonable basis or at all,~~ ~~VTR~~decrease its revenue, which in turn could ~~be prevented from continuing the mobile services relying on such~~ ~~MVNO~~ ~~arrangement.~~materially adversely affect our business, financial condition and results of operations.

Failure in our technology or telecommunications systems from security attacks or natural disasters could significantly disrupt our operations, which could reduce our customer base and result in lost revenue.

Our success depends, in part, on the continued and uninterrupted performance of our information technology and network systems as well as our customer service centers. The hardware supporting a large number of critical systems for our cable network in a particular country or geographic region is housed in a relatively small number of locations. Our systems and equipment (including our routers and set-top boxes) are vulnerable to damage or security breach from a variety of sources,

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including a cut in our terrestrial network or subsea cable network, telecommunications failures, power loss, malicious human acts, security flaws as well as natural disasters and extreme weather events as a result of climate change. In particular, our systems and equipment are in regions prone to hurricanes, earthquakes and other natural disasters, and they have been impacted by hurricanes in the recent past.

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Moreover, despite security measures, our servers, systems and equipment are potentially vulnerable to physical or electronic break-ins, computer viruses and similar disruptive actions as further discussed below. See “Cyberattacks or other network disruptions could have an adverse effect on our business.”

Our disaster recovery, security and service continuity protection measures include back-up power systems, resilient ring network systems, procuring capacity in competing networks to further strengthen our reliability profile and network monitoring. We also are party to the Atlantic Cable Maintenance and Repair Agreement, which provides us with certain dedicated repair vessels and timely call out services with respect to our subsea cables through to the present. We cannot assure you, however, that these precautions will be sufficient to prevent loss of data or prolonged network downtime or that we will be able to renegotiate arrangements with the Atlantic Cable Maintenance and Repair Agreement on successful terms.

Despite the precautions we have taken, unanticipated problems affecting our systems could cause failures in our information technology systems or disruption in the transmission of signals over our networks or similar problems. Any disruptive situation that causes loss, misappropriation, misuse or leakage of data could damage our reputation and the credibility of our operations. Further, sustained or repeated system failures that interrupt our ability to provide service to our customers or otherwise meet our business obligations in a timely manner could adversely affect our reputation and result in a loss of customers and revenue.

Cyberattacks or other network disruptions could have an adverse effect on our business.

As described above, our success depends, in part, on the continued and uninterrupted performance of our information technology and network systems. The hardware supporting a large number of critical systems for our cable network in a particular country or geographic region is housed in a relatively small number of locations. In addition, through our operations, sales and marketing activities, we collect and store certain non-public personal information related to our customers, and we also gather and retain information about employees in the normal course of business. We may share information about such persons with vendors, contractors and other third-parties that assist with certain aspects of our business. Our and our vendors’ servers, systems and equipment (including our routers and set-top boxes) are vulnerable to damage or security breach from a variety of sources, including a cut in our terrestrial network or subsea cable network, security flaws, and malicious human acts.

Despite security measures, our and our vendors’ servers, systems and equipment are potentially vulnerable to physical or electronic break-ins, computer viruses, worms, phishing attacks and similar disruptive actions. Furthermore, our operating activities could be subject to risks caused by misappropriation, misuse, leakage, falsification or accidental release or loss of information maintained in our information technology systems and networks and those of our third-party vendors, including customer, personnel and vendor data. The techniques used to gain such access to our or our vendors’ technology systems, data or customer information, disable or degrade service, or sabotage systems are constantly evolving, may be difficult to detect quickly, and often are not recognized until launched against a target. It is possible for such cyberattacks to go undetected for an extended period of time, increasing the potential harm to our customers, employees, assets, and reputation.

Cyberattacks against our or our vendors’ technological infrastructure or breaches of network information technology may cause equipment failures, disruption of our or their operation, and potentially unauthorized access to confidential customer or employee data, which could subject us to increased costs and other liabilities as discussed further below.

To date, we have not been subject to cyberattacks or network disruptions that, individually or in the aggregate, have been material to our operations or financial condition. Although we have not detected a material security breach or cybersecurity incident to date, we have been the target of events of this nature and expect to be subject to similar attacks in the future. We engage in a variety of preventive measures (in terms of people, processes and technology) at an increased cost to us, in order to reduce the risk of cyberattacks and safeguard our infrastructure and confidential customer information, but as with all companies, these measures may not be sufficient for all eventualities and there is no guarantee that they will be adequate to safeguard against all cyberattacks, system compromises or misuses of data.

If hackers or cyberthieves gain improper access to our or our vendors’ technology systems, networks, or infrastructure, they may be able to access, steal, publish, delete, misappropriate, modify or otherwise disrupt access to confidential customer or employee data or our or our customers’ business systems or networks. Moreover, additional harm to customers or employees could be perpetrated by third parties who are given access to the confidential customer data or business systems or networks. A network disruption (including one resulting from a cyberattack) could cause an interruption or degradation of service and

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diversion of management attention, as well as permit access, theft, publishing, deletion, misappropriation, or modification to or of confidential customer data or business systems or networks. Due to the evolving techniques used in cyberattacks to disrupt or gain unauthorized access to technology networks, we may not be able to anticipate or prevent such disruption or unauthorized access.

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The costs imposed on us as a result of a cyberattack or network disruption could be significant. Among others, such costs could include increased expenditures on cyber security measures, litigation, regulatory actions, fines, sanctions, lost revenue from business interruption, and damage to the public’s perception regarding our ability to provide a secure service. As a result, a cyberattack or network disruption could have a material adverse effect on our business, financial condition, cash flows, and operating results. We also face similar risks associated with security breaches affecting third parties with which we are affiliated or otherwise conduct business. While we maintain cyber liability insurance that provides both third-party liability and first-party insurance coverage, our insurance may not be sufficient to protect against all of our losses from any future disruptions or breaches of our systems or other events as described above.

We rely on information technology to operate our business and maintain our competitiveness, and any failure to invest in and adapt to technological developments and industry trends could harm our business.

We depend on the use of sophisticated information technologies and systems, including technology and systems used for website and mobile applications, network management systems, customer billing, financial reporting, human resources and various other processes and transactions. As our operations grow in size, scope and complexity, we must continuously improve and upgrade our systems and infrastructure to offer an increasing number of customers enhanced products, services, features and functionality, while maintaining or improving the reliability and integrity of our systems and infrastructure.

Our future success also depends on our ability to adapt our services and infrastructure to meet rapidly evolving consumer trends and demands while continuing to improve the performance, features and reliability of our services in response to competitive service and product offerings. The emergence of alternative platforms such as smartphone and tablet computing devices and the emergence of niche competitors who may be able to optimize products, services or strategies for such platforms have, and will continue to, require new and costly investments in technology. We may not be successful, or may be less successful than our current or new competitors, in developing technology that operates effectively across multiple devices and platforms and that is appealing to consumers, either of which would negatively impact our business and financial performance. New developments in other areas, such as cloud computing and software as a service provider, could also make it easier for competition to enter our markets due to lower up-front technology costs. In addition, we may not be able to maintain our existing systems or replace or introduce new technologies and systems as quickly as customers would like or in a cost-effective manner.

Unauthorized access to our network resulting in piracy could result in a loss of revenue.

We rely on the integrity of our technology to ensure that our services are provided only to identifiable paying customers. Increasingly, sophisticated means of illicit piracy of television, broadband and telephony services are continually being developed in response to evolving technologies. Furthermore, billing and revenue generation for television services rely on the proper functioning of encryption systems. While we continue to invest in measures to manage unauthorized access to our networks, any such unauthorized access to our cable television service could result in a loss of revenue, and any failure to respond to security breaches could raise concerns under our agreements with content providers, all of which could have a material adverse effect on our business and results of operations.

If we are unable to retain key employees, our ability to manage our business could be adversely affected.

Our operational results depend upon the retention and continued performance of our management team. Our ability to retain and hire new key employees for management positions could be impacted adversely by the competitive environment for management talent in the broadband communications industry. The loss of the services of key members of management and the inability or delay in hiring new key employees could adversely affect our ability to manage our business and our future operational and financial results.

We may not have sufficient ~~insurance~~protection to cover damage or costs incurred due to natural ~~catastrophe claims and future claims either due to coverage limits or as a result of insurance carriers seeking to deny coverage of such claims,~~catastrophes, which ~~in either case~~ could expose us to significant liabilities.

We ~~maintain~~have entered into Weather Derivatives tied to a ~~program of third-party traditional and~~ parametric wind ~~risk insurance coverage~~index to protect us against various liability, property and business interruption damage ~~risks.~~risks if a natural catastrophe occurs in a market where we operate. We believe these ~~insurance programs~~instruments are an effective way to protect our assets against these risks. However, ~~the potential damage that could arise from a natural catastrophe event or events in the future could~~

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exceed the coverage provided by such programs. In addition, our insurance carriers have in the past sought and may in the future seek to rescind or deny coverage with respect to pending or future claims related to such natural catastrophe damage. Additionally, if we sustain certain ~~wind~~ damage from wind-related events that does not trigger coverage under our ~~parametric wind risk insurance,~~Weather Derivatives, we may receive no proceeds or proceeds that do not fully cover such damage. If we do not ~~have~~receive sufficient ~~coverage under~~proceeds from our ~~policies, or if the insurance companies are successful in rescinding or denying coverage,~~Weather Derivatives, we may be required to make material investments to repair such damage or incur other costs as a result of such damage, which could result in decreased capital investment, decreased liquidity or increased use of credit facilities or other existing or new debt or funding arrangements.

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Data privacy regulations are expanding and compliance with, and any violations of, these regulations may cause us to incur significant expenses.

Privacy legislation, enforcement and policy activity in this area are expanding rapidly in many jurisdictions and creating a complex regulatory compliance environment. For example, on January 6, 2023, the FCC released a notice of proposed rulemaking seeking comment regarding proposed revisions to its customer proprietary network information regulations requiring notice to customers and federal government agencies of certain data breaches. The cost of complying with and implementing these privacy-related and data protection measures could be significant. In addition, even our inadvertent failure to comply with federal, state or international privacy-related or data protection laws and regulations could result in proceedings against us by governmental entities or others, and substantial fines and damages. The theft, loss or misuse of personal data collected, used, stored or transferred by us to run our business could result in significantly increased business and security costs or costs related to defending legal claims.

We are involved in disputes and legal proceedings that, if determined unfavorably to us, could have a material adverse effect on our business, financial condition and results of operations.

We are continually involved in disputes and legal proceedings arising out of the regular course of our business, including disputes and legal proceedings initiated by regulatory, competition and tax authorities as well as proceedings with competitors and other parties, including legal proceedings that programmers may institute against us and proceedings that may arise from acquisitions and other transactions we may consummate. For example, certain copyright agencies have asserted, and may in the future assert, claims against us and our subsidiaries regarding the transmission of any of the musical works within such agencies’ repertoire. Such claims seek injunctive relief as well as monetary damages. ~~Additionally, VTR is subject to various legal proceedings in Chilean courts. For more information on these VTR legal proceedings, see Item 3.~~ ~~Legal Proceedings~~ ~~included in Part I of this Annual Report on Form 10-K.~~ We cannot assure you that we will obtain a final favorable decision with regard to any particular proceeding. Any such disputes or legal proceedings could be expensive and time consuming, could divert the attention of our management and, if resolved adversely to us, could harm our reputation and increase our costs, all of which could result in a material adverse effect on our business, financial condition and results of operations.

Risks that Relate to Our Operating in Overseas Markets and Being Subject to Foreign and Domestic Regulation

A substantial portion of our businesses is conducted outside of the U.S., which gives rise to numerous operational risks.

A substantial portion of our business operates in countries outside the U.S., and we have substantial physical assets and derive a substantial portion of our revenues from operations in Latin America and the Caribbean. Therefore, we are subject to the following inherent risks:

•fluctuations in foreign currency exchange rates;

•difficulties in staffing and managing operations consistently through our several operating areas;

•export and import restrictions, custom duties, tariffs and other trade barriers;

•burdensome tax, customs, duties or regulatory assessments based on new or differing interpretations of law or regulations, including increases in taxes and governmental fees;

•economic and political instability, social unrest, and public health crises, such as the occurrence of a contagious disease like the novel coronavirus;

•changes in foreign and domestic laws and policies that govern operations of foreign-based companies;

•interruptions to essential energy inputs;

•direct and indirect price controls;

•cancellation of contract rights and licenses;

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•delays or denial of governmental approvals;

•a lack of reliable security technologies;

•privacy concerns; and

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•uncertainty regarding intellectual property rights and other legal issues.

Operational risks that we may experience in certain countries include uncertain and rapidly changing political, regulatory and economic conditions, including the possibility of disruptions of services or loss of property or equipment that are critical to overseas businesses as a result of vandalism, expropriation, nationalization, war, insurrection, terrorism or general social or political unrest.

In certain countries and territories in which we operate, political, security and economic changes may result in political and regulatory uncertainty and civil unrest. Governments may expropriate or nationalize assets or increase their participation in the economy generally and in telecommunications operations in particular. Civil unrest in one or more of our markets may adversely affect our operations in the affected market or possibly in other markets depending on the scope of other operations supported by the affected market. For example, riots broke out in Chile in October 2019 in support of concerns over social inequality. These riots led to the injury or detainment of protesters and the dismissal of members of the Chilean President’s cabinet. Continued internal turmoil could slow or halt the development of, or otherwise constrain the market for our VTR products and services, could impact foreign exchange rates, and could otherwise impair the business and financial condition of VTR. In addition, following these riots and protests the government announced that it would initiate a process to draft a new constitution for the country. On October 25, 2020, the government conducted a national plebiscite to determine whether to draft a new constitution and the process to do so. 78% of voters approved a proposal to adopt a new constitution and 79% approved a proposal to call a new constitutional convention (without participation of existing representatives in the Chilean Congress). Chile held an election for members of the constitutional convention between May 15 and 16, 2021 with 78% of the 2020 national plebiscite voted to write a new constitution.~~On December 20, 2021, former student protest leader and progressive politician, Gabriel Boric, was declared the winner of Chile’s presidential election.~~Mr. Boric is set to take office in March 2022. Chile anticipates holding another national vote in August 2022 to approve the new constitution. There is still significant uncertainty regarding the process to approve a new constitution and further protests and political instability cannot be ruled out. Furthermore, the existing constitution has been in place since 1980 and any new constitution could change Chile’s political situation, potentially affecting the Chilean economy and business outlook, and ultimately VTR’s financial condition, results of operations and prospects.

In addition, certain countries and territories in which we operate, or in which we may operate in the future, face significant challenges relating to the lack, or poor condition, of physical infrastructure, including transportation, electricity generation and transmission. Such countries and territories may also be subject to a higher risk of inflationary pressures, which could increase our operating costs and decrease consumer demand and spending power. Each of these factors could, individually or in the aggregate, have a material adverse effect on our business, financial condition, results of operations and prospects.

Moreover, in many foreign countries, particularly in certain developing economies, it is not uncommon to encounter business practices that are prohibited by certain regulations, such as the FCPA and similar laws. Although our subsidiaries and business affiliates have undertaken, and will continue to undertake, compliance efforts with respect to these laws, their respective employees, contractors and agents, as well as those companies to which they outsource certain of their business operations, may take actions in violation of their policies and procedures. Any such violation could result in penalties imposed on, and adversely affect the reputation of, these subsidiaries and business affiliates. Any failure by these subsidiaries and business affiliates to effectively manage the challenges associated with the international operation of their businesses could materially adversely affect their, and hence our, financial condition.

Public health crises, such as the recent outbreak of the novel coronavirus, in countries where we operate or where our contractors’ or vendors’ facilities are located could also have an effect on our financial condition or operations through impacts on our customers’ ability to use our services, on the availability of our workforce or through adverse impacts to our supply chain.

We are exposed to foreign currency exchange rate risk.

We are exposed to foreign currency exchange rate risk with respect to our debt 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).

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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.

In addition to the exposure that results from unmatched debt, we are exposed to foreign currency risk to the extent that we enter into transactions denominated in currencies other than our operating subsidiaries’ respective functional currencies (non-functional currency risk), such as equipment purchases and programming contracts. Changes in exchange rates with respect to amounts recorded in our consolidated balance sheet related to these items will result in unrealized (based upon period-end exchange rates) or realized foreign currency transaction gains and losses upon settlement of the transactions. Moreover, to the extent that our revenue, costs and expenses are denominated in currencies other than our respective functional currencies, we will experience fluctuations in our revenue, costs and expenses solely as a result of changes in foreign currency exchange rates. Generally, we will consider hedging non-functional currency risks when the risks arise from agreements with third parties that involve the future payment or receipt of cash or other monetary items to the extent that we can reasonably predict the timing and amount of such payments or receipts and the payments or receipts are not otherwise hedged. In this regard, we have entered into foreign currency forward contracts to hedge certain of these risks. Certain non-functional currency risks related to our programming and other direct costs of services and other operating costs and expenses and property and equipment additions were not hedged as of December 31, ~~2021.~~2022.

We also are exposed to unfavorable and potentially volatile fluctuations of the U.S. dollar (our reporting currency) against the currencies of our operating subsidiaries when their respective financial statements are translated into U.S. dollars for

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inclusion in our consolidated financial statements. Cumulative translation adjustments are recorded in accumulated other comprehensive earnings or loss as a separate component of equity. Any increase (decrease) in the value of the U.S. dollar against any foreign currency that is the functional currency of one of our operating subsidiaries will cause us to experience unrealized foreign currency translation losses (gains) with respect to amounts already invested in such foreign currencies. Accordingly, we may experience a negative impact on our comprehensive earnings or loss and equity with respect to our holdings solely as a result of FX. ~~Our primary exposure to FX risk during 2021 was to the Chilean peso as 16% of our reported revenue during the period was derived from VTR, whose functional currency is the Chilean peso.~~ In addition, our reported operating results are impacted by changes in the exchange rates for other local currencies in Latin America and the Caribbean. We generally do not hedge against the risk that we may incur non-cash losses upon the translation of the financial statements of our operating subsidiaries and affiliates into U.S. dollars.

Failure to comply with economic and trade sanctions, and similar laws could have a materially adverse effect on our reputation, results of operations or financial condition, or have other adverse consequences.

We operate in the Caribbean and Latin America, and similar to other international companies, we are subject to economic and trade sanctions programs, including certain of which that are administered by OFAC, which prohibit or restrict transactions or dealings with specified countries, their governments, and in certain circumstances, their nationals, and with individuals and entities that are specially designated. These regulations are extensive and complex, and they differ from one sanctions regime to another. Failure to comply with these regulations could subject us to legal and reputational consequences, including civil and criminal penalties.

For example, certain of our companies provide (and may in the future provide), directly or indirectly, certain services to governmental entities in Cuba (e.g., C&W sells IP and international transport telecommunication services to ETECSA, the Cuba state-owned telecommunications provider and to three international telecommunications providers that in turn sell telecom services to ETECSA). All these services are provided outside of Cuba and the provision of non-facilities based telecom services to Cuba are permissible under a general license from OFAC.

We also have interconnection and services contracts with telecommunications carriers located in Venezuela. With respect to Cuba, we believe we have designed our activities to comply with certain telecommunications and information systems general license and exemptions. With respect to Venezuela, we have advised OFAC that we believe that our activities there are not covered by the OFAC regulations or are otherwise allowed under a general license and exemptions or, in the alternative, should be licensed by OFAC. In September 2022, OFAC issued a specific license to allow us to engage in all transactions necessary for U.S. financial institutions to process the collection of outstanding debts and the receipt of current and future payments relating to telecommunications services provided to Compañía Anónima Nacional Teléfonos de Venezuela.

We believe that our activities with respect to these countries are known to OFAC. We note, however, that OFAC regulations and related interpretive guidance are complex and subject to varying interpretations. Due to this complexity, OFAC’s interpretation of its own regulations and guidance vary on a case to case basis. As a result, we cannot provide any guarantees that OFAC will not challenge any of our activities in the future, which could have a material adverse effect on our results of operations.

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Any violations of applicable economic and trade sanctions could limit certain of our business activities until they are satisfactorily remediated and could result in civil and criminal penalties, including fines, that could damage our reputation and have a materially adverse effect on our results of operation or financial condition.

Our businesses are subject to risks of adverse regulation.

Our businesses are subject to the unique regulatory regimes of the countries in which they operate. Video distribution, broadband internet, telephony and mobile businesses are subject to licensing or registration eligibility rules and regulations, which vary by country. Our ability to provide telecommunications services depends on applicable law, telecommunications regulations and the terms of the licenses and concessions we are granted under such laws and regulations. In particular, we are reliant on access with mutually beneficial terms to spectrum for both existing and next generation telecommunication services, entrance into interconnection agreements with other telecommunications companies and are subject to a range of decisions by regulators, including in respect of pricing, for example, for termination rates. The provision of electronic communications networks and services requires our licensing from, or registration with, the appropriate regulatory authorities. It is possible that countries in which we operate may adopt laws and regulations regarding electronic commerce, which could dampen the growth of the internet services being offered and developed by these businesses. In a number of countries, our ability to increase the prices we charge for our cable television service or make changes to the programming packages we offer is limited by regulation or conditions imposed by competition authorities, or is subject to review by regulatory authorities or termination rights of customers. In addition, regulatory authorities may grant new licenses to third parties and, in any event, in most of our markets new entry is possible without a license, although there may be registration eligibility rules and regulations, resulting in greater competition in territories where our businesses may already be active. More significantly, regulatory authorities may

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require us to grant third parties access to our bandwidth, frequency capacity, infrastructure, facilities or services to distribute their own services or resell our services to end customers. For example, certain regulators are seeking to mandate third-party access to portions of C&W’s network ~~infrastructure.~~infrastructure, such as in Jamaica where, further to the recommendation of the OUR, the responsible minister approved the promulgation of The Telecommunications (Infrastructure Sharing) Rules 2022 that seeks to require dominant licensees to share infrastructure (including dark fiber, ducts, subsea cable landing stations and mobile network towers) with third parties, including competitors. Consequently, our businesses must adapt their ownership and organizational structure as well as their pricing and service offerings to satisfy the rules and regulations to which they are subject. A failure to comply with applicable rules and regulations could result in penalties, restrictions on our business or loss of required licenses or other adverse conditions. We may continue to operate in jurisdictions where governments fail to grant or renew licenses for our operations, which could result in penalties, fines or restrictions that could have a material adverse impact on our business and financial condition.

Adverse changes in rules and regulations could:

•impair our ability to use our bandwidth in ways that would generate maximum revenue and cash flow;

•create a shortage of capacity on our networks, which could limit the types and variety of services we seek to provide our customers;

•impact our ability to access spectrum for our mobile services;

•impact the amount of government funding under certain support programs such as the FCC’s UPR Fund;

•strengthen our competitors by granting them access and lowering their costs to enter into our markets; and

•otherwise have a significant adverse impact on our results of operations.

Businesses, including ours, that offer multiple services, such as video distribution as well as internet, telephony, and/or mobile services, often face close regulatory scrutiny from competition authorities in countries in which they operate. This is particularly the case with respect to any proposed business combinations, which will often require clearance from national competition authorities. The regulatory authorities in several countries in which we do business have considered from time to time what access rights, if any, should be afforded to third parties for use of existing cable television networks and have imposed access obligations in certain countries. This has resulted, for example, in video must carry obligations in many markets in which we operate. For more information, see Item 1. Business—Description of Business—Regulatory Matters.

Regulations may be especially strict in the markets of those countries in which we are considered to hold a significant market position. We have been, in the past, and may be in the future, subject to allegations and complaints by our competitors and other third parties regarding our competitive behavior as a significant market operator.

When we acquire additional communications companies, these acquisitions may require the approval of governmental authorities, which can block, impose conditions on, or delay an acquisition, thus hampering our opportunities for growth. If conditions are imposed and we fail to meet them in a timely manner, the governmental authority may impose fines and, if in connection with an acquisition transaction, may require restorative measures, such as mandatory disposition of assets or divestiture of operations, similar to the divestiture with respect to the AT&T Acquisition. The acquisition of C&W in May 2016

~~I-42~~

triggered regulatory approval requirements in certain jurisdictions in which C&W operates. The regulatory authorities in all of these jurisdictions, except for Trinidad and Tobago, have completed their review of the May 16, 2016 acquisition of C&W and have granted their approval. While we expect to receive this outstanding approval, such approval may include binding conditions or requirements that could have an adverse impact on C&W’s operations and financial condition.

Furthermore, the governments in the countries and territories in which we operate differ widely with respect to political structure, constitution, economic philosophy, stability and level of regulation. Many of our operations depend on governmental approval and regulatory decisions, and we provide services to governmental organizations in certain markets (and in certain cases, like Venezuela, governmental organizations are our biggest customers). Moreover, in several of C&W’s key markets, including Panama and the Bahamas, governments are C&W’s partners and co-owners. The Government of the Bahamas is a part-owner in C&W Bahamas and the Government of Panama is a part-owner in CWP, and each of the governments have the right to appoint members to the board of directors of the respective entity. In both the Bahamas and Panama, we hold licenses or have received concessions from the government or independent regulatory bodies to operate our business, including our mobile and fixed networks. Consequently, we may not be able to fully utilize C&W’s contractual or legal rights or all options that may otherwise be available, where to do so might conflict with broader regulatory or governmental considerations. In

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addition, we are, and in the future may be, a party to certain disputes with regulators and governments from time to time that could have a material adverse effect on our business and results of operations.

Changes to existing legislation and new legislation may significantly alter the regulatory regime applicable to us, which could adversely affect our competitive position and profitability, and we may become subject to more extensive regulation if we are deemed to possess significant market power in any of the markets in which we operate.

Significant changes to the existing regulatory regime applicable to the provision of cable television, telephony and internet services have been and are still being introduced. In addition, we are subject to review by competition or national regulatory authorities in certain countries concerning whether we exhibit significant market power. A finding of significant market power could result in us becoming subject to access and pricing obligations and other requirements that could provide a more favorable operating environment for existing and potential competitors. Government regulation or administrative policies may change unexpectedly and negatively affect our interests. For example, there has been a general trend for governments to seek greater access to telecommunications records and to communications for law enforcement purposes and a trend in certain countries experiencing civil unrest to restrict access to telecommunications on national security grounds. Adverse regulatory developments could subject our businesses to a number of risks. For more information, see Item 1. Business—Description of Business—Regulatory Matters.

For various reasons, governments may seek to increase the regulation of the use of the internet, particularly with respect to user privacy and data protection, access rights content, pricing, copyrights, consumer protection, distributions and characteristics and quality of products and services. Application of existing laws, including those addressing property ownership and personal privacy in the context of rapidly evolving technological developments remains uncertain and in flux. New interpretations of such laws could have an adverse effect on our business. Governments may also seek to regulate the content of communications in all of our revenue streams, which could reduce the attractiveness of our services. Governments may also change their attitude towards foreign investment or extract extra concessions from businesses. Or governments may elect to intervene directly in our markets by constructing their own infrastructure. In Jamaica for example, the government recently announced an intention to explore the possibility of constructing its own national broadband backbone, connecting schools, hospitals, government ministries and fire and police stations. Accordingly, our operations may be constrained by the relevant political environment and may be adversely affected by such constraints, as well as by changes to the political structure or government in any of the markets in which we operate.

Future changes to regulation or changes in political administrations or a significant deterioration in our relationship with relevant regulators in the jurisdictions in which we operate, as well as failure to acquire and retain the necessary consents and approvals or in any other way comply with regulatory requirements, or excessive costs of complying with new or more onerous regulations and restrictions could have a material adverse effect on our business, reputation, financial condition, results of operations and prospects.

Failure to comply with the FCC’s requirements for the UPR Fund, the ACP or other funding programs in which Liberty Puerto Ricomay participatemay have an adverse impact on Liberty Puerto Rico’s business and our financial position.

In May 2018, the FCC established the UPR Fund and the Connect USVI Fund to provide subsidies for the deployment and hardening of fixed wireline and mobile wireless communications networks in Puerto Rico and the U.S. Virgin Islands, and in 2021, the FCC launched the ACP which provides a long-term broadband affordability benefit to low-income customers. Liberty Puerto Rico receives funds from the FCC through these programs. To continue receiving funds under these programs, Liberty Puerto Rico must comply with certain requirements established by the FCC as described in Item 1. Business—Description of Business—Regulatory Matters. In addition, the FCC has proposed to extend its support under the UPR Fund to eligible facilities-based mobile carriers, such as Liberty Puerto Rico, for an additional two-year transitional period beginning in June 2023 in an amount equal to the mobile support such carriers receive for 5G technologies. Adoption of the current FCC proposal would reduce Liberty Puerto Rico’s annual UPR Fund Stage 2 mobile support from approximately $34 million to approximately $8.5 million during the two-year period. If Liberty Puerto Rico fails to comply with these programs’ requirements or if the FCC’s current UPR Fund proposal is adopted, Liberty Puerto Rico may become ineligible to receive future funding or may receive reduced funding which may have an adverse impact on Liberty Puerto Rico’s business and our RGUs, revenue and cash flow.

We may not be successful in acquiring future spectrum or other licenses that we need to offer new mobile data or other services.

We offer mobile data services through licensed spectrum in a number of markets. While these licenses, and other licenses that we possess, enable us to offer mobile data services today, as technology develops and customer needs change, it may be

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necessary to acquire new spectrum or other licenses in the future to provide us with additional capacity and/or offer new technologies or services. While we actively engage with regulators and governments to ensure that our spectrum needs are met, there can be no guarantee that future spectrum licenses will be made available in certain or all territories or that they will be

~~I-43~~

made available on commercially viable terms. We will likely require additional spectrum licenses for LTE networks, and there may be competition for their acquisition. In addition, we may need other types of licenses for the new products and services that we contemplate or will consider offering. Failure to acquire necessary new spectrum licenses or other required licenses for new services or products, or to do so on commercially viable terms, could have a material adverse effect on our business, financial condition and results of operations.

We cannot be certain that we will be successful in acquiring new businesses or integrating acquired businesses with our existing operations, or that we will achieve the expected returns on our acquisitions.

Part of our business strategy is to grow and expand our businesses, in part, through selective acquisitions, ~~such as the~~ ~~Claro Panama Acquisition,~~that enable us to take advantage of existing networks, local service offerings and region-specific management expertise. Our ability to acquire new businesses may be limited by many factors, including availability of financing, debt covenants, the prevalence of complex ownership structures among potential targets, government regulation and competition from other potential acquirers, including private equity funds. Even if we are successful in acquiring new businesses, the integration of these businesses, such as in the AT&T Acquisition, the Liberty Telecomunicaciones Acquisition and ~~Telefónica Costa Rica~~the Claro Panama Acquisition, may present significant costs and challenges associated with: realizing economies of scale in interconnection, programming and network operations; eliminating duplicative overheads; migrating our acquired businesses’ customers to our systems; integrating personnel, networks, financial systems and operational systems and building new mobile cores and IT stacks; greater than anticipated expenditures required for compliance with regulatory standards or for investments to improve operating results; and failure to achieve the business plan with respect to any such acquisition. We cannot be assured that we will be successful in acquiring new businesses or realizing the anticipated benefits of any completed acquisition.

In addition, we anticipate that any companies we may acquire will be located in the Caribbean or Latin America. Such companies may not have disclosure controls and procedures or internal controls over financial reporting that are as thorough or effective as those required by U.S. securities laws and the FCPA. While we intend to conduct appropriate due diligence and to implement appropriate controls and procedures as we integrate acquired companies, we may not be able to certify as to the effectiveness of these companies’ disclosure controls and procedures or internal controls over financial reporting until we have fully integrated them.

We may not be successful in renewing the necessary regulatory licenses, concessions or other operating agreements needed to operate our businesses upon expiration, and such licenses may be subject to termination, revocation or material alteration in the event of a breach or to promote the public interest or as a result of triggering a change of control clause.

While we actively engage with the applicable governments and other regulatory bodies in advance of the expiry of our licenses, concessions and operating agreements, there can be no guarantee that when such licenses, concessions and operating agreements expire, we will be able to renew them on similar or commercially viable terms, or at all. For instance, C&W’s licenses in Jamaica, the Cayman Islands, the British Virgin ~~Islands, the Cayman~~ Islands, Antigua and the Turks and Caicos Islands are in the process of being renewed on the same terms and conditions as before. In addition, in some of the ECTEL states, we are operating under expired licenses and have applied for renewal of such licenses.

Some of these licenses may also include clauses that allow the grantor to terminate or revoke or alter them in the event of a default or other failure by us to comply with applicable conditions of the license or to promote the public interest. Further, a number of our operating licenses include change of control clauses, which may be triggered by the sale of a business to which those clauses relate, or certain types of corporate restructurings. Some of these change of control clauses may restrict our strategic options, including the ability to complete any potential disposal of individual businesses, a combination of businesses or the entire company unless a consent or waiver is obtained, and, if triggered, may lead to some licenses being terminated. Failure to hold or to continue to hold or obtain the necessary licenses, concessions and other operating agreements required to operate our businesses could have a material adverse effect on our business, financial condition, results of operations and prospects.

We do not have complete control over the prices that we charge.

Our businesses are in some countries subject to regulation or review by various regulatory, competition or other government authorities responsible for the regulation or the review of the charges to our customers for our services. Such authorities, in certain cases, could potentially require us to repay such fees to the extent they are found to be excessive or discriminatory. We also may not be able to enforce future changes to our subscription prices. Additionally, in certain markets, our ability to bundle or discount our services may be constrained if we are held to be dominant with respect to any product we

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offer. This may have an adverse impact on our revenue, profitability of new products and services and our ability to respond to changes in the markets in which we operate.

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Strikes, work stoppages and other industrial actions could disrupt our operations or make it more costly to operate our businesses.

We are exposed to the risk of strikes, work stoppages and other industrial actions. In the future we may experience lengthy consultations with labor unions or strikes, work stoppages or other industrial actions. Strikes and other industrial actions, as well as the negotiation of new collective bargaining agreements or salary increases in the future, could disrupt our operations and make it more costly to operate our facilities. In addition, strikes called by employees of any of our key providers of materials or services could result in interruptions of the performance of our services. The occurrence of any of the above risks could have a material adverse effect on our business, financial condition and results of operations. ~~We depend on third-party suppliers and licensors to supply necessary equipment, software and certain services required for our businesses.~~

We may have exposure to additional tax liabilities.

We are subject to income taxes as well as non-income based taxes in the Caribbean, parts of Latin America, parts of Europe and the U.S. In addition, most tax jurisdictions that we operate in have complex and subjective rules regarding the valuation of intercompany services, cross-border payments between affiliated companies and the related effects on income tax and transfer tax. Significant judgment is required in determining our provision for income taxes and other tax liabilities. In the ordinary course of our business, there are many transactions and calculations where the ultimate tax determination is uncertain. In addition, our business has undertaken acquisitions, restructurings and other transactions in prior years where the ultimate tax determination resulting from these transactions remains uncertain. We are regularly under audit by tax authorities in many of the jurisdictions in which we operate. Although we believe that our tax estimates are reasonable, any material differences as a result of final determinations of tax audits or tax disputes could have an adverse effect on our financial position and results of operations in the period or periods for which determination is made.

We are subject to changing tax laws, treaties and regulations in and between countries in which we operate or otherwise have a presence. Also, various income tax proposals in the jurisdictions in which we operate could result in changes to the existing laws on which our deferred taxes are calculated. A change in these tax laws, treaties or regulations, or in the interpretation thereof, could result in a materially higher income or non-income tax expense. Any such material changes could cause a material change in our effective tax rate.

Further changes in the tax laws of the foreign jurisdictions in which we operate could arise as a result of the base erosion and profit shifting project being undertaken by the OECD. The OECD, which represents a coalition of member countries that includes ~~Chile and~~ the United States, has undertaken studies and is publishing action plans that include recommendations aimed at addressing what they believe are issues within tax systems that may lead to tax avoidance by companies. The OECD has extended inclusion to non-OECD countries under their Inclusive Framework on BEPS, bringing together over 100 countries to collaborate on the implementation of the OECD BEPS Package. This framework allows interested countries and jurisdictions to work with the OECD and G20 members on developing standards on BEPS-related issues and reviewing and monitoring the implementation of the whole BEPS Package. Included within this expanded group of countries are several jurisdictions in which we do business. It is possible that additional jurisdictions in which we do business could react to these initiatives or their own concerns by enacting tax legislation that could adversely affect us or our shareholders through increasing our tax liabilities. In particular, the OECD has recently proposed a provision to impose a minimum tax rate of 15%, among other provisions, and as of ~~2021~~2022 more than 140 countries have tentatively signed on to the framework. As this framework is subject to further negotiation and implementation by each member country, the timing and ultimate impact of any such changes on our tax obligations are uncertain.

Failure to comply with anti-corruption laws and regulations, such as the FCPA.

Our operations, particularly in countries that have a perceived elevated risk of public corruption, expose us to a certain degree of exposure for violations of, among other anti-corruption laws, the FCPA. Although we forbid our employees and agents from violating the FCPA and other applicable anti-corruption laws and regulations and have implemented a compliance program to prevent and detect violations of the FCPA and other applicable anti-corruption laws and regulations, there remains some degree of risk that improper conduct could occur, thereby exposing our company to potential liability and the costs associated with investigating potential misconduct.

Failure to comply with trade controls.

Trade controls implemented by the United States and other governments, particularly with respect to certain suppliers designated by the United States as part of the Chinese Military Industrial Complex, expose our operations to supply chain risks

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for certain telecommunications equipment in certain of our markets.Further, these trade controls expose us to a certain degree of exposure for violations of United States and other laws prohibiting certain transactions with restricted or prohibited companies.While we have implemented a compliance program to prevent and detect violations of these trade controls, there remains some degree of risk that improper conduct could occur, thereby exposing our company to potential liability and the costs associated with investigating potential misconduct.

Our business has been, and could in the future, be adversely affected by a pandemic.

Pandemics and related mitigation measures have adversely affected our business and operating results in the past, particularly when countries in which we operate had imposed travel restrictions as they did with the COVID-19 pandemic, which reduced demand for our products and services. Although some pandemic-related impacts on our business have abated, they may re-emerge or intensify again given the uncertain course of the pandemic and its effects. To the extent a pandemic adversely affects our business, results of operations, financial position and cash flows, it may also have the effect of heightening the other risk factors described in this Annual Report on Form 10-K.

Risks that Relate to Certain Financial Matters

~~The effects of the novel coronavirus (COVID-19) outbreak could continue to adversely impact our business and results of operations.~~

The outbreak and continuing exponential spread of COVID-19, which first surfaced in Wuhan, China in December 2019 and was declared a “pandemic” by the Word Health Organization in March 2020, may continue to lead to a significant number of adverse effects, both external and internal, on our business and results of operations. With respect to external impacts, the COVID-19 outbreak has resulted in a substantial curtailment of the global economy, including global travel, tourism, and business activities. As part of the global efforts to contain the spread of COVID-19, most of the countries in which we operate have imposed travel restrictions, with a significant number of airport closures, flight cancellations and suspensions, and port closures. These measures, coupled with the further spread of COVID-19, have resulted in a significant reduction of worldwide travel, including travel related to tourism, which is an important economic activity for many of the markets in which we operate. If these conditions continue for an extended period of time, we could experience reduced demand for our products and services, including a reduction in ~~roaming charges incurred by tourists~~, which could continue to have a negative impact on our ability to enter into new customer contracts or renew existing customer contracts, specifically in our B2B operations and with hotels and other tourist-related businesses. In addition, a continued prolonged period of travel, commercial and other similar restrictions, or delays in vaccine rollouts, and the resulting reduced demand for air and sea travel as a result of the COVID-19 outbreak could continue to have a negative impact on the ability of our government customers to perform their obligations to us under their existing customer contracts, as many of these markets rely heavily on tourism to drive their respective economies.

With respect to internal impacts, the COVID-19 outbreak has resulted in significant uncertainty in many areas of our business. This continued uncertainty is expected to continue to negatively impact our operations. We may experience labor shortages if our employees are unable or unwilling to come to work due to being infected with COVID-19, quarantine measures, or related outcomes as a result of this outbreak. In this regard, our internal controls over financial reporting measures may be impacted by labor shortages and/or work from home initiatives. Similarly, some of our ~~retail stores, offices and facilities~~ either have been or may be temporarily shut down because of this outbreak, which certain of our customers frequently access to pay for our products and services. The inability of our customers to pay for our products and services, as well as continued government intervention precluding payment from customers for a certain period of time, whether in such retail stores, due to a continued general downturn in the global economy or otherwise, could continue to negatively impact our cash flows, liquidity, including working capital, and ability to borrow. To the extent to which any of the above materialize for a meaningful period of time, we would have to rely on committed liquidity facilities to bridge cash flow, working capital and or capital expenditure requirements. This may have a long term consequence for both our liquidity position and longer term leverage levels across the business. In turn, such results could impact our ~~capital expenditures, including those earmarked for equipment and associated labor costs to build out and/or upgrade our networks as well as for related customer premises equipment.~~ ~~Additionally,~~ certain of our product shipments from vendors may be delayed. If such a disruption were to extend over a prolonged period, it could have an impact on the continuity of our supply chain and our ability to build or upgrade our networks and customer premises equipment generally. Any disruption resulting from similar events on a larger scale or over a prolonged period could cause significant delays in shipments of products until we are able to resume such shipments or shift from the affected contractor or vendor to another third-party vendor. If our suppliers cannot deliver the supplies we need to operate our business, including handsets, set-top boxes, and other devices, and if we are unable to deliver our products to our customers, our business and results of operations could continue to be negatively impacted.

As of December 31, 2021, the impact of COVID-19 has had a significant impact on our results of operations, financial position, cash flows and liquidity. The extent of the impact of the continued outbreak on our operational and financial performance will depend on certain developments, including the emergence and spread of new COVID-19 variants, vaccine rollouts, the impact on our customers and our sales cycles, the impact on our employees, and the effect on our vendors, all of which are uncertain and cannot be predicted. The outbreak has resulted in systemic disruption of the worldwide equity markets, and the market values of our publicly-traded equity declined significantly beginning in late February 2020. If, among other factors, (i) our equity values were to remain at these declined levels for a sustained period or were to decline further or (ii) the adverse impacts stemming from the COVID-19 outbreak, competition, economic, regulatory or other factors, including macro-economic and demographic trends, were to cause our results of operations or cash flows to be worse than anticipated, we could conclude in future periods that impairment charges are required in order to reduce the carrying values of goodwill or other long-lived assets. Any such impairment charges could be significant. Additionally, our ability to execute on cost-cutting measures and organizational change initiatives may impact our financial performance and results of operations, including less-than-anticipated cost savings. For instance, in the event demand for our products or services continue to be reduced as a result of the COVID-19 pandemic and related economic impacts, we may need to assess different corporate actions, organizational change initiatives, and cost-cutting measures, including reducing our workforce, reducing our operating and capital costs, or closing one or more of our retail stores, offices or facilities, and these actions could cause us to incur costs and expose us to other risks and inefficiencies, including whether we would be able to rehire our workforce or recommence operations at such facilities if

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our business experiences a subsequent recovery. Also, the expansion of our new Operations Center in Panama City, Panama, which is one of our key organizational change initiatives, may continue to be impacted as a result of the COVID-19 pandemic.

Our substantial leverage could limit our ability to obtain additional financing and have other adverse effects.

Our businesses are highly leveraged. At December 31, ~~2021,~~2022, the outstanding principal amount of our debt, together with our finance lease obligations, aggregated ~~$7,686~~$7,975 million, including ~~$106~~$227 million that is classified as current in our consolidated balance sheet and ~~$6,433~~$6,868 million that is not due until 2027 or thereafter. In addition, we may incur substantial additional debt in the future, including in connection with any future acquisitions. We believe that we have sufficient resources to repay or refinance the current portion of our debt and finance lease obligations and to fund our foreseeable liquidity requirements during the next 12 months. However, as our debt maturities are predominantly in later years, we anticipate that we will seek to refinance or otherwise extend our debt maturities. No assurance can be given that we will be able to complete refinancing transactions or otherwise extend our debt maturities. In this regard, it is difficult to predict how political and economic conditions, sovereign debt concerns or any adverse regulatory developments will impact the credit and equity markets we access and our future financial position.

Our ability to service or refinance our debt and to maintain compliance with the leverage covenants in our credit agreements is dependent primarily on our ability to maintain or increase the cash flow of our operating subsidiaries and to achieve adequate returns on our property and equipment additions and acquisitions. Accordingly, if our cash provided by operations declines or we encounter other material liquidity requirements, we may be required to seek additional debt or equity financing in order to meet our debt obligations and other liquidity requirements as they come due. In addition, our current debt levels may limit our ability to incur additional debt financing to fund working capital needs, acquisitions, property and equipment additions, or other general corporate requirements. We can give no assurance that any additional debt or equity financing will be available on terms that are as favorable as the terms of our existing debt or at all or that we will be able to maintain compliance with the leverage covenants in our credit agreements, which could have a material adverse effect on our business, liquidity and results of operations.

We may not be able to generate sufficient cash to meet our debt service obligations.

Our ability to meet our debt service obligations or to refinance our debt, depends on our future operating and financial performance, which will be affected by our ability to successfully implement our business strategy as well as general macroeconomic, financial, competitive, regulatory and other factors beyond our control. In addition, we are dependent on customers, and, in particular local, municipal and national governments and agencies, to pay us for the services we provide in order for us to generate cash to meet our debt service obligations and to maintain our business. Accordingly, we are exposed to the risk that our government customers could default on their obligations to us and we cannot rule out the possibility that unexpected circumstances in a particular country’s economic condition may render such government unable to meet its obligation to us. Any such event could have an adverse effect on our cash flows, results of operations, financial condition and/or liquidity. If we cannot generate sufficient cash to meet our debt service requirements or to maintain our business, we may, among other things, need to delay planned capital expenditures or investments or sell material assets to meet those obligations.

If we are not able to refinance any of our debt, obtain additional financing or sell assets on commercially reasonable terms or at all, we may not be able to satisfy our debt obligations. In that event, if related to borrowings under a borrowing group’s (i.e., C&W, Liberty Costa Rica, and Liberty Puerto Rico) debt agreements or other instruments, other debt agreements or instruments that contain cross-default or cross-acceleration provisions with respect to other indebtedness of ~~relevant members of each of our four~~that particular borrowing ~~groups (i.e.~~ ~~C&W~~, ~~VTR, Costa Rica, and~~ ~~Liberty Puerto Rico~~)group may become payable on demand and wethe affected borrowing group may not have sufficient funds to repay all

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of its debts; and if related to borrowings in an amount above a certain threshold of a “significant subsidiary” (as defined in Regulation S-X under the Securities Act) of Liberty Latin America Ltd., the Convertible Notes may become payable on demand under the cross-default provision in the indenture governing the Convertible Notes. If related to the Convertible Notes, Liberty Latin America Ltd.’s (excluding its subsidiaries) other debt agreements or instruments (if any) that contain cross-default or cross-acceleration provisions with respect to Latin America Ltd.’s other indebtedness may become payable on demand and it may not have sufficient funds to repay all of ~~our~~its debts. See Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.

Certain of our subsidiaries are subject to various debt instruments that contain restrictions on how we finance our operations and operate our businesses, which could impede our ability to engage in beneficial transactions.

Certain of our subsidiaries are subject to significant financial and operating restrictions contained in outstanding credit agreements, indentures and similar instruments of indebtedness. These restrictions will affect, and in some cases significantly limit or prohibit, among other things, the ability of those subsidiaries to:

•incur or guarantee additional indebtedness;

•pay dividends or make other upstream distributions;

•make investments;

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•transfer, sell or dispose of certain assets, including their stock;

•merge or consolidate with other entities;

•engage in transactions with us or other affiliates; or

•create liens on their assets.

As a result of restrictions contained in these debt instruments, the companies party thereto, and their subsidiaries, could be unable to obtain additional capital in the future to:

•fund property and equipment additions or acquisitions that could improve our value;

•meet their loan and capital commitments to their business affiliates;

•invest in companies in which they would otherwise invest;

•fund any operating losses or future development of their business affiliates;

•obtain lower borrowing costs that are available from secured lenders or engage in advantageous transactions that monetize their assets; or

•conduct other necessary or prudent corporate activities.

In addition, some of the credit agreements to which these subsidiaries are parties include financial covenants that require them to maintain certain financial ratios. Their ability to meet these financial covenants may be affected by adverse economic, competitive, or regulatory developments and other events beyond their control, and we cannot assure you that these financial covenants will be met. In the event of a default under our subsidiaries’ credit agreements or indentures, the lenders may accelerate the maturity of the indebtedness under those agreements or indentures, which could result in a default under other outstanding credit facilities or indentures. We cannot assure you that any of these subsidiaries will have sufficient assets to pay indebtedness outstanding under their credit agreements and indentures. Any refinancing of this indebtedness is likely to contain similar restrictive covenants.

We are exposed to interest rate risks and other adverse changes in the credit market. Shifts in such rates may adversely affect the debt service obligation of our subsidiaries.

We require a significant amount of capital to operate and grow our business. We fund our capital needs in part through borrowings in the public and private credit markets. Adverse changes in the credit markets, including increases in interest rates, could increase our cost of borrowing and/or make it more difficult for us to obtain financing for our operations or refinance existing indebtedness. In addition, our borrowing costs can be affected by short- and long-term debt ratings assigned by

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independent rating agencies, which are based, in significant part, on our performance as measured by customary credit metrics. A decrease in these ratings would likely increase our cost of borrowing and/or make it more difficult for us to obtain financing. A severe disruption in the global financial markets could impact some of the financial institutions with which we do business, and such instability could also affect our access to financing.

In particular, we are exposed to the risk of fluctuations in interest rates, primarily through the credit facilities of certain of our subsidiaries, which are indexed to LIBOR or other base rates. Although we enter into various derivative transactions to manage exposure to movements in interest rates, there can be no assurance that we will be able to continue to do so at a reasonable cost or at all. If we are unable to effectively manage our interest rate exposure through derivative transactions, any increase in market interest rates would increase our interest rate exposure and debt service obligations, which would exacerbate the risks associated with our leveraged capital structure. ~~Regulators~~

The phasing out of LIBOR will result in a new reference rate being applied to our LIBOR-indexed debt which may not be the ~~U.K. phased out LIBOR in 2021.~~ same as the new reference rate applied to our LIBOR-indexed derivative instruments, and will have to be adjusted for.

On November 30, 2020, the administrator of U.S. dollar LIBOR announced a delay in the phase out of a majority of the U.S. dollar LIBOR publications until June 30, 2023, with the remainder of LIBOR publications ~~still being~~having been phased out at the end of 2021. Our loan documents contain customary provisions that contemplate alternative calculations of the applicable base rate once LIBOR is no longer available. We do not expect that these alternative calculations will be materially different from what would have been calculated under LIBOR at this time.

The phasing out of LIBOR and EURIBOR will result in a new reference rate being applied to our LIBOR-indexed debt which may not be the same as the new reference rate applied to our LIBOR-indexed derivative instruments, and will have to be adjusted for.

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In July 2017, the U.K. Financial Conduct Authority (the authority that regulates LIBOR) announced that it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021. Additionally, the European Money Markets Institute (the authority that administers EURIBOR) has announced that measures will need to be undertaken by the end of 2021 to reform EURIBOR to ensure compliance with E.U. Benchmarks Regulation. Currently, it is not possible to predict the exact transitional arrangements for calculating applicable reference rates that may be made in the U.S., the Eurozone or elsewhere given that a number of outcomes are possible, including the cessation of the publication of one or more reference rates. Our loan documents contain provisions that contemplate alternative calculations of the base rate applicable to our LIBOR-indexed debt to the extent LIBOR is not available, which alternative calculations we do not anticipate will be materially different from what would have been calculated under LIBOR. Additionally, no mandatory prepayment or redemption provisions would be triggered under our loan documents in the event that the LIBOR rate is not available. It is possible, however, that any new reference rate that applies to our LIBOR-indexed debt could be different than any new reference rate that applies to our LIBOR-indexed derivative instruments. We anticipate managing this difference and any resulting increased variable-rate exposure through modifications to our debt and/or derivative instruments, however future market conditions may not allow immediate implementation of desired modifications and the company may incur significant associated costs.

We are subject to increasing operating costs and inflation risks, which may adversely affect our results of operations.

While our operations attempt to increase our subscription rates to offset increases in ~~programming and~~ operating costs, there is no assurance that they will be able to do so. In certain countries in which we operate, our ability to increase subscription rates is subject to regulatory controls. ~~For example, VTR is generally prohibited from increasing subscription rates over the rate of inflation.~~ Also, our ability to increase subscription rates may be constrained by competitive pressures. Therefore, operating costs may rise faster than associated revenue, resulting in a material negative impact on our cash flow and results of operations. We are also impacted by inflationary increases in salaries, wages, benefits and other administrative costs in certain of our markets.

Uncertainties and challenging conditions in the global economy and in the countries in which we operate may adversely impact our business, financial condition and results of operations.

The macroeconomic environment can be highly volatile, and instability in global markets has contributed, and could in the future contribute, to a challenging global economic environment. Future developments are dependent upon a number of political and economic factors, and as a result, we cannot predict when challenging conditions will exist or the extent to which the markets in which we operate may deteriorate. Unfavorable economic conditions may impact a significant number of our customers and/or the prices we are able to charge for our products and services, and, as a result, it may be more difficult for us to attract new customers and more likely that customers will downgrade or disconnect their services. Countries may also seek new or increased revenue sources due to fiscal deficits, including increases in regulatory levels, and any such actions may adversely affect our company. In addition, as countries seek to recover from natural disasters like hurricanes, they may seek new or increased revenue sources from businesses such as ours, including by increasing taxes and levies. Accordingly, our results of operations and cash flows may be adversely affected if the macroeconomic environment becomes uncertain or declines or governments increase taxes or levies as a result of fiscal deficits or natural disasters. We are currently unable to predict the extent of any of these potential adverse effects.

Additional factors that could influence customer demand include access to credit, unemployment rates, affordability concerns, consumer confidence, capital and credit markets volatility, geopolitical issues and general macroeconomic factors. Certain of these factors drive levels of disposable income, which in turn affect many of our revenue streams. Business solutions customers may delay purchasing decisions, delay full implementation of service offerings or reduce their use of services. Our residential customers may similarly elect to use fewer higher margin services, switch from fixed to mobile services resulting in the so-called traffic substitution effect, reduce their consumption of our video services or similarly choose to obtain products and services under lower cost programs offered by our competitors. In addition, adverse economic conditions may lead to a rise in the number of our customers who are not able to pay for our services.

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Adverse economic conditions can also have an adverse impact on tourism, which in turn can adversely impact our business. In tourist destinations, levels of gross domestic products and levels of foreign investment linked to tourism are closely tied to levels of tourist arrivals and length of stay. In addition to having a direct impact on our revenue, due, for example, to reduction of roaming charges incurred by tourists, these factors will in turn drive disposable income, with the corresponding impact on use of our products and services.

Due to the Caribbean’s heavy reliance on tourism, the Caribbean economy has suffered during previous periods of global recession and fluctuations in exchange rates and is likely to be adversely affected if major economies again find themselves in

~~I-49~~

recession or if consumer and/or business confidence in those economies erodes in the face of trends in the global financial markets and economies.

The current macroeconomic environment has also resulted in systemic disruption of the worldwide equity markets, and the market values of our publicly-traded equity declined significantly beginning in late February 2020 with the onset of the COVID-19 pandemic. The duration and severity of the economic impacts stemming from the COVID-19 pandemic, competition, economic, regulatory or other factors, including macro-economic and demographic trends, are unknown and may be prolonged. In particular, any recession, depression, inflationary pressures, or other sustained adverse market event may result in high levels of unemployment and associated loss of personal income, decreased consumer confidence, and lower discretionary spending, which could materially and adversely affect our business, results of operations, financial position and cash flows.

Should current economic conditions deteriorate, there may be volatility in exchange rates, increases in interest rates or inflation, liquidity shortfalls and an adverse effect on our revenue and profits. Recessionary pressures or country-specific issues could, among other things, affect products and services, the level of tourism experienced by some countries and the level of local consumer and business expenditure on telecommunications. In addition, most of our operations are in developing economies, which historically have experienced more volatility in their general economic conditions. The impact of poor economic conditions, globally or at a local or national level in the countries and territories in which we operate, could have a material adverse effect on our business, financial condition, and results of operations.

We are exposed to sovereign debt and currency instability risks that could have an adverse impact on our liquidity, financial condition and cash flows.

Our operations are subject to macroeconomic and political risks that are outside of our control. For example, high levels of sovereign debt in the U.S., Puerto Rico and several other countries in which we operate, combined with weak growth and high unemployment, could potentially lead to fiscal reforms (including austerity measures), tax and levy increases, sovereign debt restructurings, currency instability, increased counterparty credit risk, high levels of volatility and disruptions in the credit and equity markets, as well as other outcomes that might adversely impact our company.

We are exposed to the risk of default by the counterparties to our derivative and other financial instruments, undrawn debt facilities and cash investments.

Although we seek to manage the credit risks associated with our derivative and other financial instruments, cash investments and undrawn debt facilities, we are exposed to the risk that our counterparties could default on their obligations to us. Also, even though we regularly review our credit exposures, defaults may arise from events or circumstances that are difficult to detect or foresee. At December 31, ~~2021,~~2022, our exposure to counterparty credit risk included (i) cash and cash equivalents and restricted cash balances of $~~965~~789 million and (ii) aggregate undrawn debt facilities of ~~$959~~$899 million. While we currently have no specific concerns about the creditworthiness of any counterparty for which we have material credit risk exposures, the current economic conditions and uncertainties in global financial markets have increased the credit risk of our counterparties and we cannot rule out the possibility that one or more of our counterparties could fail or otherwise be unable to meet its obligations to us. Any such instance could have an adverse effect on our cash flows, results of operations, financial condition and/or liquidity. In this regard, (i) the financial failure of any of our counterparties could reduce amounts available under committed credit facilities and adversely impact our ability to access cash deposited with any failed financial institution, thereby causing a default under one or more derivative contracts, and (ii) tightening of the credit markets could adversely impact our ability to access debt financing on favorable terms, or at all.

The liquidity and value of our interests in certain of our partially-owned subsidiaries, as well as the ability to make decisions related to their operations, may be adversely affected by shareholder agreements and similar agreements to which we are a party.

We indirectly own equity interests in a variety of international video, broadband internet, telephony, mobile and other communications businesses. Certain of these equity interests, such as our interests in our operating subsidiaries of CWP and

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C&W Bahamas, are held pursuant to concessions or agreements that provide the terms of the governance of the subsidiaries as well as the ownership of such interests. These agreements contain provisions that affect the liquidity, and therefore the realizable value, of those interests by subjecting the transfer of such equity interests to consent rights or rights of first refusal of the other shareholders or partners or similar restrictions on transfer. In certain cases, a change in control of the subsidiary holding the equity interest will give rise to rights or remedies exercisable by other shareholders or partners. All of these provisions will restrict the ability to sell those equity interests and may adversely affect the prices at which those interests may be sold. Additionally, these agreements contain provisions granting us and the other shareholders or partners certain liquidity rights as well as certain governance rights, for example, with respect to material matters, including but not limited to acquisitions, mergers, dispositions, shareholder distributions, incurrence of debt, material expenditures and issuances of equity interests, which may prevent the respective subsidiary from making decisions or taking actions that would protect or advance the interests of our company, and could even result in such subsidiary making decisions or taking actions that adversely impact our company. Furthermore, our ability to access the cash of these non-wholly-owned subsidiaries may be restricted in certain circumstances under the respective shareholder, joint venture, partnership or similar agreements.

Goodwill and other identifiable intangible assets represent a significant portion of our total assets, and we may never realize the full value of our intangible assets.

~~I-50~~

As of December 31, ~~2021,~~2022, we had goodwill of ~~$3,948~~$3,421 million, which represented approximately ~~26%~~25% of our total assets. We evaluate goodwill and other indefinite-lived intangible assets (primarily spectrum licenses and cable television franchise rights) for impairment at least annually on ~~October~~July 1 and whenever facts and circumstances indicate that their carrying amounts may not be recoverable. As further described in note 87 to our consolidated financial statements, during the years ended December 31, 2022, 2021 ~~2020~~ and ~~2019,~~2020, we incurred significant goodwill impairments. If, among other factors, (i) our equity values were to decline significantly or (ii) the adverse impacts stemming from COVID-19, competition, economic, regulatory or other factors, including macro-economic and demographic trends, were to cause our results of operations or cash flows to be worse than anticipated, we could conclude in future periods that impairment charges are required in order to reduce the carrying values of the goodwill and, to a lesser extent, other long-lived assets of our C&W Caribbean ~~and Networks~~ segment or our C&W Panama segment. Any such impairment charges could be significant.

~~Risks~~

Factors Relating to Climate Change

We may face increased costs, limitations of our operations and other adverse impacts from international climate change treaties and accords or national climate-change regulation and legislation.

Federal, state and local governments in our operating markets may adopt international climate change treaties or accords or adopt local climate change legislation or regulation that impair our ability to construct certain facilities and infrastructure necessary to operate our business in certain locations or may impose additional costs of construction, operation or disposal of products used in our operations.As a result of the adoption of international climate treaties or accords or local climate change legislation or regulation outside of our operating markets, we may face shortages of components necessary to our business or face increased costs for the acquisition or disposition of certain products necessary to our business.

We may face the loss of certain market, customers or significant financial loss due to the physical impacts of climate change.

Given the location of our operations in the Caribbean and in Latin America, we may face the loss of certain markets or customers or the availability of labor due to impacts caused by sea level rise, distortion of historical rainfall patterns, fire or other adverse impacts of climate change. Additionally, we may face higher losses of property, plant and equipment, customers and revenue, disruptions in our operations and supply chain, and incur additional costs, which may not be covered by insurance, as the result of damage caused in our markets by severe weather phenomena or natural disasters, such as ~~hurricanes,~~ floods, fires and ~~fires.~~earthquakes. The impact of any one or all of the foregoing factors may adversely affect our financial condition and results of operations.

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Risks Relating to our Corporate History and Structure

We are a holding company, and we could be unable in the future to obtain cash in amounts sufficient to service our financial obligations or meet our other commitments.

Our ability to meet our financial obligations at the parent company level depends upon our ability to access cash. As a holding company, our sources of cash are limited to our available cash balances, net cash from the operating activities of our wholly-owned subsidiaries that are available to us, any cash dividends and cash interest we may receive from our other subsidiaries and cash proceeds from any asset sales we may undertake in the future. The ability of our operating subsidiaries to pay cash dividends or to make other cash payments or advances to us depends on their individual operating results and any statutory, regulatory or contractual restrictions to which they may be or may become subject.

Certain of the company’s directors and an executive officer overlap with Liberty Global, and certain directors and officers have financial interests in Liberty Global, which may lead to conflicting interests.

As a result of ~~the~~our split-off from ~~Split-Off~~Liberty Global, in December 2017, Miranda Curtis and Paul A. Gould, who serve as directors of Liberty Global, and Liberty Global’s chief financial officer, also serve as directors of Liberty Latin America. Additionally, the chief executive officer of Liberty Global, Michael Fries, also serves as our executive chairman. Our directors (including the executive chairman) have fiduciary duties to our company. Likewise, any such persons who serve in similar capacities at Liberty Global or any other public corporation have fiduciary duties to that corporation or to that corporation’s shareholders. For example, there may be the potential for a conflict of interest when the company or Liberty Global pursues acquisitions and other corporate opportunities that may be suitable for each of them. In addition, all of our directors and executive officers, other than our directors Alfonso de Angoitia Noriega and Eric L. Zinterhofer, have financial interests in Liberty Global as a result of their ownership of Liberty Global ordinary shares and/or equity awards. As a result of these multiple fiduciary duties and financial interests, these directors

~~I-51~~

and executive officers may have conflicts of interest or the appearance of conflicts of interest with respect to matters involving or affecting more than one of the companies to which they owe fiduciary duties or in which they have financial interests.

Our bye-laws provide that, to the fullest extent permitted by applicable law, we have waived and renounced on behalf of ourselves and our subsidiaries any breach of a fiduciary duty by each of our directors by reason of the fact that such person directs a corporate opportunity to another person or entity (such as Liberty Global) instead of the company, or does not refer or communicate information regarding such corporate opportunity to the company, unless such opportunity was expressly offered to such person solely in his or her capacity as a director of our company and such opportunity relates to a line of business in which we or any of our subsidiaries are then directly engaged. The waiver given to our directors in respect of the diversion of corporate opportunities does not amount to a general authorization to our directors to subordinate Liberty Latin America’s interests to their personal interests. Our directors will continue to be bound by their common law and statutory duties under the Bermuda Companies Act to act honestly and in good faith with a view to the best interests of Liberty Latin America and to exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. Furthermore, our bye-laws contain a general waiver by shareholders for any claim or right of action a shareholder might have (whether individually or by or in the right of the company) against any director or officer of the company, arising from any action or inaction by such director or officer in the performance of their duties for us or any of our subsidiaries (but excluding any matter involving fraud or dishonesty). This general waiver does not eliminate directors’ or officers’ fiduciary duties to Liberty Latin America under Bermuda law. Rather, it prohibits actions from being taken by shareholders against directors or officers in the event of a breach of such duties, unless the breach involves fraud or dishonesty.

In addition, any potential conflict that qualifies as a “related party transaction” (as defined in Item 404 of Regulation S-K) is subject to review by an independent committee of the applicable company’s board in accordance with its corporate governance guidelines. Any other potential conflicts that arise will be addressed on a case-by-case basis, keeping in mind the applicable fiduciary duties owed by the executive officers and directors of each company. From time to time, we may enter into transactions with Liberty Global and/or any of its subsidiaries or other affiliates. In the event of any potential conflict that qualifies as a “related party transaction” (as defined in Item 404 of Regulation S-K) involving Liberty Global and/or any of its subsidiaries or other affiliates, the audit committee or another independent body of Liberty Latin America would be required to review and approve the transaction. If the potential conflict or transaction involved an executive officer of Liberty Latin America, the audit committee of our company would be the independent committee charged by our corporate governance guidelines with this duty, and if the potential conflict or transaction involved a director of Liberty Latin America, a committee of the disinterested independent directors of Liberty Latin America would be the independent committee charged by our corporate governance guidelines with this duty. There can be no assurance that the terms of any such transactions will be as favorable to the company or any of its subsidiaries or affiliates as would be the case where there is no overlapping director or officer or where there are no financial interests in Liberty Global.

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Risks Relating to Our Common Shares and the Securities Market

Different classes of our common shares have different voting rights, but all common shares vote together as one class; if you hold Class C common shares you will have no significant voting rights.

Holders of our Class A common shares are entitled to one vote per share; holders of our Class B common shares are entitled to 10 votes per share; and holders of our Class C common shares are not entitled to any votes in respect of their common shares, unless such common shares are required to carry the right to vote under applicable law, in which case holders of our Class C common shares will be entitled to 1/100 of a vote per share. Our bye-laws prescribe that all classes of common shares vote together as one class, meaning that those holding Class C common shares will have little to no ability to influence the outcome of a shareholder vote as they will be consistently outvoted by holders of our Class A and Class B common shares.

The division of our common shares into different classes with different relative voting rights does not affect the fiduciary duties owed by our directors. As a Bermuda company, our directors’ fiduciary duties are owed primarily to Liberty Latin America rather to holders of our common shares, or any class of our common shares.

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It may be difficult for a third-party to acquire us, even if doing so may be beneficial to our shareholders.

Certain provisions of our bye-laws and Bermuda law may discourage, delay or prevent a change in control of the company that a shareholder may consider favorable. These provisions include the following:

•authorizing a capital structure with multiple classes of shares: a Class B that entitles the holders to ten votes per share, a Class A that entitles the holders to one vote per share and a Class C that entitles the holder to no voting rights, except as otherwise required by applicable law (in which case, the holder is entitled to 1/100 of a vote per share);

•authorizing the issuance of “blank check” preferred shares, which could be issued by our board to increase the number of outstanding shares and thwart a takeover attempt;

•classifying our board with staggered three-year terms, which may lengthen the time required to gain control of our board;

•prohibiting shareholder action by written consent, thereby requiring all shareholder actions to be taken at a meeting of the shareholders;

•establishing advance notice requirements for nominations of candidates for election to our board or for proposing matters that can be acted upon by shareholders at shareholder meetings;

•requiring supermajority shareholder approval with respect to certain extraordinary matters, such as certain mergers, amalgamations, or consolidations of the company, or in the case of amendments to our bye-laws; and

•the existence of authorized and unissued shares which would allow our board to issue shares to persons friendly to current management, thereby protecting the continuity of its management, or which could be used to dilute the share ownership of persons seeking to obtain control of us.

Although our Class B common shares are eligible to trade on the OTC Markets, there is no meaningful trading market for these shares and the market price of these shares is subject to volatility.

Our Class B common shares are not widely held, with ~~over~~approximately 75% of such outstanding shares as of December 31, 2022 beneficially owned by John C. Malone, a director emeritus of our company. Although our Class B common shares are eligible to trade on the OTC Markets, they are sparsely traded and do not have an active trading market. The OTC Markets provide an inter-dealer automated quotation system for equity securities that is not a national securities exchange. As a result, trading in the OTC Markets is generally much more limited than trading on any national securities exchange. There is also a greater chance of market volatility for securities that trade on the OTC Markets as opposed to a national exchange. Each Class B common share is convertible, at any time at the option of the holder, into one Class A common share.

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We may be significantly influenced by one principal shareholder, and he may sell his shares, which may cause the price of our common shares to decrease.

As of December 31, ~~2021,~~2022, John C. Malone beneficially owned a number of our common shares representing approximately 27% of the aggregate voting power of our outstanding common shares. As a result, Mr. Malone has significant influence over Liberty Latin America. Mr. Malone’s rights to vote or dispose of his equity interest in Liberty Latin America are not subject to any restrictions in favor of Liberty Latin America other than as may be required by applicable law and except for customary transfer restrictions pursuant to incentive award agreements. The sale of a substantial number of our common shares by Mr. Malone within a short period of time, or the perception that such sale might occur, could cause our share price to decrease, make it more difficult for us to raise funds through future offerings of our common shares or acquire other businesses using our common shares as consideration.

Bermuda law may, in certain circumstances, afford less protection to our shareholders than the laws in effect in other jurisdictions.

We are incorporated and organized under the laws of Bermuda. As a result, our corporate affairs are governed by the Bermuda Companies Act. Bermuda law permits a company to specify thresholds for shareholder approval different from those applicable by default, either generally or for specific corporate actions. Our bye-laws prescribe a shareholder approval threshold that is higher than the default of a simple majority of votes cast at a quorate general meeting of shareholders for certain corporate actions. With respect to a Bermuda company’s directors, there is no requirement for shareholder approval for transactions between directors and companies or their subsidiaries of which they are directors (except in the case of loans, guarantees or the provision of security by a company to its directors or certain connected persons in their personal capacity). In

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addition, the rights of our shareholders and the fiduciary responsibilities of our directors under Bermuda law are not as clearly established as under statutes or judicial precedent in other jurisdictions, where directors’ duties are sometimes codified under applicable law. Therefore, our shareholders may have more difficulty protecting their interests than would shareholders of a public company incorporated in another jurisdiction.

We are a Bermuda company and it may be difficult for you to enforce judgments against us or our directors and executive officers.

We are a Bermuda exempted company organized under the laws of Bermuda. As a result, the rights of holders of our common shares are governed by Bermuda law and our memorandum of association and bye-laws. The rights of shareholders under Bermuda law may differ from the rights of shareholders of companies incorporated in other jurisdictions, including the U.S. and the U.K. Certain of our directors are not residents of the United States, and a substantial portion of our assets are located outside the United States. As a result, it may be difficult for investors to effect service of process on those persons in the United States or to enforce in the United States judgments obtained in U.S. courts against us or those persons based on the civil liability provisions of the U.S. securities laws. It is doubtful whether courts in Bermuda will enforce judgments obtained in other jurisdictions, including the United States, or entertain actions in Bermuda against us or our directors or officers under the securities laws of those jurisdictions.

We are a Bermuda company and the Bermuda Economic Substance Act 2018 may cause us to incur substantial additional costs, incur significant penalties or possibly require us to re-domicile.

Bermuda ~~recently~~ enacted the Economic Substance Act 2018 requiring affected Bermuda registered companies to maintain a substantial economic presence in Bermuda. This legislation could require us to incur substantial additional cost, and/or incur significant penalties and possibly require us to re-domicile our company to a jurisdiction with higher tax rates. Our results of operations could be materially and adversely affected if we become subject to these or other unanticipated tax liabilities.

Our bye-laws generally restrict shareholders from bringing legal action against our officers and directors.

Our bye-laws contain a general waiver by shareholders for any claim or right of action a shareholder might have (whether individually or by or in the right of the company) against any director or officer of the company, arising from any action or inaction by such director or officer in the performance of their duties for us or any of our subsidiaries (but excluding any matter involving fraud or dishonesty). Consequently, this waiver limits the right of shareholders to assert claims against our officers and directors unless the act or failure to act involves fraud or dishonesty.

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There are regulatory limitations on the ownership and transfer of our common shares.

Our common shares may be offered or sold in Bermuda only in compliance with the provisions of the Bermuda Companies Act and the Bermuda Investment Business Act 2003, which regulates the sale of securities in Bermuda. In addition, the Bermuda Monetary Authority must approve all issues and transfers of shares of a Bermuda exempted company. However, the Bermuda Monetary Authority has, pursuant to its statement of June 1, 2005, given its general permission under the Exchange Control Act 1972 and related regulations for the issue and free transfer of our common shares to and among persons who are non-residents of Bermuda for exchange control purposes as long as any class of our common shares are listed on an appointed stock exchange, which includes Nasdaq. This general permission would cease to apply if none of our common shares were to be listed on Nasdaq or another appointed stock exchange.

~~I-54~~

Certain Searchlight parties may sell Class C common shares subject to a Registration Rights Agreement in the public market, which may cause the market price of our common shares to decrease, and therefore make it more difficult to raise equity financing or issue equity as consideration in an acquisition.

Our Registration Rights Agreement with certain Searchlight parties requires us to promptly register under the Securities Act the 9,500,000 Class C common shares subject to such agreement and held by such shareholders or their permitted transferee(s), upon their request. The registration rights for such Searchlight parties will allow them to sell such shares without compliance with the volume and manner of sale limitations under Rule 144 promulgated under the Securities Act and will facilitate the resale of such securities into the public market. The market value of our common shares could decline as a result of sales by such shareholders from time to time. In particular, the sale of a substantial number of our shares by such shareholders within a short period of time, or the perception that such sale might occur, could cause our share price to decrease, make it more difficult for us to raise funds through future offerings of our common shares or acquire other businesses using our common shares as consideration.

We have identified material weaknesses in our internal control over financial reporting, which could, if not remediated, result in material misstatements in our financial statements.

Section 404 of the Sarbanes-Oxley Act of 2002 requires any company subject to the reporting requirements of the U.S. securities laws to include in its annual report on Form 10-K an assessment of its and its consolidated subsidiaries’ internal control over financial reporting. To comply with this statute, we are required to issue a statement as to whether or not our internal control over financial reporting is effective; and our independent auditors are required to issue an audit opinion on our internal control over financial reporting.

As of December 31, ~~2021,~~2022, we did not maintain effective internal control over financial reporting attributable to certain identified material weaknesses. We describe these material weaknesses in Item 9A. Controls and Procedures in this Annual Report on Form 10-K. A material weakness is defined as a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. The material weaknesses will not be considered remediated until the applicable new or enhanced controls operate for a sufficient period and management has concluded, through testing, that these controls are operating effectively. As remediation has not yet been completed, these material weaknesses continued to exist with respect to our internal control over financial reporting as of December 31, ~~2021.~~2022. If our remedial measures are insufficient to address the material weaknesses, or if one or more additional material weaknesses or significant deficiencies in our internal control over financial reporting are discovered or occur in the future, our consolidated financial statements may contain material misstatements and we could be required to restate our financial results, which could, in turn, harm our reputation or otherwise cause a decline in investor confidence and in the market price of our stock.

Item 1B. UNRESOLVED STAFF COMMENTS

None.

Item 2. PROPERTIES

At December 31, ~~2021,~~2022, we leased our corporate office in Denver, Colorado, U.S. and our operations center in Panama City, Panama. Additionally, through our C&W ~~Caribbean and~~ Networks & LatAm segment, we own significant portions of our subsea network in the Caribbean region (see Item 1. Business—Description of Business—Products and Services—Business Services). Also, our subsidiaries either own or lease the fixed assets necessary for the operation of their respective businesses, including office

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space, transponder space, headend facilities, rights of way, cable television and telecommunications distribution equipment, telecommunications switches, base stations, poles, cell towers and customer premises equipment and other property necessary for their operations. The physical components of their broadband networks require maintenance and periodic upgrades to support the new services and products they introduce. Subject to these maintenance and upgrade activities, our management believes that our current facilities are suitable and adequate for our business operations for the foreseeable future.

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Item 3. LEGAL PROCEEDINGS

~~VTR Class Action~~

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

~~In addition, from~~From time to time, our subsidiaries and affiliates have become involved in litigation relating to claims arising out of their operations in the normal course of business. While we generally expect that the amounts required to satisfy these contingencies will not materially differ from any estimated amounts we have accrued, no assurance can be given that the resolution of one or more of these contingencies will not result in a material impact on our results of operations, cash flows or financial position in any given period. For additional information, see note 2019 to our consolidated financial statements in Part II of this Annual Report on Form 10-K.

Item 4. MINE SAFETY DISCLOSURES

Not applicable.

~~I-56~~I-51

PART II

Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

General

See the Glossary of defined terms at the beginning of this Annual Report on Form 10-K. In the following text, the terms “we,” “our,” “our company” and “us” may refer, as the context requires, to Liberty Latin America or collectively to Liberty Latin America and its subsidiaries.

Market Information

Our outstanding share capital comprises Class A, Class B and Class C common shares. Our Class A and Class C common shares trade on the Nasdaq Global Select Market under the symbols “LILA” and “LILAK,” respectively. Our Class B common shares are eligible to be traded on the OTC Markets under the symbol “LILAB,” although they do not have an established public trading market. The following table sets forth the range of highest and lowest prices for our Class B common shares for each of the periods indicated, as reported by Bloomberg, taking into account both opening and closing prices. Over-the-counter market prices reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.


		Class B					Class B
		High		Low			High		Low
Year ended December 31, 2021
Year ended December 31, 2022						Year ended December 31, 2022
First quarter ~~(a)~~	First quarter ~~(a)~~	$	17.00	$	17.00	First quarter ~~(a)~~	$	9.00	$	8.06
Second quarter ~~(a)~~	Second quarter ~~(a)~~	$	17.00	$	17.00	Second quarter ~~(a)~~	$	9.00	$	7.50
Third quarter	Third quarter	$	10.25	$	10.25	Third quarter	$	9.69	$	6.00
Fourth quarter	Fourth quarter	$	10.80	$	10.30	Fourth quarter	$	9.50	$	6.20
Year ended December 31, 2020
Year ended December 31, 2021						Year ended December 31, 2021
First quarter(a)	First quarter(a)	$	15.00	$	15.00	First quarter(a)	$	17.00	$	17.00
Second quarter(a)	Second quarter(a)	$	17.00	$	17.00	Second quarter(a)	$	17.00	$	17.00
Third quarter ~~(b)~~	Third quarter ~~(b)~~	$	17.00	$	17.00	Third quarter ~~(b)~~	$	10.25	$	10.25
Fourth quarter ~~(b)~~	Fourth quarter ~~(b)~~	$	17.00	$	17.00	Fourth quarter ~~(b)~~	$	10.80	$	10.30

Year Ended December 31, ~~2021~~2022 as Compared with Year Ended December 31, ~~2020~~2021

~~Consolidated Adjusted OIBDA~~

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

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

Year ended December 31,
2021 2020
in millions
Operating income $ 81.2 $ 93.2
Share-based compensation expense 118.1 97.5
Depreciation and amortization 964.7 918.7
Impairment, restructuring and other operating items, net 665.0 375.3
Consolidated Adjusted OIBDA $ 1,829.0 $ 1,484.7

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

C&W Caribbean and Networks C&W Panama Liberty Puerto Rico VTR Costa Rica Corporate Intersegment eliminations Consolidated
in millions
Adjusted OIBDA for the twelve months ending:
December 31, 2020 $ 713.2 $ 177.2 $ 276.9 $ 307.0 $ 54.9 $ (44.5) $ — $ 1,484.7
Organic changes related to:
Revenue 65.6 47.4 63.2 (55.8) 13.3 18.9 (3.6) 149.0
Programming and other direct costs (14.2) (37.3) (10.7) (4.9) (8.0) — 1.4 (73.7)
Other operating costs and expenses (9.2) 12.8 (12.4) 2.0 (5.3) (27.3) 2.2 (37.2)
Non-organic increases (decreases):
FX (8.9) — — 11.3 (3.2) — — (0.8)
Acquisitions/disposition, net 0.7 — 277.8 — 28.5 — — 307.0
December 31, 2021 $ 747.2 $ 200.1 $ 594.8 $ 259.6 $ 80.2 $ (52.9) $ — $ 1,829.0

~~II-7~~

~~Adjusted OIBDA Margin~~

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

Year ended December 31,
2021 2020
%
C&W Caribbean and Networks 42.7 41.8
C&W Panama 36.5 35.4
Liberty Puerto Rico 40.8 44.4
VTR 33.0 37.9
Costa Rica 31.3 39.2

Adjusted OIBDA margin is impacted by organic changes in revenue, programming and other direct costs of services and other operating costs and expenses, as further discussed below. The decreases in the Adjusted OIBDA margin presented for both Liberty Puerto Rico and Costa Rica are primarily related to the inclusion of Liberty Mobile and Telefónica-Costa Rica operations following the AT&T Acquisition and Telefónica-Costa Rica Acquisition, respectively, that each generate lower Adjusted OIBDA margins relative to the legacy operations. In addition, the decrease in the Adjusted OIBDA margin for Liberty Puerto Rico is also impacted by an increase in roaming expense, and negative margin on handset sales that occurred during the second half of 2021.~~The decreases in the Adjusted OIBDA margin for VTR are primarily related to a decline in revenue, as further discussed below.~~

~~Revenue~~

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

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

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

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

~~II-8~~

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

Year ended December 31, Increase (decrease) Increase (decrease) from:
2021 2020 FX Acquisitions (disposition), net Organic
in millions, except percentages
C&W Caribbean and Networks $ 1,751.2 $ 1,706.8 $ 44.4 $ (25.1) $ 3.9 $ 65.6
C&W Panama 547.6 500.2 47.4 — — 47.4
Liberty Puerto Rico 1,456.7 624.1 832.6 — 769.4 63.2
VTR 787.5 809.0 (21.5) 34.3 — (55.8)
Costa Rica 256.2 140.0 116.2 (8.9) 111.8 13.3
Corporate (a) 21.6 2.7 18.9 — — 18.9
Intersegment eliminations (21.8) (18.2) (3.6) — — (3.6)
Total $ 4,799.0 $ 3,764.6 $ 1,034.4 $ 0.3 $ 885.1 $ 149.0

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

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

Year ended December 31, Increase (decrease)
2021 2020 $ %
in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video $ 132.1 $ 142.4 $ (10.3) (7.2)
Broadband internet 273.2 250.0 23.2 9.3
Fixed-line telephony 68.1 74.6 (6.5) (8.7)
Total subscription revenue 473.4 467.0 6.4 1.4
Non-subscription revenue 43.4 42.2 1.2 2.8
Total residential fixed revenue 516.8 509.2 7.6 1.5
Residential mobile revenue:
Service revenue 300.2 294.1 6.1 2.1
Interconnect, inbound roaming, equipment sales and other (a) 55.1 44.4 10.7 24.1
Total residential mobile revenue 355.3 338.5 16.8 5.0
Total residential revenue 872.1 847.7 24.4 2.9
B2B revenue:
Service revenue 614.6 600.4 14.2 2.4
Subsea network revenue 264.5 258.7 5.8 2.2
Total B2B revenue 879.1 859.1 20.0 2.3
Total $ 1,751.2 $ 1,706.8 $ 44.4 2.6

~~(a)Revenue from inbound roaming was $25 million and $14 million, respectively.~~

~~II-9~~

~~The details of the changes in C&W Caribbean and Networks’s revenue during 2021, as compared to 2020, are set forth below (in millions):~~


~~Increase (decrease) in residential fixed subscription revenue due to change in:~~
~~Average number of RGUs (a)~~	$	~~20.2~~
~~ARPU (b)~~	~~(6.1)~~
~~Increase in residential fixed non-subscription revenue~~	~~1.9~~
~~Total increase in residential fixed revenue~~	~~16.0~~
~~Increase in residential mobile service revenue (c)~~	~~11.7~~
~~Increase in residential mobile interconnect, inbound roaming, equipment sales and other (d)~~	~~11.4~~
~~Increase in B2B service revenue (e)~~	~~20.7~~
~~Increase in B2B subsea network revenue (f)~~	~~5.8~~
~~Total organic increase~~	~~65.6~~
~~Impact of an acquisition~~	~~3.9~~
~~Impact of FX~~	~~(25.1)~~
~~Total~~	$	~~44.4~~

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

~~(b)The decrease is primarily due to the net effect of (i) lower ARPU from video and fixed-line telephony services, and (ii) higher ARPU from broadband internet services.~~

~~(c)~~The increase is attributable to (i) higher average number of mobile subscribers, mostly due to an increase in sales initiatives, and (ii) higher ARPU from mobile services, which was mostly a result of relaxed COVID-19-related travel restrictions.

~~(d)~~The increase is primarily attributable to (i) higher inbound roaming revenue, primarily related to the relaxing of travel restrictions associated with COVID-19, and (ii) an increase related to the settlement during 2021 of a minimum commitment guarantee associated with inbound roaming.

~~(e)~~The increase is primarily due to (i) higher revenue from fixed and mobile services, partially due to the recovery of reduced or suspended service across our markets as a result of the COVID-19 lockdowns, (ii) higher non-recurring revenue, and (iii) higher wholesale call volumes.

~~(f)~~The increase is primarily attributable to the net effect of (i) an increase associated with the recognition of deferred revenue and penalties upon termination of two customer contracts, (ii) a decrease related to revenue recognized on a cash basis during 2020 for services provided to a significant customer, and (iii) an increase associated with continued demand for telecommunications capacity on our subsea network.

~~II-10~~

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

Year ended December 31, Increase (decrease)
2021 2020 $ %
in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video $ 25.9 $ 27.8 $ (1.9) (6.8)
Broadband internet 44.9 39.0 5.9 15.1
Fixed-line telephony 17.1 18.8 (1.7) (9.0)
Total subscription revenue 87.9 85.6 2.3 2.7
Non-subscription revenue 9.5 11.8 (2.3) (19.5)
Total residential fixed revenue 97.4 97.4 — —
Residential mobile revenue:
Service revenue 155.9 160.1 (4.2) (2.6)
Interconnect, inbound roaming, equipment sales and other (a) 44.5 41.0 3.5 8.5
Total residential mobile revenue 200.4 201.1 (0.7) (0.3)
Total residential revenue 297.8 298.5 (0.7) (0.2)
B2B service revenue 249.8 201.7 48.1 23.8
Total $ 547.6 $ 500.2 $ 47.4 9.5

~~(a)Revenue from inbound roaming was $4 million and $2 million, respectively.~~

~~The details of the changes in C&W Panama’s revenue during 2021, as compared to 2020, are set forth below (in millions):~~


~~Increase (decrease) in residential fixed subscription revenue due to change in:~~
~~Average number of RGUs (a)~~	$	~~8.9~~
~~ARPU (b)~~	~~(6.6)~~
~~Decrease in residential fixed non-subscription revenue (c)~~	~~(2.3)~~
~~Total increase in residential fixed revenue~~	—
~~Decrease in residential mobile service revenue (d)~~	~~(4.2)~~
~~Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue (e)~~	~~3.5~~
~~Increase in B2B service revenue (f)~~	~~48.1~~
~~Total organic increase~~	$	~~47.4~~

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

~~(b)The decrease is primarily due to lower ARPU from fixed-line telephony and video services.~~

~~(c)The decrease is primarily attributable to lower volumes of interconnect revenue and a decrease in payphone revenue.~~

~~(d)~~The decrease is primarily due to the net effect of (i) lower ARPU from mobile services, mainly attributable to prepaid plans as a result of the termination of certain value-added services, and (ii) higher average numbers of mobile subscribers.

~~(e)~~The increase is primarily attributable to (i) higher volumes of handset sales, as COVID-19 related lockdowns in 2020 negatively impacted customers’ ability to purchase handsets, and (ii) an increase in inbound roaming revenue, primarily related to the relaxing of travel restrictions associated with COVID-19.

~~(f)~~The increase is primarily due to (i) an increase driven by certain government-related projects, some of which were put on hold during 2020 due to the impact of COVID-19, and (ii) higher revenue from mobile services.

~~II-11~~

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

Year ended December 31, Increase
2021 2020 $ %
in millions, except percentages
Residential fixed revenue:
Subscription revenue:
Video $ 156.7 $ 147.2 $ 9.5 6.5
Broadband internet 253.3 204.7 48.6 23.7
Fixed-line telephony 28.2 25.5 2.7 10.6
Total subscription revenue 438.2 377.4 60.8 16.1
Non-subscription revenue 19.3 17.7 1.6 9.0
Total residential fixed revenue 457.5 395.1 62.4 15.8
Residential mobile revenue:
Service revenue 486.9 82.9 404.0 487.3
Interconnect, inbound roaming, equipment sales and other (a) 254.4 50.6 203.8 402.8
Total residential mobile revenue 741.3 133.5 607.8 455.3
Total residential revenue 1,198.8 528.6 670.2 126.8
B2B service revenue 220.4 89.8 130.6 145.4
Other revenue (b) 37.5 5.7 31.8 557.9
Total $ 1,456.7 $ 624.1 $ 832.6 133.4

~~(a)Revenue from inbound roaming was $69 million and $11 million, respectively.~~

~~(b)Amounts relate to funds received from the FCC primarily related to Liberty Mobile following the closing of the AT&T Acquisition.~~

~~The details of the changes in Liberty Puerto Rico’s revenue during 2021, as compared to 2020, are set forth below (in millions):~~


~~Increase in residential fixed subscription revenue due to change in:~~
~~Average number of RGUs (a)~~	$	~~51.4~~
~~ARPU (b)~~	~~9.4~~
~~Increase in residential fixed non-subscription revenue~~	~~1.6~~
~~Total increase in residential fixed revenue~~	~~62.4~~
~~Decrease in residential mobile service revenue~~	~~(1.5)~~
~~Decrease in residential mobile interconnect, inbound roaming, equipment sales and other (c)~~	~~(3.4)~~
~~Increase in B2B service~~	~~2.2~~
~~Increase in other revenue (d)~~	~~3.5~~
~~Total organic increase~~	~~63.2~~
~~Impact of an acquisition and a disposition, net~~	~~769.4~~
~~Total~~	$	~~832.6~~

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

~~(b)~~The increase is primarily due to higher ARPU from broadband internet services, and the impact resulting from credits provided to customers during 2020 in connection with the earthquakes that impacted Puerto Rico in January 2020.

~~(c)The decrease is primarily due to lower volumes of handset sales.~~

~~II-12~~

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

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

Year ended December 31, Increase (decrease)
2021 2020 $ %
in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video $ 294.4 $ 291.5 $ 2.9 1.0
Broadband internet 313.4 331.3 (17.9) (5.4)
Fixed-line telephony 77.3 73.5 3.8 5.2
Total subscription revenue 685.1 696.3 (11.2) (1.6)
Non-subscription revenue 14.9 18.5 (3.6) (19.5)
Total residential fixed revenue 700.0 714.8 (14.8) (2.1)
Residential mobile revenue:
Service revenue 48.0 55.7 (7.7) (13.8)
Interconnect, inbound roaming, equipment sales and other 7.3 8.2 (0.9) (11.0)
Total residential mobile revenue 55.3 63.9 (8.6) (13.5)
Total residential revenue 755.3 778.7 (23.4) (3.0)
B2B service revenue 32.2 30.3 1.9 6.3
Total $ 787.5 $ 809.0 $ (21.5) (2.7)

~~The details of the changes in VTR’s revenue during 2021, as compared to 2020, are set forth below (in millions):~~


~~Decrease in residential fixed subscription revenue due to change in:~~
~~Average number of RGUs (a)~~	$	~~(21.1)~~
~~ARPU (b)~~	~~(19.9)~~
~~Decrease in residential fixed non-subscription revenue (c)~~	~~(4.2)~~
~~Totaldecreasein residential fixed revenue~~	~~(45.2)~~
~~Decrease in residential mobile service revenue (d)~~	~~(9.9)~~
~~Decreasein residential mobile interconnect, inbound roaming, equipment sales and other revenue~~	~~(1.3)~~
~~Increase in B2B service revenue~~	~~0.6~~
~~Total organic decrease~~	~~(55.8)~~
~~Impact of FX~~	~~34.3~~
~~Total~~	$	~~(21.5)~~

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

~~(b)~~The decrease is primarily due to lower ARPU from broadband internet services and video services, partially the result of continued high levels of competition. The decline in ARPU from video services is partially offset by increases related to live soccer matches being broadcast on our premium programming that were cancelled during 2020.

~~(c)The decrease is primarily due to (i) lower volumes of interconnect revenue, (ii) lower installations, and (iii) lower amounts of infrastructure-related engineering projects with local governments.~~

~~(d)The decrease is due to lower average numbers of mobile subscribers and lower ARPU from mobile services.~~

~~II-13~~

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

Year ended December 31, Increase (decrease)
2021 2020 $ %
in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue:
Video $ 74.5 $ 79.1 $ (4.6) (5.8)
Broadband internet 59.6 51.4 8.2 16.0
Fixed-line telephony 4.4 3.7 0.7 18.9
Total subscription revenue 138.5 134.2 4.3 3.2
Non-subscription revenue 6.2 5.8 0.4 6.9
Total residential fixed revenue 144.7 140.0 4.7 3.4
Residential mobile revenue:
Service revenue 70.4 — 70.4 N.M.
Interconnect, inbound roaming, equipment sales and other (a) 27.1 — 27.1 N.M.
Total residential mobile revenue 97.5 — 97.5 N.M.
Total residential revenue 242.2 140.0 102.2 73.0
B2B service revenue 14.0 — 14.0 N.M.
Total $ 256.2 $ 140.0 $ 116.2 83.0
~~N.M. - Not Meaningful.~~

~~(a)Revenue from inbound roaming was $2 million and nil, respectively.~~

~~The details of the changes in Costa Rica’s revenue during 2021, as compared to 2020, are set forth below (in millions):~~


~~Increase in residential fixed subscription revenue due to change in:~~
~~Average number of RGUs (a)~~	$	~~4.7~~
~~ARPU (b)~~	~~7.9~~
~~Increase in residential fixed non-subscription revenue~~	~~0.7~~
~~Total organic increase~~	~~13.3~~
~~Impact of an acquisition~~	~~111.8~~
~~Impact of FX~~	~~(8.9)~~
~~Total~~	$	~~116.2~~

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

~~(b)The increase is primarily due to higher ARPU from broadband internet.~~

~~Programming and other direct costs of services~~

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

~~II-14~~

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

Increase (decrease) from:
Year ended December 31, Increase Acquisitions (disposition), net Organic
2021 2020 FX
in millions
Programming and copyright $ 441.4 $ 389.3 $ 52.1 $ 4.2 $ 10.9 $ 37.0
Interconnect 329.8 257.6 72.2 (4.2) 82.6 (6.2)
Equipment and other 418.8 199.1 219.7 (0.5) 177.3 42.9
Total programming and other direct costs of services $ 1,190.0 $ 846.0 $ 344.0 $ (0.5) $ 270.8 $ 73.7

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

Year ended December 31, Increase (decrease) Increase (decrease) from:
2021 2020 FX An acquisition Organic
in millions
Programming and copyright $ 92.8 $ 88.8 $ 4.0 $ (1.5) $ — $ 5.5
Interconnect 151.8 163.0 (11.2) (5.5) — (5.7)
Equipment and other 74.4 59.1 15.3 (0.9) 1.8 14.4
Total programming and other direct costs of services $ 319.0 $ 310.9 $ 8.1 $ (7.9) $ 1.8 $ 14.2

•~~Programming and copyright:~~ ~~The organic increase is primarily due to the negative impact of the reassessment and release of various accruals in certain of our markets during 2020.~~

•~~Interconnect:~~ ~~The organic decrease is primarily due to individually insignificant decreases that were partially offset by higher wholesale call volumes.~~

•~~Equipment and other:~~ The organic increase is primarily driven by the easing of COVID-19 related restrictions in certain of our markets, which resulted in (i) higher mobile equipment sales volume, and (ii) higher B2B data revenue and equipment sales.

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

Year ended December 31, Organic increase (decrease)
2021 2020
in millions
Programming and copyright $ 14.9 $ 13.9 $ 1.0
Interconnect 39.8 41.1 (1.3)
Equipment and other 111.6 74.0 37.6
Total programming and other direct costs of services $ 166.3 $ 129.0 $ 37.3

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

~~II-15~~

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

Increase Increase (decrease) from:
Year ended December 31, Acquisition (disposition), net
2021 2020 Organic
in millions
Programming and copyright $ 109.0 $ 91.9 $ 17.1 $ 10.9 $ 6.2
Interconnect 104.3 21.9 82.4 73.1 9.3
Equipment and other 206.3 50.5 155.8 160.6 (4.8)
Total programming and other direct costs of services $ 419.6 $ 164.3 $ 255.3 $ 244.6 $ 10.7

•~~Programming and copyright:~~ ~~The organic increase is primarily attributable to higher programming rates and higher average video subscribers.~~

•~~Interconnect:~~ ~~The organic increase is primarily due to higher roaming costs, including the impact from the renegotiation of a certain roaming agreement during the fourth quarter of 2021.~~

•~~Equipment and other:~~ ~~The organic decrease is primarily due to the net effect of (i)lower equipment costs and (ii) $1 million of equipment-related integration costs incurred in 2021.~~

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

Year ended December 31, Increase (decrease) Increase (decrease) from:
2021 2020 FX Organic
in millions
Programming and copyright $ 188.8 $ 163.2 $ 25.6 $ 7.9 $ 17.7
Interconnect 33.9 39.2 (5.3) 1.4 (6.7)
Equipment and other 11.1 16.5 (5.4) 0.7 (6.1)
Total programming and other direct costs of services $ 233.8 $ 218.9 $ 14.9 $ 10.0 $ 4.9

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

•~~Interconnect:~~ ~~The organic decrease is primarily due to (i) lower interconnect rates and volumes, and (ii) a decrease in MVNO charges, as we renegotiated our contract during the second quarter of 2021.~~

•~~Equipment and other:~~ The organic decrease is due to (i) lower volumes of handset sales, (ii) lower amounts of infrastructure-related engineering projects with local governments, and (iii) the net effect of (a) higher handset prices and (b) decreases associated with the foreign currency impact of handset contracts denominated in U.S. dollars.

~~II-16~~

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

Increase (decrease) from:
Year ended December 31, Increase FX An acquisition Organic
2021 2020
in millions
Programming and copyright $ 35.9 $ 31.5 $ 4.4 $ (2.2) $ — $ 6.6
Interconnect 15.4 5.8 9.6 (0.3) 9.5 0.4
Equipment and other 17.4 1.7 15.7 (0.2) 14.9 1.0
Total programming and other direct costs of services $ 68.7 $ 39.0 $ 29.7 $ (2.7) $ 24.4 $ 8.0

•~~Programming and copyright:~~ The organic increase is primarily due to (i) the negative impact associated with contract negotiations that resulted in the reassessment and release of various accruals during 2020 and (ii) an increase in certain premium content costs. In addition, the comparison includes an increase of $2 million related to the foreign currency impact of programming contracts denominated in U.S. dollars.

~~Other operating costs and expenses~~

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

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

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

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

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

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

•~~Share-based compensation~~ ~~expense that relates to (i) equity awards issued to our employees and Directors and (ii) and with respect to 2021 and 2020, bonus-related expenses that will be paid in the form of equity.~~

~~II-17~~

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

Increase (decrease) from:
Year ended December 31, Increase Acquisition (disposition), net Organic
2021 2020 FX
in millions
Personnel and contract labor $ 575.1 $ 483.6 $ 91.5 $ (1.2) $ 77.9 $ 14.8
Network-related 318.9 261.4 57.5 0.4 37.4 19.7
Service-related 196.5 161.7 34.8 0.8 31.2 2.8
Commercial 229.4 168.1 61.3 2.2 43.9 15.2
Facility, provision, franchise and other 460.1 359.1 101.0 (0.6) 116.9 (15.3)
Share-based compensation expense 118.1 97.5 20.6 (0.3) 1.1 19.8
Total other operating costs and expenses $ 1,898.1 $ 1,531.4 $ 366.7 $ 1.3 $ 308.4 $ 57.0

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

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

Increase (decrease) from:
Year ended December 31, Increase (decrease) Acquisition (disposition), net Organic
2021 2020 FX
in millions
Personnel and contract labor $ 251.0 $ 254.2 $ (3.2) $ (2.8) $ 1.3 $ (1.7)
Network-related 152.4 140.5 11.9 (2.3) — 14.2
Service-related 70.2 70.6 (0.4) (0.5) 0.1 —
Commercial 49.8 45.4 4.4 (1.2) — 5.6
Facility, provision, franchise and other 161.5 171.9 (10.4) (1.5) — (8.9)
Share-based compensation expense 32.8 28.4 4.4 (0.1) 0.9 3.6
Total other operating costs and expenses $ 717.7 $ 711.0 $ 6.7 $ (8.4) $ 2.3 $ 12.8

•~~Personnel and contract labor:~~ The organic decrease is due to the net effect of (i) lower salaries and other personnel costs, mainly associated with the benefit of certain restructuring activities, (ii) higher staff costs related to increased sales activities, and (iii) lower capitalized labor associated with fewer employees and lower capitalization rates.

•~~Network-related:~~ ~~The organic increase is primarily due to (i) higher subsea cable repairs, (ii) higher utility costs, and (iii) rate increases on pole rentals and fiber leases.~~

•~~Commercial:~~ ~~The organic increase is primarily due to higher marketing and sales costs, as promotional activities were reduced during 2020 due to certain adverse economic impacts caused by COVID-19.~~

•~~Facility, provision, franchise and other costs:~~ The organic decrease is primarily due to (i) lower bad debt provisions, as the impact of COVID-19 resulted in higher bad debt expense during 2020 due to (a) delays in collections, (b) higher expected credit losses associated with certain B2B customers and (c) changes in our general expectations related to our customers’ ability to pay, and (ii) lower franchise fees.

~~II-18~~

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

Year ended December 31, Organic increase (decrease)
2021 2020
in millions
Personnel and contract labor $ 69.8 $ 70.9 $ (1.1)
Network-related 37.6 39.7 (2.1)
Service-related 14.8 13.3 1.5
Commercial 19.6 20.5 (0.9)
Facility, provision, franchise and other 39.4 49.6 (10.2)
Share-based compensation expense 4.0 2.7 1.3
Total other operating costs and expenses $ 185.2 $ 196.7 $ (11.5)

•~~Facility, provision, franchise and other costs:~~ The organic decrease is primarily due to lower bad debt provisions, as the impact of COVID-19 resulted in higher bad debt expense during 2020 generally due to (i) delays in collections, (ii) higher expected credit losses associated with certain B2B customers and (iii) changes in our general expectations related to our customers’ ability to pay.

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

Increase (decrease) from:
Year ended December 31, Increase Acquisition (disposition), net
2021 2020 Organic
in millions
Personnel and contract labor $ 142.1 $ 62.1 $ 80.0 $ 71.1 $ 8.9
Network-related 40.7 6.7 34.0 31.2 2.8
Service-related 41.6 24.9 16.7 24.0 (7.3)
Commercial 52.5 19.0 33.5 27.3 6.2
Facility, provision, franchise and other 165.4 70.2 95.2 93.4 1.8
Share-based compensation expense 6.4 5.1 1.3 0.2 1.1
Total other operating costs and expenses $ 448.7 $ 188.0 $ 260.7 $ 247.2 $ 13.5

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

•~~Service-related:~~ We incurred service-related integration costs associated with the AT&T Acquisition of $6 million and $7 million during 2021 and 2020, respectively. The service-related integration costs incurred during 2021 are mostly included in the increase from an acquisition (disposition), net, in the above table and are expected to grow in future periods.

•~~Commercial:~~ The organic increase is primarily due to (i) increased marketing costs, including $2 million of rebranding commercial-related integration costs associated with the AT&T Acquisition, and (ii) higher call center volumes, partially attributable to work-from-home and remote learning mandates resulting from COVID-19. In addition, the 2021 increase from an acquisition (disposition), net, in the above table includes $2 million of rebranding commercial-related integration costs associated with the AT&T Acquisition.

•~~Facilities, provision, franchise and other:~~ ~~The organic increase includes an increase related to a payment made during 2021 to settle certain 2011 property tax claims.~~

~~II-19~~

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

Increase (decrease) from:
Year ended December 31, Increase (decrease) FX Organic
2021 2020
in millions
Personnel and contract labor $ 61.1 $ 61.1 $ — $ 2.6 $ (2.6)
Network-related 78.0 67.2 10.8 3.2 7.6
Service-related 37.0 36.4 0.6 1.5 (0.9)
Commercial 82.4 76.2 6.2 4.0 2.2
Facility, provision, franchise and other 35.6 42.2 (6.6) 1.7 (8.3)
Share-based compensation expense 10.9 8.2 2.7 (0.1) 2.8
Total other operating costs and expenses $ 305.0 $ 291.3 $ 13.7 $ 12.9 $ 0.8

•~~Personnel and contract labor:~~ ~~The organic decrease is primarily due to lower salary expense as a result of a restructuring program implemented during the first half of 2021.~~

•~~Network-related:~~ ~~The organic increase is primarily due to (i) higher rates associated with network access-related contract labor, and (ii) higher maintenance costs.~~

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

•~~Facility, provision, franchise and other costs:~~ The organic decrease is primarily due to (i) lower bad debt provisions, and (ii) lower operating lease expense as a result of ceasing the amortization of our right of use assets in connection with held for sale accounting of the Chile JV Entities, as further described in note 9 to our consolidated financial statements.

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

Increase (decrease) from:
Year ended December 31, Increase FX An acquisition Organic
2021 2020
in millions
Personnel and contract labor $ 19.9 $ 15.0 $ 4.9 $ (0.9) $ 5.5 $ 0.3
Network-related 14.9 8.6 6.3 (0.5) 6.2 0.6
Service-related 11.3 2.0 9.3 (0.2) 7.1 2.4
Commercial 25.1 7.0 18.1 (0.6) 16.6 2.1
Facility, provision, franchise and other 36.1 13.5 22.6 (0.8) 23.5 (0.1)
Share-based compensation expense 1.1 0.7 0.4 (0.1) — 0.5
Total other operating costs and expenses $ 108.4 $ 46.8 $ 61.6 $ (3.1) $ 58.9 $ 5.8

•~~Service-related:~~ The organic increase is primarily due to higher professional services fees, including $1 million of costs associated with the Telefónica Costa Rica Acquisition, and higher costs associated with certain information technology projects that were put on hold in 2020 due to the economic uncertainty of COVID-19. In addition, during 2021 we incurred $2 million of integration costs associated with the Telefónica Costa Rica Acquisition that are included in the increase from an acquisition. Integration costs are expected to grow significantly during 2022.

~~II-20~~

•~~Commercial:~~ ~~The organic increase is primarily due to higher sales commissions, as we began to recover from the adverse economic impacts caused by COVID-19.~~

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

Year ended December 31, Increase (decrease)
2021 2020
in millions
Personnel and contract labor $ 31.5 $ 20.3 $ 11.2
Network-related — 1.1 (1.1)
Service-related 21.3 14.5 6.8
Facility, provision, franchise and other 22.1 11.7 10.4
Share-based compensation expense 62.9 52.4 10.5
Total other operating costs and expenses $ 137.8 $ 100.0 $ 37.8

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

•~~Service-related:~~ ~~The organic increase is primarily due to an increase in professional services related to centralization efforts.~~

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

~~Results of operations (below Adjusted OIBDA)—2021 compared to 2020~~

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

~~Share-based compensation expense increased $21 million during 2021, as compared to 2020, primarily due to additional awards granted during 2021 to our employees and Directors.~~

~~For additional information regarding our share-based compensation, see note 17 to our consolidated financial statements.~~

~~Depreciation and amortization~~

~~Our depreciation and amortization expense increased $46 million or 5% during 2021, as compared to 2020, primarily due to the net effect of~~(i) increases attributable to assets acquired by Liberty Puerto Rico and, to a lesser extent, Costa Rica following the closing of the AT&T Acquisition and the Telefónica Costa Rica Acquisition, respectively,(ii) a decrease associated with certain assets becoming fully depreciated, (iii) an increase in property and equipment additions, primarily associated with the installation of CPE, baseline related additions and the expansion and upgrade of our networks and other capital initiatives, and (iv) a decrease at VTR as we ceased recording depreciation expense when we began accounting for the Chile JV Entities as held for sale.

~~II-21~~

~~Impairment, restructuring and other operating items, net~~

Year ended December 31,
2021 2020
in millions
Impairment charges (a) $ 609.2 $ 277.7
Restructuring charges (b) 33.0 27.5
Other operating items, net (c) 22.8 70.1
Total $ 665.0 $ 375.3

~~(a)~~The 2021 amount primarily includes a goodwill impairment associated with our C&W Caribbean and Networks segment. The 2020 amount primarily includes goodwill impairment charges of $174 million at C&W Panama and $101 million at various reporting units within the C&W Caribbean and Networks segment, mostly related to the economic impacts associated with COVID-19.

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

~~(c)The 2021 amount includes direct acquisition costs, primarily related to the Telefónica Costa Rica Acquisition~~and a gain of $9 million on the disposition of certain B2B operations in our Liberty Puerto Rico segment that was completed in January 2021. The 2020 amounts primarily include direct acquisition costs related to the AT&T Acquisition.

~~Interest expense~~

~~Our interest expense decreased $6 million during 2021, as compared to 2020. The decrease is primarily due to the net effect of(i) lower weighted-average interest rates and (ii) higher average outstanding debt balances.~~

~~For additional information regarding our outstanding indebtedness, see note 10 to our consolidated financial statements.~~

It is possible that the interest rates on (i) any new borrowings could be higher than the current interest rates on our existing indebtedness and (ii) our variable-rate indebtedness could increase in future periods. As further discussed in note 5 to our consolidated financial statements and under Item 7A. ~~Qualitative and Quantitative Disclosures about Market Risk~~ ~~below, we use derivative instruments to manage our interest rate risks.~~

~~Realized and unrealized gains or losses on derivative instruments, net~~

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

Year ended December 31,
2021 2020
in millions
Cross-currency and interest rate derivative contracts (a) (b) $ 565.4 $ (328.6)
Foreign currency forward contracts 25.8 (7.8)
Weather Derivatives (c) (27.1) (16.3)
Total $ 564.1 $ (352.7)

~~(a)~~The gains (losses) during 2021 and 2020 are primarily attributable to the net effect of (i) changes in FX rates, predominantly due to changes in the value of the Chilean peso relative to the U.S. dollar, and (ii) changes in interest rates. These amounts include gains (losses) associated with changes in our credit risk valuation adjustments of ($41 million) and $47 million, respectively, which for 2021 includes a net loss of~~$30 millionrelated to the Chile JV Entities, and for 2020 was primarily due to increased credit risk stemming from market reaction to the COVID-19 outbreak.~~

~~II-22~~

~~(b)~~The loss during 2020 includes a realized gain of $71 million associated with the settlement of certain cross-currency swaps at VTR in June 2020 that were unwound in connection with the July 2020 refinancing of certain VTR debt in 2020. For additional information regarding the refinancing, see note 10 to our consolidated financial statements.

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

~~For additional information concerning our derivative instruments, see notes 5 and 6 to our consolidated financial statements and Item 7A.~~ ~~Qualitative and Quantitative Disclosures about Market Risk~~ ~~below.~~

~~Foreign currency transaction gains or losses, net~~

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

Year ended December 31,
2021 2020
in millions
U.S. dollar-denominated debt issued by a Chilean peso functional currency entity $ (249.3) $ 61.7
Intercompany payables and receivables denominated in a currency other than the entity’s functional currency (48.4) (53.2)
Other (a) (21.9) (7.3)
Total $ (319.6) $ 1.2

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

~~Gains or losses on debt modification and extinguishment, net~~

We recognized losses on debt modification and extinguishment, net, of $57 million and $45 million during 2021 and 2020, respectively. The losses during 2021 are associated with (i) the payment of redemption premiums and the write-off of unamortized deferred financing costs related to the repayment of certain C&W Notes, (ii) the write-off of unamortized discounts and deferred financing costs related to the repayment of the 2026 SPV Credit Facility, (iii) the payment of breakage fees and the write-off of unamortized deferred financing costs related to the repayments of the VTR TLB-1 Facility and VTR TLB-2 Facility, (iv) the payment of redemption premiums and the write-off of unamortized deferred financing costs related to the repayment of the 2027 LPR Senior Secured Notes and (v) the payments of redemption premiums and the write-offs of unamortized deferred financing costs related to partial redemptions of the 2028 VTR Senior Secured Notes. The losses during 2020 are associated with (i) the payment of call premiums and the write-off of unamortized deferred financing costs related to the repayment of certain senior notes then outstanding at VTR and (ii) the write-off of unamortized discounts and deferred financing costs associated with the repayment of the C&W Term Loan B-4 Facility.

~~For additional information concerning our losses on debt modification and extinguishment, see note 10 to our consolidated financial statements.~~

~~Other income or expense, net~~

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

We recognized other income (expense), net, of ($42 million) and $5 million during 2021 and 2020, respectively. The expense during 2021 primarily relates to an impairment associated with a cost method investment. The 2020 period reflects the net effect of (i) interest income, including interest we generated on restricted cash held in escrow in advance of the closing of the AT&T Acquisition, and (ii) other individually insignificant expenses.

~~II-23~~

~~Income tax benefit or expense~~

Liberty Latin America was formed as a corporation in Bermuda and, therefore, the “statutory” or “expected” tax rate for the 2021 and 2020 tax years is 0%, as we are exempt from income taxes on ordinary income and capital gains. However, a majority of our subsidiaries operate in jurisdictions where income tax is imposed at local applicable statutory rates. For additional information, see note 15 to our consolidated financial statements.

~~We recognized income tax benefit (expense) of ($190 million) and $28 million during 2021 and 2020, respectively.~~

The income tax expense attributable to our earnings before income taxes during 2021 differs from the amounts computed using the statutory tax rate, primarily due to detrimental effects of (i) net increases in valuation allowances, (ii) permanent tax differences, such as non deductible goodwill impairment and other non-deductible expenses, (iii) expiration of deferred tax assets (which are entirely offset by valuation allowance); and (iv) inclusion of withholding taxes on cross-border payments. These negative impacts to our effective tax rate were partially offset by the beneficial effects of (i) jurisdictional rate differences, (ii) changes in enacted tax rates (but which are nearly entirely offset by valuation allowance), and (iii) permanent tax differences, such as non-taxable income.

The income tax benefit attributable to our loss before income taxes during 2020 differs from the amounts computed using the statutory tax rate (based on the Bermuda statutory tax rate of 0%), primarily due to the beneficial effects of (i) international rate differences, (ii) changes in enacted tax laws (but which are nearly entirely offset by valuation allowance), and (iii) net favorable changes in uncertain tax positions. These beneficial impacts to our effective tax rate were partially offset by the negative effects of (i) increases in valuation allowances, (ii) permanent items, such as non-deductible goodwill impairment and other non-deductible expenses, and (iii) the inclusion of withholding taxes on cross-border payments.

~~Net earnings or loss~~

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

Year ended December 31,
2021 2020
in millions
Operating income $ 81.2 $ 93.2
Net non-operating expenses $ (381.8) $ (924.9)
Income tax benefit (expense) $ (189.5) $ 27.8
Net loss $ (490.1) $ (803.9)

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

~~Due largely to the fact that we seek to maintain our debt at levels that provide for attractive equity returns, as discussed under~~ ~~Liquidity and Capital Resources—Capitalization~~ ~~below, we expect that we will continue to report significant levels of interest expense for the foreseeable future.~~

~~Net earnings or loss attributable to noncontrolling interests~~

~~We reported net losses attributable to noncontrolling interests of $50 million and $122 million during 2021 and 2020, respectively.~~

~~II-24~~

~~Year Ended December 31, 2020 as Compared with Year Ended December 31, 2019~~

Consolidated Adjusted OIBDA

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

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


		Year ended December 31,					Year ended December 31,
		2020		2019			2022		2021
		in millions					in millions

Operating income	Operating income	$	93.2	$	325.8	Operating income	$	94.1	$	67.3
Share-based compensation expense	Share-based compensation expense	97.5		57.5		Share-based compensation expense	93.5		118.1
Depreciation and amortization	Depreciation and amortization	918.7		889.9		Depreciation and amortization	910.7		964.7
Impairment, restructuring and other operating items, net	Impairment, restructuring and other operating items, net	375.3		268.2		Impairment, restructuring and other operating items, net	619.2		665.0
Consolidated Adjusted OIBDA	Consolidated Adjusted OIBDA	$	1,484.7	$	1,541.4	Consolidated Adjusted OIBDA	$	1,717.5	$	1,815.1


☑	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the fiscal year ended	December 31, ~~2021~~2022


Bermuda						98-1386359
(State or Other Jurisdiction of Incorporation or Organization)						(I.R.S. Employer Identification No.)

2 Church Street,
Hamilton						HM 11
(Address of Principal Executive Offices)						(Zip Code)


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


		Page Number
	PART I
Item 1.	Business	I-1
Item 1A.	Risk Factors	I-3429
Item 1B.	Unresolved Staff Comments	I-5550
Item 2.	Properties	I-5550
Item 3.	Legal Proceedings	I-5651
Item 4.	Mine Safety Disclosures	I-5651

	PART II
Item 5.	Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities	II-1
Item 6.	[Reserved]	II-3
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	II-4
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	II-4932
Item 8.	Financial Statements and Supplementary Data	II-5336
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	II-5336
Item 9A.	Controls and Procedures	II-5336
Item 9B.	Other Information	II-5638
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	~~II-56~~II-38

	PART III
Item 10.	Directors, Executive Officers and Corporate Governance	III-1
Item 11.	Executive Compensation	III-1
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters	III-1
Item 13.	Certain Relationships and Related Transactions, and Director Independence	III-1
Item 14.	Principal Accountant Fees and Services	III-1

	PART IV
Item 15.	Exhibits and Financial Statement Schedules	IV-1
Item 16.	Form 10-K Summary	IV-4


2020 Share Repurchase Program			The share repurchase program that was authorized by our Directors on March 16, 2020 that authorized us to repurchase from time to time up to $100 million of our Class A and/or Class C common shares and expired in March 2022
2022 Share Repurchase Program			The share repurchase program that was authorized by our Directors on February 22, 2022 that authorizes us to repurchase from time to time up to $200 million of our Class A and/or Class C common shares through December 2024
2026 C&W Senior Notes			$500 million principal amount 7.5% senior notes due October 15, 2026 issued by C&W Senior Finance Limited (repaid during 2021)
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 Notes Add-on A			$300 million principal amount issued at 99.205% of par under the existing 2027 C&W Senior Notes indenture
2027 C&W Senior Notes Add-on B			$220 million principal amount issued at 103.625% of par under the existing 2027 C&W Senior Notes indenture
2027 C&W Senior Secured Notes			$495 million aggregate principal amount 5.75% senior secured notes due September 7, 2027 issued by Sable International Finance Limited
2027 C&W Senior Secured Notes Add-on			$150 million principal amount issued at 106.0% of par under the existing 2027 C&W Senior Secured Notes indenture
~~2027 CWP Revolving Credit Facility~~			~~$20 million principal amount at Adjusted Term SOFR + 3.75% revolving credit facility due January 18, 2027 issued by CWP~~
~~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~~
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
~~2029 LPR Senior Secured Notes~~2028 CWP Term Loan			$~~820~~435 million principal amount ~~5.125% senior secured notes~~4.25% term loan facility due ~~July 15, 2029~~January 18, 2028 issued by ~~LCPR Senior Secured Financing~~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~~483 million principal amount 6.375% senior notes due July 15, 2028 issued by VTR Finance N.V.
2028 VTR Senior Secured Notes			$~~480~~474 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~~392 million principal amount 4.375% senior secured notes due April 15, 2029 issued by VTR Comunicaciones SpA
2031 LCR Term Loan A			$50 million principal amount 10.875% senior secured term loan due January 15, 2031 issued by Liberty Servicios; from July 15, 2028 and thereafter, the applicable interest rate will increase by 0.125% per annum for each of the Sustainability Performance Targets (as defined in the credit agreement) not achieved by the Liberty Costa Rica by no later than December 31, 2027
2031 LCR Term Loan B			$400 million principal amount 10.875% senior secured term loan due January 15, 2031 issued by Liberty Servicios; from July 15, 2028 and thereafter, the applicable interest rate will increase by 0.125% per annum for each of the Sustainability Performance Targets (as defined in the credit agreement) not achieved by the Liberty Costa Rica by no later than December 31, 2027
ACODECO			Authority ~~for~~of Competition and Consumer Protection ~~and Defense of Competition~~
ACP			Affordable Connectivity Program
Acquisition Agreement			Stock purchase agreement entered into between Liberty Communications PR and Liberty Latin America and AT&T to acquire the AT&T Acquired Entities


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


Adjusted OIBDA			Operating income or loss before share-based compensation, depreciation and amortization, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration.
Adjusted Term SOFR			SOFR U.S. dollar denominated loans adjusted as follows: (i) 0.11448% for a one-month interest period, (ii) 0.26161% for a three-month interest period and (iii) 0.42826% for a six-month interest period
~~AGRECU~~			~~Asociación Gremial de Consumidores Y Usuarios de Chile~~
América Móvil			América Móvil S.A.B. de C.V.
Annual Report on Form 10-K			Annual Report on Form 10-K as filed with the SEC under the Exchange Act
ARPU			Average monthly subscription revenue per average fixed RGU or mobile subscriber, as applicable


ASEP			~~National~~ Authority of Public ~~Service~~Services
ASU			Accounting Standards Update
AT&T			AT&T Inc.
AT&T Acquisition			October 31, 2020 acquisition of all of the outstanding shares of the AT&T Acquired Entities
AT&T Acquired Entities			Collectively, Liberty Mobile Inc., Liberty Mobile Puerto Rico Inc. and Liberty Mobile USVI Inc.
AT&T TSA			Transition services agreement dated October 31, 2020 by and between AT&T Liberty Communications PR Holding, a wholly-owned subsidiary of Liberty Latin America, for a period up to 36 months following the closing of the AT&T Acquisition
B2B			Business-to-business
~~BEPS~~			~~Base Erosion and Profit Shifting~~
~~Broadband VI, LLC~~BBVI Acquisition			December 31, 2021 acquisition of 96% of Broadband VI, LLC
BEPS			Base Erosion and Profit Shifting
Cable Onda			Cable Onda S.A.
C&W			Cable & Wireless Communications Limited and its subsidiaries
C&W Bahamas			The Bahamas Telecommunications Company Limited, a 49%-owned subsidiary of C&W that owns all of our operations in the Bahamas
C&W Caribbean ~~and Networks~~			Reportable segment that includes all subsidiaries of C&W, excluding ~~CWP that is a separate reportable segment~~those within our C&W Panama and C&W Networks & LatAm segments
C&W Credit Facilities			Senior secured credit facilities of certain subsidiaries of C&W comprised of: (i) C&W Term Loan B-6 Facility; (ii) C&W Term Loan B-5 Facility; (iii) C&W Revolving Credit Facility; and (iv) C&W Regional Facilities
C&W Jamaica			Cable & Wireless Jamaica Limited, a 92%-owned subsidiary of C&W
C&W Networks & LatAm			Reportable segment comprising our managed services and wholesale business, which primarily operates through our subsea and terrestrial fiber optic cable networks; the segment comprises certain subsidiaries of C&W
C&W Notes			The senior and senior secured notes of C&W comprised of: (i) 2027 C&W Senior Secured Notes; ~~(ii) 2026 C&W Senior Notes;~~ and ~~(iii)~~(ii) 2027 C&W Senior Notes
C&W Panama			Reportable segment for our operations in Panama
C&W Regional Facilities			Primarily comprised of credit facilities at CWP, Columbus Communications Trinidad Limited and C&W Jamaica
C&W Revolving Credit Facility			$630 million LIBOR + 3.25% revolving credit facility, $50 million of which is due June 30, 2023 and $580 million due January 30, 2027, of C&W
C&W Senior Finance			C&W Senior Finance Limited, a wholly-owned subsidiary of C&W
C&W Term Loan B-4 Facility			$1,640 million principal amount term loan B-4 facility of C&W (repaid during 2020)
C&W Term Loan B-5 Facility			$1,510 million principal amount LIBOR + 2.25% term loan B-5 facility due January 31, 2028 of C&W
C&W Term Loan B-6 Facility			$590 million principal amount LIBOR + 3.00% term loan B-6 facility due October 15, 2029 of C&W
~~Cabletica~~			~~Cabletica, S.A., an indirectly 80%-owned subsidiary in Costa Rica, and its subsidiaries, including Telefónica-Costa Rica that was acquired in August 2021~~
~~Cabletica Revolving Credit Facility~~			~~$15 million LIBOR + 4.25% revolving credit facility due August 1, 2024 of Cabletica~~
~~Cabletica Term Loan B-1 Facility~~			~~$277 million principal amount LIBOR + 5.50% term loan facility, 50% of which is due February 1, 2024 and 50% due August 1, 2024, of Cabletica~~
~~Cabletica Term Loan B-2 Facility~~			~~CRC 80 billion principal amount TBP + 6.75% term loan facility, 50% of which is due February 1, 2024 and 50% due August 1, 2024, of Cabletica~~
CAGR			Compound annual growth ~~rates~~rate


Capped Calls			Capped call option contracts issued in connection with the issuance of our Convertible Notes
~~CDS~~CBRS			~~Credit default swap~~Citizens Broadband Radio Service
Chile JV			~~Defined as the pending formation of a joint~~Joint venture between Liberty Latin America and América Móvil that ~~will be~~is 50:50 owned by each investee
Chile JV Entities			Represents the entities that ~~will be~~were contributed to the Chile JV, ~~upon closing,~~ consisting of Lila Chile Holding BV and its subsidiaries, which include VTR ~~and combine each~~
Chile JV Transaction			October 6, 2022 formation of the Chile JV ~~investee's Chilean operations~~
CIP			Construction-in-process
Claro Panama			América Móvil's operations in Panama


Claro Panama Acquisition			~~Pending~~July 1, 2022 acquisition of Claro Panama
Class C Right			Pro rata subscription rights granted to holders of our Class A, Class B and Class C common shares in connection with the Rights Offering
CLEC			Competitive local exchange carrier
CLP			Chilean peso
~~CNTV~~			~~Chilean National Television Council~~
Communications Act			The United States Communications Act of 1934, as amended
~~CONADECUS~~			~~Corporación Nacional de Consumidores y Usuarios de Chile~~
Convertible Notes			$403 million principal amount 2% convertible senior notes due July 15, 2024 issued by Liberty Latin America
Conversion Option			A conversion option associated with the Convertible Notes, which is subject to certain conditions, and adjustments if certain events occur (as specified in the indenture governing the Convertible Notes)
COP			Colombian peso
~~Coral-US Co-Borrower~~			~~Coral-US Co-Borrower LLC~~
~~Costa Rica~~			~~Reportable segment comprised of Cabletica and Telefónica Costa Rica~~
~~Costa Rica Credit Facilities~~			~~Senior secured credit facilities of Cabletica comprised of: (i) Cabletica Term Loan B-1 Facility; (ii) Cabletica Term Loan B-2 Facility; and (iii) Cabletica Revolving Credit Facility~~
CPE			Customer premises equipment
CRC			Costa ~~Rica~~Rican colón
CRU			Corporate Responsible User
CWP			Cable & Wireless Panama, S.A., a 49%-owned subsidiary of C&W that owns most of our operations in Panama
CWP Credit Facilities			Credit facilities of CWP comprised of: (i) 2028 CWP Term ~~Loan A, (ii) 2028 CWP Term Loan B~~Loan; and (iii) ~~2027~~ CWP Revolving Credit Facility
CWP Revolving Credit Facility			$20 million principal amount at Adjusted Term SOFR + 3.75% revolving credit facility due January 18, 2027 issued by CWP
CWSF			Cable & Wireless Superannuation Fund
Digicel			Digicel Group Ltd.
Directors			Members of Liberty Latin America’s board of directors
DirecTV			DIRECTV Latin America Holdings, Inc.
Dish Network			Dish Network Corporation
DOCSIS			Data over cable service interface specification
DOJ			United States Department of Justice
DSL			Digital subscriber line
DTH			Direct-to-home
DTT			Digital terrestrial television
DVR			Digital video recorder
EBU			Equivalent billing unit
ECTEL			The Eastern Caribbean Telecommunications Authority
EIP			Equipment installment-plan
Employee Incentive Plan			Liberty Latin America Ltd. 2018 Incentive Plan
~~Entel~~			~~Empresa Nacional de Telecomunicaciones S.A.~~
EPS			Earnings or loss per share
ETC			Eligible Telecommunications Carrier
ETECSA			La Empresa de Telecomunicaciones de Cuba S.A.


EURIBOR			Euro Interbank Offered Rate
Exchange Act			Securities Exchange Act of 1934, as amended
Executives			Liberty Latin America's Principal Executive Officer and Principal Financial Officer
FASB			Financial Accounting Standards Board
FCC			United States Federal Communications Commission


FCPA			United States Foreign Corrupt Practices Act of 1977, as amended
FTA			Free-to-air
FTTH			Fiber-to-the-home/-cabinet/-building/-node
FX			Foreign currency translation effects
HD			High definition
HFC			Hybrid fiber coaxial cable networks
Hurricane Dorian			Hurricane impacting our operations in the Bahamas during September 2019
Hurricane Fiona			Hurricane impacting our operations in Puerto Rico during September 2022
ICE			The Costa Rican Electricity Institute
ILEC			Incumbent local exchange carrier
Infrastructure Act			The Infrastructure Investment and Jobs Act of 2021
IPTV			Internet protocol television
ISPs			Internet service providers
JMD			Jamaican dollar
Law 213			The Puerto Rico Telecommunications Act of 1996
LCPR			Liberty Communications of Puerto Rico LLC
LCPR Loan Financing			LCPR Loan Financing LLC, a consolidated special purpose financing entity that was created for the primary purpose of facilitating the issuance of certain term loan debt. LCPR is required to consolidate LCPR Loan Financing as a result of certain variable interests in LCPR Loan Financing, for which LCPR is considered the primary beneficiary.
LCPR Senior Secured Financing			LCPR Senior Secured Financing Designated Activity Company, a consolidated special purpose financing entity that was created for the primary purpose of facilitating the issuance of certain debt offerings. Liberty Mobile is required to consolidate LCPR Senior Secured Financing as a result of certain variable interests in LCPR Senior Secured Financing, of which Liberty Mobile is considered the primary beneficiary.
LCR Credit Facilities			Senior secured credit facilities of Liberty Servicios comprised of: (i) Liberty Servicios Term Loan B-1 Facility; (ii) Liberty Servicios Term Loan B-2 Facility; and (iii) Liberty Servicios Revolving Credit Facility
LCR Revolving Credit Facility			$15 million LIBOR + 4.25% revolving credit facility due August 1, 2024 of Liberty Servicios (amended and restated subsequent to December 31, 2022, refer to note 9 of our consolidated financial statements for additional information)
LCR 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 Liberty Servicios
LCR Term Loan B-2 Facility			CRC 80 billion principal amount TBP + 6.75% term loan facility, 50% of which is due February 1, 2024 and 50% due August 1, 2024, of Liberty Servicios
Liberty Communications PR			Liberty Communications PR Holding LP and its subsidiaries, which include LCPR and ~~as of October 31, 2020,~~ Liberty Mobile and its subsidiaries
Liberty Costa Rica			Reportable segment comprising Liberty Servicios and Liberty Telecomunicaciones
Liberty Global			Liberty Global plc
Liberty Latin America Shares			Collectively, Class A, Class B and Class C common shares of Liberty Latin America
Liberty Mobile			Liberty Mobile Inc. and it subsidiaries
Liberty Puerto Rico			Reportable segment ~~with~~comprising Liberty Communications PR, which has operations in Puerto Rico and the U.S. Virgin Islands
Liberty Servicios			Liberty Servicios Fijos LY, S.A. (formerly known as Cabletica, S.A.), an indirectly 80%-owned subsidiary in Costa Rica, and its subsidiaries, including Liberty Telecomunicaciones


Liberty Telecomunicaciones			Liberty Telecomunicaciones de Costa Rica LY, S.A. (formerly known as Telefónica de Costa Rica TC, S.A.), an indirectly 80%-owned subsidiary in Costa Rica and it's subsidiary
Liberty Telecomunicaciones Acquisition			August 9, 2021 acquisition of Telefónica’s wireless operations in Costa Rica
LIBOR			London Inter-Bank Offered Rate
LILAK			Class C common shares of Liberty Latin America
LNP			Local number portability
LPR Credit Facilities			Senior secured credit facilities of Liberty Puerto Rico comprised of: (i) ~~LPR Revolving Credit Facility; (ii)~~ 2028 LPR Term Loan; and ~~(iii) at December 31, 2020, 2026 SPV~~(ii) LPR Revolving Credit Facility
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
LTE			Long term evolution standard
MICITT			Ministry of Science and Technology and Telecommunications of Costa Rica
Millicom			Millicom International Cellular S.A.
~~Ministry~~MMG Program			~~Chilean Ministry of Transportation and Telecommunications~~
~~Movistar~~			~~Movistar~~
~~MVNO~~			~~Mobile virtual network operator~~The Middle Mile Broadband Infrastructure Grant Program established by the Infrastructure Act
Network Extensions			Network extension and upgrade programs across Liberty Latin America
~~Networks & LatAm~~			~~Business operations within our C&W Caribbean and Network segment~~
Nonemployee Director Incentive Plan			Liberty Latin America Ltd. 2018 Nonemployee Director Incentive Plan
~~ODECU~~NTIA			~~La Organización de Consumidores y Usuarios de Chile~~National Telecommunications and Information Administration
OECD			Organization for Economic Cooperation and Development
OFAC			Office of Foreign Assets Control
~~OTI~~			~~The Organization, Operation, and Public Tender Mechanism of the Independent Technical Body~~
OTT			Over-the-top

OUR		Office of Utilities Regulation in Jamaica
PRTC	Telecommunications Of Puerto Rico, Inc.
PSARs	Performance-based stock appreciation rights
PSUs	Performance-based restricted stock units
Quarterly Report on Form 10-Q	Quarterly Report on Form 10-Q as filed with the SEC under the Exchange Act
RGU	Revenue generating unit
Rights Distribution	Authorized distribution of Class C Rights to acquire Class C common shares in the Rights Offering
Rights Offering	September 2020 rights offering whereby we distributed 0.269 of a Class C Right for each share of Class A, Class B and Class C commons shares held as of the record date
RSUs	Restricted stock units
SARs	Stock appreciation rights
SEC	U.S. Securities and Exchange Commission
~~SERNAC~~	~~Servicio Nacional del Consumidor (the Chilean National Consumer Authority)~~
~~Seychelles Disposition~~SDWAN	~~Disposal of C&W's Seychelles business operations in 2019~~Software defined wide area network
Share Repurchase ~~Program~~Programs	~~The share repurchase program for up to $100 million of our Class A and/or Class C common shares over two years that was authorized by our Directors on March 16,~~Collectively, the 2020 Share Repurchase Program and the 2022 Share Repurchase Program
SIM	Subscriber identification module
SOFR	Reference rate based on secured overnight financing rate administered by the Federal Reserve Bank of New York
SOHO	Small office / home office
~~Split-Off~~	~~The distribution by Liberty Global to its shareholders of the common shares in our company, which was completed on December 29, 2017~~
~~SubTel~~	~~Chilean Undersecretary of Telecommunications~~
Sutel	Costa Rican Telecommunications Superintendence
TAB	Tasa Activa Bancaria interest rate
TB	The Puerto Rico Telecommunications Regulatory Bureau
TBP	Tasa Básica Pasiva interest rate
Tbps	Terabits per second

~~TDLC~~	~~Tribunal for the Defense of Free Competition of Chile~~
Telefónica		Telefónica, S.A., a telecommunications company with operations primarily in Europe and Latin America
Telefónica Acquisition Agreement		The agreement dated July 30, 2020 with Telefónica for our acquisition of their operations in Costa Rica
~~Telefónica Costa Rica~~		~~Telefónica de Costa Rica TC, S.A., an indirectly 80%-owned subsidiary in Costa Rica and it's subsidiary~~
~~Telefónica Costa Rica Acquisition~~		~~Acquisition of Telefónica’s wireless operations in Costa Rica~~
~~Television Act~~		~~The Chilean Television Act~~
~~Televisora~~		~~Televisora de Costa Rica S.A.~~
TSTT		Telecommunications Services of Trinidad and Tobago Limited
U.K.		United Kingdom
UPR Fund		Uniendo a Puerto Rico Fund
U.S.		United States
USD		United States Dollar
U.S. GAAP		Generally accepted accounting principles in the United States
USF		Universal Service Fund
USVI		U.S. Virgin Islands
UTS		United Telecommunication Services N.V.
~~UTS Acquisition~~		~~Acquisition of UTS in 2019~~
~~UTS NCI Acquisition~~		~~Acquisition of noncontrolling interest in UTS during 2019~~


		Homes Passed	Two-way Homes Passed	Fixed Line Customer Relationships	Total RGUs	Video RGUs	Internet RGUs	Telephony RGUs	Total Mobile Subscribers	Prepaid	Postpaid		Homes Passed	Two-way Homes Passed	Fixed Line Customer Relationships	Total RGUs	Video RGUs	Internet RGUs	Telephony RGUs	Total Mobile Subscribers	Prepaid	Postpaid
C&W Caribbean & Networks:
C&W Caribbean:												C&W Caribbean:
Jamaica	Jamaica	646,400	646,400	330,200	733,400	138,800	300,200	294,400	1,111,500	1,072,200	39,300	Jamaica	685,700	685,700	331,800	741,100	132,000	308,200	300,900	1,193,700	1,120,000	73,700
The Bahamas	The Bahamas	120,900	120,900	38,900	72,400	9,400	30,000	33,000	176,400	143,100	33,300	The Bahamas	120,900	120,900	35,900	62,300	5,600	23,100	33,600	170,400	146,400	24,000
Trinidad and Tobago	Trinidad and Tobago	337,600	337,600	159,600	335,000	104,500	143,300	87,200	—	—	—	Trinidad and Tobago	340,900	340,900	155,600	336,300	101,800	140,300	94,200	—	—	—
Barbados	Barbados	140,400	140,400	83,700	180,900	36,600	73,000	71,300	122,400	88,400	34,000	Barbados	140,400	140,400	84,300	184,000	38,000	75,700	70,300	128,000	87,600	40,400
Other	Other	336,000	316,200	221,300	374,100	74,700	183,200	116,200	411,100	346,800	64,300	Other	336,000	316,100	215,100	376,600	74,400	187,200	115,000	433,300	333,200	100,100
Total C&W Caribbean and Networks		1,581,300	1,561,500	833,700	1,695,800	364,000	729,700	602,100	1,821,400	1,650,500	170,900
Total C&W Caribbean												Total C&W Caribbean	1,623,900	1,604,000	822,700	1,700,300	351,800	734,500	614,000	1,925,400	1,687,200	238,200
C&W Panama	C&W Panama	774,300	774,300	200,200	467,100	108,200	179,400	179,500	1,712,200	1,550,900	161,300	C&W Panama	829,200	829,200	251,700	566,600	159,300	207,400	199,900	2,178,900	1,820,700	358,200
Total C&W	Total C&W	2,355,600	2,335,800	1,033,900	2,162,900	472,200	909,100	781,600	3,533,600	3,201,400	332,200	Total C&W	2,453,100	2,433,200	1,074,400	2,266,900	511,100	941,900	813,900	4,104,300	3,507,900	596,400
Liberty Puerto Rico (a)	Liberty Puerto Rico (a)	1,160,200	1,160,200	520,500	977,100	245,700	478,900	252,500	1,022,400	199,900	822,500	Liberty Puerto Rico (a)	1,173,600	1,173,600	551,100	1,024,200	242,800	524,000	257,400	1,085,600	182,300	903,300
VTR		4,175,900	3,809,300	1,388,800	2,824,300	1,060,500	1,218,900	544,900	251,200	8,200	243,000
Costa Rica (b)		663,100	657,200	283,200	476,700	200,800	243,300	32,600	2,733,100	2,031,200	701,900
Liberty Costa Rica (b)												Liberty Costa Rica (b)	700,300	694,400	299,200	528,400	204,800	268,200	55,400	2,979,600	2,162,400	817,200
Total	Total	8,354,800	7,962,500	3,226,400	6,441,000	1,979,200	2,850,200	1,611,600	7,540,300	5,440,700	2,099,600	Total	4,327,000	4,301,200	1,924,700	3,819,500	958,700	1,734,100	1,126,700	8,169,500	5,852,600	2,316,900


		January 2,		December 31,									January 2,		December 31,
		2018		2018		2019		2020		2021			2018		2018		2019		2020		2021		2022

Liberty Latin America Shares - Class A	Liberty Latin America Shares - Class A	$	100.00	$	67.10	$	89.43	$	51.58	$	54.03	Liberty Latin America Shares - Class A	$	100.00	$	67.10	$	89.43	$	51.58	$	54.03	$	34.89
Liberty Latin America Shares - Class C	Liberty Latin America Shares - Class C	$	100.00	$	68.12	$	90.98	$	51.85	$	53.30	Liberty Latin America Shares - Class C	$	100.00	$	68.12	$	90.98	$	51.85	$	53.30	$	35.53
MSCI Emerging Markets NTR Index	MSCI Emerging Markets NTR Index	$	100.00	$	84.00	$	99.48	$	117.73	$	114.70	MSCI Emerging Markets NTR Index	$	100.00	$	84.00	$	99.48	$	117.73	$	114.70	$	91.66
Nasdaq Composite TR Index	Nasdaq Composite TR Index	$	100.00	$	95.72	$	130.84	$	189.61	$	231.66	Nasdaq Composite TR Index	$	100.00	$	95.72	$	130.84	$	189.61	$	231.66	$	156.29


VAT			Value-added taxes
VDSL			Very high-speed DSL
VoD			Video-on-demand
VoIP			Voice-over-internet-protocol
VTR			VTR Finance N.V. and its subsidiaries, a reportable segment
~~VTR.com~~			~~VTR.com SpA~~ through the date of close of the Chile JV
VTR Credit Facilities			Senior secured credit facilities of VTR ~~comprised of:~~comprising: (i) VTR RCF – A; and (ii) VTR RCF – ~~B; and (iii) at December 31, 2020, the VTR TLB-1 and VTR TLB-2 facilities~~B
VTR Finance Senior Notes			$1.4 billion principal amount senior notes issued by VTR (repaid in 2020)
VTR RCF – A			CLP 45 billion TAB + 3.35% revolving credit facility due June 15, 2026 of VTR
VTR RCF – B			$200 million LIBOR + 2.75% revolving credit facility due June 15, 2026 of VTR
~~VTR Revolving Credit Facilities~~			~~Comprised of: (i) VTR RCF – A; and (ii) VTR RCF – B~~
~~VTR Notes~~			~~Comprised of: (i) 2028 VTR Senior Notes; (ii) 2028 VTR Senior Secured Notes; and (iii) 2029 VTR Senior Secured Notes~~
VTR TLB-1 Facility			CLP 141 billion principal amount ICP +3.8% term loan facility of VTR (repaid during 2021)
VTR TLB-2 Facility			CLP 33 billion principal amount 7% term loan facility of VTR (repaid during 2021)
Weather Derivatives			Weather derivative contracts that provide insurance coverage for certain weather-related events


		Panama		Jamaica		The Bahamas		Trinidad and Tobago		Barbados		Other C&W		Chile		Costa Rica		Puerto Rico			Panama		Jamaica		The Bahamas		Trinidad and Tobago		Barbados		Other C&W		Costa Rica		Puerto Rico
Network data:	Network data:																			Network data:
Two-way homes passed (1)	Two-way homes passed (1)	100	%	100	%	100	%	100	%	100	%	94	%	91	%	99	%	100	%	Two-way homes passed (1)	100	%	100	%	100	%	100	%	100	%	94	%	99	%	100	%
Homes passed:	Homes passed:																			Homes passed:
Cable (2)	Cable (2)	46	%	43	%	—	%	100	%	—	%	58	%	86	%	91	%	95	%	Cable (2)	43	%	40	%	—	%	99	%	—	%	58	%	84	%	91	%
FTTH (2)	FTTH (2)	37	%	27	%	49	%	—	%	100	%	23	%	14	%	9	%	5	%	FTTH (2)	53	%	37	%	54	%	1	%	100	%	38	%	16	%	9	%
VDSL (2)	VDSL (2)	17	%	30	%	51	%	—	%	—	%	19	%	—	%	—	%	—	%	VDSL (2)	4	%	23	%	46	%	—	%	—	%	4	%	—	%	—	%

Product penetration:	Product penetration:																			Product penetration:
Television (3)	Television (3)	14	%	21	%	8	%	31	%	26	%	22	%	25	%	30	%	21	%	Television (3)	16	%	19	%	5	%	30	%	27	%	22	%	29	%	21	%
Broadband internet (4)	Broadband internet (4)	23	%	46	%	25	%	42	%	52	%	58	%	32	%	37	%	41	%	Broadband internet (4)	25	%	45	%	19	%	41	%	54	%	59	%	39	%	45	%
Fixed-line telephony (4)	Fixed-line telephony (4)	23	%	46	%	27	%	26	%	51	%	37	%	14	%	5	%	22	%	Fixed-line telephony (4)	24	%	44	%	28	%	28	%	50	%	36	%	8	%	22	%
Double-play (5)	Double-play (5)	39	%	45	%	50	%	9	%	31	%	33	%	33	%	48	%	12	%	Double-play (5)	32	%	49	%	50	%	18	%	30	%	35	%	44	%	13	%
Triple-play (5)	Triple-play (5)	47	%	39	%	18	%	50	%	42	%	18	%	35	%	10	%	38	%	Triple-play (5)	47	%	37	%	12	%	49	%	44	%	20	%	17	%	36	%


Period	Period	Total number of shares purchased	Average price paid per share (a)		Total number of shares purchased as part of publicly announced plans or programs	Approximate dollar value of shares that may yet be purchased under the plans or programs	Period	Total number of shares purchased	Average price paid per share (a)		Total number of shares purchased as part of publicly announced plans or programs	Approximate dollar value of shares that may yet be purchased under the plans or programs

October 1, 2021 through October 31, 2021:
October 1, 2022 through October 31, 2022:							October 1, 2022 through October 31, 2022:
Class A	Class A	676,100	$	12.58	676,100	(b)	Class A	510,400	$	7.35	510,400	(b)
Class C	Class C	—	$	—	—		Class C	351,100	$	7.12	351,100
November 1, 2021 through November 30, 2021:
November 1, 2022 through November 30, 2022:							November 1, 2022 through November 30, 2022:
Class A	Class A	718,800	$	12.65	718,800	(b)	Class A	384,400	$	7.80	384,400	(b)
Class C	Class C	—	$	—	—		Class C	95,400	$	7.86	95,400
December 1, 2021 through December 31, 2021:
December 1, 2022 through December 31, 2022:							December 1, 2022 through December 31, 2022:
Class A	Class A	786,700	$	11.62	786,700	(b)	Class A	941,300	$	7.22	941,300	(b)
Class C	Class C	699,800	$	11.16	699,800		Class C	29,200	$	6.98	29,200
Total — October 1, 2021 through December 31, 2021:
Total — October 1, 2022 through December 31, 2022:							Total — October 1, 2022 through December 31, 2022:
Class A	Class A	2,181,600	$	12.26	2,181,600	(b)	Class A	1,836,100	$	7.38	1,836,100	(b)
Class C	Class C	699,800	$	11.16	699,800		Class C	475,700	$	7.26	475,700


	C&W Caribbean and Networks		C&W Panama		Liberty Puerto Rico		VTR		Costa Rica		Corporate		Intersegment eliminations		Consolidated
	in millions
Adjusted OIBDA for the twelve months ending:
December 31, 2020	$	713.2	$	177.2	$	276.9	$	307.0	$	54.9	$	(44.5)	$	—	$	1,484.7
Organic changes related to:
Revenue	65.6		47.4		63.2		(55.8)		13.3		18.9		(3.6)		149.0
Programming and other direct costs	(14.2)		(37.3)		(10.7)		(4.9)		(8.0)		—		1.4		(73.7)
Other operating costs and expenses	(9.2)		12.8		(12.4)		2.0		(5.3)		(27.3)		2.2		(37.2)
Non-organic increases (decreases):
FX	(8.9)		—		—		11.3		(3.2)		—		—		(0.8)
Acquisitions/disposition, net	0.7		—		277.8		—		28.5		—		—		307.0
December 31, 2021	$	747.2	$	200.1	$	594.8	$	259.6	$	80.2	$	(52.9)	$	—	$	1,829.0


	Year ended December 31,				Increase (decrease)		Increase (decrease) from:
	2021		2020				FX		Acquisitions (disposition), net		Organic
	in millions, except percentages

C&W Caribbean and Networks	$	1,751.2	$	1,706.8	$	44.4	$	(25.1)	$	3.9	$	65.6
C&W Panama	547.6		500.2		47.4		—		—		47.4
Liberty Puerto Rico	1,456.7		624.1		832.6		—		769.4		63.2
VTR	787.5		809.0		(21.5)		34.3		—		(55.8)
Costa Rica	256.2		140.0		116.2		(8.9)		111.8		13.3
Corporate (a)	21.6		2.7		18.9		—		—		18.9
Intersegment eliminations	(21.8)		(18.2)		(3.6)		—		—		(3.6)
Total	$	4,799.0	$	3,764.6	$	1,034.4	$	0.3	$	885.1	$	149.0


	Year ended December 31,				Increase
	2021		2020		$		%
	in millions, except percentages
Residential fixed revenue:
Subscription revenue:
Video	$	156.7	$	147.2	$	9.5	6.5
Broadband internet	253.3		204.7		48.6		23.7
Fixed-line telephony	28.2		25.5		2.7		10.6
Total subscription revenue	438.2		377.4		60.8		16.1
Non-subscription revenue	19.3		17.7		1.6		9.0
Total residential fixed revenue	457.5		395.1		62.4		15.8
Residential mobile revenue:
Service revenue	486.9		82.9		404.0		487.3
Interconnect, inbound roaming, equipment sales and other (a)	254.4		50.6		203.8		402.8
Total residential mobile revenue	741.3		133.5		607.8		455.3
Total residential revenue	1,198.8		528.6		670.2		126.8
B2B service revenue	220.4		89.8		130.6		145.4
Other revenue (b)	37.5		5.7		31.8		557.9
Total	$	1,456.7	$	624.1	$	832.6	133.4


	Year ended December 31,				Organic increase (decrease)
	2021		2020
	in millions

Programming and copyright	$	14.9	$	13.9	$	1.0
Interconnect	39.8		41.1		(1.3)
Equipment and other	111.6		74.0		37.6
Total programming and other direct costs of services	$	166.3	$	129.0	$	37.3


Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of RGUs (a)	$	~~27.7~~16.9
ARPU (b)	~~(10.9)~~(3.6)
Decrease in residential fixed non-subscription revenue ~~(c)~~	~~(3.4)~~(1.7)
Total increase in residential fixed revenue	~~13.4~~11.6
~~Decrease~~Increase in residential mobile service revenue ~~(d)~~(c)	~~(29.2)~~16.2
~~Decrease~~Increase in residential mobile interconnect, inbound roaming, equipment sales and other ~~(e)~~(d)	~~(20.9)~~
~~Decrease in B2B service revenue (f)~~	~~(38.0)~~4.0
Increase in B2B ~~subsea network~~ revenue ~~(g)~~(e)	~~16.5~~23.3
Total organic ~~decrease~~increase	~~(58.2)~~
~~Net impact of an acquisition and a disposal~~	~~(14.1)~~55.1
Impact of FX	~~(33.7)~~(8.2)
Total	$	~~(106.0)~~46.9


Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of RGUs (a)	$	~~8.4~~13.5
ARPU (b)	~~(11.1)~~(3.2)
Decrease in residential fixed non-subscription revenue ~~(c)~~	~~(2.7)~~(2.5)
Total ~~decrease~~increase in residential fixed revenue	~~(5.4)~~7.8
Decrease in residential mobile service revenue ~~(d)~~(c)	~~(23.7)~~(0.7)
Decrease in residential mobile interconnect, inbound roaming, equipment sales and other revenue ~~(e)~~(d)	~~(15.8)~~(5.2)
~~Decrease~~Increase in B2B ~~service~~ revenue ~~(f)~~(e)	~~(37.6)~~3.1
Total organic ~~decrease~~increase	5.0
Impact of an acquisition	69.6
Total	$	~~(82.5)~~74.6


Increase in B2B service revenue (a)	$	9.7
Increase in B2B subsea network revenue (b)	18.3
Total organic increase	28.0
Impact of FX	(9.1)
Total	$	18.9


Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of RGUs (a)	$	~~33.2~~23.3
ARPU (b)	~~4.9~~(13.9)
Increase in residential fixed non-subscription revenue	0.6
Total increase in residential fixed revenue	10.0
Decrease in residential ~~fixed non-subscription~~mobile service revenue (c)	~~(4.0)~~(32.8)
~~Totalincrease~~Increase in residential ~~fixed revenue~~mobile interconnect, inbound roaming, equipment sales and other (d)	~~34.1~~14.9
Increasein B2B ~~service (d)~~revenue (e)	~~3.7~~0.2
Increase in other revenue	3.6
Total organic ~~increase~~decrease	~~37.8~~ (4.1)
Impact of an acquisition (f)	~~174.2~~24.5
Total	$	~~212.0~~20.4


Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of RGUs (a)	$	14.6
ARPU (b)	(10.4)
Decrease in residential fixed non-subscription revenue (c)	(1.0)
Total increase in residential fixed revenue	3.2
Increase in residential mobile service revenue (d)	11.2
Increase in residential mobile interconnect, inbound roaming, equipment sales and other	0.1
Increase in B2B revenue (e)	3.0
Total organic increase	17.5
Impact of an acquisition	169.6
Impact of FX	(4.3)
Total	$	182.8


Decrease in residential fixed subscription revenue due to change in:
Average number of RGUs (a)	$	~~(4.4)~~(22.2)
ARPU (b)	~~(21.7)~~(55.5)
Decrease in residential fixed non-subscription revenue ~~(c)~~	~~(4.2)~~(0.9)
Totaldecreasein residential fixed revenue	(78.6)
~~Total decrease in residential fixed revenue~~	~~(30.3)~~
~~Increase~~Decrease in residential mobile service revenue ~~(d)~~(c)	~~0.3~~ (7.8)
Decreasein residential mobile interconnect, inbound roaming, equipment sales and other revenue ~~(e)~~	~~(2.8)~~(2.5)
~~Increase~~Decrease in B2B service revenue ~~(f)~~	~~4.2~~ (0.8)
Total organic decrease	~~(28.6)~~(89.7)
Impact of disposition	(174.8)
Impact of FX	~~(103.5)~~(72.4)
Total	$	~~(132.1)~~(336.9)


~~Increase in residential fixed subscription revenue due to change in:~~
~~Average number of RGUs (a)~~	$	~~9.9~~
~~ARPU (b)~~	~~0.6~~
~~Decrease in residential fixed non-subscription revenue (c)~~	~~(3.4)~~
~~Total organic increase~~	~~7.1~~





~~Impact of FX~~	~~0.2~~
~~Total~~	$	~~7.3~~


										Decrease from:
		Year ended December 31,				Decrease				FX			Acquisition (disposition), net				Organic				Year ended December 31,								Increase (decrease)				Increase (decrease) from:
		2020		2019								2022								2021						FX										Organic
		in millions																			in millions

Programming and copyright	Programming and copyright	$	88.8	$	105.3			$	(16.5)						$	(1.3)			$	(2.8)			$	(12.4)	Programming and copyright		$	85.9			$	92.8			$	(6.9)	$	(0.6)			$	(6.3)
Interconnect	Interconnect	163.0		174.4		(11.4)				(6.8)			(2.6)				(2.0)			Interconnect	119.8				118.5					1.3				(1.6)						2.9
Equipment and other	Equipment and other	59.1		75.0		(15.9)				(0.9)			(2.2)				(12.8)			Equipment and other	84.9				73.8				11.1				(0.4)						11.5
Total programming and other direct costs of services	Total programming and other direct costs of services	$	310.9	$	354.7	$	(43.8)			$	(9.0)		$	(7.6)			$	(27.2)		Total programming and other direct costs of services	$	290.6			$	285.1			$	5.5			$	(2.6)					$	8.1


	Year ended December 31,				Organic decrease
	2020		2019
	in millions

Programming and copyright	$	13.9	$	14.6	$	(0.7)
Interconnect	41.1		52.0		(10.9)
Equipment and other	74.0		91.1		(17.1)
Total programming and other direct costs of services	$	129.0	$	157.7	$	(28.7)


							Increase from:
	Year ended December 31,
	2020		2019		Increase		Acquisition		Organic
	in millions

Programming and copyright	$	91.9	$	85.0	$	6.9	$	1.9	$	5.0
Interconnect	21.9		7.5		14.4		13.7		0.7
Equipment and other	50.5		0.3		50.2		49.8		0.4
Total programming and other direct costs of services	$	164.3	$	92.8	$	71.5	$	65.4	$	6.1


Cash and cash equivalents held by:
Liberty Latin America and unrestricted subsidiaries:
Liberty Latin America (a)	$	~~72.5~~23.5
Unrestricted subsidiaries (b)	~~107.3~~133.0
Total Liberty Latin America and unrestricted subsidiaries	~~179.8~~156.5
Borrowing groups (c):
C&W (d)	~~562.9~~536.2
Liberty Puerto Rico	~~157.7~~72.3
~~VTR (d)~~	~~32.1~~
Liberty Costa Rica	~~24.2~~16.0
Total borrowing groups	~~776.9~~624.5
Total cash and cash equivalents	$	~~956.7~~781.0


Borrowing group	~~Increase~~Decrease to borrowing costs

C&W	~~0.73%.~~(1.30)	%
Liberty Puerto Rico	~~0.40~~ (0.49)	%
Liberty Costa Rica	~~0.40~~ (1.57)	%
Liberty Latin America borrowing groups	~~0.56~~ (0.98)	%


	Payments due by period
	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
	in millions

Debt (excluding interest) (a)	$	7,966.1	$	226.0	$	876.1	$	2,877.1	$	3,986.9
Operating leases	702.6		104.5		183.7		146.5		267.9
Other (b)	60.2		45.8		7.8		2.8		3.8
Total (c)	$	8,728.9	$	376.3	$	1,067.6	$	3,026.4	$	4,258.6

Projected cash interest payments on debt and finance lease obligations (d)	$	2,590.0	$	510.7	$	939.0	$	918.3	$	222.0