Liberty Latin America Ltd 10-Q for FY2022 Q1

Liberty Latin America Ltd. (LILA)

10-Q 2022-05-04 For: 2022-03-31

Added on April 04, 2026

About this 10-Q

Liberty Latin America Ltd filed this 10-Q on May 4, 2022, covering the quarter ended March 31, 2022 (FY2022 Q1).

Headline figures

Quarter ended March 31, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.22B; up 4.6% from $1.17B a year earlier
Net income: $83.6M; down 6.2% from net income of $89.1M a year earlier
Diluted EPS: $0.36; down 5.3% from $0.38 a year earlier

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☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended	March 31, 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


Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).			Yes			☐			No þ


		Page Number
	PART I - FINANCIAL INFORMATION
Item 1.	FINANCIAL STATEMENTS
	Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 (unaudited)	1
	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2022 and 2021 (unaudited)	3
	Condensed Consolidated Statements of Comprehensive Earnings for the Three Months Ended March 31, 2022 and 2021 (unaudited)	4
	Condensed Consolidated Statements of Equity for the Three Months Ended March 31, 2022 and 2021 (unaudited)	5
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021 (unaudited)	6
	Notes to Condensed Consolidated Financial Statements (unaudited)	7
Item 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	33
Item 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	57
Item 4.	CONTROLS AND PROCEDURES	59
	PART II - OTHER INFORMATION
Item 1.	LEGAL PROCEEDINGS	60
Item 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	60
Item 6.	EXHIBITS	61


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


2021 Form 10-K			Annual Report on Form 10-K for the year ended December 31, 2021
2020 Share Repurchase Program			The share repurchase program that was authorized by our Directors on March 16, 2020 that authorized us to repurchase from time to time up to $100 million of our Class A and/or Class C common shares and expired in March 2022
2022 Share Repurchase Program			The share repurchase program that was authorized by our Directors on February 22, 2022 that authorizes us to repurchase from time to time up to $200 million of our Class A and/or Class C common shares through December 2024
2026 SPV Credit Facility			$1.0 billion principal amount of LIBOR + 5.0% term loan facility due October 15, 2026 issued by LCPR Loan Financing (repaid during 2021)
2027 C&W Senior Notes			$1.2 billion aggregate principal amount 6.875% senior notes due September 15, 2027 issued by C&W Senior Finance
2027 C&W Senior Secured Notes			$495 million aggregate principal amount 5.75% senior secured notes due September 7, 2027 issued by Sable
2027 LPR Senior Secured Notes			$1.2 billion aggregate principal amount 6.75% senior secured notes due October 15, 2027 issued by LCPR Senior Secured Financing
2027 LPR Senior Secured Notes Add-on			$90 million principal amount issued at 102.5% of par under the existing 2027 LPR Senior Secured Notes indenture
2028 CWP Term Loan A			$275 million principal amount 4.25% term loan facility due January 18, 2028 issued by CWP
2028 CWP Term Loan B			$160 million principal amount 4.25% term loan facility due January 18, 2028 issued by CWP
2028 LPR Term Loan			$620 million principal amount LIBOR + 3.75% term loan facility due October 15, 2028 issued by LCPR Loan Financing
2028 VTR Senior Notes			$550 million principal amount 6.375% senior notes due July 15, 2028 issued by VTR Finance N.V.
2028 VTR Senior Secured Notes			$480 million principal amount 5.125% senior secured notes due January 15, 2028 issued by VTR Comunicaciones SpA
2029 LPR Senior Secured Notes			$820 million principal amount 5.125% senior secured notes due July 15, 2029 issued by LCPR Senior Secured Financing
2029 VTR Senior Secured Notes			$410 million principal amount 4.375% senior secured notes due April 15, 2029 issued by VTR Comunicaciones SpA
Adjusted OIBDA			Operating income or loss before share-based compensation, depreciation and amortization, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration.
Adjusted Term SOFR			SOFR U.S. dollar denominated loans adjusted as follows: (i) 0.11448% for a one-month interest period, (ii) 0.26161% for a three-month interest period and (iii) 0.42826% for a six-month interest period
AGRECU			Asociación Gremial de Consumidores Y Usuarios de Chile
América Móvil			América Móvil S.A.B. de C.V.
Annual Report on Form 10-K			Annual Report on Form 10-K as filed with the SEC under the Exchange Act
ARPU			Average monthly subscription revenue per average fixed RGU or mobile subscriber, as applicable
ASU			Accounting Standards Update
AT&T Acquisition			October 31, 2020 acquisition of all of the outstanding shares of the AT&T Acquired Entities
AT&T Acquired Entities			Collectively, Liberty Mobile Inc., Liberty Mobile Puerto Rico Inc. and Liberty Mobile USVI Inc.
B2B			Business-to-business


Broadband VI, LLC Acquisition			December 31, 2021 acquisition of 96% of Broadband VI, LLC
C&W			Cable & Wireless Communications Limited and its subsidiaries
C&W Bahamas			The Bahamas Telecommunications Company Limited, a 49%-owned subsidiary of C&W that owns all of our operations in the Bahamas
C&W Caribbean and Networks			Reportable segment that includes all subsidiaries of C&W, excluding CWP that is a separate reportable segment
C&W Credit Facilities			Senior secured credit facilities of certain subsidiaries of C&W comprised of: (i) C&W Term Loan B-6 Facility; (ii) C&W Term Loan B-5 Facility; (iii) C&W Revolving Credit Facility; and (iv) C&W Regional Facilities
C&W Jamaica			Cable & Wireless Jamaica Limited, a 92%-owned subsidiary of C&W
C&W Notes			The senior and senior secured notes of C&W comprised of: (i) 2027 C&W Senior Secured Notes; and (ii) 2027 C&W Senior Notes
C&W Panama			Reportable segment for our operations in Panama
C&W Regional Facilities			Primarily comprised of credit facilities at CWP, Columbus Communications Trinidad Limited and C&W Jamaica
C&W Revolving Credit Facility			$630 million LIBOR + 3.25% revolving credit facility, $50 million of which is due June 30, 2023 and $580 million due January 30, 2027, of C&W
C&W Senior Finance			C&W Senior Finance Limited, a wholly-owned subsidiary of C&W
C&W Term Loan B-5 Facility			$1,510 million principal amount LIBOR + 2.25% term loan B-5 facility due January 31, 2028 of C&W
C&W Term Loan B-6 Facility			$590 million principal amount LIBOR + 3.00% term loan B-6 facility due October 15, 2029 of C&W
Cabletica			Cabletica, S.A., an indirectly 80%-owned subsidiary in Costa Rica, and its subsidiaries, including Telefónica-Costa Rica that was acquired in August 2021
Cabletica Revolving Credit Facility			$15 million LIBOR + 4.25% revolving credit facility due August 1, 2024 of Cabletica
Cabletica Term Loan B-1 Facility			$277 million principal amount LIBOR + 5.50% term loan facility, 50% of which is due February 1, 2024 and 50% due August 1, 2024, of Cabletica
Cabletica Term Loan B-2 Facility			CRC 80 billion principal amount TBP + 6.75% term loan facility, 50% of which is due February 1, 2024 and 50% due August 1, 2024, of Cabletica
Capped Calls			Capped call option contracts issued in connection with the issuance of our Convertible Notes
Chile JV			Defined as the pending formation of a joint venture between Liberty Latin America and América Móvil that will be 50:50 owned by each investee
Chile JV Entities			Represents the entities that will be contributed to the Chile JV upon closing, consisting of Lila Chile Holding BV and its subsidiaries, which include VTR, and combine each of the Chile JV investee's Chilean operations
Claro Panama			América Móvil's operations in Panama
Claro Panama Acquisition			Pending acquisition of Claro Panama
CLP			Chilean peso
CONADECUS			Corporación Nacional de Consumidores y Usuarios de Chile
Convertible Notes			$403 million principal amount 2% convertible senior notes due July 15, 2024 issued by Liberty Latin America
COP			Colombian peso
Costa Rica			Reportable segment comprised of Cabletica and Telefónica Costa Rica
Costa Rica Credit Facilities			Senior secured credit facilities of Cabletica comprised of: (i) Cabletica Term Loan B-1 Facility; (ii) Cabletica Term Loan B-2 Facility; and (iii) Cabletica Revolving Credit Facility
CPE			Customer premises equipment
CRC			Costa Rica colón
CWP			Cable & Wireless Panama, S.A., a 49%-owned subsidiary of C&W that owns most of our operations in Panama
CWP Credit Facilities			Credit facilities of CWP comprised of: (i) 2028 CWP Term Loan A, (ii) 2028 CWP Term Loan B and (iii) CWP Revolving Credit Facility


CWP Revolving Credit Facility			$20 million principal amount at Adjusted Term SOFR + 3.75% revolving credit facility due January 18, 2027 issued by CWP
Directors			Members of Liberty Latin America’s board of directors
EIP			Equipment installment-plan
EPS			Earnings or loss per share
Exchange Act			Securities Exchange Act of 1934, as amended
FASB			Financial Accounting Standards Board
FCC			United States Federal Communications Commission
FX			Foreign currency translation effects
JMD			Jamaican dollar
LCPR			Liberty Communications of Puerto Rico LLC
LCPR Loan Financing			LCPR Loan Financing LLC, a consolidated special purpose financing entity
LCPR Senior Secured Financing			LCPR Senior Secured Financing Designated Activity Company, a consolidated special purpose financing entity
Liberty Communications PR			Liberty Communications PR Holding LP and its subsidiaries, which include LCPR and, as of October 31, 2020, Liberty Mobile and its subsidiaries
Liberty Latin America Shares			Collectively, Class A, Class B and Class C common shares of Liberty Latin America
Liberty Mobile			Liberty Mobile Inc. and it subsidiaries
Liberty Puerto Rico			Reportable segment with operations in Puerto Rico and the U.S. Virgin Islands
LIBOR			London Inter-Bank Offered Rate
LPR Credit Facilities			Senior secured credit facilities of Liberty Puerto Rico comprised of: (i) LPR Revolving Credit Facility; and (ii) 2028 LPR Term Loan
LPR Revolving Credit Facility			$173 million LIBOR + 3.5% revolving credit facility due March 15, 2027 of LCPR
LPR Senior Secured Notes			Senior secured notes of Liberty Puerto Rico comprised of: (i) 2029 LPR Senior Secured Notes; (ii) 2027 LPR Senior Secured Notes; and (iii) 2027 LPR Senior Secured Notes Add-on
MVNO			Mobile virtual network operator
Networks & LatAm			Business operations within our C&W Caribbean and Network segment
ODECU			La Organización de Consumidores y Usuarios de Chile
PSARs			Performance-based stock appreciation rights
PSUs			Performance-based restricted stock units
Quarterly Report on Form 10-Q			Quarterly Report on Form 10-Q as filed with the SEC under the Exchange Act
RGU			Revenue generating unit
RSUs			Restricted stock units
SARs			Stock appreciation rights
SEC			U.S. Securities and Exchange Commission
SERNAC			Servicio Nacional del Consumidor (the Chilean National Consumer Authority)
Share Repurchase Programs			Collectively, the 2020 Share Repurchase Program and the 2022 Share Repurchase Program
SOFR			Reference rate based on secured overnight financing rate administered by the Federal Reserve Bank of New York
TAB			Tasa Activa Bancaria interest rate
TBP			Tasa Básica Pasiva interest rate
Telefónica			Telefónica, S.A., a telecommunications company with operations primarily in Europe and Latin America
Telefónica Acquisition Agreement			The agreement dated July 30, 2020 with Telefónica for our acquisition of their operations in Costa Rica
Telefónica Costa Rica			Telefónica de Costa Rica TC, S.A., an indirectly 80%-owned subsidiary in Costa Rica and it's subsidiary
Telefónica Costa Rica Acquisition			Acquisition of Telefónica’s wireless operations in Costa Rica


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


	March 31, 2022		December 31, 2021

	in millions
ASSETS
Current assets:
Cash and cash equivalents	$	856.6	$	956.7
Trade receivables, net of allowances of $92.8 million and $80.3 million, respectively	548.6		536.4

Prepaid expenses	72.3		67.7
Current notes receivable, net of allowances of $20.6 million and $18.9 million, respectively	119.2		116.4
Other current assets, net	427.1		389.0
Total current assets	2,023.8		2,066.2

Goodwill	3,927.6		3,948.0
Property and equipment, net	4,136.4		4,168.4

Intangible assets not subject to amortization	1,592.8		1,592.4
Intangible assets subject to amortization, net	734.6		788.6
Assets held for sale	1,488.7		1,568.7
Other assets, net	1,326.9		1,253.7
Total assets	$	15,230.8	$	15,386.0


	Three months ended March 31,
		2022		2021
		in millions, except per share amounts

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

Basic net earnings per share attributable to Liberty Latin America shareholders		$	0.37	$	0.38

Dilutive net earnings per share attributable to Liberty Latin America shareholders		$	0.36	$	0.38


	Liberty Latin America shareholders																Non-controlling interests		Total equity
	Common shares						Treasury Stock		Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive loss, net of taxes		Total Liberty Latin America shareholders
	Class A		Class B		Class C
	in millions









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

















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


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


Borrowing group	Notional amount due from counterparty		Weighted average remaining life
	in millions		in years

C&W	$	2,100.0	1.3

Liberty Puerto Rico	$	620.0	1.3


	Notional amount due from counterparty		Notional amount due to counterparty		Weighted average remaining life
		in millions			in years

LLA UK Holding Limited (a)	CLP	73,000.0	$	88.1	0.5

Costa Rica borrowing group	$	59.1	CRC	38,727.8	0.3


	March 31, 2022		December 31, 2021
	in millions

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


	March 31, 2022		December 31, 2021
	in millions

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






	Three months ended March 31, 2021
	in millions

Revenue	$	1,233.0
Net earnings attributable to Liberty Latin America shareholders	$	86.7


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

Liabilities (b):
Cross-currency and interest rate derivative contracts (c)	$	11.4	$	22.8	$	34.2	$	33.3	$	62.1	$	95.4
Foreign currency forward contracts	—		—		—		5.8		—		5.8
Total	$	11.4	$	22.8	$	34.2	$	39.1	$	62.1	$	101.2


	January 1, 2022		Acquisitions and related adjustments		Foreign currency translation adjustments and other		March 31, 2022
	in millions

C&W Caribbean and Networks	$	2,433.9	$	—	$	4.3	$	2,438.2
C&W Panama	617.1		—		—		617.1
Liberty Puerto Rico	498.3		0.4		—		498.7
Costa Rica	398.7		(11.2)		(13.9)		373.6
Total	$	3,948.0	$	(10.8)	$	(9.6)	$	3,927.6


	March 31, 2022						Estimated fair value (c)				Principal amount
	Weighted average interest rate (a)		Unused borrowing capacity (b)
			Borrowing currency		US $ equivalent		March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021

			in millions

Convertible Notes (d)	2.00	%	—		$	—	$	368.9	$	396.5	$	402.5	$	402.5
C&W Notes	6.55	%	—		—		1,707.8		1,774.3		1,715.0		1,715.0
C&W Credit Facilities	3.12	%	(e)		794.5		2,420.8		2,422.7		2,455.3		2,451.3
LPR Senior Secured Notes	6.08	%	—		—		1,975.1		2,058.1		1,981.0		1,981.0
LPR Credit Facilities	4.15	%	$	172.5	172.5		616.9		623.1		620.0		620.0
Costa Rica Credit Facilities (f)	7.23	%	$	7.0	7.0		400.0		407.1		404.1		408.7
Vendor financing (g)	2.99	%	—		—		117.7		99.8		117.7		99.8
Total debt before premiums, discounts and deferred financing costs	4.88	%			$	974.0	$	7,607.2	$	7,781.6	$	7,695.6	$	7,678.3


Period	Borrowing group	Instrument	Issued at	Maturity	Interest rate	Principal amount borrowed		Non-cash component
						in millions

2022	C&W	2028 CWP Term Loan A	100%	January 18, 2028	4.25%	$	275.0	$	272.9
2022	C&W	2028 CWP Term Loan B (a)	100%	January 18, 2028	4.25%	$	—	$	—
2022	C&W	CWP Revolving Credit Facility (b)	100%	January 18, 2027	3.75%	$	—	N/A

2021	Liberty Puerto Rico	2029 LPR Senior Secured Notes	100%	July 15, 2029	5.125%	$	820.0	$	500.0
2021	Liberty Puerto Rico	2028 LPR Term Loan	100%	October 15, 2028	LIBOR + 3.75%	$	620.0	$	500.0
2021	Liberty Puerto Rico	LPR Revolving Credit Facility	N/A	March 15, 2027	LIBOR + 3.50%	(c)		N/A

2021	VTR	2029 VTR Senior Secured Notes	100%	April 15, 2029	4.375%	$	410.0	$	60.0
2021	VTR	VTR RCF – A	N/A	June 15, 2026	TAB + 3.35%	$	—	N/A


				Principal amount repaid
Period	Borrowing group	Instrument	Redemption price	Borrowing currency		USD equivalent (a)		Non-cash component		Loss on debt extinguishment
				in millions

2022	C&W	CWP Credit Facilities	100%	$	272.9	$	272.9	$	272.9	$	—

2021	Liberty Puerto Rico	2026 SPV Credit Facility	100%	$	1,000.0	$	1,000.0	$	1,000.0	$	14.3

2021	VTR	2028 VTR Senior Secured Notes	103%	$	60.0	$	60.0	$	60.0	$	2.1
2021	VTR	VTR TLB-1 Facility	100%	CLP	140,900.0	$	196.4	$	—	$	5.6
2021	VTR	VTR TLB-2 Facility	100%	CLP	33,100.0	$	46.1	$	—	$	1.3


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


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


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


	Three months ended March 31,				Increase (decrease)		Increase (decrease) from:
	2022		2021				FX		Acquisitions		Organic
	in millions

C&W Caribbean and Networks	$	444.9	$	429.8	$	15.1	$	(7.3)	$	—	$	22.4
C&W Panama	127.2		127.3		(0.1)		—		—		(0.1)
Liberty Puerto Rico	369.3		361.3		8.0		—		2.9		5.1
VTR	170.8		210.3		(39.5)		(19.9)		—		(19.6)
Costa Rica	107.4		36.2		71.2		(1.8)		72.0		1.0
Corporate	5.6		5.4		0.2		—		—		0.2
Intersegment eliminations	(6.5)		(5.1)		(1.4)		—		—		(1.4)
Total	$	1,218.7	$	1,165.2	$	53.5	$	(29.0)	$	74.9	$	7.6



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


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

B2B service revenue	7.7		8.3		(0.6)		(7)
Total	$	170.8	$	210.3	$	(39.5)	(19)



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


	Three months ended March 31,				Organic Increase
	2022		2021
	in millions

Programming and copyright	$	4.0	$	3.7	$	0.3
Interconnect	15.2		15.2		—
Equipment and other	17.6		17.6		—
Total programming and other direct costs of services	$	36.8	$	36.5	$	0.3


							Increase (decrease) from:
	Three months ended March 31,								An acquisition
	2022		2021		Increase		FX				Organic
	in millions

Programming and copyright	$	8.9	$	8.8	$	0.1	$	(0.4)	$	—	$	0.5
Interconnect	7.2		0.6		6.6		(0.1)		6.6		0.1
Equipment and other	9.3		0.8		8.5		—		9.2		(0.7)
Total programming and other direct costs of services	$	25.4	$	10.2	$	15.2	$	(0.5)	$	15.8	$	(0.1)


	Three months ended March 31,				Organic increase (decrease)
	2022		2021
	in millions

Personnel and contract labor	$	18.9	$	17.2	$	1.7
Network-related	9.9		9.8		0.1
Service-related	4.6		3.9		0.7
Commercial	5.9		5.1		0.8
Facility, provision, franchise and other	10.6		10.8		(0.2)
Share-based compensation expense	1.3		0.7		0.6
Total other operating costs and expenses	$	51.2	$	47.5	$	3.7


Cash and cash equivalents held by:
Liberty Latin America and unrestricted subsidiaries:
Liberty Latin America (a)	$	21.2
Unrestricted subsidiaries (b)	141.3
Total Liberty Latin America and unrestricted subsidiaries	162.5
Borrowing groups (c):
C&W	541.3
Liberty Puerto Rico	103.6
VTR (d)	32.1
Costa Rica	17.1
Total borrowing groups	694.1
Total cash and cash equivalents	$	856.6


Borrowing group	Increase to borrowing costs

C&W	0.60	%
Liberty Puerto Rico	0.40	%
Costa Rica	0.40	%
Liberty Latin America borrowing groups combined	0.49	%


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


	Payments (receipts) due during:														Total
	Remainder of 2022		2023		2024		2025		2026		2027		Thereafter
	in millions
Projected derivative cash payments (receipts), net (a):
Interest-related (b)	$	31.1	$	57.3	$	43.5	$	43.1	$	42.7	$	41.5	$	32.3	$	291.5
Principal-related (c)	—		—		—		—		(3.9)		—		—		(3.9)
Other (d)	(5.9)		—		—		—		—		—		—		(5.9)
Total	$	25.2	$	57.3	$	43.5	$	43.1	$	38.8	$	41.5	$	32.3	$	281.7