Liberty Latin America Reports Q4 & FY 2023 Results

About this update from Liberty Latin America Ltd.

[{"type":"text","content":" \n186,000 organic broadband and postpaid mobile subscriber net adds in 2023\n\n \nOperating income of $518 million ; Adj. OIBDA rebased growth of 6% to $1.7 billion \n\n \n Puerto Rico integration >80% complete; >800,000 mobile subscribers migrated\n\n \nCash provided by operating activities of $897 million ; reported Adj. FCF before distributions to noncontrolling interests of $273 million \n\n \nRepurchased $300 million in equity and convertible notes during the year\n\n \n DENVER, Colorado --(BUSINESS WIRE)--\n Liberty Latin America Ltd. (“Liberty Latin America” or “LLA”) (NASDAQ: LILA and LILAK, OTC Link: LILAB) today announced its financial and operating results for the three months (“Q4”) and twelve months (“YTD” and “FY”) ended December 31, 2023 .\n\n \nCEO Balan Nair commented, “We ended the year well, generating healthy subscriber and Adjusted OIBDA growth and delivering Adjusted FCF before distributions to noncontrolling interests of $273 million , 43% higher than the prior year.”\n\n \n“Our commitment to investing in leading infrastructure has created robust, high-speed networks across our fixed, mobile and subsea platforms. At the end of 2023, over 80% of our fixed networks had been upgraded to enable speeds in excess of 1 Gbps and this investment helped us add 81,000 broadband subscribers during the year. Our postpaid mobile base also grew strongly as we added 105,000 subscribers, primarily in Liberty Costa Rica and C&W Caribbean.”\n\n \n“In addition to our significant organic opportunities, completing the migration of mobile customers in Puerto Rico and the USVI is expected to be a key driver of LLA's future growth. We are on-track to achieve this goal by the end of April, enabling us to conclude our TSA with AT&T by the end of June, which will create significant cost savings and also allow us to drive our mobile business more effectively, removing restrictions that currently impact our commercial flexibility.”\n\n \n“As we approach the completion of key migration activities we feel it is the right moment to share our medium-term outlook for LLA. We anticipate delivering a mid to high single digit Adjusted OIBDA rebased CAGR and aggregate Adjusted FCF before distributions to noncontrolling interests of more than $1 billion over the next three years. We are confident that through this performance and disciplined capital allocation we will deliver robust stakeholder value growth.”\n\n \n Business Highlights \n\n \n \nC&W Caribbean: operating momentum and double-digit Adj. OIBDA growth\n \n \n~100,000 internet and mobile postpaid organic adds in 2023\n\n \n \nFY reported and rebased Adj. OIBDA growth of 12%\n\n \n \n\n \n \nC&W Panama: Claro Panamá acquisition synergies drive significant annual growth\n \n \nFY reported and rebased revenue growth of 16% and 5%, respectively\n\n \n \nFY reported and rebased Adj. OIBDA growth of 21% and 25%, respectively\n\n \n \n\n \n \nLiberty Networks: solid top-line performance\n \n \nFY reported and rebased revenue growth of 1% and 2%, respectively\n\n \n \nStrong enterprise services growth\n\n \n \n\n \n \nLiberty Puerto Rico : continued broadband growth; entering final months of mobile integration\n \n \n23,000 broadband net adds over last twelve months\n\n \n \n>800,000 mobile subscribers migrated to LPR platform\n\n \n \n\n \n \n Liberty Costa Rica : postpaid momentum, B2B and strong currency drive Adj. OIBDA growth\n \n \nStrongest postpaid net adds quarter of 2023; 87,000 total postpaid net adds in year\n\n \n \nFY Adj. OIBDA up 51% and 23% on a reported and rebased basis, respectively\n\n \n \n\n \n \n Tower Monetization Transaction Update \n\n \n \nDuring Q4 2023, we completed the monetization of tower assets across Panama , Jamaica , Puerto Rico , Barbados and the British Virgin Islands \n \n \nReceived $244 million of proceeds associated with the Tower Transactions in Q4, reflected as debt in our financial statements\n\n \n \nAnticipate Bahamas portion of the transaction will complete in the first half of 2024, generating additional proceeds of ~$70 million \n\n \n \n\n \n \n LLA Medium-Term Financial Guidance (3 years ending FY 2026) \n\n \n \nAdjusted OIBDA: mid-to-high single digit rebased CAGR \n \n \nExpected to drive reduction in group net leverage\n\n \n \n\n \n \nP&E additions as a percentage of revenue at ~ 16% annually \n\n \n \nAggregate Adjusted FCF of > $1 billion , before distributions to noncontrolling interests\n\n \n \n Financial and Operating Highlights \n\n \n \n \nFinancial Highlights\n\n \n\n \n\n \n \n\n \n\n \n\n \nQ4 2023\n\n \n\n \n\n \n \n\n \n\n \n\n \nQ4 2022\n\n \n\n \n\n \n \n\n \n\n \n\n \nYoY Growth /\n(Decline)\n\n \n\n \n\n \n \n\n \n\n \n\n \nYoY Rebased Growth /\n(Decline) 1 \n\n \n\n \n\n \n \n\n \n\n \n\n \nFY 2023\n\n \n\n \n\n \n \n\n \n\n \n\n \nFY 2022\n\n \n\n \n\n \n \n\n \n\n \n\n \nYoY Growth /\n(Decline)\n\n \n\n \n\n \n \n\n \n\n \n\n \nYoY Rebased\nGrowth 1 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n(USD in millions)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRevenue\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,164\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,159\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,511\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,809\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(6\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nRevenue (excluding VTR)2\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,164\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,159\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,511\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,358\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nOperating income\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n113\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n107\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n518\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n87\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted OIBDA3\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n432\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n403\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,702\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,710\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nAdjusted OIBDA3 (excluding VTR)2\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n432\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n403\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,702\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,594\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nProperty & equipment additions\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n207\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n225\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(8\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n731\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n816\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(10\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAs a percentage of revenue\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n18\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n17\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted FCF before distributions to noncontrolling interest owners\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n218\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n210\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n273\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n190\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nDistributions to noncontrolling interest owners\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(34\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(75\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted FCF4\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n184\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n210\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n198\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n189\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash provided by operating activities\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n391\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n377\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n897\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n869\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash used by investing activities\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(163\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(378\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(616\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(1,123\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash provided (used) by financing activities\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n193\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(51\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(62\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(29\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \nN.M. – Not Meaningful.\n\n \nAmounts may not recalculate due to rounding.\n\n \n \n \nOperating Highlights 5 \n\n \n\n \n\n \n \n \n\n \n\n \n\n \nQ4 2023\n\n \n\n \n\n \n \n\n \n\n \n\n \n \nQ3 2023\n\n \n\n \n\n \n \n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n \n \nTotal customers\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n1,950,900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n1,942,300\n\n \n\n \n\n \n \n \n \n \n Organic customer additions \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n10,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n3,700\n\n \n\n \n\n \n \n \n \n \nFixed RGUs\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n3,933,400\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n3,898,000\n\n \n\n \n\n \n \n \n \n \n Organic RGU additions \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n39,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n23,800\n\n \n\n \n\n \n \n \n \n \nOrganic internet additions\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n17,900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n15,300\n\n \n\n \n\n \n \n \n \n \nMobile subscribers\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n7,977,400\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n8,033,000\n\n \n\n \n\n \n \n \n \n \n Organic mobile additions (losses) \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(41,900\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n31,700\n\n \n\n \n\n \n \n \n \n \nOrganic postpaid additions\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n8,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n28,900\n\n \n\n \n\n \n \n \n \n Revenue Highlights \n\n \nThe following table presents (i) revenue of each of our segments and corporate operations for the periods indicated and (ii) the percentage change from period-to-period on both a reported and rebased basis:\n\n \n \n \n \n\n \n\n \n\n \n Three months ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n Increase/(decrease) \n\n \n\n \n\n \n \n\n \n\n \n\n \n Year ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n Increase/(decrease) \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n December 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n Rebased % \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n Rebased % \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n in millions, except % amounts \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \nC&W Caribbean\n\n \n\n \n\n \n$\n\n \n\n \n\n \n366.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n367.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,437.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,436.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nC&W Panama\n\n \n\n \n\n \n \n\n \n\n \n\n \n206.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n201.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n742.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n642.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n16\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLiberty Networks\n\n \n\n \n\n \n \n\n \n\n \n\n \n113.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n124.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n453.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n450.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLiberty Puerto Rico \n\n \n\n \n\n \n \n\n \n\n \n\n \n353.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n372.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,417.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,463.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n Liberty Costa Rica \n\n \n\n \n\n \n \n\n \n\n \n\n \n148.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n116.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n547.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n441.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n24\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVTR\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n450.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n \n \nCorporate\n\n \n\n \n\n \n \n\n \n\n \n\n \n5.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(12\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(12\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n23.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nEliminations\n\n \n\n \n\n \n \n\n \n\n \n\n \n(29.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(28.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(110.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(99.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n \n \nTotal\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,163.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,159.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,511.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,808.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(6\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLess: VTR\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n450.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \nTotal excluding VTR2\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,163.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,159.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,511.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,358.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \nN.M. – Not Meaningful.\n\n \n \nReported revenue for the three months and the year ended December 31, 2023 was flat and declined by 6%, respectively, as compared to the corresponding prior-year periods.\n \n \nReported revenue in Q4 was flat as (1) net organic growth driven by Liberty Costa Rica and C&W Panama and (2) net foreign exchange benefits of $21 million , were offset by organic declines in Liberty Puerto Rico and Liberty Networks.\n\n \n \nReported revenue declined in FY 2023 as (1) net foreign exchange benefits of $84 million , (2) the addition of $70 million from the acquisition of América Móvil's Panama operations (Claro Panamá) on July 1, 2022 and (3) net organic growth driven by C&W Panama and Liberty Costa Rica , were more than offset by the negative year-over-year impact of $451 million related to VTR's deconsolidation and organic decline in Liberty Puerto Rico.\n\n \n \n\n \n \n Q4 2023 Revenue Growth – Segment Highlights \n\n \n \nC&W Caribbean: revenue was flat on both a reported and rebased basis, year-over-year.\n \n \nFixed residential revenue increased by 2% and 3%, respectively on a reported and rebased basis. Rebased revenue growth was driven by higher broadband ARPU and subscribers, primarily in Jamaica where we added 23,000 RGUs over the last twelve months. This was partly offset by lower ARPU from video and telephony services due to fixed-mobile convergence incentives.\n\n \n \nMobile residential revenue increased by 5% on a reported and rebased basis. The increase followed our focus on fixed-mobile convergence propositions which drove 70,000 postpaid mobile additions in the year. We have also continued to see an increase in inbound roaming revenue as tourism has recovered in the region.\n\n \n \nB2B revenue was 6% lower on both a reported and rebased basis. The discontinuation of a non-core transit services agreement at the beginning of 2023 at C&W Jamaica had a $10 million negative impact on revenue as compared to the prior year quarter. This translates to an approximately 300 basis point and 700 basis point impact on C&W Caribbean's total revenue and B2B revenue rebased growth rates, respectively, and more than offset underlying B2B growth in the period.\n\n \n \n\n \n \nC&W Panama: revenue grew by 2% on a reported and rebased basis.\n \n \nFixed residential revenue was up 6% as we added 62,000 RGUs over the past twelve months, following investments in our networks, products and commercial activities.\n\n \n \nMobile residential revenue decreased by 5%, driven by lower prepaid volume including the impacts of disruptions from the mining protests, partially offset by higher prepaid ARPU.\n\n \n \nB2B revenue grew by 8% driven by increased revenue from government-related projects and data and managed services.\n\n \n \n\n \n \nLiberty Networks: revenue declined by 8% and 9% on a reported and rebased basis, respectively. The year-over-year decline was driven by (i) lower wholesale network revenue associated with a significant customer that is recognized on a cash basis and (ii) a reduction in non-cash IRU revenue due to lower amortization year-over-year. This was partly offset by higher enterprise revenue due to an increase in new contracts and continued growth in B2B connectivity and managed services.\n\n \n \nLiberty Puerto Rico : revenue was 5% lower on a reported and rebased basis.\n \n \nResidential fixed revenue growth of 5% was driven by 23,000 net broadband subscriber additions over the past twelve months and higher ARPU following rate increases.\n\n \n \nResidential mobile revenue was 11% lower compared to the prior-year period. This was driven by: (1) reduced equipment sales due in part to migration activities, (2) a decline in the average number of prepaid mobile subscribers as compared to the prior year period, and (3) lower roaming revenue.\n\n \n \nOther revenue declined by $3 million as compared to the prior-year quarter due to a reduction in revenue recognized on funds received from the FCC .\n\n \n \n\n \n \n Liberty Costa Rica : revenue grew by 28% on a reported basis and 10% on a rebased basis. Reported performance benefited from an $18 million positive foreign exchange impact year-over-year, as the Costa Rican colon appreciated against the U.S. dollar. The strong year-over-year rebased performance was driven by higher B2B service revenue and higher mobile revenue due to postpaid subscriber growth and equipment sales.\n\n \n \n Operating Income \n\n \n \nOperating income was $113 million and $107 million for the three months ended December 31, 2023 and 2022, respectively, and $518 million and $87 million for the year ended December 31, 2023 and 2022, respectively.\n \n \nThe increase for the three-month comparison is primarily due to the net effect of (i) lower impairment, restructuring and other operating items, net, (ii) higher Adjusted OIBDA and (iii) higher depreciation and amortization. The increase for the twelve-month comparison is primarily due to the net impact of (i) lower impairment, restructuring and other operating items, net, mostly due to goodwill impairments recorded during the second quarter of 2022 and (ii) higher depreciation and amortization.\n\n \n \n\n \n \n Adjusted OIBDA Highlights \n\n \nThe following table presents (i) Adjusted OIBDA of each of our reportable segments and our corporate category for the periods indicated and (ii) the percentage change from period-to-period on both a reported and rebased basis:\n\n \n \n \n \n\n \n\n \n\n \n \n Three months ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n Year ended \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n December 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Increase (decrease) \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Increase (decrease) \n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n Rebased % \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n % \n\n \n\n \n\n \n \n\n \n\n \n\n \n Rebased % \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n in millions, except % amounts \n\n \n\n \n\n \n \n \n \n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n \nC&W Caribbean\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n160.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n138.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n16\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n16\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n596.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n535.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n12\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n12\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nC&W Panama\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n66.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n57.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n17\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n17\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n227.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n188.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n21\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n25\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLiberty Networks\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n61.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n79.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n(23\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n(22\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n261.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n276.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n(5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n(4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nLiberty Puerto Rico \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n103.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n117.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n(12\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n(12\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n485.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n530.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n(9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n(9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n Liberty Costa Rica \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n57.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n36.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n60\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n36\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n203.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n134.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n51\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n23\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVTR\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \nN.M.\n\n \n\n \n\n \n \n \nN.M.\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n115.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \nN.M.\n\n \n\n \n\n \n \n \nN.M.\n\n \n\n \n\n \n \n \n \nCorporate\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(18.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(26.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n31\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n31\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(73.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(71.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n(2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n(1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nTotal\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n431.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n402.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n1,701.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n1,709.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLess: VTR\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n115.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n \nTotal excluding VTR2\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n431.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n402.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n1,701.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n1,594.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOperating income margin\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n9.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n9.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n11.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n1.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n \nAdjusted OIBDA margin\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n37.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n34.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n37.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n35.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n \nAdjusted OIBDA margin excl. VTR2\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n37.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n34.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n37.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n36.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \nN.M. – Not Meaningful.\n\n \n \nReported Adjusted OIBDA for the three months and year ended December 31, 2023 increased by 7% and was flat, respectively, as compared to the corresponding prior-year periods.\n \n \nReported Adjusted OIBDA was higher in Q4, driven by (1) organic growth in C&W Caribbean, Liberty Costa Rica , and C&W Panama, and (2) the appreciation of the Costa Rican colon, which were partly offset by organic declines in Liberty Networks and Liberty Puerto Rico.\n\n \n \nReported Adjusted OIBDA was flat YTD as (1) organic growth in C&W Caribbean, C&W Panama, and Liberty Costa Rica , and (2) the appreciation of the Costa Rican colon, were offset by the deconsolidation of VTR and organic decline in Liberty Puerto Rico.\n\n \n \n\n \n \n Q4 2023 Adjusted OIBDA Growth – Segment Highlights \n\n \n \nC&W Caribbean: Adjusted OIBDA increased by 16% on a reported and rebased basis, respectively. Performance was driven by lower direct costs, including declines in handset and programming expenses, and lower bad debt expense. Our Adjusted OIBDA margin improved by over 600 basis points year-over-year to 44%.\n\n \n \n \nC&W Panama: Adjusted OIBDA increased by 17% on a reported and rebased basis. The performance was driven by revenue growth, lower bad debt expense and value capture activities related to the Claro Panamá acquisition, partly offset by higher direct costs related to government-related projects.\n\n \n \n \nLiberty Networks: Adjusted OIBDA decreased by 23% and 22% on a reported and rebased basis, respectively. Our rebased performance was driven by the aforementioned revenue decline in the quarter.\n\n \n \n \nLiberty Puerto Rico : Adjusted OIBDA declined by 12% on a reported and rebased basis. The performance was driven by the net impact of our aforementioned revenue decline, lower direct costs, primarily due to lower gross sales, and higher other operating costs mainly related to migration and integration activities, year-over-year.\n\n \n \n \n Liberty Costa Rica : Adjusted OIBDA grew by 60% and 36% on a reported and rebased basis, respectively. Rebased performance was driven by the aforementioned revenue growth, favorable foreign exchange movements on non-CRC denominated costs and execution of our integration plan.\n\n \n \n \nCorporate: Adjusted OIBDA improved by 31% on a reported and rebased basis, respectively, driven by lower bonus costs.\n\n \n \n Net Earnings (Loss) Attributable to Shareholders \n\n \n \nNet earnings (loss) attributable to shareholders was ( $103 million ) and $139 million for the three months ended December 31, 2023 and 2022, respectively, and ( $74 million ) and ( $171 million ) for the year ended December 31, 2023 and 2022, respectively.\n\n \n \n Property & Equipment Additions and Capital Expenditures \n\n \nThe table below highlights the categories of the property and equipment additions (P&E Additions) for the indicated periods and reconciles to cash paid for capital expenditures, net.\n\n \n \n \n \n\n \n\n \n\n \n \n Three months ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n Year ended \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n December 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 , \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n USD in millions \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \nCustomer Premises Equipment\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n40.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n40.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n178.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n246.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNew Build & Upgrade\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n56.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n44.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n158.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n156.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCapacity\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n24.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n41.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n94.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n127.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nBaseline\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n68.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n71.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n234.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n210.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProduct & Enablers\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n17.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n26.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n64.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n75.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProperty & equipment additions\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n206.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n225.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n730.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n816.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAssets acquired under capital-related vendor financing arrangements\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(26.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(46.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(143.8\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(161.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nChanges in current liabilities related to capital expenditures and other\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(18.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(12.3\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n(2.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n4.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCapital expenditures, net\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n162.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n166.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n585.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n660.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProperty & equipment additions as % of revenue\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n17.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n19.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n16.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n17.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nProperty & Equipment Additions:\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \nC&W Caribbean\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n61.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n79.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n235.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n230.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nC&W Panama\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n34.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n26.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n117.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n98.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLiberty Networks\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n10.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n8.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n47.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n40.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLiberty Puerto Rico \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n60.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n78.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n219.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n233.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Liberty Costa Rica \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n29.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n19.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n75.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n65.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVTR\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n107.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCorporate\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n10.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n12.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n36.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n40.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProperty & equipment additions\n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n206.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n225.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n730.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n$\n\n \n\n \n\n \n816.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nProperty & Equipment Additions as a Percentage of Revenue by Reportable Segment:\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \nC&W Caribbean\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n16.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n21.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n16.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n16.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nC&W Panama\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n16.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n13.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n15.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n15.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nLiberty Networks\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n9.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n6.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n10.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n8.9\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nLiberty Puerto Rico \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n17.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n21.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n15.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n16.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n Liberty Costa Rica \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n19.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n17.0\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n13.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n14.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nVTR\n\n \n\n \n\n \n \n \n\n \n\n \n\n \nN/A\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \nN/A\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \nN/A\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n23.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \nNew Build and Homes Upgraded by Reportable Segment1:\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n \nC&W Caribbean\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n25,800\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n15,800\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n142,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n106,700\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nC&W Panama\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n21,300\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n19,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n115,300\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n148,400\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLiberty Puerto Rico \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n9,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n16,900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n50,500\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n41,800\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Liberty Costa Rica \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n8,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n11,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n41,300\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n50,300\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVTR\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n137,400\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n64,300\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n62,800\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n349,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n484,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTable excludes Liberty Networks as that segment only provides B2B-related services.\n\n \n \n Summary of Debt, Finance Lease Obligations and Cash and Cash Equivalents \n\n \nThe following table details the U.S. dollar equivalent balances of the outstanding principal amounts of our debt and finance lease obligations, and cash and cash equivalents at December 31, 2023 :\n\n \n \n \n \n\n \n\n \n\n \n Debt \n\n \n\n \n\n \n \n\n \n\n \n\n \n Finance lease\nobligations \n\n \n\n \n\n \n \n\n \n\n \n\n \n Debt and\n finance lease\nobligations \n\n \n\n \n\n \n \n\n \n\n \n\n \n Cash, cash equivalents\nand restricted cash\nrelated to debt \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n in millions \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Liberty Latin America 1\n\n \n\n \n\n \n$\n\n \n\n \n\n \n 220.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n —\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n 220.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n 100.3\n\n \n\n \n\n \n \n \nC&W2\n\n \n\n \n\n \n \n\n \n\n \n\n \n 4,869.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n —\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 4,869.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 737.9\n\n \n\n \n\n \n \n \nLiberty Puerto Rico 3\n\n \n\n \n\n \n \n\n \n\n \n\n \n 2,701.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 5.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2,706.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 127.9\n\n \n\n \n\n \n \n \n Liberty Costa Rica \n\n \n\n \n\n \n \n\n \n\n \n\n \n 450.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n —\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 450.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 30.5\n\n \n\n \n\n \n \n \nTotal\n\n \n\n \n\n \n$\n\n \n\n \n\n \n 8,242.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n 5.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n 8,247.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n 996.6\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n Consolidated Leverage and Liquidity Information: \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 ,\n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30 ,\n 2023 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \nConsolidated debt and finance lease obligations to operating income ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n15.0x\n\n \n\n \n\n \n \n\n \n\n \n\n \n13.4x\n\n \n\n \n\n \n \n \nConsolidated net debt and finance lease obligations to operating income ratio\n\n \n\n \n\n \n \n\n \n\n \n\n \n13.2x\n\n \n\n \n\n \n \n\n \n\n \n\n \n12.4x\n\n \n\n \n\n \n \n \nConsolidated gross leverage ratio4\n\n \n\n \n\n \n \n\n \n\n \n\n \n4.8x\n\n \n\n \n\n \n \n\n \n\n \n\n \n4.6x\n\n \n\n \n\n \n \n \nConsolidated net leverage ratio4\n\n \n\n \n\n \n \n\n \n\n \n\n \n4.2x\n\n \n\n \n\n \n \n\n \n\n \n\n \n4.3x\n\n \n\n \n\n \n \n \nWeighted average debt tenor5\n\n \n\n \n\n \n \n\n \n\n \n\n \n4.3 years\n\n \n\n \n\n \n \n\n \n\n \n\n \n4.6 years\n\n \n\n \n\n \n \n \nFully-swapped borrowing costs\n\n \n\n \n\n \n \n\n \n\n \n\n \n6.0%\n\n \n\n \n\n \n \n\n \n\n \n\n \n6.0%\n\n \n\n \n\n \n \n \nUnused borrowing capacity (in millions)6\n\n \n\n \n\n \n \n\n \n\n \n\n \n $869.0 \n\n \n\n \n\n \n \n\n \n\n \n\n \n $887.0 \n\n \n\n \n\n \n \n \nRepresents the amount held by Liberty Latin America on a standalone basis plus the aggregate amount held by subsidiaries of Liberty Latin America that are outside our borrowing groups.\n\n \n \nRepresents the C&W borrowing group, including the C&W Caribbean, Liberty Networks and C&W Panama reportable segments.\n\n \n \nCash amount includes restricted cash that serves as collateral against certain lines of credit associated with the funding received from the FCC to continue to expand and improve our fixed network in Puerto Rico .\n\n \n \nConsolidated leverage ratios are non-GAAP measures. For additional information, including definitions of our consolidated leverage ratios and required reconciliations, see Non-GAAP Reconciliations below.\n\n \n \nFor purposes of calculating our weighted average tenor, total debt excludes vendor financing, debt related to the Tower Transactions, other debt and finance lease obligations.\n\n \n \nAt December 31, 2023 , the full amount of unused borrowing capacity under our subsidiaries' revolving credit facilities was available to be borrowed, both before and after completion of the December 31, 2023 compliance reporting requirements.\n\n \n \n Quarterly Subscriber Variance \n\n \n \n \n \n\n \n\n \n\n \n Fixed and Mobile Subscriber Variance Table — December 31, 2023 vs September 30, 2023 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n Homes\n Passed \n\n \n\n \n\n \n \n\n \n\n \n\n \n Fixed-line\nCustomer\nRelationships \n\n \n\n \n\n \n \n\n \n\n \n\n \n Video RGUs \n\n \n\n \n\n \n \n\n \n\n \n\n \n Internet\n RGUs \n\n \n\n \n\n \n \n\n \n\n \n\n \n Telephony\n RGUs \n\n \n\n \n\n \n \n\n \n\n \n\n \n Total \n\n \n\n \n RGUs \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n Prepaid \n\n \n\n \n\n \n \n\n \n\n \n\n \n Postpaid \n\n \n\n \n\n \n \n\n \n\n \n\n \n Total Mobile\nSubscribers \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n C&W Caribbean: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Jamaica \n\n \n\n \n\n \n4,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n4,800\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n300\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,500\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12,700\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n26,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n33,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nThe Bahamas \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n700\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,400\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(200\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n Trinidad and Tobago \n\n \n\n \n\n \n800\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,600\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,300\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,900\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(600\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,800\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Barbados \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n500\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n300\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(200\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,800\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOther\n\n \n\n \n\n \n200\n\n \n\n \n\n \n \n\n \n\n \n\n \n1,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,400\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(800\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n700\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal C&W Caribbean\n\n \n\n \n\n \n5,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n4,900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(400\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n7,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n27,700\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n17,300\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n45,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n C&W Panama \n\n \n\n \n\n \n10,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n4,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n3,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n6,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,300\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(104,500\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(7,300\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(111,800\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nTotal C&W\n\n \n\n \n\n \n15,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n9,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,700\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n13,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n10,300\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n26,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(76,800\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n10,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(66,800\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n Liberty Puerto Rico \n\n \n\n \n\n \n1,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n3,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,800\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n4,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,500\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n7,900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(18,100\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(30,400\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(48,500\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n Liberty Costa Rica \n\n \n\n \n\n \n7,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,400\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(500\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,700\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n44,900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n28,500\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n73,400\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Organic Change\n\n \n\n \n\n \n23,700\n\n \n\n \n\n \n \n\n \n\n \n\n \n10,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n400\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n17,900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n20,900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n39,200\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(50,000\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n8,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(41,900\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Q4 2023 Adjustments: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nC&W Caribbean - Jamaica 1\n\n \n\n \n\n \n37,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(12,700\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(12,700\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nC&W Caribbean - The Bahamas \n\n \n\n \n\n \n4,800\n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,000\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(400\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,000\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,400\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,800\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,000\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,000\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nC&W Caribbean - Other1\n\n \n\n \n\n \n30,500\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Q4 2023 Adjustments:\n\n \n\n \n\n \n72,300\n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,000\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(400\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(2,000\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,400\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(3,800\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(12,700\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1,000\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(13,700\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNet Adds (Losses)\n\n \n\n \n\n \n96,000\n\n \n\n \n\n \n \n\n \n\n \n\n \n8,600\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15,900\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n19,500\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n35,400\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(62,700\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n7,100\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(55,600\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \nPrimarily relates to homes passed adjustments through the network upgrade process. Jamaica prepaid adjustment relates to mobile 2G shutdown.\n\n \n \n ARPU per Customer Relationship \n\n \nThe following table provides ARPU per customer relationship for the indicated periods:\n\n \n \n \n \n\n \n\n \n\n \n Three months ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n FX-Neutral1 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n December 31, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n % Change \n\n \n\n \n\n \n \n\n \n\n \n\n \n % Change \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Reportable Segment: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nC&W Caribbean\n\n \n\n \n\n \n$\n\n \n\n \n\n \n49.66\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n49.41\n\n \n\n \n\n \n \n\n \n\n \n\n \n1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nC&W Panama\n\n \n\n \n\n \n$\n\n \n\n \n\n \n38.58\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n38.39\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nLiberty Puerto Rico \n\n \n\n \n\n \n$\n\n \n\n \n\n \n73.32\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n74.05\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n \n Liberty Costa Rica 2\n\n \n\n \n\n \n$\n\n \n\n \n\n \n44.32\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n44.57\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(2\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n \n Cable & Wireless Borrowing Group \n\n \n\n \n\n \n$\n\n \n\n \n\n \n47.03\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n46.80\n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n Mobile ARPU \n\n \nThe following table provides ARPU per mobile subscriber for the indicated periods:\n\n \n \n \n \n\n \n\n \n\n \n \n Three months ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n FX-Neutral1 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n December 31, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n September 30, 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n % Change \n\n \n\n \n\n \n \n\n \n\n \n\n \n % Change \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n Reportable Segment: \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \nC&W Caribbean\n\n \n\n \n\n \n \n $ 14.55 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n $ 14.57 \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n % \n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nC&W Panama\n\n \n\n \n\n \n \n $ 11.12 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n $ 11.17 \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n % \n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nLiberty Puerto Rico \n\n \n\n \n\n \n \n $ 38.95 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n $ 38.81 \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n % \n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n Liberty Costa Rica 3\n\n \n\n \n\n \n \n $ 6.74 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n $ 6.56 \n\n \n\n \n\n \n \n\n \n\n \n\n \n3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n Cable & Wireless Borrowing Group \n\n \n\n \n\n \n \n $ 12.85 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n $ 12.85 \n\n \n\n \n\n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n % \n \n \n\n \n\n \n\n \n—\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \nThe FX-Neutral change represents the percentage change on a sequential basis adjusted for FX impacts and is calculated by adjusting the current-period figures to reflect translation at the foreign currency rates used to translate the prior quarter amounts.\n\n \n \nThe ARPU per customer relationship amounts in Costa Rican colones for the three months ended December 31, 2023 and September 30, 2023 were CRC 23,564 and CRC 24,074 , respectively.\n\n \n \nThe mobile ARPU amount in Costa Rican colones for the three months ended December 31, 2023 and September 30, 2023 were CRC 3,580 and CRC 3,544 , respectively.\n\n \n \n Forward-Looking Statements and Disclaimer \n\n \nThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our strategies, priorities and objectives, performance, guidance and growth expectations; our digital strategy, product innovation and commercial plans and projects; subscriber growth; expectations on demand for connectivity in the region; our anticipated integration plans, including timing for completion, synergies, opportunities and integration costs in Puerto Rico following the AT&T Acquisition; the strength of our balance sheet and tenor of our debt; our share repurchase program; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include events that are outside of our control, such as hurricanes and other natural disasters, political or social events, and pandemics, such as COVID-19, the uncertainties surrounding such events, the ability and cost to restore networks in the markets impacted by hurricanes or generally to respond to any such events; the continued use by subscribers and potential subscribers of our services and their willingness to upgrade to our more advanced offerings; our ability to meet challenges from competition, to manage rapid technological change or to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers; the effects of changes in laws or regulation; general economic factors; our ability to successfully acquire and integrate new businesses and realize anticipated efficiencies from acquired businesses; the ability to obtain regulatory approvals for the transaction with DISH Networks and satisfy the other conditions to closing; the availability of attractive programming for our video services and the costs associated with such programming; our ability to achieve forecasted financial and operating targets; the outcome of any pending or threatened litigation; the ability of our operating companies to access cash of their respective subsidiaries; the impact of our operating companies' future financial performance, or market conditions generally, on the availability, terms and deployment of capital; fluctuations in currency exchange and interest rates; the ability of suppliers and vendors to timely deliver quality products, equipment, software, services and access; our ability to adequately forecast and plan future network requirements including the costs and benefits associated with network expansions; and other factors detailed from time to time in our filings with the Securities and Exchange Commission , including our most recently filed Form 10-K. These forward-looking statements speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.\n\n \n About Liberty Latin America \n\n \n Liberty Latin America is a leading communications company operating in over 20 countries across Latin America and the Caribbean under the consumer brands BTC, Flow, Liberty and Más Móvil, and through ClaroVTR, our joint venture in Chile . The communications and entertainment services that we offer to our residential and business customers in the region include digital video, broadband internet, telephony and mobile services. Our business products and services include enterprise-grade connectivity, data center, hosting and managed solutions, as well as information technology solutions with customers ranging from small and medium enterprises to international companies and governmental agencies. In addition, Liberty Latin America operates a subsea and terrestrial fiber optic cable network that connects approximately 40 markets in the region.\n\n \n Liberty Latin America has three separate classes of common shares, which are traded on the NASDAQ Global Select Market under the symbols “LILA” (Class A) and “LILAK” (Class C), and on the OTC link under the symbol “LILAB” (Class B).\n\n \nFor more information, please visit www.lla.com .\n\n \n Footnotes \n\n \n \nRebased growth rates are a non-GAAP measure. The indicated growth rates are rebased for the estimated impacts of (i) for the twelve-month comparison, an acquisition and a disposition, (ii) the acquisition by our Liberty Costa Rica segment of the B2B Costa Rican operations within our Liberty Networks segment and (iii) FX. See Non-GAAP Reconciliations below.\n\n \n \nWe provide rebased revenue and Adjusted OIBDA growth rates, each a non-GAAP measure, for Liberty Latin America excluding VTR in light of the October 2022 deconsolidation of VTR that occurred in connection with the closing of our joint venture in Chile with América Móvil. See the tables below for the required non-GAAP reconciliations.\n\n \n \nConsolidated Adjusted OIBDA is a non-GAAP measure. For the definition of Adjusted OIBDA and required reconciliations, see Non-GAAP Reconciliations below.\n\n \n \nAdjusted Free Cash Flow (“Adjusted FCF”) is a non-GAAP measure. For the definition of Adjusted FCF and required reconciliations, see Non-GAAP Reconciliations below.\n\n \n \nSee Glossary for the definition of RGUs and mobile subscribers. Organic figures exclude RGUs and mobile subscribers of acquired entities at the date of acquisition and other non-organic adjustments, but include the impact of changes in RGUs and mobile subscribers from the date of acquisition. All subscriber / RGU additions or losses refer to net organic changes, unless otherwise noted.\n\n \n \n Additional Information | Cable & Wireless Borrowing Group \n\n \nThe following tables reflect preliminary unaudited selected financial results, on a consolidated C&W basis, for the periods indicated, in accordance with U.S. GAAP.\n\n \n \n \n \n\n \n\n \n\n \n Three months ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n December 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Change \n\n \n\n \n\n \n \n\n \n\n \n\n \n Rebased change1 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n in millions, except % amounts \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRevenue\n\n \n\n \n\n \n$\n\n \n\n \n\n \n660.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n669.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(1\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n(1\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOperating income\n\n \n\n \n\n \n$\n\n \n\n \n\n \n64.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n77.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(16\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted OIBDA\n\n \n\n \n\n \n$\n\n \n\n \n\n \n288.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n275.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProperty & equipment additions\n\n \n\n \n\n \n$\n\n \n\n \n\n \n106.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n114.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(7\n\n \n\n \n\n \n%)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOperating income as a percentage of revenue\n\n \n\n \n\n \n \n\n \n\n \n\n \n9.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted OIBDA as a percentage of revenue\n\n \n\n \n\n \n \n\n \n\n \n\n \n43.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n41.1\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProportionate Adjusted OIBDA\n\n \n\n \n\n \n$\n\n \n\n \n\n \n239.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n231.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n Year ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n December 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Change \n\n \n\n \n\n \n \n\n \n\n \n\n \n Rebased change1 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n in millions, except % amounts \n\n \n\n \n\n \n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRevenue\n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,543.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,448.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOperating income (loss)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n269.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n(252.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \nN.M.\n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted OIBDA\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,086.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,000.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n9\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n10\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProperty & equipment additions\n\n \n\n \n\n \n$\n\n \n\n \n\n \n399.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n369.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOperating income (loss) as a percentage of revenue\n\n \n\n \n\n \n \n\n \n\n \n\n \n10.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(10.3\n\n \n\n \n\n \n) %\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted OIBDA as a percentage of revenue\n\n \n\n \n\n \n \n\n \n\n \n\n \n42.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n40.8\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProportionate Adjusted OIBDA\n\n \n\n \n\n \n$\n\n \n\n \n\n \n916.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n852.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \nN.M. – Not Meaningful.\n\n \n1. Indicated growth rates are rebased for the estimated impacts of an acquisition for the twelve-month comparison, FX and the acquisition by the Liberty Costa Rica borrowing group of the B2B Costa Rican operations within our C&W borrowing group.\n\n \nThe following table details the U.S. dollar equivalent of the nominal amount outstanding of C&W's third-party debt and cash and cash equivalents:\n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30 , \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n Facility Amount \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n in millions \n\n \n\n \n\n \n \n \n Credit Facilities: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRevolving Credit Facility due 2027 (Adjusted Term SOFR + 3.25%)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n580.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n20.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTerm Loan Facility B-5 due 2028 (Adjusted Term SOFR + 2.25%)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,510.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,510.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,510.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTerm Loan Facility B-6 due 2029 (Adjusted Term SOFR + 3.00%)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n590.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n590.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n590.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Senior Secured Credit Facilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,100.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,120.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n4.25% CWP Term Loan due 2028\n\n \n\n \n\n \n$\n\n \n\n \n\n \n435.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n435.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n435.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRegional and other debt1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n159.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n129.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Credit Facilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,694.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,684.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNotes:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n5.75% USD Senior Secured Notes due 2027\n\n \n\n \n\n \n$\n\n \n\n \n\n \n495.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n495.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n495.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n6.875% USD Senior Notes due 2027\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,220.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,220.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,220.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Notes\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,715.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,715.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVendor financing and Tower Transactions\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n460.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n260.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Total third-party debt \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,869.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,659.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLess: premiums, discounts and deferred financing costs, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(25.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(27.4\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n Total carrying amount of third-party debt \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,843.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n4,632.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLess: cash and cash equivalents\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(737.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(384.1\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n Net carrying amount of third-party debt \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,105.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n4,248.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n1. Amounts include $69 million of amortizing loans which are due in three annual installments beginning in May 2024 .\n\n \n \nAt December 31, 2023 , our third-party total and proportionate net debt was $4.1 billion and $3.8 billion , respectively, our Fully-swapped Borrowing Cost was 5.5%, and the average tenor of our debt obligations (excluding vendor financing and debt related to the Tower Transactions) was approximately 4.1 years.\n\n \n \nOur portion of Adjusted OIBDA, after deducting the noncontrolling interests' share, (“Proportionate Adjusted OIBDA”) was $239 million for Q4 2023.\n\n \n \nC&W's Covenant Proportionate Net Leverage Ratio was 3.6x, which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with C&W's Credit Agreement.\n\n \n \nAt December 31, 2023 , we had maximum undrawn commitments of $637 million , including $65 million under our regional facilities. At December 31, 2023 , the full amount of unused borrowing capacity under our credit facilities (including regional facilities) was available to be borrowed, both before and after completion of the December 31, 2023 compliance reporting requirements.\n\n \n \n Liberty Puerto Rico (LPR) Borrowing Group \n\n \nThe following tables reflect preliminary unaudited selected financial results, on a consolidated Liberty Puerto Rico basis, for the periods indicated, in accordance with U.S. GAAP:\n\n \n \n \n \n\n \n\n \n\n \n Three months ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n December 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Change \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n in millions, except % amounts \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRevenue\n\n \n\n \n\n \n$\n\n \n\n \n\n \n353.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n372.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(5\n\n \n\n \n\n \n) %\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOperating income\n\n \n\n \n\n \n$\n\n \n\n \n\n \n9.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n32.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(70\n\n \n\n \n\n \n) %\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted OIBDA\n\n \n\n \n\n \n$\n\n \n\n \n\n \n103.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n117.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(12\n\n \n\n \n\n \n) %\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProperty & equipment additions\n\n \n\n \n\n \n$\n\n \n\n \n\n \n60.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n78.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(23\n\n \n\n \n\n \n) %\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOperating income as a percentage of revenue\n\n \n\n \n\n \n \n\n \n\n \n\n \n2.7\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted OIBDA as a percentage of revenue\n\n \n\n \n\n \n \n\n \n\n \n\n \n29.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n31.6\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n\n \n\n \n Year ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n December 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Change \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n in millions, except % amounts \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRevenue\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,417.7\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,463.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(3\n\n \n\n \n\n \n) %\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOperating income\n\n \n\n \n\n \n$\n\n \n\n \n\n \n175.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n222.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(21\n\n \n\n \n\n \n) %\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted OIBDA\n\n \n\n \n\n \n$\n\n \n\n \n\n \n485.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n530.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(9\n\n \n\n \n\n \n) %\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProperty & equipment additions\n\n \n\n \n\n \n$\n\n \n\n \n\n \n219.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n233.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(6\n\n \n\n \n\n \n) %\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOperating income as a percentage of revenue\n\n \n\n \n\n \n \n\n \n\n \n\n \n12.4\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n15.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted OIBDA as a percentage of revenue\n\n \n\n \n\n \n \n\n \n\n \n\n \n34.2\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n36.3\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \nThe following table details the nominal amount outstanding of Liberty Puerto Rico's third-party debt, finance lease obligations and cash and cash equivalents:\n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n December 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n September 30 , \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n Facility amount \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n in millions \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Credit Facilities: \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRevolving Credit Facility due 2027 (Adjusted Term SOFR + 3.50%)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n172.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n—\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTerm Loan Facility due 2028 (Adjusted Term SOFR + 3.75%)\n\n \n\n \n\n \n$\n\n \n\n \n\n \n620.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n620.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n620.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Senior Secured Credit Facilities\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n620.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n620.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nNotes:\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n6.75% Senior Secured Notes due 2027\n\n \n\n \n\n \n$\n\n \n\n \n\n \n1,161.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,161.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,161.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n5.125% Senior Secured Notes due 2029\n\n \n\n \n\n \n$\n\n \n\n \n\n \n820.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n820.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n820.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nTotal Notes\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,981.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n1,981.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nVendor financing, Tower Transactions and other\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n100.3\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n41.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nFinance lease obligations\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n5.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n Total debt and finance lease obligations \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,706.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,648.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLess: premiums and deferred financing costs, net\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(21.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(23.5\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n Total carrying amount of debt \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,684.9\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n2,624.6\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nLess: cash, cash equivalents and restricted cash related to debt1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(127.9\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n(52.2\n\n \n\n \n\n \n)\n\n \n\n \n\n \n \n \n Net carrying amount of debt \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,557.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n$\n\n \n\n \n\n \n2,572.4\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nCash amounts include restricted cash that serves as collateral against certain lines of credit associated with funding received from the FCC to continue to expand and improve our fixed network in Puerto Rico .\n\n \n \n \nAt December 31, 2023 , our Fully-swapped Borrowing Cost was 6.2% and the average tenor of our debt (excluding vendor financing, debt related to the Tower Transactions and other debt) was approximately 4.6 years.\n\n \n \nLPR's Covenant Consolidated Net Leverage Ratio was 5.2x, which is calculated by annualizing the last two quarters of Covenant EBITDA in accordance with LPR’s Group Credit Agreement.\n\n \n \nAt December 31, 2023 , we had maximum undrawn commitments of $173 million . At December 31, 2023 , the full amount of unused borrowing capacity under our revolving credit facility was available to be borrowed, both before and after completion of the December 31, 2023 compliance reporting requirements.\n\n \n \n Liberty Costa Rica Borrowing Group \n\n \nThe following tables reflect preliminary unaudited selected financial results, on a consolidated Liberty Costa Rica basis, for the periods indicated, in accordance with U.S. GAAP:\n\n \n \n \n \n\n \n\n \n\n \n Three months ended \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n December 31 , \n\n \n\n \n\n \n \n\n \n\n \n\n \n Change \n\n \n\n \n\n \n \n\n \n\n \n\n \n Rebased\nchange1 \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n 2023 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n 2022 \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n CRC in billions, except % amounts \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nRevenue\n\n \n\n \n\n \n79.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n71.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n11\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n10\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOperating income\n\n \n\n \n\n \n18.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n8.2\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n121\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nAdjusted OIBDA\n\n \n\n \n\n \n30.8\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n22.1\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n39\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n36\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nProperty & equipment additions\n\n \n\n \n\n \n15.5\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n12.0\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n29\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \nOperating income as a percentage of revenue\n\n \n\n \n\n \n22.9\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n11.5\n\n \n\n \n\n \n%\n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n \n \n \n\n \n\n \n\n \n \n\n \n\n \n\n \n...

View stock analysis, news, and events for Liberty Latin America Ltd.