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美國證券交易所(SEC)
華盛頓特區20549
表 10-Q
☑根據1934年證券交易法第13或15(d)節的季度報告
截至季度結束
2024年9月30日
或者
☐根據1934年證券交易法第13或15(d)節的轉型報告書
過渡期從 到                   
委託文件號碼：001-38335
colorlogoa21.jpg
Liberty Latin America Ltd.
（根據其章程規定的準確名稱）
百慕大 98-1386359
（註冊地或其他組織機構的州或其他轄區） （納稅人識別號碼）
2 Church Street, 
 漢密爾頓HM 11
(主要領導機構的地址) (郵政編碼)
註冊人的電話號碼，包括區號： (441) 295-5950 或致電(303) 925-6000
在法案第12(b)條的規定下注冊的證券：
每種類別的證券交易符號名稱爲每個註冊的交易所:
普通A類股份，每股面值爲$0.01LILA納斯達克股票市場有限責任公司
普通股C類，面值每股0.01美元本8-K表格和附爲展示文本99.1的新聞稿中的信息是根據第7.01條提交的，不應被視爲1934年證券交易法第18條的「文件」，也沒有任何受到該部分的責任。納斯達克股票市場有限責任公司
請用複選標記表示註冊者是否已在過去12個月內（或註冊者要求提交此類報告的較短期間）根據1934年證券交易法第13或第15（d）條款提交了所有必須提交的報告，並且過去90天內一直受到此類提交要求的約束。Yes  þ沒有¨
請在檢查標記處打勾，表示公司已經在過去的12個月內(或對於公司需要提交此類文件的較短時間內)，通過規則405號提交了每個互動數據文件。Yes  þ沒有¨
​
大型加速存取器☑加速文件提交人☐非大型快速提交者☐
較小的報告公司☐新興成長公司☐


如果是新興成長公司，請通過複選標記指示，說明註冊申請人是否選擇不使用根據交易所法案第13(a)節提供的任何新的或修訂的財務會計準則的延長過渡期。¨
請用複選標記指示註冊者是否爲殼公司（如《交易所法》120 Billion.2規定的定義）。
Yes
☐No
þ
截至2024年10月31日，Liberty Latin America Ltd.的普通股發行量爲： 38.0 百萬股A類； 2.4 百萬股B類；以及 156.3 百萬股C類。


自由拉丁美洲有限公司。
目錄
 
  
數量
第一部分 - 財務信息
項目1。基本報表
2024年9月30日和2023年12月31日的壓縮合並資產負債表（未經審計）
2024年9月30日和2023年的三個和九個月期間的壓縮合並營運報表（未經審計）
2024年9月30日及2023年控件綜合收益（虧損）三個月和九個月期間的壓縮合並財務報表（未經審計）
2024年9月30日止三個和九個月的未經審計簡明綜合股東權益報表及2023年
2024年9月30日至2023年9月30日期間的簡明合併現金流量表（未經審計）
基本財務報表附註（未經審計）
項目2。
管理層討論和分析財務狀況和經營業績
項目3。市場風險的定量和定性披露
項目4。控制和程序
第II部分 其他信息
項目1。
法律訴訟
事項二非註冊股票的銷售和使用收益
項目5。其他信息
項目6。展示



定義術語詞彙表
除非上下文另有要求，否則參考 Liberty Latin America, “我們,” “我們的,” “我們公司”和“我們”在本臨時報告形式10-Q（如下所定義）中可能指Liberty Latin America Ltd.或泛指Liberty Latin America Ltd.及其子公司。我們在本季度報告表格10-Q中使用了其他幾個術語，其中大多數被定義或解釋如下。
2023年10-K表格年度報告10-k表格已根據交易所法案提交給證券交易委員會，截至2023年12月31日
2027年CW高級票據由CW Senior Finance發行的截至2027年9月15日到期的12億美元總本金6.875%高級票據
2027年CW高級擔保票據
由Sable International Finance Limited發行的截至2027年9月7日到期的49500萬美元總本金5.75%高級擔保票據
2027年LPR高級擔保票據由LCPR Senior Secured Financing發行的截至2027年10月15日到期的12億美元總本金6.75%高級擔保票據
2028年CWP期限貸款$43500萬美元本金利率4.25%的期限貸款，截至2028年1月18日到期，由CWP發行
2028年LPR期限貸款$62000萬美元本金調整後的SOFR + 3.75%期限貸款，截至2028年10月15日到期，由LCPR Loan Financing發行
2029年LPR首次擔保票據$82000萬美元本金利率5.125%的首次擔保票據，截至2029年7月15日到期，由LCPR首次擔保融資發行
2031年LCR A期限貸款$5000萬美元本金利率10.875%的首次擔保期限貸款，截至2031年1月15日到期，由Liberty Servicios借款；自2028年7月15日起，可通過未達到由Liberty Costa Rica最遲在2027年12月31日前定義的可持續發展績效目標（在授信協議中定義）逐年增加0.125%的利率
2031年LCR分期貸款B$40000萬的本金金額10.875%的高級擔保分期貸款，到期日爲2031年1月15日，由Liberty Servicios借款；從2028年7月15日起，如利用可持續性績效目標（在授信協議中定義）未到達的情況，即截至2027年12月31日，適用利率將每年增加0.125%。
2032年C&W高級擔保票據$10億的總本金金額7.125%的高級擔保票據，到期日爲2032年10月15日，由Sable International Finance Limited發行
調整後的OIBDA在扣除基於股票的報酬和其他與僱員激勵計劃相關支出、折舊和攤銷、與重大訴訟和減值、重組和其他營運項目相關的計提和減記前的營業利潤或虧損。其他營運項目包括（i）處置長期資產產生的收益和損失、（ii）與成功和失敗收購和處置直接相關的第三方成本，其中包括法律、諮詢和盡職調查費用，如適用的，以及（iii）其他與收購相關的項目，如結算待定對價造成的收益和損失。
調整後的OIBDA利潤率調整後的OIBDA除以營業收入
調整後的Term SOFR調整後的SOFR美元貸款利率如下：(i) 一個月利率爲0.11448%，(ii) 三個月利率爲0.26161%，(iii) 六個月利率爲0.42826%
América MóvilAmérica Móvil S.A.b. de C.V。
ARPU平均每個固定RGU或移動用戶的月度訂閱收入，視情況而定
會計準則更新會計準則更新
AT&T
AT&t 收購2020年10月31日收購了所有的AT&t收購實體的優秀股份
AT&t 收購實體總稱，Liberty Mobile Inc.，Liberty Mobile Puerto Rico Inc.和Liberty Mobile USVI Inc.
B2B企業間交易
C&WCable & Wireless Communications Limited及其子公司
C&W 巴哈馬巴哈馬電信有限公司，C&W 持有其49%的子公司，在巴哈馬擁有我們所有的業務
C&W 加勒比報告部門，包括C&W所有的子公司，但不包括我們的C&W巴拿馬和利比特網絡部門內的子公司

已定義術語詞彙表 - (續)
C&W信貸設施C&W某些子公司的優先擔保信貸設施包括：(i) C&W Term Loan b-6 設施；(ii) C&W Term Loan b-5 設施；(iii) C&W 循環信貸設施；以及 (iv) C&W 區域設施
C&W牙買加C&W牙買加電纜及無線通訊有限公司，C&W的92%持股子公司
C&W票據C&W的優先和優先擔保票據包括：(i) 2027 C&W優先擔保票據；以及 (ii) 2027 C&W優先票據
C&W 巴拿馬巴拿馬業務的可報告細分
C&W 區域型設施主要包括 CWP、Columbus 通信特立尼達有限公司和Columbus 通信牙買加有限公司的信貸設施
C&W 循環信貸設施$58000萬調整後的 SOFR 利率 + 3.25% 循環信貸設施，於2027年1月30日到期，可一直維持至2024年9月修訂，屬於 C&W
C&W 高級金融C&W 高級金融有限公司，是 C&W 的全資子公司
C&W b-5 期貸款設施$151000萬本金調整後的 SOFR 利率 + 2.25% b-5 期貸款設施，於2028年1月31日到期，屬於 C&W
C&W貸款 b-6 設施$59000萬 信安金融調整後的Term SOFR + 3.00% 到期日爲2029年10月15日的b-6貸款設施
智利合資企業由Liberty Latin America和América Móvil共同擁有的合資企業，每個投資者佔50%，成立於2022年10月
智利合資企業實體代表貢獻給智利合資企業的實體，包括Lila Chile Holding BV及其子公司，包括VTR
CIP建造中的固定資產
巴拿馬Claro美洲Movil在巴拿馬的業務
巴拿馬Claro收購2022年7月1日收購巴拿馬Claro
智利披索智利披索
CODM（首席運營決策人）首席運營決策者
可轉換債券14000萬美元主金額2%可轉換到期日爲2024年7月15日的優先票據，由Liberty Latin America發行（於2024年7月償還）
可轉換票據封頂看漲期權封頂看漲期權合同，與我們的可轉換票據發行相關（於2024年完全取消）
巴克萊銀行保持對卡隆石油（紐交所：CPE）的低評級，將目標股價從0.5美元上調至5美元。客戶端設備
CRC哥斯達黎加科朗
CWPCable及無線巴拿馬有限公司，是C&W持有49%股權的子公司，擁有巴拿馬大部分業務
CWP信貸設施CWP信貸設施包括：(i) 2028年CWP貸款和(ii) CWP循環信貸設施
CWP循環信貸設施2000萬美元本金，按照調整後的期限SOFR利率+3.75%旋轉信貸設施，到期日爲2027年1月18日，位於CWP
CWSFCable及無線退休基金
董事們自由拉丁美洲董事會成員
dish networkDISH Network Corporation
EchoStar回聲星通信。
員工激勵計劃Liberty拉丁美洲有限公司2018激勵計劃
每股收益每股收益或每股虧損
ESPP員工股票購買計劃
使擁有公司註冊證券類別10%以上股權的官員、董事或實際股東代表簽署人遞交表格3、4和5（包括修正版及有關聯合遞交協議）,符合證券交易法案第16(a)條及其下屬規則規定的要求；證券交易所法(1934年修改)第425條規定
高級管理人員自由拉丁美洲的首席執行官和首席財務官
FASB財務會計準則委員會
FCC美國聯邦通信委員會
除非董事會書面批准，否則公司或其子公司及附屬實體將不提供或致使提供任何關於證券發行和銷售的發售材料，包括任何最終發售募集說明書。美國1977年修正外國腐敗行爲法案
外匯期貨外幣翻譯效應
JMDJamaican dollar

已定義術語詞彙表 - (續)
LCPR波多黎各自由通信有限責任公司
LCPR貸款融資
LCPR貸款融資有限責任公司，是爲促進某些固定利率債務發行而創建的合併特殊目的融資實體。由於LCPR對LCPR貸款融資中的某些變量利益具有主要權益，LCPR需要合併LCPR貸款融資。
LCPR高級擔保融資
LCPR高級擔保融資指定活動公司，是爲促進某些債務發行而創建的合併特殊目的融資實體。由於Liberty Mobile對LCPR高級擔保融資中的某些變量利益具有主要權益，Liberty Mobile需要合併LCPR高級擔保融資。
LCR信貸設施波多黎各自由服務的高級擔保信貸設施包括：(i) 2031年LCR A期貸款; (ii) 2031年LCR B期貸款; 以及 (iii) LCR循環信貸設施
LCR 循環信貸設施6000萬美元 Term SOFR + 4.25% 修訂和重述的到期日爲2028年1月15日的循環信貸設施，由Liberty Servicios 提供
LCR Term Loan b-1 設施27700萬美元本金的LIBOR + 5.50% 定期貸款設施，其中50%於2024年2月1日到期，50%於2024年8月1日到期，由Liberty Servicios 提供（於2023年1月還清）
LCR Term Loan b-2 設施CRC 800億美元本金的TBP + 6.75% 定期貸款設施，其中50%於2024年2月1日到期，50%於2024年8月1日到期，由Liberty Servicios 提供（於2023年1月還清）
自由通訊波多黎各Liberty Communications PR Holding LP 及其下屬公司，包括LCPR和Liberty Mobile及其下屬公司
自由哥斯達黎加可報告部門包括自由服務和自由電信
自由拉丁美洲股份總體而言，自由拉丁美洲的A類、B類和C類普通股
自由移動自由移動公司及其子公司
自由網絡報告部門包括我們的託管服務和批發業務，主要通過我們的海底和陸地光纖電纜網絡運營；該部門包括C&W的某些子公司
自由波多黎各報告部門包括在波多黎各和美屬維爾京群島開展業務的自由通信PR
自由服務自由服務開多 LY有限公司，在哥斯達黎加間接持有80%股權的子公司，及其子公司，包括自由電信
自由電信自由電信哥斯達黎加開多LY有限公司（前身爲哥斯達黎加TC有限公司），在哥斯達黎加間接持有80%股權及其子公司
倫敦銀行同業拆借利率倫敦同業拆放利率
陽光私募收購2024年9月3日收購回聲星通信在波多黎各和美屬維爾京群島的頻譜資產和預付移動訂閱用戶
陽光私募信貸設施自由波多黎各的高級擔保信貸設施包括：(i) 2028年陽光私募貸款；和 (ii) 陽光私募循環信貸設施
陽光私募循環信貸設施17300萬美元調整後SOFR + 3.5%循環信貸設施，到期日爲2027年3月15日的陽光私募
陽光私募高級擔保票據
自由波多黎各的高級擔保票據包括：(i) 2029年陽光私募高級擔保票據；和 (ii) 2027年陽光私募高級擔保票據
長期價值計劃是僱員激勵計劃的一部分，僱員每年獲得一筆固定價值獎勵，在三年內分期歸屬，並可由Liberty Latin America的薪酬委員會自行決定結算方式，可以選擇以普通股或現金結算。Millicom International Cellular S.A.
Millicom
資產依賴的股票增值權
OFAC外國資產控制辦公室
業績導向的股票增值權業績爲基礎的股票增值權
PSU基於績效的限制性股票單位
第10-Q表的季度報告根據《交易法》向證券交易委員會提交的Form 10-Q季度報告
訂閱用戶數營收生成單位

已定義術語詞彙表 - (續)
RSUs支付限制性股票單位
股票認購權股票增值權
SEC美國證券交易委員會
股份回購計劃2023年5月8日，我們的董事會批准了一項股份回購計劃，以在2025年12月之前回購20000萬美元的A類普通股和/或C類普通股。此外，2024年5月7日，我們的董事會批准額外2億美元用於在2026年12月之前通過股份回購計劃回購我們的A類普通股和/或C類普通股。
SOFR基準利率基於由紐約聯邦儲備銀行管理的擔保隔夜融資利率
TBPTasa Básica Pasiva利率
固定利率的SOFR基於CME Group Benchmark Administration Limited發佈的SOFR的前瞻性期限利率
Tower Transactions與我們在各個市場中某些移動塔架相關的交易，這些交易 (i) 有15或20年的期限，且不符合作爲出售和租回的標準， (ii) 還包括我們有責任在未來5年內建造的「按訂單建造」的場地。與這些交易相關的財務負債的加權平均虛擬利率約爲8%。
美國交易法案交易所美國
美國通用會計準則美國一般會計準則
美屬維爾京群島美屬維爾京群島
增值稅/s/ 曾強林
VTRVTR Finance N.V.及其子公司，作爲智利合資企業關閉日期時的一個可報告部門
氣候衍生品提供特定天氣事件保險覆蓋的氣候衍生合約
WOWWOW TEL控股有限公司


自由拉丁美洲有限公司。
簡明合併資產負債表
（未經審計）
 
9月30日，
2024		12月31日,
2023
 百萬美元
資產
流動資產：
現金及現金等價物$588.6 $988.6 
交易應收賬款淨額705.5 686.1 
預付費用101.0 68.8 
當前衍生品資產74.9 92.0 
當前應收票據淨額105.8 107.0 
當前合同資產108.7 110.2 
其他流動資產淨額382.6 359.5 
總流動資產2,067.1 2,412.2 
商譽 2,987.9 3,483.4 
房地產及設備（淨額）4,038.5 4,205.7 
不需攤銷的無形資產
1,819.3 1,592.8 
無形資產按攤銷後淨額
426.0 541.6 
其他資產，淨值1,389.5 1,358.9 
資產總額$12,728.3 $13,594.6 



所附附附註是這些簡明合併財務報表不可分割的一部分。
1

LIBERTY LATIN AMERICA LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS – (Continued)
(unaudited)
9月30日，
2024		12月31日,
2023
 百萬美元
負債和股東權益
流動負債:
應付賬款$286.7 $424.4 
吊銷集團的商業和營運許可證126.5 167.1 
當前負債和融資租賃義務的一部分549.6 581.9 
應計利息114.5 157.3 
應計的工資和員工福利93.9 79.1 
流動衍生負債51.1 25.0 
經營租賃負債流動部分88.2 84.3 
其他應付及流動負債 637.9 613.5 
流動負債合計1,948.4 2,132.6 
長期負債及融資租賃義務 7,606.3 7,598.0 
遞延所得稅負債476.7 630.6 
遞延收入85.1 91.6 
其他開多期負債845.6 832.1 
負債合計10,962.1 11,284.9 
承諾和事項
股東權益：
Liberty Latin America股東：
A類，$0.01每股面值; 500.0授權100萬股；53.7500萬股，並且總成本（包括佣金和消費稅）分別爲$38.0 在2024年9月30日分別已發行和流通的股份分別爲XXX百萬股； 52.6500萬股，並且總成本（包括佣金和消費稅）分別爲$40.8分別於2023年12月31日和2024年6月30日擁有已發行和流通股份1,992.3萬股和3,514.6萬股；
0.5 0.5 
B類股，$0.01每股面值; 50.0授權100萬股；2.4 截至2024年9月30日，發行並流通億股； 2.2 截至2023年12月31日，發行並流通億股
— — 
C級，$0.01每股面值; 500.0授權100萬股；192.4500萬股，並且總成本（包括佣金和消費稅）分別爲$156.3 分別爲截至2024年9月30日，發行並流通萬股； 189.6500萬股，並且總成本（包括佣金和消費稅）分別爲$161.7 截至2023年12月31日，分別發行和流通的股份數和xx百萬股
1.9 1.9 
未指定優先股，$xx0.01每股面值; 50.0授權100萬股；無 每個時期發行和流通的股份數爲xx股
— — 
庫藏股，按成本計量； 51.8500萬股，並且總成本（包括佣金和消費稅）分別爲$39.6分別爲3,670.7萬股和3,682.2萬股
(444.1)(361.2)
資本公積
5,290.3 5,262.0 
累積赤字(3,420.7)(2,941.7)
歸屬於母公司股東的其他綜合收益損失，減稅後淨額(201.1)(198.0)
所有Liberty Latin America股東
1,226.8 1,763.5 
非控制權益539.4 546.2 
股東權益總計1,766.2 2,309.7 
負債和所有者權益總額$12,728.3 $13,594.6 
所附附附註是這些簡明合併財務報表不可分割的一部分。
2

自由拉丁美洲有限公司。
簡明合併利潤表
（未經審計）
 截至9月30日的三個月，截至9月30日的九個月
 2024202320242023
 金額以百萬計，每股金額除外
營業收入 $1,089.2 $1,125.8 $3,306.6 $3,347.5 
營運成本和支出（不包括折舊和攤銷，另行列明如下）:
編程和其他服務的直接成本
231.9 259.1 717.4 740.2 
其他經營成本和費用
470.1 462.4 1,481.7 1,415.4 
折舊和攤銷245.4 230.5 729.9 705.6 
減值、重組和其他經營項目淨額521.4 11.1 553.6 81.6 
1,468.8 963.1 3,482.6 2,942.8 
業務利潤（虧損）(379.6)162.7 (176.0)404.7 
非經營性費用：
利息支出(159.2)(152.3)(471.3)(448.0)
衍生工具的已實現和未實現盈虧淨額(31.3)47.5 39.0 52.8 
外幣交易收益（損失），淨額(7.6)3.7 (30.7)46.2 
債務註銷的盈虧淨額— 0.3 (0.3)(3.9)
其他收入（費用）淨額2.9 (3.6)(3.7)(4.0)
(195.2)(104.4)(467.0)(356.9)
稅前收益（損失）(574.8)58.3 (643.0)47.8 
所得稅效益(費用)145.7 (10.4)176.5 (51.9)
淨收益（虧損）(429.1)47.9 (466.5)(4.1)
歸屬於非控股利益的淨虧損（收益）(6.7)11.8 (12.5)33.3 
歸屬於自由拉丁美洲股東的淨收益（虧損）$(435.8)$59.7 $(479.0)$29.2 
基本和稀釋的淨 每股基本和稀釋的淨收益（虧損），歸屬於自由拉丁美洲股東
$(2.22)$0.29 $(2.41)$0.14 




附註是這些簡明合併財務報表的組成部分。
3

LIBERTY LATIN AMERICA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)
(unaudited)
 
 Three months ended September 30,Nine months ended September 30,
 2024202320242023
 in millions
Net earnings (loss)$(429.1)$47.9 $(466.5)$(4.1)
Other comprehensive earnings (loss), net of taxes:
Foreign currency translation adjustments1.9 8.6 (1.2)31.0 
Reclassification adjustments included in net earnings (loss)(6.8)— (4.8)— 
Pension-related adjustments and other, net4.6 (4.0)4.1 (74.5)
Other comprehensive earnings (loss)(0.3)4.6 (1.9)(43.5)
Comprehensive earnings (loss)(429.4)52.5 (468.4)(47.6)
Comprehensive loss (earnings) attributable to noncontrolling interests(7.4)11.6 (13.7)32.4 
Comprehensive earnings (loss) attributable to Liberty Latin America shareholders$(436.8)$64.1 $(482.1)$(15.2)


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

LIBERTY LATIN AMERICA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(unaudited)
Liberty Latin America shareholdersNon-controlling
interests		Total equity
Common sharesTreasury StockAdditional paid-in capitalAccumulated deficitAccumulated
other
comprehensive loss, net of taxes		Total Liberty Latin America shareholders
Class AClass BClass C
in millions
Balance at July 1, 2023$0.5 $— $1.9 $(325.2)$5,227.5 $(2,898.6)$(198.0)$1,808.1 $567.2 $2,375.3 
Net earnings— — — — — 59.7 — 59.7 (11.8)47.9 
Other comprehensive earnings— — — — — — 4.4 4.4 0.2 4.6 
Repurchase of Liberty Latin America common shares— — — (29.5)— — — (29.5)— (29.5)
Share-based compensation— — — — 24.9 — — 24.9 — 24.9 
Other— — — — — — — — 5.5 5.5 
Balance at September 30, 2023$0.5 $— $1.9 $(354.7)$5,252.4 $(2,838.9)$(193.6)$1,867.6 $561.1 $2,428.7 
Balance at January 1, 2023$0.5 $— $1.9 $(243.4)$5,177.1 $(2,868.1)$(149.2)$1,918.8 $637.9 $2,556.7 
Net loss— — — — — 29.2 — 29.2 (33.3)(4.1)
Other comprehensive loss— — — — — — (44.4)(44.4)0.9 (43.5)
Repurchase of Liberty Latin America common shares— — — (111.3)— — — (111.3)— (111.3)
Cash and non-cash distributions to
  noncontrolling interest owners
— — — — — — — — (49.9)(49.9)
Share-based compensation— — — — 75.3 — — 75.3 — 75.3 
Other— — — — — — — — 5.5 5.5 
Balance at September 30, 2023$0.5 $— $1.9 $(354.7)$5,252.4 $(2,838.9)$(193.6)$1,867.6 $561.1 $2,428.7 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

LIBERTY LATIN AMERICA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY – (Continued)
(unaudited)
Liberty Latin America shareholdersNon-controlling
interests		Total equity
Common sharesTreasury StockAdditional paid-in capitalAccumulated deficitAccumulated
other
comprehensive loss, net of taxes		Total Liberty Latin America shareholders
Class AClass BClass C
in millions
Balance at July 1, 2024$0.5 $— $1.9 $(444.1)$5,278.6 $(2,984.9)$(200.1)$1,651.9 $541.8 $2,193.7 
Net loss— — — — — (435.8)— (435.8)6.7 (429.1)
Other comprehensive loss— — — — — — (1.0)(1.0)0.7 (0.3)
Cash distributions to noncontrolling interest owners— — — — — — — — (11.8)(11.8)
Contribution from noncontrolling interest owner— — — — — — — — 2.0 2.0 
Share-based compensation— — — — 11.7 — — 11.7 — 11.7 
Balance at September 30, 2024$0.5 $— $1.9 $(444.1)$5,290.3 $(3,420.7)$(201.1)$1,226.8 $539.4 $1,766.2 
Balance at January 1, 2024$0.5 $— $1.9 $(361.2)$5,262.0 $(2,941.7)$(198.0)$1,763.5 $546.2 $2,309.7 
Net loss— — — — — (479.0)— (479.0)12.5 (466.5)
Other comprehensive loss— — — — — — (3.1)(3.1)1.2 (1.9)
Repurchase of Liberty Latin America common shares— — — (82.9)— — — (82.9)— (82.9)
Cash distributions to noncontrolling interest owners— — — — — — — — (22.5)(22.5)
Contribution from noncontrolling interest owner— — — — — — — — 2.0 2.0 
Share-based compensation— — — — 42.9 — — 42.9 — 42.9 
Capped call option contracts— — — — (14.6)— — (14.6)— (14.6)
Balance at September 30, 2024$0.5 $— $1.9 $(444.1)$5,290.3 $(3,420.7)$(201.1)$1,226.8 $539.4 $1,766.2 

The accompanying notes are an integral part of these condensed consolidated financial statements.
6

LIBERTY LATIN AMERICA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited) 
 Nine months ended September 30,
 20242023
 in millions
Cash flows from operating activities:
Net loss$(466.5)$(4.1)
Adjustments to reconcile net loss to net cash provided by operating activities:
Share-based compensation expense51.3 77.8 
Depreciation and amortization729.9 705.6 
Impairments and other non-cash activity, net513.3 49.5 
Amortization of debt financing costs, premiums and discounts, net15.1 23.5 
Realized and unrealized gains on derivative instruments, net(39.0)(52.8)
Foreign currency transaction losses (gains), net30.7 (46.2)
Losses on debt extinguishments, net0.3 3.9 
Deferred income tax expense benefit(278.0)(12.7)
Changes in operating assets and liabilities, net of an acquisition(199.4)(238.0)
Net cash provided by operating activities357.7 506.5 
Cash flows from investing activities:
Capital expenditures, net(376.7)(422.9)
Cash paid in connection with an acquisition(95.4)— 
Other investing activities, net(41.2)(29.6)
Net cash used by investing activities$(513.3)$(452.5)












The accompanying notes are an integral part of these condensed consolidated financial statements.
7

LIBERTY LATIN AMERICA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – (Continued)
(unaudited)
 Nine months ended September 30,
 20242023
 in millions
Cash flows from financing activities:
Borrowings of debt$619.3 $756.3 
Payments of principal amounts of debt and finance lease obligations(770.6)(855.6)
Repurchase of Liberty Latin America common shares(82.9)(110.8)
Distributions to non-controlling interest owners(22.5)(41.2)
Payment of financing costs and debt redemption premiums(3.0)(15.4)
Net cash received related to derivative instruments43.2 9.8 
Capped call premium payment(14.6)— 
Other financing activities, net(2.4)2.0 
Net cash used by financing activities(233.5)(254.9)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(6.2)(5.3)
Net decrease in cash, cash equivalents and restricted cash(395.3)(206.2)
Cash, cash equivalents and restricted cash:
Beginning of period999.8 788.9 
End of period$604.5 $582.7 
Cash paid for interest
$493.3 $423.6 
Net cash paid for taxes
$103.4 $60.3 
The accompanying notes are an integral part of these condensed consolidated financial statements.
8
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements
September 30, 2024
(unaudited)

(1)    Basis of Presentation
See the Glossary of defined terms at the beginning of this Quarterly Report on Form 10-Q for terms used throughout the condensed consolidated financial statements.
General
Liberty Latin America Ltd. is a registered company in Bermuda that primarily includes (i) C&W; (ii) Liberty Communications PR; and (iii) LBT CT Communications, S.A. (a less than wholly-owned entity) and its subsidiaries, which include Liberty Servicios and Liberty Telecomunicaciones. C&W owns less than 100% of certain of its consolidated subsidiaries, including C&W Bahamas, C&W Jamaica and CWP.
We are an international provider of fixed, mobile and subsea telecommunications services. We provide:
A.residential and B2B services in:
i.over 20 countries across Latin America and the Caribbean through two of our reportable segments, C&W Caribbean and C&W Panama;
ii.Puerto Rico and USVI, through our reportable segment Liberty Puerto Rico; and
iii.Costa Rica, through our reportable segment Liberty Costa Rica.
B.through our reportable segment Liberty Networks, (i) enterprise services in certain other countries in Latin America and the Caribbean and (ii) wholesale services over our subsea and terrestrial fiber optic cable networks that connect approximately 40 markets in that region.
Unless otherwise indicated, ownership percentages are calculated as of September 30, 2024.
附表所屬的簡明綜合基本報表已按照美國通用會計準則和《季度報告10-Q表格和S-X條例第10條》的指示編制，因此，這些基本報表不包括美國通用會計準則或證券交易委員會規則和條例要求的所有信息，以提供完整的基本報表。在管理層看來，這些基本報表反映了爲呈現中期期間業務結果所需的所有調整（包括正常的重複調整）。任何中期期間的經營業績並不一定代表全年業績。這些簡明綜合基本報表應當與我們2023年10-K表中包含的綜合基本報表和註釋一併閱讀。
根據美國通用會計準則編制財務報表需要管理層進行估計和假設，從而影響財務報表日期的資產和負債金額、報告期間的營業收入和費用金額。估計和假設在諸如收購相關資產和負債的估值、預期信用損失、編程和版權費用、遞延所得稅及相關估值準備、損失準備、公允價值衡量、減值測試、與施工和安裝活動相關的內部成本資本化、長期資產的預期使用壽命和與某些福利計劃相關的精算責任等方面的會計中使用。實際結果可能與這些估計有所不同。爲符合當前期報告，部分往年金額已重新分類。
9
Liberty Latin America Ltd.
基本報表附註 - （續）
2024年9月30日
（未經審計）
(2)    會計變動和最近的會計聲明
最近的會計聲明
ASU 2022-04
2022年9月，FASB發佈了ASU No. 2022-04， 負債－供應商融資計劃（專題 405-50）：披露供應商融資計劃的義務（2022-04年）ASU 2022-04)，要求在一定範圍內披露期間內的義務情況。由於報告期在2023年12月15日之後開始的財政年度內，義務滾動披露要求將會生效。我們的供應商融資計劃的其他披露在附註10中包含。
ASU 2023-07
2023年11月，FASB發佈了ASU 2023-07，該更新通過增強重要板塊支出的披露，改進了可報告板塊的披露要求。這個更新中的修正應在合併財務報表中呈現的所有之前期間中進行追溯，適用於2023年12月31日後開始的財政年度和2024年12月31日後的財政年度內的中期期間。早期實施是允許的。公司目前正在評估該指引對其簡明合併財務報表的潛在影響。 部門報告（主題280）：改進可報告部門披露（「ASU 2023-07」），要求披露定期提供給首席運營決策者（「CODM」）幷包含在每個報告的部門利潤或虧損措施中的重要部門支出。該標準還要求披露首席運營決策者身份的職稱和職位，以及首席運營決策者如何使用報告的部門利潤或虧損措施來評估部門績效並決定如何分配資源的說明。此外，ASU 2023-07要求提供所有部門披露的年度和中期基礎。ASU 2023-07於2023年12月15日後的財年開始生效，並在2024年12月15日後的財年和中期內適用。允許提前採用，並且必須以回溯方式應用修正案。我們目前正在評估該標準對我們的財務報表披露的影響。 (ASU 2023-07），要求提供有關重要業務板塊費用的增強披露。在每個年度和中間期，實體需要披露 (i) 定期提供給CODm的重要業務板塊費用，幷包括在每個報告的業務板塊利潤或損失中， (ii) 每個報告的業務板塊中其他業務板塊項目的金額和描述，其他項目類別表示業務板塊收入、重要業務板塊費用與報告的業務板塊利潤或損失之間的差額， (iii) 所有關於一個報告業務板塊利潤或損失及目前根據主題280要求的資產的年度披露，並且 (iv) CODm的頭銜、職位，以及CODm如何使用報告的業務板塊利潤或損失來評估業務板塊績效和決定如何分配資源的解釋。此外，ASU 2023-07澄清了公開實體如果CODm使用多於一種措施來評估業務板塊績效和分配資源，則可以披露一個業務板塊利潤或損失的多個措施。ASU 2023-07將於2023年12月15日後開始的財政年度生效，2024年12月15日後開始的財政年度內的中間期也適用，允許提前採納。我們目前正在評估此標準對我們資產負債表附註的影響。
ASU 2023-09
2023年12月，FASB發佈了ASU No. 2023-09， 所得稅（題目740）：改進所得稅披露 (ASU 2023-092023-09號會計準則的頒佈旨在增強所得稅披露的透明度，主要通過要求關於實體有效稅率調和和所得稅支付的分解信息上的一致性分類和分解信息。該準則還取消了與不確定稅務立場和未確認遞延稅務資產有關的某些現有要求。ASU 2023-09將於2024年12月15日後開始的年度期間生效，但允許提前採用。我們目前正在評估該標準對我們合併財務報表附註的影響。

(3)    公允價值衡量
普通
我們使用公允價值方法來覈算大部分衍生工具。 我們報告的衍生工具的公允價值可能不代表最終結算或處置這些資產和負債時將支付或收到的價值，因爲我們預計實現的價值通常將基於結算時的市場條件。
美國通用會計準則提供了一個公平價值層次結構，將用於衡量公平價值的估值技術的輸入分爲三個廣泛級別。一級輸入是報告實體在測量日期能夠獲取的相同資產或負債的活躍市場上的報價。二級輸入是一級內包括的非報價市場價格，這些價格對於資產或負債是可觀察的，無論是直接還是間接。三級輸入是對於資產或負債來說不可觀察的輸入。
10
Liberty Latin America Ltd.
基本報表附註 - （續）
2024年9月30日
（未經審計）
在確定所持投資的公允價值時，公司主要依賴於獨立第三方評估者對證券的公允估價。該公司還審核估值過程中使用的輸入，並在進行自己的經紀人引用價格的內部收集後對證券的定價進行合理性評估。獨立第三方評估者提供的所有投資類別的公允價值，如果超過公司確定的公允價值的一定百分比，則會與獨立第三方評估者溝通，並考慮其合理性。獨立第三方評估者在確定他們最初的定價是否合理之前，會考慮公司提供的信息。
衍生品
爲了管理我們的利率風險和外幣兌換風險，我們已經進入各種衍生工具，具體描述請參見附註6。這些衍生工具的定期公允價值測量是利用貼現現金流模型確定的。這些貼現現金流模型的大部分輸入由可觀察到的第2級數據組成，或者來源於這些衍生工具的整個期限。這些可觀察數據主要包括利率期貨和掉期利率，這些數據是從可用市場數據中檢索或推導出來的。雖然我們可能對這些數據進行外推或內插，但在進行估值時我們不會改變這些數據。我們將信用風險估值調整納入我們的公允價值測量中，以估計我們自身不履行責任的風險和我們交易對手的不履行風險的影響。我們和我們交易對手的信用利差代表我們最重要的第3級輸入，並且這些輸入用於推導與這些工具相關的信用風險估值調整。由於我們不認爲我們或我們的交易對手的信用利差變化會對這些工具的估值產生重大影響，我們已經確定這些估值屬於公允價值層次結構的第2級。有關我們的利率衍生合約信用風險估值調整的進一步說明請參見附註6。
非常規公允價值計量
收購會計
2024年第三季度期間，我們進行了與LPR收購初步覈算相關的一些非經常性估值。有關與LPR收購相關的淨資產收購估值工作進展情況，請參見注釋4。2023年第二季度，我們完成了對Claro Panama收購的收購會計工作，這並未導致任何與相關開篇資產負債表相關的實質性變化。
與收購會計相關的非經常性估值使用重要的不可觀測輸入，因此屬於公允價值層次結構的第3級。與LPR收購相關的非經常性估值主要包括客戶關係和頻譜無形資產的估值，如下所述：
•客戶關係。 客戶關係的估值主要基於超額收益法，這是一種折現現金流分析形式。客戶關係無形資產的超額收益法要求我們估計從已獲得的客戶關係中預期的具體現金流，考慮諸如預估的客戶壽命、預期在客戶關係壽命期間產生的收入、可貢獻的資產費用和其他因素等因素。
•頻譜無形資產。 頻譜無形資產的估值可以使用校準可觀市場輸入以反映所收購資產的公允價值的調整市場爲基礎的方法，或將校準可觀市場輸入與其他方法（如基於收入的方法）相結合，其中需要廣泛的假設和輸入，包括預測與構建互補資產基礎相關的成本。
減值評估
與減值評估相關的非經常性估值主要包括對報告單位的估值，以便測試商譽減值，其使用重要的不可觀察輸入，因此被歸類爲公允價值層次的第3級。除非報告單位有可以明確確定的公允價值，否則我們將使用市場或基於收入的方法估計報告單位的公允價值。
11
Liberty Latin America Ltd.
基本報表附註 - （續）
2024年9月30日
（未經審計）
在2024年和2023年第三季度期間，我們完成了年度商譽減值評估。對於這些評估，我們使用一種收入方法來判斷報告單位的預估公允價值。在這種方法下，我們採用貼現現金流模型作爲估值技術，以預估從市場參與者角度看報告單位的公允價值。該方法使用一些需要估計和判斷的輸入和假設，包括預測現金流量和適當的折現率。未來現金流量的預測在很大程度上基於我們使用Level 3的輸入進行的假設，我們認爲這與市場參與者的方法一致。我們將加權平均資本成本用於每個報告單位的折現率的基礎，以建立各自報告單位預期現金流的現值。用於計算加權平均資本成本的輸入包括來源於第三方定價服務的Level 2和Level 3的輸入。
Based upon the results of the aforementioned analyses, we (i) recognized a goodwill impairment charge associated with our Liberty Puerto Rico reporting unit during the third quarter of 2024, as further described in note 7, and (ii) did not recognize any goodwill impairment charges during the third quarter of 2023.
(4)    Acquisitions
Pending Transaction
Costa Rica Transaction. On August 1, 2024, we announced that we entered into an agreement with Millicom to combine our respective operations in Costa Rica. Under the terms of the all-stock agreement, Liberty Latin America and our minority partner in Costa Rica will hold an approximate 86% interest and Millicom will hold an approximate 14% interest in the joint operations, with final ownership percentages to be confirmed at closing. The transaction is subject to customary closing conditions, including regulatory authorizations, and we expect the transaction to be completed during the second half of 2025.

During August 2024, we also entered into an agreement with the noncontrolling interest owner of Liberty Costa Rica where we agreed to acquire on January 30, 2026 shares representing 8.5% of equity of Liberty Costa Rica for aggregate cash consideration of approximately $82 million, comprising CRC 22 billion ($42 million) and $40 million, with 62.5% of the purchase price due upon closing and the remaining 37.5% due on January 29, 2027.

2024 Acquisition
LPR Acquisition. On November 6, 2023, we entered into an agreement with EchoStar (formerly DISH Network) to acquire EchoStar’s prepaid business and spectrum assets in Puerto Rico and USVI in exchange for cash and international roaming credits. The aggregate cash consideration of $256 million, subject to post-closing adjustments, will be paid in four annual installments, the first of which commenced on the closing date, September 3, 2024, and the remainder of which will be paid on the anniversary of the closing date over the next three years. On September 3, 2024, we completed the LPR Acquisition and paid the first installment of $95 million, which is reflected as cash paid for an acquisition in our condensed consolidated statement of cash flows.
The following table sets forth a reconciliation of the stated purchase price to the net cash paid as of September 30, 2024 (in millions):
Stated purchase price
$255.8 
International roaming credits, net present value adjustment and net working capital adjustments, net (a)(17.8)
Total consideration238.0 
Consideration outstanding (b)142.6 
Total cash paid for acquisition$95.4 
(a)Represents the (i) preliminary fair value of approximately $7 million assigned to international roaming credits to be provided to EchoStar in addition to the stated purchase price, (ii) the difference between the stated purchase price and the net present value of the deferred payment obligation for the LPR Acquisition, which will be amortized to interest expense over the remaining payment term of the cash installments, and (iii) net working capital adjustments that have not yet been settled.
12
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2024
(unaudited)
(b)Represents the (i) net present value of our deferred payment obligation, which comprises three payment installments of $72 million, $45 million and $40 million that will be paid on the anniversary of the closing date, September 3, 2024, during 2025, 2026 and 2027, respectively, (ii) the fair value of international roaming credits and (iii) certain working capital adjustments that have not yet been settled. The current portion of our deferred payment obligation is recorded to other accrued and current liabilities in our condensed consolidated balance sheet and the long-term portion is recorded to other long-term liabilities in our condensed consolidated balance sheet.
We have accounted for the LPR Acquisition as a business combination using the acquisition method of accounting, whereby the total purchase price was allocated to the acquired identifiable net assets based on assessments of their respective fair values, and the excess of the purchase price over the fair values of these identifiable net assets was allocated to goodwill. The preliminary opening balance sheet is subject to adjustment based on our final assessment of the fair values of the acquired identifiable net assets and liabilities, which primarily comprise spectrum and customer relationship intangible assets that remain open to finalize. A summary of the purchase price and the preliminary opening balance sheet associated with the LPR Acquisition at the September 3, 2024 acquisition date is presented in the following table (in millions):
Goodwill (a)$11.0 
Intangible assets not subject to amortization (b)221.4 
Intangible assets subject to amortization (c)7.2 
Other accrued and current liabilities(1.6)
Total purchase price$238.0 
(a)The goodwill recognized in connection with the LPR Acquisition is primarily attributable to (i) competitive advantages resulting from the acquisition of spectrum in the region and (ii) synergies that are expected to be achieved through the integration of the acquired prepaid mobile business with Liberty Latin America’s existing business in Puerto Rico and USVI. We expect that all of the goodwill resulting from the LPR Acquisition will be deductible for tax purposes.
(b)Represents the estimated fair value of spectrum licenses.
(c)Represents the estimated fair value of the acquired customer relationship intangible asset, which has a weighted average useful life of 4 years at September 3, 2024.
Our condensed consolidated statements of operations for each of the three and nine months ended September 30, 2024 include revenue and net earnings of $3 million and $0.3 million, respectively, attributable to the LPR Acquisition.
Supplemental Pro Forma Information
The pro forma financial information set forth in the table below is based on available information and assumptions that we believe are reasonable. The pro forma financial information is for illustrative and informational purposes only and is not intended to represent or be indicative of what our results of operations would have been had this acquisition occurred on the date indicated nor should it be considered representative of our future financial condition or results of operations. The pro forma information set forth in the table below includes, as applicable, tax-effected pro forma adjustments primarily related to:
i.the impact of estimated costs associated with a transaction services agreement;
ii.the elimination of direct acquisition costs;
iii.interest expense related to additional borrowings in conjunction with the LPR Acquisition;
iv.interest expense related to the amortization of the discounts recognized in connection with recording our deferred payment obligation and international roaming credits at their net present values; and
v.amortization expense related to acquired intangible assets.
13
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2024
(unaudited)
The following unaudited pro forma condensed consolidated operating results give effect to the LPR Acquisition, as if it had been completed as of January 1, 2023:
Three months ended September 30,Nine months ended September 30,
2024202320242023
in millions
Revenue$1,095.7 $1,137.2 $3,333.1 $3,380.9 
Net earnings (loss) attributable to Liberty Latin America shareholders$(435.0)$56.7 $(478.4)$18.9 
(5)    Current Expected Credit Losses
The aggregate changes in our allowance for expected credit losses associated with our trade receivables, and current and long-term notes receivables are set forth below:
Nine months ended September 30,
20242023
in millions
Balance at beginning of period$91.6 $101.1 
Provision for expected losses, net88.0 54.4 
Write-offs, net of recoveries(58.0)(63.5)
Foreign currency translation adjustments(0.5)2.5 
Balance at end of period$121.1 $94.5 
(6)    Derivative Instruments
In general, we seek to enter into derivative instruments to protect against (i) increases in the interest rates on our variable-rate debt and (ii) foreign currency movements. With the exception of certain foreign currency forward contracts, we do not apply hedge accounting to our derivative instruments. Accordingly, changes in the fair values of most of our derivative instruments are recorded in realized and unrealized gains or losses on derivative instruments in our condensed consolidated statements of operations.
14
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2024
(unaudited)
The following table provides details of the fair values of our derivative instrument assets and liabilities:
 September 30, 2024December 31, 2023
 CurrentLong-term (a)TotalCurrentLong-term (a)Total
 in millions
Assets (b):
Interest rate derivative contracts$74.9 $78.6 $153.5 $91.9 $157.4 $249.3 
Other— — — 0.1 — 0.1 
Total$74.9 $78.6 $153.5 $92.0 $157.4 $249.4 
Liabilities (b):
Interest rate derivative contracts$41.6 $0.8 $42.4 $8.2 $30.6 $38.8 
Foreign currency forward contracts9.5 1.1 10.6 16.8 4.0 20.8 
Total$51.1 $1.9 $53.0 $25.0 $34.6 $59.6 
(a)Our long-term derivative assets and long-term derivative liabilities are included in other assets, net and other long-term liabilities, respectively, in our condensed consolidated balance sheets.
(b)We consider credit risk relating to our nonperformance and the nonperformance of our counterparties in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our primary borrowing groups (see note 10) and are recorded in realized and unrealized gains or losses on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 3.
The derivative assets set forth in the table above exclude our Weather Derivatives as they are not accounted for at fair value. The premium payments associated with our Weather Derivatives are included in other current assets, net, in our condensed consolidated balance sheets.
In July 2024, Hurricane Beryl impacted our Jamaica operations and certain smaller operations within C&W Caribbean, resulting in varying degrees of damage to homes, businesses and infrastructures in these markets. Hurricane Beryl triggered a claim pursuant to the Weather Derivatives, which resulted in net proceeds of $44 million during the third quarter of 2024. The proceeds associated with this claim are reflected as a derivative gain in our condensed consolidated statement of operations and a cash inflow related to operating activities in our condensed consolidated statement of cash flows.
The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:
Three months ended September 30,Nine months ended September 30,
 2024202320242023
 in millions
Interest rate derivative contracts$(64.2)$60.1 $21.7 $99.8 
Foreign currency forward contracts and other(3.1)(5.0)(3.8)(23.9)
Weather Derivatives36.0 (7.6)21.1 (23.1)
Total$(31.3)$47.5 $39.0 $52.8 
15
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2024
(unaudited)
The following table sets forth the classification of the net cash inflows of our derivative instruments:
 Nine months ended September 30,
 20242023
 in millions
Operating activities $74.9 $17.4 
Investing activities(0.8)— 
Financing activities 43.2 9.8 
Total$117.3 $27.2 
Counterparty Credit Risk
We are exposed to the risk that the counterparties to the derivative instruments of our borrowing groups will default on their obligations to us. We manage these credit risks through the evaluation and monitoring of the creditworthiness of, and concentration of risk with, the respective counterparties. In this regard, credit risk associated with our derivative instruments is spread across a relatively broad counterparty base of banks and financial institutions. Collateral has not been posted by either party under the derivative instruments of our borrowing groups. At September 30, 2024, our exposure to counterparty credit risk associated with our derivative instruments, as set forth in the assets and liabilities table above, included derivative assets with an aggregate fair value of $112 million.
Each of our borrowing groups has entered into derivative instruments under agreements with each counterparty that contain master netting arrangements that are applicable in the event of early termination by either party to such derivative instrument. The master netting arrangements under each of these master agreements are limited to the derivative instruments governed by the relevant master agreement within each individual borrowing group and are independent of similar arrangements of our other subsidiary borrowing groups.
Details of our Derivative Instruments
Interest Rate Derivative Contracts
Interest Rate Swaps
We enter into interest rate swaps to protect against increases in the interest rates on our variable-rate debt. Pursuant to these derivative instruments, we typically pay fixed interest rates and receive variable interest rates on specified notional amounts. The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our interest rate swap contracts at September 30, 2024:
Borrowing groupNotional amount due from counterpartyWeighted average remaining life
 
in millionsin years
C&W (a)$2,100.0 2.8
Liberty Puerto Rico$500.0 3.0
(a)Includes embedded floors of 0% on certain contracts.
16
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2024
(unaudited)
Basis Swaps
Basis swaps involve the exchange of attributes used to calculate our floating interest rates, including (i) the benchmark rate, (ii) the underlying currency and/or (iii) the borrowing period. We typically enter into these swaps to optimize our interest rate profile based on our current evaluations of yield curves, our risk management policies and other factors. The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our basis swap contracts at September 30, 2024:
Borrowing groupNotional amount due from counterpartyWeighted average remaining life
 
in millionsin years
C&W$2,100.0 0.3
Liberty Puerto Rico$620.0 0.3
Interest Rate Floors
Interest rate floors provide protection against interest rates falling below a pre-set level. At September 30, 2024, our Liberty Puerto Rico borrowing group had an interest rate floor with a total notional amount of $620 million and a remaining contractual life of 3.0 years.
Interest Rate Caps
Interest rate caps provide protection against interest rates rising above a pre-set level. At September 30, 2024, our Liberty Puerto Rico borrowing group had interest rate caps with total notional amounts of $120 million and a remaining weighted average contractual life of 3.0 years.
Foreign Currency Forwards Contracts
We enter into foreign currency forward contracts with respect to non-functional currency exposure. At September 30, 2024, our Liberty Costa Rica borrowing group had foreign currency forward contracts with total notional amounts due from and to counterparties of $204 million and CRC 112 billion, respectively, with a weighted average remaining contractual life of 0.6 years.
(7)    Long-lived Assets
Goodwill
Changes in the carrying amount of our goodwill are set forth below:
C&W CaribbeanC&W PanamaLiberty NetworksLiberty Puerto RicoLiberty Costa RicaTotal
 in millions
January 1, 2024$1,218.1 $617.1 $655.9 $501.1 $491.2 $3,483.4 
Acquisition— — — 11.0 — 11.0 
Foreign currency translation adjustments and other(3.1)— (2.3)— — (5.4)
Impairment— — — (501.1)— (501.1)
September 30, 2024$1,215.0 $617.1 $653.6 $11.0 $491.2 $2,987.9 
17
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2024
(unaudited)
Based on the results of our annual goodwill impairment test, we impaired the goodwill balance at our Liberty Puerto Rico reporting unit, which is included in impairment, restructuring and other operating items, net, in our condensed consolidated statement of operations. This impairment was mainly driven by declines in revenue, primarily from mobile subscriber losses, increased bad debt and other adverse impacts largely associated with (i) the migration of customers acquired from AT&T to our mobile network and (ii) various network challenges that have impacted these mobile customers.
Our accumulated goodwill impairments were $3,286 million and $2,784 million as of September 30, 2024 and December 31, 2023, respectively.
Property and Equipment, Net
The details of our property and equipment and the related accumulated depreciation are set forth below:
September 30,
2024		December 31,
2023
 in millions
Distribution systems$5,056.8 $4,797.4 
Support equipment, buildings, land and CIP
1,945.9 1,923.9 
CPE1,011.2 938.3 
8,013.9 7,659.6 
Accumulated depreciation(3,975.4)(3,453.9)
Total$4,038.5 $4,205.7 
During the nine months ended September 30, 2024 and 2023, we recorded non-cash increases to our property and equipment related to vendor financing arrangements aggregating $118 million and $118 million, respectively.
Intangible Assets Not Subject to Amortization
The details of our intangible assets not subject to amortization are set forth below:
September 30,
2024		December 31,
2023
 in millions
Spectrum licenses (a)$1,277.5 $1,051.0 
Cable television franchise rights and other541.8 541.8 
Total$1,819.3 $1,592.8 
(a)The 2024 amount includes $221 million of spectrum licenses attributable to the LPR Acquisition. For additional information regarding the assets acquired as part of the LPR Acquisition, see note 4.
18
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2024
(unaudited)
Intangible Assets Subject to Amortization, Net
The details of our intangible assets subject to amortization and the related accumulated amortization are set forth below:
September 30,
2024		December 31,
2023
 in millions
Customer relationships (a)$894.8 $1,327.8 
Licenses and other240.0 286.7 
1,134.8 1,614.5 
Accumulated amortization(708.8)(1,072.9)
Total$426.0 $541.6 
(a)The 2024 amount includes $7 million of customer relationships attributable to the LPR Acquisition. For additional information regarding the assets acquired as part of the LPR Acquisition, see note 4.
(8)    Investments
The Chile JV
On September 29, 2021, we entered into an agreement with América Móvil to contribute the Chile JV Entities to América Móvil’s Chilean operations to form the Chile JV. During October 2022, we completed the formation of the Chile JV, which was owned 50:50 by Liberty Latin America and América Móvil. Subsequent to September 30, 2024, our interest in the Chile JV was reduced to less than 10% upon the conversion by América Móvil of its outstanding convertible notes. The conversion did not have a material impact to our condensed consolidated financial statements.
WOW
During February 2021, we acquired a minority interest in WOW, primarily a broadband internet service provider in Peru, in which we have continued to make investments through September 30, 2024. We account for our investment in WOW as an equity method investment. As of September 30, 2024, our investment in WOW, including shares and certain loans, totaled $80 million, which represents an equity ownership percentage of just under 50%. Our share of WOW losses for the three and nine months ended September 30, 2024 and 2023 were immaterial.
(9)    Operating Leases
The following table provides details of our operating lease expense:
Three months endedNine months ended
September 30,September 30,
2024202320242023
in millions
Operating lease expense:
Operating lease cost
$30.2 $34.8 $90.3 $100.2 
Short-term lease cost
7.3 7.0 21.0 21.8 
Total operating lease expense
$37.5 $41.8 $111.3 $122.0 
Our operating lease expense is included in facility, provision, franchise and other expense, in other operating costs and expenses, in our condensed consolidated statements of operations.
19
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2024
(unaudited)
Certain other details of our operating leases are set forth in the tables below:
September 30,
2024		December 31,
2023
in millions
Operating lease right-of-use assets (a)$463.3 $475.2 
Operating lease liabilities:
Current$88.2 $84.3 
Noncurrent454.1 483.4 
Total operating lease liabilities$542.3 $567.7 
Weighted-average remaining lease term7.1 years7.4 years
Weighted-average discount rate8.0 %7.8 %
Nine months ended
September 30,
20242023
in millions
Operating cash outflows related to operating leases$99.6 $99.6 
Right-of-use assets obtained in exchange for new operating lease liabilities (b)$51.1 $38.1 
(a)During the three and nine months ended September 30, 2023, we recorded impairment charges totaling $7 million and $50 million, respectively, associated with certain operating lease right-of-use assets, predominantly related to decommissioned tower leases at C&W Panama. These charges are included in impairment, restructuring and other, net, in our condensed consolidated statements of operations.
(b)Represents non-cash transactions associated with operating leases entered into during the nine months ended September 30, 2024 and 2023, respectively.
Maturities of Operating Leases
Maturities of our operating lease liabilities as of September 30, 2024 are presented below. Amounts presented below represent U.S. dollar equivalents (in millions) based on September 30, 2024 exchange rates.
Years ending December 31:
2024 (remainder of year)$32.2 
2025123.2 
2026111.3 
202795.4 
202885.8 
202974.5 
Thereafter207.4 
Total operating lease liabilities on an undiscounted basis
729.8 
Present value discount(187.5)
Present value of operating lease liabilities
$542.3 
20
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2024
(unaudited)
(10)    Debt and Finance Lease Obligations
The U.S. dollar equivalents of the components of our debt are as follows:
 September 30, 2024Estimated fair value (c)Principal amount
Weighted
average
interest
rate (a)		Unused borrowing capacity (b)
Borrowing currencyUS $ equivalentSeptember 30,
2024		December 31, 2023September 30,
2024		December 31, 2023
in millions
Convertible Notes(d)— $— $— $213.8 $— $220.3 
C&W Notes
6.55 %— — 1,703.1 1,609.8 1,715.0 1,715.0 
C&W Credit Facilities (e)7.13 %(f)533.6 2,726.0 2,663.4 2,769.6 2,694.2 
LPR Senior Secured Notes
6.08 %— — 1,727.8 1,851.5 1,981.0 1,981.0 
LPR Credit Facilities8.92 %$122.5 122.5 613.6 621.6 670.0 620.0 
LCR Credit Facilities
10.86 %$54.0 54.0 499.9 463.5 456.0 450.0 
Vendor financing, Tower Transactions and other (g) (h)8.15 %— — 615.2 561.7 615.2 561.7 
Total debt before premiums, discounts and deferred financing costs
7.18 %$710.1 $7,885.6 $7,985.3 $8,206.8 $8,242.2 
The following table provides a reconciliation of total debt before premiums, discounts and deferred financing costs to total debt and finance lease obligations:    
September 30,
2024		December 31, 2023
in millions
Total debt before premiums, discounts and deferred financing costs
$8,206.8 $8,242.2 
Premiums, discounts and deferred financing costs, net
(55.6)(67.8)
Total carrying amount of debt
8,151.2 8,174.4 
Finance lease obligations
4.7 5.5 
Total debt and finance lease obligations
8,155.9 8,179.9 
Less: Current maturities of debt and finance lease obligations
(549.6)(581.9)
Long-term debt and finance lease obligations
$7,606.3 $7,598.0 
(a)Represents the weighted average interest rate in effect at September 30, 2024 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented generally represent stated rates and do not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing.
(b)Unused borrowing capacity represents the maximum availability under the applicable facility at September 30, 2024 without regard to covenant compliance calculations or other conditions precedent to borrowing. At September 30, 2024, the full amount of unused borrowing capacity was available to be borrowed under each of the respective subsidiary facilities, both before and after completion of the September 30, 2024 compliance reporting requirements. At September 30, 2024, except as may be limited by tax and legal considerations, the presence of noncontrolling interests, foreign currency exchange restrictions with respect to certain C&W subsidiaries and other factors, there were no restrictions on the respective subsidiary’s ability to upstream cash from this availability to Liberty Latin America or its subsidiaries or other equity holders.
21
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2024
(unaudited)
(c)The estimated fair values of our debt instruments are determined using the applicable bid prices (mostly Level 1 of the fair value hierarchy) or from quoted prices for similar instruments in active markets adjusted for the estimated credit spreads of the applicable entity, to the extent available, and other relevant factors (Level 2 of the fair value hierarchy). For additional information regarding fair value hierarchies, see note 3.
(d)The Convertible Notes were fully redeemed in the third quarter of 2024. See Financing Activity below for further details.
(e)Includes other facilities that are generally repaid in three annual installments.
(f)The C&W Credit Facilities unused borrowing capacity comprise certain U.S. dollar, Trinidad & Tobago dollar and JMD revolving credit facilities.
(g)During 2023, we entered into the Tower Transactions associated with certain of our mobile towers across various markets. The Tower Transactions did not meet the criteria to be accounted for as a sale and leaseback. The proceeds from the Tower Transactions are recorded as a financial liability and the associated tower assets remain on our condensed consolidated balance sheets.
(h)Includes $325 million and $299 million at September 30, 2024 and December 31, 2023, respectively, owed pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our operating expenses and property and equipment additions. These obligations are generally due within one year and include VAT that were paid on our behalf by the vendor. Our operating expenses include $145 million and $132 million for the nine months ended September 30, 2024 and 2023, respectively, that were financed by an intermediary and are reflected on the borrowing date as a cash outflow within net cash provided or used by operating activities and a cash inflow within net cash provided or used by financing activities in our condensed consolidated statements of cash flows. Repayments of vendor financing obligations are included in payments of principal amounts of debt and finance lease obligations in our condensed consolidated statements of cash flows.
Financing Activity
During the nine months ended September 30, 2024 and 2023, borrowings related to significant credit facilities we drew down, entered into or amended, are as follows:
PeriodBorrowing group/ BorrowerInstrumentIssued atMaturityInterest rateAmount borrowed
in millions
2024C&W
C&W Revolving Credit Facility (a)
N/AJanuary 30, 2027
Adjusted Term SOFR + 3.25%
$265.0 
2024C&W
C&W Other Facilities
100%(b)6.96%$22.5 
2024Liberty Puerto Rico
LPR Revolving Credit Facility
N/AMarch 15, 2027
Adjusted Term SOFR + 3.50%
$100.0 
2024Liberty Costa Rica
LCR Revolving Credit Facility (c)
N/AJanuary 15, 2028
Term SOFR + 4.25%
$31.0 
2023C&WC&W Other Facilities100%(d)6.483%$69.0 
2023C&WC&W Revolving Credit FacilityN/AJanuary 30, 2027
Adjusted Term SOFR + 3.25%
$40.0 
2023Liberty Puerto Rico
LPR Revolving Credit Facility
N/AMarch 15, 2027
Adjusted Term SOFR + 3.50%
$65.0 
2023Liberty Costa Rica
2031 LCR Term Loan A
100%January 15, 203110.875%$50.0 
2023Liberty Costa Rica
2031 LCR Term Loan B
100%January 15, 203110.875%$400.0 
2023Liberty Costa Rica
LCR Revolving Credit Facility (c)
N/AJanuary 15, 2028
Term SOFR + 4.25%
$— 
N/A – Not applicable.
22
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2024
(unaudited)
(a)In September 2024, an extension agreement was executed on the C&W Revolving Credit Facility which extends the maturity date to: (i) July 31, 2027 upon the refinancing of the 2027 C&W Senior Secured Notes and 2027 C&W Senior Notes in full, (ii) then April 15, 2029, upon the refinancing of the C&W Term Loan B-5 Facility and (iii) then September 24, 2029, upon the refinancing of the C&W Term Loan B-6 Facility.
(b)This borrowing is due in three annual installments beginning in May 2025.
(c)The LCR Revolving Credit Facility has a fee on unused commitments of 0.5% per year.
(d)This borrowing is due in three annual installments, the first of which was due in May 2024.
During the nine months ended September 30, 2024 and 2023, we made certain repurchases or repayments on the following debt instruments:
Amount paid
PeriodBorrowing group / BorrowerInstrumentRedemption priceBorrowing currencyUSD equivalent (a)
USD in millions, CRC in billions
2024C&W
C&W Revolving Credit Facility
100%$155.0 $155.0 
2024C&WC&W Regional Facilities100%$20.0 $20.0 
2024C&WC&W Other Facilities100%$23.0 $23.0 
2024C&WCWP Revolving Credit Facility100%$10.0 $10.0 
2024Liberty Puerto RicoLPR Revolving Credit Facility100%$50.0 $50.0 
2024Liberty Costa Rica
LCR Revolving Credit Facility
100%$25.0 $25.0 
2024Liberty Latin America
Convertible Notes
(b)$219.2 $219.2 
2023C&WC&W Revolving Credit Facility100%$20.0 $20.0 
2023Liberty Puerto RicoLPR Revolving Credit Facility100%$65.0 $65.0 
2023Liberty Costa Rica
LCR Term Loan B-1 Facility
100%$276.7 $276.7 
2023Liberty Costa Rica
LCR Term Loan B-2 Facility
100%CRC79.6 $138.6 
2023Liberty Costa RicaLCR Revolving Credit Facility100.0%$8.0 $8.0 
2023Liberty Latin AmericaConvertible Notes(c)$173.0 $173.0 
(a)Translated at the transaction date, as applicable.
(b)During the nine months ended September 30, 2024, we repurchased and cancelled $220 million original principal amount of the Convertible Notes at a weighted average redemption price of 99.5%. In addition, we unwound $102 million of the Convertible Notes Capped Calls for immaterial value on settlement during the first quarter of 2024 and the remaining amount expired with no value on the July 15, 2024 maturity date.
(c)During the nine months ended September 30, 2023, we repurchased and cancelled $182 million original principal amount of the Convertible Notes at a weighted average redemption price of 94.9%. In connection with these repurchases, we unwound $182 million of the related Convertible Notes Capped Calls.     
23
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2024
(unaudited)
Maturities of Debt
Maturities of our debt as of September 30, 2024 are presented below. Amounts presented below represent U.S. dollar equivalents based on September 30, 2024 exchange rates:
C&WLiberty Puerto RicoLiberty Costa RicaLiberty Latin America (a)Consolidated
in millions
Years ending December 31:
2024 (remainder of year)$186.0 $74.1 $6.0 $0.2 $266.3 
2025240.7 49.1 — 1.0 290.8 
202635.3 12.8 — 1.0 49.1 
20271,727.5 1,163.0 — 0.5 2,891.0 
20282,001.6 620.5 — — 2,622.1 
2029596.0 820.7 — — 1,416.7 
Thereafter183.0 37.8 450.0 — 670.8 
Total debt maturities4,970.1 2,778.0 456.0 2.7 8,206.8 
Premiums, discounts and deferred financing costs, net
(24.3)(18.4)(12.9)— (55.6)
Total debt$4,945.8 $2,759.6 $443.1 $2.7 $8,151.2 
Current portion$423.1 $118.9 $6.0 $0.9 $548.9 
Noncurrent portion$4,522.7 $2,640.7 $437.1 $1.8 $7,602.3 
(a)Represents the aggregate amount held by subsidiaries of Liberty Latin America that are outside our borrowing groups.
Subsequent Events
In October 2024, C&W issued $1.0 billion principal amount of 7.125% senior secured notes due October 15, 2032. The 2032 C&W Senior Secured Notes were issued at par. The proceeds from the 2032 C&W Senior Secured Notes were primarily used to (i) fully repay $495 million of the 2027 C&W Senior Secured Notes and (ii) partially repay $485 million of the 2027 C&W Senior Notes.
Additionally, subsequent to September 30, 2024, we (i) borrowed $20 million on the LPR Revolving Credit Facility, (ii) borrowed and repaid $10 million on the C&W Revolving Credit Facility and (iii) repaid $6 million on the LCR Revolving Credit Facility.
(11)    Unfulfilled Performance Obligations
We enter into certain long-term capacity contracts with customers where the customer either pays a fixed fee over time or prepays for the capacity upfront and pays a portion related to operating and maintenance of the network over time. We assess whether prepaid capacity contracts contain a significant financing component. If the financing component is significant, interest expense is accreted over the life of the contract using the effective interest method. The revenue associated with prepaid capacity contracts is deferred and generally recognized on a straight-line basis over the life of the contract. As of September 30, 2024, we have approximately $255 million of unfulfilled performance obligations relating to our long-term capacity contracts, primarily subsea contracts, that generally will be recognized as revenue over an average remaining life of four years.
24
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2024
(unaudited)
(12)    Equity
Share Repurchase Program
On May 8, 2023, our Directors approved a Share Repurchase Program to repurchase $200 million of our Class A common shares and/or Class C common shares through December 2025. On May 7, 2024, our Directors approved the repurchase of an additional $200 million of our Class A common shares and/or Class C common shares under the Share Repurchase Program through December 2026 through open market purchases at prevailing market prices, in privately negotiated transactions, in block trades, derivative transactions and/or through other legally permissible means.
During the nine months ended September 30, 2024, we repurchased 4 million and 8 million Class A and Class C common shares, respectively. During the nine months ended September 30, 2023, we repurchased 3 million and 11 million Class A and Class C common shares, respectively. At September 30, 2024, the remaining amount authorized for share repurchases under the Share Repurchase Program was $242 million, which is net of the premium associated with the capped call option contracts, as further described below.
Capped Call Option Contracts
During June 2024, we entered into capped call option contracts, pursuant to which we have purchased capped call options on 1.7 million and 4.3 million Liberty Latin America Class A and Class C common shares, respectively, with a low exercise price and a capped payout. These contracts will expire 12 to 18 months following the June 2024 trade date and can result in the receipt of cash or shares at our election. Shares acquired through the exercise of the call options will be included in our share repurchases. The capped call option contracts are not considered derivative instruments as the contracts are indexed to our Class A and Class C common shares and are therefore classified within shareholders’ equity. At September 30, 2024, the aggregate premium associated with these capped call option contracts of $15 million is included as a reduction of additional paid-in capital in our condensed consolidated statement of equity and as a financing cash outflow in our condensed consolidated statement of cash flows.
Pension Buy-in
In May 2023, the CWSF completed an additional buy-in bulk annuity, resulting in 100% of the plan’s liabilities being covered by insurance annuity policies. The buy-in resulted in the remeasurement of $75 million from net pension assets to accumulated other comprehensive loss during the second quarter of 2023, which represents the loss associated with the difference between the projected benefit obligations and the cost of the bulk annuity policy.
(13)    Programming and Other Direct Costs of Services
Programming and other direct costs of services include programming and copyright costs, interconnect and access costs, equipment costs, which primarily relate to costs of mobile handsets and other devices, B2B project-related costs and other direct costs related to our operations.
Our programming and other direct costs of services by major category are set forth below:
 Three months ended September 30,Nine months ended September 30,
 2024202320242023
 in millions
Programming and copyright$58.5 $60.2 $179.0 $180.3 
Interconnect69.0 77.5 206.8 227.5 
Equipment73.2 77.7 224.7 236.8 
Project-related and other31.2 43.7 106.9 95.6 
Total programming and other direct costs of services$231.9 $259.1 $717.4 $740.2 
25
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2024
(unaudited)
(14)    Other Operating Costs and Expenses
Other operating costs and expenses set forth in the table below comprise the following cost categories:
•Personnel and contract labor-related costs, which primarily include salary-related and cash bonus expenses, net of capitalizable labor costs, and temporary contract labor costs;
•Network-related expenses, which primarily include costs related to network access, system power, core network, and CPE repair, maintenance and test costs;
•Service-related costs, which primarily include professional services, information technology-related services, audit, legal and other services;
•Commercial, which primarily includes sales and marketing costs, such as advertising, commissions and other sales and marketing-related costs, and customer care costs related to outsourced call centers;
•Facility, provision, franchise and other, which primarily includes facility-related costs, provision for bad debt expense, operating lease rent expense, franchise-related fees, bank fees, insurance, vehicle-related, travel and entertainment and other operating-related costs; and
•Share-based compensation and other Employee Incentive Plan-related expense that relates to (i) equity awards issued to our employees and Directors, (ii) certain bonuses that are paid in the form of equity and (iii) our LTVP, whether settled in common shares or cash.
Our other operating costs and expenses by major category are set forth below:
 Three months ended September 30,Nine months ended September 30,
 2024202320242023
 in millions
Personnel and contract labor$141.5 $130.8 $441.5 $418.1 
Network-related59.2 65.2 186.8 193.6 
Service-related63.3 52.3 200.4 162.6 
Commercial46.1 47.1 146.0 136.2 
Facility, provision, franchise and other144.1 142.9 448.1 427.1 
Share-based compensation and other Employee Incentive Plan-related expense15.9 24.1 58.9 77.8 
Total other operating costs and expenses$470.1 $462.4 $1,481.7 $1,415.4 
(15)    Income Taxes
We evaluate and update our estimated annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. For interim tax reporting, we estimate an annual effective tax rate that is applied to year-to-date ordinary income or loss. The tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur.
Our interim estimate of our annual effective tax rate and our interim tax provision are subject to volatility due to factors such as jurisdictions in which our deferred taxes and/or tax attributes are subject to a full valuation allowance, relative changes in unrecognized tax benefits and changes in tax laws. Based upon the mix and timing of our actual annual earnings or loss compared to annual projections, as well as changes in the factors noted above, our effective tax rate may vary quarterly and may make quarterly comparisons not meaningful.
26
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2024
(unaudited)
Income tax benefit (expense) was $146 million and ($10 million) during the three months ended September 30, 2024 and 2023, respectively, and $177 million and ($52 million) during the nine months ended September 30, 2024 and 2023, respectively. This represents an effective income tax rate of (25.3%) and (17.8%) for the three months ended September 30, 2024 and 2023, respectively, and (27.4%) and (108.6%) for the nine months ended September 30, 2024 and 2023, respectively, including items treated discretely.
For the three and nine months ended September 30, 2024, the income tax benefit attributable to our loss before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the beneficial effects of international rate differences, net decreases in valuation allowances and permanent tax differences, such as non-taxable income. These beneficial effects were partially offset by the detrimental effects of non-deductible goodwill impairment, permanent tax differences, such as non-deductible expenses and inclusion of withholding taxes on cross-border payments. For the three months ended September 30, 2024, our income tax benefit reflects our estimate of global minimum tax which has been reduced for changes in legislative landscape and updated current and forecasted operating results. For the nine months ended September 30, 2024, our income tax benefit reflects effects of net legislative increase to the statutory tax rate in Barbados and the net detrimental effects of the inclusion of global minimum tax.
For the three and nine months ended September 30, 2023, the income tax expense attributable to our earnings before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the detrimental effects of net increases in valuation allowances, negative effects of permanent tax differences, such as non-deductible expenses and inclusion of withholding taxes on cross-border payments. These negative impacts to our effective tax rate were partially offset by the beneficial effects of international rate differences and permanent tax differences, such as non-taxable income.
(16)     Earnings or Loss Per Share
Basic EPS is computed by dividing net earnings or loss attributable to Liberty Latin America shareholders by the weighted average number of Liberty Latin America Shares outstanding during the periods presented. Diluted EPS presents the dilutive effect, if any, on a per share basis of dilutive securities as if they had been exercised, vested or converted at the beginning of the periods presented.
The details of the calculations of our basic and diluted EPS are set forth below:
Three months ended September 30,Nine months ended September 30,
2024202320242023
in millions, except per share amounts
Numerator:
Net earnings (loss) attributable to Liberty Latin America shareholders - basic and diluted$(435.8)$59.7 $(479.0)$29.2 
Denominator:
Basic EPS computation:
Weighted average shares - basic (a)196.4 207.2 199.0 211.7 
Diluted EPS computation:
Incremental shares attributable to the release of SARs, PSUs and RSUs upon vesting, the LTVP and the ESPP (treasury stock method)
— 1.4 — 1.1 
Weighted average shares - diluted (b)196.4 208.6 199.0 212.8 
Basic and diluted net earnings (loss) per share attributable to Liberty Latin America shareholders$(2.22)$0.29 $(2.41)$0.14 
27
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2024
(unaudited)
(a)During the three and nine months ended September 30, 2024, we reported net losses attributable to Liberty Latin America shareholders. As a result, the potentially dilutive effect at September 30, 2024 of the following items was not included in the computation of EPS for such periods because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs, because such awards had not yet met the applicable performance criteria (in millions):
Aggregate number of shares issuable pursuant to:
Outstanding options, SARs and RSUs
42.4 
Outstanding PSUs and PSARs
8.6 
LTVP and ESPP
4.1 
(b)We reported net earnings attributable to Liberty Latin America shareholders during the three and nine months ended September 30, 2023. The following table sets forth items that have been excluded from our computation of diluted EPS because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs and PSARs, because such awards had not yet met the applicable performance criteria:
Three months ended September 30, 2023Nine months ended September 30, 2023
in millions
Aggregate number of shares issuable pursuant to:
Outstanding options, SARs and RSUs
32.0 32.8 
Outstanding PSUs and PSARs
8.8 8.8 
ESPP
0.1 0.1 
Aggregate number of shares potentially issuable under our Convertible Notes (if-converted method) (i)
10.7 10.7 
(i)With regards to the aggregate number of shares potentially issuable under our Convertible Notes, during the 2023 periods, the Convertible Notes Capped Calls provided an economic hedge to reduce or offset potential dilution to our Class C common shares upon any conversion of the Convertible Notes and/or offset any cash payments we would have been required to make in excess of the principal amount of such converted notes, as the case may have been, with such reduction and/or offset subject to a cap. During 2024, the Convertible Notes Capped Calls expired at maturity or were unwound in connection with redemption activity on the Convertible Notes, as further described in note 10.
(17)    Commitments and Contingencies
Guarantees and Other Credit Enhancements
In the ordinary course of business, we may provide (i) indemnifications to our lenders, our vendors and certain other parties and (ii) performance and/or financial guarantees to local municipalities, our customers and vendors. Historically, these arrangements have not resulted in our company making any material payments and we do not believe that they will result in material payments in the future.
Regulatory Issues
We have contingent liabilities related to matters arising in the ordinary course of business, including (i) legal proceedings, (ii) issues involving wage, property, withholding and other tax issues and (iii) disputes over interconnection, programming and copyright fees. While we generally expect that the amounts required to satisfy these contingencies will not materially differ from any estimated amounts we have accrued, no assurance can be given that the resolution of one or more of these contingencies will not result in a material impact on our results of operations, cash flows or financial position in any given period. Due, in general, to the complexity of the issues involved and, in certain cases, the lack of a clear basis for predicting outcomes, we cannot provide a meaningful range of potential losses or cash outflows that might result from any unfavorable outcomes.
28
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2024
(unaudited)
(18)    Segment Reporting
Our reportable segments derive their revenue primarily from residential and B2B services, including video, broadband internet, fixed-line telephony and mobile services. Our corporate category includes our corporate operations, which derive revenue from mobile handset insurance services. We generally identify our reportable segments as those operating segments that represent 10% or more of our revenue, Adjusted OIBDA or total assets.
As of September 30, 2024, our reportable segments are as follows:
•C&W Caribbean;
•C&W Panama;
•Liberty Networks;
•Liberty Puerto Rico; and
•Liberty Costa Rica.
Performance Measures of our Reportable Segments
We evaluate performance and make decisions about allocating resources to our reportable segments based on financial measures, such as revenue and Adjusted OIBDA. In addition, we review non-financial measures, such as subscriber growth. We account for intersegment sales as if they were to third parties, or at current market prices.
Adjusted OIBDA is the primary measure used by our CODM to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of our management for purposes of incentive compensation plans. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. A reconciliation of total Adjusted OIBDA to operating income or loss and to earnings or loss before income taxes is presented below.
The amounts presented below represent 100% of the revenue and Adjusted OIBDA of each of our reportable segments and our corporate operations. As we have the ability to control certain subsidiaries that are not wholly-owned, we include 100% of the revenue and expenses of these entities in our condensed consolidated statements of operations despite the fact that third parties own significant interests in these entities. The noncontrolling owners’ interests in the operating results of (i) certain subsidiaries of (a) C&W and (b) Liberty Puerto Rico, and (ii) Liberty Costa Rica are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations.
Revenue
 Three months ended September 30,Nine months ended September 30,
2024202320242023
 in millions
C&W Caribbean$359.5 $360.5 $1,092.0 $1,070.6 
C&W Panama188.0 190.4 554.4 536.5 
Liberty Networks109.9 112.5 337.5 339.8 
Liberty Puerto Rico308.2 351.2 944.0 1,064.2 
Liberty Costa Rica145.5 134.6 445.0 399.0 
Corporate4.5 6.5 15.5 18.5 
Intersegment eliminations(26.4)(29.9)(81.8)(81.1)
Total$1,089.2 $1,125.8 $3,306.6 $3,347.5 
29
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2024
(unaudited)
Adjusted OIBDA
 Three months ended September 30,Nine months ended September 30,
2024202320242023
 in millions
C&W Caribbean$157.7 $150.4 $465.3 $436.9 
C&W Panama68.7 58.5 190.3 161.0 
Liberty Networks59.3 64.2 181.6 200.0 
Liberty Puerto Rico88.2 116.4 228.4 381.6 
Liberty Costa Rica50.8 49.9 162.5 145.2 
Corporate(21.6)(11.0)(61.7)(55.0)
Total$403.1 $428.4 $1,166.4 $1,269.7 
The following table provides a reconciliation of total Adjusted OIBDA to operating income (loss) and to earnings (loss) before income taxes:
 Three months ended September 30,Nine months ended September 30,
 2024202320242023
 in millions
Total Adjusted OIBDA$403.1 $428.4 $1,166.4 $1,269.7 
Share-based compensation and other Employee Incentive Plan-related expense (a)(15.9)(24.1)(58.9)(77.8)
Depreciation and amortization(245.4)(230.5)(729.9)(705.6)
Impairment, restructuring and other operating items, net(521.4)(11.1)(553.6)(81.6)
Operating income (loss)(379.6)162.7 (176.0)404.7 
Interest expense(159.2)(152.3)(471.3)(448.0)
Realized and unrealized gains (losses) on derivative instruments, net(31.3)47.5 39.0 52.8 
Foreign currency transaction gains (losses), net(7.6)3.7 (30.7)46.2 
Gains (losses) on debt extinguishments, net— 0.3 (0.3)(3.9)
Other income (expense), net2.9 (3.6)(3.7)(4.0)
Earnings (loss) before income taxes$(574.8)$58.3 $(643.0)$47.8 
(a)Includes expense associated with our LTVP, the vesting of which can be settled in either common shares or cash at the discretion of Liberty Latin America’s Compensation Committee.
30
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2024
(unaudited)
Property and Equipment Additions of our Reportable Segments
The property and equipment additions of our reportable segments and corporate operations (including capital additions financed under vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditures, net, amounts included in our condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing, see note 7.
 Nine months ended September 30,
 20242023
 in millions
C&W Caribbean$150.6 $173.8 
C&W Panama74.9 82.8 
Liberty Networks36.2 37.1 
Liberty Puerto Rico135.8 158.4 
Liberty Costa Rica55.3 46.2 
Corporate32.4 26.0 
Total property and equipment additions485.2 524.3 
Assets acquired under capital-related vendor financing arrangements
(117.5)(117.7)
Changes in current liabilities related to capital expenditures and other9.0 16.3 
Total capital expenditures, net$376.7 $422.9 
Revenue by Major Category
Our revenue by major category for our reportable segments is set forth in the tables below. Intercompany eliminations in the tables below reflect revenue between our reportable segments, the majority of which relates to revenue at our Liberty Networks segment from our other reportable segments. Our major revenue categories include the following:
•residential fixed subscription and residential mobile services revenue, which includes amounts received from subscribers for ongoing fixed and airtime services, respectively;
•residential fixed non-subscription revenue, which primarily includes equipment, interconnect and advertising revenue; and
•B2B revenue, which comprises (i) enterprise revenue that primarily includes broadband internet, video, fixed-line telephony, mobile and managed services (including equipment installation contracts) offered to small (including small or home office), medium and large enterprises and other telecommunication operators; and (ii) wholesale revenue, which includes long-term capacity contracts with customers where the customer either pays a fee over time or prepays for the capacity upfront and pays a portion related to operating and maintenance of the network over time.
31
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2024
(unaudited)
Three months ended September 30, 2024
 C&W CaribbeanC&W PanamaLiberty Networks (a)Liberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
 in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue$119.1 $31.2 $— $117.0 $33.5 $— $— $300.8 
Non-subscription revenue 5.8 1.2 — 5.9 7.6 — — 20.5 
Total residential fixed revenue124.9 32.4 — 122.9 41.1 — — 321.3 
Residential mobile revenue:
Service revenue91.1 70.5 — 82.7 68.0 — — 312.3 
Interconnect, inbound roaming, equipment sales and other (b)18.1 16.0 — 42.3 19.8 4.3 — 100.5 
Total residential mobile revenue109.2 86.5 — 125.0 87.8 4.3 — 412.8 
Total residential revenue234.1 118.9 — 247.9 128.9 4.3 — 734.1 
B2B revenue (c)125.4 69.1 109.9 54.1 16.6 0.2 (26.4)348.9 
Other revenue— — — 6.2 — — — 6.2 
Total$359.5 $188.0 $109.9 $308.2 $145.5 $4.5 $(26.4)$1,089.2 
(a)Included in this amount is $22 million of revenue earned from other segments of Liberty Latin America.
(b)The total amount includes $47 million of revenue from sales of mobile handsets and other devices to residential mobile customers.
(c)The total amount includes $6 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.
32
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2024
(unaudited)
Three months ended September 30, 2023
 C&W CaribbeanC&W PanamaLiberty Networks (a)Liberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
 in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue$122.6 $29.6 $— $120.5 $35.5 $— $— $308.2 
Non-subscription revenue6.5 1.4 — 7.7 4.0 — (1.8)17.8 
Total residential fixed revenue129.1 31.0 — 128.2 39.5 — (1.8)326.0 
Residential mobile revenue:
Service revenue83.9 66.0 — 99.3 60.7 — — 309.9 
Interconnect, inbound roaming, equipment sales and other (b)18.4 13.6 — 58.8 19.3 5.6 — 115.7 
Total residential mobile revenue102.3 79.6 — 158.1 80.0 5.6 — 425.6 
Total residential revenue231.4 110.6 — 286.3 119.5 5.6 (1.8)751.6 
B2B revenue (c)129.1 79.8 112.5 56.8 15.1 0.9 (28.1)366.1 
Other revenue— — — 8.1 — — — 8.1 
Total$360.5 $190.4 $112.5 $351.2 $134.6 $6.5 $(29.9)$1,125.8 
(a)Included in this amount is $23 million of revenue earned from other segments of Liberty Latin America.
(b)The total amount includes $60 million of revenue from sales of mobile handsets and other devices to residential mobile customers.
(c)The total amount includes $5 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.


33
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2024
(unaudited)
Nine months ended September 30, 2024
 C&W CaribbeanC&W PanamaLiberty Networks (a)Liberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
 in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue$364.7 $91.7 $— $357.2 $103.6 $— $— $917.2 
Non-subscription revenue20.5 3.6 — 16.9 25.2 — (1.5)64.7 
Total residential fixed revenue385.2 95.3 — 374.1 128.8 — (1.5)981.9 
Residential mobile revenue:
Service revenue262.9 200.2 — 254.9 204.3 — — 922.3 
Interconnect, inbound roaming, equipment sales and other (b)56.4 43.0 — 130.7 62.5 14.9 — 307.5 
Total residential mobile revenue319.3 243.2 — 385.6 266.8 14.9 — 1,229.8 
Total residential revenue704.5 338.5 — 759.7 395.6 14.9 (1.5)2,211.7 
B2B revenue (c)387.5 215.9 337.5 162.7 49.4 0.6 (80.3)1,073.3 
Other revenue— — — 21.6 — — — 21.6 
Total$1,092.0 $554.4 $337.5 $944.0 $445.0 $15.5 $(81.8)$3,306.6 
(a)Included in this amount is $67 million of revenue earned from other segments of Liberty Latin America.
(b)The total amount includes $146 million of revenue from sales of mobile handsets and other devices to residential mobile customers.
(c)The total amount includes $18 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.
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Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2024
(unaudited)
Nine months ended September 30, 2023
 C&W CaribbeanC&W PanamaLiberty Networks (a)Liberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
 in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue$363.9 $86.6 $— $358.6 $109.0 $— $— $918.1 
Non-subscription revenue21.2 4.2 — 19.4 9.1 — (1.8)52.1 
Total residential fixed revenue385.1 90.8 — 378.0 118.1 — (1.8)970.2 
Residential mobile revenue:
Service revenue245.3 196.8 — 302.2 178.8 — — 923.1 
Interconnect, inbound roaming, equipment sales and other (b)57.7 40.5 — 183.9 56.4 17.6 — 356.1 
Total residential mobile revenue303.0 237.3 — 486.1 235.2 17.6 — 1,279.2 
Total residential revenue688.1 328.1 — 864.1 353.3 17.6 (1.8)2,249.4 
B2B revenue (c)382.5 208.4 339.8 168.7 45.7 0.9 (79.3)1,066.7 
Other revenue— — — 31.4 — — — 31.4 
Total$1,070.6 $536.5 $339.8 $1,064.2 $399.0 $18.5 $(81.1)$3,347.5 
(a)Included in this amount is $65 million of revenue earned from other segments of Liberty Latin America.
(b)The total amount includes $186 million of revenue from sales of mobile handsets and other devices to residential mobile customers.
(c)The total amount includes $21 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.
35
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2024
(unaudited)
Revenue by Geographic Market
The revenue from third-party customers for each of our geographic markets is set forth in the table below.
 Three months ended September 30,Nine months ended September 30,
 2024202320242023
 in millions
Puerto Rico $292.7 $334.3 $897.8 $1,015.3 
Panama187.2 189.6 552.2 534.3 
Costa Rica145.6 134.3 444.2 398.3 
Jamaica103.1 103.2 308.4 301.6 
Networks & LatAm (a)87.5 89.6 270.1 274.5 
The Bahamas47.9 48.9 154.8 143.6 
Trinidad and Tobago39.0 39.2 117.1 117.2 
Barbados41.4 39.5 121.8 117.5 
Curacao34.1 34.0 102.2 102.8 
Other (b)110.7 113.2 338.0 342.4 
Total $1,089.2 $1,125.8 $3,306.6 $3,347.5 
(a)The amounts represent enterprise revenue and wholesale revenue from various jurisdictions across Latin America and the Caribbean related to the sale and lease of telecommunications capacity on Liberty Networks’ subsea and terrestrial fiber optic cable networks.
(b)The amounts primarily relate to a number of countries in which we have less significant operations, all of which are located in the Caribbean, and to a lesser extent, in Latin America.

36

Item 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
See the Glossary of defined terms at the beginning of this Quarterly Report on Form 10-Q.
The following discussion and analysis, which should be read in conjunction with our 2023 Form 10-K and the condensed consolidated financial statements and accompanying notes included in Part I, Item 1 of this Quarterly Report on Form 10-Q, is intended to assist in providing an understanding of our financial condition, changes in financial condition and results of operations and is organized as follows:
•Forward-looking Statements. This section provides a description of certain factors that could cause actual results or events to differ materially from anticipated results or events.
•Overview. This section provides a general description of our business and recent significant events.
•Material Changes in Results of Operations. This section provides an analysis of our results of operations for the three and nine months ended September 30, 2024 and 2023.
•Material Changes in Financial Condition. This section provides an analysis of our liquidity, condensed consolidated statements of cash flows and contractual commitments.
Unless otherwise indicated, operational data (including subscriber statistics) is presented as of September 30, 2024.
Forward-looking Statements
Certain statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. To the extent that statements in this Quarterly Report on Form 10-Q are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In particular, statements under Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, Item 3. Quantitative and Qualitative Disclosures About Market Risk and Item 4. Controls and Procedures may contain forward-looking statements, including statements regarding: our business, products, foreign currency and finance strategies; our property and equipment additions; grants or renewals of licenses; subscriber growth and retention rates; changes in competitive, regulatory and economic factors; our anticipated integration plans, synergies, opportunities and integration costs in Puerto Rico following the AT&T Acquisition; the transaction with Millicom to combine our respective Costa Rica operations; changes in our revenue, costs, or growth rates; debt levels; our liquidity and our ability to access the liquidity of our subsidiaries; interest rate risks; credit risks; internal control over financial reporting and remediation of material weaknesses; foreign currency risks; compliance with debt, financial and other covenants; our future projected sources and uses of cash; the impact of Hurricane Beryl on our business; and other information and statements that are not historical fact. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. In addition to the risk factors described in Part I, Item 1A in our 2023 Form 10-K, the following are some but not all of the factors that could cause actual results or events to differ materially from anticipated results or events:
•economic and business conditions and industry trends in the countries in which we operate;
•the competitive environment in the industries in the countries in which we operate, including competitor responses to our products and services;
•fluctuations in currency exchange rates, inflation rates and interest rates;
•our relationships with third-party programming providers and broadcasters, some of which are also offering content directly to consumers, and our ability to maintain access to desirable programming on acceptable economic terms;
•our relationships with suppliers and licensors and the ability to maintain equipment, software and certain services;
•instability in global financial markets, including sovereign debt issues and related fiscal reforms;
•our ability to obtain additional financing and generate sufficient cash to meet our debt obligations;
37

•the impact of restrictions contained in certain of our subsidiaries’ debt instruments;
•consumer disposable income and spending levels, including the availability and amount of individual consumer debt;
•changes in consumer viewing preferences and habits, including on mobile devices that function on various operating systems and specifications, limited bandwidth, and different processing power and screen sizes;
•customer acceptance of our existing service offerings, including our video, broadband internet, fixed-line telephony, mobile and business service offerings, and of new technology, programming alternatives and other products and services that we may offer in the future;
•our ability to manage rapid technological changes;
•the impact of 5G and wireless technologies on broadband internet;
•our ability to maintain or increase the number of subscriptions to our video, broadband internet, fixed-line telephony and mobile service offerings and our average revenue per household and mobile subscriber;
•our ability to provide satisfactory customer service, including support for new and evolving products and services;
•our ability to maintain or increase rates to our subscribers or to pass through increased costs to our subscribers;
•the impact of our future financial performance, or market conditions generally, on the availability, terms and deployment of capital;
•changes in, or failure or inability to comply with, government regulations in the countries in which we operate and adverse outcomes from regulatory proceedings;
•government intervention that requires opening our broadband distribution networks to competitors;
•our ability to renew necessary regulatory licenses, concessions or other operating agreements and to otherwise acquire future spectrum or other licenses that we need to offer new mobile data or other technologies or services;
•our ability to obtain regulatory approval and satisfy other conditions necessary to close acquisitions and dispositions, and the impact of conditions imposed by competition and other regulatory authorities in connection with acquisitions, such as with respect to the transaction with Millicom to combine our respective Costa Rica operations;
•our ability to successfully acquire new businesses and, if acquired, to integrate, realize anticipated efficiencies from and implement our business plan with respect to the businesses we have acquired or that we expect to acquire, such as with respect to the AT&T Acquisition and the transaction with Millicom to combine our respective Costa Rica operations;
•changes in laws or treaties relating to taxation, or the interpretation thereof, in the U.S. or in other countries in which we operate and the results of any tax audits or tax disputes;
•changes in laws and government regulations that may impact the availability and cost of capital and the derivative instruments that hedge certain of our financial risks;
•the ability of suppliers and vendors, including third-party channel providers and broadcasters, to timely deliver quality products, equipment, software, services and access;
•the availability of attractive programming for our video services and the costs associated with such programming, including retransmission and copyright fees payable to public and private broadcasters;
•uncertainties inherent in the development and integration of new business lines and business strategies;
•our ability to adequately forecast and plan future network requirements, including the costs and benefits associated with our network extension and upgrade programs;
•the availability of capital for the acquisition and/or development of telecommunications networks and services, including property and equipment additions;
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•problems we may discover post-closing with the operations, including the internal controls and financial reporting process, of businesses we acquire, such as with respect to the AT&T Acquired Entities;
•our ability to profit from investments in joint ventures that we do not solely control;
•the effect of any of the identified material weaknesses in our internal control over financial reporting;
•piracy, targeted vandalism against our networks, and cybersecurity threats or other security breaches, including the leakage of sensitive customer data, which could harm our business or reputation;
•the outcome of any pending or threatened litigation;
•the loss of key employees and the availability of qualified personnel;
•the effect of any strikes, work stoppages or other industrial actions that could affect our operations;
•changes in the nature of key strategic relationships with partners and joint venturers;
•our equity capital structure;
•our ability to realize the full value of our intangible assets and the impact of any impairments;
•changes in and compliance with applicable data privacy laws, rules, and regulations;
•our ability to recoup insurance reimbursements and settlements from third-party providers;
•our ability to comply with anti-corruption laws and regulations, such as the FCPA;
•our ability to comply with economic and trade sanctions laws, such as the U.S. Treasury Department’s OFAC;
•the impacts of climate change such as rising sea levels or increasing frequency and intensity of certain weather phenomena; and
•events that are outside of our control, such as political conditions and unrest in international markets, terrorist attacks, malicious human acts, hurricanes and other natural disasters, pandemics like the COVID-19 pandemic, and other similar events.
The broadband distribution and mobile service industries are changing rapidly and, therefore, the forward-looking statements of expectations, plans and intent in this Quarterly Report on Form 10-Q are subject to a significant degree of risk. These forward-looking statements and the above described risks, uncertainties and other factors speak only as of the date of this Quarterly Report on Form 10-Q, and 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 other change in events, conditions or circumstances on which any such statement is based. Readers are cautioned not to place undue reliance on any forward-looking statement.

39

Overview
General
We are an international provider of fixed, mobile and subsea telecommunications services. We provide,
A.residential and B2B services in:
i.over 20 countries across Latin America and the Caribbean through two of our reportable segments, C&W Caribbean and C&W Panama;
ii.Puerto Rico and USVI, through our reportable segment Liberty Puerto Rico; and
iii.Costa Rica, through our reportable segment Liberty Costa Rica.
B.through our reportable segment Liberty Networks, (i) enterprise services in certain other countries in Latin America and the Caribbean and (ii) wholesale services over our subsea and terrestrial fiber optic cable networks that connect approximately 40 markets in that region.
At September 30, 2024, we (i) owned and operated fixed networks that passed 4,713,000 homes and served 3,986,100 RGUs, comprising 1,824,500 broadband internet subscribers, 1,232,700 fixed-line telephony subscribers and 928,900 video subscribers and (ii) served 7,989,300 mobile subscribers.
Hurricane Beryl
In July 2024, Hurricane Beryl impacted our Jamaica operations and certain smaller operations within C&W Caribbean, resulting in varying degrees of damage to homes, businesses, and infrastructures in these markets. In connection with Hurricane Beryl, during the third quarter of 2024, we experienced adverse impacts to revenue and RGUs, Adjusted OIBDA, and property and equipment additions, which we expect will continue during the fourth quarter of 2024. Specifically, during the third quarter of 2024, Hurricane Beryl had a negative impact on revenue and Adjusted OIBDA of approximately $5 million and $8 million, respectively, which includes the positive impact from the hurricane on prepaid revenue. In addition, we incurred property and equipment additions of approximately $7 million to replace infrastructure and equipment that has been damaged beyond repair or to enhance network resiliency. We did not recognize any material impairments in connection with Hurricane Beryl. As a result of the hurricane, during the third quarter of 2024, we estimate that we lost approximately 33,000 RGUs, comprising 16,000 broadband internet subscribers, 15,000 fixed-line telephony subscribers, and 2,000 video subscribers. We also saw a positive impact from the hurricane to our prepaid mobile subscribers. Hurricane Beryl did not have a material impact on our homes passed count.
During the fourth quarter of 2024, we expect to continue to see adverse impacts from Hurricane Beryl on our impacted businesses. Currently, we estimate that Hurricane Beryl will negatively impact revenue and Adjusted OIBDA during the fourth quarter by between $5 million and $10 million, mainly driven by subscriber losses. We also expect to incur additional property and equipment additions of approximately $10 million to $15 million. Together with the third quarter impacts, we expect that the aggregate impact from Hurricane Beryl during 2024 for revenue and Adjusted OIBDA will be between $10 million and $20 million and toward the high end of our expected range of $10 million to $20 million for property and equipment additions.
Hurricane Beryl triggered a claim pursuant to the Weather Derivatives, which resulted in net proceeds of $44 million during the third quarter of 2024. The proceeds associated with this claim are reflected as a derivative gain in our condensed consolidated statement of operations and as a cash inflow related to operating activities in our condensed consolidated statement of cash flows.
Costa Rica Transaction

On August 1, 2024, we announced that we entered into an agreement with Millicom to combine our respective operations in Costa Rica. Under the terms of the all-stock agreement, Liberty Latin America and our minority partner in Costa Rica will hold an approximate 86% interest and Millicom will hold an approximate 14% interest in the joint operations, with final ownership percentages to be confirmed at closing. The transaction is subject to customary closing conditions, including regulatory authorizations, and we expect the transaction to be completed during the second half of 2025.

40

During August 2024, we also entered into an agreement with the noncontrolling interest owner of Liberty Costa Rica where we agreed to acquire on January 30, 2026 shares representing 8.5% of equity of Liberty Costa Rica for aggregate cash consideration of approximately $82 million, comprising CRC 22 billion ($42 million) and $40 million, with 62.5% of the purchase price due upon closing and the remaining 37.5% due on January 29, 2027.

Material Changes in Results of Operations
The comparability of our operating results during the three and nine months ended September 30, 2024 and 2023 is affected by an acquisition and FX. As we use the term, “organic” changes exclude FX and the impact of an acquisition.
In the following discussion, we quantify the estimated impacts on the operating results of the periods under comparison that are attributable to the LPR Acquisition, which was completed on September 3, 2024. With respect to acquisitions, organic changes exclude the operating results of an acquired entity during the first 12 months following the date of acquisition.
Changes in foreign currency exchange rates may have a significant impact on our operating results, as Liberty Costa Rica and certain entities within C&W have functional currencies other than the U.S. dollar. The impacts to the various components of our results of operations that are attributable to changes in FX are highlighted below. For information concerning our foreign currency risks and applicable foreign currency exchange rates, see Item 3. Quantitative and Qualitative Disclosures About Market Risk—Foreign Currency Rates below.
The amounts presented and discussed below represent 100% of the revenue and expenses of each segment and our corporate operations. As we have the ability to control certain subsidiaries that are not wholly-owned, we include 100% of the revenue and expenses of these entities in our condensed consolidated statements of operations despite the fact that third parties own significant interests in these entities. The noncontrolling owners’ interests in the operating results of (i) certain subsidiaries of C&W and Liberty Puerto Rico, and (ii) Liberty Costa Rica are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations.
We are subject to inflationary pressures with respect to certain costs and foreign currency exchange risk with respect to costs and expenses that are denominated in currencies other than the respective functional currencies of our reportable segments. Any cost increases that we are not able to pass on to our subscribers would result in increased pressure on our operating margins.
Operating Income or Loss
The following tables set forth the organic and non-organic changes in the components of operating income or loss during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023.
 Three months ended September 30,Increase (decrease)Increase (decrease) from:
 20242023FXAn acquisitionOrganic
 in millions
Revenue $1,089.2 $1,125.8 $(36.6)$2.5 $2.9 $(42.0)
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services
231.9 259.1 (27.2)0.6 2.0 (29.8)
Other operating costs and expenses
470.1 462.4 7.7 1.2 0.6 5.9 
Depreciation and amortization245.4 230.5 14.9 0.4 — 14.5 
Impairment, restructuring and other operating items, net521.4 11.1 510.3 (0.2)— 510.5 
1,468.8 963.1 505.7 2.0 2.6 501.1 
Operating income (loss)$(379.6)$162.7 $(542.3)$0.5 $0.3 $(543.1)
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 Nine months ended September 30,Increase (decrease)Increase (decrease) from:
 20242023FXAn acquisitionOrganic
 in millions
Revenue $3,306.6 $3,347.5 $(40.9)$26.2 $2.9 $(70.0)
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services
717.4 740.2 (22.8)5.7 2.0 (30.5)
Other operating costs and expenses
1,481.7 1,415.4 66.3 12.3 0.6 53.4 
Depreciation and amortization729.9 705.6 24.3 3.7 — 20.6 
Impairment, restructuring and other operating items, net553.6 81.6 472.0 — — 472.0 
3,482.6 2,942.8 539.8 21.7 2.6 515.5 
Operating income (loss)$(176.0)$404.7 $(580.7)$4.5 $0.3 $(585.5)
As reflected in the tables above, we reported operating losses for the three and nine months ended September 30, 2024, as compared to operating income for the corresponding periods in 2023. For further discussion and analysis of organic changes in revenue and operating costs and expenses, see Revenue, Programming and Other Direct Costs of Services, and Other Operating Costs sections below. For further discussion and analysis of changes in Depreciation and amortization, and Impairment, Restructuring and other operating items, net, see Results of Operations (below Adjusted OIBDA) sections below.
Consolidated Adjusted OIBDA
On a consolidated basis, Adjusted OIBDA is a non-U.S. GAAP measure. Adjusted OIBDA is the primary measure used by our CODM to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to determine how to allocate resources to segments. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. We believe our Adjusted OIBDA measure is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measures may not be directly comparable to similar measures used by other public companies. Adjusted OIBDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income or loss, net earnings or loss and other U.S. GAAP measures of income or loss.
A reconciliation of total operating income (loss), the nearest U.S. GAAP measure, to Adjusted OIBDA on a consolidated basis, is presented below.
 Three months ended September 30,Nine months ended September 30,
 2024202320242023
 in millions
Operating income (loss)$(379.6)$162.7 $(176.0)$404.7 
Share-based compensation and other Employee Incentive Plan-related expense15.9 24.1 58.9 77.8 
Depreciation and amortization245.4 230.5 729.9 705.6 
Impairment, restructuring and other operating items, net521.4 11.1 553.6 81.6 
Consolidated Adjusted OIBDA$403.1 $428.4 $1,166.4 $1,269.7 
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The following tables set forth the organic and non-organic changes in Adjusted OIBDA during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023:

C&W CaribbeanC&W PanamaLiberty NetworksLiberty Puerto RicoLiberty Costa RicaCorporateIntersegment eliminationsConsolidated
 in millions
Adjusted OIBDA for the three months ending:
September 30, 2023$150.4 $58.5 $64.2 $116.4 $49.9 $(11.0)$— $428.4 
Organic changes related to:
Revenue0.9 (2.4)(2.3)(45.9)6.3 (2.0)3.4 (42.0)
Programming and other direct costs2.9 9.5 2.0 19.3 (2.6)— (1.3)29.8 
Other operating costs and expenses4.4 3.1 (4.6)(1.9)(4.4)(8.4)(2.3)(14.1)
Non-organic changes related to:
FX(0.9)— — — 1.6 (0.2)0.2 0.7 
An acquisition— — — 0.3 — — — 0.3 
September 30, 2024$157.7 $68.7 $59.3 $88.2 $50.8 $(21.6)$— $403.1 
C&W CaribbeanC&W PanamaLiberty NetworksLiberty Puerto RicoLiberty Costa RicaCorporateIntersegment eliminationsConsolidated
 in millions
Adjusted OIBDA for the nine months ending:
September 30, 2023$436.9 $161.0 $200.0 $381.6 $145.2 $(55.0)$— $1,269.7 
Organic changes related to:
Revenue25.9 17.9 (8.2)(123.1)21.2 (3.0)(0.7)(70.0)
Programming and other direct costs3.5 (4.1)1.5 37.9 (6.8)— (1.5)30.5 
Other operating costs and expenses1.1 15.5 (12.8)(68.3)(6.3)(3.5)2.0 (72.3)
Non-organic changes related to:
FX(2.1)— 1.1 — 9.2 (0.2)0.2 8.2 
An acquisition— — — 0.3 — — — 0.3 
September 30, 2024$465.3 $190.3 $181.6 $228.4 $162.5 $(61.7)$— $1,166.4 
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Adjusted OIBDA Margin
The following table sets forth the Adjusted OIBDA Margin of each of our reportable segments:
 Three months ended September 30,Nine months ended September 30,
 2024202320242023
 %
C&W Caribbean43.9 41.7 42.6 40.8 
C&W Panama36.5 30.7 34.3 30.0 
Liberty Networks54.0 57.1 53.8 58.9 
Liberty Puerto Rico28.6 33.1 24.2 35.9 
Liberty Costa Rica34.9 37.1 36.5 36.4 
Adjusted OIBDA Margin is impacted by organic changes in revenue, programming and other direct costs of services and other operating costs and expenses. We incurred aggregate integration costs (i) during the three and nine months ended September 30, 2024 of $1 million and $17 million, respectively, within our Liberty Puerto Rico segment, and (ii) during the three and nine months ended September 30, 2023 of $3 million and $13 million, respectively, within our Liberty Puerto Rico, Liberty Costa Rica and C&W Panama segments.
Revenue
Most of our segments derive their revenue primarily from (i) residential fixed services, including video, broadband internet and fixed-line telephony, (ii) mobile services and (iii) B2B enterprise services. Liberty Networks also provides wholesale services over its subsea and terrestrial fiber optic cable networks.
While not specifically discussed in the below explanations of the changes in revenue, we experience significant competition in all of our markets. Competition has an adverse impact on our ability to increase or maintain our (i) RGUs, (ii) ARPU and/or (iii) B2B revenue.
Variances in the subscription revenue that we receive from our customers are a function of (i) changes in the number of RGUs or mobile subscribers during the period and (ii) changes in ARPU. Changes in ARPU can be attributable to (i) changes in prices, (ii) changes in bundling or promotional discounts, (iii) changes in the tier of services selected, (iv) variances in subscriber usage patterns and (v) the overall mix of fixed and mobile products during the period. In the following discussion, we discuss ARPU changes in terms of the net impact of the above factors on the ARPU that is derived from our video, broadband internet, fixed-line telephony and mobile products.
The following tables set forth the organic and non-organic changes in revenue by reportable segment during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023.
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 Three months ended September 30,Increase (decrease)Increase (decrease) from:
 20242023FXAn acquisitionOrganic
 in millions
C&W Caribbean$359.5 $360.5 $(1.0)$(1.9)$— $0.9 
C&W Panama188.0 190.4 (2.4)— — (2.4)
Liberty Networks109.9 112.5 (2.6)(0.3)— (2.3)
Liberty Puerto Rico308.2 351.2 (43.0)— 2.9 (45.9)
Liberty Costa Rica145.5 134.6 10.9 4.6 — 6.3 
Corporate4.5 6.5 (2.0)— — (2.0)
Intersegment eliminations(26.4)(29.9)3.5 0.1 — 3.4 
Total$1,089.2 $1,125.8 $(36.6)$2.5 $2.9 $(42.0)
 Nine months ended September 30,Increase (decrease)Increase (decrease) from:
 20242023FXAn acquisitionOrganic
 in millions
C&W Caribbean$1,092.0 $1,070.6 $21.4 $(4.5)$— $25.9 
C&W Panama554.4 536.5 17.9 — — 17.9 
Liberty Networks337.5 339.8 (2.3)5.9 — (8.2)
Liberty Puerto Rico944.0 1,064.2 (120.2)— 2.9 (123.1)
Liberty Costa Rica445.0 399.0 46.0 24.8 — 21.2 
Corporate15.5 18.5 (3.0)— — (3.0)
Intersegment eliminations(81.8)(81.1)(0.7)— — (0.7)
Total$3,306.6 $3,347.5 $(40.9)$26.2 $2.9 $(70.0)
C&W Caribbean. C&W Caribbean’s revenue by major category is set forth below:
 Three months ended September 30,Increase (decrease)
 20242023$%
 in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue$119.1 $122.6 $(3.5)(3)
Non-subscription revenue5.8 6.5 (0.7)(11)
Total residential fixed revenue124.9 129.1 (4.2)(3)
Residential mobile revenue:
Service revenue91.1 83.9 7.2 9 
Interconnect, inbound roaming, equipment sales and other18.1 18.4 (0.3)(2)
Total residential mobile revenue109.2 102.3 6.9 7 
Total residential revenue234.1 231.4 2.7 1 
B2B revenue125.4 129.1 (3.7)(3)
Total $359.5 $360.5 $(1.0)— 
45

 Nine months ended September 30,Increase (decrease)
 20242023$%
 in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue$364.7 $363.9 $0.8 — 
Non-subscription revenue20.5 21.2 (0.7)(3)
Total residential fixed revenue385.2 385.1 0.1 — 
Residential mobile revenue:
Service revenue262.9 245.3 17.6 7 
Interconnect, inbound roaming, equipment sales and other56.4 57.7 (1.3)(2)
Total residential mobile revenue319.3 303.0 16.3 5 
Total residential revenue704.5 688.1 16.4 2 
B2B revenue387.5 382.5 5.0 1 
Total $1,092.0 $1,070.6 $21.4 2 
The details of the changes in C&W Caribbean’s revenue during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023, are set forth below (in millions):
Three-month comparisonNine-month comparison
Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of RGUs (a)$(0.9)$1.1 
ARPU (b)(2.1)1.1 
Decrease in residential fixed non-subscription revenue(0.7)(0.6)
Total increase (decrease) in residential fixed revenue(3.7)1.6 
Increase in residential mobile service revenue (c)8.0 19.1 
Decrease in residential mobile interconnect, inbound roaming, equipment sales and other revenue(0.3)(1.2)
Increase (decrease) in B2B revenue (d)(3.1)6.4 
Total organic increase0.9 25.9 
Impact of FX(1.9)(4.5)
Total$(1.0)$21.4 
(a)The changes are primarily due to the net effect of higher average broadband internet RGUs and lower average video RGUs. During the three-month comparison, the impact of lower average video RGUs was greater than the impact of higher average broadband internet RGUs.
(b)The changes are primarily due to the net impact of (i) higher ARPU from broadband internet services, mainly due to price increases, (ii) lower ARPU from fixed-line telephony services, mostly due to Hurricane Beryl-related rebates and fixed-mobile convergence efforts, and (iii) lower ARPU from video services. During the three-month comparison, the impact of lower ARPU from fixed-line telephony services and video services more than offset the impact of higher ARPU from broadband internet services.
(c)The increases are primarily attributable to the net impact of (i) higher average numbers of postpaid mobile subscribers, mostly due to growth from fixed-mobile convergence efforts, (ii) increases in prepaid ARPU resulting from price increases implemented during the third quarter of 2023 and the first quarter of 2024, and (iii) lower average numbers of prepaid mobile subscribers.
(d)The increase during the nine-month comparison is mainly attributable to higher project-related revenue across various markets. The decrease during the three-month comparison is mainly driven by a decrease in fixed and managed services, mostly due to impacts related to Hurricane Beryl.
46

C&W Panama. C&W Panama’s revenue by major category is set forth below:
 Three months ended September 30,Increase (decrease)
 20242023$%
 in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue$31.2 $29.6 $1.6 5 
Non-subscription revenue1.2 1.4 (0.2)(14)
Total residential fixed revenue32.4 31.0 1.4 5 
Residential mobile revenue:
Service revenue70.5 66.0 4.5 7 
Interconnect, inbound roaming, equipment sales and other16.0 13.6 2.4 18 
Total residential mobile revenue86.5 79.6 6.9 9 
Total residential revenue118.9 110.6 8.3 8 
B2B revenue69.1 79.8 (10.7)(13)
Total$188.0 $190.4 $(2.4)(1)
 Nine months ended September 30,Increase (decrease)
 20242023$%
 in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue$91.7 $86.6 $5.1 6 
Non-subscription revenue3.6 4.2 (0.6)(14)
Total residential fixed revenue95.3 90.8 4.5 5 
Residential mobile revenue:
Service revenue200.2 196.8 3.4 2 
Interconnect, inbound roaming, equipment sales and other43.0 40.5 2.5 6 
Total residential mobile revenue243.2 237.3 5.9 2 
Total residential revenue338.5 328.1 10.4 3 
B2B revenue215.9 208.4 7.5 4 
Total$554.4 $536.5 $17.9 3 
47

The details of the changes in C&W Panama’s revenue during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023, are set forth below (in millions):
Three-month comparisonNine-month comparison
Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of RGUs (a)$2.7 $7.9 
ARPU (b)(1.1)(2.8)
Decrease in residential fixed non-subscription revenue(0.2)(0.6)
Total increase in residential fixed revenue1.4 4.5 
Increase in residential mobile service revenue (c)4.5 3.4 
Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue (d)2.4 2.5 
Increase (decrease) in B2B revenue (e)(10.7)7.5 
Total$(2.4)$17.9 
(a)The increases are primarily due to higher average broadband internet RGUs.
(b)The decreases are primarily due to lower ARPU from fixed-line telephony and video services, mainly driven by higher discounts and the migration of customers to lower ARPU plans.
(c)The increases are primarily due to the net effect of (i) higher ARPU from prepaid mobile services, (ii) lower average numbers of prepaid mobile subscribers, and (iii) higher average numbers of postpaid mobile subscribers. The decreases in prepaid mobile subscribers are driven by the net impact of churn related to the migration of customers to our network following the Claro Panama Acquisition, and the addition of customers to our base following the exit of a competitor from our market. The increases in prepaid mobile ARPU are primarily due to higher ARPU packages offered to customers.
(d)The increases are primarily due to higher volumes of handset sales.
(e)The increase during the nine-month comparison is primarily due to (i) higher revenue from government-related projects and (ii) higher revenue from fixed and managed services, primarily broadband internet services. During the three-month comparison, the increase in revenue from fixed and managed services was more than offset by a decrease in revenue from government-related projects, mainly driven by the phasing of projects that were previously approved but for which delivery and installation have not yet occurred.
Liberty Networks. Liberty Networks’ revenue by major category is set forth below:
 Three months ended September 30,Increase (decrease):
 20242023$%
 in millions, except percentages
B2B revenue:
Enterprise revenue$31.7 $31.0 $0.7 2 
Wholesale revenue 78.2 81.5 (3.3)(4)
Total $109.9 $112.5 $(2.6)(2)
48

 Nine months ended September 30,Increase (decrease)
 20242023$%
 in millions, except percentages
B2B revenue:
Enterprise revenue$98.4 $88.0 $10.4 12 
Wholesale revenue 239.1 251.8 (12.7)(5)
Total $337.5 $339.8 $(2.3)(1)
The details of the changes in Liberty Networks’ revenue during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023, are set forth below (in millions):
Three-month comparisonNine-month comparison
Increase in enterprise revenue (a)$0.9 $6.8 
Decrease in wholesale revenue (b)(3.2)(15.0)
Total organic decrease(2.3)(8.2)
Impact of FX(0.3)5.9 
Total$(2.6)$(2.3)
(a)The increases are primarily attributable to the net effect of (i) growth in managed services, (ii) higher B2B connectivity revenue, and (iii) decreases associated with sales-type leases on CPE installed on long-term customer solutions, due mostly to a higher mix of contracts recognized on a net basis.
(b)The decreases are primarily due to (i) lower amortized prepaid capacity and operating and maintenance revenue driven by the cancellation of prepaid capacity contracts in prior periods and (ii) net decreases in revenue associated with the recognition of deferred revenue and penalties upon the termination or modification of prepaid capacity contracts during the first, second and third quarters of 2023 and the second quarter of 2024.
Liberty Puerto Rico. Liberty Puerto Rico’s revenue by major category is set forth below:
 Three months ended September 30,Decrease
 20242023$%
 in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue$117.0 $120.5 $(3.5)(3)
Non-subscription revenue5.9 7.7 (1.8)(23)
Total residential fixed revenue122.9 128.2 (5.3)(4)
Residential mobile revenue:
Service revenue82.7 99.3 (16.6)(17)
Interconnect, inbound roaming, equipment sales and other42.3 58.8 (16.5)(28)
Total residential mobile revenue125.0 158.1 (33.1)(21)
Total residential revenue247.9 286.3 (38.4)(13)
B2B revenue54.1 56.8 (2.7)(5)
Other revenue6.2 8.1 (1.9)(23)
Total$308.2 $351.2 $(43.0)(12)
49

 Nine months ended September 30,Decrease
 20242023$%
 in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue$357.2 $358.6 $(1.4)— 
Non-subscription revenue16.9 19.4 (2.5)(13)
Total residential fixed revenue374.1 378.0 (3.9)(1)
Residential mobile revenue:
Service revenue254.9 302.2 (47.3)(16)
Interconnect, inbound roaming, equipment sales and other130.7 183.9 (53.2)(29)
Total residential mobile revenue385.6 486.1 (100.5)(21)
Total residential revenue759.7 864.1 (104.4)(12)
B2B revenue162.7 168.7 (6.0)(4)
Other revenue21.6 31.4 (9.8)(31)
Total$944.0 $1,064.2 $(120.2)(11)
The details of the changes in Liberty Puerto Rico’s revenue during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023, are set forth below (in millions):
Three-month comparisonNine-month comparison
Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of RGUs (a)$0.1 $3.6 
ARPU (b)(3.6)(5.0)
Decrease in residential fixed non-subscription revenue(1.8)(2.5)
Total decrease in residential fixed revenue(5.3)(3.9)
Decrease in residential mobile service revenue (c)(19.4)(50.1)
Decrease in residential mobile interconnect, inbound roaming, equipment sales and other revenue (d)(16.6)(53.3)
Decrease in B2B revenue (e)(2.7)(6.0)
Decrease in other revenue (f)(1.9)(9.8)
Total organic decrease(45.9)(123.1)
Impact of an acquisition2.9 2.9 
Total$(43.0)$(120.2)
(a)The increases are primarily attributable to the net effect of (i) higher average broadband internet and fixed-line telephony RGUs and (ii) lower average video RGUs.
(b)The decreases are primarily due to lower ARPU from broadband internet, video and fixed-line telephony services, mainly caused by the net effect of retention-related discounts that more than offset price increases during the third quarter of 2024. The decreases also include the impact of credits issued to customers following Hurricane Ernesto, which impacted Puerto Rico in August 2024.
(c)The decreases are primarily due to declines in the average number of mobile subscribers, impacted by the migration of customers to our mobile network and network challenges in 2024.
(d)The decreases are primarily driven by (i) lower equipment sales, which for the nine-month comparison includes the impact of the migration of customers to our mobile network during the first half of 2024, and (ii) lower inbound roaming revenue.
50

(e)The decreases are primarily attributable to lower revenue from mobile services, mainly driven by lower average customers due to (i) the termination of a government-sponsored program during the second quarter of 2024 and (ii) the migration of customers to our mobile network.
(f)The decreases are driven by declines in the rate of funding, beginning in each of June 2023 and 2024, related to funds from the FCC that we use to expand and improve our fixed and mobile networks.
Liberty Costa Rica. Liberty Costa Rica’s revenue by major category is set forth below:
 Three months ended September 30,Increase (decrease)
 20242023$%
 in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue$33.5 $35.5 $(2.0)(6)
Non-subscription revenue7.6 4.0 3.6 90 
Total residential fixed revenue41.1 39.5 1.6 4 
Residential mobile revenue:
Service revenue68.0 60.7 7.3 12 
Interconnect, inbound roaming, equipment sales and other19.8 19.3 0.5 3 
Total residential mobile revenue87.8 80.0 7.8 10 
Total residential revenue128.9 119.5 9.4 8 
B2B revenue16.6 15.1 1.5 10 
Total$145.5 $134.6 $10.9 8 
 Nine months ended September 30,Increase (decrease)
 20242023$%
 in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue$103.6 $109.0 $(5.4)(5)
Non-subscription revenue25.2 9.1 16.1 177 
Total residential fixed revenue128.8 118.1 10.7 9 
Residential mobile revenue:
Service revenue204.3 178.8 25.5 14 
Interconnect, inbound roaming, equipment sales and other62.5 56.4 6.1 11 
Total residential mobile revenue266.8 235.2 31.6 13 
Total residential revenue395.6 353.3 42.3 12 
B2B revenue49.4 45.7 3.7 8 
Total$445.0 $399.0 $46.0 12 
51

The details of the changes in Liberty Costa Rica’s revenue during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023, are set forth below (in millions):
Three-month comparisonNine-month comparison
Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of RGUs (a)$1.0 $(0.6)
ARPU (b)(4.1)(10.7)
Increase in residential fixed non-subscription revenue (c)3.4 14.7 
Total increase in residential fixed revenue0.3 3.4 
Increase in residential mobile service revenue (d)5.1 14.1 
Increase (decrease) in residential mobile interconnect, inbound roaming, equipment sales and other revenue (e)(0.1)2.5 
Increase in B2B revenue1.0 1.2 
Total organic increase6.3 21.2 
Impact of FX4.6 24.8 
Total$10.9 $46.0 
(a)For the three-month comparison, the increase is due to higher average RGUs across all products. For the nine-month comparison, an increase driven by higher average fixed-line telephony and broadband internet RGUs was fully offset by a decrease associated with lower average video RGUs.
(b)The decreases are due to lower ARPU across all fixed products, the largest of which is from video services. The decreases are mainly due to market competition leading to customer retention efforts and higher financed equipment sales.
(c)The increases are primarily attributable to higher volumes of CPE sales.
(d)The increases are primarily due to the net effect of (i) higher average postpaid mobile subscribers and (ii) lower prepaid mobile ARPU.
(e)The increase during the nine-month comparison is primarily attributable to the net effect of (i) higher volumes of equipment sales, (ii) lower interconnect revenue driven by a reduction in rates and lower volumes of traffic and (iii) lower inbound roaming revenue. For the three-month comparison, a decrease in interconnect and roaming revenue was almost entirely offset by an increase in equipment sales.
Programming and other direct costs of services
Programming and other direct costs of services include programming and copyright costs, interconnect and access costs, equipment costs, which primarily relate to costs of mobile handsets and other devices, B2B project-related costs and other direct costs related to our operations. Programming and copyright costs, which represent a significant portion of our operating costs, may increase in future periods as a result of (i) higher costs associated with the expansion of our digital video content, including rights associated with ancillary product offerings and rights that provide for the broadcast of live sporting events, (ii) rate increases or (iii) growth in the number of our video subscribers.
52

Consolidated. The following tables set forth the organic and non-organic changes in programming and other direct costs of services on a consolidated basis.
Three months ended September 30,DecreaseIncrease (decrease) from:
 20242023FXAn acquisitionOrganic
 in millions
Programming and copyright$58.5 $60.2 $(1.7)$0.2 $— $(1.9)
Interconnect69.0 77.5 (8.5)— 1.5 (10.0)
Equipment73.2 77.7 (4.5)0.4 0.5 (5.4)
Project-related and other31.2 43.7 (12.5)— — (12.5)
Total programming and other direct costs of services$231.9 $259.1 $(27.2)$0.6 $2.0 $(29.8)
 Nine months ended September 30,Increase (decrease)Increase (decrease) from:
 20242023FXAn acquisitionOrganic
 in millions
Programming and copyright$179.0 $180.3 $(1.3)$1.3 $— $(2.6)
Interconnect206.8 227.5 (20.7)1.3 1.5 (23.5)
Equipment224.7 236.8 (12.1)2.4 0.5 (15.0)
Project-related and other106.9 95.6 11.3 0.7 — 10.6 
Total programming and other direct costs of services$717.4 $740.2 $(22.8)$5.7 $2.0 $(30.5)
C&W Caribbean. The following tables set forth the organic and non-organic changes in programming and other direct costs of services for our C&W Caribbean segment.
 Three months ended September 30,Increase (decrease)Increase (decrease) from:
 20242023FXOrganic
 in millions
Programming and copyright$16.2 $17.9 $(1.7)$— $(1.7)
Interconnect17.3 18.3 (1.0)(0.1)(0.9)
Equipment11.3 13.1 (1.8)— (1.8)
Project-related and other10.1 8.5 1.6 0.1 1.5 
Total programming and other direct costs of services$54.9 $57.8 $(2.9)$— $(2.9)
53

 Nine months ended September 30,Increase (decrease)Increase (decrease) from:
 20242023FXOrganic
 in millions
Programming and copyright$51.1 $55.1 $(4.0)$(0.2)$(3.8)
Interconnect50.8 56.2 (5.4)(0.4)(5.0)
Equipment36.6 36.4 0.2 (0.1)0.3 
Project-related and other30.6 25.6 5.0 — 5.0 
Total programming and other direct costs of services$169.1 $173.3 $(4.2)$(0.7)$(3.5)
•Programming and copyright: The organic decreases are mainly due to the renegotiation of certain content agreements.
•Interconnect: The organic decreases are primarily due to lower rates resulting from the renegotiation of a contract.
•Equipment: The organic changes are mainly due the net effect of (i) higher B2B project-related equipment costs and (ii) lower handset costs. During the three-month comparison, the impact of lower handset costs more than offset the impact of higher B2B project-related equipment costs.
•Project-related and other: The organic increases are due to higher B2B project costs across various markets.
C&W Panama. The following tables set forth the changes in programming and other direct costs of services for our C&W Panama segment.
Three months ended September 30,Increase (decrease)
 20242023
 in millions
Programming and copyright$5.4 $5.8 $(0.4)
Interconnect16.5 18.6 (2.1)
Equipment14.9 8.9 6.0 
Project-related and other21.4 34.4 (13.0)
Total programming and other direct costs of services$58.2 $67.7 $(9.5)
Nine months ended September 30,Increase (decrease)
 20242023
 in millions
Programming and copyright$16.8 $15.9 $0.9 
Interconnect51.6 54.0 (2.4)
Equipment36.0 34.1 1.9 
Project-related and other71.3 67.6 3.7 
Total programming and other direct costs of services$175.7 $171.6 $4.1 
•Interconnect: The decreases are primarily due to lower volumes of traffic.
54

•Equipment: The increases are primarily attributable to higher volumes of handset sales to residential customers. For the nine-month comparison, this increase was partially offset by a decrease in costs driven by lower volumes of handset sales to B2B customers. During the three-month comparison, this increase was also attributable to higher volumes of handset sales to B2B customers at a higher unit cost.
•Project-related and other: The increase during the nine-month comparison is primarily due to higher costs associated with certain government-related projects. During the three-month comparison, lower costs resulted from the phasing of projects that were previously approved but for which delivery and installation have not yet occurred.
Liberty Networks. The following tables set forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Networks segment.
 Three months ended September 30,DecreaseDecrease from:
 20242023FXOrganic
 in millions
Interconnect$12.4 $12.6 $(0.2)$— $(0.2)
Equipment— 0.1 (0.1)(0.1)— 
Project-related and other2.8 4.7 (1.9)(0.1)(1.8)
Total programming and other direct costs of services$15.2 $17.4 $(2.2)$(0.2)$(2.0)
 Nine months ended September 30,Increase (decrease)Increase (decrease) from:
 20242023FXOrganic
 in millions
Interconnect$36.6 $35.3 $1.3 $0.4 $0.9 
Equipment0.2 0.4 (0.2)— (0.2)
Project-related and other12.2 13.7 (1.5)0.7 (2.2)
Total programming and other direct costs of services$49.0 $49.4 $(0.4)$1.1 $(1.5)
•Interconnect: The organic increase for the nine-month comparison is primarily due to higher backhaul expenses.
•Project-related and other: The organic decreases are primarily due to a higher mix of contracts recognized on a net basis.
Liberty Puerto Rico. The following tables set forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Puerto Rico segment.
 Three months ended September 30,Increase (decrease)Increase (decrease) from:
 20242023An acquisitionOrganic
 in millions
Programming and copyright$26.9 $28.5 $(1.6)$— $(1.6)
Interconnect20.7 25.0 (4.3)1.5 (5.8)
Equipment31.8 43.7 (11.9)0.5 (12.4)
Project-related and other0.9 0.4 0.5 — 0.5 
Total programming and other direct costs of services$80.3 $97.6 $(17.3)$2.0 $(19.3)
55

 Nine months ended September 30,Increase (decrease)Increase (decrease) from:
 20242023An acquisitionOrganic
 in millions
Programming and copyright$83.1 $85.1 $(2.0)$— $(2.0)
Interconnect59.3 71.0 (11.7)1.5 (13.2)
Equipment106.6 131.2 (24.6)0.5 (25.1)
Project-related and other3.5 1.1 2.4 — 2.4 
Total programming and other direct costs of services$252.5 $288.4 $(35.9)$2.0 $(37.9)
•Programming and copyright: The organic decreases are primarily due to the net effect of (i) lower average number of subscribers and (ii) rate increases.
•Interconnect: The organic decreases are mostly due to lower interconnect costs associated with a transition service agreement that expired during 2024.
•Equipment: The organic decreases are primarily due to the net effect of (i) lower handset sales, which for the nine-month comparison includes the impact of the migration of customers to our mobile network during the first half of 2024, (ii) equipment credits for handset purchases recognized during the first half of 2023 associated with handsets purchased prior to 2023 and (iii) increases resulting from inventory adjustments during 2024 related to the migration of mobile customers to our network.
•Project-related and other: The organic increases are primarily due to higher costs associated with portability and identity protection services.
Liberty Costa Rica. The following tables set forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Costa Rica segment.
Three months ended September 30,Increase (decrease)Increase (decrease) from:
 20242023FXOrganic
 in millions
Programming and copyright$9.4 $8.3 $1.1 $0.3 $0.8 
Interconnect6.6 8.1 (1.5)0.3 (1.8)
Equipment15.2 11.9 3.3 0.4 2.9 
Project-related and other0.7 — 0.7 — 0.7 
Total programming and other direct costs of services$31.9 $28.3 $3.6 $1.0 $2.6 
Nine months ended September 30,Increase (decrease)Increase (decrease) from:
 20242023FXOrganic
 in millions
Programming and copyright$28.0 $25.1 $2.9 $1.5 $1.4 
Interconnect22.0 24.6 (2.6)1.3 (3.9)
Equipment45.3 34.7 10.6 2.5 8.1 
Project-related and other1.2 — 1.2 — 1.2 
Total programming and other direct costs of services$96.5 $84.4 $12.1 $5.3 $6.8 
56

•Interconnect: The organic decreases are primarily due to lower (i) rates, (ii) volumes of long-distance and international traffic, and (iii) commission costs associated with prepaid mobile distributors.
•Equipment: The organic increases are primarily due to the net effect of (i) higher CPE costs associated with sales growth, (ii) higher handset costs associated with increased unit costs and (iii) the positive impact of FX associated with non-CRC denominated handset costs.
Other operating costs and expenses
Other operating costs and expenses comprise the following cost categories:
•Personnel and contract labor-related costs, which primarily include salary-related and cash bonus expenses, net of capitalizable labor costs, and temporary contract labor costs;
•Network-related expenses, which primarily include costs related to network access, system power, core network, and CPE repair, maintenance and test costs;
•Service-related costs, which primarily include professional services, information technology-related services, audit, legal and other services;
•Commercial, which primarily includes sales and marketing costs, such as advertising, commissions and other sales and marketing-related costs, and customer care costs related to outsourced call centers;
•Facility, provision, franchise and other, which primarily includes facility-related costs, provision for bad debt expense, operating lease rent expense, franchise-related fees, bank fees, insurance, vehicle-related, travel and entertainment and other operating-related costs; and
•Share-based compensation and other Employee Incentive Plan-related expense that relates to (i) equity awards issued to our employees and Directors, (ii) certain bonuses that are paid in the form of equity and (iii) our LTVP, whether settled in common shares or cash.
Consolidated. The following tables set forth the organic and non-organic changes in other operating costs and expenses on a consolidated basis.
 Three months ended September 30,Increase (decrease)Increase (decrease) from:
 20242023FXAn acquisitionOrganic
 in millions
Personnel and contract labor$141.5 $130.8 $10.7 $— $— $10.7 
Network-related59.2 65.2 (6.0)0.1 — (6.1)
Service-related63.3 52.3 11.0 0.2 0.4 10.4 
Commercial46.1 47.1 (1.0)0.4 0.2 (1.6)
Facility, provision, franchise and other144.1 142.9 1.2 0.5 — 0.7 
Share-based compensation and other Employee Incentive Plan-related expense15.9 24.1 (8.2)— — (8.2)
Total other operating costs and expenses$470.1 $462.4 $7.7 $1.2 $0.6 $5.9 
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Nine months ended September 30,Increase (decrease)Increase (decrease) from:
 20242023FXAn acquisitionOrganic
 in millions
Personnel and contract labor$441.5 $418.1 $23.4 $2.8 $— $20.6 
Network-related186.8 193.6 (6.8)2.0 — (8.8)
Service-related200.4 162.6 37.8 1.2 0.4 36.2 
Commercial146.0 136.2 9.8 2.4 0.2 7.2 
Facility, provision, franchise and other448.1 427.1 21.0 3.9 — 17.1 
Share-based compensation and other Employee Incentive Plan-related expense58.9 77.8 (18.9)— — (18.9)
Total other operating costs and expenses$1,481.7 $1,415.4 $66.3 $12.3 $0.6 $53.4 
C&W Caribbean. The following tables set forth the organic and non-organic changes in other operating costs and expenses for our C&W Caribbean segment.
 Three months ended September 30,Increase (decrease)Increase (decrease) from:
 20242023FXOrganic
 in millions
Personnel and contract labor$50.5 $47.3 $3.2 $(0.2)$3.4 
Network-related32.8 35.9 (3.1)(0.2)(2.9)
Service-related16.9 19.2 (2.3)(0.1)(2.2)
Commercial10.1 11.8 (1.7)(0.1)(1.6)
Facility, provision, franchise and other36.6 38.1 (1.5)(0.4)(1.1)
Share-based compensation and other Employee Incentive Plan-related expense4.0 5.2 (1.2)— (1.2)
Total other operating costs and expenses$150.9 $157.5 $(6.6)$(1.0)$(5.6)
 Nine months ended September 30,Increase (decrease)Increase (decrease) from:
 20242023FXOrganic
in millions
Personnel and contract labor$153.2 $153.4 $(0.2)$(0.5)$0.3 
Network-related101.8 101.9 (0.1)(0.5)0.4 
Service-related49.8 56.7 (6.9)(0.1)(6.8)
Commercial32.6 34.0 (1.4)(0.2)(1.2)
Facility, provision, franchise and other120.2 114.4 5.8 (0.4)6.2 
Share-based compensation and other Employee Incentive Plan-related expense12.1 14.6 (2.5)— (2.5)
Total other operating costs and expenses$469.7 $475.0 $(5.3)$(1.7)$(3.6)
•Personnel and contract labor: The organic changes are primarily due to the net effect of (i) higher salaries and related personnel costs, (ii) higher capitalized labor, (iii) higher bonus-related expense, and (iv) lower headcount.
•Network-related: The organic changes are primarily due to lower power costs driven by a decrease in consumption and rates. During the nine-month comparison, this decrease was offset by the negative impact of an accrual release during the second quarter of 2023 related to leased line costs that resulted from the renegotiation of pole rental contracts.
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•Service-related: The organic decreases are primarily due to declines in professional services associated with the renegotiation or termination of certain vendor contracts.
•Facility, provision, franchise and other: The organic decrease during the three-month comparison is primarily due to the net effect of (i) Hurricane Beryl-related restoration costs, (ii) lower bad debt expense impacted by the recovery of amounts from a large customer, and (iii) lower facilities costs associated with the Tower Transactions. The increase during the nine-month comparison is primarily due to the net effect of (i) the negative impact associated with a tax-related assessment received in one of our markets during the second quarter of 2024, (ii) higher bad debt expense, (iii) Hurricane Beryl-related restoration costs, (iv) lower facilities costs associated with the Tower Transactions, and (v) higher franchise fees.
C&W Panama. The following tables set forth the changes in other operating costs and expenses for our C&W Panama segment.
Three months ended September 30,Increase (decrease)
 20242023
 in millions
Personnel and contract labor$19.7 $19.5 $0.2 
Network-related13.5 13.9 (0.4)
Service-related5.1 4.5 0.6 
Commercial6.9 6.2 0.7 
Facility, provision, franchise and other15.9 20.1 (4.2)
Share-based compensation and other Employee Incentive Plan-related expense1.2 0.6 0.6 
Total other operating costs and expenses$62.3 $64.8 $(2.5)
Nine months ended September 30,Increase (decrease)
 20242023
 in millions
Personnel and contract labor$60.6 $62.7 $(2.1)
Network-related39.9 40.8 (0.9)
Service-related14.5 13.1 1.4 
Commercial23.5 20.7 2.8 
Facility, provision, franchise and other49.9 66.6 (16.7)
Share-based compensation and other Employee Incentive Plan-related expense5.6 2.9 2.7 
Total other operating costs and expenses$194.0 $206.8 $(12.8)
•Personnel and contract labor: The decrease during the nine month comparison is primarily due to lower headcount levels following the execution of certain restructuring plans.
•Commercial: The increases are primarily due to higher marketing and commissions expense associated with efforts to obtain customers from a competitor following their exit from the market.
•Facility, provision, franchise and other: The decreases are primarily due to (i) lower facilities costs, mainly from synergies attained following the Claro Panama Acquisition and (ii) lower bad debt expense.
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Liberty Networks. The following tables set forth the organic and non-organic changes in other operating costs and expenses for our Liberty Networks segment.
 Three months ended September 30,Increase (decrease)Increase (decrease) from:
 20242023FXOrganic
 in millions
Personnel and contract labor$11.4 $11.1 $0.3 $— $0.3 
Network-related12.3 11.4 0.9 0.1 0.8 
Service-related2.1 1.4 0.7 — 0.7 
Commercial0.2 0.3 (0.1)— (0.1)
Facility, provision, franchise and other9.4 6.7 2.7 (0.2)2.9 
Share-based compensation and other Employee Incentive Plan-related expense0.5 0.6 (0.1)— (0.1)
Total other operating costs and expenses$35.9 $31.5 $4.4 $(0.1)$4.5 
 Nine months ended September 30,Increase (decrease)Increase (decrease) from:
 20242023FXOrganic
in millions
Personnel and contract labor$36.1 $33.5 $2.6 $2.0 $0.6 
Network-related35.7 32.8 2.9 0.8 2.1 
Service-related6.4 3.7 2.7 0.2 2.5 
Commercial1.3 1.4 (0.1)— (0.1)
Facility, provision, franchise and other27.4 19.0 8.4 0.7 7.7 
Share-based compensation and other Employee Incentive Plan-related expense2.4 2.8 (0.4)— (0.4)
Total other operating costs and expenses$109.3 $93.2 $16.1 $3.7 $12.4 
•Network-related: The increases are primarily due to higher maintenance costs.
•Service-related: The increases are primarily due to higher outsourcing and software upgrade expenses.
•Facility, provision, franchise and other: The increases are primarily due to higher bad debt expense, mostly driven by adjustments for two large customers during the second and third quarters of 2024.
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Liberty Puerto Rico. The following tables set forth the organic and non-organic changes in other operating costs and expenses for our Liberty Puerto Rico segment.
Three months ended September 30,Increase (decrease)Increase (decrease) from:
20242023An acquisitionOrganic
 in millions
Personnel and contract labor$39.3 $39.2 $0.1 $— $0.1 
Network-related7.6 12.2 (4.6)— (4.6)
Service-related27.5 17.8 9.7 0.4 9.3 
Commercial12.8 13.2 (0.4)0.2 (0.6)
Facility, provision, franchise and other52.5 54.8 (2.3)— (2.3)
Share-based compensation and other Employee Incentive Plan-related expense1.0 2.4 (1.4)— (1.4)
Total other operating costs and expenses$140.7 $139.6 $1.1 $0.6 $0.5 
 Nine months ended September 30,Increase (decrease)Increase (decrease) from:
 20242023An acquisitionOrganic
 in millions
Personnel and contract labor$128.1 $113.5 $14.6 $— $14.6 
Network-related32.2 37.8 (5.6)— (5.6)
Service-related96.8 54.5 42.3 0.4 41.9 
Commercial41.5 36.1 5.4 0.2 5.2 
Facility, provision, franchise and other164.5 152.3 12.2 — 12.2 
Share-based compensation and other Employee Incentive Plan-related expense5.4 5.9 (0.5)— (0.5)
Total other operating costs and expenses$468.5 $400.1 $68.4 $0.6 $67.8 
•Personnel and contract labor: The organic increase for the nine-month comparison is primarily due to the net effect of (i) increases resulting from the receipt of payroll tax credits during the first and second quarters of 2023 awarded to businesses that continued to pay employees or that experienced significant declines in gross receipts during the COVID-19 pandemic, (ii) higher salaries and related personnel costs, (iii) higher severance-related expenses and (iv) lower bonus-related expenses.
•Network-related: The organic decreases are primarily due to the termination of a transition service agreement during the first half of 2024.
•Service-related: The organic increases are primarily due to (i) higher service-related integration costs associated with the migration of customers to our mobile network following the AT&T Acquisition and (ii) increases in information technology service and license expenses, as we have transitioned mobile customers acquired from AT&T to our internal systems.
•Commercial: The organic increase for the nine-month comparison is primarily due to higher call center costs.
•Facility, provision, franchise and other: The organic changes are primarily due to the net effect of (i) higher bad debt expense impacted by billing and collection issues experienced during and following the migration of customers to our mobile network and associated systems, (ii) increased collection costs and (iii) decreases due to the substantial termination of a transition services agreement during the first half of 2024.
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Liberty Costa Rica. The following tables set forth the organic and non-organic changes in other operating costs and expenses for our Liberty Costa Rica segment.
 Three months ended September 30,Increase (decrease)Increase (decrease) from:
 20242023FXOrganic
 in millions
Personnel and contract labor$8.3 $6.7 $1.6 $0.2 $1.4 
Network-related9.6 10.4 (0.8)0.3 (1.1)
Service-related6.2 6.1 0.1 0.3 (0.2)
Commercial16.1 15.6 0.5 0.5 — 
Facility, provision, franchise and other22.6 17.6 5.0 0.7 4.3 
Share-based compensation and other Employee Incentive Plan-related expense0.4 1.1 (0.7)— (0.7)
Total other operating costs and expenses$63.2 $57.5 $5.7 $2.0 $3.7 
 Nine months ended September 30,Increase (decrease)Increase (decrease) from:
 20242023FXOrganic
 in millions
Personnel and contract labor$24.1 $24.1 $— $1.3 $(1.3)
Network-related30.4 30.3 0.1 1.7 (1.6)
Service-related19.1 18.1 1.0 1.1 (0.1)
Commercial47.1 44.0 3.1 2.6 0.5 
Facility, provision, franchise and other65.3 52.9 12.4 3.6 8.8 
Share-based compensation and other Employee Incentive Plan-related expense1.1 1.6 (0.5)— (0.5)
Total other operating costs and expenses$187.1 $171.0 $16.1 $10.3 $5.8 
•Personnel and contract labor: The organic decrease during the nine-month comparison is primarily due to lower salaries and related personnel costs driven by a reduction in headcount associated with restructuring plans. During the three-month comparison, the increase is driven by (i) higher bonus costs and (ii) higher salaries due to an increase in headcount.
•Network-related: The organic decreases are primarily due to the net impact of (i) higher maintenance costs, (ii) lower power costs, and (iii) lower subsea capacity charges.
•Facility, provision, franchise and other: The organic increases are primarily due to (i) increases in bad debt expense, mainly associated with installment receivables on equipment sales, and (ii) higher operating lease expense associated with an increase in tower leases.
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Corporate. The following tables set forth the changes in other operating costs and expenses for our corporate operations.
 Three months ended September 30,Increase (decrease)
 20242023
 in millions
Personnel and contract labor$13.1 $7.1 $6.0 
Service-related6.5 3.4 3.1 
Facility, provision, franchise and other6.5 7.2 (0.7)
Share-based compensation and other Employee Incentive Plan-related expense8.8 14.3 (5.5)
Total other operating costs and expenses$34.9 $32.0 $2.9 
 Nine months ended September 30,Increase (decrease)
 20242023
 in millions
Personnel and contract labor$39.4 $31.0 $8.4 
Service-related16.8 16.6 0.2 
Facility, provision, franchise and other21.0 26.1 (5.1)
Share-based compensation and other Employee Incentive Plan-related expense32.3 50.1 (17.8)
Total other operating costs and expenses$109.5 $123.8 $(14.3)
•Personnel and contract labor: The increases are primarily due to (i) higher bonus-related expense and (ii) lower capitalized labor.
•Service-related: The changes are primarily due to the net effect of higher professional services costs and other insignificant changes across other service-related cost categories.
•Facility, provision, franchise and other: The decrease during the nine-month comparison is primarily due to insurance costs recognized during 2023 associated with (i) cable breaks that occurred during the first quarter of 2023 and (ii) business interruption claims submitted by our Liberty Puerto Rico business during the second quarter of 2023.
Results of Operations (below Adjusted OIBDA)
Depreciation and amortization
Our depreciation and amortization expense increased $15 million or 6% and $24 million or 3% during the three and nine months ended September 30, 2024, respectively, as compared to the corresponding periods in 2023. The increases are primarily due to the net effect of (i) increases in property and equipment additions, primarily associated with baseline-related additions, the installation of CPE and the expansion and upgrade of our networks and other capital initiatives and (ii) decreases associated with customer relationship assets becoming fully amortized in C&W Panama.
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Impairment, restructuring and other operating items, net
The details of our impairment, restructuring and other operating items, net, are as follows:
 Three months ended September 30,Nine months ended September 30,
 2024202320242023
 in millions
Impairment charges (a)$511.5 $8.2 $520.0 $55.8 
Restructuring charges (b)12.2 2.7 27.0 30.2 
Other operating items, net (c)(2.3)0.2 6.6 (4.4)
Total$521.4 $11.1 $553.6 $81.6 
(a)The 2024 amounts primarily relate to the impairment of the goodwill balance at Liberty Puerto Rico, as further described in note 7 to our condensed consolidated financial statements. The 2023 amounts primarily relate to the impairment of certain operating lease right-of-use assets, predominantly related to decommissioned tower leases at C&W Panama.
(b)Amounts primarily include employee severance and termination costs related to reorganization activities at (i) C&W Panama for the 2024 periods, and (ii) C&W Caribbean and C&W Panama for the 2023 periods. For the nine months ended September 30, 2024, the amount also includes reorganization activities at Liberty Puerto Rico.
(c)Amounts primarily include the net effect of direct acquisition costs and gains on asset dispositions.
Interest expense
Our interest expense increased $7 million and $23 million during the three and nine months ended September 30, 2024, respectively, as compared to the corresponding periods in 2023. The increases are primarily attributable to (i) increases in our average outstanding debt balances, mainly driven by debt associated with the Tower Transactions and the activity during 2024 on our revolving credit facilities, and (ii) for the nine-month comparison, higher weighted-average interest rates.
For additional information regarding our outstanding indebtedness, including the Tower Transactions, see note 10 to our condensed consolidated financial statements.
It is possible that the interest rates on (i) any new borrowings could be higher than the current interest rates on our existing indebtedness and (ii) our variable-rate indebtedness could increase in future periods. As further discussed in note 6 to our condensed consolidated financial statements, we use derivative instruments to manage our interest rate risks.
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Realized and unrealized gains or losses on derivative instruments, net
Our realized and unrealized gains or losses on derivative instruments primarily include (i) unrealized changes in the fair values of our derivative instruments that are non-cash in nature until such time as the derivative contracts are fully or partially settled and (ii) realized gains or losses upon the full or partial settlement of the derivative contracts. The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:
 Three months ended September 30,Nine months ended September 30,
 2024202320242023
 in millions
Interest rate derivative contracts (a)$(64.2)$60.1 $21.7 $99.8 
Foreign currency forward contracts and other (b)(3.1)(5.0)(3.8)(23.9)
Weather Derivatives (c)36.0 (7.6)21.1 (23.1)
Total$(31.3)$47.5 $39.0 $52.8 
(a)The gains (losses) during the three and nine months ended September 30, 2024 and 2023 are primarily attributable to changes in interest rates and, for the 2024 periods, the impact of amendments to certain interest rate derivative contracts within our C&W and Liberty Puerto Rico borrowing groups.
(b)The losses during the three and nine months ended September 30, 2024 and 2023 are primarily attributable to changes in FX rates due to the value of the CRC relative to the U.S. dollar.
(c)Amounts represent the amortization of premiums associated with our Weather Derivatives and, for the 2024 periods, a net gain associated with the receipt of $44 million in net third-party proceeds from the Hurricane Beryl settlement, as further described in note 6 to our condensed consolidated financial statements.
For additional information concerning our derivative instruments, see notes 3 and 6 to our condensed consolidated financial statements and Item 3. Quantitative and Qualitative Disclosures about Market Risk below.
Foreign currency transaction gains or losses, net
Our foreign currency transaction gains or losses primarily result from the remeasurement of monetary assets and liabilities that are denominated in currencies other than the underlying functional currency of the applicable entity. Unrealized foreign currency transaction gains or losses are computed based on period-end exchange rates and are non-cash in nature until such time as the amounts are settled. The details of our foreign currency transaction gains (losses), net, are as follows:
 Three months ended September 30,Nine months ended September 30,
 2024202320242023
 in millions
U.S. dollar-denominated debt issued by non-U.S. dollar functional currency entities (a)$5.3 $7.2 $1.2 $39.9 
Intercompany payables and receivables denominated in a currency other than the entity’s functional currency
(7.9)(1.0)(19.7)5.2 
Other (b)(5.0)(2.5)(12.2)1.1 
Total$(7.6)$3.7 $(30.7)$46.2 
(a)    The changes are primarily related to a CRC functional currency entity.
(b)    Primarily includes (i) third-party receivables and payables denominated in a currency other than an entity’s functional currency and (ii) cash denominated in a currency other than an entity’s functional currency.
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Gains or losses on debt extinguishment, net
Our gains or losses on debt extinguishment generally include (i) premiums or discounts associated with redemptions and/or repurchases of debt, (ii) the write-off of unamortized deferred financing costs, premiums and/or discounts and/or (iii) breakage fees.
We recognized gains (losses) on debt extinguishment, net, of nil and ($0.3 million) during the three and nine months ended September 30, 2024, respectively, and $0.3 million and ($4 million) during the three and nine months ended September 30, 2023, respectively. The net loss during the nine months ended September 30, 2024 is associated with the repurchase of the Convertible Notes. The activity during the 2023 periods is due to the net effect of (i) losses associated with refinancing activity at Liberty Costa Rica during January 2023 and (ii) net gains during the three and nine month periods associated with the partial repurchase of the Convertible Notes.
For additional information concerning our debt repurchases and repayments, see note 10 to our condensed consolidated financial statements.
Income tax benefit or expense
We recognized income tax benefit (expense) of $146 million and ($10 million) during the three months ended September 30, 2024 and 2023, respectively, and $177 million and ($52 million) during the nine months ended September 30, 2024 and 2023, respectively.
For the three and nine months ended September 30, 2024, the income tax benefit attributable to our loss before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the beneficial effects of international rate differences, net decreases in valuation allowances and permanent tax differences, such as non-taxable income. These beneficial effects were partially offset by the detrimental effects of non-deductible goodwill impairment, permanent tax differences, such as non-deductible expenses and inclusion of withholding taxes on cross-border payments. For the three months ended September 30, 2024, our income tax benefit reflects our estimate of global minimum tax which has been reduced for changes in legislative landscape and updated current and forecasted operating results. For the nine months ended September 30, 2024, our income tax benefit reflects effects of net legislative increase to the statutory tax rate in Barbados and the net detrimental effects of the inclusion of global minimum tax.
For the three and nine months ended September 30, 2023, the income tax expense attributable to our earnings before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the detrimental effects of net increases in valuation allowances, negative effects of permanent tax differences, such as non-deductible expenses and inclusion of withholding taxes on cross-border payments. These negative impacts to our effective tax rate were partially offset by the beneficial effects of international rate differences and permanent tax differences, such as non-taxable income.
For additional information regarding our income taxes, see note 15 to our condensed consolidated financial statements.
Net earnings or loss
The following table sets forth selected summary financial information of our net earnings (loss):
 Three months ended September 30,Nine months ended September 30,
 2024202320242023
 in millions
Operating income (loss)$(379.6)$162.7 $(176.0)$404.7 
Net non-operating expenses$(195.2)$(104.4)$(467.0)$(356.9)
Income tax benefit (expense)$145.7 $(10.4)$176.5 $(51.9)
Net earnings (loss)$(429.1)$47.9 $(466.5)$(4.1)
Gains or losses associated with (i) changes in the fair values of derivative instruments and (ii) movements in foreign currency exchange rates are subject to a high degree of volatility and, as such, any gains from these sources do not represent a reliable source of income. In the absence of significant gains in the future from these sources or from other non-operating items, our ability to achieve earnings is largely dependent on our ability to increase our aggregate Adjusted OIBDA to a level that
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more than offsets the aggregate amount of our (i) share-based compensation and other Employee Incentive Plan-related expense, (ii) depreciation and amortization, (iii) impairment, restructuring and other operating items, (iv) interest expense, (v) other non-operating expenses and (vi) income tax expenses.
Due largely to the fact that we seek to maintain our debt at levels that provide for attractive equity returns, as discussed under Material Changes in Financial Condition—Capitalization below, we expect that we will continue to report significant levels of interest expense for the foreseeable future.
Material Changes in Financial Condition
Sources and Uses of Cash
As of September 30, 2024, we have three primary “borrowing groups,” which include the respective restricted parent and subsidiary entities of C&W, Liberty Puerto Rico and Liberty Costa Rica. Our borrowing groups, which typically generate cash from operating activities, held a significant portion of our consolidated cash and cash equivalents at September 30, 2024. Our ability to access the liquidity of these and other subsidiaries may be limited by tax and legal considerations, the presence of noncontrolling interests, foreign currency exchange restrictions with respect to certain C&W subsidiaries and other factors. For details of the restrictions on our subsidiaries to make payments to us through dividends, loans or other distributions see note 10 to our consolidated financial statements included in our 2023 Form 10-K.
Cash and cash equivalents
The details of the U.S. dollar equivalent balances of our cash and cash equivalents at September 30, 2024 are set forth in the following table (in millions):
Cash and cash equivalents held by:
Liberty Latin America and unrestricted subsidiaries:
Liberty Latin America (a) $12.1 
Unrestricted subsidiaries (b)62.1 
Total Liberty Latin America and unrestricted subsidiaries74.2 
Borrowing groups (c):
C&W (d)479.0 
Liberty Puerto Rico26.7 
Liberty Costa Rica8.7 
Total borrowing groups514.4 
Total cash and cash equivalents
$588.6 
(a)Represents the amount held by Liberty Latin America on a standalone basis.
(b)Represents the aggregate amount held by subsidiaries of Liberty Latin America that are outside of our borrowing groups. All of these companies rely on funds provided by our borrowing groups to satisfy their liquidity needs.
(c)Represents the aggregate amounts held by the parent entity of the applicable borrowing group and their restricted subsidiaries.
(d)Includes $91 million and $45 million of cash held by operations in C&W Panama and C&W Bahamas, respectively.
Liquidity and capital resources of Liberty Latin America and its unrestricted subsidiaries
Our current sources of corporate liquidity include (i) cash and cash equivalents held by Liberty Latin America and, subject to certain tax and legal considerations, Liberty Latin America’s unrestricted subsidiaries, and (ii) interest and dividend income received on our and, subject to certain tax and legal considerations, our unrestricted subsidiaries’ cash and cash equivalents and investments. From time to time, Liberty Latin America and its unrestricted subsidiaries may also receive (i) proceeds in the form of distributions or loan repayments from Liberty Latin America’s borrowing groups upon (a) the completion of recapitalizations, refinancings, asset sales or similar transactions by these entities or (b) the accumulation of excess cash from operations or other means, (ii) proceeds upon the disposition of investments and other assets of Liberty Latin America and its unrestricted subsidiaries and (iii) proceeds in connection with the incurrence of debt by Liberty Latin America or its unrestricted subsidiaries or the issuance of equity securities by Liberty Latin America. No assurance can be given that any
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external funding would be available to Liberty Latin America or its unrestricted subsidiaries on favorable terms, or at all. As noted above, various factors may limit our ability to access the cash of our borrowing groups.
Our corporate liquidity requirements include (i) corporate general and administrative expenses and (ii) other liquidity needs that may arise from time to time. In addition, Liberty Latin America and its unrestricted subsidiaries may require cash in connection with (i) the repayment of third-party and intercompany debt, (ii) the satisfaction of contingent liabilities, (iii) acquisitions and other investment opportunities, (iv) the repurchase of debt securities, (v) tax payments or (vi) any funding requirements of our consolidated subsidiaries.
During the nine months ended September 30, 2024, the aggregate value of our share repurchases was $83 million. For additional information regarding our Share Repurchase Program, see note 12 to our condensed consolidated financial statements and Part II—Item 2 Unregistered Sales of Equity Securities and Use of Proceeds below.
Liquidity and capital resources of borrowing groups
The cash and cash equivalents of our borrowing groups are detailed in the table above. In addition to cash and cash equivalents, the primary sources of liquidity of our borrowing groups are cash provided by operations and borrowing availability under their respective debt instruments. For the details of the borrowing availability of our borrowing groups at September 30, 2024, see note 10 to our condensed consolidated financial statements. The aforementioned sources of liquidity may be supplemented in certain cases by contributions and/or loans from Liberty Latin America and its unrestricted subsidiaries. The liquidity of our borrowing groups generally is used to fund capital expenditures, debt service requirements and income tax payments. From time to time, our borrowing groups may also require liquidity in connection with (i) acquisitions and other investment opportunities, (ii) loans to Liberty Latin America, (iii) capital distributions to Liberty Latin America and other equity owners or (iv) the satisfaction of contingent liabilities. No assurance can be given that any external funding would be available to our borrowing groups on favorable terms, or at all.
For additional information regarding our cash flows, see the discussion under Condensed Consolidated Statements of Cash Flows below.
Capitalization
We seek to maintain our debt at levels that provide for attractive equity returns without assuming undue risk. When it is cost effective, we generally seek to match the denomination of the borrowings of our subsidiaries with the functional currency of the operations that support the respective borrowings. As further discussed under Item 3. Quantitative and Qualitative Disclosures about Market Risk and in note 6 to our condensed consolidated financial statements, we also use derivative instruments to mitigate foreign currency and interest rate risks associated with our debt instruments.
Our ability to service or refinance our debt and, where applicable, to maintain compliance with the leverage covenants in the credit agreements of our borrowing groups is dependent primarily on our ability to maintain covenant EBITDA of our operating subsidiaries, as specified by our subsidiaries’ debt agreements (Covenant EBITDA), and to achieve adequate returns on our property and equipment additions and acquisitions. In addition, our ability to obtain additional debt financing is limited by incurrence-based and/or maintenance-based leverage covenants contained in the various debt instruments of our borrowing groups. For example, if the Covenant EBITDA of one of our borrowing groups were to decline, our ability to support or obtain additional debt in that borrowing group could be limited. No assurance can be given that we would have sufficient sources of liquidity, or that any external funding would be available on favorable terms, or at all, to fund any such required repayment. At September 30, 2024, each of our borrowing groups was in compliance with its debt covenants. We do not anticipate any instances of non-compliance with respect to the debt covenants of our borrowing groups that would have a material adverse impact on our liquidity during the next 12 months.
At September 30, 2024, the outstanding principal amount of our debt, together with our finance lease obligations, aggregated $8,212 million, including (i) $550 million that is classified as current in our condensed consolidated balance sheet and (ii) $7,604 million that is not due until 2027 or thereafter. All of our debt and finance lease obligations have been borrowed or incurred by our subsidiaries at September 30, 2024. Included in the outstanding principal amount of our debt at September 30, 2024 is (i) $325 million of vendor financing obligations, which we use to finance certain of our operating expenses and property and equipment additions and are generally due within one year, other than for certain licensing arrangements that generally are due over the term of the related license, and (ii) $245 million of finance obligations related to the Tower Transactions. For additional information concerning our debt, including our debt maturities, see note 10 to our condensed consolidated financial statements.
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The weighted average interest rate in effect at September 30, 2024 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin, was 7.2%. The interest rate is based on stated rates and does not include the impact of derivative instruments, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing. The weighted average impact of the derivative instruments on our borrowing costs at September 30, 2024 was as follows:
Borrowing groupDecrease to borrowing costs
C&W(1.5)%
Liberty Puerto Rico(0.7)%
Liberty Costa Rica— %
Liberty Latin America borrowing groups(1.1)%
Including the effects of derivative instruments, original issue premiums or discounts, and commitment fees, but excluding the impact of financing costs, the weighted average interest rate on our indebtedness was 6.1% at September 30, 2024.
We believe that we have sufficient resources to repay or refinance the current portion of our debt and finance lease obligations and to fund our foreseeable liquidity requirements during the next 12 months. However, as our debt maturities grow in later years, we anticipate that we will seek to refinance or otherwise extend our debt maturities. No assurance can be given that we will be able to complete refinancing transactions or otherwise extend our debt maturities. In this regard, it is difficult to predict how political, economic and social conditions, sovereign debt concerns or any adverse regulatory developments will impact the credit and equity markets we access and our future financial position. Our ability to access debt financing on favorable terms, or at all, could be adversely impacted by (i) the financial failure of any of our counterparties, which could (a) reduce amounts available under committed credit facilities and (b) adversely impact our ability to access cash deposited with any failed financial institution, and (ii) tightening of the credit markets. In addition, any weakness in the equity markets could make it less attractive to use our shares to satisfy contingent or other obligations, and sustained or increased competition, particularly in combination with adverse economic or regulatory developments, could have an unfavorable impact on our cash flows and liquidity.
Condensed Consolidated Statements of Cash Flows
General. Our cash flows are subject to variations due to FX.
Summary. Our condensed consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023 are summarized as follows:
 Nine months ended September 30,
 20242023Change
 in millions
Net cash provided by operating activities$357.7 $506.5 $(148.8)
Net cash used by investing activities(513.3)(452.5)(60.8)
Net cash used by financing activities(233.5)(254.9)21.4 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(6.2)(5.3)(0.9)
Net decrease in cash, cash equivalents and restricted cash$(395.3)$(206.2)$(189.1)
Operating Activities. The decrease in cash provided by operating activities is primarily due to the net effect of (i) a decline in Adjusted OIBDA, (ii) higher payments for interest, (iii) higher payments for taxes and (iv) a net increase from other working capital-related items, which includes $44 million in proceeds that resulted from a claim pursuant to our Weather Derivatives in connection with Hurricane Beryl.
Investing Activities. The cash used by investing activities during the nine months ended September 30, 2024 and 2023 primarily relates to (i) capital expenditures, as further discussed below, and (ii) the purchase of additional investments. Cash used during 2024 also includes the first installment payment for the LPR Acquisition, as further described in note 4 to our condensed consolidated financial statements.
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The capital expenditures, net, that we report in our condensed consolidated statements of cash flows, which relates to cash paid for property and equipment, do not include amounts that are financed under capital-related vendor financing or finance lease arrangements. Instead, these amounts are reflected as non-cash additions to our property and equipment when the underlying assets are delivered and as repayments of debt when the principal is repaid. In this discussion, we refer to (i) our capital expenditures, net, as reported in our condensed consolidated statements of cash flows, and (ii) our total property and equipment additions, which include our capital expenditures, net, on an accrual basis and amounts financed under capital-related vendor financing or finance lease arrangements.
A reconciliation of our property and equipment additions to our capital expenditures, net, as reported in our condensed consolidated statements of cash flows, is set forth below:
Nine months ended September 30,
20242023
in millions
Property and equipment additions$485.2 $524.3 
Assets acquired under capital-related vendor financing arrangements(117.5)(117.7)
Changes in current liabilities related to capital expenditures and other9.0 16.3 
Capital expenditures, net$376.7 $422.9 
The decrease in our property and equipment additions during the nine months ended September 30, 2024, as compared to the corresponding period in 2023, is primarily due to decreases related to CPE and baseline additions. During the nine months ended September 30, 2024 and 2023, our property and equipment additions represented 14.7% and 15.7% of revenue, respectively.
Financing Activities. During the nine months ended September 30, 2024, we used $234 million in cash for financing activities, primarily due to (i) $151 million in net debt repayments, (ii) $83 million of cash outflows associated with the repurchase of Liberty Latin America common shares, (iii) $43 million of net cash inflows related to derivative instruments, primarily related to the amendment of certain interest rate derivative contracts at C&W Caribbean and Liberty Puerto Rico, and (iv) $23 million in payments related to distributions to a noncontrolling interest owner in C&W Bahamas and C&W Panama. During the nine months ended September 30, 2023, we used $255 million of cash for financing activities, primarily due to (i) $111 million in cash outflows associated with the repurchase of Liberty Latin America common shares, (ii) $99 million in net debt repayments, (iii) $41 million in payments related to distributions to noncontrolling interest owners in C&W Panama and C&W Bahamas, and (iv) $15 million of payments for financing costs and debt premiums, primarily associated with refinancing activity at Liberty Costa Rica. For additional information regarding our financing activities during the nine months ended September 30, 2024 and 2023, see note 10 to our condensed consolidated financial statements.
Off Balance Sheet Arrangements
In the ordinary course of business, we may provide (i) indemnifications to our lenders, our vendors and certain other parties and (ii) performance and/or financial guarantees to local municipalities, our customers and vendors. Historically, these arrangements have not resulted in our company making any material payments and we do not believe that they will result in material payments in the future.
Contractual Commitments
For information concerning our operating lease obligations and debt, see notes 9 and 10, respectively, to our condensed consolidated financial statements. In addition, we have commitments under (i) derivative instruments and (ii) defined benefit plans and similar agreements, pursuant to which we expect to make payments in future periods. For information regarding projected cash flows associated with our derivative instruments, see Item 3. Quantitative and Qualitative Disclosures About Market Risk—Projected Cash Flows Associated with Derivative Instruments below. For information regarding our derivative instruments, including the net cash paid or received in connection with these instruments during the nine months ended September 30, 2024 and 2023, see note 6 to our condensed consolidated financial statements. For additional information concerning our other contractual commitments, see note 4 to our condensed consolidated financial statements.
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Item 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The information in this section should be read in conjunction with the more complete discussion that appears under Quantitative and Qualitative Disclosures About Market Risk in our 2023 Form 10-K.
We are exposed to market risk in the normal course of our business operations due to our investments in various countries and ongoing investing and financing activities. Market risk refers to the risk of loss arising from adverse changes in foreign currency exchange rates, interest rates and stock prices. The risk of loss can be assessed from the perspective of adverse changes in fair values, cash flows and future earnings. As further described below, we have established policies, procedures and processes governing our management of market risks and the use of derivative instruments to manage our exposure to such risks.
Cash and Investments
We invest our cash in highly liquid instruments that meet high credit quality standards. We are exposed to exchange rate risk to the extent that the denominations of our cash and cash equivalent balances, revolving lines of credit and other short-term sources of liquidity do not correspond to the denominations of Liberty Latin America’s short-term liquidity requirements. In order to mitigate this risk, we actively manage the denominations of our cash balances in consideration of Liberty Latin America’s forecasted liquidity requirements.
Foreign Currency Rates
The relationships between the (i) CRC and JMD and (ii) the U.S. dollar, which is our reporting currency, are shown below, per one U.S. dollar:
September 30,
2024		December 31, 2023
Spot rates:
CRC519.80 523.04 
JMD157.26 154.35 
 Three months ended September 30,Nine months ended September 30,
 2024202320242023
Average rates:
CRC523.03 540.17 517.01 547.80 
JMD156.51 153.81 155.42 153.22 
Interest Rate Risks
In general, we seek to enter into derivative instruments to protect against increases in the interest rates on our variable-rate debt. Accordingly, we have entered into various derivative transactions to reduce exposure to increases in interest rates. We use interest rate derivative contracts to exchange, at specified intervals, the difference between fixed and variable interest rates calculated by reference to an agreed-upon notional principal amount. At September 30, 2024, we paid a fixed or capped rate of interest on 95% of our total debt, which includes the impact of our interest rate derivative contracts. The final maturity dates of our various portfolios of interest rate derivative instruments match the respective maturities of the underlying variable-rate debt. In this regard, we use judgment to determine the appropriate maturity dates of our portfolios of interest rate derivative instruments, taking into account the relative costs and benefits of different maturity profiles in light of current and expected future market conditions, liquidity issues and other factors. For additional information concerning the impacts of these interest rate derivative instruments, see note 6 to our condensed consolidated financial statements.
Sensitivity Information
Information concerning the sensitivity of the fair value of certain of our more significant derivative instruments to changes in market conditions is set forth below. The potential changes in fair value set forth below do not include any amounts associated with the remeasurement of the derivative asset or liability into the applicable functional currency. For additional information, see notes 3 and 6 to our condensed consolidated financial statements.
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C&W Interest Rate Derivative Contracts
Holding all other factors constant, at September 30, 2024, an instantaneous increase (decrease) in the relevant base rate of 100 basis points (1.0%) would have increased (decreased) the aggregate fair value of the C&W interest rate derivative contracts by approximately $61 million ($61 million).
Liberty Puerto Rico Interest Rate Derivative Contracts
Holding all other factors constant, at September 30, 2024, an instantaneous increase (decrease) in the relevant base rate of 100 basis points (1.0%) would have increased (decreased) the aggregate fair value of the Liberty Puerto Rico interest rate derivative contracts by approximately $20 million ($18 million).
Projected Cash Flows Associated with Derivative Instruments
The following table provides information regarding the projected cash flows associated with our derivative instruments. The U.S. dollar equivalents presented below are based on interest rates and exchange rates that were in effect as of September 30, 2024. These amounts are presented for illustrative purposes only and will likely differ from the actual cash payments or receipts required in future periods. For additional information regarding our derivative instruments, including our counterparty credit risk, see note 6 to our condensed consolidated financial statements.
 Payments (receipts) due during:Total
 Remainder of 202420252026202720282029 and Thereafter
 in millions
Projected derivative cash payments (receipts), net:
Interest-related (a)$(24.7)$(63.9)$(102.0)$(58.9)$(24.4)$— $(273.9)
Other (b)2.9 9.1 — — — — 12.0 
Total
$(21.8)$(54.8)$(102.0)$(58.9)$(24.4)$— $(261.9)
(a)Includes the interest-related cash flows of our interest rate derivative contracts.
(b)Includes amounts related to our foreign currency forward contracts.
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Item 4.    CONTROLS AND PROCEDURES
Evaluation of disclosure controls and procedures
We maintain disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act that are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Executives, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, the Executives recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply judgment in evaluating the cost-benefit relationship of possible controls and objectives.
As disclosed in our 2023 Form 10-K, we identified material weaknesses in our internal control over financial reporting. The material weaknesses will not be considered remediated until the applicable new or enhanced controls operate for a sufficient period of time and management has concluded, through testing, that these controls are designed and operating effectively. Our management, with the participation of the Executives, evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2024. As remediation is not completed, the Executives concluded that our disclosure controls and procedures continue to be ineffective as of September 30, 2024.
Management’s Remediation Plans
Management, with oversight from the Audit Committee of the Board of Directors, is continuing to implement the remediation plans as disclosed in our 2023 Form 10-K. We believe that these actions and the improvements we expect to achieve, when fully implemented, will strengthen our internal control over financial reporting and remediate the material weaknesses identified.
Changes in Internal Control over Financial Reporting
Except as listed below, there have been no changes in our internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the quarter covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
During the quarter, we made the following changes in our internal control over financial reporting:
•designed and implemented additional manual procedures and controls to enhance our internal control process through a combination of preventative and detective controls, and
•held trainings to reinforce control concepts and responsibilities for control performers.

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PART II - OTHER INFORMATION
Item 1.     LEGAL PROCEEDINGS
From time to time, our subsidiaries and affiliates have become involved in litigation relating to claims arising out of their operations in the normal course of business. For additional information, see note 17 to our condensed consolidated financial statements in Part I of this Quarterly Report on Form 10-Q.
Item 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
(c)    Issuer Purchases of Equity Securities
On May 8, 2023, our Directors approved $200 million for the repurchase of our Class A common shares and/or Class C common shares under the Share Repurchase Program through December 2025. On May 7, 2024, our Directors authorized us to repurchase from time to time up to an additional $200 million of our Class A common shares and/or Class C common shares under the Share Repurchase Program through December 2026 through open market purchases at prevailing market prices, in privately negotiated transactions, in block trades, derivative transactions and/or through other legally permissible means. The Share Repurchase Program does not obligate us to repurchase any of our Class A or C common shares. During June 2024, we entered into capped call option contracts, pursuant to which we have purchased capped call options on a number of Class A and Class C common shares, which can result in the receipt of cash or shares at our election. For information about our capped call option contracts, see note 12 to our condensed consolidated financial statements.
There were no repurchases of our Class A or C common shares during the three months ended September 30, 2024. At September 30, 2024, the remaining amount authorized for repurchases under the Share Repurchase Program was $242 million, which is net of the premium associated with the capped call option contracts.
Item 5.    OTHER INFORMATION
(c)    Insider Trading Arrangements and Policies
During the three months ended September 30, 2024, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Item 6.    EXHIBITS
Listed below are the exhibits filed as part of this Quarterly Report on Form 10-Q (according to the number assigned to them in Item 601 of Regulation S-K):
4.1
10.1
        
31.1
31.2
32
101.SCHXBRL Inline Taxonomy Extension Schema Document.*
101.CALXBRL Inline Taxonomy Extension Calculation Linkbase Document.*
101.DEFXBRL Inline Taxonomy Extension Definition Linkbase.*
101.LABXBRL Inline Taxonomy Extension Label Linkbase Document.*
101.PREXBRL Inline Taxonomy Extension Presentation Linkbase Document.*
104Cover Page Interactive Data File.* (formatted as Inline XBRL and contained in Exhibit 101)
*    Filed herewith
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**    Furnished herewith
#    Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. Liberty Latin America hereby undertakes to furnish supplemental copies of any of the omitted schedules and exhibits upon request by the SEC; provided, however, that the Company may request confidential treatment pursuant to Rule 24b-2 of the Exchange Act for any exhibit so furnished.


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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 LIBERTY LATIN AMERICA LTD.
Dated:November 6, 2024
/s/ BALAN NAIR
Balan Nair
President and Chief Executive Officer
Dated:November 6, 2024
/s/ CHRISTOPHER NOYES
Christopher Noyes
Senior Vice President and Chief Financial Officer



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