lila-20250331

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q


☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended	March 31, 2025


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

Commission file number: 001-38335

Liberty Latin America Ltd.

(Exact name of Registrant as specified in its charter)


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

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

Registrant’s telephone number, including area code: (441) 295-5950 or (303) 925-6000

Securities registered pursuant to Section 12(b) of the Act:


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

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes þ No ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☑

Accelerated Filer

☐

Non-Accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

☐

The number of outstanding common shares of Liberty Latin America Ltd. as of April 30, 2025 was: 39.0 million Class A; 2.4 million Class B; and 158.5 million Class C.

LIBERTY LATIN AMERICA LTD.

TABLE OF CONTENTS


		Page Number
	PART I - FINANCIAL INFORMATION
Item 1.	FINANCIAL STATEMENTS
	Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (unaudited)	1
	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024 (unaudited)	3
	Condensed Consolidated Statements of Comprehensive Earnings (Loss) for the Three Months Ended March 31, 2025 and 2024 (unaudited)	4
	Condensed Consolidated Statements of Equity for the Three Months Ended March 31, 2025 and 2024 (unaudited)	5
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (unaudited)	7
	Notes to Condensed Consolidated Financial Statements (unaudited)	9
Item 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	32
Item 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	57
Item 4.	CONTROLS AND PROCEDURES	59
	PART II - OTHER INFORMATION
Item 1.	LEGAL PROCEEDINGS	60
Item 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	60
Item 5.	OTHER INFORMATION	60
Item 6.	EXHIBITS	60

GLOSSARY OF DEFINED TERMS

Unless the context requires otherwise, references to Liberty Latin America, “we,” “our,” “our company” and “us” in this Quarterly Report on Form 10-Q (as defined below) may refer to Liberty Latin America Ltd. or collectively to Liberty Latin America Ltd. and its subsidiaries. We have used several other terms in this Quarterly Report on Form 10-Q, most of which are defined or explained below.


2024 Form 10-K			Annual Report on Form 10-K as filed with the SEC under the Exchange Act for the year ended December 31, 2024
2027 C&W RCF			The $156 million Adjusted Term SOFR + 3.25% tranche of the C&W Revolving Credit Facility, which is due January 30, 2027
2027 C&W Senior Notes			$735 million aggregate principal amount 6.875% senior notes due September 15, 2027 issued by C&W Senior Finance (redeemed during 2025)
2027 C&W Senior Secured Notes			$495 million aggregate principal amount 5.75% senior secured notes due September 7, 2027 issued by Sable International Finance Limited (redeemed during 2024)
2027 LPR Senior Secured Notes			$1.2 billion aggregate principal amount 6.75% senior secured notes due October 15, 2027 issued by LCPR Senior Secured Financing
2028 CWP Term Loan			$435 million principal amount 4.25% term loan facility due January 18, 2028 issued by CWP
2028 LPR Term Loan			$620 million principal amount Adjusted Term SOFR + 3.75% term loan facility due October 15, 2028 issued by LCPR Loan Financing
2029 C&W RCF			The $460 million Term SOFR + 3.25% tranche of the C&W Revolving Credit Facility, which is due April 15, 2029
2029 LPR Senior Secured Notes			$820 million principal amount 5.125% senior secured notes due July 15, 2029 issued by LCPR Senior Secured Financing
2031 LCR Term Loan A			$50 million principal amount 10.875% senior secured term loan due January 15, 2031 borrowed by Liberty Servicios; from July 15, 2028 and thereafter, the applicable interest rate will increase by 0.125% per annum for each of the Sustainability Performance Targets (as defined in the credit agreement) not achieved by Liberty Costa Rica by no later than December 31, 2027
2031 LCR Term Loan B			$400 million principal amount 10.875% senior secured term loan due January 15, 2031 borrowed by Liberty Servicios; from July 15, 2028 and thereafter, the applicable interest rate will increase by 0.125% per annum for each of the Sustainability Performance Targets (as defined in the credit agreement) not achieved by Liberty Costa Rica by no later than December 31, 2027
2032 C&W Senior Secured Notes			$1.0 billion aggregate principal amount 7.125% senior secured notes due October 15, 2032 issued by Sable International Finance Limited
2033 C&W Senior Notes			$755 million principal amount 9.0% senior notes due January 15, 2033 issued by C&W Senior Finance
Adjusted OIBDA			Operating income or loss before share-based compensation and other Employee Incentive Plan-related expense, depreciation and amortization, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (i) gains and losses on the disposition of long-lived assets, (ii) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration.
Adjusted OIBDA Margin			Adjusted OIBDA divided by revenue
Adjusted Term SOFR			SOFR U.S. dollar denominated loans adjusted as follows: (i) 0.11448% for a one-month interest period, (ii) 0.26161% for a three-month interest period and (iii) 0.42826% for a six-month interest period
América Móvil			América Móvil S.A.B. de C.V.
ARPU			Average monthly subscription revenue per average fixed RGU or mobile subscriber, as applicable
ASU			Accounting Standards Update
AT&T			AT&T Inc.
AT&T Acquired Entities			Collectively, Liberty Mobile Inc., Liberty Mobile Puerto Rico Inc. and Liberty Mobile USVI Inc.
B2B			Business-to-business
C&W			Cable & Wireless Communications Limited and its subsidiaries

GLOSSARY OF DEFINED TERMS – (Continued)


C&W Bahamas			The Bahamas Telecommunications Company Limited, a 49%-owned subsidiary of C&W that owns all of our operations in The Bahamas
C&W Caribbean			Reportable segment that includes all subsidiaries of C&W, excluding those within our C&W Panama and Liberty Networks segments
C&W Credit Facilities			Senior secured credit facilities of certain subsidiaries of C&W comprising: (i) C&W Term Loan B-7 Facility; (ii) C&W Term Loan B-6 Facility; (iii) C&W Revolving Credit Facility; and (iv) C&W Regional Facilities
C&W Jamaica			Cable & Wireless Jamaica Limited, a 92%-owned subsidiary of C&W
C&W Notes			The senior and senior secured notes of C&W comprising: (i) 2033 C&W Senior Notes; and (ii) 2032 C&W Senior Secured Notes
C&W Panama			Reportable segment for our operations in Panama
C&W Regional Facilities			Primarily comprises credit facilities at CWP, Columbus Communications Trinidad Limited and Columbus Communications Jamaica Limited
C&W Revolving Credit Facility			$616 million aggregate revolving credit facility of C&W which comprises two tranches: (i) 2027 C&W RCF and (ii) 2029 C&W RCF
C&W Senior Finance			C&W Senior Finance Limited, a wholly-owned subsidiary of C&W
C&W Term Loan B-5 Facility			$1,510 million principal amount Adjusted Term SOFR + 2.25% term loan B-5 facility due January 31, 2028 of C&W (repaid during 2025)
C&W Term Loan B-6 Facility			$590 million principal amount Adjusted Term SOFR + 3.00% term loan B-6 facility due October 15, 2029 of C&W
C&W Term Loan B-7 Facility			$1,530 million principal amount Term SOFR + 3.25% term loan B-7 facility due January 31, 2032 of C&W
CIP			Construction-in-process
CODM			Chief operating decision maker
Convertible Notes			2% convertible senior notes due July 15, 2024 issued by Liberty Latin America (repaid July 2024)
Convertible Notes Capped Calls			Capped call option contracts issued in connection with the issuance of our Convertible Notes (fully unwound in 2024)
Costa Rica Transactions			Pending transactions with (i) Millicom to combine our respective operations in Costa Rica that is expected to be completed during the second half of 2025 and (ii) the noncontrolling interest owner of Liberty Costa Rica whereby we agreed to acquire additional equity in Liberty Costa Rica for cash consideration
CPE			Customer premises equipment
CRC			Costa Rican colón
CWP			Cable & Wireless Panama, S.A., a 49%-owned subsidiary of C&W that owns most of our operations in Panama
CWP Credit Facilities			Credit facilities of CWP comprised of: (i) 2028 CWP Term Loan and (ii) CWP Revolving Credit Facility
CWP Revolving Credit Facility			$20 million principal amount at Adjusted Term SOFR + 3.75% revolving credit facility due January 18, 2027 at CWP
Directors			Members of Liberty Latin America’s board of directors
DTH			Direct-to-home
EchoStar			EchoStar Corporation
Employee Incentive Plan			Liberty Latin America Ltd. 2018 Incentive Plan
EPS			Earnings or loss per share
ESPP			Employee stock purchase plan
Exchange Act			Securities Exchange Act of 1934, as amended
Executives			Liberty Latin America's Principal Executive Officer and Principal Financial Officer
FASB			Financial Accounting Standards Board
FCC			United States Federal Communications Commission
FCPA			United States Foreign Corrupt Practices Act of 1977, as amended
FX			Foreign currency translation effects
JMD			Jamaican dollar

GLOSSARY OF DEFINED TERMS – (Continued)


LCPR			Liberty Communications of Puerto Rico LLC
LCPR Loan Financing			LCPR Loan Financing LLC, a consolidated special purpose financing entity that was created for the primary purpose of facilitating the issuance of certain term loan debt. LCPR is required to consolidate LCPR Loan Financing as a result of certain variable interests in LCPR Loan Financing, for which LCPR is considered the primary beneficiary.
LCPR Senior Secured Financing			LCPR Senior Secured Financing Designated Activity Company, a consolidated special purpose financing entity that was created for the primary purpose of facilitating the issuance of certain debt offerings. Liberty Mobile is required to consolidate LCPR Senior Secured Financing as a result of certain variable interests in LCPR Senior Secured Financing, of which Liberty Mobile is considered the primary beneficiary.
LCR Credit Facilities			Senior secured credit facilities of Liberty Servicios comprised of: (i) 2031 LCR Term Loan A; (ii) 2031 LCR Term Loan B; and (iii) LCR Revolving Credit Facility
LCR Revolving Credit Facility			$60 million Term SOFR + 4.25% revolving credit facility due January 15, 2028 of Liberty Servicios
Liberty Communications PR			Liberty Communications PR Holding LP and its subsidiaries, which include LCPR and Liberty Mobile and its subsidiaries
Liberty Costa Rica			Reportable segment comprising Liberty Servicios and Liberty Telecomunicaciones
Liberty Latin America Shares			Collectively, Class A, Class B and Class C common shares of Liberty Latin America
Liberty Mobile			Liberty Mobile Inc. and it subsidiaries
Liberty Networks			Reportable segment comprising our managed services and wholesale business, which primarily operates through our subsea and terrestrial fiber optic cable networks; the segment comprises certain subsidiaries of C&W
Liberty Puerto Rico			Reportable segment comprising Liberty Communications PR, which has operations in Puerto Rico and USVI
Liberty Servicios			Liberty Servicios Fijos LY, S.A., an indirectly 80%-owned subsidiary in Costa Rica, and its subsidiaries, including Liberty Telecomunicaciones
Liberty Telecomunicaciones			Liberty Telecomunicaciones de Costa Rica LY, S.A., an indirectly 80%-owned subsidiary in Costa Rica and its subsidiary
LPR Acquisition			September 3, 2024 acquisition of EchoStar's spectrum assets in Puerto Rico and USVI and prepaid mobile subscribers in those markets
LPR Credit Facilities			Senior secured credit facilities of Liberty Puerto Rico comprising: (i) 2028 LPR Term Loan; and (ii) LPR Revolving Credit Facility
LPR Revolving Credit Facility			$173 million Adjusted Term SOFR + 3.5% revolving credit facility due March 15, 2027 of LPR
LPR Senior Secured Notes			Senior secured notes of Liberty Puerto Rico comprising: (i) 2029 LPR Senior Secured Notes; and (ii) 2027 LPR Senior Secured Notes
LTVP			Long-term Value Plan that represents a component of the Employee Incentive Plan whereby employees receive a fixed-value award that vests annually over three years and can be settled in either common shares or cash at the discretion of Liberty Latin America's Compensation Committee.
Millicom			Millicom International Cellular S.A.
NTIA			National Telecommunications and Information Administration
OFAC			Office of Foreign Assets Control
PSARs			Performance-based stock appreciation rights
PSUs			Performance-based restricted stock units
Quarterly Report on Form 10-Q			Quarterly Report on Form 10-Q as filed with the SEC under the Exchange Act
RCF			Revolving credit facility
RGU			Revenue generating unit
RSUs			Restricted stock units
SARs			Stock appreciation rights
SEC			U.S. Securities and Exchange Commission

GLOSSARY OF DEFINED TERMS – (Continued)


Share Repurchase Programs			Programs approved by our Directors from time to time, which authorize us to repurchase up to a specified aggregate dollar value of our Class A common shares and/or Class C common shares through specified dates
SOFR			Reference rate based on secured overnight financing rate administered by the Federal Reserve Bank of New York
Term SOFR			Forward-looking term rate based on SOFR as published by CME Group Benchmark Administration Limited
Tower Transactions			Transactions associated with certain of our mobile towers across various markets that (i) have terms of 15 or 20 years and did not meet the criteria to be accounted for as a sale and leaseback and (ii) also include "build to suit" sites that we are obligated to construct over the next 4 years. The total weighted average imputed interest rate of the financial liabilities associated with these transactions is approximately 8%.
U.S.			United States
U.S. GAAP			Generally accepted accounting principles in the United States
USVI			The U.S. Virgin Islands
VAT			Value-added taxes
Weather Derivatives			Weather derivative contracts that provide coverage for certain weather-related events
WOW			WOW TEL Holding, S.A.

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)


	March 31, 2025		December 31, 2024

	in millions
ASSETS
Current assets:
Cash and cash equivalents	$	575.5	$	654.3
Trade receivables, net	679.0		704.3
Prepaid expenses	109.4		79.8
Current derivative assets	67.4		81.3
Current notes receivable, net	127.0		109.6
Current contract assets	100.7		105.8
Other current assets, net	400.8		396.4
Total current assets	2,059.8		2,131.5

Goodwill	2,990.7		2,981.0
Property and equipment, net	3,988.8		4,062.4
Intangible assets not subject to amortization	1,813.3		1,813.3
Intangible assets subject to amortization, net	387.9		414.3
Other assets, net	1,357.0		1,397.5
Total assets	$	12,597.5	$	12,800.0

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

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS – (Continued)

(unaudited)


	March 31, 2025		December 31, 2024

	in millions
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	330.9	$	441.9
Current portion of deferred revenue	108.0		116.3
Current portion of debt and finance lease obligations	539.2		465.7
Accrued interest	133.0		134.7
Accrued payroll and employee benefits	77.3		95.8
Current derivative liabilities	44.2		48.6
Current portion of operating lease liabilities	90.3		87.5
Other accrued and current liabilities	590.4		653.4
Total current liabilities	1,913.3		2,043.9
Long-term debt and finance lease obligations	7,633.8		7,614.5
Deferred tax liabilities	570.2		580.3
Deferred revenue	85.8		88.0
Other long-term liabilities	868.7		847.3
Total liabilities	11,071.8		11,174.0

Commitments and contingencies

Equity:
Liberty Latin America shareholders:
Class A, $0.01 par value; 500.0 million shares authorized; 54.7 million and 39.0 million shares issued and outstanding, respectively, at March 31, 2025; 53.7 million and 38.0 million shares issued and outstanding, respectively, at December 31, 2024	0.5		0.5
Class B, $0.01 par value; 50.0 million shares authorized; 2.4 million shares issued and outstanding at each period.	—		—
Class C, $0.01 par value; 500.0 million shares authorized; 194.5 million and 158.4 million shares issued and outstanding, respectively, at March 31, 2025; 192.4 million and 156.3 million shares issued and outstanding, respectively, at December 31, 2024	1.9		1.9
Undesignated preference shares, $0.01 par value; 50.0 million shares authorized; nil shares issued and outstanding at each period	—		—
Treasury shares, at cost; 51.8 million shares at each period.	(444.1)		(444.1)
Additional paid-in capital	5,338.5		5,315.6
Accumulated deficit	(3,735.1)		(3,598.7)
Accumulated other comprehensive loss, net of taxes	(139.9)		(154.2)
Total Liberty Latin America shareholders	1,021.8		1,121.0
Noncontrolling interests	503.9		505.0
Total equity	1,525.7		1,626.0
Total liabilities and equity	$	12,597.5	$	12,800.0

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

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)


	Three months ended March 31,
		2025		2024
		in millions, except per share amounts

Revenue		$	1,083.5	$	1,099.4
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services		232.6		240.2
Other operating costs and expenses		478.3		512.0
Depreciation and amortization		228.8		247.8
Impairment, restructuring and other operating items, net		15.7		6.6
		955.4		1,006.6
Operating income		128.1		92.8
Non-operating expense:
Interest expense		(158.3)		(155.9)
Realized and unrealized gains (losses) on derivative instruments, net		(62.9)		46.4
Foreign currency transaction gains (losses), net		(4.2)		23.3
Losses on debt extinguishments, net		(14.4)		(0.3)
Other expense, net		(5.9)		(1.7)
		(245.7)		(88.2)
Earnings (loss) before income taxes		(117.6)		4.6
Income tax expense		(9.1)		(5.1)
Net loss		(126.7)		(0.5)
Net earnings attributable to noncontrolling interests		(9.7)		—
Net loss attributable to Liberty Latin America shareholders		$	(136.4)	$	(0.5)

Basic and diluted net loss per share attributable to Liberty Latin America shareholders		$	(0.69)	$	—

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

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)

(unaudited)


	Three months ended March 31,
		2025		2024
		in millions

Net loss		$	(126.7)	$	(0.5)
Other comprehensive earnings, net of taxes:
Foreign currency translation adjustments		15.2		11.2
Reclassification adjustments included in net loss		0.4		0.9
Pension-related adjustments and other, net		(0.8)		(2.2)
Other comprehensive earnings		14.8		9.9
Comprehensive earnings (loss)		(111.9)		9.4
Comprehensive loss (earnings) attributable to noncontrolling interests		(10.2)		0.6
Comprehensive earnings (loss) attributable to Liberty Latin America shareholders		$	(122.1)	$	10.0

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

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(unaudited)


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

Balance at January 1, 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	—		—		—		—		—		(0.5)		—		(0.5)		—		(0.5)
Other comprehensive earnings	—		—		—		—		—		—		10.5		10.5		(0.6)		9.9
Repurchase of Liberty Latin America common shares	—		—		—		(60.5)		—		—		—		(60.5)		—		(60.5)

Share-based compensation	—		—		—		—		20.4		—		—		20.4		—		20.4
Balance at March 31, 2024	$	0.5	$	—	$	1.9	$	(421.7)	$	5,282.4	$	(2,942.2)	$	(187.5)	$	1,733.4	$	545.6	$	2,279.0

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

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY – (Continued)

(unaudited)


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

Balance at January 1, 2025	$	0.5	$	—	$	1.9	$	(444.1)	$	5,315.6	$	(3,598.7)	$	(154.2)	$	1,121.0	$	505.0	$	1,626.0
Net loss	—		—		—		—		—		(136.4)		—		(136.4)		9.7		(126.7)
Other comprehensive earnings	—		—		—		—		—		—		14.3		14.3		0.5		14.8

Cash distributions to noncontrolling interest owners	—		—		—		—		—		—		—		—		(10.9)		(10.9)
Share-based compensation	—		—		—		—		22.9		—		—		22.9		—		22.9
Other	—		—		—		—		—		—		—		—		(0.4)		(0.4)
Balance at March 31, 2025	$	0.5	$	—	$	1.9	$	(444.1)	$	5,338.5	$	(3,735.1)	$	(139.9)	$	1,021.8	$	503.9	$	1,525.7

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

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)


	Three months ended March 31,
	2025		2024
	in millions
Cash flows from operating activities:
Net loss	$	(126.7)	$	(0.5)
Adjustments to reconcile net loss to net cash provided by operating activities:
Share-based compensation expense	28.3		27.0
Depreciation and amortization	228.8		247.8
Impairments and other non-cash activity, net	4.2		3.3
Amortization of debt financing costs, premiums and discounts, net	7.0		6.2
Realized and unrealized losses (gains) on derivative instruments, net	62.9		(46.4)
Foreign currency transaction losses (gains), net	4.2		(23.3)
Losses on debt extinguishments, net	14.4		0.3
Deferred income tax benefit	(22.6)		(28.2)
Changes in operating assets and liabilities, net of an acquisition	(175.9)		(162.9)
Net cash provided by operating activities	24.6		23.3

Cash flows from investing activities:
Capital expenditures, net	(96.7)		(109.7)

Other investing activities, net	1.7		(7.2)
Net cash used by investing activities	$	(95.0)	$	(116.9)

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

LIBERTY LATIN AMERICA LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – (Continued)

(unaudited)


	Three months ended March 31,
	2025		2024
	in millions
Cash flows from financing activities:
Borrowings of debt	$	941.5	$	46.1
Payments of principal amounts of debt and finance lease obligations	(879.7)		(211.4)
Repurchase of Liberty Latin America common shares	—		(56.0)
Distributions to noncontrolling interest owners	(29.1)		—
Payment of financing costs and debt redemption premiums	(24.2)		(0.1)

Other financing activities, net	(5.1)		(4.3)
Net cash provided (used) by financing activities	3.4		(225.7)

Effect of exchange rate changes on cash, cash equivalents and restricted cash	(11.8)		(0.8)

Net decrease in cash, cash equivalents and restricted cash	(78.8)		(320.1)

Cash, cash equivalents and restricted cash:
Beginning of period	670.3		999.8
End of period	$	591.5	$	679.7

Cash paid for interest	$	151.5	$	192.0
Net cash paid for taxes	$	41.2	$	54.4

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

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements

March 31, 2025

(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 over 30 markets in that region.

Unless otherwise indicated, ownership percentages are calculated as of March 31, 2025.

The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by U.S. GAAP or SEC rules and regulations for complete financial statements. In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods presented. The results of operations for any interim period are not necessarily indicative of results for the full year. These condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto included in our 2024 Form 10-K.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, expected credit losses, programming and copyright expenses, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, useful lives of long-lived assets and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates. Certain prior-period amounts have been reclassified to conform to the current period presentation.

(2) Accounting Changes and Recent Accounting Pronouncements

Recent Accounting Pronouncements

ASU 2023-09

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which was issued to enhance transparency of income tax disclosures, primarily by requiring consistent categories and disaggregated information about an entity’s effective tax rate reconciliation and disaggregated

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2025

(unaudited)

jurisdictional information on income taxes paid. The standard also eliminates certain existing requirements related to uncertain tax positions and unrecognized deferred tax liabilities. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 with early adoption permitted. We are currently evaluating the impact this standard will have on the footnotes to our consolidated financial statements.

ASU 2024-03

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-04): Disaggregation of Income Statement Expenses (ASU 2024-03), which requires more detailed disclosure in the notes to the financial statements about the types of expenses in commonly presented expense captions. In each annual and interim reporting period, entities are required to (i) disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation and (d) intangible asset amortization included in each expense line item within continuing operations that is presented on the statement of operations, (ii) include certain amounts that are already required to be disclosed under current U.S. GAAP in the same disclosure as the other disaggregation requirements, (iii) disclose a qualitative description of the amounts remaining in each expense line item within continuing operations that are not separately quantified and (iv) disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. In January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-04): Clarifying the Effective Date (ASU 2025-01). ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 with early adoption permitted, as clarified in ASU 2025-01. We are currently evaluating the impact this standard will have on our consolidated financial statements.

(3) Fair Value Measurements

General

U.S. GAAP provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability.

Recurring Fair Value Measurements

Derivatives

In order to manage our interest rate and foreign currency exchange risk, we have entered into various derivative instruments, as further described in note 6. We use the fair value method to account for most of our derivative instruments. The recurring fair value measurements of these derivative instruments are determined using discounted cash flow models. Most of the inputs to these discounted cash flow models consist of, or are derived from, observable Level 2 data for substantially the full term of these derivative instruments. This observable data mostly includes interest rate futures and swap rates, which are retrieved or derived from available market data. Although we may extrapolate or interpolate this data, we do not otherwise alter this data in performing our valuations. We incorporate a credit risk valuation adjustment in our fair value measurements to estimate the impact of both our own nonperformance risk and the nonperformance risk of our counterparties. Our and our counterparties’ credit spreads represent our most significant Level 3 inputs, and these inputs are used to derive the credit risk valuation adjustments with respect to these instruments. As we would not expect changes in our or our counterparties’ credit spreads to have a significant impact on the valuations of these instruments, we have determined that these valuations fall under Level 2 of the fair value hierarchy. Our credit risk valuation adjustments with respect to our interest rate derivative contracts are further explained in note 6.

Non-recurring Fair Value Measurements

Fair value measurements may also be used for purposes of non-recurring valuations performed in connection with our acquisition accounting and impairment assessments. During the three months ended March 31, 2025 and 2024, we did not perform any such non-recurring valuations.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2025

(unaudited)

(4) Acquisitions

Pending Transactions

Costa Rica Transactions. 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 the equity of Liberty Costa Rica for aggregate cash consideration of approximately $84 million, comprising CRC 22 billion ($44 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 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 will be paid in four annual installments. We paid $95 million on the closing date, September 3, 2024, and will pay $72 million, $45 million and $40 million on September 3 of 2025, 2026 and 2027, respectively. Our deferred payment obligation is recorded at its net present value, of which the current portion is included in other accrued and current liabilities in our condensed consolidated balance sheet and the long-term portion is included in other long-term liabilities in our condensed consolidated balance sheet.

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 transition 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.

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 March 31, 2024

		in millions

Revenue		$	1,109.7
Net loss attributable to Liberty Latin America shareholders		$	(2.3)

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2025

(unaudited)

(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:


	Three months ended March 31,
	2025		2024
	in millions

Balance at beginning of period	$	138.8	$	91.6
Provision for expected losses, net	22.7		23.8
Write-offs, net of recoveries	(20.1)		(20.2)
Foreign currency translation adjustments	0.7		0.7
Balance at end of period	$	142.1	$	95.9

(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 use the fair value method to account for our derivative instruments and do not apply hedge accounting. The reported fair values of our derivative instruments likely will not represent the value that will be paid or received upon the ultimate settlement or disposition of these assets and liabilities, as we expect that the values realized generally will be based on market conditions at the time of settlement. 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. For additional information regarding our fair value measurements, see note 3.

The following table provides details of the fair values of our derivative instrument assets and liabilities:


	March 31, 2025						December 31, 2024
	Current		Long-term (a)		Total		Current		Long-term (a)		Total
	in millions
Assets - interest rate derivative contracts (b)	$	67.4	$	76.3	$	143.7	$	81.3	$	109.2	$	190.5


Liabilities (b):
Interest rate derivative contracts	$	33.7	$	34.9	$	68.6	$	38.0	$	8.5	$	46.5
Foreign currency forward contracts	10.5		0.6		11.1		10.6		—		10.6
Total	$	44.2	$	35.5	$	79.7	$	48.6	$	8.5	$	57.1

(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.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2025

(unaudited)

The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:


	Three months ended March 31,
	2025		2024
	in millions

Interest rate derivative contracts	$	(51.1)	$	61.2
Foreign currency forward contracts and other	(3.6)		(7.2)
Weather Derivatives	(8.2)		(7.6)
Total	$	(62.9)	$	46.4

The following table sets forth the classification of the net cash inflows of our derivative instruments:


	Three months ended March 31,
	2025		2024
	in millions

Operating activities	$	13.8	$	18.5
Investing activities	(0.4)		—

Total	$	13.4	$	18.5

Counterparty Credit Risk

We are exposed to the risk that the counterparties to the derivative instruments of our borrowing groups will default on their obligations to us. We manage these credit risks through the evaluation and monitoring of the creditworthiness of, and concentration of risk with, the respective counterparties. In this regard, credit risk associated with our derivative instruments is spread across a relatively broad counterparty base of banks and financial institutions. Collateral has not been posted by either party under the derivative instruments of our borrowing groups. At March 31, 2025, 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 $78 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.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2025

(unaudited)

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 March 31, 2025:


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

C&W (a)	$	3,630.0	4.2

Liberty Puerto Rico	$	500.0	2.5

(a)Includes forward-starting derivatives instruments and, on certain interest rate swaps, embedded floors of 0%.

Basis Swaps

Basis swaps involve the exchange of attributes used to calculate our floating interest rates, including (i) the benchmark rate, (ii) the underlying currency and/or (iii) the borrowing period. We typically enter into these swaps to optimize our interest rate profile based on our current evaluations of yield curves, our risk management policies and other factors. The following table sets forth the total U.S. dollar equivalents of the notional amounts and the related weighted average remaining contractual lives of our basis swap contracts at March 31, 2025:


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

C&W (a)	$	2,100.0	0.0

Liberty Puerto Rico	$	620.0	0.8

(a)Basis swap contracts matured on April 15, 2025.

Interest Rate Floors

Interest rate floors provide protection against interest rates falling below a pre-set level. At March 31, 2025, 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 2.5 years.

Interest Rate Caps

Interest rate caps provide protection against interest rates rising above a pre-set level. At March 31, 2025, 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 2.5 years.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2025

(unaudited)

Foreign Currency Forwards Contracts

We enter into foreign currency forward contracts with respect to non-functional currency exposure. At March 31, 2025, our Liberty Costa Rica borrowing group had foreign currency forward contracts with total notional amounts due from and to counterparties of $202 million and CRC 109 billion, respectively, with a weighted average remaining contractual life of 0.7 years.

(7) Long-lived Assets

Goodwill

Changes in the carrying amount of our goodwill are set forth below:


	C&W Caribbean		C&W Panama		Liberty Networks		Liberty Costa Rica		Total
	in millions

January 1, 2025	$	1,211.6	$	617.1	$	652.2	$	500.1	$	2,981.0


Foreign currency translation adjustments	(0.8)		—		1.3		9.2		9.7

March 31, 2025	$	1,210.8	$	617.1	$	653.5	$	509.3	$	2,990.7

Based on the results of our prior year impairment test, if, among other factors (i) our equity values were to decline significantly, (ii) we experience additional adverse impacts associated with macroeconomic factors, including increases in our estimated weighted average cost of capital, or (iii) the adverse impacts stemming from competition, economic, regulatory or other factors were to cause our results of operations or cash flows to be worse than currently anticipated, we could conclude in future periods that additional impairment charges of certain reporting units are required in order to reduce the carrying values of goodwill. Any such impairment charges could be significant.

Our accumulated goodwill impairments were $3,300 million as each March 31, 2025 and December 31, 2024.

Property and Equipment, Net

The details of our property and equipment and the related accumulated depreciation are set forth below:


	March 31, 2025		December 31, 2024
	in millions

Distribution systems	$	5,260.2	$	5,181.1
Support equipment and buildings	1,286.4		1,292.6
CPE	901.1		948.6
	7,447.7		7,422.3
Accumulated depreciation	(3,789.9)		(3,767.4)
Total depreciable assets	3,657.8		3,654.9
CIP and land	331.0		407.5
Total property and equipment, net	$	3,988.8	$	4,062.4

During the three months ended March 31, 2025 and 2024, we recorded non-cash increases to our property and equipment related to vendor financing arrangements aggregating $38 million and $34 million, respectively.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2025

(unaudited)

Intangible Assets Not Subject to Amortization

The details of our intangible assets not subject to amortization are set forth below:


	March 31, 2025		December 31, 2024
	in millions

Spectrum licenses	$	1,271.5	$	1,271.5
Cable television franchise rights and other	541.8		541.8
Total	$	1,813.3	$	1,813.3

Intangible Assets Subject to Amortization, Net

The details of our intangible assets subject to amortization and the related accumulated amortization are set forth below:


	March 31, 2025		December 31, 2024
	in millions

Customer relationships	$	900.9	$	898.9
Licenses and other	260.5		259.3
	1,161.4		1,158.2
Accumulated amortization	(773.5)		(743.9)
Total	$	387.9	$	414.3

(8) Investments

WOW

During February 2021, we acquired a minority interest in WOW, primarily a broadband internet service provider in Peru. We account for our investment in WOW as an equity method investment. As of March 31, 2025, our investment in WOW, including shares and certain loans, totaled $83 million, which represents an equity ownership percentage of just under 50%. Our share of WOW losses for the three months ended March 31, 2025 and 2024 were immaterial.

(9) Operating Leases

The following table provides details of our operating lease expense:


	Three months ended
	March 31,
		2025		2024
		in millions
Operating lease expense:
Operating lease cost		$	32.5	$	29.8
Short-term lease cost		5.8		6.6
Total operating lease expense		$	38.3	$	36.4

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.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2025

(unaudited)

Certain other details of our operating leases are set forth in the tables below:


	March 31, 2025		December 31, 2024
	in millions

Operating lease right-of-use assets	$	482.0	$	481.2
Operating lease liabilities:
Current	$	90.3	$	87.5
Non-current	444.3		450.2
Total operating lease liabilities	$	534.6	$	537.7


Weighted-average remaining lease term	7.1 years		7.3 years

Weighted-average discount rate	8.1	%	8.1	%


	Three months ended
	March 31,
	2025		2024
	in millions

Operating cash outflows related to operating leases	$	35.6	$	33.6
Right-of-use assets obtained in exchange for new operating lease liabilities (a)	$	8.0	$	20.5

(a)Represents non-cash transactions associated with operating leases entered into during the three months ended March 31, 2025 and 2024, respectively.

Maturities of Operating Leases

Maturities of our operating lease liabilities as of March 31, 2025 are presented below. Amounts presented below represent U.S. dollar equivalents (in millions) based on March 31, 2025 exchange rates.


Years ending December 31:
2025 (remainder of year)	$	95.8
2026	119.1
2027	102.7
2028	93.0
2029	80.1
Thereafter	235.1
Total operating lease liabilities on an undiscounted basis	725.8
Present value discount	(191.2)
Present value of operating lease liabilities	$	534.6

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2025

(unaudited)

(10) Debt and Finance Lease Obligations

The U.S. dollar equivalents of the components of our debt are as follows:


	March 31, 2025						Estimated fair value (c)				Principal amount
	Weighted average interest rate (a)		Unused borrowing capacity (b)
			Borrowing currency		US $ equivalent		March 31, 2025		December 31, 2024		March 31, 2025		December 31, 2024

			in millions

C&W Notes	7.93	%	—		$	—	$	1,703.8	$	1,707.2	$	1,755.0	$	1,735.0
C&W Credit Facilities (d)	6.99	%	(e)		620.7		2,687.8		2,671.0		2,736.5		2,690.2
LPR Senior Secured Notes	6.08	%	—		—		1,582.2		1,709.1		1,981.0		1,981.0
LPR Credit Facilities	8.17	%	$	122.5	122.5		555.0		598.9		670.0		670.0
LCR Credit Facilities	10.71	%	$	25.0	25.0		516.5		481.7		485.0		450.0
Vendor financing, Tower Transactions and other (f) (g)	8.00	%	—		—		617.7		612.6		617.7		612.6
Total debt before premiums, discounts and deferred financing costs	7.36	%			$	768.2	$	7,663.0	$	7,780.5	$	8,245.2	$	8,138.8

The following table provides a reconciliation of total debt before premiums, discounts and deferred financing costs to total debt and finance lease obligations:


	March 31, 2025		December 31, 2024
	in millions

Total debt before premiums, discounts and deferred financing costs	$	8,245.2	$	8,138.8
Premiums, discounts and deferred financing costs, net	(76.5)		(63.2)
Total carrying amount of debt	8,168.7		8,075.6
Finance lease obligations	4.3		4.6
Total debt and finance lease obligations	8,173.0		8,080.2
Less: Current maturities of debt and finance lease obligations	(539.2)		(465.7)
Long-term debt and finance lease obligations	$	7,633.8	$	7,614.5

(a)Represents the weighted average interest rate in effect at March 31, 2025 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 March 31, 2025 without regard to covenant compliance calculations or other conditions precedent to borrowing. At March 31, 2025, 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 March 31, 2025 compliance reporting requirements. At March 31, 2025, 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.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2025

(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)Includes other facilities that are generally repaid in three annual installments.

(e)The C&W Credit Facilities unused borrowing capacity comprise certain U.S. dollar, Trinidad & Tobago dollar and JMD revolving credit facilities.

(f)Includes 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.

(g)Includes $341 million and $328 million at March 31, 2025 and December 31, 2024, 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 $35 million and $32 million for the three months ended March 31, 2025 and 2024, 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 three months ended March 31, 2025 and 2024, borrowings related to significant credit facilities we drew down, entered into or amended, are as follows:


Period	Borrowing group/ Borrower	Instrument	Issued at	Maturity	Interest rate	Amount borrowed (a)		Non-cash component
						in millions

2025	C&W	2027 C&W RCF (b)	N/A	January 30, 2027	Adjusted Term SOFR + 3.25%	$	44.9	$	—
2025	C&W	2029 C&W RCF (b)	N/A	April 15, 2029	Term SOFR + 3.25%	$	29.1	$	—
2025	C&W	C&W Term Loan B-7 Facility	99.5%	January 31, 2032	Term SOFR + 3.25%	$	1,522.4	$	1,510.0
2025	C&W	2033 C&W Senior Notes	100%	January 15, 2033	9.00%	$	755.0	$	—
2025	Liberty Puerto Rico	LPR Revolving Credit Facility	N/A	March 15, 2027	Adjusted Term SOFR + 3.50%	$	30.6	$	—
2025	Liberty Costa Rica	LCR Revolving Credit Facility	N/A	January 15, 2028	Term SOFR + 4.25%	$	35.0	$	—
2024	Liberty Costa Rica	LCR Revolving Credit Facility	N/A	January 15, 2028	Term SOFR + 4.25%	$	14.0	$	—

N/A – Not applicable.

(a)Amounts borrowed are net of original issue discounts, as applicable.

(b)The 2027 C&W RCF and the 2029 C&W RCF compose the C&W Revolving Credit Facility. During 2025, an increase and amendment agreement was signed in respect of the extension agreement on the C&W Revolving Credit Facility originally entered into in September 2024. In accordance with this increase and amendment agreement, including certain

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2025

(unaudited)

new commitments that were made available thereunder, a total of $460 million of commitments (i) had their maturity date extended to April 15, 2029, effective upon the refinancing of the C&W Term Loan B-5 Facility, and (ii) will automatically have their maturity date extended to January 31, 2031 upon the occurrence of the refinancing of the C&W Term Loan B-6 Facility.

During the three months ended March 31, 2025 and 2024, we made certain repurchases or repayments on the following debt instruments:


Period	Borrowing group / Borrower	Instrument	Redemption price	Amount paid		Non-cash component
				in millions

2025	C&W	2027 C&W RCF (a)	100%	$	22.6	$	—
2025	C&W	2029 C&W RCF (a)	100%	$	22.4	$	—
2025	C&W	2027 C&W Senior Notes	100.859%	$	735.0	$	—
2025	C&W	C&W Term Loan B-5 Facility	100%	$	1,510.0	$	1,510.0
2025	Liberty Puerto Rico	LPR Revolving Credit Facility	100%	$	30.6	$	—
2024	C&W	C&W Regional Facilities	100%	$	20.0	$	—
2024	C&W	CWP Revolving Credit Facility	100%	$	10.0	$	—
2024	Liberty Latin America	Convertible Notes	(b)	$	79.6	$	—

(a)The 2027 C&W RCF and the 2029 C&W RCF compose the C&W Revolving Credit Facility.

(b)In February 2024, we repurchased and cancelled $81 million original principal amount of the Convertible Notes at a weighted average redemption price of 98.7%. In addition, we unwound approximately $102 million of the Convertible Notes Capped Calls for immaterial value on settlement.

Maturities of Debt

Maturities of our debt as of March 31, 2025 are presented below. Amounts presented below represent U.S. dollar equivalents based on March 31, 2025 exchange rates:


	C&W		Liberty Puerto Rico		Liberty Costa Rica		Liberty Latin America (a)		Consolidated
	in millions
Years ending December 31:
2025 (remainder of year)	$	342.5	$	93.5	$	35.0	$	0.7	$	471.7
2026	89.9		20.5		—		1.0		111.4
2027	13.3		1,163.0		—		0.5		1,176.8
2028	492.5		620.6		—		—		1,113.1
2029	596.5		820.7		—		—		1,417.2
2030	10.1		0.9		—		—		11.0
Thereafter	3,457.1		36.9		450.0		—		3,944.0
Total debt maturities	5,001.9		2,756.1		485.0		2.2		8,245.2
Premiums, discounts and deferred financing costs, net	(49.0)		(15.6)		(11.9)		—		(76.5)
Total debt	$	4,952.9	$	2,740.5	$	473.1	$	2.2	$	8,168.7
Current portion	$	396.9	$	105.7	$	35.0	$	0.9	$	538.5
Non-current portion	$	4,556.0	$	2,634.8	$	438.1	$	1.3	$	7,630.2

(a)Represents the aggregate amount held by subsidiaries of Liberty Latin America that are outside our borrowing groups.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2025

(unaudited)

(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 March 31, 2025, we have approximately $270 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 three years.

(12) Equity

Share Repurchase Programs

From time to time, and subject to certain limitations and conditions, our Directors approve Share Repurchase Programs, which authorize us to repurchase up to a specified aggregate dollar value of our Class A common shares and/or Class C common shares through specified dates, as detailed below:

Authorization Date

Authorized Repurchase Amount

Expiration Date

in millions

May 8, 2023

200.0

December 2025

May 7, 2024

200.0

December 2026

The Share Repurchase Programs do not obligate us to repurchase any of our Class A or C common shares. Under the Share Repurchase Programs, we may repurchase our common shares in open market purchases at prevailing market prices, in privately negotiated transactions, in block trades, derivative transactions and/or through other legally permissible means.

There were no repurchases of our Class A or C common shares during the three months ended March 31, 2025. During the three months ended March 31, 2024, we repurchased 2 million and 7 million Class A and Class C common shares, respectively. At March 31, 2025, the remaining amount authorized for share repurchases under the Share Repurchase Programs was $242 million, which is net of the premium associated with the capped call option contracts.

(13) Income Taxes

For interim tax reporting, we estimate an annual effective tax rate that is applied to year-to-date ordinary income or loss. 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. 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.

Income tax expense was $9 million and $5 million during the three months ended March 31, 2025 and 2024, respectively. This represents an effective income tax rate of 7.7% and (110.9%) for the three months ended March 31, 2025 and 2024, respectively, including items treated discretely.

For the three months ended March 31, 2025, the income tax expense attributable to our loss before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the detrimental effects of jurisdictional rate differences, permanent tax differences, such as non-deductible expenses, the inclusion of withholding taxes on cross-border payments, global minimum tax, and net return-to-provision adjustments. These negative impacts to our effective tax rate were partially offset by the beneficial effects of net decreases in valuation allowances, permanent tax differences, such as non-taxable income, and changes to uncertain tax positions.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2025

(unaudited)

For the three months ended March 31, 2024, 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 jurisdictional rate differences, permanent tax differences, such as non-deductible expenses, the inclusion of withholding taxes on cross-border payments, global minimum tax, net return to provision adjustments and changes in uncertain tax positions. These negative impacts to our effective tax rate were partially offset by the beneficial effects of net decreases in valuation allowances and permanent tax differences, such as non-taxable income.

(14) 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 March 31,
		2025		2024
		in millions, except per share amounts
Numerator:

Net loss attributable to Liberty Latin America shareholders - basic and diluted		$	(136.4)	$	(0.5)




Denominator:

Weighted average shares - basic and diluted (a)		197.5		203.6





Basic and diluted net loss per share attributable to Liberty Latin America shareholders		$	(0.69)	$	—

(a)During the three months ended March 31, 2025 and 2024, we reported net losses attributable to Liberty Latin America shareholders. As a result, the potentially dilutive effect at March 31, 2025 and 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:


	March 31,
	2025	2024
	in millions
Aggregate number of shares issuable pursuant to:
Outstanding options, SARs and RSUs	46.3	41.6
Outstanding PSUs and PSARs	8.6	8.6
LTVP and ESPP	8.1	2.3
Aggregate number of shares potentially issuable under our Convertible Notes (if-converted method) (i)	—	6.8

(i)With regards to the aggregate number of shares potentially issuable under our Convertible Notes during the 2024 period, 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 the first quarter of 2024, we unwound a portion of the Convertible Notes Capped Calls in connection with the redemption activity on the Convertible Notes, as further described in note 10.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2025

(unaudited)

(15) 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. For commitments associated with the LPR Acquisition and the Costa Rica Transactions, see note 4.

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. During the first quarter of 2025, we received a claim from a third party with respect to possible overpayments made to us under a transitional services agreement. We are currently unable to estimate a possible loss or range of possible loss associated with this claim.

(16) 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 March 31, 2025, our operating segments, which are also 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, our Chief Executive Officer, 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. A reconciliation of total Adjusted OIBDA to operating income or loss and to earnings or loss before income taxes is presented below.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2025

(unaudited)

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 March 31,
		2025		2024
		in millions

C&W Caribbean		$	363.9	$	364.2
C&W Panama		177.0		169.2
Liberty Networks		110.4		108.5
Liberty Puerto Rico		298.4		327.2
Liberty Costa Rica		158.2		152.3
Total reportable segment revenue		1,107.9		1,121.4
Corporate		3.9		5.1
Intersegment eliminations		(28.3)		(27.1)
Consolidated revenue		$	1,083.5	$	1,099.4


		Adjusted OIBDA
	Three months ended March 31,
		2025		2024
		in millions

C&W Caribbean		$	173.3	$	150.6
C&W Panama		64.6		56.8
Liberty Networks		57.9		59.2
Liberty Puerto Rico		81.5		69.1
Liberty Costa Rica		58.9		58.3
Total reportable segment Adjusted OIBDA		$	436.2	$	394.0

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2025

(unaudited)

The following table provides a reconciliation of total reportable segment Adjusted OIBDA to operating income and to earnings (loss) before income taxes:


	Three months ended March 31,
		2025		2024
		in millions

Total reportable segment Adjusted OIBDA		$	436.2	$	394.0
Corporate Adjusted OIBDA (a)		(29.6)		(19.8)
Share-based compensation and other Employee Incentive Plan-related expense (b)		(34.0)		(27.0)
Depreciation and amortization		(228.8)		(247.8)
Impairment, restructuring and other operating items, net		(15.7)		(6.6)
Operating income		128.1		92.8
Interest expense		(158.3)		(155.9)
Realized and unrealized gains (losses) on derivative instruments, net		(62.9)		46.4
Foreign currency transaction gains (losses), net		(4.2)		23.3
Losses on debt extinguishments, net		(14.4)		(0.3)
Other expense, net		(5.9)		(1.7)
Earnings (loss) before income taxes		$	(117.6)	$	4.6

(a)Represents the Adjusted OIBDA of our corporate operations, which is not considered an operating segment of Liberty Latin America.

(b)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.

Our programming and other direct costs of services by major category, which are further discussed below, are as follows:


	Three months ended March 31,
		2025		2024
		in millions

Programming and copyright		$	57.6	$	60.1
Interconnect		66.7		71.9
Equipment		80.6		79.1
Project-related and other		27.7		29.1
Total programming and other direct costs of services		$	232.6	$	240.2

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2025

(unaudited)

Our other operating costs and expenses by major category, which are further discussed below, are as follows:


	Three months ended March 31,
		2025		2024
		in millions

Personnel and contract labor		$	147.2	$	156.7
Network-related		54.3		63.4
Service-related		60.4		72.7
Commercial		45.6		47.0
Facility, provision, franchise and other		136.8		145.2
Share-based compensation and other Employee Incentive Plan-related expense		34.0		27.0
Total other operating costs and expenses (a)		$	478.3	$	512.0

(a)Significant operating costs and expenses reviewed by our CODM represent total other operating costs and expenses excluding share-based compensation and other Employee Incentive Plan-related expense.

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.


	Three months ended March 31,
	2025		2024
	in millions

C&W Caribbean	$	37.5	$	44.3
C&W Panama	14.7		16.6
Liberty Networks	18.4		11.8
Liberty Puerto Rico	28.6		41.0
Liberty Costa Rica	15.2		11.1
Corporate	5.9		10.1
Total property and equipment additions	120.3		134.9
Assets acquired under capital-related vendor financing arrangements	(37.6)		(34.0)

Changes in current liabilities related to capital expenditures and other	14.0		8.8
Total capital expenditures, net	$	96.7	$	109.7

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2025

(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 March 31,
		2025		2024
		in millions

Puerto Rico		$	283.5	$	313.1
Panama		176.2		168.4
Costa Rica		157.9		152.1
Jamaica		105.3		101.3
Networks & LatAm (a)		87.1		86.2
The Bahamas		48.6		51.3
Trinidad and Tobago		37.4		39.5
Barbados		40.9		40.8
Other (b)		146.6		146.7
Total		$	1,083.5	$	1,099.4

(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.

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.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2025

(unaudited)


	Three months ended March 31, 2025
	C&W Caribbean		C&W Panama		Liberty Networks (a)		Liberty Puerto Rico		Liberty Costa Rica		Corporate		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:



Subscription revenue	$	123.5	$	29.9	$	—	$	118.0	$	33.3	$	—	$	—	$	304.7
Non-subscription revenue	5.4		1.3		—		5.8		9.3		—		—		21.8
Total residential fixed revenue	128.9		31.2		—		123.8		42.6		—		—		326.5
Residential mobile revenue:
Service revenue	89.0		71.2		—		79.0		71.7		—		—		310.9
Interconnect, inbound roaming, equipment sales and other (b)	21.3		15.2		—		45.3		26.1		3.5		—		111.4
Total residential mobile revenue	110.3		86.4		—		124.3		97.8		3.5		—		422.3
Total residential revenue	239.2		117.6		—		248.1		140.4		3.5		—		748.8



B2B revenue (c)	124.7		59.4		110.4		43.7		17.8		0.4		(28.3)		328.1
Other revenue	—		—		—		6.6		—		—		—		6.6
Total	$	363.9	$	177.0	$	110.4	$	298.4	$	158.2	$	3.9	$	(28.3)	$	1,083.5

(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 $6 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2025

(unaudited)


	Three months ended March 31, 2024
	C&W Caribbean		C&W Panama		Liberty Networks (a)		Liberty Puerto Rico		Liberty Costa Rica		Corporate		Intersegment Eliminations		Total
	in millions
Residential revenue:
Residential fixed revenue:



Subscription revenue	$	121.9	$	30.4	$	—	$	119.8	$	35.4	$	—	$	—	$	307.5
Non-subscription revenue	7.6		1.2		—		5.3		9.7		—		(0.7)		23.1
Total residential fixed revenue	129.5		31.6		—		125.1		45.1		—		(0.7)		330.6
Residential mobile revenue:
Service revenue	85.6		61.8		—		93.5		67.8		—		—		308.7
Interconnect, inbound roaming, equipment sales and other (b)	20.4		12.7		—		44.5		23.0		4.9		—		105.5
Total residential mobile revenue	106.0		74.5		—		138.0		90.8		4.9		—		414.2
Total residential revenue	235.5		106.1		—		263.1		135.9		4.9		(0.7)		744.8



B2B revenue (c)	128.7		63.1		108.5		56.0		16.4		0.2		(26.4)		346.5
Other revenue	—		—		—		8.1		—		—		—		8.1
Total	$	364.2	$	169.2	$	108.5	$	327.2	$	152.3	$	5.1	$	(27.1)	$	1,099.4

(a)Included in this amount is $22 million of revenue earned from other segments of Liberty Latin America.

(b)The total amount includes $49 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.

Significant Expenses

Our significant expenses by major category for our reportable segments and our corporate operations are set forth in the tables below. We consider these expenses significant because they are regularly provided to and reviewed by our CODM. Intercompany eliminations in the tables below reflect costs and expenses between our reportable segments, the majority of which relate to costs associated with services provided by our Liberty Networks segment to our other reportable segments. Our significant expense categories include the following:

•Programming and other direct costs of services, which include programming and copyright costs, interconnect and access costs, equipment costs, which primarily relate to costs of mobile handsets and other devices, project-related costs and other direct costs related to our operations;

•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;

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2025

(unaudited)

•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; and

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


	Three months ended March 31, 2025
	Reportable Segments
	C&W Caribbean		C&W Panama		Liberty Networks		Liberty Puerto Rico		Liberty Costa Rica		Corporate		Intersegment Eliminations		Total
	in millions
Programming and copyright	$	15.9	$	5.3	$	—	$	27.4	$	9.1	$	—	$	(0.1)	$	57.6
Interconnect	14.4		16.9		13.1		20.8		6.3		—		(4.8)		66.7
Equipment	10.3		14.1		0.1		36.9		19.2		—		—		80.6
Other direct costs	10.9		14.5		4.4		0.8		1.2		—		(4.1)		27.7
Total significant programming and other direct costs of services	51.5		50.8		17.6		85.9		35.8		—		(9.0)		232.6
Personnel and contract labor	48.4		18.4		12.5		39.4		8.4		20.1		—		147.2
Network-related	30.0		12.4		12.7		7.1		10.2		—		(18.1)		54.3
Service-related	17.7		4.6		2.7		23.1		6.1		7.3		(1.1)		60.4
Commercial	8.4		8.9		0.9		11.7		15.7		—		—		45.6
Facility, provision, franchise and other	34.6		17.3		6.1		49.7		23.1		6.1		(0.1)		136.8
Total significant other operating costs and expenses	139.1		61.6		34.9		131.0		63.5		33.5		(19.3)		444.3
Total significant expenses	$	190.6	$	112.4	$	52.5	$	216.9	$	99.3	$	33.5	$	(28.3)	$	676.9

Liberty Latin America Ltd.

Notes to Condensed Consolidated Financial Statements – (Continued)

March 31, 2025

(unaudited)


	Three months ended March 31, 2024
	Reportable Segments
	C&W Caribbean		C&W Panama		Liberty Networks		Liberty Puerto Rico		Liberty Costa Rica		Corporate		Intersegment Eliminations		Total
	in millions
Programming and copyright	$	17.4	$	5.7	$	—	$	28.5	$	8.7	$	—	$	(0.2)	$	60.1
Interconnect	16.9		16.5		12.2		22.8		8.3		—		(4.8)		71.9
Equipment	11.3		9.0		0.1		42.6		16.1		—		—		79.1
Other direct costs	9.9		17.1		4.3		1.1		0.1		—		(3.4)		29.1
Total significant programming and other direct costs of services	55.5		48.3		16.6		95.0		33.2		—		(8.4)		240.2
Personnel and contract labor	53.3		21.2		12.7		47.3		7.9		13.9		0.4		156.7
Network-related	34.5		13.4		11.0		12.6		10.6		—		(18.7)		63.4
Service-related	17.8		4.4		2.0		38.4		6.5		4.0		(0.4)		72.7
Commercial	10.8		7.0		0.5		13.5		15.2		—		—		47.0
Facility, provision, franchise and other	41.7		18.1		6.5		51.3		20.6		7.0		—		145.2
Total significant other operating costs and expenses	158.1		64.1		32.7		163.1		60.8		24.9		(18.7)		485.0
Total significant expenses	$	213.6	$	112.4	$	49.3	$	258.1	$	94.0	$	24.9	$	(27.1)	$	725.2

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 2024 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 months ended March 31, 2025 and 2024.

•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 March 31, 2025.

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; changes to international trade and tariff policies and related impacts; the recovery by our Puerto Rico operations; 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; 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 2024 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;

•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;

•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 in Costa Rica;

•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 transaction with Millicom in Costa Rica;

•changes in laws or treaties relating to taxation, or the interpretation thereof, in the 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;

•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.

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.

At March 31, 2025, we (i) owned and operated fixed networks that passed 4,770,500 homes and served 4,007,900 RGUs, comprising 1,835,500 broadband internet subscribers, 1,250,300 fixed-line telephony subscribers and 922,100 video subscribers and (ii) served 6,728,500 mobile subscribers.

In April 2025, the U.S. government announced new and increased tariffs on imported goods from numerous countries. The amounts and effective dates for the tariffs have shifted multiple times and may continue to do so. The tariffs, and the potential responses by other countries to these tariffs increase global economic uncertainty, and may significantly impact the price of certain goods, including mobile handsets, that we acquire in Liberty Puerto Rico. While these developments have not had a material impact on our financial condition or results of operations to date, due to their evolving nature, we cannot predict with certainty the ultimate impacts they may have on our business and results in the future, but those impacts could be material.

Transactions

Costa Rica Transactions

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.

LPR Acquisition

During November 2023, we entered into an agreement with EchoStar 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 will be paid in four annual installments. We paid $95 million on the closing date, September 3, 2024, and will pay $72 million, $45 million and $40 million on September 3 of 2025, 2026 and 2027, respectively.

Material Changes in Results of Operations

The comparability of our operating results during the three months ended March 31, 2025 and 2024 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 closed 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 table sets forth the organic and non-organic changes in the components of operating income or loss during the three months ended March 31, 2025, as compared to the corresponding period in 2024.



	Three months ended March 31,				Increase (decrease)		Increase (decrease) from:
	2025		2024				FX		An acquisition		Organic
	in millions

Revenue	$	1,083.5	$	1,099.4	$	(15.9)	$	—	$	9.5	$	(25.4)
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services	232.6		240.2		(7.6)		—		6.8		(14.4)
Other operating costs and expenses	478.3		512.0		(33.7)		—		2.1		(35.8)
Depreciation and amortization	228.8		247.8		(19.0)		0.1		—		(19.1)
Impairment, restructuring and other operating items, net	15.7		6.6		9.1		—		—		9.1
	955.4		1,006.6		(51.2)		0.1		8.9		(60.2)
Operating income	$	128.1	$	92.8	$	35.3	$	(0.1)	$	0.6	$	34.8

As reflected in the table above, there was an increase to our operating income for the three months ended March 31, 2025, as compared the corresponding period in 2024. 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, our Chief Executive Officer, 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, the nearest U.S. GAAP measure, to Adjusted OIBDA on a consolidated basis, is presented below.


	Three months ended March 31,
		2025		2024
		in millions

Operating income		$	128.1	$	92.8
Share-based compensation and other Employee Incentive Plan-related expense		34.0		27.0
Depreciation and amortization		228.8		247.8
Impairment, restructuring and other operating items, net		15.7		6.6
Consolidated Adjusted OIBDA		$	406.6	$	374.2

The following table sets forth the organic and non-organic changes in Adjusted OIBDA during the three months ended March 31, 2025, as compared to the corresponding period in 2024:


	C&W Caribbean		C&W Panama		Liberty Networks		Liberty Puerto Rico		Liberty Costa Rica		Corporate		Intersegment eliminations		Consolidated
	in millions
Adjusted OIBDA for the three months ending:
March 31, 2024	$	150.6	$	56.8	$	59.2	$	69.1	$	58.3	$	(19.8)	$	—	$	374.2
Organic changes related to:
Revenue	1.1		7.8		3.3		(38.3)		3.1		(1.2)		(1.2)		(25.4)
Programming and other direct costs	3.7		(2.5)		(1.5)		15.9		(1.8)		—		0.6		14.4
Other operating costs and expenses	18.7		2.5		(2.9)		34.2		(1.7)		(8.6)		0.6		42.8
Non-organic changes related to:
FX	(0.8)		—		(0.2)		—		1.0		—		—		—
An acquisition	—		—		—		0.6		—		—		—		0.6
March 31, 2025	$	173.3	$	64.6	$	57.9	$	81.5	$	58.9	$	(29.6)	$	—	$	406.6

Adjusted OIBDA Margin

The following table sets forth the Adjusted OIBDA Margin of each of our reportable segments:


	Three months ended March 31,
		2025	2024
		%

C&W Caribbean		47.6	41.4
C&W Panama		36.5	33.6
Liberty Networks		52.4	54.6
Liberty Puerto Rico		27.3	21.1
Liberty Costa Rica		37.2	38.3

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 during the three months ended March 31, 2024 of $14 million within our Liberty Puerto Rico segment.

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 table sets forth the organic and non-organic changes in revenue by reportable segment during the three months ended March 31, 2025, as compared to the corresponding period in 2024.


	Three months ended March 31,				Increase (decrease)		Increase (decrease) from:
	2025		2024				FX		An acquisition		Organic
	in millions

C&W Caribbean	$	363.9	$	364.2	$	(0.3)	$	(1.4)	$	—	$	1.1
C&W Panama	177.0		169.2		7.8		—		—		7.8
Liberty Networks	110.4		108.5		1.9		(1.4)		—		3.3
Liberty Puerto Rico	298.4		327.2		(28.8)		—		9.5		(38.3)
Liberty Costa Rica	158.2		152.3		5.9		2.8		—		3.1
Corporate	3.9		5.1		(1.2)		—		—		(1.2)
Intersegment eliminations	(28.3)		(27.1)		(1.2)		—		—		(1.2)
Total	$	1,083.5	$	1,099.4	$	(15.9)	$	—	$	9.5	$	(25.4)

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


	Three months ended March 31,				Increase (decrease)
	2025		2024		$		%
	in millions, except percentages
Residential revenue:
Residential fixed revenue:



Subscription revenue	$	123.5	$	121.9	$	1.6	1
Non-subscription revenue	5.4		7.6		(2.2)		(29)
Total residential fixed revenue	128.9		129.5		(0.6)		—
Residential mobile revenue:
Service revenue	89.0		85.6		3.4		4
Interconnect, inbound roaming, equipment sales and other	21.3		20.4		0.9		4
Total residential mobile revenue	110.3		106.0		4.3		4
Total residential revenue	239.2		235.5		3.7		2

B2B revenue	124.7		128.7		(4.0)		(3)


Total	$	363.9	$	364.2	$	(0.3)	—

The details of the changes in C&W Caribbean’s revenue during the three months ended March 31, 2025, as compared to the corresponding period in 2024, are set forth below (in millions):


	Three-month comparison
Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of RGUs (a)	$	(2.5)
ARPU (b)	4.5
Decrease in residential fixed non-subscription revenue (c)	(2.2)
Total decrease in residential fixed revenue	(0.2)
Increase in residential mobile service revenue (d)	4.0
Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue	0.9
Decrease in B2B revenue (e)	(3.6)

Total organic increase	1.1
Impact of FX	(1.4)
Total	$	(0.3)

(a)The decrease is due to lower average video, fixed-line telephony and broadband internet RGUs.

(b)The increase is primarily due to higher ARPU from broadband internet services, mainly due to price increases in certain markets.

(c)The decrease is mainly due to lower interconnect revenue attributable to a decline in traffic resulting from the expansion of certain competitors in our markets.

(d)The increase is primarily attributable to the net effect of (i) an increase in prepaid mobile ARPU mainly resulting from price increases in Jamaica during the first quarter of 2024 and 2025, (ii) higher average numbers of postpaid mobile subscribers, mostly due to growth from fixed-mobile convergence efforts, and (iii) lower average number of prepaid mobile subscribers due in part to fixed-mobile convergence efforts and churn associated with price increases.

(e)The decrease is mainly attributable to lower project-related revenue, primarily in our Cayman Islands market.

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


	Three months ended March 31,				Increase (decrease)
	2025		2024		$		%
	in millions, except percentages
Residential revenue:
Residential fixed revenue:




Subscription revenue	$	29.9	$	30.4	$	(0.5)	(2)
Non-subscription revenue	1.3		1.2		0.1		8
Total residential fixed revenue	31.2		31.6		(0.4)		(1)
Residential mobile revenue:
Service revenue	71.2		61.8		9.4		15
Interconnect, inbound roaming, equipment sales and other	15.2		12.7		2.5		20
Total residential mobile revenue	86.4		74.5		11.9		16
Total residential revenue	117.6		106.1		11.5		11

B2B revenue	59.4		63.1		(3.7)		(6)
Total	$	177.0	$	169.2	$	7.8	5

The details of the changes in C&W Panama’s revenue during the three months ended March 31, 2025, as compared to the corresponding period in 2024, are set forth below (in millions):


	Three-month comparison
Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of RGUs (a)	$	1.4
ARPU (b)	(1.9)
Increase in residential fixed non-subscription revenue	0.1
Total decrease in residential fixed revenue	(0.4)
Increase in residential mobile service revenue (c)	9.4
Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue (d)	2.5
Decrease in B2B revenue (e)	(3.7)
Total	$	7.8

(a)The increase is primarily due to the net effect of (i) higher average broadband internet RGUs and (ii) lower average video RGUs driven by the shutdown of our DTH business during the first quarter of 2025.

(b)The decrease is 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 increase is primarily due to the (i) higher average postpaid mobile subscribers, driven in part by the addition of customers to our base following the exit of a competitor from our market, and (ii) an increase in prepaid mobile ARPU resulting from higher ARPU packages offered to customers.

(d)The increase is primarily due to higher volumes of handset sales at higher unit prices.

(e)The decrease is primarily due to (i) lower revenue from government-related projects and (ii) lower revenue from mobile services.

Liberty Networks. Liberty Networks’ revenue by major category is set forth below:


	Three months ended March 31,				Increase
	2025		2024		$		%
	in millions, except percentages













B2B revenue:
Enterprise revenue	$	32.9	$	32.5	$	0.4	1
Wholesale revenue	77.5		76.0		1.5		2

Total	$	110.4	$	108.5	$	1.9	2

The details of the changes in Liberty Networks’ revenue during the three months ended March 31, 2025, as compared to the corresponding period in 2024, are set forth below (in millions):


	Three-month comparison

Increase in enterprise revenue (a)	$	1.3
Increase in wholesale revenue (b)	2.0
Total organic increase	3.3
Impact of FX	(1.4)
Total	$	1.9

(a)The increase is primarily attributable to the net effect of (i) growth in managed services, (ii) higher B2B connectivity revenue and (iii) lower revenue associated with sales-type leases on CPE.

(b)The increase is primarily due to the net effect of (i) higher lease capacity and inter-segment revenue, (ii) an increase in nonrecurring revenue, driven mostly by equipment and capacity restoration projects, and (iii) lower amortized prepaid capacity and operating and maintenance revenue driven by the cancellation of prepaid capacity contracts in prior periods.

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


	Three months ended March 31,				Increase (decrease)
	2025		2024		$		%
	in millions, except percentages
Residential revenue:
Residential fixed revenue:



Subscription revenue	$	118.0	$	119.8	$	(1.8)	(2)
Non-subscription revenue	5.8		5.3		0.5		9
Total residential fixed revenue	123.8		125.1		(1.3)		(1)
Residential mobile revenue:
Service revenue	79.0		93.5		(14.5)		(16)
Interconnect, inbound roaming, equipment sales and other	45.3		44.5		0.8		2
Total residential mobile revenue	124.3		138.0		(13.7)		(10)
Total residential revenue	248.1		263.1		(15.0)		(6)
B2B revenue	43.7		56.0		(12.3)		(22)
Other revenue	6.6		8.1		(1.5)		(19)
Total	$	298.4	$	327.2	$	(28.8)	(9)

The details of the changes in Liberty Puerto Rico’s revenue during the three months ended March 31, 2025, as compared to the corresponding period in 2024, are set forth below (in millions):


	Three-month comparison
Decrease in residential fixed subscription revenue due to change in:
Average number of RGUs (a)	$	(1.2)
ARPU (b)	(0.6)
Increase in residential fixed non-subscription revenue	0.5
Total decrease in residential fixed revenue	(1.3)
Decrease in residential mobile service revenue (c)	(23.5)
Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue (d)	0.3
Decrease in B2B revenue (e)	(12.3)
Decrease in other revenue (f)	(1.5)
Total organic decrease	(38.3)
Impact of an acquisition	9.5
Total	$	(28.8)

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

(b)The decrease is primarily due to lower ARPU from broadband internet services.

(c)The decrease is primarily due to the negative impacts from the migration of customers to our mobile network and network challenges in 2024, which caused a decline in the average number of postpaid mobile subscribers and lower postpaid mobile ARPU.

(d)The increase is primarily driven by the net effect of (i) an increase in equipment sales and (ii) lower inbound roaming revenue due to lower traffic.

(e)The decrease is primarily attributable to lower revenue from mobile services due mostly to (i) the negative impacts from the migration of customers to our mobile network in 2024, which caused declines in the average number of mobile subscribers and lower mobile ARPU and (ii) the termination of a government-sponsored program during the second quarter of 2024.

(f)The decrease is primarily driven by the net impact of (i) a decline in the rate of funding beginning in June 2024 related to funds from the FCC that we use to expand and improve our fixed and mobile networks, and (ii) a grant from the NTIA to fund network infrastructure to remote and underserved communities.

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


	Three months ended March 31,				Increase (decrease)
	2025		2024		$		%
	in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue	$	33.3	$	35.4	$	(2.1)	(6)
Non-subscription revenue	9.3		9.7		(0.4)		(4)
Total residential fixed revenue	42.6		45.1		(2.5)		(6)
Residential mobile revenue:
Service revenue	71.7		67.8		3.9		6
Interconnect, inbound roaming, equipment sales and other	26.1		23.0		3.1		13
Total residential mobile revenue	97.8		90.8		7.0		8
Total residential revenue	140.4		135.9		4.5		3
B2B revenue	17.8		16.4		1.4		9
Total	$	158.2	$	152.3	$	5.9	4

The details of the changes in Liberty Costa Rica’s revenue during the three months ended March 31, 2025, as compared to the corresponding period in 2024, are set forth below (in millions):


	Three-month comparison
Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of RGUs (a)	$	1.9
ARPU (b)	(4.7)
Decrease in residential fixed non-subscription revenue	(0.5)
Total decrease in residential fixed revenue	(3.3)
Increase in residential mobile service revenue (c)	2.6
Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue (d)	2.7
Increase in B2B revenue (e)	1.1
Total organic increase	3.1
Impact of FX	2.8
Total	$	5.9

(a)The increase is primarily due to higher average broadband internet and video RGUs.

(b)The decrease is primarily attributable to lower ARPU from video services, and, to a lesser extent, lower fixed-line telephony services.

(c)The increase is primarily due to the net effect of (i) higher average postpaid mobile subscribers and (ii) lower prepaid and postpaid mobile ARPU.

(d)The increase is primarily attributable to the net effect of (i) higher equipment sales, mainly driven by higher unit prices, (ii) a decrease in interconnect revenue, driven by lower domestic rates, and (iii) higher inbound roaming revenue.

(e)The increase is primarily due to higher project revenue.

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, project-related costs and other direct costs related to our operations.

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


	Three months ended March 31,				Increase (decrease)		Increase (decrease) from:

	2025		2024				FX		An acquisition		Organic
	in millions

Programming and copyright	$	57.6	$	60.1	$	(2.5)	$	0.1	$	—	$	(2.6)
Interconnect	66.7		71.9		(5.2)		(0.2)		4.6		(9.6)
Equipment	80.6		79.1		1.5		0.2		2.2		(0.9)
Project-related and other	27.7		29.1		(1.4)		(0.1)		—		(1.3)
Total programming and other direct costs of services	$	232.6	$	240.2	$	(7.6)	$	—	$	6.8	$	(14.4)

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


	Three months ended March 31,				Increase (decrease)		Increase (decrease) from:
	2025		2024				FX		Organic
	in millions

Programming and copyright	$	15.9	$	17.4	$	(1.5)	$	(0.1)	$	(1.4)
Interconnect	14.4		16.9		(2.5)		(0.1)		(2.4)
Equipment	10.3		11.3		(1.0)		(0.1)		(0.9)
Project-related and other	10.9		9.9		1.0		—		1.0
Total programming and other direct costs of services	$	51.5	$	55.5	$	(4.0)	$	(0.3)	$	(3.7)

•Interconnect: The organic decrease is primarily due to (i) lower rates resulting from the renegotiation of a contract, and (ii) lower rates and volumes across most of our markets.

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


	Three months ended March 31,				Increase (decrease)
	2025		2024
	in millions

Programming and copyright	$	5.3	$	5.7	$	(0.4)
Interconnect	16.9		16.5		0.4
Equipment	14.1		9.0		5.1
Project-related and other	14.5		17.1		(2.6)
Total programming and other direct costs of services	$	50.8	$	48.3	$	2.5

•Equipment: The increase is primarily attributable to (i) higher volumes of handset sales to residential and B2B customers, and (ii) higher unit prices on handset sales to residential customers.

•Project-related and other: The decrease is primarily due to lower government-related projects.

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


	Three months ended March 31,				Increase		Increase (decrease) from:
	2025		2024				FX		Organic
	in millions


Interconnect	$	13.1	$	12.2	$	0.9	$	(0.2)	$	1.1
Equipment	0.1		0.1		—		(0.1)		0.1
Project-related and other	4.4		4.3		0.1		(0.2)		0.3
Total programming and other direct costs of services	$	17.6	$	16.6	$	1.0	$	(0.5)	$	1.5

•Interconnect: The organic increase is primarily due to higher backhaul expenses.

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



	Three months ended March 31,				Decrease		Increase (decrease) from:
	2025		2024				An acquisition		Organic
	in millions

Programming and copyright	$	27.4	$	28.5	$	(1.1)	$	—	$	(1.1)
Interconnect	20.8		22.8		(2.0)		4.6		(6.6)
Equipment	36.9		42.6		(5.7)		2.2		(7.9)
Project-related and other	0.8		1.1		(0.3)		—		(0.3)
Total programming and other direct costs of services	$	85.9	$	95.0	$	(9.1)	$	6.8	$	(15.9)

•Interconnect: The organic decrease is primarily due to (i) lower rates resulting from contract negotiations and (ii) lower volumes.

•Equipment: The organic decrease is primarily due to (i) a decrease resulting from inventory adjustments in 2024 related to the migration of mobile customers to our network and (ii) lower handset sales.

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


	Three months ended March 31,				Increase (decrease)		Increase (decrease) from:

	2025		2024				FX		Organic
	in millions

Programming and copyright	$	9.1	$	8.7	$	0.4	$	0.2	$	0.2
Interconnect	6.3		8.3		(2.0)		0.1		(2.1)
Equipment	19.2		16.1		3.1		0.4		2.7
Project-related and other	1.2		0.1		1.1		0.1		1.0
Total programming and other direct costs of services	$	35.8	$	33.2	$	2.6	$	0.8	$	1.8

•Interconnect: The organic decrease is primarily driven by (i) lower volumes of local traffic and (ii) a decrease in roaming.

•Equipment: The organic increase is primarily due to higher handset costs driven by sales growth and increased unit costs.

•Project-related and other: The organic increase is directly related to the non-recurring B2B projects.

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;

•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 table sets forth the organic and non-organic changes in other operating costs and expenses on a consolidated basis.



	Three months ended March 31,				Increase (decrease)		Increase (decrease) from:
	2025		2024				FX		An acquisition		Organic
	in millions

Personnel and contract labor	$	147.2	$	156.7	$	(9.5)	$	(0.4)	$	—	$	(9.1)
Network-related	54.3		63.4		(9.1)		—		—		(9.1)
Service-related	60.4		72.7		(12.3)		—		1.3		(13.6)
Commercial	45.6		47.0		(1.4)		0.3		0.8		(2.5)
Facility, provision, franchise and other	136.8		145.2		(8.4)		0.1		—		(8.5)
Share-based compensation and other Employee Incentive Plan-related expense	34.0		27.0		7.0		—		—		7.0
Total other operating costs and expenses	$	478.3	$	512.0	$	(33.7)	$	—	$	2.1	$	(35.8)

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


	Three months ended March 31,				Increase (decrease)		Increase (decrease) from:
	2025		2024				FX		Organic
	in millions

Personnel and contract labor	$	48.4	$	53.3	$	(4.9)	$	(0.1)	$	(4.8)
Network-related	30.0		34.5		(4.5)		(0.1)		(4.4)
Service-related	17.7		17.8		(0.1)		—		(0.1)
Commercial	8.4		10.8		(2.4)		—		(2.4)
Facility, provision, franchise and other	34.6		41.7		(7.1)		(0.1)		(7.0)
Share-based compensation and other Employee Incentive Plan-related expense	3.9		3.6		0.3		—		0.3
Total other operating costs and expenses	$	143.0	$	161.7	$	(18.7)	$	(0.3)	$	(18.4)

•Personnel and contract labor: The organic decrease is primarily due to lower headcount.

•Network-related: The organic decrease is primarily due to (i) cost savings initiatives, such as renegotiating contract terms, and (ii) lower power costs in Jamaica driven by a decrease in consumption and rates.

•Commercial: The organic decrease is primarily driven by cost saving initiatives, including renegotiation of contracts and system improvements.

•Facility, provision, franchise and other: The organic decrease is primarily due to (i) lower facility-related costs associated with cost savings initiatives, (ii) lower bad-debt expense and (iii) a decline in travel-related costs.

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


	Three months ended March 31,				Increase (decrease)
	2025		2024
	in millions

Personnel and contract labor	$	18.4	$	21.2	$	(2.8)
Network-related	12.4		13.4		(1.0)
Service-related	4.6		4.4		0.2
Commercial	8.9		7.0		1.9
Facility, provision, franchise and other	17.3		18.1		(0.8)
Share-based compensation and other Employee Incentive Plan-related expense	2.9		3.1		(0.2)
Total other operating costs and expenses	$	64.5	$	67.2	$	(2.7)

•Personnel and contract labor: The decrease is primarily due to (i) a decrease in headcount and (ii) lower commissions.

•Commercial: The increase is primarily due to higher marketing and third-party commissions expense.

•Facility, provision, franchise and other: The decrease is primarily due to lower bad debt expense.

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


	Three months ended March 31,				Increase (decrease)		Increase (decrease) from:
	2025		2024				FX		Organic
	in millions

Personnel and contract labor	$	12.5	$	12.7	$	(0.2)	$	(0.4)	$	0.2
Network-related	12.7		11.0		1.7		(0.1)		1.8
Service-related	2.7		2.0		0.7		(0.1)		0.8
Commercial	0.9		0.5		0.4		—		0.4
Facility, provision, franchise and other	6.1		6.5		(0.4)		(0.1)		(0.3)
Share-based compensation and other Employee Incentive Plan-related expense	1.4		1.2		0.2		—		0.2
Total other operating costs and expenses	$	36.3	$	33.9	$	2.4	$	(0.7)	$	3.1

•Network-related: The organic increase is primarily related to higher repair and maintenance costs.

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


	Three months ended March 31,				Decrease		Increase (decrease) from:
	2025		2024				An acquisition		Organic
	in millions

Personnel and contract labor	$	39.4	$	47.3	$	(7.9)	$	—	$	(7.9)
Network-related	7.1		12.6		(5.5)		—		(5.5)
Service-related	23.1		38.4		(15.3)		1.3		(16.6)
Commercial	11.7		13.5		(1.8)		0.8		(2.6)
Facility, provision, franchise and other	49.7		51.3		(1.6)		—		(1.6)
Share-based compensation and other Employee Incentive Plan-related expense	1.6		2.5		(0.9)		—		(0.9)
Total other operating costs and expenses	$	132.6	$	165.6	$	(33.0)	$	2.1	$	(35.1)

•Personnel and contract labor: The organic decrease is primarily due to lower salaries and related personnel costs, driven by a reduction in headcount associated with restructuring plans.

•Network-related: The organic decrease is primarily due to the termination of a transition service agreement during the first half of 2024.

•Service-related: The organic decrease is primarily due to the recognition of service-related integration costs in 2024 associated with the migration of customers to our mobile network following the AT&T Acquisition.

•Commercial: The organic decrease is primarily driven by lower marketing costs.

•Facility, provision, franchise and other: The organic decrease is primarily driven by (i) a decrease due to the substantial termination of a transition services agreement during the first half of 2024 and (ii) lower lease expense for spectrum following the LPR Acquisition.

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


	Three months ended March 31,				Increase (decrease)		Increase (decrease) from:

	2025		2024				FX		Organic
	in millions

Personnel and contract labor	$	8.4	$	7.9	$	0.5	$	0.1	$	0.4
Network-related	10.2		10.6		(0.4)		0.2		(0.6)
Service-related	6.1		6.5		(0.4)		0.1		(0.5)
Commercial	15.7		15.2		0.5		0.3		0.2
Facility, provision, franchise and other	23.1		20.6		2.5		0.3		2.2
Share-based compensation and other Employee Incentive Plan-related expense	0.5		—		0.5		—		0.5
Total other operating costs and expenses	$	64.0	$	60.8	$	3.2	$	1.0	$	2.2

•Facility, provision, franchise and other: The organic increase is mainly due to (i) higher bad debt expense, (ii) an increase in fines and penalties and (iii) higher lease costs associated with new and existing towers.

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


	Three months ended March 31,				Increase (decrease)
	2025		2024
	in millions

Personnel and contract labor	$	20.1	$	13.9	$	6.2

Service-related	7.3		4.0		3.3

Facility, provision, franchise and other	6.1		7.0		(0.9)
Share-based compensation and other Employee Incentive Plan-related expense	23.7		16.6		7.1
Total other operating costs and expenses	$	57.2	$	41.5	$	15.7

•Personnel and contract labor: The increase is primarily due to (i) higher headcount, (ii) higher bonus-related expense, and (iii) lower capitalized labor.

•Service-related: The increase is primarily due to the higher professional services costs.

Results of Operations (below Adjusted OIBDA)

Depreciation and amortization

Our depreciation and amortization expense decreased $19 million or 8% during the three months ended March 31, 2025, as compared to the corresponding period in 2024. The decrease is primarily due to customer relationship assets becoming fully amortized in C&W Panama.

Impairment, restructuring and other operating items, net

The details of our impairment, restructuring and other operating items, net, are as follows:


	Three months ended March 31,
		2025		2024
		in millions

Impairment charges		$	1.5	$	1.9
Restructuring charges (a)		9.2		3.5
Other operating items, net		5.0		1.2
Total		$	15.7	$	6.6

(a)The 2025 amount primarily includes employee severance and termination costs related to reorganization activities at (i) C&W Panama and (ii) Liberty Puerto Rico.

Interest expense

Our interest expense increased $2 million during the three months ended March 31, 2025, as compared to the corresponding period in 2024. The increase is primarily attributable to (i) an increase in our average debt balance and weighted-average interest rate and (ii) the accretion of the net present value discount associated with our deferred payment obligation for the LPR Acquisition.

For additional information regarding our outstanding indebtedness, 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.

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 March 31,
		2025		2024
		in millions

Interest rate derivative contracts (a)		$	(51.1)	$	61.2
Foreign currency forward contracts and other (b)		(3.6)		(7.2)
Weather Derivatives (c)		(8.2)		(7.6)
Total		$	(62.9)	$	46.4

(a)The gains (losses) during the three months ended March 31, 2025 and 2024 are primarily attributable to changes in interest rates.

(b)The losses during the three months ended March 31, 2025 and 2024 are primarily attributable to changes in the value of the CRC relative to the U.S. dollar.

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

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 March 31,
			2025		2024
		in millions

U.S. dollar-denominated debt issued by non-U.S. dollar functional currency entities (a)			$	8.2	$	18.6
Intercompany payables and receivables denominated in a currency other than the entity’s functional currency			(2.8)		3.9
Other (b)			(9.6)		0.8
Total			$	(4.2)	$	23.3

(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.

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 losses on debt extinguishment, net, of $14 million and $0.3 million during the three months ended March 31, 2025 and 2024, respectively. The net loss during the three months ended March 31, 2025 is associated with the refinancing activity at C&W. The activity during the 2024 period is 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 expense of $9 million and $5 million during the three months ended March 31, 2025 and 2024, respectively.

For additional information regarding our income taxes, see note 13 to our condensed consolidated financial statements.

Net earnings or loss

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


	Three months ended March 31,
			2025		2024
		in millions

Operating income			$	128.1	$	92.8
Net non-operating expenses			$	(245.7)	$	(88.2)
Income tax expense			$	(9.1)	$	(5.1)
Net loss			$	(126.7)	$	(0.5)

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

Material Changes in Financial Condition

Sources and Uses of Cash

As of March 31, 2025, 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 March 31, 2025. 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 2024 Form 10-K.

Cash and cash equivalents

The details of the U.S. dollar equivalent balances of our cash and cash equivalents at March 31, 2025 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)	$	10.5
Unrestricted subsidiaries (b)	50.6
Total Liberty Latin America and unrestricted subsidiaries	61.1
Borrowing groups (c):
C&W (d)	482.6
Liberty Puerto Rico	24.7
Liberty Costa Rica	7.1
Total borrowing groups	514.4
Total cash and cash equivalents	$	575.5

(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 $90 million and $18 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 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, including with respect to Liberty Puerto Rico.

There were no repurchases of our Class A or C common shares during the three months ended March 31, 2025. For additional information regarding our Share Repurchase Programs, 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 March 31, 2025, 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, such as the LPR Acquisition, (ii) loans to Liberty Latin America, (iii) capital distributions to Liberty Latin America and other equity owners or (iv) the satisfaction of contingent liabilities or any other liquidity needs within our borrowing groups, including with respect to Liberty Puerto Rico. 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 are expected to 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 March 31, 2025, 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 March 31, 2025, the outstanding principal amount of our debt, together with our finance lease obligations, aggregated $8,250 million, including (i) $539 million that is classified as current in our condensed consolidated balance sheet and (ii) $7,665 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 March 31, 2025. Included in the outstanding principal amount of our debt at March 31, 2025 is (i) $341 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) $246 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.

The weighted average interest rate in effect at March 31, 2025 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin, was 7.4%. 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 March 31, 2025 was as follows:


Borrowing group	Decrease to borrowing costs

C&W	(1.2)	%
Liberty Puerto Rico	(0.5)	%
Liberty Costa Rica	—	%
Liberty Latin America borrowing groups	(0.9)	%

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 6.5% at March 31, 2025.

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 three months ended March 31, 2025 and 2024 are summarized as follows:


	Three months ended March 31,
	2025		2024		Change
	in millions

Net cash provided by operating activities	$	24.6	$	23.3	$	1.3
Net cash used by investing activities	(95.0)		(116.9)		21.9
Net cash provided (used) by financing activities	3.4		(225.7)		229.1
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(11.8)		(0.8)		(11.0)
Net decrease in cash, cash equivalents and restricted cash	$	(78.8)	$	(320.1)	$	241.3

Operating Activities. The increase in cash provided by operating activities is primarily due to a net effect of (i) an increase associated with lower payments for interest and taxes, (ii) a decrease associated with other working capital-related items, including the impact of higher trade payable payments, and (iii) an increase in Adjusted OIBDA.

Investing Activities. The cash used by investing activities during the three months ended March 31, 2025 and 2024 primarily relates to capital expenditures, net, as further discussed below.

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:


	Three months ended March 31,
	2025		2024
	in millions

Property and equipment additions	$	120.3	$	134.9
Assets acquired under capital-related vendor financing arrangements	(37.6)		(34.0)
Changes in current liabilities related to capital expenditures and other	14.0		8.8
Capital expenditures, net	$	96.7	$	109.7

The decrease in our property and equipment additions during the three months ended March 31, 2025, as compared to the corresponding period in 2024, is primarily due to decreases in new build and upgrade and baseline-related additions. During the three months ended March 31, 2025 and 2024, our property and equipment additions represented 11.1% and 12.3% of revenue, respectively.

Financing Activities. During the three months ended March 31, 2025, we received $3 million in cash from financing activities, primarily due to (i) $62 million in net debt borrowings, (ii) $24 million in payments for financing costs and debt redemption premiums, and (iii) $29 million in distributions to a noncontrolling interest owner in C&W Bahamas. During the three months ended March 31, 2024, we used $226 million in cash for financing activities, primarily due to (i) $165 million in net debt repayments, and (ii) $56 million in cash outflows associated with the repurchase of Liberty Latin America common shares.

Off Balance Sheet Arrangements

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 three months ended March 31, 2025 and 2024, 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.

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 2024 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:


	March 31, 2025	December 31, 2024
Spot rates:
CRC	501.27	510.49
JMD	156.42	155.33


	Three months ended March 31,
		2025	2024
Average rates:
CRC		504.92	514.08
JMD		156.51	154.53

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 March 31, 2025, 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. We generally seek to align the final maturity dates of our various portfolios of interest rate derivative instruments with 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.

C&W Interest Rate Derivative Contracts

Holding all other factors constant, at March 31, 2025, 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 $115 million ($116 million).

Liberty Puerto Rico Interest Rate Derivative Contracts

Holding all other factors constant, at March 31, 2025, 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 $16 million ($15 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 March 31, 2025. 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 2025		2026		2027		2028		2029		2030		Thereafter
	in millions
Projected derivative cash payments (receipts), net:
Interest-related (a)	$	(30.9)	$	(65.8)	$	(44.0)	$	(20.1)	$	(1.7)	$	(1.7)	$	(2.2)	$	(166.4)
Other (b)	11.6		1.1		—		—		—		—		—		12.7
Total	$	(19.3)	$	(64.7)	$	(44.0)	$	(20.1)	$	(1.7)	$	(1.7)	$	(2.2)	$	(153.7)

(a)Includes the interest-related cash flows of our interest rate derivative contracts.

(b)Includes amounts related to our foreign currency forward contracts.

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 2024 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 March 31, 2025. As remediation is not completed, the Executives concluded that our disclosure controls and procedures continue to be ineffective as of March 31, 2025.

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 2024 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;

•a payroll technology solution was implemented for certain of our segments to standardize and enhance the related processes and controls;

•hired third-party experts to assist with information technology control execution and identify and resolve segregation of duties issues in certain processes; and

•held workshops and trainings to reinforce risk and control concepts and responsibilities for control performers.

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 15 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

From time to time, our Directors approve Share Repurchase Programs, which authorize us to repurchase up to a specified dollar value of our Class A common shares and/or Class C common shares through specified dates via 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 Programs do 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 March 31, 2025. At March 31, 2025, the remaining amount authorized for repurchases under the Share Repurchase Programs was $242 million, which is net of the premium associated with the capped call option contracts.

Item 5. OTHER INFORMATION

During the three months ended March 31, 2025, 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			Indenture dated February 11, 2025 and entered into between, among others, C&W Senior Finance Limited and The Bank of New York Mellon, London Branch (incorporated by reference to Exhibit 4.7 to Liberty Latin America's Annual Report on Form 10-K for the year ended December 31, 2024 filed on February 19, 2025 (File No. 001-38355)(the 10-K )).#
10.1			Additional Facility Joinder Agreement dated January 29, 2025 and entered into between, among others, Coral-US Co-Borrower LLC and The Bank of Nova Scotia (incorporated by reference to Exhibit 10.41 to the 10-K).#
10.2			Amendment Agreement dated January 29, 2025 and entered into between, among others, Sable International Finance Limited, Coral-US Co-Borrower LLC and The Bank of Nova Scotia (incorporated by reference to Exhibit 10.42 to the 10-K).#
31.1			Certification of President and Chief Executive Officer.*
31.2			Certification of Senior Vice President and Chief Financial Officer (Principal Financial Officer).*
32			Section 1350 Certifications.**
101.SCH			XBRL Inline Taxonomy Extension Schema Document.*
101.CAL			XBRL Inline Taxonomy Extension Calculation Linkbase Document.*
101.DEF			XBRL Inline Taxonomy Extension Definition Linkbase.*
101.LAB			XBRL Inline Taxonomy Extension Label Linkbase Document.*
101.PRE			XBRL Inline Taxonomy Extension Presentation Linkbase Document.*
104			Cover Page Interactive Data File.* (formatted as Inline XBRL and contained in Exhibit 101)

* Filed herewith

** 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 schedule or exhibit so furnished.

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:	May 7, 2025	/s/ BALAN NAIR
		Balan Nair President and Chief Executive Officer

Dated:	May 7, 2025	/s/ CHRISTOPHER NOYES
		Christopher Noyes Senior Vice President and Chief Financial Officer