Liberty Latin America Ltd 10-Q for FY2025 Q1

Liberty Latin America Ltd. (LILA)

10-Q 2025-05-07 For: 2025-03-31

Added on April 04, 2026

About this 10-Q

Liberty Latin America Ltd filed this 10-Q on May 7, 2025, covering the quarter ended March 31, 2025 (FY2025 Q1).

Headline figures

Quarter ended March 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.08B; down 1.4% from $1.1B a year earlier
Net loss: $136.4M; compared with a net loss of $500K a year earlier
Diluted EPS: -$0.69; compared with $0.00 a year earlier

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


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

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


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


		Page Number
	PART I - 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


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


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


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


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


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.


	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


	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)	$	—


	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


	Three months ended March 31, 2024

		in millions

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


	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


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


	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	%


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


	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


	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


	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


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	$	—


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	$	—


	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


	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


	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



	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


	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)


	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


	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


	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)



	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)


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


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)	%


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


	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)


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)


		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


/s/ Balan Nair
Balan Nair
President and Chief Executive Officer