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  4. [10-Q] Liberty Latin America Ltd. Quarterly Earnings Report

[10-Q] Liberty Latin America Ltd. Quarterly Earnings Report

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
10-Q
Rhea-AI Filing Summary
Analyzing...
Positive
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Negative
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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
September 30, 2025
OR
☐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
colorlogoa21.jpg
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, 
 HamiltonHM 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 ClassTrading SymbolsName of Each Exchange on Which Registered
Class A Common Shares, par value $0.01 per shareLILAThe NASDAQ Stock Market LLC
Class C Common Shares, par value $0.01 per shareLILAKThe 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
☐No
þ
The number of outstanding common shares of Liberty Latin America Ltd. as of October 31, 2025 was: 38.9 million Class A; 2.4 million Class B; and 158.9 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 September 30, 2025 and December 31, 2024 (unaudited)
1
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)
3
Condensed Consolidated Statements of Comprehensive Earnings (Loss) for the Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)
4
Condensed Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)
5
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 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
38
Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
74
Item 4.CONTROLS AND PROCEDURES
76
PART II - OTHER INFORMATION
Item 1.
LEGAL PROCEEDINGS
77
Item 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
77
Item 5.OTHER INFORMATION
77
Item 6.EXHIBITS
78



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-KAnnual 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$156 million Adjusted Term SOFR + 3.25% tranche of the C&W Revolving Credit Facility, which expires on 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$460 million Term SOFR + 3.25% tranche of the C&W Revolving Credit Facility, which expires on 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
2030 LPR Unrestricted Subsidiary Credit AgreementCredit agreement entered into by the LPR Unrestricted Subsidiary Borrowers and the LPR Unrestricted Subsidiary Guarantors that provides for among other things (i) the LPR Unrestricted Subsidiary Term Loan, (ii) delayed draw term loan commitments in an aggregate principal amount of $50 million and (iii) uncommitted pari passu incremental term loans of up to $350 million aggregate principal amount
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
2033 LCR Credit Facility$65 million term loan facility entered into by Liberty Telecomunicaciones
2033 LCR Term Loan A$33 million principal amount Term SOFR + 3.50% term loan due August 14, 2033 borrowed by Liberty Telecomunicaciones under the 2033 LCR Credit Facility
Adjusted OIBDAOperating 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 MarginAdjusted OIBDA divided by revenue
Adjusted Term SOFRSOFR 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 MóvilAmérica Móvil S.A.B. de C.V.

GLOSSARY OF DEFINED TERMS – (Continued)
ARPUAverage monthly subscription revenue per average fixed RGU or mobile subscriber, as applicable
ASUAccounting Standards Update
AT&TAT&T Inc.
AT&T Acquired EntitiesCollectively, Liberty Mobile Inc., Liberty Mobile Puerto Rico Inc. and Liberty Mobile USVI Inc.
B2BBusiness-to-business
C&WCable & Wireless Communications Limited and its subsidiaries, which comprise the businesses within Liberty Caribbean, C&W Panama and Liberty Networks
C&W BahamasThe Bahamas Telecommunications Company Limited, a 49%-owned subsidiary of C&W that owns all of our operations in The Bahamas
C&W Credit FacilitiesSenior 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 JamaicaCable & Wireless Jamaica Limited, a 92%-owned subsidiary of C&W
C&W NotesThe 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 PanamaReportable segment for our operations in Panama
C&W Regional FacilitiesPrimarily comprises credit facilities at CWP, Columbus Communications Trinidad Limited, Columbus Communications Jamaica Limited and Sable International Finance 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 FinanceC&W Senior Finance Limited, a wholly-owned subsidiary of C&W
C&W Term Loan B-5 Facility$1.5 billion 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$1.5 billion principal amount Term SOFR + 3.25% term loan B-7 facility due January 31, 2032 of C&W
CIPConstruction-in-process
CODMChief operating decision maker
Convertible Notes2% convertible senior notes due July 15, 2024 issued by Liberty Latin America (repaid July 2024)
Convertible Notes Capped CallsCapped call option contracts issued in connection with the issuance of our Convertible Notes (fully unwound in 2024)
Costa Rica TransactionsPending transactions with (i) Millicom to combine our respective operations in Costa Rica and (ii) the noncontrolling interest owner of Liberty Costa Rica whereby we agreed to acquire additional equity in Liberty Costa Rica for cash consideration
CPECustomer premises equipment
CRCCosta Rican colón
CWPCable & Wireless Panama, S.A., a 49%-owned subsidiary of C&W that owns most of our operations in Panama
CWP Credit FacilitiesCredit 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
DirectorsMembers of Liberty Latin America’s board of directors
DTHDirect-to-home
EchoStarEchoStar Corporation
Employee Incentive PlanLiberty Latin America Ltd. 2018 Incentive Plan
EPSEarnings or loss per share
ESPPEmployee stock purchase plan

GLOSSARY OF DEFINED TERMS – (Continued)
Exchange ActSecurities Exchange Act of 1934, as amended
ExecutivesLiberty Latin America's Principal Executive Officer and Principal Financial Officer
FASBFinancial Accounting Standards Board
FCCUnited States Federal Communications Commission
FCPAUnited States Foreign Corrupt Practices Act of 1977, as amended
FXForeign currency translation effects
JMDJamaican dollar
LCPRLiberty 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 FacilitiesSenior secured credit facilities of Liberty Servicios comprised of: (i) 2031 LCR Term Loan A; (ii) 2031 LCR Term Loan B; (iii) 2033 LCR Term Loan A; and (IV) 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 CaribbeanReportable segment that includes all subsidiaries of C&W, excluding those within our C&W Panama and Liberty Networks segments
Liberty Communications PRLiberty Communications PR Holding LP and its subsidiaries, which include LCPR and Liberty Mobile and its subsidiaries
Liberty Costa RicaReportable segment comprising Liberty Telecomunicaciones
Liberty Latin America SharesCollectively, Class A, Class B and Class C common shares of Liberty Latin America
Liberty MobileLiberty Mobile Inc. and it subsidiaries
Liberty NetworksReportable 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 RicoReportable segment comprising Liberty Communications PR, which has operations in Puerto Rico and USVI
Liberty ServiciosLiberty Servicios Fijos LY, S.A., an indirectly 80%-owned subsidiary in Costa Rica, and its subsidiaries, including Liberty Telecomunicaciones
Liberty TelecomunicacionesLiberty Telecomunicaciones de Costa Rica LY, S.A., an indirectly 80%-owned subsidiary in Costa Rica and its subsidiary
LPR AcquisitionSeptember 3, 2024 acquisition of EchoStar's spectrum assets in Puerto Rico and USVI and prepaid mobile subscribers in those markets
LPR Credit FacilitiesSenior 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
LPR Unrestricted Subsidiary Term Loan$208 million principal amount 9.75% senior secured term loan due September 23, 2030 borrowed by the LPR Unrestricted Subsidiary Borrowers
LPR Unrestricted Subsidiary BorrowersCollectively, Emerald Wave 3 LLC, Emerald Mobile Network 2 LLC and Emerald Network 3 LLC, each an indirect wholly owned subsidiary of Liberty Communications PR

GLOSSARY OF DEFINED TERMS – (Continued)
LPR Unrestricted Subsidiary GuarantorsEntities party to the 2030 LPR Unrestricted Subsidiary Credit Agreement as guarantors of the obligations of the LPR Unrestricted Subsidiary Borrowers thereunder, each of which guarantees, on a senior secured basis, the obligations under the 2030 LPR Unrestricted Subsidiary Credit Agreement and grants security interests in substantially all of its assets, including, among other things, fixed network assets and spectrum.
LTVPLong-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.
NTIANational Telecommunications and Information Administration
OBBBA
The One Big Beautiful Bill Act
OFACOffice of Foreign Assets Control
PSARsPerformance-based stock appreciation rights
PSUsPerformance-based restricted stock units
Quarterly Report on Form 10-QQuarterly Report on Form 10-Q as filed with the SEC under the Exchange Act
RCFRevolving credit facility
RGURevenue generating unit
RSUsRestricted stock units
SARsStock appreciation rights
SECU.S. Securities and Exchange Commission
Share Repurchase ProgramsPrograms 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
SOFRReference rate based on secured overnight financing rate administered by the Federal Reserve Bank of New York
SUTELCosta Rican Telecommunications Superintendence
Term SOFRForward-looking term rate based on SOFR as published by CME Group Benchmark Administration Limited
Tower TransactionsTransactions 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. GAAPGenerally accepted accounting principles in the United States
USVIThe U.S. Virgin Islands
VATValue-added taxes
Weather DerivativesWeather derivative contracts that provide coverage for certain weather-related events
XCDEastern Caribbean Dollar
WOWWOW TEL Holding, S.A.


LIBERTY LATIN AMERICA LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
 
September 30,
2025		December 31,
2024
 in millions
ASSETS
Current assets:
Cash and cash equivalents$596.7 $654.3 
Trade receivables, net708.3 704.3 
Prepaid expenses94.3 79.8 
Current derivative assets49.6 81.3 
Current notes receivable, net118.6 109.6 
Current contract assets, net101.0 105.8 
Other current assets, net408.5 396.4 
Total current assets2,077.0 2,131.5 
Goodwill 2,999.6 2,981.0 
Property and equipment, net 3,898.0 4,062.4 
Intangible assets not subject to amortization
1,319.1 1,813.3 
Intangible assets subject to amortization, net
376.7 414.3 
Other assets, net 1,375.0 1,397.5 
Total assets$12,045.4 $12,800.0 



The accompanying notes are an integral part of these condensed consolidated financial statements.
1

LIBERTY LATIN AMERICA LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS – (Continued)
(unaudited)
September 30,
2025		December 31,
2024
 in millions
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$268.2 $441.9 
Current portion of deferred revenue 108.4 116.3 
Current portion of debt and finance lease obligations451.7 465.7 
Accrued interest152.8 134.7 
Accrued payroll and employee benefits110.0 95.8 
Current portion of derivative liabilities13.4 48.6 
Current portion of operating lease liabilities93.9 87.5 
Other accrued and current liabilities 615.9 653.4 
Total current liabilities1,814.3 2,043.9 
Long-term debt and finance lease obligations 7,828.3 7,614.5 
Deferred tax liabilities 343.9 580.3 
Deferred revenue79.8 88.0 
Other long-term liabilities 824.1 847.3 
Total liabilities10,890.4 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 38.9 million shares issued and outstanding, respectively, at September 30, 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; 195.1 million and 158.9 million shares issued and outstanding, respectively, at September 30, 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; 52.1 million and 51.8 million shares, respectively
(446.4)(444.1)
Additional paid-in capital
5,359.4 5,315.6 
Accumulated deficit(4,155.1)(3,598.7)
Accumulated other comprehensive loss, net of taxes(131.4)(154.2)
Total Liberty Latin America shareholders
628.9 1,121.0 
Noncontrolling interests526.1 505.0 
Total equity1,155.0 1,626.0 
Total liabilities and equity$12,045.4 $12,800.0 
The accompanying notes are an integral part of these condensed consolidated financial statements.
2

LIBERTY LATIN AMERICA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
 Three months ended September 30,Nine months ended September 30,
 2025202420252024
 in millions, except per share amounts
Revenue $1,112.5 $1,089.2 $3,282.7 $3,306.6 
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services
247.6 231.9 712.6 717.4 
Other operating costs and expenses
446.5 470.1 1,377.4 1,481.7 
Depreciation and amortization213.6 245.4 659.9 729.9 
Impairment, restructuring and other operating items, net17.3 521.4 550.2 553.6 
925.0 1,468.8 3,300.1 3,482.6 
Operating income (loss)187.5 (379.6)(17.4)(176.0)
Non-operating expense:
Interest expense(164.3)(159.2)(488.0)(471.3)
Realized and unrealized gains (losses) on derivative instruments, net(9.6)(31.3)(97.2)39.0 
Foreign currency transaction losses, net(8.8)(7.6)(46.0)(30.7)
Losses on debt extinguishments, net— — (14.4)(0.3)
Other income (expense), net7.0 2.9 (13.6)(3.7)
(175.7)(195.2)(659.2)(467.0)
Earnings (loss) before income taxes11.8 (574.8)(676.6)(643.0)
Income tax benefit4.1 145.7 150.7 176.5 
Net earnings (loss)15.9 (429.1)(525.9)(466.5)
Net earnings attributable to noncontrolling interests(12.6)(6.7)(30.5)(12.5)
Net earnings (loss) attributable to Liberty Latin America shareholders$3.3 $(435.8)$(556.4)$(479.0)
Basic and diluted net earnings (loss) per share attributable to Liberty Latin America shareholders$0.02 $(2.22)$(2.79)$(2.41)




The accompanying notes are an integral part of these condensed consolidated financial statements.
3

LIBERTY LATIN AMERICA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNING (LOSS)
(unaudited)
 
 Three months ended September 30,Nine months ended September 30,
 2025202420252024
 in millions
Net earnings (loss)$15.9 $(429.1)$(525.9)$(466.5)
Other comprehensive earnings (loss), net of taxes:
Foreign currency translation adjustments6.0 1.9 22.4 (1.2)
Reclassification adjustments included in net loss0.3 (6.8)1.5 (4.8)
Pension-related adjustments and other, net(0.7)4.6 0.8 4.1 
Other comprehensive earnings (loss)5.6 (0.3)24.7 (1.9)
Comprehensive earnings (loss)21.5 (429.4)(501.2)(468.4)
Comprehensive earnings attributable to noncontrolling interests(12.5)(7.4)(32.4)(13.7)
Comprehensive earnings (loss) attributable to Liberty Latin America shareholders$9.0 $(436.8)$(533.6)$(482.1)


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

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

LIBERTY LATIN AMERICA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY – (Continued)
(unaudited)
Liberty Latin America shareholdersNon-controlling
interests		Total equity
Common sharesTreasury StockAdditional paid-in capitalAccumulated deficitAccumulated
other
comprehensive loss, net of taxes		Total Liberty Latin America shareholders
Class AClass BClass C
in millions
Balance at July 1, 2025$0.5 $— $1.9 $(444.1)$5,345.6 $(4,158.4)$(137.1)$608.4 $513.6 $1,122.0 
Net earnings— — — — — 3.3 — 3.3 12.6 15.9 
Other comprehensive earnings— — — — — — 5.7 5.7 (0.1)5.6 
Share-based compensation— — — — 11.6 — — 11.6 — 11.6 
Exercise of capped call option contracts— — — (2.3)2.2 — — (0.1)— (0.1)
Balance at September 30, 2025$0.5 $— $1.9 $(446.4)$5,359.4 $(4,155.1)$(131.4)$628.9 $526.1 $1,155.0 
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— — — — — (556.4)— (556.4)30.5 (525.9)
Other comprehensive earnings— — — — — — 22.8 22.8 1.9 24.7 
Noncash distributions to noncontrolling interest owners— — — — — — — — (10.9)(10.9)
Share-based compensation— — — — 41.6 — — 41.6 — 41.6 
Exercise of capped call option contracts and other— — — (2.3)2.2 — — (0.1)(0.4)(0.5)
Balance at September 30, 2025$0.5 $— $1.9 $(446.4)$5,359.4 $(4,155.1)$(131.4)$628.9 $526.1 $1,155.0 

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

LIBERTY LATIN AMERICA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited) 
 Nine months ended September 30,
 20252024
 in millions
Cash flows from operating activities:
Net loss$(525.9)$(466.5)
Adjustments to reconcile net loss to net cash provided by operating activities:
Share-based compensation expense46.6 51.3 
Depreciation and amortization659.9 729.9 
Impairments and other non-cash activity, net502.4 513.3 
Amortization of debt financing costs, premiums and discounts, net22.0 15.1 
Realized and unrealized losses (gains) on derivative instruments, net97.2 (39.0)
Foreign currency transaction losses, net46.0 30.7 
Losses on debt extinguishments, net14.4 0.3 
Deferred income tax benefit(260.3)(278.0)
Changes in operating assets and liabilities, net of an acquisition(258.3)(199.4)
Net cash provided by operating activities344.0 357.7 
Cash flows from investing activities:
Capital expenditures, net(358.2)(376.7)
Cash paid in connection with an acquisition— (95.4)
Other investing activities, net(59.4)(41.2)
Net cash used by investing activities$(417.6)$(513.3)












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

LIBERTY LATIN AMERICA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – (Continued)
(unaudited)
 Nine months ended September 30,
 20252024
 in millions
Cash flows from financing activities:
Borrowings of debt$1,722.5 $619.3 
Payments of principal amounts of debt and finance lease obligations(1,606.5)(770.6)
Repurchase of Liberty Latin America common shares— (82.9)
Distributions to noncontrolling interest owners(29.1)(22.5)
Payment of financing costs and debt redemption premiums(48.4)(3.0)
Net cash received related to derivative instruments18.8 43.2 
Capped call premium payment— (14.6)
Other financing activities, net(4.1)(2.4)
Net cash provided (used) by financing activities53.2 (233.5)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(36.8)(6.2)
Net decrease in cash, cash equivalents and restricted cash(57.2)(395.3)
Cash, cash equivalents and restricted cash:
Beginning of period670.3 999.8 
End of period$613.1 $604.5 
Cash paid for interest
$439.8 $493.3 
Net cash paid for taxes
$122.8 $103.4 
The accompanying notes are an integral part of these condensed consolidated financial statements.
8
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements
September 30, 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 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, Liberty 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 September 30, 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 jurisdictional information on income taxes paid. The standard also eliminates certain existing requirements related to uncertain
9
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2025
(unaudited)
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.
ASU 2025-05
In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05), which introduces a practical expedient for all entities and an accounting policy election for all entities, other than public business entities, that elect the practical expedient to simplify the estimation of expected credit losses for current accounts receivable and current contract assets. Entities electing the practical expedient can assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. Entities must disclose whether they have elected to use the practical expedient and, if so, whether they have also applied the accounting policy election. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted. We are currently evaluating the impact this standard will have on our consolidated financial statements.
ASU 2025-06
In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) (ASU 2025-06), which provides accounting guidance to modernize the accounting for internal-use software costs. The amendments replace the prior stage-based model with a principles-based approach, removing all references to project stages and instead focusing on the two remaining criteria for capitalization, being i) management has authorized and committed to the funding for the software project and ii) it is probable a project will be completed and used as intended. Until both of these criteria are met, all software development costs should be expensed as incurred. ASU 2025-06 is effective for annual and interim periods beginning after December 15, 2027, with early adoption permitted. Entities may apply the amendments prospectively, retrospectively, or using a modified retrospective approach. We are currently evaluating the impact of ASU 2025-06 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.
10
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2025
(unaudited)
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 nine months ended September 30, 2025, we performed non-recurring valuations in connection with certain impairment assessments at Liberty Puerto Rico, as further discussed below. During the three and nine months ended September 30, 2025, we did not perform any non-recurring valuations in connection with acquisition accounting. During the three and nine months ended September 30, 2024, we performed certain nonrecurring valuations related to the preliminary acquisition accounting for the LPR Acquisition and impairment assessments. For additional information related to the LPR Acquisition, see note 4.
Spectrum License Intangible Assets
During the second quarter of 2025, and in response to the cumulative impact of challenges stemming from the migration of customers acquired from AT&T to Liberty Puerto Rico’s mobile network and other various network challenges that impacted these mobile customers, including a slower than expected recovery, we concluded that a triggering event occurred requiring an assessment of the fair value of our spectrum license intangible asset at Liberty Puerto Rico.
We used a market approach for purposes of the quantitative impairment assessment to value our owned spectrum license intangible assets at Liberty Puerto Rico using a range of values established largely through industry benchmarks, FCC auction data, and precedent transactions, which falls under Level 3 of the fair value hierarchy. Based on this valuation the fair value of the owned spectrum assets at Liberty Puerto Rico was less than the respective carrying value, and as a result, we recorded an impairment loss of $494 million during the nine months ended September 30, 2025. The impairment is reflected in impairment, restructuring and other operating items, net, in the condensed consolidated statements of operations, the carrying value of which was $777 million after the impairment loss. The impairment loss was driven by the lower fair value, primarily attributed to a result of challenges related to the operationalization of this spectrum.
Goodwill Impairment Assessment
During the third quarter of 2024, we completed our annual goodwill impairment assessment. For this assessment, we used an income approach to determine the estimated fair values of our reporting units. Under this approach, we utilized a discounted cash flow model as the valuation technique to estimate the fair values of the reporting units from a market participant’s perspective. This approach uses certain inputs and assumptions that require estimates and judgments, including forecasted cash flows and appropriate discount rates. Forecasts of future cash flows are largely based on our assumptions using Level 3 inputs, which we consider to be consistent with a market participant’s approach. We used the weighted-average cost of capital for each reporting unit as the basis for the discount rate to establish the present value of the expected cash flows for the respective reporting unit. The inputs for our weighted average cost of capital calculations include Level 2 and Level 3 inputs, generally derived from third-party pricing services.  Based upon the results of the aforementioned analysis, we recorded a $501 million impairment of goodwill at our Liberty Puerto Rico reporting unit, which is included in impairment, restructuring and other operating items, net, in our condensed consolidated statement of operations. This impairment was mainly driven by declines in
11
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2025
(unaudited)
revenue, primarily from mobile subscriber losses, increased bad debt and other adverse impacts largely associated with (i) the migration of customers acquired from AT&T to our mobile network and (ii) various network challenges that have impacted these mobile customers.
See note 7 for additional information associated with our impairment charges and our intangible assets.
(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.
On September 11, 2025, SUTEL, the Costa Rican telecommunications regulator, issued a resolution prohibiting the transaction, determining that the potential negative effects could not be mitigated by the commitments proposed by the parties, nor by any additional conditions that SUTEL could establish. This outcome was unexpected, as the parties had worked closely with SUTEL’s staff throughout the review process to design remedies that they strongly believe addressed any potential competition concerns identified by the regulator. On October 22, 2025, the parties filed an appeal seeking to overturn SUTEL’s decision and requesting a new assessment of the proposed remedies. A response from SUTEL is expected by mid-November 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 is due in four annual installments. We paid $95 million on the closing date, September 3, 2024, $72 million is currently due, and $45 million and $40 million will become due on September 3 of 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 the LPR 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.
12
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2025
(unaudited)
The following unaudited pro forma condensed consolidated operating results give effect to the LPR Acquisition, as if it had been completed as of January 1, 2023:
Three months ended September 30,Nine months ended September 30,
20242024
in millions
Revenue$1,095.7 $3,333.1 
Net loss attributable to Liberty Latin America shareholders$435.0 $478.4 
(5)    Current Expected Credit Losses
The aggregate changes in our allowance for expected credit losses associated with our trade receivables, and current and long-term notes receivables are set forth below:
Nine months ended September 30,
20252024
in millions
Balance at beginning of period$138.8 $91.6 
Provision for expected losses, net77.8 88.0 
Write-offs, net of recoveries(74.2)(58.0)
Foreign currency translation adjustments1.1 (0.5)
Balance at end of period$143.5 $121.1 
(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:
 September 30, 2025December 31, 2024
 CurrentLong-term (a)TotalCurrentLong-term (a)Total
 in millions
Assets – interest rate derivative contracts (b)
$49.6 $36.5 $86.1 $81.3 $109.2 $190.5 
Liabilities (b):
Interest rate derivative contracts$7.7 $50.0 $57.7 $38.0 $8.5 $46.5 
Foreign currency forward contracts5.7 1.0 6.7 10.6 — 10.6 
Total$13.4 $51.0 $64.4 $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
13
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2025
(unaudited)
positions within each of our primary borrowing groups (see note 10) and are recorded in realized and unrealized gains or losses on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 3.
The derivative assets set forth in the table above exclude our Weather Derivatives as they are not accounted for at fair value. The premium payments associated with our Weather Derivatives are included in other current assets, net, in our condensed consolidated balance sheets.
In July 2025, Liberty Puerto Rico cash-settled all of their outstanding interest rate derivative instruments, which resulted in a financing cash inflow of $19 million and an operating cash outflow of $6 million.
In July 2024, Hurricane Beryl impacted our Jamaica operations and certain smaller operations within C&W Caribbean, resulting in varying degrees of damage to homes, businesses and infrastructures in these markets. Hurricane Beryl triggered a claim pursuant to the Weather Derivatives, which resulted in net proceeds of $44 million during the third quarter of 2024. The proceeds associated with this claim are reflected as a derivative gain in our condensed consolidated statement of operations and a cash inflow related to operating activities in our condensed consolidated statement of cash flows.
The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:
Three months ended September 30,Nine months ended September 30,
 2025202420252024
 in millions
Interest rate derivative contracts$(0.4)$(64.2)$(68.3)$21.7 
Foreign currency forward contracts(2.6)(3.1)(6.1)(3.8)
Weather Derivatives(6.6)36.0 (22.8)21.1 
Total$(9.6)$(31.3)$(97.2)$39.0 
The following table sets forth the classification of the net cash inflows of our derivative instruments:
 Nine months ended September 30,
 20252024
 in millions
Operating activities $(11.5)$74.9 
Investing activities(1.3)(0.8)
Financing activities 18.8 43.2 
Total$6.0 $117.3 
Counterparty Credit Risk
We are exposed to the risk that the counterparties to the derivative instruments of our borrowing groups will default on their obligations to us. We manage these credit risks through the evaluation and monitoring of the creditworthiness of, and concentration of risk with, the respective counterparties. In this regard, credit risk associated with our derivative instruments is spread across a relatively broad counterparty base of banks and financial institutions. Collateral has not been posted by either party under the derivative instruments of our borrowing groups. At September 30, 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 $29 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.
14
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 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. At September 30, 2025, our C&W borrowing group had an outstanding notional amount of $3,630 million due from our counterparties under interest rate swap contracts, which includes forward-starting derivative instruments and certain interest rate swap contracts with an embedded floor of 0%, and the related weighted average remaining contractual life was 3.7 years.
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. At September 30, 2025, our C&W borrowing group had an outstanding notional amount of $590 million due from our counterparties under basis swap contracts, and the related weighted average remaining contractual life was 0.3 years.
Foreign Currency Forward Contracts
We enter into foreign currency forward contracts with respect to non-functional currency exposure. At September 30, 2025, our Liberty Costa Rica borrowing group had foreign currency forward contracts with total notional amounts due from and to counterparties of $232 million and CRC 122 billion, respectively, with a weighted average remaining contractual life of 0.7 years.
(7)    Long-lived Assets
Impairment
During the second quarter of 2025, we recorded an impairment of $494 million on the spectrum license intangible assets at Liberty Puerto Rico. See further details of our intangible assets not subject to amortization below. For additional information regarding the fair value method and related assumptions used in our impairment assessments, see note 3.
Based on the results of our impairment test over intangible assets not subject to amortization and impairment test over goodwill, 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 and intangible assets not subject to amortization. Any such impairment charges could be significant.
Goodwill
Changes in the carrying amount of our goodwill are set forth below:
Liberty CaribbeanC&W PanamaLiberty NetworksLiberty Costa RicaTotal
 in millions
January 1, 2025$1,211.6 $617.1 $652.2 $500.1 $2,981.0 
Foreign currency translation and other adjustments(4.4)— 15.9 7.1 18.6 
September 30, 2025$1,207.2 $617.1 $668.1 $507.2 $2,999.6 
Our accumulated goodwill impairments were $3,300 million at each of September 30, 2025 and December 31, 2024.
15
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2025
(unaudited)
Property and Equipment, Net
The details of our property and equipment and the related accumulated depreciation are set forth below:
September 30,
2025		December 31,
2024
 in millions
Distribution systems$5,495.5 $5,181.1 
Support equipment and buildings1,369.3 1,292.6 
CPE989.0 948.6 
7,853.8 7,422.3 
Accumulated depreciation(4,205.3)(3,767.4)
Total depreciable assets3,648.5 3,654.9 
CIP and land
249.5 407.5 
Total property and equipment, net$3,898.0 $4,062.4 
During the nine months ended September 30, 2025 and 2024, we recorded non-cash increases to our property and equipment related to vendor financing arrangements aggregating $89 million and $118 million, respectively.
Intangible Assets Not Subject to Amortization
The details of our intangible assets not subject to amortization are set forth below:
September 30,
2025		December 31,
2024
 in millions
Spectrum licenses$777.3 $1,271.5 
Cable television franchise rights and other541.8 541.8 
Total$1,319.1 $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:
September 30,
2025		December 31,
2024
 in millions
Customer relationships$614.6 $898.9 
Licenses and other294.5 259.3 
909.1 1,158.2 
Accumulated amortization(532.4)(743.9)
Total$376.7 $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 September 30, 2025, our investment in WOW, including shares and certain loans, totaled $87 million, which represents an equity ownership percentage of just under 50%. Our share of WOW losses for the three and nine months ended September 30, 2025 and 2024 were immaterial.
16
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2025
(unaudited)
(9)    Operating Leases
The following table provides details of our operating lease expense:
Three months ended September 30,Nine months ended September 30,
2025202420252024
in millions
Operating lease expense:
Operating lease cost
$31.6 $30.2 $98.4 $90.3 
Short-term lease cost
5.0 7.3 16.4 21.0 
Total operating lease expense
$36.6 $37.5 $114.8 $111.3 
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.
Certain other details of our operating leases are set forth in the tables below:
September 30,
2025		December 31,
2024
in millions
Operating lease right-of-use assets$469.2 $481.2 
Operating lease liabilities:
Current$93.9 $87.5 
Non-current426.7 450.2 
Total operating lease liabilities$520.6 $537.7 
Weighted-average remaining lease term6.8 years7.3 years
Weighted-average discount rate8.6 %8.1 %
Nine months ended September 30,
20252024
in millions
Operating cash outflows related to operating leases$108.7 $99.6 
Right-of-use assets obtained in exchange for new operating lease liabilities (a)$53.6 $51.1 
(a)Represents non-cash transactions associated with operating leases entered into during the nine months ended September 30, 2025 and 2024, respectively.
17
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2025
(unaudited)
Maturities of Operating Leases
Maturities of our operating lease liabilities as of September 30, 2025 are presented below. Amounts presented below represent U.S. dollar equivalents (in millions) based on September 30, 2025 exchange rates.
Years ending December 31:
2025 (remainder of year)$33.4 
2026127.9 
2027110.9 
2028101.2 
202987.4 
Thereafter243.0 
Total operating lease liabilities on an undiscounted basis
703.8 
Present value discount(183.2)
Present value of operating lease liabilities
$520.6 
(10)    Debt and Finance Lease Obligations
The U.S. dollar equivalents of the components of our debt are as follows:
 September 30, 2025Estimated fair value (c)Principal amount
Weighted
average
interest
rate (a)		Unused borrowing capacity (b)
Borrowing currencyUS $ equivalentSeptember 30,
2025		December 31, 2024September 30,
2025		December 31, 2024
in millions
C&W Notes
7.93 %— $— $1,805.7 $1,707.2 $1,755.0 $1,735.0 
C&W Credit Facilities (d)6.94 %(e)680.0 2,625.0 2,671.0 2,653.5 2,690.2 
LPR Senior Secured Notes
6.08 %— — 1,151.0 1,709.1 1,981.0 1,981.0 
LPR Credit Facilities8.18 %$116.0 116.0 383.2 598.9 676.5 670.0 
LPR Unrestricted Subsidiary Term Loan9.75 %$50.0 50.0 200.0 — 208.0 — 
LCR Credit Facilities
10.54 %$66.8 66.8 537.0 481.7 508.2 450.0 
Vendor financing, Tower Transactions and other (f) (g)8.23 %— — 576.8 612.6 576.8 612.6 
Total debt before premiums, discounts and deferred financing costs7.42 %$912.8 $7,278.7 $7,780.5 $8,359.0 $8,138.8 
18
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2025
(unaudited)
The following table provides a reconciliation of total debt before premiums, discounts and deferred financing costs to total debt and finance lease obligations:    
September 30,
2025		December 31, 2024
in millions
Total debt before premiums, discounts and deferred financing costs
$8,359.0 $8,138.8 
Premiums, discounts and deferred financing costs, net
(83.0)(63.2)
Total carrying amount of debt
8,276.0 8,075.6 
Finance lease obligations
4.0 4.6 
Total debt and finance lease obligations
8,280.0 8,080.2 
Less: Current maturities of debt and finance lease obligations
(451.7)(465.7)
Long-term debt and finance lease obligations
$7,828.3 $7,614.5 
(a)Represents the weighted average interest rate in effect at September 30, 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 September 30, 2025 without regard to covenant compliance calculations or other conditions precedent to borrowing. At September 30, 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 September 30, 2025 compliance reporting requirements. At September 30, 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.
(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 $312 million and $328 million at September 30, 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 were $154 million and $145 million for the nine months ended September 30, 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.
19
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2025
(unaudited)
2030 LPR Unrestricted Subsidiary Credit Agreement
On September 23, 2025, our Liberty Puerto Rico borrowing group, through the LPR Unrestricted Subsidiary Borrowers and the LPR Unrestricted Subsidiary Guarantors, entered into the 2030 LPR Unrestricted Subsidiary Credit Agreement that provides for, among other things, (i) the LPR Unrestricted Subsidiary Term Loan, which we borrowed during the third quarter of 2025, (ii) delayed draw term loan commitments in an aggregate principal amount of $50 million, and (iii) uncommitted pari passu incremental term loans of up to $350 million aggregate principal amount.
The obligations under the 2030 LPR Unrestricted Subsidiary Credit Agreement are secured by substantially all of the assets of the LPR Unrestricted Subsidiary Borrowers, consisting of, among other things, fixed network assets and spectrum.
LPR Unrestricted Subsidiary Term Loan
The LPR Unrestricted Subsidiary Term Loan may be repaid at the option of the LPR Unrestricted Subsidiary Borrowers at any time after the closing date under the 2030 LPR Unrestricted Subsidiary Credit Agreement in whole or in part, subject to payment of the following prepayment fees: (i) on or prior to the six month anniversary of the closing date, 0.00%; (ii) after the six month anniversary of the closing date and on or prior to the first anniversary of the closing date, 3.00%; (iii) after the first anniversary of the closing date and on or prior to the second anniversary of the closing date, 1.00%; and (iv) thereafter, 0.00%.
Interest on the LPR Unrestricted Subsidiary Term Loan accrues at a rate of 9.75% per annum, payable (i) quarterly on the last business day of March, June, September, and December, commencing December 31, 2025, and (ii) on the maturity date of the loan.
Financing Activity
During the nine months ended September 30, 2025 and 2024, borrowings related to significant credit facilities we drew down, entered into or amended, are as follows:
PeriodBorrowing group/ BorrowerInstrumentIssued atMaturityInterest rateAmount borrowed (a)Non-cash component
in millions
2025C&W
2027 C&W RCF (b)
N/AJanuary 30, 2027
Adjusted Term SOFR + 3.25%
$95.5 $— 
2025C&W
2029 C&W RCF (b)
N/AApril 15, 2029
Term SOFR + 3.25%
$178.5 $— 
2025C&W
C&W Term Loan B-7 Facility
99.5%January 31, 2032
Term SOFR + 3.25%
$1,522.4 $1,510.0 
2025C&W
2033 C&W Senior Notes
100%January 15, 20339.00%$755.0 $— 
2025Liberty Puerto RicoLPR Revolving Credit FacilityN/AMarch 15, 2027
Adjusted Term SOFR + 3.50%
$226.1 $— 
2025Liberty Puerto RicoLPR Unrestricted Subsidiary Term Loan96%September 23, 20309.75%$200.0 $— 
2025Liberty Costa RicaLCR Revolving Credit FacilityN/AJanuary 15, 2028
Term SOFR + 4.25%
$61.3 $— 
2025Liberty Costa Rica2033 LCR Term Loan A100%August 14, 2033
Adjusted Term SOFR + 3.50%
$32.5 $— 
2024C&WC&W Regional FacilitiesN/A(c)6.96%$22.5 $— 
2024C&WC&W Revolving Credit FacilityN/AJanuary 30, 2027
Adjusted Term SOFR + 3.25%
$265.0 $— 
2024Liberty Puerto RicoLPR Revolving Credit FacilityN/AMarch 15, 2027
Adjusted Term SOFR + 3.50%
$100.0 $— 
2024Liberty Costa Rica
LCR Revolving Credit Facility
N/AJanuary 15, 2028
Term SOFR + 4.25%
$31.0 $— 
N/A – Not applicable.
20
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2025
(unaudited)
(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 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.
(c)This borrowing is due in three annual installments, the first of which became due in May 2025.
During the nine months ended September 30, 2025 and 2024, we made certain repurchases or repayments on the following debt instruments:
PeriodBorrowing group / BorrowerInstrumentRedemption priceAmount paidNon-cash component
in millions
2025C&W
2027 C&W RCF (a)
100%$88.2 $— 
2025C&W
2029 C&W RCF (a)
100%$215.8 $— 
2025C&W2027 C&W Senior Notes100.859%$735.0 $— 
2025C&WC&W Term Loan B-5 Facility100%$1,510.0 $1,510.0 
2025C&WC&W Other Facilities100%$30.5 $— 
2025Liberty Puerto RicoLPR Revolving Credit Facility100%$219.6 $— 
2025Liberty Costa RicaLCR Revolving Credit Facility100%$35.6 $— 
2024C&WC&W Revolving Credit Facility100%$155.0 $— 
2024C&WC&W Regional Facilities100%$20.0 $— 
2024C&WC&W Other Facilities100%$23.0 $— 
2024C&WCWP Revolving Credit Facility100%$10.0 $— 
2024Liberty Puerto RicoLPR Revolving Credit Facility100%$50.0 $— 
2024Liberty Costa RicaLCR Revolving Credit Facility100%$25.0 $— 
2024Liberty Latin America
Convertible Notes
(b)$219.2 $— 
(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 $220 million original principal amount of the Convertible Notes at a weighted average redemption price of 99.5%. In addition, we unwound approximately $102 million of the Convertible Notes Capped Calls for immaterial value on settlement.
21
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2025
(unaudited)
Maturities of Debt
Maturities of our debt as of September 30, 2025 are presented below. Amounts presented below represent U.S. dollar equivalents based on September 30, 2025 exchange rates:
C&WLiberty Puerto RicoLiberty Costa RicaLiberty Latin America (a)Consolidated
in millions
Years ending December 31:
2025 (remainder of year)$88.0 $69.8 $25.7 $0.7 $184.2 
2026248.7 20.5 — 1.4 270.6 
202712.1 1,162.9 — 0.7 1,175.7 
2028490.5 620.6 — — 1,111.1 
2029595.3 820.7 — — 1,416.0 
20309.8 213.5 — — 223.3 
Thereafter3,463.3 32.3 482.5 — 3,978.1 
Total debt maturities4,907.7 2,940.3 508.2 2.8 8,359.0 
Premiums, discounts and deferred financing costs, net
(45.5)(25.8)(11.7)— (83.0)
Total debt$4,862.2 $2,914.5 $496.5 $2.8 $8,276.0 
Current portion$335.5 $88.2 $25.7 $1.6 $451.0 
Non-current portion$4,526.7 $2,826.3 $470.8 $1.2 $7,825.0 
(a)Represents the aggregate amount held by subsidiaries of Liberty Latin America that are outside our borrowing groups.    
(11)    Unfulfilled Performance Obligations
We enter into certain long-term capacity contracts with customers where the customer either pays a fixed fee over time or prepays for the capacity upfront and pays a portion related to operating and maintenance of the network over time. We assess whether prepaid capacity contracts contain a significant financing component. If the financing component is significant, interest expense is accreted over the life of the contract using the effective interest method. The revenue associated with prepaid capacity contracts is deferred and generally recognized on a straight-line basis over the life of the contract. As of September 30, 2025, we have approximately $250 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 DateAuthorized Repurchase AmountExpiration 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.
22
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2025
(unaudited)
During the three months ended September 30, 2025, we exercised some of our rights pursuant to the capped call option contracts, which resulted in 0.3 million shares being effectively repurchased and reflected in Treasury Stock at September 30, 2025. During the nine months ended September 30, 2024, we repurchased 4 million and 8 million Class A and Class C common shares, respectively. At September 30, 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 benefit was $4 million and $146 million during the three months ended September 30, 2025 and 2024, respectively, and $151 million and $177 million during the nine months ended September 30, 2025 and 2024, respectively. This represents an effective income tax rate of 34.7% and (25.3)% for the three months ended September 30, 2025 and 2024, respectively, and (22.3%) and (27.4%) for the nine months ended September 30, 2025 and 2024, respectively, including items treated discretely.
For the three months ended September 30, 2025, the income tax benefit attributable to our earnings before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the beneficial effects of net decreases in valuation allowances, permanent differences, such as non-taxable income, net favorable return-to-provision adjustments, and changes in uncertain tax positions. These beneficial effects were partially offset by the detrimental effects of jurisdictional rate differences, the inclusion of withholding taxes on cross-border payments, permanent differences, such as non-deductible expenses and our estimate of global minimum tax.
For the nine months ended September 30, 2025, the income tax benefit attributable to our loss before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the beneficial effects of jurisdictional rate differences, changes in uncertain tax positions, net favorable return-to-provision adjustments, and permanent differences, such as non-taxable income. These beneficial effects were partially offset by the detrimental effects of net increases in valuation allowances, the inclusion of withholding taxes on cross-border payments, permanent differences such as non-deductible expenses, and our estimate of global minimum tax.
For the three and nine months ended September 30, 2024, the income tax benefit attributable to our loss before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the beneficial effects of international rate differences, net decreases in valuation allowances and permanent tax differences, such as non-taxable income. These beneficial effects were partially offset by the detrimental effects of non-deductible goodwill impairment, permanent tax differences, such as non-deductible expenses and inclusion of withholding taxes on cross-border payments. For the three months ended September 30, 2024, our income tax benefit reflects our estimate of global minimum tax which has been reduced for changes in legislative landscape and updated current and forecasted operating results. For the nine months ended September 30, 2024, our income tax benefit reflects effects of net legislative increase to the statutory tax rate in Barbados and the net detrimental effects of the inclusion of global minimum tax.
23
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2025
(unaudited)
(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 September 30,Nine months ended September 30,
2025202420252024
in millions, except per share amounts
Numerator:
Basic EPS computation:
Net earnings (loss) attributable to Liberty Latin America shareholders – basic and diluted
$3.3 $(435.8)$(556.4)$(479.0)
Denominator:
Basic EPS computation:
Weighted average shares – basic and diluted (a)200.2 196.4 199.2 199.0 
Diluted EPS computation:
Incremental shares attributable to the release of SARs, and RSUs upon vesting, the LTVP and the ESPP (treasury stock method)
7.5 — — — 
Weighted average shares - diluted (b)207.7 196.4 199.2 199.0 
Basic and diluted net earnings (loss) per share attributable to Liberty Latin America shareholders$0.02 $(2.22)$(2.79)$(2.41)
(a)During the nine months ended September 30, 2025 and the three and nine months ended September 30, 2024, we reported net losses attributable to Liberty Latin America shareholders. As a result, the potentially dilutive effect at September 30, 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:
Three months ended September 30,Nine months ended September 30,
202420252024
in millions
Aggregate number of shares issuable pursuant to:
Outstanding options, SARs and RSUs
42.4 45.0 42.4 
Outstanding PSUs and PSARs
8.6 8.6 8.6 
LTVP and ESPP
4.1 5.8 4.1 
24
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2025
(unaudited)
(b)We reported net earnings attributable to Liberty Latin America shareholders during the three months ended September 30, 2025. The following table sets forth items for the three months ended September 30, 2025 that have been excluded from our computation of diluted EPS because their inclusion would have been anti-dilutive to the computation or, in the case of certain PSUs, because such awards had not yet met the applicable performance criteria (in millions):
Aggregate number of shares issuable pursuant to:
Outstanding options, SARs and RSUs
38.6 
Outstanding PSUs and PSARs
8.5 
LTVP and ESPP
5.8 
(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 September 30, 2025, our operating segments, which are also our reportable segments, are as follows:
•Liberty 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
25
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2025
(unaudited)
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 reportable segment Adjusted OIBDA to operating income or loss and to earnings or loss before income taxes is presented below.
The amounts presented below represent 100% of the revenue and Adjusted OIBDA of each of our reportable segments. As we have the ability to control certain subsidiaries that are not wholly-owned, we include 100% of the revenue and expenses of these entities in our condensed consolidated statements of operations despite the fact that third parties own significant interests in these entities. The noncontrolling owners’ interests in the operating results of (i) certain subsidiaries of (a) C&W and (b) Liberty Puerto Rico and (ii) Liberty Costa Rica are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations.
Revenue
 Three months ended September 30,Nine months ended September 30,
2025202420252024
 in millions
Liberty Caribbean$368.8 $359.5 $1,099.0 $1,092.0 
C&W Panama199.1 188.0 553.4 554.4 
Liberty Networks116.7 109.9 341.7 337.5 
Liberty Puerto Rico298.2 308.2 897.9 944.0 
Liberty Costa Rica154.5 145.5 464.0 445.0 
Total reportable segment revenue1,137.3 1,111.1 3,356.0 3,372.9 
Corporate3.5 4.5 11.2 15.5 
Intersegment eliminations(28.3)(26.4)(84.5)(81.8)
Consolidated revenue$1,112.5 $1,089.2 $3,282.7 $3,306.6 
Adjusted OIBDA
 Three months ended September 30,Nine months ended September 30,
2025202420252024
 in millions
Liberty Caribbean$172.5 $157.7 $519.6 $465.3 
C&W Panama71.8 68.7 205.0 190.3 
Liberty Networks65.2 59.3 183.9 181.6 
Liberty Puerto Rico95.5 88.2 264.0 228.4 
Liberty Costa Rica56.4 50.8 169.3 162.5 
Total reportable segment Adjusted OIBDA
$461.4 $424.7 $1,341.8 $1,228.1 
26
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2025
(unaudited)
The following table provides a reconciliation of total reportable segment Adjusted OIBDA to operating income (loss) and to earnings (loss) before income taxes:
 Three months ended September 30,Nine months ended September 30,
 2025202420252024
 in millions
Total reportable segment Adjusted OIBDA
$461.4 $424.7 $1,341.8 $1,228.1 
Corporate Adjusted OIBDA (a)
(28.0)(21.6)(86.8)(61.7)
Share-based compensation and other Employee Incentive Plan-related expense (b)
(15.0)(15.9)(62.3)(58.9)
Depreciation and amortization(213.6)(245.4)(659.9)(729.9)
Impairment, restructuring and other operating items, net(17.3)(521.4)(550.2)(553.6)
Operating income (loss)187.5 (379.6)(17.4)(176.0)
Interest expense(164.3)(159.2)(488.0)(471.3)
Realized and unrealized gains (losses) on derivative instruments, net(9.6)(31.3)(97.2)39.0 
Foreign currency transaction losses, net(8.8)(7.6)(46.0)(30.7)
Losses on debt extinguishments, net— — (14.4)(0.3)
Other income (expense), net7.0 2.9 (13.6)(3.7)
Earnings (loss) before income taxes$11.8 $(574.8)$(676.6)$(643.0)
(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 September 30,Nine months ended September 30,
 2025202420252024
 in millions
Programming and copyright$54.4 $58.5 $169.5 $179.0 
Interconnect66.6 69.0 199.5 206.8 
Equipment79.5 73.2 243.1 224.7 
Project-related and other47.1 31.2 100.5 106.9 
Total programming and other direct costs of services$247.6 $231.9 $712.6 $717.4 
27
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2025
(unaudited)
Our other operating costs and expenses by major category, which are further discussed below, are as follows:
 Three months ended September 30,Nine months ended September 30,
 2025202420252024
 in millions
Personnel and contract labor$135.6 $141.5 $423.0 $441.5 
Network-related51.9 59.2 161.4 186.8 
Service-related62.4 63.3 183.7 200.4 
Commercial45.2 46.1 135.5 146.0 
Facility, provision, franchise and other136.4 144.1 411.5 448.1 
Share-based compensation and other Employee Incentive Plan-related expense
15.0 15.9 62.3 58.9 
Total other operating costs and expenses (a)$446.5 $470.1 $1,377.4 $1,481.7 
(a)Amounts represent total other operating costs and expenses as set forth in our condensed consolidated statements of operations. These amounts differ from significant operating costs and expenses reviewed by our CODM, which 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.
 Nine months ended September 30,
 20252024
 in millions
Liberty Caribbean$136.9 $150.6 
C&W Panama64.7 74.9 
Liberty Networks50.1 36.2 
Liberty Puerto Rico94.1 135.8 
Liberty Costa Rica56.2 55.3 
Corporate17.8 32.4 
Total property and equipment additions419.8 485.2 
Assets acquired under capital-related vendor financing arrangements
(88.9)(117.5)
Changes in current liabilities related to capital expenditures and other27.3 9.0 
Total capital expenditures, net$358.2 $376.7 
28
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 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 September 30,Nine months ended September 30,
 2025202420252024
 in millions
Puerto Rico $280.8 $292.7 $846.5 $897.8 
Panama198.4 187.2 551.2 552.2 
Costa Rica154.4 145.6 463.3 444.2 
Jamaica107.8 103.1 317.8 308.4 
Networks & LatAm (a)93.8 87.5 272.4 270.1 
The Bahamas47.0 47.9 144.7 154.8 
Trinidad and Tobago37.4 39.0 112.4 117.1 
Barbados41.7 41.4 124.5 121.8 
Other (b)151.2 144.8 449.9 440.2 
Total $1,112.5 $1,089.2 $3,282.7 $3,306.6 
(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.
29
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2025
(unaudited)
Three months ended September 30, 2025
Reportable Segments
 Liberty CaribbeanC&W PanamaLiberty Networks (a)Liberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
 in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue$124.8 $31.0 $— $117.3 $31.9 $— $— $305.0 
Non-subscription revenue 5.9 1.2 — 5.9 9.9 — — 22.9 
Total residential fixed revenue130.7 32.2 — 123.2 41.8 — — 327.9 
Residential mobile revenue:
Service revenue90.0 71.7 — 74.5 72.5 — — 308.7 
Interconnect, inbound roaming, equipment sales and other (b)20.9 16.5 — 47.5 24.7 3.1 — 112.7 
Total residential mobile revenue110.9 88.2 — 122.0 97.2 3.1 — 421.4 
Total residential revenue241.6 120.4 — 245.2 139.0 3.1 — 749.3 
B2B revenue (c)127.2 78.7 116.7 45.5 15.5 0.4 (28.3)355.7 
Other revenue— — — 7.5 — — — 7.5 
Total$368.8 $199.1 $116.7 $298.2 $154.5 $3.5 $(28.3)$1,112.5 
(a)Included in this amount is $23 million of revenue earned from sales to other segments of Liberty Latin America.
(b)The total amount includes $59 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.
30
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2025
(unaudited)
Three months ended September 30, 2024
Reportable Segments
 Liberty CaribbeanC&W PanamaLiberty Networks (a)Liberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
 in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue$119.1 $31.2 $— $117.0 $33.5 $— $— $300.8 
Non-subscription revenue5.8 1.2 — 5.9 7.6 — — 20.5 
Total residential fixed revenue124.9 32.4 — 122.9 41.1 — — 321.3 
Residential mobile revenue:
Service revenue91.1 70.5 — 82.7 68.0 — — 312.3 
Interconnect, inbound roaming, equipment sales and other (b)18.1 16.0 — 42.3 19.8 4.3 — 100.5 
Total residential mobile revenue109.2 86.5 — 125.0 87.8 4.3 — 412.8 
Total residential revenue234.1 118.9 — 247.9 128.9 4.3 — 734.1 
B2B revenue (c)125.4 69.1 109.9 54.1 16.6 0.2 (26.4)348.9 
Other revenue— — — 6.2 — — — 6.2 
Total$359.5 $188.0 $109.9 $308.2 $145.5 $4.5 $(26.4)$1,089.2 
(a)Included in this amount is $22 million of revenue earned from sales to other segments of Liberty Latin America.
(b)The total amount includes $47 million of revenue from sales of mobile handsets and other devices to residential mobile customers.
(c)The total amount includes $6 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.


31
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2025
(unaudited)
Nine months ended September 30, 2025
Reportable Segments
 Liberty CaribbeanC&W Panama
Liberty Networks (a)
Liberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
 in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue$372.0 $90.8 $— $354.2 $97.1 $— $— $914.1 
Non-subscription revenue15.9 3.8 — 17.6 29.0 — — 66.3 
Total residential fixed revenue387.9 94.6 — 371.8 126.1 — — 980.4 
Residential mobile revenue:
Service revenue268.4 213.9 — 231.7 216.3 — — 930.3 
Interconnect, inbound roaming, equipment sales and other (b)62.0 47.8 — 142.3 72.4 9.8 — 334.3 
Total residential mobile revenue330.4 261.7 — 374.0 288.7 9.8 — 1,264.6 
Total residential revenue718.3 356.3 — 745.8 414.8 9.8 — 2,245.0 
B2B revenue (c)380.7 197.1 341.7 132.3 49.2 1.4 (84.5)1,017.9 
Other revenue— — — 19.8 — — — 19.8 
Total$1,099.0 $553.4 $341.7 $897.9 $464.0 $11.2 $(84.5)$3,282.7 
(a)Included in this amount is $69 million of revenue earned from sales to other segments of Liberty Latin America.
(b)The total amount includes $176 million of revenue from sales of mobile handsets and other devices to residential mobile customers.
(c)The total amount includes $19 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.
32
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2025
(unaudited)
Nine months ended September 30, 2024
Reportable Segments
 Liberty CaribbeanC&W Panama
Liberty Networks (a)
Liberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
 in millions
Residential revenue:
Residential fixed revenue:
Subscription revenue$364.7 $91.7 $— $357.2 $103.6 $— $— $917.2 
Non-subscription revenue20.5 3.6 — 16.9 25.2 — (1.5)64.7 
Total residential fixed revenue385.2 95.3 — 374.1 128.8 — (1.5)981.9 
Residential mobile revenue:
Service revenue262.9 200.2 — 254.9 204.3 — — 922.3 
Interconnect, inbound roaming, equipment sales and other (b)56.4 43.0 — 130.7 62.5 14.9 — 307.5 
Total residential mobile revenue319.3 243.2 — 385.6 266.8 14.9 — 1,229.8 
Total residential revenue704.5 338.5 — 759.7 395.6 14.9 (1.5)2,211.7 
B2B revenue (c)387.5 215.9 337.5 162.7 49.4 0.6 (80.3)1,073.3 
Other revenue— — — 21.6 — — — 21.6 
Total$1,092.0 $554.4 $337.5 $944.0 $445.0 $15.5 $(81.8)$3,306.6 
(a)Included in this amount is $67 million of revenue earned from sales to other segments of Liberty Latin America.
(b)The total amount includes $146 million of revenue from sales of mobile handsets and other devices to residential mobile customers.
(c)The total amount includes $18 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.
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;
33
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 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 September 30, 2025
Reportable Segments
 Liberty CaribbeanC&W PanamaLiberty NetworksLiberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
 in millions
Programming and copyright$15.8 $5.1 $— $23.7 $9.8 $— $— $54.4 
Interconnect14.9 15.5 13.8 21.4 5.4 — (4.4)66.6 
Equipment8.2 14.2 0.3 37.9 18.9 — — 79.5 
Project-related and other15.4 30.3 5.0 0.6 — — (4.2)47.1 
Total programming and other direct costs of services54.3 65.1 19.1 83.6 34.1 — (8.6)247.6 
Personnel and contract labor47.6 18.3 12.5 34.0 8.4 14.4 0.4 135.6 
Network-related30.1 11.1 10.8 9.3 9.8 — (19.2)51.9 
Service-related17.8 5.5 3.2 19.6 6.1 10.7 (0.5)62.4 
Commercial8.1 9.2 0.4 11.9 15.7 — (0.1)45.2 
Facility, provision, franchise and other38.4 18.1 5.5 44.3 24.0 6.4 (0.3)136.4 
Total significant other operating costs and expenses142.0 62.2 32.4 119.1 64.0 31.5 (19.7)431.5 
Total significant expenses$196.3 $127.3 $51.5 $202.7 $98.1 $31.5 $(28.3)$679.1 
34
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2025
(unaudited)
Three months ended September 30, 2024
Reportable Segments
 Liberty CaribbeanC&W PanamaLiberty NetworksLiberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
 in millions
Programming and copyright$16.2 $5.4 $— $26.9 $9.4 $— $0.6 $58.5 
Interconnect17.3 16.5 12.4 20.7 6.6 — (4.5)69.0 
Equipment11.3 14.9 — 31.8 15.2 — — 73.2 
Project-related and other10.1 21.4 2.8 0.9 0.7 — (4.7)31.2 
Total programming and other direct costs of services54.9 58.2 15.2 80.3 31.9 — (8.6)231.9 
Personnel and contract labor50.5 19.7 11.4 39.3 8.3 13.1 (0.8)141.5 
Network-related32.8 13.5 12.3 7.6 9.6 — (16.6)59.2 
Service-related16.9 5.1 2.1 27.5 6.2 6.5 (1.0)63.3 
Commercial10.1 6.9 0.2 12.8 16.1 — — 46.1 
Facility, provision, franchise and other36.6 15.9 9.4 52.5 22.6 6.5 0.6 144.1 
Total significant other operating costs and expenses146.9 61.1 35.4 139.7 62.8 26.1 (17.8)454.2 
Total significant expenses$201.8 $119.3 $50.6 $220.0 $94.7 $26.1 $(26.4)$686.1 
35
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2025
(unaudited)
Nine months ended September 30, 2025
Reportable Segments
 Liberty CaribbeanC&W PanamaLiberty NetworksLiberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
 in millions
Programming and copyright$47.9 $15.5 $— $77.7 $28.4 $— $— $169.5 
Interconnect44.9 48.4 40.5 62.4 17.3 — (14.0)199.5 
Equipment27.8 45.0 0.6 114.6 55.1 — — 243.1 
Project-related and other39.3 56.1 14.2 1.9 1.2 — (12.2)100.5 
Total programming and other direct costs of services159.9 165.0 55.3 256.6 102.0 — (26.2)712.6 
Personnel and contract labor144.7 54.1 38.3 109.6 25.5 49.6 1.2 423.0 
Network-related90.3 35.7 35.2 26.4 30.2 — (56.4)161.4 
Service-related50.8 14.9 8.5 63.6 18.8 29.9 (2.8)183.7 
Commercial25.1 26.3 1.6 35.3 47.2 — — 135.5 
Facility, provision, franchise and other108.6 52.4 18.9 142.4 71.0 18.5 (0.3)411.5 
Total significant other operating costs and expenses419.5 183.4 102.5 377.3 192.7 98.0 (58.3)1,315.1 
Total significant expenses$579.4 $348.4 $157.8 $633.9 $294.7 $98.0 $(84.5)$2,027.7 
36
Liberty Latin America Ltd.
Notes to Condensed Consolidated Financial Statements – (Continued)
September 30, 2025
(unaudited)
Nine months ended September 30, 2024
Reportable Segments
 Liberty CaribbeanC&W PanamaLiberty NetworksLiberty Puerto RicoLiberty Costa RicaCorporateIntersegment EliminationsTotal
 in millions
Programming and copyright$51.1 $16.8 $— $83.1 $28.0 $— $— $179.0 
Interconnect50.8 51.6 36.6 59.3 22.0 — (13.5)206.8 
Equipment36.6 36.0 0.2 106.6 45.3 — — 224.7 
Project-related and other30.6 71.3 12.2 3.5 1.2 — (11.9)106.9 
Total programming and other direct costs of services169.1 175.7 49.0 252.5 96.5 — (25.4)717.4 
Personnel and contract labor153.2 60.6 36.1 128.1 24.1 39.4 — 441.5 
Network-related101.8 39.9 35.7 32.2 30.4 — (53.2)186.8 
Service-related49.8 14.5 6.4 96.8 19.1 16.8 (3.0)200.4 
Commercial32.6 23.5 1.3 41.5 47.1 — — 146.0 
Facility, provision, franchise and other120.2 49.9 27.4 164.5 65.3 21.0 (0.2)448.1 
Total significant other operating costs and expenses457.6 188.4 106.9 463.1 186.0 77.2 (56.4)1,422.8 
Total significant expenses$626.7 $364.1 $155.9 $715.6 $282.5 $77.2 $(81.8)$2,140.2 
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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 and nine months ended September 30, 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 September 30, 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; the impact of Hurricane Melissa on our business and operations; 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;
38

•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;
39

•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.

40

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, Liberty 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.
At September 30, 2025, we (i) owned and operated fixed networks that passed 4,812,600 homes and served 3,978,800 RGUs, comprising 1,807,900 broadband internet subscribers, 1,255,100 fixed-line telephony subscribers and 915,800 video subscribers and (ii) served 6,682,700 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.
Hurricane Melissa
In October 2025, Hurricane Melissa primarily impacted our Jamaican operations, and to a much lesser extent certain other operations within Liberty Caribbean, resulting in varying degrees of damage to homes, businesses and infrastructures in these markets. In connection with Hurricane Melissa, we anticipate adverse impacts to revenue and RGUs, Adjusted OIBDA, long-lived asset impairments and property and equipment additions for the remainder of 2025. We are currently unable to estimate how much Hurricane Melissa will impact these measures for the rest of 2025 or for 2026 periods. The impacts will be based on certain factors, such as when power is fully restored to the impacted areas.
Hurricane Melissa triggered the Weather Derivatives and we expect to receive net third-party proceeds during the fourth quarter of 2025. We are still in the process of assessing the impact of Hurricane Melissa on our homes passed and subscriber counts.
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.
On September 11, 2025, SUTEL, the Costa Rican telecommunications regulator, issued a resolution prohibiting the transaction, determining that the potential negative effects could not be mitigated by the commitments proposed by the parties, nor by any additional conditions that SUTEL could establish. This outcome was unexpected, as the parties had worked closely with SUTEL’s staff throughout the review process to design remedies that they strongly believe addressed any potential competition concerns identified by the regulator. On October 22, 2025, the parties filed an appeal seeking to overturn SUTEL’s decision and requesting a new assessment of the proposed remedies. A response from SUTEL is expected by mid-November 2025.
41

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.
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 is due in four annual installments. We paid $95 million on the closing date, September 3, 2024, $72 million is currently due, and $45 million and $40 million will become due on September 3 of 2026 and 2027, respectively.
Material Changes in Results of Operations
The comparability of our operating results during the three and nine months ended September 30, 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 tables set forth the organic and non-organic changes in the components of operating income or loss during the three and nine months ended September 30, 2025, as compared to the corresponding periods in 2024.
42

 Three months ended September 30,Increase (decrease)Increase (decrease) from:
 20252024FXAn acquisitionOrganic
 in millions
Revenue $1,112.5 $1,089.2 $23.3 $3.7 $6.2 $13.4 
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services
247.6 231.9 15.7 0.7 4.1 10.9 
Other operating costs and expenses
446.5 470.1 (23.6)2.1 0.8 (26.5)
Depreciation and amortization213.6 245.4 (31.8)0.7 — (32.5)
Impairment, restructuring and other operating items, net17.3 521.4 (504.1)— — (504.1)
925.0 1,468.8 (543.8)3.5 4.9 (552.2)
Operating income (loss)$187.5 $(379.6)$567.1 $0.2 $1.3 $565.6 
 Nine months ended September 30,Increase (decrease)Increase (decrease) from:
 20252024FXAn acquisitionOrganic
 in millions
Revenue $3,282.7 $3,306.6 $(23.9)$2.3 $25.2 $(51.4)
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services
712.6 717.4 (4.8)0.6 17.8 (23.2)
Other operating costs and expenses
1,377.4 1,481.7 (104.3)1.4 5.5 (111.2)
Depreciation and amortization659.9 729.9 (70.0)0.6 — (70.6)
Impairment, restructuring and other operating items, net550.2 553.6 (3.4)— — (3.4)
3,300.1 3,482.6 (182.5)2.6 23.3 (208.4)
Operating loss$(17.4)$(176.0)$158.6 $(0.3)$1.9 $157.0 
As reflected in the tables above, we reported operating income (loss) for the three months ended September 30, 2025 and 2024, respectively. We reported operating losses for the nine months ended September 30, 2025 and 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.
43

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 (loss), the nearest U.S. GAAP measure, to Adjusted OIBDA on a consolidated basis, is presented below.
 Three months ended September 30,Nine months ended September 30,
 2025202420252024
 in millions
Operating income (loss)$187.5 $(379.6)$(17.4)$(176.0)
Share-based compensation and other Employee Incentive Plan-related expense
15.0 15.9 62.3 58.9 
Depreciation and amortization213.6 245.4 659.9 729.9 
Impairment, restructuring and other operating items, net17.3 521.4 550.2 553.6 
Consolidated Adjusted OIBDA
$433.4 $403.1 $1,255.0 $1,166.4 
The following tables set forth the organic and non-organic changes in Adjusted OIBDA during the three and nine months ended September 30, 2025, as compared to the corresponding periods in 2024:
Liberty CaribbeanC&W PanamaLiberty NetworksLiberty Puerto RicoLiberty Costa RicaCorporateIntersegment eliminationsConsolidated
 in millions
Adjusted OIBDA for the three months ending:
September 30, 2024$157.7 $68.7 $59.3 $88.2 $50.8 $(21.6)$— $403.1 
Organic changes related to:
Revenue11.4 11.1 6.3 (16.2)3.7 (1.0)(1.9)13.4 
Programming and other direct costs0.2 (6.9)(3.8)0.8 (1.0)— (0.2)(10.9)
Other operating costs and expenses4.4 (1.1)3.3 21.4 0.9 (5.4)2.1 25.6 
Non-organic changes related to:
FX(1.2)— 0.1 — 2.0 — — 0.9 
An acquisition— — — 1.3 — — — 1.3 
September 30, 2025$172.5 $71.8 $65.2 $95.5 $56.4 $(28.0)$— $433.4 
44

Liberty CaribbeanC&W PanamaLiberty NetworksLiberty Puerto RicoLiberty Costa RicaCorporateIntersegment eliminationsConsolidated
 in millions
Adjusted OIBDA for the nine months ending:
September 30, 2024$465.3 $190.3 $181.6 $228.4 $162.5 $(61.7)$— $1,166.4 
Organic changes related to:
Revenue12.5 (1.0)6.6 (71.3)8.8 (4.3)(2.7)(51.4)
Programming and other direct costs8.2 10.7 (6.8)13.7 (3.2)— 0.6 23.2 
Other operating costs and expenses36.6 5.0 2.9 91.3 (2.5)(20.8)2.1 114.6 
Non-organic changes related to:
FX(3.0)— (0.4)— 3.7 — — 0.3 
An acquisition— — — 1.9 — — — 1.9 
September 30, 2025$519.6 $205.0 $183.9 $264.0 $169.3 $(86.8)$— $1,255.0 
Adjusted OIBDA Margin
The following table sets forth the Adjusted OIBDA Margin of each of our reportable segments:
 Three months ended September 30,Nine months ended September 30,
 2025202420252024
 %
Liberty Caribbean46.8 43.9 47.3 42.6 
C&W Panama36.1 36.5 37.0 34.3 
Liberty Networks55.9 54.0 53.8 53.8 
Liberty Puerto Rico32.0 28.6 29.4 24.2 
Liberty Costa Rica36.5 34.9 36.5 36.5 
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 and nine months ended September 30, 2024 of $1 million and $17 million, respectively, 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.
45

The following tables set forth the organic and non-organic changes in revenue by reportable segment during the three and nine months ended September 30, 2025, as compared to the corresponding periods in 2024.
 Three months ended September 30,Increase (decrease)Increase (decrease) from:
 20252024FXAn acquisitionOrganic
 in millions
Liberty Caribbean$368.8 $359.5 $9.3 $(2.1)$— $11.4 
C&W Panama199.1 188.0 11.1 — — 11.1 
Liberty Networks116.7 109.9 6.8 0.5 — 6.3 
Liberty Puerto Rico298.2 308.2 (10.0)— 6.2 (16.2)
Liberty Costa Rica154.5 145.5 9.0 5.3 — 3.7 
Corporate3.5 4.5 (1.0)— — (1.0)
Intersegment eliminations(28.3)(26.4)(1.9)— — (1.9)
Total$1,112.5 $1,089.2 $23.3 $3.7 $6.2 $13.4 
 Nine months ended September 30,Increase (decrease)Increase (decrease) from:
 20252024FXAn acquisitionOrganic
 in millions
Liberty Caribbean$1,099.0 $1,092.0 $7.0 $(5.5)$— $12.5 
C&W Panama553.4 554.4 (1.0)— — (1.0)
Liberty Networks341.7 337.5 4.2 (2.4)— 6.6 
Liberty Puerto Rico897.9 944.0 (46.1)— 25.2 (71.3)
Liberty Costa Rica464.0 445.0 19.0 10.2 — 8.8 
Corporate11.2 15.5 (4.3)— — (4.3)
Intersegment eliminations(84.5)(81.8)(2.7)— — (2.7)
Total$3,282.7 $3,306.6 $(23.9)$2.3 $25.2 $(51.4)
46

Liberty Caribbean. Liberty Caribbean’s revenue by major category is set forth below:
 Three months ended September 30,Increase (decrease)
 20252024$%
 in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue$124.8 $119.1 $5.7 5 
Non-subscription revenue5.9 5.8 0.1 2 
Total residential fixed revenue130.7 124.9 5.8 5 
Residential mobile revenue:
Service revenue90.0 91.1 (1.1)(1)
Interconnect, inbound roaming, equipment sales and other20.9 18.1 2.8 15 
Total residential mobile revenue110.9 109.2 1.7 2 
Total residential revenue241.6 234.1 7.5 3 
B2B revenue127.2 125.4 1.8 1 
Total $368.8 $359.5 $9.3 3 
 Nine months ended September 30,Increase (decrease)
 20252024$%
 in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue$372.0 $364.7 $7.3 2 
Non-subscription revenue15.9 20.5 (4.6)(22)
Total residential fixed revenue387.9 385.2 2.7 1 
Residential mobile revenue:
Service revenue268.4 262.9 5.5 2 
Interconnect, inbound roaming, equipment sales and other62.0 56.4 5.6 10 
Total residential mobile revenue330.4 319.3 11.1 3 
Total residential revenue718.3 704.5 13.8 2 
B2B revenue
380.7 387.5 (6.8)(2)
Total $1,099.0 $1,092.0 $7.0 1 
47

The details of the changes in Liberty Caribbean’s revenue during the three and nine months ended September 30, 2025, as compared to the corresponding periods in 2024, are set forth below:
Three-month comparisonNine-month comparison
in millions
Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of RGUs (a)
$(2.3)$(7.3)
ARPU (b)
8.7 16.3 
Increase (decrease) in residential fixed non-subscription revenue (c)0.1 (4.5)
Total increase in residential fixed revenue
6.5 4.5 
Increase (decrease) in residential mobile service revenue (d)(0.5)7.2 
Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue (e)3.0 5.9 
Increase (decrease) in B2B revenue (f)
2.4 (5.1)
Total organic increase11.4 12.5 
Impact of FX
(2.1)(5.5)
Total$9.3 $7.0 
(a)The decreases are due to lower average video and fixed-line telephony RGUs.
(b)The increases are primarily due to higher ARPU on broadband internet services due to the impact of Hurricane Beryl-related credits in the prior year and price increases in certain markets.
(c)The decrease for the nine-month comparison is mainly due to lower interconnect revenue attributable to lower traffic on our networks.
(d)The increase for the nine-month comparison 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 increases are primarily due to higher volumes of handset sales and inbound roaming.
(f)The increase for the three-month comparison is mainly due to (i) higher project-related revenue in some of our markets and (ii) increase in revenue from managed services, mostly related to growth in broadband internet that was partially offset by a decline in fixed-line telephony. The decrease for the nine-month comparison is mainly attributable to the net impact of (i) lower project-related revenue, primarily in our Bahamas and Cayman Islands markets, (ii) increase in revenue from managed services, mostly related to growth in broadband internet that was partially offset by a decline in fixed-line telephony, and (iii) increase in revenue from mobile services due to strong performance in some of our markets.
48

C&W Panama. C&W Panama’s revenue by major category is set forth below:
 Three months ended September 30,Increase (decrease)
 20252024$%
 in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue$31.0 $31.2 $(0.2)(1)
Non-subscription revenue1.2 1.2 — — 
Total residential fixed revenue32.2 32.4 (0.2)(1)
Residential mobile revenue:
Service revenue71.7 70.5 1.2 2 
Interconnect, inbound roaming, equipment sales and other16.5 16.0 0.5 3 
Total residential mobile revenue88.2 86.5 1.7 2 
Total residential revenue120.4 118.9 1.5 1 
B2B revenue78.7 69.1 9.6 14 
Total$199.1 $188.0 $11.1 6 
 Nine months ended September 30,Increase (decrease)
 20252024$%
 in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue$90.8 $91.7 $(0.9)(1)
Non-subscription revenue3.8 3.6 0.2 6 
Total residential fixed revenue94.6 95.3 (0.7)(1)
Residential mobile revenue:
Service revenue213.9 200.2 13.7 7 
Interconnect, inbound roaming, equipment sales and other47.8 43.0 4.8 11 
Total residential mobile revenue261.7 243.2 18.5 8 
Total residential revenue356.3 338.5 17.8 5 
B2B revenue
197.1 215.9 (18.8)(9)
Total$553.4 $554.4 $(1.0)— 
49

The details of the changes in C&W Panama’s revenue during the three and nine months ended September 30, 2025, as compared to the corresponding periods in 2024, are set forth below:
Three-month comparisonNine-month comparison
in millions
Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of RGUs (a)
$1.6 $4.6 
ARPU (b)
(1.8)(5.5)
Increase in residential fixed non-subscription revenue— 0.2 
Total decrease in residential fixed revenue
(0.2)(0.7)
Increase in residential mobile service revenue (c)1.2 13.7 
Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue (d)0.5 4.8 
Increase (decrease) in B2B revenue (e)
9.6 (18.8)
Total$11.1 $(1.0)
(a)The increases are primarily due to the effect of higher average broadband internet RGUs.
(b)The decreases are primarily due to lower ARPU from fixed-line telephony and video services, mainly due to (i) higher discounts driven by competitive market conditions and (ii) the migration of customers to lower ARPU plans.
(c)The increases are primarily due to higher average postpaid and prepaid mobile subscribers, driven in part by the addition of customers to our base following the exit of a competitor from our market during the first quarter of 2024.
(d)The increases are primarily due to higher volumes of handset sales at higher unit prices.
(e)The increase for the three-month comparison is mainly due to higher revenue from government-related projects. The decrease in the nine-month comparison is primarily attributable to lower project-related revenue, including delays in certain 2025 projects. Additionally, the three and nine-month comparisons were negatively impacted by lower revenue from fixed and managed services, primarily related to lower out-of-plan usage on fixed B2B voice customers.
50

Liberty Networks. Liberty Networks’ revenue by major category is set forth below:
 Three months ended September 30,Increase
 20252024$%
 in millions, except percentages
B2B revenue:
Enterprise revenue$34.1 $31.7 $2.4 8 
Wholesale revenue 82.6 78.2 4.4 6 
Total $116.7 $109.9 $6.8 6 
 Nine months ended September 30,Increase
 20252024$%
 in millions, except percentages
B2B revenue:
Enterprise revenue$100.1 $98.4 $1.7 2 
Wholesale revenue 241.6 239.1 2.5 1 
Total $341.7 $337.5 $4.2 1 
The details of the changes in Liberty Networks’ revenue during the three and nine months ended September 30, 2025, as compared to the corresponding periods in 2024, are set forth below:
Three-month comparisonNine-month comparison
in millions
Increase in enterprise revenue (a)$1.0 $3.2 
Increase in wholesale revenue (b)5.3 3.4 
Total organic increase
6.3 6.6 
Impact of FX
0.5 (2.4)
Total$6.8 $4.2 
(a)The increases are primarily attributable to the net effect of (i) growth in managed services, (ii) higher B2B connectivity revenue and (iii) for the nine-month comparison, lower revenue associated with sales-type leases on CPE.
(b)The increases are primarily due to the net effect of (i) higher sub-sea capacity revenue, (ii) for the nine-month comparison, lower revenue associated with the recognition of deferred revenue and penalties upon the termination of a prepaid capacity contract during the second quarter of 2024, (iii) an increase in equipment sales, and (iv) lower revenue from prepaid capacity arrangements driven by the cancellation of prepaid capacity contracts in prior periods.

51

Liberty Puerto Rico. Liberty Puerto Rico’s revenue by major category is set forth below:
 Three months ended September 30,Increase (decrease)
 20252024$%
 in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue$117.3 $117.0 $0.3 — 
Non-subscription revenue5.9 5.9 — — 
Total residential fixed revenue123.2 122.9 0.3 — 
Residential mobile revenue:
Service revenue74.5 82.7 (8.2)(10)
Interconnect, inbound roaming, equipment sales and other47.5 42.3 5.2 12 
Total residential mobile revenue122.0 125.0 (3.0)(2)
Total residential revenue245.2 247.9 (2.7)(1)
B2B revenue45.5 54.1 (8.6)(16)
Other revenue7.5 6.2 1.3 21 
Total$298.2 $308.2 $(10.0)(3)
 Nine months ended September 30,Increase (decrease)
 20252024$%
 in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue$354.2 $357.2 $(3.0)(1)
Non-subscription revenue17.6 16.9 0.7 4 
Total residential fixed revenue371.8 374.1 (2.3)(1)
Residential mobile revenue:
Service revenue231.7 254.9 (23.2)(9)
Interconnect, inbound roaming, equipment sales and other142.3 130.7 11.6 9 
Total residential mobile revenue374.0 385.6 (11.6)(3)
Total residential revenue745.8 759.7 (13.9)(2)
B2B revenue
132.3 162.7 (30.4)(19)
Other revenue19.8 21.6 (1.8)(8)
Total$897.9 $944.0 $(46.1)(5)
52

The details of the changes in Liberty Puerto Rico’s revenue during the three and nine months ended September 30, 2025, as compared to the corresponding periods in 2024, are set forth below:
Three-month comparisonNine-month comparison
in millions
Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of RGUs (a)
$(6.5)$(12.8)
ARPU (b)
6.8 9.8 
Increase in residential fixed non-subscription revenue— 0.7 
Total increase (decrease) in residential fixed revenue0.3 (2.3)
Decrease in residential mobile service revenue (c)(13.1)(47.1)
Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue (d)3.9 10.3 
Decrease in B2B revenue (e)
(8.6)(30.4)
Increase (decrease) in other revenue1.3 (1.8)
Total organic decrease(16.2)(71.3)
Impact of an acquisition6.2 25.2 
Total$(10.0)$(46.1)
(a)The decreases are primarily attributable to lower average broadband internet and video RGUs. The nine-month comparison is negatively impacted in part by the termination of a government-sponsored program during the second quarter of 2024.
(b)The increases are primarily due to higher ARPU from broadband internet and video services, mainly due to price increases. The increases also include the impact of credits issued to customers prior year following Hurricane Ernesto, which impacted Puerto Rico in August 2024.
(c)The decreases are 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 increases are primarily driven by higher equipment sales and inbound roaming revenue.
(e)The decreases are 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) for the nine-month comparison, the termination of a government-sponsored program at the start of the second quarter of 2024.

53

Liberty Costa Rica. Liberty Costa Rica’s revenue by major category is set forth below:
 Three months ended September 30,Increase (decrease)
 20252024$%
 in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue$31.9 $33.5 $(1.6)(5)
Non-subscription revenue9.9 7.6 2.3 30 
Total residential fixed revenue41.8 41.1 0.7 2 
Residential mobile revenue:
Service revenue72.5 68.0 4.5 7 
Interconnect, inbound roaming, equipment sales and other24.7 19.8 4.9 25 
Total residential mobile revenue97.2 87.8 9.4 11 
Total residential revenue139.0 128.9 10.1 8 
B2B revenue
15.5 16.6 (1.1)(7)
Total$154.5 $145.5 $9.0 6 
 Nine months ended September 30,Increase (decrease)
 20252024$%
 in millions, except percentages
Residential revenue:
Residential fixed revenue:
Subscription revenue$97.1 $103.6 $(6.5)(6)
Non-subscription revenue29.0 25.2 3.8 15 
Total residential fixed revenue126.1 128.8 (2.7)(2)
Residential mobile revenue:
Service revenue216.3 204.3 12.0 6 
Interconnect, inbound roaming, equipment sales and other72.4 62.5 9.9 16 
Total residential mobile revenue288.7 266.8 21.9 8 
Total residential revenue414.8 395.6 19.2 5 
B2B revenue
49.2 49.4 (0.2)— 
Total$464.0 $445.0 $19.0 4 
54

The details of the changes in Liberty Costa Rica’s revenue during the three and nine months ended September 30, 2025, as compared to the corresponding periods in 2024, are set forth below:
Three-month comparisonNine-month comparison
in millions
Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of RGUs (a)
$1.5 $5.4 
ARPU (b)
(4.3)(14.1)
Increase in residential fixed non-subscription revenue (c)2.0 3.1 
Total decrease in residential fixed revenue
(0.8)(5.6)
Increase in residential mobile service revenue (d)1.9 7.2 
Increase in residential mobile interconnect, inbound roaming, equipment sales and other revenue (e)4.1 8.4 
Decrease in B2B revenue
(1.5)(1.2)
Total organic increase3.7 8.8 
Impact of FX
5.3 10.2 
Total$9.0 $19.0 
(a)The increases are primarily driven by higher average broadband internet and video RGUs.
(b)The decreases are primarily attributable to lower ARPU from video services and, to a lesser extent, from broadband internet and fixed-line telephony services.
(c)The increase is primarily attributable to higher volumes of CPE sales.
(d)The increases are primarily due to the net effect of (i) higher average postpaid mobile subscribers and (ii) lower prepaid and postpaid mobile ARPU.
(e)The increases are primarily attributable to the net effect of (i) higher equipment sales, mainly driven by higher volumes, and (ii) decreases in interconnect revenue, driven by lower local traffic.
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 tables set forth the organic and non-organic changes in programming and other direct costs of services on a consolidated basis.
Three months ended September 30,Increase (decrease)Increase (decrease) from:
 20252024FXAn acquisitionOrganic
 in millions
Programming and copyright$54.4 $58.5 $(4.1)$0.1 $— $(4.2)
Interconnect66.6 69.0 (2.4)— 3.0 (5.4)
Equipment79.5 73.2 6.3 0.6 1.1 4.6 
Project-related and other47.1 31.2 15.9 — — 15.9 
Total programming and other direct costs of services$247.6 $231.9 $15.7 $0.7 $4.1 $10.9 
55

 Nine months ended September 30,Increase (decrease)Increase (decrease) from:
 20252024FXAn acquisitionOrganic
 in millions
Programming and copyright$169.5 $179.0 $(9.5)$0.3 $— $(9.8)
Interconnect199.5 206.8 (7.3)(0.3)12.2 (19.2)
Equipment243.1 224.7 18.4 1.1 5.6 11.7 
Project-related and other100.5 106.9 (6.4)(0.5)— (5.9)
Total programming and other direct costs of services$712.6 $717.4 $(4.8)$0.6 $17.8 $(23.2)
Liberty Caribbean. The following tables set forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Caribbean segment.
 Three months ended September 30,Increase (decrease)Increase (decrease) from:
 20252024FXOrganic
 in millions
Programming and copyright$15.8 $16.2 $(0.4)$(0.2)$(0.2)
Interconnect14.9 17.3 (2.4)(0.2)(2.2)
Equipment8.2 11.3 (3.1)— (3.1)
Project-related and other15.4 10.1 5.3 — 5.3 
Total programming and other direct costs of services$54.3 $54.9 $(0.6)$(0.4)$(0.2)
 Nine months ended September 30,Increase (decrease)Increase (decrease) from:
 20252024FXOrganic
 in millions
Programming and copyright$47.9 $51.1 $(3.2)$(0.3)$(2.9)
Interconnect44.9 50.8 (5.9)(0.4)(5.5)
Equipment27.8 36.6 (8.8)(0.1)(8.7)
Project-related and other39.3 30.6 8.7 (0.2)8.9 
Total programming and other direct costs of services$159.9 $169.1 $(9.2)$(1.0)$(8.2)
•Programming and copyright: The organic decreases are mainly due to the net effect of (i) lower video subscribers, (ii) an increase associated with a copyright claim, and (iii) lower rates resulting from the renegotiation of certain content agreements.
•Interconnect: The organic decreases are primarily due to (i) lower rates, including the renegotiation of a contract, and (ii) lower overall volumes of traffic.
•Equipment: The organic decreases are mainly due to (i) lower handset costs and (ii) lower B2B equipment costs.
•Project-related and other: The organic increases are due in large part to higher costs associated with incentives to customers in an effort to drive fixed-mobile convergence.
56

C&W Panama. The following tables set forth the changes in programming and other direct costs of services for our C&W Panama segment.
Three months ended September 30,Increase (decrease)
 20252024
 in millions
Programming and copyright$5.1 $5.4 $(0.3)
Interconnect15.5 16.5 (1.0)
Equipment14.2 14.9 (0.7)
Project-related and other30.3 21.4 8.9 
Total programming and other direct costs of services$65.1 $58.2 $6.9 
Nine months ended September 30,Increase (decrease)
 20252024
 in millions
Programming and copyright$15.5 $16.8 $(1.3)
Interconnect48.4 51.6 (3.2)
Equipment45.0 36.0 9.0 
Project-related and other56.1 71.3 (15.2)
Total programming and other direct costs of services$165.0 $175.7 $(10.7)
•Interconnect: The decreases are primarily due to lower volumes of traffic.
•Equipment: For the nine-month comparison, the increase is primarily attributable to higher volumes of handset sales to residential and B2B customers.
•Project-related and other: The increase for the three-month comparison is primarily related to government projects, whereas the decrease for the nine-month comparison reflects a lower level of government-related projects activity.
Liberty Networks. The following tables set forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Networks segment.
 Three months ended September 30,IncreaseIncrease from:
 20252024FXOrganic
 in millions
Interconnect$13.8 $12.4 $1.4 $0.1 $1.3 
Equipment0.3 — 0.3 — 0.3 
Project-related and other5.0 2.8 2.2 — 2.2 
Total programming and other direct costs of services$19.1 $15.2 $3.9 $0.1 $3.8 
57

 Nine months ended September 30,IncreaseIncrease (decrease) from:
 20252024FXOrganic
 in millions
Interconnect$40.5 $36.6 $3.9 $(0.2)$4.1 
Equipment0.6 0.2 0.4 — 0.4 
Project-related and other14.2 12.2 2.0 (0.3)2.3 
Total programming and other direct costs of services$55.3 $49.0 $6.3 $(0.5)$6.8 
•Interconnect: The organic increases are primarily due to higher backhaul expenses.
•Project-related and other: The organic increases are primarily due to growth in managed services costs and higher licensing fees.
Liberty Puerto Rico. The following tables set forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Puerto Rico segment.
 Three months ended September 30,Increase (decrease)Increase (decrease) from:
 20252024An acquisitionOrganic
 in millions
Programming and copyright$23.7 $26.9 $(3.2)$— $(3.2)
Interconnect21.4 20.7 0.7 3.0 (2.3)
Equipment37.9 31.8 6.1 1.1 5.0 
Project-related and other0.6 0.9 (0.3)— (0.3)
Total programming and other direct costs of services$83.6 $80.3 $3.3 $4.1 $(0.8)
Nine months ended September 30,Increase (decrease)Increase (decrease) from:
 20252024An acquisitionOrganic
 in millions
Programming and copyright$77.7 $83.1 $(5.4)$— $(5.4)
Interconnect62.4 59.3 3.1 12.2 (9.1)
Equipment114.6 106.6 8.0 5.6 2.4 
Project-related and other1.9 3.5 (1.6)— (1.6)
Total programming and other direct costs of services$256.6 $252.5 $4.1 $17.8 $(13.7)
•Programming and copyright: The organic decreases primarily relate to the net effect of (i) lower subscriber counts and customers moving to lower cost product offerings, (ii) lower programmer fees resulting from contract renegotiations, and (iii) higher costs associated with rate increases.
•Interconnect: The organic decreases are primarily due to lower roaming and mobile network costs due to lower volume and better negotiated rates, and for the nine-month comparison, the expiration of the transition service agreement in 2024.
•Equipment: The organic increases are primarily due to the net effect of (i) higher handset sales, and (ii) for the nine-month comparison, a decrease associated with higher equipment credits for handset purchases.
58

Liberty Costa Rica. The following tables set forth the organic and non-organic changes in programming and other direct costs of services for our Liberty Costa Rica segment.
Three months ended September 30,Increase (decrease)Increase (decrease) from:
 20252024FXOrganic
 in millions
Programming and copyright$9.8 $9.4 $0.4 $0.4 $— 
Interconnect5.4 6.6 (1.2)0.2 (1.4)
Equipment18.9 15.2 3.7 0.6 3.1 
Project-related and other— 0.7 (0.7)— (0.7)
Total programming and other direct costs of services$34.1 $31.9 $2.2 $1.2 $1.0 
Nine months ended September 30,Increase (decrease)Increase (decrease) from:
 20252024FXOrganic
 in millions
Programming and copyright$28.4 $28.0 $0.4 $0.7 $(0.3)
Interconnect17.3 22.0 (4.7)0.4 (5.1)
Equipment55.1 45.3 9.8 1.2 8.6 
Project-related and other1.2 1.2 — — — 
Total programming and other direct costs of services$102.0 $96.5 $5.5 $2.3 $3.2 
•Interconnect: The organic decreases are primarily driven by (i) lower volumes of traffic and (ii) for the nine-month comparison, a decrease in roaming.
•Equipment: The organic increases are primarily attributable to (i) higher handset unit costs and (ii) for the nine-month comparison, a higher volume of handset sales.
Other operating costs and expenses
Other operating costs and expenses comprise the following cost categories:
•Personnel and contract labor-related costs, which primarily include salary-related and cash bonus expenses, net of capitalizable labor costs, and temporary contract labor costs;
•Network-related expenses, which primarily include costs related to network access, system power, core network and CPE repair, maintenance and test costs;
•Service-related costs, which primarily include professional services, information technology-related services, audit, legal and other services;
•Commercial, which primarily includes sales and marketing costs, such as advertising, commissions and other sales and marketing-related costs, and customer care costs related to outsourced call centers;
•Facility, provision, franchise and other, which primarily includes facility-related costs, provision for bad debt expense, franchise-related fees, bank fees, insurance, vehicle-related, travel and entertainment and other operating-related costs; and
•Share-based compensation and other Employee Incentive Plan-related expense that relates to (i) equity awards issued to our employees and Directors, (ii) certain bonuses that are paid in the form of equity and (iii) our LTVP, whether settled in common shares or cash.
59

Consolidated. The following tables set forth the organic and non-organic changes in other operating costs and expenses on a consolidated basis.
 Three months ended September 30,DecreaseIncrease (decrease) from:
 20252024FXAn acquisitionOrganic
 in millions
Personnel and contract labor$135.6 $141.5 $(5.9)$0.2 $— $(6.1)
Network-related51.9 59.2 (7.3)0.4 — (7.7)
Service-related62.4 63.3 (0.9)0.2 0.8 (1.9)
Commercial45.2 46.1 (0.9)0.5 — (1.4)
Facility, provision, franchise and other136.4 144.1 (7.7)0.8 — (8.5)
Share-based compensation and other Employee Incentive Plan-related expense
15.0 15.9 (0.9)— — (0.9)
Total other operating costs and expenses$446.5 $470.1 $(23.6)$2.1 $0.8 $(26.5)
 Nine months ended September 30,Increase (decrease)Increase (decrease) from:
 20252024FXAn acquisitionOrganic
 in millions
Personnel and contract labor$423.0 $441.5 $(18.5)$(0.8)$— $(17.7)
Network-related161.4 186.8 (25.4)— — (25.4)
Service-related183.7 200.4 (16.7)0.3 3.5 (20.5)
Commercial135.5 146.0 (10.5)0.9 2.0 (13.4)
Facility, provision, franchise and other411.5 448.1 (36.6)1.0 — (37.6)
Share-based compensation and other Employee Incentive Plan-related expense
62.3 58.9 3.4 — — 3.4 
Total other operating costs and expenses$1,377.4 $1,481.7 $(104.3)$1.4 $5.5 $(111.2)
60

Liberty Caribbean. The following tables set forth the organic and non-organic changes in other operating costs and expenses for our Liberty Caribbean segment.
 Three months ended September 30,Increase (decrease)Increase (decrease) from:
 20252024FXOrganic
 in millions
Personnel and contract labor$47.6 $50.5 $(2.9)$(0.2)$(2.7)
Network-related30.1 32.8 (2.7)(0.2)(2.5)
Service-related17.8 16.9 0.9 — 0.9 
Commercial8.1 10.1 (2.0)(0.1)(1.9)
Facility, provision, franchise and other38.4 36.6 1.8 — 1.8 
Share-based compensation and other Employee Incentive Plan-related expense
3.0 4.0 (1.0)— (1.0)
Total other operating costs and expenses$145.0 $150.9 $(5.9)$(0.5)$(5.4)
 Nine months ended September 30,Increase (decrease)Increase (decrease) from:
 20252024FXOrganic
in millions
Personnel and contract labor$144.7 $153.2 $(8.5)$(0.5)$(8.0)
Network-related90.3 101.8 (11.5)(0.5)(11.0)
Service-related50.8 49.8 1.0 — 1.0 
Commercial25.1 32.6 (7.5)(0.2)(7.3)
Facility, provision, franchise and other108.6 120.2 (11.6)(0.3)(11.3)
Share-based compensation and other Employee Incentive Plan-related expense9.8 12.1 (2.3)— (2.3)
Total other operating costs and expenses$429.3 $469.7 $(40.4)$(1.5)$(38.9)
•Personnel and contract labor: The organic decreases are primarily due to lower headcount cost.
•Network-related: The organic decreases are primarily due to (i) cost savings initiatives, including the renegotiation of certain contract terms, and (ii) lower power costs, mainly in Jamaica, driven by decreases in consumption and rates.
•Commercial: The organic decreases are primarily driven by (i) cost saving initiatives, including system improvements and the renegotiation of certain contracts, and (ii) lower marketing costs.
•Facility, provision, franchise and other: The organic increase for the three-month comparison is mainly due to the net effect of (i) an increase of bad debt expense (ii) the positive impact to the comparison associated with the Hurricane Beryl-related restoration cost in 2024 and (iii) positive impact associated to a favorable adjustment on a tax-related assessment at one of our markets during the third quarter of 2025. The organic decrease for the nine-month comparison is primarily due to (i) an increase of bad debt expense, (ii) the positive impact to the comparisons associated an unfavorable adjustment on a tax-related assessment at one of our markets during the second quarter of 2024, (iii) lower facility-related costs driven by cost savings initiatives, and (iv) the positive impact to the comparison associated with the Hurricane Beryl-related restoration cost incurred during 2024.





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C&W Panama. The following tables set forth the changes in other operating costs and expenses for our C&W Panama segment.
Three months ended September 30,Increase (decrease)
 20252024
 in millions
Personnel and contract labor$18.3 $19.7 $(1.4)
Network-related11.1 13.5 (2.4)
Service-related5.5 5.1 0.4 
Commercial9.2 6.9 2.3 
Facility, provision, franchise and other18.1 15.9 2.2 
Share-based compensation and other Employee Incentive Plan-related expense
1.2 1.2 — 
Total other operating costs and expenses$63.4 $62.3 $1.1 
Nine months ended September 30,Increase (decrease)
 20252024
 in millions
Personnel and contract labor$54.1 $60.6 $(6.5)
Network-related35.7 39.9 (4.2)
Service-related14.9 14.5 0.4 
Commercial26.3 23.5 2.8 
Facility, provision, franchise and other52.4 49.9 2.5 
Share-based compensation and other Employee Incentive Plan-related expense
5.2 5.6 (0.4)
Total other operating costs and expenses$188.6 $194.0 $(5.4)
•Personnel and contract labor: The decreases are primarily due to (i) lower headcount levels following the execution of certain restructuring plans and (ii) lower commissions.
•Network-related:For the three-month comparison, the decrease is primarily due to lower maintenance costs and for the nine-month comparison the decrease is primarily due to lower power-related utility costs.
•Commercial: The increases are primarily due to higher commissions expense, in large part due to a shift from internal to external resources.
•Facility, provision, franchise and other: The increases are primarily due to higher bad debt expense.
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Liberty Networks. The following tables set forth the organic and non-organic changes in other operating costs and expenses for our Liberty Networks segment.
 Three months ended September 30,Increase (decrease)Increase (decrease) from:
 20252024FXOrganic
 in millions
Personnel and contract labor$12.5 $11.4 $1.1 $0.2 $0.9 
Network-related10.8 12.3 (1.5)0.1 (1.6)
Service-related3.2 2.1 1.1 — 1.1 
Commercial0.4 0.2 0.2 — 0.2 
Facility, provision, franchise and other5.5 9.4 (3.9)— (3.9)
Share-based compensation and other Employee Incentive Plan-related expense0.5 0.5 — — — 
Total other operating costs and expenses$32.9 $35.9 $(3.0)$0.3 $(3.3)
 Nine months ended September 30,Increase (decrease)Increase (decrease) from:
 20252024FXOrganic
in millions
Personnel and contract labor$38.3 $36.1 $2.2 $(0.8)$3.0 
Network-related35.2 35.7 (0.5)(0.3)(0.2)
Service-related8.5 6.4 2.1 (0.1)2.2 
Commercial1.6 1.3 0.3 — 0.3 
Facility, provision, franchise and other18.9 27.4 (8.5)(0.3)(8.2)
Share-based compensation and other Employee Incentive Plan-related expense2.3 2.4 (0.1)— (0.1)
Total other operating costs and expenses$104.8 $109.3 $(4.5)$(1.5)$(3.0)
•Personnel and contract labor: The organic increases are primarily related to higher salary and bonus-related expenses.
•Service-related: The organic increases are primarily due to higher outsourcing and software migration expenses.
•Facility, provision, franchise and other: The organic decreases are primarily due to lower bad debt expense, mostly associated with the negative impact of adjustments made for two large customers during the second and third quarters of 2024.
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Liberty Puerto Rico. The following tables set forth the organic and non-organic changes in other operating costs and expenses for our Liberty Puerto Rico segment.
Three months ended September 30,Increase (decrease)Increase (decrease) from:
20252024An acquisitionOrganic
 in millions
Personnel and contract labor$34.0 $39.3 $(5.3)$— $(5.3)
Network-related9.3 7.6 1.7 — 1.7 
Service-related19.6 27.5 (7.9)0.8 (8.7)
Commercial11.9 12.8 (0.9)— (0.9)
Facility, provision, franchise and other44.3 52.5 (8.2)— (8.2)
Share-based compensation and other Employee Incentive Plan-related expense
2.1 1.0 1.1 — 1.1 
Total other operating costs and expenses$121.2 $140.7 $(19.5)$0.8 $(20.3)
 Nine months ended September 30,DecreaseIncrease (decrease) from:
 20252024An acquisitionOrganic
 in millions
Personnel and contract labor$109.6 $128.1 $(18.5)$— $(18.5)
Network-related26.4 32.2 (5.8)— (5.8)
Service-related63.6 96.8 (33.2)3.5 (36.7)
Commercial35.3 41.5 (6.2)2.0 (8.2)
Facility, provision, franchise and other142.4 164.5 (22.1)— (22.1)
Share-based compensation and other Employee Incentive Plan-related expense
4.7 5.4 (0.7)— (0.7)
Total other operating costs and expenses$382.0 $468.5 $(86.5)$5.5 $(92.0)
•Personnel and contract labor: The decreases are primarily due to (i) lower salaries and related personnel costs, driven by reductions in headcount associated with restructuring plans and (ii) increase to capitalized labor cost.
•Network-related: The increase for the three-month comparison is primarily due to higher network repairs and other costs. The organic decrease for the nine-month comparison is primarily due to the termination of a transition service agreement during the first half of 2024 offset by higher network repair and other costs during 2025.
•Service-related: The organic decreases are primarily due to (i) costs incurred during 2024 associated with (a) a transition service agreement that was terminated during 2024 and (b) service-related integration costs related to the migration of customers to our mobile network following the AT&T Acquisition, and (ii) decreases associated with lower information technology software costs.
•Commercial: The organic decreases are primarily driven by lower marketing and call center costs.
•Facility, provision, franchise and other: The decreases are primarily due to higher bad debt expense during the 2024 periods impacted by billing and collection issues experienced during and following the migration of customers to our mobile network and associated systems.
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Liberty Costa Rica. The following tables set forth the organic and non-organic changes in other operating costs and expenses for our Liberty Costa Rica segment.
 Three months ended September 30,Increase (decrease)Increase (decrease) from:
 20252024FXOrganic
 in millions
Personnel and contract labor$8.4 $8.3 $0.1 $0.2 $(0.1)
Network-related9.8 9.6 0.2 0.3 (0.1)
Service-related6.1 6.2 (0.1)0.2 (0.3)
Commercial15.7 16.1 (0.4)0.6 (1.0)
Facility, provision, franchise and other24.0 22.6 1.4 0.8 0.6 
Share-based compensation and other Employee Incentive Plan-related expense0.4 0.4 — — — 
Total other operating costs and expenses$64.4 $63.2 $1.2 $2.1 $(0.9)
 Nine months ended September 30,Increase (decrease)Increase (decrease) from:
 20252024FXOrganic
 in millions
Personnel and contract labor$25.5 $24.1 $1.4 $0.5 $0.9 
Network-related30.2 30.4 (0.2)0.6 (0.8)
Service-related18.8 19.1 (0.3)0.4 (0.7)
Commercial47.2 47.1 0.1 1.1 (1.0)
Facility, provision, franchise and other71.0 65.3 5.7 1.6 4.1 
Share-based compensation and other Employee Incentive Plan-related expense1.6 1.1 0.5 — 0.5 
Total other operating costs and expenses$194.3 $187.1 $7.2 $4.2 $3.0 
•Facility, provision, franchise and other: The organic increases are primarily due to (i) higher bad debt expense and (ii) to a lesser extent for the nine-month comparison, fines and penalties.
Corporate. The following tables set forth the changes in other operating costs and expenses for our corporate operations.
 Three months ended September 30,Increase (decrease)
 20252024
 in millions
Personnel and contract labor$14.4 $13.1 $1.3 
Service-related10.7 6.5 4.2 
Facility, provision, franchise and other6.4 6.5 (0.1)
Share-based compensation and other Employee Incentive Plan-related expense
7.8 8.8 (1.0)
Total other operating costs and expenses$39.3 $34.9 $4.4 
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 Nine months ended September 30,Increase (decrease)
 20252024
 in millions
Personnel and contract labor$49.6 $39.4 $10.2 
Service-related29.9 16.8 13.1 
Facility, provision, franchise and other18.5 21.0 (2.5)
Share-based compensation and other Employee Incentive Plan-related expense
38.7 32.3 6.4 
Total other operating costs and expenses$136.7 $109.5 $27.2 
•Personnel and contract labor: The increases are primarily due to (i) higher bonus-related expense, (ii) higher headcount and (iii) lower capitalized labor.
•Service-related: The increases are primarily due to the higher professional services costs.
Results of Operations (below Adjusted OIBDA)
Depreciation and amortization
Our depreciation and amortization expense decreased $32 million or 13% and $70 million or 10% during the three and nine months ended September 30, 2025, as compared to the corresponding periods in 2024. The decreases are primarily due to (i) certain assets becoming fully depreciated, mainly in Liberty Caribbean and C&W Panama, (ii) reduction to depreciation expense at Liberty Puerto Rico associated with the sale of research and development tax credits generated on depreciated assets and (iii) customer relationship assets becoming fully amortized in C&W Panama and Liberty Caribbean.
Impairment, restructuring and other operating items, net
The details of our impairment, restructuring and other operating items, net, are as follows:
 Three months ended September 30,Nine months ended September 30,
 2025202420252024
 in millions
Impairment charges (a)$1.9 $511.5 $502.7 $520.0 
Restructuring charges (b)15.6 12.2 42.3 27.0 
Other operating items, net (c)(0.2)(2.3)5.2 6.6 
Total$17.3 $521.4 $550.2 $553.6 
(a)The nine months ended September 30, 2025 amount includes an impairment of $494 million on spectrum license intangible assets in Liberty Puerto Rico. The nine months ended September 30, 2024 amounts primarily relate to the impairment of the goodwill balance at Liberty Puerto Rico. For additional information regarding this impairment, see notes 3 and 7 to our condensed consolidated financial statements.
(b)Amounts primarily include employee severance and termination costs related to reorganization activities, mainly at (i) C&W Panama, Corporate operations and Liberty Puerto Rico for the 2025 periods, and (ii) C&W Panama for the 2024 periods.
(c)Amounts primarily include direct acquisition costs and gains on asset dispositions.
Interest expense
Our interest expense increased $5 million and $17 million during the three and nine months ended September 30, 2025, respectively, as compared to the corresponding periods in 2024. The increases are primarily attributable to (i) increases in our average debt balances and weighted-average interest rates and (ii) the accretion of the net present value discount associated with our deferred payment obligation for the LPR Acquisition.
For additional information regarding our outstanding indebtedness, see note 10 to our condensed consolidated financial statements.
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It is possible that the interest rates on (i) any new borrowings could be higher than the current interest rates on our existing indebtedness and (ii) our variable-rate indebtedness could increase in future periods. As further discussed in note 6 to our condensed consolidated financial statements, we use derivative instruments to manage our interest rate risks.
Realized and unrealized gains or losses on derivative instruments, net
Our realized and unrealized gains or losses on derivative instruments primarily include (i) unrealized changes in the fair values of our derivative instruments that are non-cash in nature until such time as the derivative contracts are fully or partially settled and (ii) realized gains or losses upon the full or partial settlement of the derivative contracts. The details of our realized and unrealized gains (losses) on derivative instruments, net, are as follows:
 Three months ended September 30,Nine months ended September 30,
 2025202420252024
 in millions
Interest rate derivative contracts (a)$(0.4)$(64.2)$(68.3)$21.7 
Foreign currency forward contracts (b)(2.6)(3.1)(6.1)(3.8)
Weather Derivatives (c)(6.6)36.0 (22.8)21.1 
Total$(9.6)$(31.3)$(97.2)$39.0 
(a)The gains (losses) during the three and nine months ended September 30, 2025 and 2024 are primarily attributable to changes in interest rates.
(b)The losses during the three and nine months ended September 30, 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 and, for the 2024 periods, a gain associated with the receipt of $44 million in net third-party proceeds from the Hurricane Beryl settlement, as further described in note 6 to our condensed consolidated financial statements.
For additional information concerning our derivative instruments, see notes 3 and 6 to our condensed consolidated financial statements and Item 3. Quantitative and Qualitative Disclosures about Market Risk below.
Foreign currency transaction gains or losses, net
Our foreign currency transaction gains or losses primarily result from the remeasurement of monetary assets and liabilities that are denominated in currencies other than the underlying functional currency of the applicable entity. Unrealized foreign currency transaction gains or losses are computed based on period-end exchange rates and are non-cash in nature until such time as the amounts are settled. The details of our foreign currency transaction losses, net, are as follows:
 Three months ended September 30,Nine months ended September 30,
 2025202420252024
 in millions
U.S. dollar-denominated debt issued by non-U.S. dollar functional currency entities (a)$2.3 $5.3 $4.2 $1.2 
Intercompany payables and receivables denominated in a currency other than the entity’s functional currency
2.0 (7.9)(11.7)(19.7)
Other (b)(13.1)(5.0)(38.5)(12.2)
Total$(8.8)$(7.6)$(46.0)$(30.7)
(a)The changes are primarily related to a CRC and JMD functional currency entity.
(b)Primarily includes (i) losses upon conversion of foreign currency assets and (ii) third-party receivables and payables denominated in a currency other than an entity’s functional currency.
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Gains or losses on debt extinguishment, net
Our gains or losses on debt extinguishment generally include (i) premiums or discounts associated with redemptions and/or repurchases of debt, (ii) the write-off of unamortized deferred financing costs, premiums and/or discounts and/or (iii) breakage fees.
We recognized losses on debt extinguishment, net, of nil and $14 million during the three and nine months ended September 30, 2025, respectively. Activity during 2024 was not material. The net loss during the nine months ended September 30, 2025 is associated with refinancing activity at C&W.
For additional information concerning our debt repurchases and repayments, see note 10 to our condensed consolidated financial statements.
Income tax benefit or expense
We recognized income tax benefit of $4 million and $146 million during the three months ended September 30, 2025 and 2024, respectively, and $151 million and $177 million during the nine months ended September 30, 2025 and 2024, respectively.
For the three months ended September 30, 2025, the income tax benefit attributable to our earnings before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the beneficial effects of net decreases in valuation allowances, permanent differences, such as non-taxable income, net favorable return-to-provision adjustments, and changes in uncertain tax positions. These beneficial effects were partially offset by the detrimental effects of jurisdictional rate differences, the inclusion of withholding taxes on cross-border payments, permanent differences, such as non-deductible expenses and our estimate of global minimum tax.
For the nine months ended September 30, 2025, the income tax benefit attributable to our loss before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the beneficial effects of jurisdictional rate differences, changes in uncertain tax positions, net favorable return-to-provision adjustments, and permanent differences, such as non-taxable income. These beneficial effects were partially offset by the detrimental effects of net increases in valuation allowances, the inclusion of withholding taxes on cross-border payments, permanent differences such as non-deductible expenses, and our estimate of global minimum tax.
For the three and nine months ended September 30, 2024, the income tax benefit attributable to our loss before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the beneficial effects of international rate differences, net decreases in valuation allowances and permanent tax differences, such as non-taxable income. These beneficial effects were partially offset by the detrimental effects of non-deductible goodwill impairment, permanent tax differences, such as non-deductible expenses and inclusion of withholding taxes on cross-border payments. For the three months ended September 30, 2024, our income tax benefit reflects our estimate of global minimum tax which has been reduced for changes in legislative landscape and updated current and forecasted operating results. For the nine months ended September 30, 2024, our income tax benefit reflects effects of net legislative increase to the statutory tax rate in Barbados and the net detrimental effects of the inclusion of global minimum tax.
On July 4, 2025, the OBBBA was enacted. The OBBBA restores, or makes permanent, certain expiring business tax provisions from the Tax Cuts and Jobs Act of 2017, including 100% bonus depreciation, IRC Section 174 expensing for U.S.-based research, and the EBITDA-based business interest expense limitation under IRC Section 163(j). While we continue to analyze the effects of the OBBBA, we expect that the OBBBA will not have a material impact on total income tax benefit or expense on our financial statements but will allow for a deferral of cash taxes paid to future years.
For additional information regarding our income taxes, see note 13 to our condensed consolidated financial statements.
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Net earnings or loss
The following table sets forth selected summary financial information of our net loss:
 Three months ended September 30,Nine months ended September 30,
 2025202420252024
 in millions
Operating income (loss)$187.5 $(379.6)$(17.4)$(176.0)
Net non-operating expenses$(175.7)$(195.2)$(659.2)$(467.0)
Income tax benefit$4.1 $145.7 $150.7 $176.5 
Net earnings (loss)$15.9 $(429.1)$(525.9)$(466.5)
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 September 30, 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 September 30, 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 September 30, 2025 are set forth in the following table (in millions):
Cash and cash equivalents held by:
Liberty Latin America and corporate subsidiaries (a)$93.3 
Borrowing groups (b):
C&W (c)369.5 
Liberty Puerto Rico110.5 
Liberty Costa Rica23.4 
Total borrowing groups503.4 
Total cash and cash equivalents
$596.7 
(a)Represents amounts held by Liberty Latin America, on a standalone basis, and its corporate subsidiaries that are outside of our borrowing groups. All of these companies rely on funds provided by our borrowing groups to satisfy their liquidity needs.
(b)     Represents the aggregate amounts held by the applicable borrowing group.
(c)     Includes $83 million and $27 million of cash held by operations in C&W Panama and C&W Bahamas, respectively.
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Liquidity and capital resources of Liberty Latin America and its corporate 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 corporate subsidiaries, and (ii) interest and dividend income received on our and, subject to certain tax and legal considerations, our corporate subsidiaries’ cash and cash equivalents and investments. From time to time, Liberty Latin America and its corporate 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 corporate subsidiaries and (iii) proceeds in connection with the incurrence of debt by Liberty Latin America or its corporate 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 corporate 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 corporate subsidiaries may require cash in connection with (i) the repayment of third-party and intercompany debt, (ii) the satisfaction of contingent liabilities, (iii) acquisitions and other investment opportunities, (iv) the repurchase of debt securities, (v) tax payments or (vi) any funding requirements of our consolidated subsidiaries.
During the three months ended September 30, 2025, we exercised some of our rights pursuant to the capped call option contracts, which resulted in 0.3 million shares being effectively repurchased and reflected in Treasury Stock at September 30, 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 September 30, 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 corporate subsidiaries. The liquidity of our borrowing groups generally is used to fund capital expenditures, debt service requirements and income tax payments. From time to time, our borrowing groups may also require liquidity in connection with (i) acquisitions and other investment opportunities, (ii) loans to Liberty Latin America, (iii) capital distributions to Liberty Latin America and other equity owners or (iv) the satisfaction of contingent liabilities or any other liquidity needs within our borrowing groups. 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 September 30, 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.
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At September 30, 2025, the outstanding principal amount of our debt, together with our finance lease obligations, aggregated $8,363 million, including (i) $452 million that is classified as current in our condensed consolidated balance sheet and (ii) $7,907 million that is not due until 2027 or thereafter. All of our debt and finance lease obligations have been borrowed or incurred by our subsidiaries at September 30, 2025. Included in the outstanding principal amount of our debt at September 30, 2025 is (i) $312 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 September 30, 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 September 30, 2025 was as follows:
Borrowing groupDecrease to borrowing costs
C&W(1.2)%
Liberty Costa Rica— %
Liberty Latin America borrowing groups (0.7)%
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 6.8% at September 30, 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 nine months ended September 30, 2025 and 2024 are summarized as follows:
 Nine months ended September 30,
 20252024Change
 in millions
Net cash provided by operating activities$344.0 $357.7 $(13.7)
Net cash used by investing activities(417.6)(513.3)95.7 
Net cash provided (used) by financing activities53.2 (233.5)286.7 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(36.8)(6.2)(30.6)
Net decrease in cash, cash equivalents and restricted cash$(57.2)$(395.3)$338.1 
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Operating Activities. The decrease in cash provided by operating activities is primarily due to the net effect of (i) a net decline in cash flows associated with derivative instruments, (ii) an increase in Adjusted OIBDA, (iii) an increase associated with lower interest payments, (iv) a decrease associated with $44 million in proceeds received during 2024 that resulted from a claim pursuant to our Weather Derivatives in connection with Hurricane Beryl, and (v) a decrease resulting from higher tax payments.
Investing Activities. The cash used by investing activities during the nine months ended September 30, 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:
Nine months ended September 30,
20252024
in millions
Property and equipment additions$419.8 $485.2 
Assets acquired under capital-related vendor financing arrangements(88.9)(117.5)
Changes in current liabilities related to capital expenditures and other27.3 9.0 
Capital expenditures, net$358.2 $376.7 
The decrease in our property and equipment additions during the nine months ended September 30, 2025, as compared to the corresponding period in 2024, is primarily due to decreases in new build and upgrade and in products and enablers. During the nine months ended September 30, 2025 and 2024, our property and equipment additions represented 12.8% and 14.7% of revenue, respectively.
Financing Activities. During the nine months ended September 30, 2025, we generated $53 million in cash from financing activities, primarily due to (i) $116 million in net debt borrowings, (ii) $48 million in payments for financing costs and debt redemption premiums, (iii) $29 million in distributions to a noncontrolling interest owner in C&W Bahamas and (iv) 19 million in net cash received related to derivative instruments. During the nine months ended September 30, 2024, we used $234 million in cash for financing activities, primarily due to (i) $151 million in net debt repayments, (ii) $83 million in cash outflows associated with the repurchase of Liberty Latin America common shares, (iii) 43 million of net cash inflows related to derivative instruments, primarily related to the amendment of certain interest rate derivative contracts at C&W Caribbean and Liberty Puerto Rico, and (iv) $23 million in payments related to distributions to a noncontrolling interest owner in C&W Bahamas and C&W Panama.
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Off Balance Sheet Arrangements
In the ordinary course of business, we may provide (i) indemnifications to our lenders, our vendors and certain other parties and (ii) performance and/or financial guarantees to local municipalities, our customers and vendors. Historically, these arrangements have not resulted in our company making any material payments and we do not believe that they will result in material payments in the future.
Contractual Commitments
For information concerning our operating lease obligations and debt, see notes 9 and 10, respectively, to our condensed consolidated financial statements. In addition, we have commitments under (i) derivative instruments and (ii) defined benefit plans and similar agreements, pursuant to which we expect to make payments in future periods. For information regarding projected cash flows associated with our derivative instruments, see Item 3. Quantitative and Qualitative Disclosures About Market Risk—Projected Cash Flows Associated with Derivative Instruments below. For information regarding our derivative instruments, including the net cash paid or received in connection with these instruments during the nine months ended September 30, 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.
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Item 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The information in this section should be read in conjunction with the more complete discussion that appears under Quantitative and Qualitative Disclosures About Market Risk in our 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:
September 30,
2025		December 31, 2024
Spot rates:
CRC503.34 510.49 
JMD159.86 155.33 
 Three months ended September 30,Nine months ended September 30,
 2025202420252024
Average rates:
CRC504.97 523.03 505.49 517.01 
JMD159.62 156.51 158.11 155.42 
Interest Rate Risks
In general, we seek to enter into derivative instruments to protect against increases in the interest rates on our variable-rate debt. Accordingly, we have entered into various derivative transactions to reduce exposure to increases in interest rates. We use interest rate derivative contracts to exchange, at specified intervals, the difference between fixed and variable interest rates calculated by reference to an agreed-upon notional principal amount. At September 30, 2025, we paid a fixed or capped rate of interest on 87% 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.


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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 September 30, 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 $109 million ($109 million).
Liberty Costa Rica Foreign Currency Forward Contracts
Holding all other factors constant, at September 30, 2025, an instantaneous increase (decrease) of 10% in the value of the Costa Rica Colon relative to U.S. dollar would have increased (decreased) the aggregate fair value of the Liberty Costa Rica forward derivative contracts by approximately $18 million ($18 million).
Projected Cash Flows Associated with Derivative Instruments
The following table provides information regarding the projected cash flows associated with our derivative instruments. The U.S. dollar equivalents presented below are based on interest rates and exchange rates that were in effect as of September 30, 2025. These amounts are presented for illustrative purposes only and will likely differ from the actual cash payments or receipts required in future periods. For additional information regarding our derivative instruments, including our counterparty credit risk, see note 6 to our condensed consolidated financial statements.
 Payments (receipts) due during:Total
 Remainder of 202520262027202820292030Thereafter
 in millions
Projected derivative cash payments (receipts), net:
Interest-related (a)$(14.9)$(53.4)$(30.5)$(20.4)$(1.9)$(1.9)$(2.5)$(125.5)
Other (b)3.0 4.9 — — — — — 7.9 
Total
$(11.9)$(48.5)$(30.5)$(20.4)$(1.9)$(1.9)$(2.5)$(117.6)
(a)Includes the interest-related cash flows of our interest rate derivative contracts.
(b)Includes amounts related to our foreign currency forward contracts.
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Item 4.    CONTROLS AND PROCEDURES
Evaluation of disclosure controls and procedures
We maintain disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act that are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Executives, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, the Executives recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply judgment in evaluating the cost-benefit relationship of possible controls and objectives.
As disclosed in our 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 September 30, 2025. As remediation is not completed, the Executives concluded that our disclosure controls and procedures continue to be ineffective as of September 30, 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;
•the central enterprise resource planning software was implemented for another one of our segments to standardize and enhance the related processes and controls; and
•held trainings to reinforce control concepts and responsibilities for control performers.

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PART II - OTHER INFORMATION
Item 1.     LEGAL PROCEEDINGS
From time to time, our subsidiaries and affiliates have become involved in litigation relating to claims arising out of their operations in the normal course of business. For additional information, see note 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
(c)    Issuer Purchases of Equity Securities
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.
The following table sets forth information concerning our company’s purchase of its own equity securities through exercise of some of our capped call option contracts during the three months ended September 30, 2025 (in millions, except per share amounts). Due to rounding, the total number of shares purchased during the quarter may not recalculate.
PeriodTotal number of shares purchasedAverage price
paid per share (a)		Total number of
shares purchased as part of publicly
announced plans
or programs		Approximate
dollar value of
shares that may
yet be purchased
under the plans or programs
July 1, 2025 through July 31, 2025:
Class A— $— — (b)
Class C— $— — 
August 1, 2025 through August 31, 2025:
Class A— $— — (b)
Class C— $— — 
September 1, 2025 through September 30, 2025:
Class A0.07 $8.15 0.07 (b)
Class C0.21 $8.29 0.21 
Total - July 1, 2025 through September 30, 2025:
Class A0.07 $8.15 0.07 (b)
Class C0.21 $8.29 0.21 
(a)Average price paid per share includes direct acquisition costs.
(b)At September 30, 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
(c)    Insider Trading Arrangements and Policies
During the three months ended September 30, 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.
77

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):
10.1
Form of Liberty Latin America Ltd. Retention Bonus Agreement, dated August 8, 2025, (with Chief Financial Officer and Chief Legal Officer).*
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.SCHXBRL Inline Taxonomy Extension Schema Document.*
101.CALXBRL Inline Taxonomy Extension Calculation Linkbase Document.*
101.DEFXBRL Inline Taxonomy Extension Definition Linkbase.*
101.LABXBRL Inline Taxonomy Extension Label Linkbase Document.*
101.PREXBRL Inline Taxonomy Extension Presentation Linkbase Document.*
104Cover Page Interactive Data File.* (formatted as Inline XBRL and contained in Exhibit 101)
*    Filed herewith
**    Furnished herewith
.


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SIGNATURES

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

 LIBERTY LATIN AMERICA LTD.
Dated:November 5, 2025
/s/ BALAN NAIR
Balan Nair
President and Chief Executive Officer
Dated:November 5, 2025
/s/ CHRISTOPHER NOYES
Christopher Noyes
Senior Vice President and Chief Financial Officer



79

Source: View Original Filing on SEC EDGAR

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Liberty Latin America Ltd

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Nov 5, 2025
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Nov 5, 2025
[8-K] Liberty Latin America Ltd. Reports Material Event
Oct 29, 2025
[8-K] Liberty Latin America Ltd. Reports Material Event
Oct 17, 2025
[8-K] Liberty Latin America Ltd. Reports Material Event
Oct 2, 2025
[Form 4] Liberty Latin America Ltd. Insider Trading Activity
Oct 2, 2025
[Form 4] Liberty Latin America Ltd. Insider Trading Activity

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