[Form 4] Liberty Latin America Ltd. Insider Trading Activity

Rhea-AI Filing Summary

Vestis Corporation (VSTS) Q3 FY-25 10-Q highlights

• Revenue slipped 3.5% YoY to $673.8 m; nine-month sales down 4.7% to $2.02 bn.
• Operating income fell 33% to $25.0 m; net swung to a $0.7 m loss (-$0.01 EPS) versus $5.0 m profit a year ago. YTD loss is $27.7 m (-$0.21 EPS).
• Cost pressure sustained: SG&A up 6% YTD and severance charges reached $12.4 m (vs. $1.4 m prior period).
• Operating cash flow collapsed to $33.3 m YTD (vs. $176.2 m), driven by working-capital use and higher credit-loss allowance (+$15 m).
• Net debt stands at $1.16 bn; weighted-avg interest 6.68%. May-25 credit-agreement amendment raised net-leverage covenant to 5.25× and suspended dividends/buybacks until leverage ≤4.5×, signalling tighter lender oversight.
• Liquidity: $23.7 m cash plus $266 m revolver availability.
• Segment view: U.S. revenue -3.7%, OI -37%; Canada revenue -1.5% but OI doubled to $2.5 m.
• No goodwill impairment despite trigger review; allowance for credit losses now $30.8 m.
• Multiple shareholder class- and derivative actions filed May–Jul 2025; settlement of prior pricing suit cost $3.1 m.

Overall, softer volumes, margin compression and litigation overshadow modest interest-expense savings and adequate liquidity.

Positive

• Interest expense declined 25% YoY (to $22.5 m) following February-24 refinancing, easing bottom-line pressure.
• Credit-agreement amendment increased leverage headroom and extended covenants, reducing immediate default risk.
• Liquidity remains available with $266 m unused revolver capacity plus $23.7 m cash.
• Canada segment doubled operating income to $2.5 m despite slight revenue dip.

Negative

• Revenue contraction: -3.5% Q3 and -4.7% YTD, indicating demand softness.
• Profitability reversal: Net loss of $0.7 m vs $5.0 m profit YoY; operating income down 33%.
• Operating cash flow plunged 81% YTD to $33.3 m, straining internal funding.
• High leverage: $1.16 bn debt vs $882 m equity; dividend suspended until leverage improves.
• Allowance for credit losses jumped to $30.8 m (+15 m adjustment), signalling collection risk.
• Severance costs surged to $12.4 m, reflecting executive turnover.
• Shareholder litigation and derivative suits create legal and reputational overhang.

Insights

Equity Analyst

TL;DR: Earnings reversed to loss, cash generation weak, leverage high—equity story deteriorates.

Revenue decline coupled with expense creep pushed Vestis into the red. Operating margin dropped 140 bp and nine-month OCF fell 81%, raising concerns on cash generation for a highly levered balance sheet. The covenant reset buys time but at the cost of dividend restrictions, confirming limited capital-allocation flexibility. Litigation overhang and credit-loss build highlight execution and governance risks. Equity holders face a tougher recovery path absent clear volume or pricing catalysts.

Credit Analyst

TL;DR: Covenant relief averts breach but fundamentals weaken; leverage and liquidity need close monitoring.

Net leverage remains elevated (~4.9× EBITDA by our quick estimate). Amendment raises threshold to 5.25× through FY-26, offering cushion, yet OCF erosion and higher bad-debt expense pressure coverage. Interest expense dropped 25% YoY after refinancing, though variable-rate exposure persists. $266 m revolver headroom plus $24 m cash suffice near-term, but dividend ban underscores lender precaution. Any further earnings slippage could reignite covenant risk.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Nair Balan

(Last) (First) (Middle)

1550 WEWATTA STREET

SUITE 800

(Street)

DENVER CO 80202

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Liberty Latin America Ltd. [ LILA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
06/28/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class C Common Shares	06/28/2025		A(1)	V	587	A	$0	1,651,588	D
Class C Common Shares	06/28/2025		F(2)	V	257	D	$6.11	1,651,331	D
Class C Common Shares	06/30/2025		A(3)	V	2,411	A	$6.22	1,653,742	D
Class C Common Shares								18,863	I	By 401(k) Plan
Class C Common Shares								1,139	I	By IRA

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These shares were acquired pursuant to the "match benefit" of ESPP in a transaction that was exempt under both Rule 16b-3(d) and Rule 16b-3(c).

2. Represents common shares that have been withheld by the Issuer to satisfy the tax liability in connection with the issuance of shares pursuant to the ESPP's "match benefit."

3. These shares were acquired under the Liberty Latin America Employee Stock Purchase Plan in transactions that were exempt under both Rule 16b-3(d) and Rule 16b-3(c).

Remarks:

The trading symbols for the Issuer's classes of common shares are LILA, LILAB, and LILAK.

	/s/ John M. Winter, Attorney-in-Fact	08/05/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How did VSTS perform financially in Q3 FY-25?

Revenue was $673.8 m (-3.5% YoY) and net loss was $0.7 m (-$0.01 EPS).

What is Vestis' current leverage and liquidity position?

Net debt is $1.16 bn; liquidity includes $23.7 m cash and $266 m undrawn revolver.

Why was the credit agreement amended in May 2025?

To raise the net-leverage covenant to 5.25× and restrict dividends/buybacks until leverage ≤4.5×, providing extra covenant cushion.

How did operating cash flow change year-to-date?

OCF fell to $33.3 m from $176.2 m in the prior year due to working-capital outflows and higher credit-loss reserves.

Are there any legal proceedings investors should note?

Yes. Multiple shareholder class and derivative actions were filed between May–July 2025, and a $3.1 m pricing suit was settled.

Did Vestis record any goodwill impairment this quarter?

No. A trigger test was performed but fair values exceeded carrying amounts.