Liberty Latin America Ltd.

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.

CONDENSED CONSOLIDATED BALANCE SHEETS

CONDENSED CONSOLIDATED BALANCE SHEETS – (Continued)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY – (Continued)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – (Continued)

Notes to Condensed Consolidated Financial Statements

(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 throughtwo 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, 2026.

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 2025 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.

Liquidity

Within 12 months from the issuance of these condensed consolidated financial statements, in October 2027, the $1,161 million principal amount of the 2027 LPR Senior Secured Notes will be due and payable by LCPR Senior Secured Financing. The proceeds of the 2027 LPR Senior Secured Notes were on-lent by LCPR Senior Secured Financing to certain entities within our Liberty Puerto Rico borrowing group, and the related senior secured proceeds loan will be due and payable at the same time that the 2027 LPR Senior Secured Notes become due and payable.

The Company and our Liberty Puerto Rico borrowing group have respectively engaged advisors and are in discussions with the creditors of LCPR Senior Secured Financing and LCPR Loan Financing, and their respective advisors, in relation to managing the liabilities arising from the senior secured proceeds loans made by such entities to the Liberty Puerto Rico borrowing group, including the senior secured proceeds loan relating to the 2027 LPR Senior Secured Notes.

As of November 4, 2026, these discussions have not resulted in an agreement between the parties, and the position of the relevant entities within the Liberty Puerto Rico borrowing group with respect to their debt and our position with respect to our equity interests in such entities remain uncertain. If an agreement is not reached before the maturity of the 2027 LPR Senior Secured Notes and the 2027 LPR Senior Secured Notes are not repaid in full, those creditors may seek to instruct LCPR Senior Secured Financing and LCPR Loan Financing to enforce their respective security interests over 100% of the equity in certain entities within the Liberty Puerto Rico borrowing group pursuant to the terms of the 2027 LPR Senior Secured Notes, the 2029 LPR Senior Secured Notes, the 2028 LPR Term Loan and the related senior secured proceeds loans, which would result in a loss of control and deconsolidation of those entities from our consolidated financial statements.

The indebtedness of our other borrowing groups do not contain cross-default or cross-acceleration provisions to the indebtedness of the Liberty Puerto Rico borrowing group. As such, a default with respect to the 2027 LPR Senior Secured Notes, the 2029 LPR Senior Secured Notes, the 2028 LPR Term Loan and the related senior secured proceeds loans would not result in the acceleration of debt obligations of our other borrowing groups or Liberty Latin America’s ability to service its own obligations.

Management has evaluated the potential impact on Liberty Latin America if an agreement with the applicable creditors is not reached and certain entities within the Liberty Puerto Rico borrowing group are deconsolidated. Based on the structure of our borrowing groups, the absence of any cross-default or cross-acceleration provisions between them, and the fact that the indebtedness of the Liberty Puerto Rico borrowing group is non-recourse to, and is not guaranteed by, the Company or our other borrowing groups, management does not expect such an outcome to impair Liberty Latin America’s ability to continue to operate or meet its obligations as they become due.

(2)Accounting Changes and Recent Accounting Pronouncements

Accounting Changes

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. This standard did not have a material impact on our consolidated financial statements.

Recent Accounting Pronouncements

ASU 2024-03

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): 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 220-40): 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 2025-06

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.

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 5. 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 5.

Non-recurring Fair Value Measurements

Fair value measurements may also be used for purposes of non-recurring valuations performed in connection with our acquisition accounting and impairment assessments. During the three and nine months ended September 30, 2026, we did not perform any such non-recurring valuations. During the three and 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.

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 trigger 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. 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 challenges related to the operationalization of this spectrum.

(4)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:

(5)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, net, 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:

(a)Our current derivative assets, long-term derivative assets, current derivative liabilities and long-term derivative liabilities are included in other current assets, net, other assets, net, other accrued and current liabilities and other long-term liabilities, respectively, in our condensed consolidated balance sheets.

(b)We consider credit risk relating to our nonperformance and the nonperformance of our counterparties in the fair value assessment of our derivative instruments. In all cases, the adjustments take into account offsetting liability or asset positions within each of our primary borrowing groups and are recorded in realized and unrealized gains or losses on derivative instruments, net, in our condensed consolidated statements of operations.

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.

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

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

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, 2026, 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 $93 million.

Our C&W and Liberty Costa Rica borrowing groups have each entered into derivative instruments under agreements with each counterparty that contain master netting arrangements that are applicable in the event of early termination by either party to such derivative instrument. The master netting arrangements under each of these master agreements are limited to the derivative instruments governed by the relevant master agreement within each individual borrowing group and are independent of similar arrangements of our other subsidiary borrowing groups.

Details of our Derivative Instruments

Interest Rate Derivative Contracts

Interest Rate Swaps

We enter into interest rate swaps to protect against increases in the interest rates on our variable-rate debt. Pursuant to these derivative instruments, we typically pay fixed interest rates and receive variable interest rates on specified notional amounts. At September 30, 2026, 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, certain interest rate swap contracts with an embedded floor of 0%, and certain interest rate swap contracts where the counterparty has the right to cancel at a certain date in the future, and the related weighted average remaining contractual life was 4.3 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, 2026, our C&W borrowing group had an outstanding notional amount of $1,180 million due from our counterparties under basis swap contracts, which includes forward-starting derivative instruments, and the related weighted average remaining contractual life was 0.2 years.

Foreign Currency Forward Contracts

We enter into foreign currency forward contracts with respect to non-functional currency exposure. At September 30, 2026, our Liberty Costa Rica borrowing group had foreign currency forward contracts with total notional amounts due from and to counterparties of $218 million and CRC 107 billion, respectively, with a weighted average remaining contractual life of 0.8 years.

(6)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 were to 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:

Our accumulated goodwill impairments were $3,300 million at each of September 30, 2026 and December 31, 2025.

Property and Equipment, Net

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

During the nine months ended September 30, 2026 and 2025, we recorded non-cash increases to our property and equipment related to vendor financing arrangements aggregating to $126 million and $89 million, respectively.

Intangible Assets Not Subject to Amortization

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

Intangible Assets Subject to Amortization, Net

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

(7)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, 2026, 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, 2026 and 2025 was not material to the consolidated financial statements.

During July 2026, we entered into an agreement to sell our minority interest in WOW, with the transaction expected to be finalized within the next 12 months, subject to regulatory approval.

(8)Operating Leases

The following table provides details of our operating lease expense:

Our operating lease expense is included in facility, provision, franchise and other expense within 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:

(a)Represents non-cash transactions associated with operating leases entered into during the period.

Our operating lease right-of-use assets are included in other assets, net, and our long-term operating lease liabilities are included in other long-term liabilities, respectively, in our condensed consolidated balance sheets.

Maturities of Operating Leases

Maturities of our operating lease liabilities as of September 30, 2026 are presented below. Amounts presented below represent U.S. dollar equivalents (in millions) based on September 30, 2026 exchange rates.

(9)Debt and Finance Lease Obligations

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

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

(a)Represents the weighted average interest rate in effect at September 30, 2026 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, 2026 without regard to covenant compliance calculations or other conditions precedent to borrowing. At September 30, 2026, 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, 2026 compliance reporting requirements. At September 30, 2026, 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 inthree annual installments.

(e)The C&W Credit Facilities’ unused borrowing capacity comprises 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. During the nine months ended September 30, 2026 and 2025, we received proceeds of $4 million andnil, respectively, related to the Tower Transactions, which are included in borrowings of debt in our condensed consolidated statements of cash flows.

(g)Includes $358 million and $306 million at September 30, 2026 and December 31, 2025, 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 withinone year, other than for certain licensing arrangements that are generally due over the term of the related license, and include VAT that was paid on our behalf by the vendor. Our operating expenses include $194 million and $154 million for the nine months ended September 30, 2026 and 2025, 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.

2030 LPR RCF Agreement

On May 15, 2026, the Unrestricted Subsidiaries entered into the 2030 LPR RCF Agreement, which provided for a $155 million senior secured revolving credit facility with a final maturity date of September 23, 2030. Interest thereunder accrues on drawn amounts at a rate equal to Term SOFR plus 4.25%, subject to certain adjustments, and is payable on the last date of each interest period as selected for the relevant borrowing. The borrowers and the guarantors under the 2030 LPR RCF Agreement are the same as those under the 2030 LPR Credit Agreement, and the lenders under the 2030 LPR RCF Agreement share on a pari passu basis in substantially the same security granted in favor of the lenders under the 2030 LPR Credit Agreement. Also on May 15, 2026, the Unrestricted Subsidiaries borrowed $86 million under the 2030 LPR Revolving Credit Facility, the proceeds of which were used to fund an intercompany loan to LMPR. The proceeds of the intercompany loan were applied to repay in full all the then outstanding balances due under the 2027 LPR Revolving Credit Facility, subsequent to which the 2027 LPR Revolving Credit Facility was terminated.

2030 LPR Joinder and Amendment Agreement

On May 28, 2026, the Unrestricted Subsidiaries entered into the 2030 LPR Joinder and Amendment Agreement that provides for the new 2030 LPR Term Loan 2 under the existing 2030 LPR Credit Agreement, of which $150 million has been drawn and $50 million will be available over the next 12 months. The 2030 LPR Term Loan 2 has a maturity date of September 23, 2030 and a fixed interest rate of 12.0% per annum. Loans made under the 2030 LPR Joinder and Amendment Agreement may be repaid at the option of the LPR Unrestricted Subsidiary Borrowers at any time, in whole or in part, subject to payment of the following prepayment fees: (i) on or prior to thesix month anniversary of the May 28, 2026 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,5.00%; (iii) after the first anniversary of the closing date and on or prior to the second anniversary of the closing date,7.50%; (iv) after the second anniversary of the closing date and on or prior to the third anniversary of the closing date,5.00%; (v) after the third anniversary of the closing date and on or prior to the fourth anniversary of the closing date,2.50%; and (vi) thereafter,0.00%.

In connection with the 2030 LPR Joinder and Amendment Agreement, certain prepayment fee amounts and the interest rate applicable to the 2030 LPR Term Loan 1 have been amended to align with those applicable to the 2030 LPR Term Loan 2. The $150 million of proceeds drawn under the 2030 LPR Term Loan 2 on May 28, 2026 were used to fund intercompany loans to

LMPR and LCPR. LMPR used a portion of the proceeds to repay the intercompany loan made to it on May 15, 2026. In turn, the LPR Unrestricted Subsidiary Borrowers repaid the $86 million borrowed on the 2030 LPR Revolving Credit Facility, as described above. Further, in accordance with the terms of the 2030 LPR RCF Agreement, the amount of the 2030 LPR Revolving Credit Facility was permanently reduced from $155 million to $140 million.

Financing Activity

During the nine months ended September 30, 2026 and 2025, borrowings related to significant credit facilities we drew down, entered into or amended, are as follows:

N/A – Not applicable.

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

(b)The 2027 C&W RCF and the 2029 C&W RCF compose the C&W Revolving Credit Facility. During 2025, the C&W Revolving Credit Facility was amended. Under the terms of the amended agreement, $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, if any, of the refinancing of the C&W Term Loan B-6 Facility.

During the nine months ended September 30, 2026 and 2025, we made certain repurchases or repayments on the following debt instruments:

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

Maturities of Debt

Maturities of our debt as of September 30, 2026 are presented below. Amounts presented below represent U.S. dollar equivalents based on September 30, 2026 exchange rates:

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

(10)Unfulfilled Performance Obligations

We enter into certain long-term (i) 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 and (ii) contracts with customers related to the construction of subsea cable systems where we recognize revenue over time, generally using an output method. With respect to long-term prepaid contracts, we assess whether such 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 contracts is deferred and generally recognized on a straight-line basis over the life of the contract. As of September 30, 2026, we have approximately $395 million of unfulfilled performance obligations relating to our long-term contracts that generally will be recognized as revenue over an average remaining life offive years.

(11)Equity

Share Repurchase Program

Effective May 7, 2024, our Board approved a Share Repurchase Program, which, subject to certain limitations and conditions, authorizes us to repurchase up to $200 million in aggregate dollar value of our Class A common shares and/or Class C common shares through December 2026.

The Share Repurchase Program does not obligate us to repurchase any of our Class A or C common shares. Under the Share Repurchase Program, 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.

During the three months ended September 30, 2026, we repurchased 0.9 million and 10.3 million Class A and Class C common shares, respectively. During the nine months ended September 30, 2026, we repurchased 2.2 million and 12.7 million Class A and Class C common shares, respectively. At September 30, 2026, the remaining amount authorized for share repurchases under the Share Repurchase Program was $81 million. 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.

LCR NCI Transaction

During August 2024, we entered into an agreement with the noncontrolling interest owner of Liberty Costa Rica whereby we agreed to acquire an additional 8.5% of the remaining noncontrolling interest on January 30, 2026 for an aggregate cash consideration of approximately $84 million, of which $53 million was paid during the first quarter of 2026. The remaining consideration, due on January 29, 2027, is comprised of CRC 8 billion ($18 million) and $15 million, which is reflected within other accrued and current liabilities in our condensed consolidated balance sheet at September 30, 2026.

Series A Preference Shares

In May 2026, an authorized committee of our Board declared a special dividend on each class of the Liberty Latin America Common Shares. The special dividend consists of one share of newly issued Series A Preference Shares for every ten Liberty Latin America Common Shares having an initial liquidation price of $25 per Series A Preference Share, with cash to be paid in lieu of fractional shares. The Series A Preference Shares were distributed on June 16, 2026 to the shareholders of record on June 1, 2026.

The following sets forth the rights and preferences of the Series A Preference Shares.

Dividends

Subject to the prior preferences and other rights of any Senior Stock (as defined in the Preference Share Designation), the holders of shares of Series A Preference Shares are entitled to receive, when, as and if declared payable by the Board, out of legally available funds, preferential dividends that accrue and cumulate as provided for in the Preference Share Designation. Dividends on each share of Series A Preference Shares accrue on a daily basis at a rate of 9.0% per annum of the liquidation price. If declared, accrued dividends are payable quarterly on each dividend payment date, which is March 15, June 15,

September 15, and December 15 of each year, commencing with September 15, 2026 (or, if such date is not a business day, the next business day after such date).

Subject to certain exceptions, so long as any shares of Series A Preference Shares are outstanding, we may not declare or pay any dividend or make any distribution whatsoever with respect to, or purchase, redeem, or otherwise acquire, any Liberty Latin America Common Shares or set aside funds for any such purposes, unless and until (i) all accrued and unpaid dividends (whether or not declared) which have been added to and remain part of the liquidation price have been paid (or appropriately set aside), and (ii) we have paid in full (or appropriately set aside) all redemption payments with respect to the Series A Preference Shares that we are then obligated to pay.

In August 2026, our Board declared a dividend on our Series A Preference Shares. The dividend was payable in cash on September 15, 2026 to holders of record of our Series A Preference Shares as of market close on September 1, 2026. The aggregate amount of the dividend was $11 million or $0.5625 per share.

Distributions Upon Liquidation, Dissolution or Winding Up

Subject to the prior payment in full of any Debt Instrument (as defined in the Preference Share Designation) and other liabilities owed to our creditors and the preferential amounts to which any Senior Stock is entitled, if any Liquidation Event (as defined in the Preference Share Designation) occurs, the holders of shares of the Series A Preference Shares are entitled to receive from the assets of Liberty Latin America, before any payment or distribution is made to the holders of shares of any Liberty Latin America Common Shares, an amount in property or cash or a combination thereof, as determined by the Board in good faith, per share, equal to the liquidation price plus all unpaid dividends (whether or not declared) accrued to but excluding the date of distribution of amounts payable to holders of shares of Series A Preference Shares in connection with such Liquidation Event (as defined in the Preference Share Designation) since the immediately preceding dividend payment date, which payment will be made pari passu with any such payment made to the holders of shares of any Liberty Latin America Common Shares.

The liquidation price of each share of Series A Preference Shares as of any date is the sum of (i) the initial $25 liquidation price, plus (ii) an amount equal to all unpaid dividends (whether or not declared) accrued with respect to such share that have been added to and then remain unpaid as of such date.

Other than redemption upon liquidation, the Series A Preference Shares have no other mandatory redemption features.

Optional Redemption

On any business day occurring on or after June 16, 2031, being the fifth anniversary of the original issue date of the Series A Preference Shares (the “No Call Period”), we are permitted, at any time and from time to time, to redeem all or a portion of the outstanding shares of Series A Preference Shares out of funds legally available, at the liquidation price plus all unpaid dividends (whether or not declared) accrued from (and including) the most recent dividend payment date to (but not including) the date of redemption; provided that we may effect an optional redemption prior to the No Call Date as described below under the heading “Extraordinary Transactions; Other Transactions.”

The Preference Share Designation places certain restrictions on us in the event we do not have funds legally available to satisfy our redemption obligations.

Extraordinary Transactions; Other Transactions

In the event of any Extraordinary Transaction (as defined in the Preference Share Designation) the Board, in its sole discretion, will determine whether the outstanding Series A Preference Shares will be (i) cancelled and paid out of the consideration payable to our shareholders in such Extraordinary Transaction the liquidation price plus all unpaid dividends (whether or not declared payable) accrued from (and including) the most recent dividend payment date to (but not including) the date of cancellation, (ii) exchanged for Substitute Preference Shares (as defined in the Preference Share Designation), (iii) redeemed pursuant to the optional redemption provisions or (iv) remain outstanding, subject to the voting rights described below under the heading “Voting Power.”

In the event of an amalgamation, exchange, merger or similar transaction that is not an Extraordinary Transaction, the Board, in its sole discretion, may determine that the outstanding Series A Preference Shares will be cancelled and, in exchange therefor, the holders of Series A Preference Shares will be entitled to receive shares of Substitute Preference Shares in connection with such transaction; provided that nothing will otherwise prohibit a redemption pursuant to the optional redemption provisions.

In the event of a spin-off, the Board may determine that the outstanding Series A Preference Shares will be cancelled and, in exchange therefor, the holders of Series A Preference Shares will be entitled to receive preference shares of the entity being spun off having powers, preferences and rights substantially identical to the Series A Preference Shares (except for any change to such powers, preferences, or rights that do not materially and adversely affect the Series A Preference Shares).

Preemptive Rights

The holders of shares of Series A Preference Shares do not have any preemptive right to subscribe for or purchase any capital stock or other securities which we may issue.

Voting Power

The holders of the Series A Preference Shares will not have any voting rights or powers, except as legally required and as further stipulated in the Preference Share Designation.

Preferred Directors

So long as there remain outstanding shares of Series A Preference Shares having an aggregate liquidation price in excess of 25% of the aggregate liquidation price of the shares of Series A Preference Shares issued on the Original Issue Date (as defined in the Preference Share Designation), holders of the Series A Preference Shares will have certain director election rights as further described in the Preference Share Designation whenever dividends on shares of the Series A Preference Shares have not been declared and paid for at least six quarterly periods, whether or not consecutive.

Accumulated Other Comprehensive Loss

In September 2026, the CWSF completed a partial buyout of certain member obligations of the pension plan resulting in the release of $75 million of CWSF pension-related actuarial losses, previously recognized in accumulated other comprehensive loss. The actuarial losses are recognized in other income (expense), net, in our condensed consolidated statements of operations, and impairment and other non-cash activity, net, in our condensed consolidated statements of cash flows. As of September 30, 2026, the remaining balance of the CWSF pension-related adjustments in accumulated other comprehensive loss was $50 million.

(12)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 (expense) was ($24 million) and $4 million during the three months ended September 30, 2026 and 2025, respectively, and ($85 million) and $151 million during the nine months ended September 30, 2026 and 2025, respectively. This represents an effective income tax rate of 74.9% and 34.7% for the three months ended September 30,2026 and 2025, respectively. For the nine months ended September 30, 2026, the effective income tax rate was not meaningful due to earnings before income taxes being near breakeven. For the nine months ended September 30, 2025, this represents an effective income tax rate of (22.3)%, including items treated discretely.

For the three months ended September 30, 2026, the income tax expense attributable to our loss before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the detrimental effects of jurisdictional rate differences, the inclusion of withholding taxes on cross-border payments, net increases in valuation allowances, permanent differences, such as non-deductible expenses, and the inclusion of global minimum tax. These detrimental effects were partially offset by the beneficial effects of permanent differences, such as non-taxable income.

For the nine months ended September 30, 2026, the income tax expense attributable to our earnings before income taxes differs from the amounts computed using the statutory tax rate, primarily due to the detrimental effects of jurisdictional rate differences, the inclusion of withholding taxes on cross-border payments, net return-to-provision adjustments, net increases in valuation allowances, permanent differences, such as non-deductible expenses, and the inclusion of global minimum tax. These detrimental effects were partially offset by the beneficial effects of permanent differences, such as non-taxable income, and net changes in uncertain tax positions.

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.

(13)Earnings or Loss Per Share

Basic EPS is computed by dividing net earnings or loss attributable to Liberty Latin America shareholders, after deducting dividends on the Series A Preference Shares (whether or not declared), by the weighted average number of Liberty Latin America Common 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 Series A Preference Shares are not convertible into Liberty Latin America Common Shares and accordingly do not affect the denominator of our diluted EPS calculation. For additional information regarding Series A Preference Shares, see note 11.

For purposes of computing EPS, dividends on the Series A Preference Shares for the period from September 16, 2026 through September 30, 2026 have been deducted from net loss attributable to Liberty Latin America shareholders to arrive at net loss available to Liberty Latin America common shareholders, regardless of whether such dividends have been declared. Cumulative undeclared dividends on the Series A Preference Shares were $1.8 million as of September 30, 2026.

The details of the calculations of our basic and diluted EPS are set forth below:

(a)During the nine months ended September 30, 2025 and three and nine months ended September 30, 2026, we reported net losses attributable to Liberty Latin America shareholders. As a result, at September 30, 2026 and 2025 the potentially dilutive effects of the following items were 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:

(i) In connection with the issuance of the Series A Preference Shares in June 2026, outstanding SARs and PSARs were equitably adjusted pursuant to the anti-dilution provisions of the applicable award agreements at conversion ratios of 1.43 and 1.47 for LILA and LILAK awards, respectively, resulting in an increase to the number of shares underlying the awards presented above and a reduction in exercise prices. The 2026 amounts reflect outstanding SARs of 17.4 million and 35.7 million with weighted average exercise prices of $6.98 and $6.81 related to LILA and LILAK awards, respectively, and outstanding PSARs of 3.9 million and 7.9 million with weighted average exercise prices of $9.70 and $9.50 related to LILA and LILAK awards, respectively. The adjustment did not result in any incremental stock-based compensation expense.

(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):

(14)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 LCR NCI Transaction, see note 11.

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.

Transitional Services Agreement

During 2024, 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.

Financing Transaction Litigation

On March 19, 2026, entities affiliated with Arini Capital Management and GoldenTree Asset Management that are purported beneficial holders of the 2028 LPR Term Loan commenced a civil action in the Supreme Court of the State of New York, County of New York, Commercial Division, against Liberty Puerto Rico, Liberty Latin America, Leo Cable LLC, The Bank of Nova Scotia (as administrative and SPV security agent under the 2028 LPR Term Loan credit agreement), certain individuals affiliated with Liberty Puerto Rico and Liberty Latin America, and certain other entities, all with respect to Liberty Puerto Rico’s entry into the 2030 LPR Credit Agreement, the issuance of the 2030 LPR Term Loan 1, and related transactions (the “Unrestricted Subsidiary Financing”). The plaintiffs filed an amended complaint on August 14, 2026 that added additional causes of action, plaintiffs and defendants. The plaintiffs allege, among other things, that the Unrestricted Subsidiary Financing resulted in a breach of the 2028 LPR Term Loan credit agreement and related documents, as well as a breach of fiduciary duties by certain entities and individuals. The plaintiffs also assert claims of fraudulent transfer, tortious interference, aiding and abetting a purported breach of fiduciary duties, alter ego, and related claims. The plaintiffs request that the court declare an event of default under the 2028 LPR Term Loan credit agreement, avoid and unwind certain asset transfers made in connection with the Unrestricted Subsidiary Financing, and award compensatory damages, attorneys’ fees, costs, and disbursements. We dispute the claim, and we intend to vigorously defend the matter. On October 16, 2026, the defendants filed motions to dismiss several defendants and many claims. We are unable to predict the likely duration of this civil action, nor are we able to estimate a liability or reasonable range of loss associated with it.

(15)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, 2026, 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, who is our Chief Executive Officer, to evaluate segment operating performance. Adjusted OIBDA is also a key factor that is used by our internal decision makers to determine how to allocate resources to segments. Our internal decision makers believe Adjusted OIBDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. A reconciliation of Total 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.

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

(a)Represents net of revenue and total significant other operating costs and expenses associated with Corporate, as disclosed below, 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:

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

(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 6.

Geographic Markets

The revenue from third-party customers for each of our geographic markets is set forth in the table below.

(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.

(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 $62 million of revenue from sales of mobile handsets and other devices to residential mobile customers.

(c)The total amount includes $9 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

(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.

(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 $186 million of revenue from sales of mobile handsets and other devices to residential mobile customers.

(c)The total amount includes $26 million of revenue from sales of mobile handsets and other devices to B2B mobile customers.

(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.

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;

•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 costs, travel and entertainment and other operating-related costs.