Company: LILA
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001712184-25-000094
Chunk: 24

Company: Liberty Latin America Ltd.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 2
Chunk 24
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 March 31, 2025 and 2024, respectively. The net loss during the three months ended March 31, 2025 is associated with the refinancing activity at C&W. The activity during the 2024 period is associated with the partial repurchase of the Convertible Notes.

For additional information concerning our debt repurchases and repayments, see note 10 to our condensed consolidated financial statements.

Income tax benefit or expense

We recognized income tax expense of $9 million and $5 million during the three months ended March 31, 2025 and 2024, respectively. 

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

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

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

Net earnings or loss

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

 Three months ended March 31, 20252024 in millionsOperating income$128.1 $92.8 Net non-operating expenses$(245.7)$(88.2)Income tax expense$(9.1)$(5.1)Net loss$(126.7)$(0.5)

Gains or losses associated with (i) changes in the fair values of derivative instruments and (ii) movements in foreign currency exchange rates are subject to a high degree of volatility and, as such, any gains from