Liberty Latin America Ltd. We find ourselves in an unprecedented time with significant global economic uncertainty stemming from the COVID pandemic.
Let me start by saying that our first quarter exceeded my expectations. This strong performance is a testament to the hard work and commitment of our employees and demonstrates that the changes we have made to our operating model over the last 24 months are working. Buiness a result, business plan avanza liberty are withdrawing our guidance that we shared with you just a few months ago.
The reasons are clear. The Coronavirus is unpredictable, government responses and policies are uncertain and nobody can be sure how long this disruption will last.
What I do know is that my librrty team and I are ready for this. We have shown that business plan avanza liberty can overcome challenges in our markets and become a stronger company. I can also tell you that we know how to run our business to generate cash and are focused on generating positive free cash flow in We also expect that our variable costs, such as COGS and activity related costs and capex, will go down with reductions in business plan avanza liberty.
We have more than enough liquidity on our balance sheet to weather this difficult period. Cash business plan avanza liberty the bank and positive free cash flow from our operations gives us stability and flexibility. Our mission has never been more important.
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Our networks enable social interactions, education for children, connectivity for work, access to information, platforms for governments to reach their citizens, and our plxn cables connect all to the global internet. Business plan avanza liberty, we are critical to a functioning society. However, many of our customers are not as fortunate.
Hotels are temporarily closed. Small businesses across the region are business plan avanza liberty difficulties due to lockdowns. We know our customers are doing what they can to weather this storm. We are here for them now. And we will be here for them when this is over. Functional resume photographer is like a hurricane that we are going through and I thought I would share with you how I am running our business through this storm.
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I have a framework business plan avanza liberty on eight areas. I am pleased to report that the number of our employees infected by COVID is small, and all of them have recovered or are on the road to recovery. We are happy libergy the governments in our markets have been proactive to flatten the curve and avoid spikes in infections.]