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美國證券交易所(SEC)
華盛頓特區20549
表 10-Q
☑根據1934年證券交易法第13或15(d)節的季度報告
截至季度結束
2024年9月30日
或者
☐根據1934年證券交易法第13或15(d)節的轉型報告書
過渡期從     至      
佣金文件號 001-35961
lgorangecirclesrgba32.jpg
自由環球有限公司
（根據其章程規定的準確名稱）
百慕大 98-1750381
（國家或其他管轄區的
公司成立或組織）		 （IRS僱主
唯一識別號碼）
克拉倫登大廈, 2號教堂街, 漢密爾頓 HM 11, 百慕大
（總行地址）
註冊人電話號碼，包括區號：+1.303.220.6600
每個交易所的名稱
每一類的名稱交易標誌在其上註冊的交易所的名稱
A類普通股LBTYA納斯達克全球精選市場
B類普通股LBTYB納斯達克全球精選市場
C類普通股LBTYK納斯達克全球精選市場
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請勾選標記以說明註冊人是大型快速申報人、加速申報人、非加速申報人、較小的報告公司還是新興成長型公司。請查看《交易所法》第120億.2條中「大型快速申報人」、「加速申報人」、「較小的報告公司」和「新興成長型公司」的定義。

大型加速存取器  þ 加速歸檔者 ¨非加速歸檔者¨  
小型報告公司☐ 新興增長公司☐

如果是新興增長公司，請用複選標記表示，表明註冊人選擇不使用根據《交易所法案》第13（a）節規定的任何新的或修訂的財務會計準則的延長過渡期。¨
請用複選標記表示註冊人是否是《交易所法》第120億.2條定義的空殼公司。 是☐ 否þ

截至2024年10月22日，全球貨幣有限公司的普通股份總數爲 爲： 172,871,879 A類普通股， 12,988,658 B類普通股和 171,683,938 C類普通股。


全球貨幣自由有限公司。
目錄
 
  
數量
第一部分 — 財務信息
項目1。基本報表
三個月和 有九起類似訴訟針對JAVELIN的要約收購和合並被提起，稱違反信託責任，尋求公正補償，包括但不限於，禁止交易的達成、撤銷、解除已經交易的事項，以及發送費用、補貼成本，包括合理的律師費和費用。唯一的佛羅里達州訴訟從未向被告送達，該案件於2017年1月20日自願撤回並關閉。2016年4月25日，馬里蘭法院頒佈了一項命令，將馬里蘭案件合併成一起訴訟，標題爲JAVELIN Mortgage Investment Corp.股東訴訟（案號24-C-16-001542），並指定一個馬里蘭案件的律師作爲臨時首席聯合法律顧問。2016年5月26日，臨時首席律師提交了經修訂的釩化鐵質量投訴，聲稱違反信託責任的集體索賠，教唆和共謀違反信託責任以及浪費。2016年6月27日，被告提出了駁回合併修訂集體投訴申請的動議，聲稱未陳述可以獲得救濟的規定。在2017年3月3日，聽證會召開了駁回動議，法院保留了裁定。法院數次推遲動議陳述的裁定。2024年2月14日，法院頒佈裁定，支持被告的駁回動議，並駁回所有原告的權利，無需上訴。在2024年3月11日，原告提出了對法院裁定的上訴通知。2024年7月3日，原告自願撤回之前提出的上訴通知。 和202 九月 2024年和2023年（未經審計）
2024年9月30日及2023年控件綜合收益（虧損）三個月和九個月期間的壓縮合並財務報表（未經審計）
三個和合並簡明股權報表 有九起類似訴訟針對JAVELIN的要約收購和合並被提起，稱違反信託責任，尋求公正補償，包括但不限於，禁止交易的達成、撤銷、解除已經交易的事項，以及發送費用、補貼成本，包括合理的律師費和費用。唯一的佛羅里達州訴訟從未向被告送達，該案件於2017年1月20日自願撤回並關閉。2016年4月25日，馬里蘭法院頒佈了一項命令，將馬里蘭案件合併成一起訴訟，標題爲JAVELIN Mortgage Investment Corp.股東訴訟（案號24-C-16-001542），並指定一個馬里蘭案件的律師作爲臨時首席聯合法律顧問。2016年5月26日，臨時首席律師提交了經修訂的釩化鐵質量投訴，聲稱違反信託責任的集體索賠，教唆和共謀違反信託責任以及浪費。2016年6月27日，被告提出了駁回合併修訂集體投訴申請的動議，聲稱未陳述可以獲得救濟的規定。在2017年3月3日，聽證會召開了駁回動議，法院保留了裁定。法院數次推遲動議陳述的裁定。2024年2月14日，法院頒佈裁定，支持被告的駁回動議，並駁回所有原告的權利，無需上訴。在2024年3月11日，原告提出了對法院裁定的上訴通知。2024年7月3日，原告自願撤回之前提出的上訴通知。 和202 九月 2024年和2023年（未經審計）
的現金流簡明彙總表 有九起類似訴訟針對JAVELIN的要約收購和合並被提起，稱違反信託責任，尋求公正補償，包括但不限於，禁止交易的達成、撤銷、解除已經交易的事項，以及發送費用、補貼成本，包括合理的律師費和費用。唯一的佛羅里達州訴訟從未向被告送達，該案件於2017年1月20日自願撤回並關閉。2016年4月25日，馬里蘭法院頒佈了一項命令，將馬里蘭案件合併成一起訴訟，標題爲JAVELIN Mortgage Investment Corp.股東訴訟（案號24-C-16-001542），並指定一個馬里蘭案件的律師作爲臨時首席聯合法律顧問。2016年5月26日，臨時首席律師提交了經修訂的釩化鐵質量投訴，聲稱違反信託責任的集體索賠，教唆和共謀違反信託責任以及浪費。2016年6月27日，被告提出了駁回合併修訂集體投訴申請的動議，聲稱未陳述可以獲得救濟的規定。在2017年3月3日，聽證會召開了駁回動議，法院保留了裁定。法院數次推遲動議陳述的裁定。2024年2月14日，法院頒佈裁定，支持被告的駁回動議，並駁回所有原告的權利，無需上訴。在2024年3月11日，原告提出了對法院裁定的上訴通知。2024年7月3日，原告自願撤回之前提出的上訴通知。 和202 九月ember 2024年和2023年（未經審計）
項目2。
項目3。
項目4。
第二部分 — 其他信息
項目1。
項目2。
第5項
項目6。



全球貨幣自由有限公司。
簡明合併資產負債表
(未經審計)
 
2020年9月30日
2024		12月31日
2023
 百萬美元
資產
流動資產：
現金及現金等價物$2,356.4 $1,415.9 
應收交易賬款淨額（註釋3）
863.4 870.1 
短期投資（按公允價值計量，以重複出現的基礎）（註釋5）
906.3 1,990.5 
衍生工具（注6）
399.7 518.1 
其他流動資產（附註3和5）
671.2 847.0 
總流動資產5,197.0 5,641.6 
投資及相關應收款（包括$3,372.0萬美元和3,408.5 百萬，分別按照可重複性衡量的公允價值計量）（注5）
13,617.0 13,396.1 
房地產和設備淨值（附註8和10）
7,439.8 7,360.2 
商譽（附註8）
10,325.6 10,477.0 
無形資產攤銷淨額（注8）
1,773.8 2,053.6 
經營租賃使用權（IFRS 16對2023年Q3和2022年Q3的影響如下： （i）分別減少$1,352和$1,309的SG＆A費用，其中包括對使用權利（「ROU」）資產的折舊影響，減去租金支付不包括在SG＆A費用中的影響；（ii）分別增加$1,214和$1,186的利息費用，因爲這些租賃負債在期間內必須記錄利息費用，（iii）分別有$36和$33遞延所得稅影響，根據對ROU資產和租賃負債餘額的稅務屬性計算而來。IFRS 16對2023年截至日期和2022年截至日期的影響如下：（i）分別減少了$3,885和$4,262的SG＆A費用，其中包括對ROU資產折舊的影響，減去租金支付不包括在SG＆A費用中的影響；（ii）分別增加$3,508和$3,582的利息費用，因爲這些租賃負債在期間內必須記錄利息費用，（iii）分別有$99和$180的遞延所得稅影響，基於記錄的ROU資產和租賃負債餘額的稅務屬性。）資產（注10）
2,383.3 1,761.8 
其他資產淨額（注3和6）
1,029.9 1,397.6 
總資產$41,766.4 $42,087.9 

隨附說明是這些簡明合併財務報表的一部分。
1

全球貨幣自由有限公司。
濃縮合並資產負債表 - (續)
(未經審計)
 
2020年9月30日
2024		12月31日
2023
 百萬美元
負債和股東權益
流動負債:
應付賬款$560.6 $689.8 
遞延收入（附註3）
267.4 249.2 
衍生工具（附註6）
459.2 426.8 
債務及融資租賃義務的流動部分（注9和10）
999.3 806.8 
應計資本支出299.1 229.5 
應計所得稅$39,614248.6 263.9 
其他應計及流動負債（注10）
1,517.0 1,666.8 
流動負債合計4,351.2 4,332.8 
長期債務和融資租賃義務（注9和10）
14,891.8 14,959.1 
長期經營租賃負債（注10）
2,000.9 1,652.1 
其他長期負債（注3和6）
1,870.9 2,136.5 
負債合計23,114.8 23,080.5 
承諾和不確定性（附註6、9、10、11和15）
股本（附註12）：
全球自由股東：
A類普通股，$0.01 面值。已發行和流通 172,860,433和頁面。171,463,760 股份分別爲
1.7 1.7 
B類普通股，$0.01 面值。已發行和流通 12,988,658和頁面。12,988,658 股份分別爲
0.1 0.1 
C類普通股，$0.01 面值。已發行和流通 173,549,083和頁面。198,153,613 股份分別爲
1.8 2.0 
額外實收資本926.2 1,322.6 
未分配利潤14,910.0 15,566.0 
累計其他綜合收益，稅後淨額2,819.4 2,170.3 
已凍結股份，按成本覈算(0.1)(0.1)
全球貨幣股東總數18,659.1 19,062.6 
非控制權益(7.5)(55.2)
股東權益總計18,651.6 19,007.4 
負債和所有者權益總額$41,766.4 $42,087.9 

隨附說明是這些簡明合併財務報表的一部分。
2

全球貨幣自由有限公司。
簡明合併利潤表
(未經審計)

截至三個月結束時
2020年9月30日		截至九月底的九個月的營業租賃成本
2020年9月30日
 2024202320242023
 金額以百萬計，每股金額除外
營業收入（附註3、5和16）
$1,935.2 $1,854.5 $5,754.0 $5,570.9 
營運成本和支出（不包括折舊和攤銷，另行列明如下）:
編程和其他服務直接成本（注10）
591.6 586.3 1,853.3 1,740.8 
其他營業（注10和13）
311.3 301.6 912.0 899.7 
銷售、一般和管理（銷售及行政開支）（注10和13）
416.9 423.7 1,281.3 1,281.2 
折舊和攤銷500.6 584.0 1,512.7 1,681.8 
減值、重組和其他營業項目淨額（注10）
13.5 (13.7)51.7 6.6 
1,833.9 1,881.9 5,611.0 5,610.1 
業務利潤（虧損）101.3 (27.4)143.0 (39.2)
非經營性收入（費用）：
利息支出(251.2)(241.4)(756.2)(656.0)
衍生工具的已實現和未實現收益（損失），淨額（附註6）
(566.8)177.1 67.0 193.8 
外幣交易收益（損失），淨額(578.3)664.4 (280.3)417.9 
由於某些投資公允價值變動而產生的已實現和未實現收益（損失），淨額（附註5和7）
(45.9)71.5 38.9 (344.8)
聯營公司成果的份額，淨額（附註5）
(133.0)(240.8)(166.6)(341.1)
出售All3Media的收益（附註5）
— — 242.9 — 
與Telenet Wyre交易相關的收益（附註4）
— 377.8 — 377.8 
其他收入，淨額63.9 39.8 191.1 159.5 
(1,511.3)848.4 (663.2)(192.9)
稅前收益（損失）(1,410.0)821.0 (520.2)(232.1)
所得稅收益（費用）（附註11）
(0.9)1.7 (88.5)(170.0)
淨收益（虧損）(1,410.9)822.7 (608.7)(402.1)
歸屬非控制權益股東的淨收益(23.2)(163.5)(47.3)(159.7)
歸屬於全球貨幣股東的淨收益（虧損）$(1,434.1)$659.2 $(656.0)$(561.8)
基本每股歸屬於全球貨幣股東的收益（虧損）（附註14）
$(3.95)$1.58 $(1.77)$(1.28)
攤薄每股歸屬於全球貨幣股東的收益（虧損）（附註14）
$(3.95)$1.57 $(1.77)$(1.28)

相關附註是這些基本報表的一個不可或缺的部分。
3

自由全球有限公司。
綜合收益（損失）簡明綜合陳述
（未經審計）
 
三個月結束
九月三十日，		九個月結束了
九月三十日，
2024202320242023
 以百萬計
淨收益（損失）$(1,410.9)$822.7 $(608.7)$(402.1)
其他全面收益（損失），稅後：
外匯轉換調整1,884.2 (1,485.1)647.0 (289.8)
重新分類調整包含在淨收入（虧損）中0.5 (0.5)(1.2)(1.1)
與養老金相關的調整和其他(10.7)(1.0)3.3 (7.9)
其他全面收益（虧損）1,874.0 (1,486.6)649.1 (298.8)
綜合收益（虧損）463.1 (663.9)40.4 (700.9)
綜合收益歸屬於非控股權益的業主(22.7)(162.3)(47.3)(159.1)
綜合收益（虧損）歸屬於Liberty Global股東$440.4 $(826.2)$(6.9)$(860.0)
相關附註是這些基本報表的一個不可或缺的部分。
4

自由全球有限公司。
綜合股權附註表
（未經審計）

 Liberty 全球貨幣 股東非控制權益
利益		總計
股東權益
普通股額外的
實收資本
資本金		累計
盈餘		累計
其他
全面性
稅後收益		庫藏股，以成本衡量總共 自由全球貨幣
股東
 A級B級股C類
 以百萬計
2023 年 1 月 1 日結存
$1.8 $0.1 $2.7 $2,300.8 $19,617.7 $513.4 $(0.1)$22,436.4 $137.0 $22,573.4 
淨損失— — — — (721.4)— — (721.4)7.9 (713.5)
其他綜合所得（稅後淨額）— — — — — 697.1 — 697.1 0.5 697.6 
購回及取消Liberty Global普通股（附註12）
— — (0.1)(236.7)— — — (236.8)— (236.8)
股份報酬（附註13）
— — — 34.9 — — — 34.9 — 34.9 
因附屬公司權益及其他變動之調整，淨額— — — 12.2 — — — 12.2 1.7 13.9 
2023年3月31日結束餘額
1.8 0.1 2.6 2,111.2 18,896.3 1,210.5 (0.1)22,222.4 147.1 22,369.5 
淨損失— — — — (499.6)— — (499.6)(11.7)(511.3)
其他綜合所得（稅後淨額）— — — — — 490.1 — 490.1 0.1 490.2 
購回及取消Liberty Global普通股（附註12）
— — (0.1)(388.6)— — — (388.7)— (388.7)
基於股份的薪酬（附註13）
— — — 61.9 — — — 61.9 — 61.9 
子公司向非控股權益擁有人支付的股息— — — — — — — — (47.3)(47.3)
因子公司權益變動等之調整及其他，淨額— — — (29.9)— — — (29.9)(3.7)(33.6)
2023年6月30日結餘
1.8 0.1 2.5 1,754.6 18,396.7 1,700.6 (0.1)21,856.2 84.5 21,940.7 
淨收益— — — — 659.2 — — 659.2 163.5 822.7 
其他綜合損失，扣除稅款後淨額— — — — — (1,485.4)— (1,485.4)(1.2)(1,486.6)
Telenet Wyre 交易的影響（附註4）
— — — 708.8 — — — 708.8 328.7 1,037.5 
Telenet 收購買盤的影響（附註12）
— — — (340.7)— — — (340.7)(652.2)(992.9)
Liberty Global普通股的回購和取消（附註12）
— — (0.3)(523.4)— — — (523.7)— (523.7)
基於股份的補償（附註13）
— — — 47.8 — — — 47.8 — 47.8 
因子公司權益變動和其他調整，淨額— — — (0.9)— — — (0.9)3.0 2.1 
截至2023年9月30日的結餘
$1.8 $0.1 $2.2 $1,646.2 $19,055.9 $215.2 $(0.1)$20,921.3 $(73.7)$20,847.6 




相關附註是這些基本報表的一個不可或缺的部分。
5

自由全球有限公司。
綜合股权簡表 — （續）
(未經審計)

 全球貨幣股東非控制權益
利益		總費用
股東權益
普通股額外的
實收資本
資本		未分配利潤累積的
其他
綜合損益
稅後淨收益		已凍結股份，按成本覈算全球貨幣自由總計
股東
 A級B類C類
 百萬美元
2024年1月1日的餘額
$1.7 $0.1 $2.0 $1,322.6 $15,566.0 $2,170.3 $(0.1)$19,062.6 $(55.2)$19,007.4 
淨收益— — — — 510.0 — — 510.0 17.0 527.0 
In thousands, except per share amounts— — — — — (1,027.0)— (1,027.0)0.6 (1,026.4)
Liberty Global普通股的回購和取消（注12）
— — (0.1)(170.4)— — — (170.5)— (170.5)
基於股份的薪酬（注13）
— — — 35.4 — — — 35.4 — 35.4 
由於子公司權益和其他方面的變動調整，淨值— — — 18.6 — — — 18.6 (0.1)18.5 
2024年3月31日結存餘額
1.7 0.1 1.9 1,206.2 16,076.0 1,143.3 (0.1)18,429.1 (37.7)18,391.4 
淨收益— — — — 268.1 — — 268.1 7.1 275.2 
In thousands, except per share amounts— — — — — (198.4)— (198.4)(0.1)(198.5)
Liberty Global普通股的回購和取消（注12）
— — — (167.4)— — — (167.4)— (167.4)
基於股份的薪酬（注13）
— — — 46.1 — — — 46.1 — 46.1 
因子公司股本及其他變動的調整淨額— — — (30.0)— — — (30.0)— (30.0)
2024年6月30日餘額
1.7 0.1 1.9 1,054.9 16,344.1 944.9 (0.1)18,347.5 (30.7)18,316.8 
淨虧損— — — — (1,434.1)— — (1,434.1)23.2 (1,410.9)
其他綜合收益，稅後淨額— — — — — 1,874.5 — 1,874.5 (0.5)1,874.0 
Liberty Global普通股回購和註銷（附註12）
— — (0.1)(165.1)— — — (165.2)— (165.2)
股份報酬（附註13）
— — — 37.3 — — — 37.3 — 37.3 
因子公司股本及其他變動的調整淨額— — — (0.9)— — — (0.9)0.5 (0.4)
2024年9月30日的餘額
$1.7 $0.1 $1.8 $926.2 $14,910.0 $2,819.4 $(0.1)$18,659.1 $(7.5)$18,651.6 




隨附說明是這些簡明合併財務報表的一部分。
6

全球貨幣自由有限公司。
現金流量表簡明綜合報表
(未經審計) 

 截至九月底的九個月的營業租賃成本
2020年9月30日
 20242023
 百萬美元
經營活動現金流量：
淨利 綜合損失
$(608.7)$(402.1)
調整使淨損失轉化爲經營活動產生的現金流量：
基於股份的報酬支出147.0 174.4 
折舊和攤銷1,512.7 1,681.8 
減值、重組和其他經營項目淨額51.7 6.6 
攤銷的遞延融資成本和非現金利息52.8 47.8 
衍生工具的已實現和未實現收益淨額(67.0)(193.8)
外匯交易損失（收益），淨額280.3 (417.9)
因某些投資公允價值變動而產生的已實現和未實現損益淨額(38.9)344.8 
聯營公司業績份額淨額166.6 341.1 
遞延所得稅支出（收益）(32.6)40.7 
出售All3Media的收益
(242.9)— 
與Telenet Wyre交易相關的收益
— (377.8)
經營資產和負債的變動，考慮併購和處置的影響20.3 81.1 
經營活動產生的現金流量淨額1,241.3 1,326.7 
投資活動現金流量：
來自投資出售獲得的現金3,259.4 6,037.2 
投資所支付的現金(2,320.4)(6,677.9)
資本性支出，淨額(987.2)(1,016.2)
與All3Media銷售相關的現金收入
411.7 — 
與收購相關的現金支付，扣除取得的現金淨額(13.7)(113.8)
從VMO2合資企業分紅派息收入
— 815.2 
其他投資活動，淨額(14.9)(10.9)
投資活動提供的淨現金（使用）$334.9 $(966.4)

隨附說明是這些簡明合併財務報表的一部分。
7

全球貨幣自由有限公司。
現金流量綜合表-（續）
(未經審計)

 截至九個月
9月30日,
 20242023
 單位：百萬
融資活動的現金流：
債務借款$4.0 $2,117.5 
與運營相關的供應商融資新增項579.4 444.5 
債務和融資租賃義務的償還與回購：
債務（不包括供應商融資）(9.2)(22.3)
與經營相關的供應商融資本金償還(538.1)(470.9)
與資本相關的供應商融資本金償還(122.8)(210.8)
財務租賃的本金償還(8.4)(25.3)
回購Liberty Global普通股(511.9)(1,133.1)
與衍生工具相關的淨現金收入（支出）17.2 (62.5)
與Telenet收購買盤相關的股份收購
(5.8)(878.7)
子公司向非控股權益持有者分配的股息(0.4)(46.9)
融資成本和債務溢價的支付— (22.6)
其他籌資活動的淨金額(54.2)(32.0)
(5.5　(650.2)(343.1)
匯率變動對現金及現金等價物和限制性現金的影響15.4 (1.1)
現金及現金等價物和限制性現金淨增加額941.4 16.1 
現金及現金等價物和受限現金：
期初1,422.9 1,732.4 
See Notes to Financial Statements. 941.4 16.1 
期末$2,364.3 $1,748.5 
支付的利息現金$753.7 $691.4 
支付的稅款淨現金$194.2 $171.5 
期末現金及現金等價物和受限現金的詳細信息：
現金及現金等價物$2,356.4 $1,741.6 
包含在其他流動資產和其他資產中的受限現金，淨值7.9 6.9 
現金及現金等價物和受限制現金總額$2,364.3 $1,748.5 

附帶的說明是這些簡明合併財務報表不可或缺的一部分。
8

全球貨幣自由有限公司。
附註至簡明合併財務報表
2024年9月30日
(未經審計)

(1)   呈現基礎

Liberty Global Ltd.（全球貨幣有限公司）全球貨幣）是一家國際提供寬帶互聯網、視頻、固定電話和移動通信服務給歐洲的居民和企業的供應商。

由於在2013年6月7日完成的一系列合併，Liberty Global plc成爲了Liberty Global, Inc.（Liberty Global plc的前身）和Virgin Media Inc.合併後繼任者的公開持股母公司（維珍傳媒）。在2023年11月23日，Liberty Global plc完成了一項法定安排，根據該安排，一家新的百慕大公司Liberty Global Ltd.成爲了Liberty Global plc的唯一股東，並且是整個Liberty Global公司集團的母公司（ Redomiciliation）。重組導致Liberty Global集團母公司將其註冊地從英格蘭和威爾士變更爲百慕大。在這些說明中，除非上下文另有規定，否則「我們」、「我們的」、「我們公司」和「我們」這些術語可能指代Liberty Global（或其前身），或者根據上下文需要，集體指代Liberty Global（或其前身）及其子公司和任何合資企業。

我們的業務提供住宅和企業對企業的 B2B通信服務於(一)瑞士，我們稱之爲“日出市”，以及通過某些全資子公司在斯洛伐克提供的服務，我們統稱爲“陽光控股”，(二)比利時和盧森堡通過某些全資子公司提供的服務，我們統稱爲“Telenet” 以及（iii）通過另一家全資子公司在愛爾蘭（Vm愛爾蘭另外，我們擁有 50% 非控制性權益在（a）一個 50:50 合資企業（ VMO2合資企業）與電信公司Telefónica SA（西班牙電信), 提供住宅和B20億通信服務於英國（英國), 和 (b) 一個 50:50 合資企業（ 沃達豐Ziggo合資公司）與沃達豐集團（沃達豐），提供住宅和B20億通信服務於荷蘭。我們還擁有（1）一個 50% 在一個創業公司的非控股投票權 (該 AtlasEdge 創業公司，這是一個領先的歐洲邊緣 idc概念平台，以及(2) 25% 在一個創業公司的非控股權益 (該 nexfibre 創業公司)，該公司正在英國的現有 VMO2 創業公司外部建設一個新的光纖網絡。

我們已經宣佈我們打算將我們在Sunrise和與我們的瑞士業務相關的其他Liberty全球子公司分拆(統稱爲 Sunrise實體)，計劃在2024年11月進行。 Spin-off這項分拆已於2024年10月25日舉行的Liberty Global股東特別會議上獲得批准。

在2023年10月，我們完成了Telenet的買盤（如註釋12中定義和描述），根據該買盤，我們增加了對Telenet的所有權權益到 100%.

我們的未經審計的簡明合併基本報表是根據美國普遍接受的會計原則編制的(GAAP)以及第10-Q表格的說明和S-X法規第10條針對臨時基本報表的要求。因此，這些基本報表不包括GAAP或證券交易委員會規則和法規規定的完整基本報表所需的所有信息。管理層認爲，這些基本報表反映了爲了公正地呈現所示臨時期間的運營結果而必要的所有調整（包括正常的經常性調整）。任何臨時期間的運營結果並不一定表明整個年度的結果。這些未經審計的簡明合併基本報表應與我們的2023年合併基本報表及其說明一起閱讀，這些內容包含在我們的2023年10-K年度報告中，並進行了修改（我們的 2023 10-K).

根據公認會計原則（GAAP）編制基本報表需要管理層進行估計和假設，這些估計和假設會影響基本報表日期資產和負債的報告金額，以及報告期間營業收入和費用的報告金額。估計和假設用於會計處理，包括收購相關資產和負債的估值、壞賬準備、某些營業收入的元件、編程和版權成本、遞延所得稅及相關的估值準備、損失或有損失的應急調查、公允價值測量、減值評估、與施工和安裝活動相關的內部成本資本化、租賃條款、使用壽命長的資產、基於股份的補償和與某些福利計劃相關的精算負債。實際結果可能與這些估計有所不同。

除非另有說明，所有權百分比和便利的美元換算是基於美國截至2024年9月30日計算。
9

全球貨幣自由有限公司。
基本報表附註 - 續
2024年9月30日
(未經審計)
(2)   最近的會計公告

ASU 2023-09

2023 年 12 月，財務會計準則委員會（ FASB) 發佈了《會計準則更新》(ASU) 編號 2023-09， 所得稅披露的改進 (亞利桑那州 2023-09), 其目的是提高財務報表中所得稅事項的透明度, 使利益相關者更清楚地了解稅收狀況及其相關的風險和不確定性.亞利桑那州立大學 2023-09 年要求公共企業實體每年披露費率對賬中的特定類別，併爲符合特定量化閾值的對賬項目提供額外信息。還有一項要求是，公共企業實體需要披露表格對賬表，同時使用百分比和報告貨幣金額。亞利桑那州立大學2023-09對2024年12月15日之後開始的財政年度有效。我們目前正在評估亞利桑那州立大學2023-09年對我們合併財務報表和披露的影響。

ASU 2023-07

2023年11月，FASB發佈了ASU 2023-07，該更新通過增強重要板塊支出的披露，改進了可報告板塊的披露要求。這個更新中的修正應在合併財務報表中呈現的所有之前期間中進行追溯，適用於2023年12月31日後開始的財政年度和2024年12月31日後的財政年度內的中期期間。早期實施是允許的。公司目前正在評估該指引對其簡明合併財務報表的潛在影響。 報告業務板塊披露的改進 (ASU 2023-07旨在通過加強披露重要的部門費用，改進可報告段披露要求，ASU 2023-07要求上市公司每年和每個中間時期披露重要的部門費用，這些費用定期提供給首席運營決策者，幷包括在每個報告的段利潤或損失中。ASU 2023-07還要求上市實體每年和每個中間時期爲每個可報告段披露其他部門項目的金額及其組成描述。ASU 2023-07將於2023年12月15日後開始的財政年度和2024年12月15日後開始的財政年度中的中間時期生效，並且需要以追溯方式應用。採用ASU 2023-07將導致我們2024年《年度報告》Form 10-k（我們的 2024 10-K）和2025年日曆年的中間報告期間的額外段披露。

ASU 2023-05

在2023年8月，FASB 發佈了ASU 第2023-05號，業務組合——創業公司形成：確認與初始計量 (ASU 2023-05），該文件概述了符合FASB定義的創業公司形成實體的更新。ASU 2023-05要求創業公司在成立時按照公允價值衡量其資產和負債。ASU 2023-05自2025年1月1日起具有前瞻性的適用於創業公司形成。我們預計ASU 2023-05不會對我們的合併基本報表產生重大影響。

10

全球貨幣自由有限公司。
基本報表附註 - 續
2024年9月30日
(未經審計)
(3)    營業收入確認及相關成本

合同餘額

我們對營業收入確認的時間可能與向客戶開具發票的時間不同。當我們向客戶交付商品或服務但尚未收到付款時，我們會記錄一項應收交易賬款。我們報告的應收交易賬款減去壞賬準備。這樣的準備總額爲$59.2 百萬 和$58.0 2014年9月30日和2013年12月31日，相關的預估未來續保佣金的契約資產分別爲$百萬。
如果我們向客戶轉移商品或服務，但沒有無條件的付款權利，我們會記錄合同資產。合同資產通常來自於在合同期間均勻確認的初始促銷折扣和手機銷售的應計營業收入。我們的合同資產爲 $42.3 百萬美元和美元45.8 截至2024年9月30日和2023年12月31日，分別爲百萬。我們的合同資產餘額的當前和長期部分分別包含在其他流動資產和其他資產（淨額）中，詳見我們的簡明合併資產負債表。
當收到客戶付款之前，我們會記錄遞延營業收入。我們主要爲(i) 安裝和其他預付服務 以及 (ii) 先於提供服務時開具發票的其他服務推遲收入。 截至2024年9月30日和2023年12月31日，我們的遞延營業收入餘額分別爲$274.7 百萬美元和美元267.6 百萬。2024年9月30日結束的九個月內，遞延收入的增加主要是由於該期間內增加的影響和在2023年12月31日結轉入遞延收入餘額的$224.5 百萬的營業收入確認。我們的遞延營業收入長期部分包括在資產負債表上的其他長期負債中。

合同費用

與獲得和履行合同相關的累積資產爲$90.2 百萬美元和美元84.1 截至2024年9月30日和2023年12月31日，我們與合同成本相關的資產總額分別爲$百萬。與合同費用相關的資產的流動部分和長期部分分別包含在其他流動資產和其他資產淨額內，分佈於我們的簡明合併資產負債表中。我們分別在2023年9月30日結束的三個月和九個月內分攤了$百萬，用於與這些資產相關的運營成本和費用。22.2 百萬美元和美元63.7 百萬，在分別截至2024年9月30日和2023年9月30日的三個月和九個月內分別爲$20.7 百萬美元和美元60.2 分別在截至2023年9月30日的三個月和九個月內，將$百萬攤銷到與這些資產相關的運營成本和費用中。

未滿足的業績義務

我們的大部分營業收入來自無合同約束的客戶。通常，受合同約束的客戶的營業收入將在合同期內確認，這通常是 12 個月對於我們的住宅服務合同， 一份 to 三年 個月對於我們的移動服務合同和 一份 to 五年 for our B20億 service contracts.

(4)    收購

2024年收購

Formula E收購。 2024年10月2日，我們完成了對Formula E控股有限公司的收購。Formula E）股份由華納兄弟探索公司及其他少數股東持有。華納兄弟探索公司，將我們在Formula E的所有權增加到 65.6%（這次 Formula E收購）購買這些額外股份的考慮總額爲€150.0百萬美元（$165.7萬歐元，在交易日期）並基於€550.0百萬美元（$607.5 萬歐元)進行了收購。我們還在交易完成時收購了Warner Bros. Discovery的€50.0百萬美元（$55.7萬歐元）向Formula E的股東貸款。

我們將於2024年10月2日起開始整合Formula E的結果。我們將確認商譽，具體爲： (i) 轉移的對價的價值，(ii) Formula E中非控股權益的價值，以及 (iii) 我們之前持有的Formula E股權在收購日期的公允價值，這三者的總和超過Formula E在收購日期的資產和負債的估計公允價值。初步的購買會計和合並後的經營情況
11

全球貨幣自由有限公司。
基本報表附註 - 續
2024年9月30日
(未經審計)
截至這些未經審計的簡明合併基本報表發佈之日，Formula E收購的結果仍不完整，將反映在我們2024年的10-K報告中。

2023年的收購計劃

Telenet Wyre交易。 根據2022年7月19日簽署的協議，Telenet和Fluvius系統運營商CV於2023年7月1日（Fluvius）在比利時的聯合地理區域內創建了一家獨立、自負盈虧的製造行業公司（Wyre）。兩家公司各自貢獻了一定的電纜基礎設施資產，Telenet和Fluvius最初各自擁有 Telenet Wyre交易。 66.8%和 33.2% 的 Wyre，分別。作爲交換， 66.8% 的 Wyre 所有權，Telenet 出資淨資產，公允價值爲 €1,851.2一千一百萬美元（1,100,000美元，減$1000美元的返還盡職調查費用）2,021.2 百萬歐元（在交易日期），以及之後每年支付給 Fluvius 的 €20.0一千一百萬美元（1,100,000美元，減$1000美元的返還盡職調查費用）22.3 百萬歐元）在接下來的 6年 在交易日期之後。Telenet和Liberty 全球開始在交易關閉時合併Wyre的業績。

隨着Telenet Wyre交易的結束，Telenet提前終止並有效解決了與Fluvius存在的特定合同關係，主要涉及Telenet的租用網絡，並開始合併Fluvius向Wyre提供的某些基礎設施電纜資產，如上所述。主要是由於Telenet與Fluvius之間前述的網絡租賃關係， Telenet Wyre交易在截至2023年9月30日爲止的九個月內對我們的營業收入並沒有產生顯著影響。 因此，Telenet Wyre交易的顧及效果在此處未列出。

關於Telenet Wyre交易，我們在2023年9月30日結束的九個月中確認了一筆$的淨收益。377.8 此收益代表Telenet與Fluvius之間現有網絡租賃關係的公允價值與賬面價值之間的差額。這筆收益無需繳納所得稅。

12

全球貨幣自由有限公司。
基本報表附註 - 續
2024年9月30日
(未經審計)
(5)    投資

我們的投資細節如下所示:
會計方法9月30日,
2024		2023年12月31日,
2023		所有權 (a)
 單位：百萬%
權益 (b):
長期負債：
VMO2合資企業
$7,571.6 $7,248.5 50.0
沃達豐Ziggo合資企業 (c)
1,990.3 2,055.4 50.0
AtlasEdge 創業公司
342.5 250.8 48.5
電動方程式 (d)
126.6 99.1 38.2
nexfibre 創業公司
74.1 55.9 25.0
所有3媒體集團 (所有3媒體) (e)
— 144.2 —
其他
139.9 133.7 
總計 — 股權10,245.0 9,987.6 
公允價值： 
短期投資：
單獨管理的帳戶（SMAs) (f)
906.3 1,990.5 
長期負債：
沃達豐 - 受重用權利限制（g）
1,342.5 1,168.1 5.1
EdgeConneX公司（EdgeConneX)
422.9 318.3 5.2
ITV plc (ITV)
409.1 321.9 9.7
Televisa Univision, Inc. (Televisa Univision)
314.9 388.3 6.4
SMAs (f)
188.2 285.6 
Plume Design, Inc. (Plume) (h)
98.1 168.4 10.5
CANAL+ Polska S.A.78.1 76.4 17.0
Pax8, Inc.72.4 100.3 6.7
獅門娛樂corp. (獅門)
49.0 69.6 2.8
Aviatrix Systems, Inc. (Aviatrix)
24.9 55.5 4.3
Lacework, Inc. (Lacework) (i)
— 94.2 —
其他371.9 361.9 
總計 — 公允價值4,278.3 5,399.0 
總投資 (j)$14,523.3 $15,386.6 
短期投資$906.3 $1,990.5 
長期投資$13,617.0 $13,396.1 
_______________

(a)根據最近的資產負債表日期或最近公開信息的總股本所佔股權總和的百分比表示我們的經濟所有權。

(b)我們的權益法投資最初以成本記錄，隨着發生我們從附屬公司處獲得的份額的淨收益或虧損進行調整，而不是根據分紅分配的時間，我們對虧損的確認通常受限於我們對投資者、貸款和承諾的投資。因此，我們的權益法投資的賬面價值可能不等於相應的公允價值。截至2024年9月30日和2023年12月31日，我們的權益法投資的賬面金額總額超過了我們所持有的比例份額
13

全球貨幣自由有限公司。
基本報表附註 - 續
2024年9月30日
(未經審計)
相應投資者的淨資產增加了$1,110.8 百萬美元和美元1,234.7 分別爲$百萬，主要包括與VodafoneZiggo合資公司應收款項相關的金額，如下所定義，並截至2023年12月31日，我們應收的來自All3Media的長期應收款項。

(c)金額包括VodafoneZiggo合資公司的子公司應付給Liberty Global子公司的某些應收票據，包括 (i) 本金爲美元的歐元計價應收票據780.4 百萬和美元774.5 截至2024年9月30日和2023年12月31日，分別爲百萬人，（ VodafoneZiggo 合資應收賬款 I) 和 (ii) 本金爲美元的以歐元計價的應收票據231.8 百萬和美元230.0 截至2024年9月30日和2023年12月31日，分別爲百萬人，（ VodafoneZiggo 合資企業 Receibley II 而且，再加上 VodafoneZigGo 合資企業 Receivables I， VodafoneZiggo 合資應收賬款）。VodafoneZiggo 合資企業 Receivables 的利率爲 5.55%，最終到期日爲2030年12月31日。在截至2024年9月30日的九個月中，VodafoneZigGo合資應收賬款的應計利息爲美元41.7 百萬，全部以現金結算。

(d)截至2024年10月2日的Formula E收購結束時，Liberty Global在Formula E的持股比例增加至 65.6有關Formula E收購的更多信息，請參見附註4。

(e)在2024年5月16日，全球貨幣公司與聯合所有者華納兄弟迪斯尼一同完成了對All3Media出售給RedBird IMI的交易。 我們在交易日期收到了£330.8百萬美元（$419.3百萬英鎊的現金，涉及銷售，包括向All3Media的長期應收票據相關的本金和應計利息的償還。我們確認了對All3Media的銷售收益爲£212.3百萬美元（$242.9百萬英鎊。

(f)代表了由作爲我們代理的投資經理持有的SMAs資產。我們根據每個SMAs下持有的證券的基礎性質和特徵，對這些投資進行分類、衡量和報告，其組成可能會隨時間變化。除了我們在一個槓桿結構票據下的SMA外，截至2024年9月30日，我們持有的所有SMAs投資均被分類爲可供出售的債務證券。我們持有的槓桿結構票據的SMA按公允價值計量，相關的收益或損失已包括在我們的利潤和損失中，歸屬於某些投資的公允價值變動導致的實現和未實現收益（損失），在我們的簡明合併利潤表中。截至2024年9月30日和2023年12月31日，計入我們的債務證券上的利息計提在我們簡明合併資產負債表上，金額爲 其他流動資產中的現金及現金等價物 美元21.1百萬美元和$34.6百萬。

(g)與我們在沃達豐的投資相關，我們簽署了一份股份對沖協議（ 沃達豐對沖）關於我們公司持有的沃達豐股票。我們在沃達豐的投資總購買價格部分通過擔保借款協議（ 沃達豐對沖貸款）以沃達豐股票作爲抵押進行了融資。根據沃達豐對沖的條款，對方有權重新使用已質押的沃達豐股票。截至2024年9月30日和2023年12月31日，我們在沃達豐的投資淨公允價值爲$141.6百萬美元和$115.5百萬。

(h)我們對Plume的投資包括價值爲$ warrants的認股權證33.6百萬美元和$61.3截至2024年9月30日和2023年12月31日，分別爲價值$百萬的認股權證。

(i)我們在2024年第三季度完成了對Lacework投資的出售。

(j)我們的簡明綜合現金流量表以總額形式呈現投資的購買和銷售情況，包括與SMA相關的金額。

14

全球貨幣自由有限公司。
基本報表附註 - 續
2024年9月30日
(未經審計)
股權法投資

下表列出了我們在附屬公司中收益的詳細信息，淨值：
 截至三個月
9月30日,		截至九個月
9月30日,
 2024202320242023
 單位：百萬
沃達豐Ziggo合資企業（a）
$(49.4)$(9.7)$(38.0)$(97.6)
VMO2合資企業（b）
(36.1)(198.0)(32.4)(187.6)
AtlasEdge 創業公司
(16.5)(4.8)(30.3)(15.2)
Formula E
(5.8)(11.6)(29.1)(21.0)
所有3媒體
— (7.8)(15.5)(6.1)
nexfibre 創業公司
(18.2)(4.2)(6.5)2.1 
其他，淨數(7.0)(4.7)(14.8)(15.7)
總計$(133.0)$(240.8)$(166.6)$(341.1)
_______________

(a)代表我們對VodafoneZiggo合資公司經營結果的份額 50和VodafoneZiggo合資公司應收款項所賺利息的份額 100和VodafoneZiggo合資公司應收款項所賺利息的份額

(b)代表我們(i)的 50%份額的VMO2 JV經營業績和(ii) 100%的基於股份的薪酬費用，與Liberty Global授予VMO2 JV員工的獎勵相關聯，這些員工曾是VMO2 JV成立前Liberty Global的員工，因此這些獎勵仍然是我們的責任。

VMO2 JV

根據協議（ 英國合資框架協議），Liberty Global在過渡或持續的基礎上向VMO2合資公司提供某些服務（統稱爲 英國合資服務）。Liberty Global提供的英國合資服務主要包括（i）技術和其他服務，以及（ii）將由VMO2合資企業使用或將以其他方式使VMO2合資企業受益的資產的資本相關支出。Liberty Global根據英國合資企業框架協議向VMO2合資公司收取固定費用和浮動費用，以提供英國合資企業服務。我們記錄的來自VMO2合資企業的收入爲美元90.8百萬和美元34.2在截至2024年9月30日和2023年9月30日的三個月中分別爲百萬美元，以及美元294.3百萬和美元155.4在截至2024年9月30日和2023年9月30日的九個月中，分別爲百萬美元，主要與（a）英國合資服務和（b）從2024年開始出售客戶駐地設備（CPE）向VMO2合資公司加價。在 2024 年 9 月 30 日和 2023 年 12 月 31 日，$45.1百萬和美元18.6分別是百萬 應由與上述交易相關的VMO2合資公司支付。VMO2合資企業的到期金額定期以現金結算，包含在我們的簡明合併資產負債表中的其他流動資產中。此外，在截至2023年9月30日的九個月中，我們收到了來自VMO2合資公司的股息分配，總額爲美元815.2百萬，就我們的簡明合併現金流量表而言，所有這些都計爲資本回報率。

VMO2合資企業的運營總結結果如下：
三個月結束了
九月三十日		九個月已經結束
九月三十日
2024202320242023
以百萬計
收入$3,512.7 $3,503.8 $10,170.9 $10,058.0 
所得稅前收益（虧損）$(68.7)$(503.2)$1.4 $(441.8)
淨虧損$(55.3)$(386.6)$(20.0)$(364.0)

15

全球貨幣自由有限公司。
基本報表附註 - 續
2024年9月30日
(未經審計)
沃達豐Ziggo合資公司

根據一項協議（ NL JV 框架協議），Liberty Global向VodafoneZiggo JV提供特定服務（以下統稱爲 NL JV 服務）。Liberty Global提供的NL JV服務主要包括（i）技術和其他服務以及（ii）爲VodafoneZiggo JV使用或將受益的資產相關支出。根據NL JV框架協議，Liberty Global向VodafoneZiggo JV收取固定費用和基於使用量的費用，以提供NL JV服務。我們從VodafoneZiggo JV記錄了營業收入爲$42.5 百萬美元和美元37.3 ，分別在截至2024年和2023年9月30日的三個月內認定爲$百萬和$百萬164.2 百萬美元和美元157.8 截至2024年9月30日止的九個月內，營業收入分別爲2024年和2023年的數百萬美元，主要與(a) NL合資企業服務和(b) CPE的銷售有關。 以溢價向VodafoneZiggo合資企業交易。截至2024年9月30日和2023年12月31日，從VodafoneZiggo合資企業處到期的金額爲美元。22.9 百萬美元和美元24.2 百萬。截至2024年6月30日，與未行權的股權期權補償安排相關的總未確認補償費用約爲$ 分別， 與上述交易有關，從VodafoneZiggo合資企業應收的金額。從VodafoneZiggo合資企業應收的金額定期進行現金結算，計入我們簡明合併資產負債表的其他流動資產。

VodafoneZiggo合資企業運營結果摘要如下：
三個月結束了
九月三十日		九個月已經結束
九月三十日
2024202320242023
以百萬計
收入$1,131.1 $1,125.2 $3,336.7 $3,297.0 
所得稅前虧損$(166.0)$(82.2)$(201.5)$(332.4)
淨虧損$(132.6)$(63.6)$(161.6)$(279.2)

公允價值投資

下表列出了由於某些投資公允價值變化所產生的已實現和未實現的收益（損失）詳情，淨額：
 截至三個月
9月30日,		截至九個月
9月30日,
 2024202320242023
 單位：百萬
沃達豐
$117.3 $35.7 $163.8 $(223.1)
ITV
21.6 (2.6)104.7 (18.9)
EdgeConneX
(10.8)65.9 78.3 79.9 
Televisa Univision
(87.1)12.1 (76.4)4.7 
Lacework (a)
(0.2)(31.3)(75.8)(125.9)
Plume
(42.5)(4.0)(70.3)(55.2)
Aviatrix
(3.1)(12.4)(30.6)(23.9)
SMAs
9.1 20.1 30.0 (1.2)
Pax8
(24.8)(10.4)(27.9)(10.4)
獅門
(10.5)(2.6)(20.6)17.3 
其他，淨數(14.9)1.0 (36.3)11.9 
總計$(45.9)$71.5 $38.9 $(344.8)
______________

(a)我們在2024年第三季度完成了對Lacework投資的出售。

16

全球貨幣自由有限公司。
基本報表附註 - 續
2024年9月30日
(未經審計)
債務證券
下表總結了截至2024年9月30日和2023年12月31日的債券情況：
2024年9月30日
攤餘成本基礎累計未實現收益公平價值
單位：百萬
國債$313.5 $1.0 $314.5 
商業本票309.3 — 309.3 
企業債務證券193.7 0.5 194.2 
定期存款146.1 — 146.1 
結構性票據(a)(a)122.2 
其他債券8.2 — 8.2 
所有債務證券$970.8 $1.5 $1,094.5 
______________

(a)金額代表了通過第三方投資銀行發行的槓桿結構性債券的投資，這些債券按公允價值計量。槓桿結構性債券的回報基於各自自由全球集團子公司和附屬公司（包括VMO2合資公司和VodafoneZiggo合資公司）發行的一定比例債務公允價值的變化。與槓桿結構性債券的回報相關的債務比例可能會因自由全球集團子公司和附屬公司進行的公開市場購買、私下協商交易、要約收購、交換要約、贖回或提前償還而不斷變化。雖然結構性債券本身包含槓桿，我們的風險投資是據報告的估計公允價值。截至2024年9月30日，我們另外投資了$46.6百萬，並贖回了$31.3百萬的槓桿結構性債券。截至2024年9月30日，與槓桿結構性債券回報相關的由自由全球集團子公司和附屬公司發行的債務的比例金額在下表中總結：
 與槓桿結構性票據回報相關的債務比例
 
子公司：
陽光控股50.51 %
Telenet23.68 %
附屬公司:
沃達豐Ziggo合資公司
25.81 %
總計100.00 %

17

全球貨幣自由有限公司。
基本報表附註 - 續
2024年9月30日
(未經審計)
2023 年 12 月 31 日
攤銷成本基礎累計未實現收益公允價值
以百萬計
商業票據$1,066.5 $(0.1)$1,066.4 
政府債券504.7 0.3 505.0 
存款證373.1 0.1 373.2 
公司債務證券226.6 (0.1)226.5 
結構化票據(a)(a)95.8 
其他債務證券9.2 — 9.2 
債務證券總額$2,180.1 $0.2 $2,276.1 
______________

(a)金額代表對由第三方投資銀行發行的槓桿型結構票據的投資，該投資按公允價值列示。截至2023年12月31日，與槓桿型結構票據回報相關的Liberty Global合併子公司和關聯公司的債務比例總額在下表中總結如下：
 與槓桿結構性票據回報相關的債務比例
 
子公司：
陽光控股
32.91 %
Telenet28.23 %
附屬公司:
VMO2合資企業
31.49 %
沃達豐Ziggo合資公司
7.37 %
總計100.00 %

我們在截至2024年9月30日和2023年9月30日的三個月期間收到了債務證券的銷售和到期收益，爲$0.9私人股權和其他投資的金額分別爲52.27億美元和53.98億美元，截至2023年7月31日和2023年1月31日。1.8 十億，分別爲$3.2私人股權和其他投資的金額分別爲52.27億美元和53.98億美元，截至2023年7月31日和2023年1月31日。6.0 在截至2024年9月30日和2023年9月30日的九個月期間收到了$4.5 百萬和（20.1 十億，其中大部分再投資於新債務證券，納入SMA持有。債務證券的銷售導致截至2024年9月30日和2023年9月30日的三個月期間實現的淨收益（損失）爲$14.6 百萬）和（$52.8 截至2024年和2023年9月30日的九個月內，分別爲百萬（萬）。

截至2024年9月30日，我們債務證券的公允價值按合同到期列示如下（單位：百萬）：

一年或以下到期$906.3 
1至5年內到期157.5 
五到十年到期30.7 
總數（a）$1,094.5 
_______________

(a)我們所有債務證券的加權平均生命週期是 0.9 年，截至2024年9月30日。
18

全球貨幣自由有限公司。
基本報表附註 - 續
2024年9月30日
(未經審計)

我們的投資組合受到各種宏觀經濟壓力的影響，並經歷了顯著的波動，這影響了我們非公開和公開交易的投資。這些投資的公允價值變化，包括我們當地司法管轄區內利率期貨的變化，可能會繼續，並且可能會非常顯著。

(6)    衍生金融工具

通常，我們使用衍生工具來防止 (i) 我們的變量利率債務利率的上漲，(ii) 外幣波動，特別是針對以其他貨幣而非借款實體的功能貨幣計價的借款，以及 (iii) 我們擁有的某些上市證券市場價格的下跌。在這方面，通過我們的子公司，我們已簽署多種衍生工具，以管理利率風險和外幣風險，主要是關於美元（$），歐元（€），英鎊（£）和瑞士（瑞士法郎）。通常，我們不對衍生工具採用對沖會計。因此，我們大多數衍生工具的公允價值變動將在我們的合併財務報表中記錄爲衍生工具的已實現和未實現盈虧，淨額。

以下表格提供我們衍生金融工具資產和負債的公允價值細節：
 2024年9月30日2023年12月31日
 當前長期總計當前長期總計
 單位：百萬
資產 (a):
跨貨幣和利率衍生合同 (b)
$357.8 $244.8 $602.6 $515.6 $427.5 $943.1 
股權相關衍生工具 (c)
— 179.2 179.2 — 310.7 310.7 
外匯遠期和期權合同
41.7 0.1 41.8 2.3 0.6 2.9 
其他0.2 — 0.2 0.2 — 0.2 
總計$399.7 $424.1 $823.8 $518.1 $738.8 $1,256.9 
負債 (a):
交叉貨幣和利率衍生合約 (b)
$420.9 $712.0 $1,132.9 $369.9 $948.5 $1,318.4 
與股票相關的衍生工具 (c)
26.2 — 26.2 47.4 — 47.4 
外幣遠期和期權合約12.1 — 12.1 9.5 4.5 14.0 
總計$459.2 $712.0 $1,171.2 $426.8 $953.0 $1,379.8 
_______________ 

(a)我們的長期衍生資產和長期衍生負債被包含在 其他資產，淨值，和 其他長期負債，分別在我們的合併資產負債表中。

(b)我們考慮與我們及我們對手方在衍生工具公允價值評估中存在的信用風險。在所有情況下，調整會考慮到各個子公司借款組內的抵消負債或資產頭寸（如第9條所定義和描述）。與我們的貨幣互換和利率衍生合約相關的信用風險估值調整的變化導致2024年和2023年截至9月30日的三個月內淨收益（損失）爲$0.4 百萬和（6.9 百萬）和2024年及2023年截至9月30日的九個月內的淨收益（損失）爲（$41.1截至2024年5月31日的六個月期間，Trilogy獲得了5600萬美元的淨收入（2023年- 1,400萬美元）。15.3 百萬。這些金額包括在我們壓縮合並的經營報表中衍生工具的實現和未實現的收益（損失），淨額。有關我們公允價值計量的進一步信息，請參見第7條。

(c)我們的股權相關衍生工具包括沃達豐對沖工具。沃達豐對沖工具的公平價值不包括信用風險估值調整，因爲我們假設在我們的公司發生損失的情況下，
19

全球貨幣自由有限公司。
基本報表附註 - 續
2024年9月30日
(未經審計)
根據相關破產法律，各方未履行義務將被完全抵消，以彌補我們根據相關的擔保借款安排欠對方的款項。

我們衍生工具的已實現和未實現收益（損失）淨額的詳細信息如下：
截至三個月
9月30日,		截至九個月
9月30日,
 2024202320242023
 單位：百萬
跨貨幣和利率衍生合約$(539.5)$195.1 $137.5 $38.8 
股權相關衍生工具(62.6)(22.0)(110.7)145.0 
外幣遠期和期權合約37.4 4.0 42.3 10.0 
其他(2.1)— (2.1)— 
總計$(566.8)$177.1 $67.0 $193.8 
與我們的衍生工具相關的實收或實付淨現金按照衍生工具的目的和適用基礎現金流的分類，分別列示在我們的簡明合併現金流量表中的經營、投資或籌資活動中。 下表列示了我們衍生工具淨現金流入的分類：
截至九個月
9月30日,
 20242023
 單位：百萬
經營活動$280.8 $241.2 
投資活動— 2.1 
籌資活動17.2 (62.5)
總計$298.0 $180.8 

對手方信用風險

我們面臨着我們的子公司借款集團的衍生工具對手方違約的風險。我們通過評估和監控各個對手方的信用狀況以及風險集中度來管理這些信用風險。在這方面，與我們的衍生工具相關的信用風險分散在相對廣泛的銀行和金融機構對手方之間，然而，鑑於我們的衍生投資組合的規模，某些對手方的違約可能會對我們的合併經營報表產生重大影響。在我們的衍生工具下，通常雙方不會提供抵押。在2024年9月30日，我們對對手方信用風險的敞口包括總公允價值爲$的衍生資產。121.5百萬美元。

20

全球貨幣自由有限公司。
基本報表附註 - 續
2024年9月30日
(未經審計)
我們衍生工具的詳細信息

跨貨幣掉期合同

通常，我們會將子公司的借款面額與支持業務的功能貨幣進行配對，或者更具成本效益性時，通過使用衍生工具對沖外幣匯率波動風險，將無配對債務合成轉換爲適用的基礎貨幣。截至2024年9月30日，我們的債務幾乎都直接或通過合成方式配對到了相關基礎業務的功能貨幣。 以下表格詳細列出了2024年9月30日我公司跨貨幣掉期合約的名義金額總額和相關加權平均剩餘合同期限。
名義金額
來自交易對手應收款項 		Notional amount
應付交易對手 		加權平均剩餘期限
 
單位：百萬年
陽光控股$250.0 €220.6 1.0
$4,275.0 瑞士法郎3,912.7 (a)4.0
€1,952.6 瑞士法郎2,176.5 2.5
Telenet$3,345.0 €2,969.5 (a)2.8
€45.2 $50.0 (b)0.3
_______________ 

(a)包括某些衍生工具，這些工具是「遠期啓動」的，即初始交易發生在2024年9月30日之後。這些工具通常是爲了延長現有對沖而簽訂的，而無需修改現有合同。

(b)包括某些衍生工具，這些工具在起始和到期時不涉及名義金額的交換。因此，與這些衍生工具相關的唯一現金流是與票息相關的支付和收款。

利率互換合同

以下表格列出了2024年9月30日我們利率互換合約的名義金額總額及相關加權平均剩餘合同期限的美元等值。
支付固定利率收取固定利率
名義
ROCE 趨勢可以告訴我們什麼？比起 Enphase Energy，有更好的資本回報率選擇。在過去的五年中，該公司增加了 1,306% 的資本，而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服，而且隨着資本的增加，很明顯企業並沒有將資金投入到高回報的投資中。		加權平均剩餘期限名義
ROCE 趨勢可以告訴我們什麼？比起 Enphase Energy，有更好的資本回報率選擇。在過去的五年中，該公司增加了 1,306% 的資本，而該資本的回報率保持穩定在 9.9%。這樣差的回報率現在並不令人信服，而且隨着資本的增加，很明顯企業並沒有將資金投入到高回報的投資中。		加權平均剩餘期限
 
單位：百萬年單位：百萬年
陽光控股$3,649.8 (a)1.8$3,368.9 1.9
Telenet$3,769.6 (a)3.7$301.0 0.3
_______________ 

(a)包括遠期開始的衍生工具。


21

全球貨幣自由有限公司。
基本報表附註 - 續
2024年9月30日
(未經審計)
利率互換期權

我們已經參與了各種利率互換期權（掉期期權），這些期權給予我們或銀行未來某一設定日期進入特定利率互換合同的權利，每份這樣的合同的期限不超過 五年。在交易日期，如果我們購買了掉期期權，合同的執行價格高於對應市場利率。如果銀行購買了掉期期權，執行價格低於對應的市場利率。 以下表格列出了截至2024年9月30日我們掉期期權的某些信息：
名義金額基礎掉期貨幣加權平均期權到期時間 (a)加權平均行使率 (b)
 
單位：百萬年
電信網：
買入頭寸$1,560.8 €1.43.0%
賣出頭寸$1,560.8 €1.41.4%
_______________ 

(a)代表了加權平均期限，直至我們有選擇進入利率互換合約的日期。

(b)代表瞭如果我們或我們的相對方行使各自的期權進入利率掉期合約，我們將支付的加權平均利率。

基礎利率互換

我們的基礎掉期涉及交換用於計算我們浮動利率的屬性，包括(i)基準利率，(ii)基礎貨幣和/或(iii)借款期限。我們通常進行這些掉期以根據我們對收益率曲線、風險管理政策和其他因素的當前評估優化我們的利率結構。 以下表格列出了截至2024年9月30日我基礎掉期合同的名義金額的美元總額及相關加權剩餘合約期限平均值：
來自交易對手的名義金額加權平均剩餘期限
 
單位：百萬年
陽光控股$3,635.6 0.6
Telenet$3,532.5 0.6
Vm愛爾蘭$1,003.4 0.3

利率上限、下限和領口

我們不時會簽訂利率上限、下限和區間協議。購買的利率上限和區間協議在利率上升時鎖定最高利率，但在區間協議的情況下，也允許我們公司在市場利率下降時在一定程度上受益。購買的利率下限保護我們免受利率低於某一水平的影響，通常是與債務工具的浮動利率下限相匹配。截至2024年9月30日，我們沒有利率區間協議，我們已購買的利率上限和下限的名義金額的美元總額爲$1.3十億 和 $4.5分別爲十億美元。

22

全球貨幣自由有限公司。
基本報表附註 - 續
2024年9月30日
(未經審計)
衍生工具對借款成本的影響

如上所述，減輕我們外匯和利率風險的衍生工具對我們的借款成本的影響如下：
減少到
2024年9月30日的借款成本(a)
 
陽光控股(3.29)%
Vm愛爾蘭(3.06)%
Telenet(2.48)%
借款成本的總減少(2.92)%
_______________  

(a)代表2024年9月30日生效的衍生工具的影響，不包括即期開始的衍生工具或掉期。    

外幣遠期和期權

我們的某些子公司就非功能貨幣風險與外匯遠期和期權合同進行交易。截至2024年9月30日，我們的外匯遠期和期權合同名義金額的美元總計爲$2.6權益法覈算的股權證券

(7)    公允價值衡量

我們使用公允價值法來覈算（i）我們某些投資和（ii）我們的衍生工具。截止到2024年9月30日，這些投資和衍生工具的報告公允價值不太可能代表在最終結算或處置這些資產和負債時將支付或收到的價值。

公認會計原則（GAAP）提供了一種公允價值層次結構，該結構將用於衡量公允價值的估值技術的輸入分爲三個大類。第一層輸入是指在活躍市場中爲相同資產或負債報價的市場價格，報告實體在測量日期能夠獲取這些信息。第二層輸入是指除第一層報價市場價格外的輸入，這些輸入對於資產或負債是可觀察的，可以直接或間接得知。第三層輸入是關於資產或負債的不可觀察輸入。我們記錄資產或負債在第一、第二或第三層之間的轉移，這些轉移發生在轉移發生的季度開始時。

我們採用蒙特卡洛方法來在公允價值計量中納入信用風險估值調整，以估計我們自身違約風險和交易對手的違約風險對影響的影響。我們與跨貨幣和利率互換合同相關的信用風險估值調整在附註6中有詳細量化和解釋。

公允價值衡量也用於在併購會計和減值評估過程中進行的非經常性估值。這些非經常性估值包括報告單位、客戶關係和其他無形資產、房地產和設備以及商譽的估值。報告單位的估值基於基於收入的方法（折現現金流）和我們長期業務計劃中的假設進行，或者基於市場的方法（與可比公開公司和指導交易的當前倍數相比較），在某些情況下，結合基於收入的方法和基於市場的方法。除了從定價服務中獲得的用於加權平均成本資本和折現率計算的某些輸入之外，我們折現現金流分析中使用的輸入，例如未來現金流的預測，包括與營業收入增長和調整後的EBITDA利潤率相關的輸入，以及終結增長率，都是基於我們的假設。客戶關係的估值主要是基於超額收益法，這是一種折現現金流分析的形式。超額收益法要求我們估計預計從客戶關係中獲得的具體現金流量，考慮到預計的客戶壽命、在客戶關係壽命內預計生成的營業收入以及可貢獻的資產。
23

全球貨幣自由有限公司。
基本報表附註 - 續
2024年9月30日
(未經審計)
費用和其他因素。 有形資產通常採用替代或重建成本法進行估值，考慮因素包括相同或類似設備的當前價格、設備的年齡和經濟陳舊性。 商譽的隱含價值通過將報告單位的公允價值分配給該單位的所有資產和負債來確定，就像報告單位在業務組合中被收購一樣，剩餘金額分配給商譽。 我們的大多數非經常性估值使用重要的不可觀察輸入，因此屬於公允價值層次的第3級。在截至2024年9月30日的九個月內，我們沒有實施任何重要的非經常性公允價值衡量。 過去五年 截至2023年9月30日的九個月內，我們與Telenet Wyre交易相關進行了非經常性估值。 Fluvius所貢獻的電纜基礎設施的有形資產價值是基於折舊替代成本法，並且有估計的使用壽命區間最長達到 19 年的時間內確認爲費用。

有關我們公允價值計量的更多信息，請參見我們2023年10-K所附的合併基本報表第9條。

我們資產和負債的摘要，這些是根據市場價值定期計量的如下：
  
Fair價值測量在
2024年9月30日使用：
描述9月30日,
2024		在活躍市場中報價相同資產的報價價格
(級別1)		其他重要觀測到的輸入
(二級)		重大不可觀察輸入
(三級)
 單位：百萬
資產:
衍生工具：
跨貨幣和利率衍生合約
$602.6 $— $602.6 $— 
股權相關衍生工具
179.2 — — 179.2 
外匯遠期和期權合同
41.8 — 41.8 — 
其他
0.2 — 0.2 — 
衍生工具總額
823.8 — 644.6 179.2 
投資:
SMAs
1,094.5 303.4 791.1 — 
其他投資3,183.8 1,800.7 0.1 1,383.0 
總投資
4,278.3 2,104.1 791.2 1,383.0 
總資產$5,102.1 $2,104.1 $1,435.8 $1,562.2 
負債：
衍生工具：
跨貨幣和利率衍生合約$1,132.9 $— $1,132.9 $— 
股權相關衍生工具26.2 — — 26.2 
外匯遠期和期權合同12.1 — 12.1 — 
總負債$1,171.2 $— $1,145.0 $26.2 

24

全球貨幣自由有限公司。
基本報表附註 - 續
2024年9月30日
(未經審計)
  
Fair value measurements at 
December 31, 2023 using:
DescriptionDecember 31, 2023Quoted prices in active markets for identical assets
(Level 1)		Significant other observable inputs
(Level 2)		Significant unobservable inputs
(Level 3)
 in millions
Assets:
Derivative instruments:
Cross-currency and interest rate derivative contracts
$943.1 $— $943.1 $— 
Equity-related derivative instruments
310.7 — — 310.7 
Foreign currency forward and option contracts
2.9 — 2.9 — 
Other
0.2 — 0.2 — 
Total derivative instruments
1,256.9 — 946.2 310.7 
Investments:
SMAs
2,276.1 483.7 1,792.4 — 
Other investments3,122.9 1,559.7 0.1 1,563.1 
Total investments5,399.0 2,043.4 1,792.5 1,563.1 
Total assets$6,655.9 $2,043.4 $2,738.7 $1,873.8 
Liabilities:
Derivative instruments:
Cross-currency and interest rate derivative contracts$1,318.4 $— $1,318.4 $— 
Equity-related derivative instruments47.4 — — 47.4 
Foreign currency forward and option contracts14.0 — 14.0 — 
Total liabilities$1,379.8 $— $1,332.4 $47.4 

25

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)
A reconciliation of the beginning and ending balances of our assets and liabilities measured at fair value on a recurring basis using significant unobservable, or Level 3, inputs is as follows:
InvestmentsEquity-related
derivative
instruments		Total
 in millions
Balance of net assets at January 1, 2024
$1,563.1 $263.3 $1,826.4 
Losses included in net loss (a):
Realized and unrealized losses on derivative instruments, net— (110.7)(110.7)
Realized and unrealized losses due to changes in fair values of certain investments, net(239.0)— (239.0)
Additions66.1 — 66.1 
Dispositions(18.3)— (18.3)
Foreign currency translation adjustments and other, net
11.1 0.4 11.5 
Balance of net assets at September 30, 2024 (b)
$1,383.0 $153.0 $1,536.0 
_______________

(a)With the exception of a $75.8 million loss related to the sale of our investment in Lacework, amounts primarily relate to assets and liabilities that we continue to carry on our condensed consolidated balance sheet as of September 30, 2024.

(b)As of September 30, 2024, $396.6 million of our Level 3 investments were accounted for under the measurement alternative at cost less impairment, adjusted for observable price changes.

(8)    Long-lived Assets

Property and Equipment, Net

The details of our property and equipment and the related accumulated depreciation are set forth below:
September 30,
2024		December 31,
2023
 in millions
Distribution systems$11,399.5 $10,638.0 
Support equipment, buildings and land4,388.3 4,116.0 
Customer premises equipment1,492.1 1,354.7 
Total property and equipment, gross17,279.9 16,108.7 
Accumulated depreciation(9,840.1)(8,748.5)
Total property and equipment, net$7,439.8 $7,360.2 

During the nine months ended September 30, 2024 and 2023, we recorded non-cash increases to our property and equipment related to vendor financing arrangements of $98.8 million and $129.9 million, respectively, which exclude related value-added taxes (VAT) of $10.9 million and $14.8 million, respectively, that were also financed under these arrangements.

26

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)
Goodwill

Changes in the carrying amount of our goodwill during the nine months ended September 30, 2024 are set forth below:
January 1, 2024Acquisitions
and related
adjustments		Foreign
currency
translation
adjustments and other		September 30,
2024
 in millions
Sunrise$7,168.7 $9.0 $(48.7)$7,129.0 
Telenet (a)2,976.9 (134.1)19.8 2,862.6 
VM Ireland268.1 — 2.1 270.2 
Central and Other63.3 — 0.5 63.8 
Total$10,477.0 $(125.1)$(26.3)$10,325.6 
_______________

(a)In connection with the final purchase price allocation for the Telenet Wyre Transaction, we recorded a net reduction to goodwill of €126.8 million ($138.4 million at the applicable rate) in June 2024, with corresponding increases to certain network-related and other intangible assets. As a result, the final goodwill balance associated with the Telenet Wyre Transaction is €389.4 million ($425.2 million at the applicable rate).

If, among other factors the adverse impacts of economic, competitive, regulatory or other factors were to cause our results of operations or cash flows to be worse than anticipated, we could conclude in future periods that impairment charges are required in order to reduce the carrying values of our goodwill and, to a lesser extent, other long-lived assets. Any such impairment charges could be significant.

Intangible Assets Subject to Amortization, Net

The details of our intangible assets subject to amortization are set forth below:
September 30, 2024December 31, 2023
Gross carrying amountAccumulated amortizationNet carrying amountGross carrying amountAccumulated amortizationNet carrying amount
 in millions
Customer relationships$2,478.2 $(1,655.0)$823.2 $2,489.5 $(1,370.8)$1,118.7 
Other1,629.6 (679.0)950.6 1,538.3 (603.4)934.9 
Total$4,107.8 $(2,334.0)$1,773.8 $4,027.8 $(1,974.2)$2,053.6 

27

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)
(9)    Debt

The U.S. dollar equivalents of the components of our debt are as follows:
 September 30, 2024Principal amount
Weighted
average
interest
rate (a)		Unused borrowing
capacity (b)
Borrowing currencyU.S. $
equivalent		September 30,
2024		December 31,
2023
  in millions
Sunrise Holding Bank Facility (c)7.16 %€707.0 $788.2 $3,635.6 $3,626.4 
Sunrise Holding SPE Notes4.56 %— — 1,668.0 1,664.9 
Sunrise Holding Senior Notes4.76 %— — 829.0 826.1 
Telenet Credit Facility (d)6.46 %€615.0 685.6 4,524.8 4,507.9 
Telenet Senior Secured Notes4.75 %— — 1,602.0 1,597.6 
VM Ireland Credit Facility (e)6.93 %€100.0 111.5 1,003.4 995.8 
Vodafone Collar Loan (f)2.95 %— — 1,402.4 1,391.9 
Vendor financing (g)4.40 %— — 806.1 768.7 
Other (h)5.92 %— — 478.9 478.3 
Total debt before deferred financing costs, discounts and premiums (i)5.76 %$1,585.3 $15,950.2 $15,857.6 

The following table provides a reconciliation of total debt before deferred financing costs, discounts and premiums to total debt and finance lease obligations:
September 30,
2024		December 31,
2023
in millions
Total debt before deferred financing costs, discounts and premiums
$15,950.2 $15,857.6 
Deferred financing costs, discounts and premiums, net(111.5)(149.7)
Total carrying amount of debt
15,838.7 15,707.9 
Finance lease obligations (note 10)
52.4 58.0 
Total debt and finance lease obligations
15,891.1 15,765.9 
Current portion of debt and finance lease obligations(999.3)(806.8)
Long-term debt and finance lease obligations
$14,891.8 $14,959.1 
_______________

(a)Represents the weighted average interest rate in effect at September 30, 2024 for all borrowings outstanding pursuant to each debt instrument, including any applicable margin. The interest rates presented 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. Including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of deferred financing costs and certain other obligations that we assumed in connection with certain acquisitions, the weighted average interest rate on our aggregate variable- and fixed-rate indebtedness was 3.44% at September 30, 2024. The weighted average interest rate calculation includes principal amounts outstanding associated with all of our secured and unsecured borrowings. For information regarding our derivative instruments, see note 6.

(b)Unused borrowing capacity represents the maximum availability under the applicable facility at September 30, 2024 without regard to covenant compliance calculations or other conditions precedent to borrowing. The following table
28

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)
provides our borrowing availability and amounts available to loan or distribute in accordance with the terms of the respective subsidiary facilities (i) at September 30, 2024 and (ii) upon completion of the relevant September 30, 2024 compliance reporting requirements. These amounts do not consider any actual or potential changes to our borrowing levels or any amounts loaned or distributed subsequent to September 30, 2024, or the full impact of additional amounts that may be available to borrow, loan or distribute under certain defined baskets within each respective facility.
Availability
 September 30, 2024
Upon completion of the relevant September 30, 2024 compliance reporting requirements
Borrowing currencyU.S. $
equivalent		Borrowing currencyU.S. $
equivalent
 in millions
Available to borrow:
Sunrise Holding Bank Facility€707.0 $788.2 €707.0 $788.2 
Telenet Credit Facility€615.0 $685.6 €615.0 $685.6 
VM Ireland Credit Facility
€100.0 $111.5 €100.0 $111.5 
Available to loan or distribute:
Sunrise Holding Bank Facility€707.0 $788.2 €707.0 $788.2 
Telenet Credit Facility€615.0 $685.6 €615.0 $685.6 
VM Ireland Credit Facility€100.0 $111.5 €100.0 $111.5 

(c)Unused borrowing capacity under the Sunrise Holding Bank Facility relates to an equivalent €707.0 million ($788.2 million) under the Sunrise Holding Revolving Facility, comprising (i) €697.0 million ($777.1 million) under Sunrise Holding Revolving Facility B and (ii) €10.0 million ($11.1 million) under Sunrise Holding Revolving Facility A. With the exception of €23.0 million ($25.6 million) of borrowings under the ancillary facilities, the Sunrise Holding Revolving Facility was undrawn at September 30, 2024. In February 2024, commitments under the Sunrise Holding Revolving Facility were reduced by €18.0 million ($20.1 million) and €60.0 million ($66.9 million) of commitments under Sunrise Holding Revolving Facility A were extended and redesignated under Sunrise Holding Revolving Facility B. As a result, the Sunrise Holding Revolving Facility now provides for maximum borrowing capacity of €730.0 million ($813.8 million), including €60.0 million under the related ancillary facilities. Sunrise Holding Revolving Facility A has a maximum borrowing capacity of €10.0 million and a final maturity date of May 31, 2026 and Sunrise Holding Revolving Facility B has a maximum borrowing capacity of €720.0 million ($802.7 million), including €60.0 million under the ancillary facilities, and a final maturity date of September 30, 2029. In April 2024, Sunrise Holding Revolving Facility B was amended to include an Environmental, Social and Governance (ESG)-linked margin ratchet. The interest rate on Sunrise Holding Revolving Facility B is now subject to adjustment based on the achievement or otherwise of certain ESG metrics.

(d)Unused borrowing capacity under the Telenet Credit Facility comprises (i) €570.0 million ($635.4 million) under Telenet Revolving Facility B, (ii) €25.0 million ($27.9 million) under the Telenet Overdraft Facility and (iii) €20.0 million ($22.3 million) under the Telenet Revolving Facility, each of which were undrawn at September 30, 2024. In February 2024, the €30.0 million ($33.4 million) of commitments under Telenet Revolving Facility A were cancelled in full.

(e)Unused borrowing capacity under the VM Ireland Credit Facility relates to €100.0 million ($111.5 million) under the VM Ireland Revolving Facility, which was undrawn at September 30, 2024.

(f)For information regarding the Vodafone Collar Loan, see note 5.

(g)Represents amounts owed to various creditors pursuant to interest-bearing vendor financing arrangements that are used to finance certain of our property and equipment additions and operating expenses. These arrangements extend our repayment terms beyond a vendor’s original due dates (e.g., extension beyond a vendor’s customary payment terms, which are generally 90 days or less) and as such are classified outside of accounts payable as debt on our condensed
29

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)
consolidated balance sheets. These obligations are generally due within one year and include VAT that was also financed under these arrangements. For purposes of our condensed consolidated statements of cash flows, operating-related expenses financed by an intermediary are treated as constructive operating cash outflows and constructive financing cash inflows when the intermediary settles the liability with the vendor as there is no actual cash outflow until we pay the financing intermediary. During the nine months ended September 30, 2024 and 2023, the constructive cash outflow included in cash flows from operating activities and the corresponding constructive cash inflow included in cash flows from financing activities related to these operating expenses were $579.4 million and $444.5 million, respectively. Repayments of vendor financing obligations at the time we pay the financing intermediary are included in repayments and repurchases of debt and finance lease obligations in our condensed consolidated statements of cash flows.

(h)Amounts include $430.6 million and $430.8 million at September 30, 2024 and December 31, 2023, respectively, of liabilities related to Telenet’s acquisition of mobile spectrum licenses. Telenet will make annual payments for the license fees over the terms of the respective licenses.

(i)As of September 30, 2024 and December 31, 2023, our debt had an estimated fair value of $15.7 billion and $15.5 billion, respectively. The estimated fair values of our debt instruments are generally determined using the average of applicable bid and ask prices (mostly Level 1 of the fair value hierarchy). For additional information regarding fair value hierarchies, see note 7.

General Information

At September 30, 2024, most of our outstanding debt had been incurred by one of our three subsidiary “borrowing groups.” References to these borrowing groups, which comprise Sunrise Holding, Telenet and VM Ireland, include their respective restricted parent and subsidiary entities. Below we provide summary descriptions of certain financing transactions completed during 2024. For information regarding the general terms and conditions of our debt and capitalized terms not defined herein, see note 11 to the consolidated financial statements included in our 2023 10-K.

Financing Transactions

In October 2024, in connection with the Spin-off, Sunrise Holding notified certain lenders under the Sunrise Holding Bank Facility and certain holders of the Sunrise Holding SPE Notes and the Sunrise Holding Senior Notes that it intends to prepay, purchase or redeem an aggregate $1.4 billion of its outstanding indebtedness, including associated derivative instruments. These transactions are expected to be completed by the end of October 2024.

30

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)
Maturities of Debt

Maturities of our debt as of September 30, 2024 are presented below for the named entity and its subsidiaries, unless otherwise noted, and represent U.S. dollar equivalents based on September 30, 2024 exchange rates.
Sunrise Holding (a)
Telenet
VM Ireland
Other (b)Total
 in millions
Year ending December 31:
2024 (remainder of year)$168.0 $132.4 $— $8.2 $308.6 
2025235.6 302.2 — 332.1 869.9 
2026— 23.8 — 1,071.5 1,095.3 
2027— 24.0 — — 24.0 
20281,152.3 4,944.1 — — 6,096.4 
20293,730.3 1,261.9 1,003.4 — 5,995.6 
Thereafter1,250.0 310.4 — — 1,560.4 
Total debt maturities (c)6,536.2 6,998.8 1,003.4 1,411.8 15,950.2 
Deferred financing costs, discounts and premiums, net
(17.9)(23.7)(4.6)(65.3)(111.5)
Total debt$6,518.3 $6,975.1 $998.8 $1,346.5 $15,838.7 
Current portion
$403.6 $420.7 $— $166.5 $990.8 
Long-term portion$6,114.7 $6,554.4 $998.8 $1,180.0 $14,847.9 
_______________

(a)Amounts include certain senior secured notes issued by special purpose financing entities that are consolidated by Sunrise Holding and Liberty Global.

(b)Includes $1,402.4 million related to the Vodafone Collar Loan, which has settlement dates in 2025 and 2026 consistent with the Vodafone Collar. We may elect to use cash or the collective value of the related shares and Vodafone Collar to settle amounts under the Vodafone Collar Loan.

(c)Amounts include vendor financing obligations of $806.1 million, as set forth below:
Sunrise HoldingTelenetOtherTotal
 in millions
Year ending December 31:
2024 (remainder of year)$168.0 $115.4 $8.2 $291.6 
2025235.6 277.7 1.2 514.5 
Total vendor financing maturities$403.6 $393.1 $9.4 $806.1 
Current portion
$403.6 $393.1 $8.9 $805.6 
Long-term portion$— $— $0.5 $0.5 

31

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)
Vendor Financing Obligations

A reconciliation of the beginning and ending balances of our vendor financing obligations for the indicated periods is set forth below:
20242023
 in millions
Balance at January 1$768.7 $704.7 
Operating-related vendor financing additions579.4 444.5 
Capital-related vendor financing additions109.7 129.9 
Principal payments on operating-related vendor financing(538.1)(470.9)
Principal payments on capital-related vendor financing(122.8)(210.8)
Foreign currency and other9.2 13.8 
Balance at September 30
$806.1 $611.2 

(10) Leases

General

We enter into operating and finance leases for network equipment, real estate, mobile site sharing and vehicles. We provide residual value guarantees on certain of our vehicle leases.

Lease Balances

A summary of our ROU assets and lease liabilities is set forth below:
September 30,
2024		December 31,
2023
in millions
ROU assets:
Operating leases (a)$2,383.3 $1,761.8 
Finance leases (b)55.1 57.9 
Total ROU assets
$2,438.4 $1,819.7 
Lease liabilities:
Operating leases (c)$2,187.9 $1,803.9 
Finance leases (d)52.4 58.0 
Total lease liabilities$2,240.3 $1,861.9 
_______________

(a)At September 30, 2024, the weighted average remaining lease term for operating leases was 12.8 years and the weighted average discount rate was 5.2%. During the nine months ended September 30, 2024 and 2023, we recorded non-cash additions to our operating lease ROU assets of $137.3 million and $38.0 million, respectively.

(b)Our finance lease ROU assets are included in property and equipment, net, on our condensed consolidated balance sheets. At September 30, 2024, the weighted average remaining lease term for finance leases was 11.2 years and the weighted average discount rate was 5.0%. During the nine months ended September 30, 2024 and 2023, we recorded non-cash additions to our finance lease ROU assets of $0.6 million and $20.8 million, respectively.

32

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)
(c)The current portions of our operating lease liabilities are included within other accrued and current liabilities on our condensed consolidated balance sheets.

(d)The current and long-term portions of our finance lease liabilities are included within current portion of debt and finance lease obligations and long-term debt and finance lease obligations, respectively, on our condensed consolidated balance sheets.

A summary of our aggregate lease expense is set forth below: 
Three months ended
September 30,		Nine months ended
September 30,
 2024202320242023
 in millions
Finance lease expense:
Depreciation and amortization$1.9 $3.1 $6.2 $32.4 
Interest expense (a)0.6 0.6 1.8 1.5 
Total finance lease expense
2.5 3.7 8.0 33.9 
Operating lease expense (b)74.1 50.5 207.5 170.2 
Short-term lease expense (b)0.9 1.1 2.1 3.2 
Variable lease expense (c)0.3 0.4 1.0 1.1 
Total lease expense$77.8 $55.7 $218.6 $208.4 
_______________

(a)Amounts for the 2023 periods include the reversal of previously recognized interest expense as a result of certain settlements of lease liabilities.

(b)Our operating lease expense and short-term lease expense are included in programming and other direct costs of services, other operating expenses, SG&A expenses and impairment, restructuring and other operating items, net, in our condensed consolidated statements of operations.

(c)Variable lease expense represents payments made to a lessor during the lease term that vary because of a change in circumstance that occurred after the lease commencement date. Variable lease payments are expensed as incurred and are included in other operating expenses in our condensed consolidated statements of operations.

A summary of our cash outflows from operating and finance leases is set forth below: 
Nine months ended
September 30,
20242023
in millions
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases$228.7 $163.9 
Operating cash outflows from finance leases (interest component)1.8 1.5 
Financing cash outflows from finance leases (principal component)8.4 25.3 
Total cash outflows from operating and finance leases$238.9 $190.7 

33

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)
Maturities of our operating and finance lease liabilities as of September 30, 2024 are presented below. Amounts represent U.S. dollar equivalents based on September 30, 2024 exchange rates.
Operating leasesFinance
leases
 in millions
Year ending December 31:
2024 (remainder of year)$69.0 $3.2 
2025292.4 10.7 
2026272.9 8.5 
2027261.3 7.5 
2028250.1 4.8 
2029240.6 3.4 
Thereafter1,649.0 30.1 
Total payments
3,035.3 68.2 
Less: present value discount
(847.4)(15.8)
Present value of lease payments
$2,187.9 $52.4 
Current portion$187.0 $8.5 
Long-term portion$2,000.9 $43.9 

(11)    Income Taxes

Income tax benefit (expense) attributable to our earnings (loss) before income taxes differs from the amounts computed using the applicable income tax rate as a result of the following factors:
 Three months ended
September 30,		Nine months ended
September 30,
 2024202320242023
 in millions
Computed “expected” tax benefit (expense) (a)$352.6 $(193.0)$130.1 $54.5 
Non-deductible or non-taxable interest and other items(26.0)(33.3)(126.5)(108.0)
Non-deductible or non-taxable foreign currency exchange results(269.3)197.5 (55.6)82.9 
Basis and other differences in the treatment of items associated with investments in subsidiaries and affiliates (b)(87.0)78.8 (40.8)(1.7)
International rate differences (c)(4.0)(6.8)(15.9)(11.0)
Change in valuation allowances39.5 (39.5)10.9 (200.8)
Tax benefit associated with technology innovation2.8 5.9 6.9 12.1 
Other, net(9.5)(7.9)2.4 2.0 
Total income tax benefit (expense)$(0.9)$1.7 $(88.5)$(170.0)
_______________

(a)The statutory or “expected” tax rates are the U.K. rates of 25.0% for the 2024 periods and 23.5% for the 2023 periods. The statutory rate for the 2023 periods represents the blended rate in effect for the year ended December 31, 2023 based on the 19.0% statutory rate that was in effect for the first quarter of 2023 and the 25.0% statutory rate in effect from April 1, 2023. Although we are domiciled in Bermuda, we use the U.K. statutory rate to compute our “expected” tax benefit (expense) as management believes it is more meaningful.

34

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)
(b)Amounts reflect the net impact of differences in the treatment of income and loss items between financial and tax accounting related to investments in subsidiaries and affiliates, including the effects of foreign earnings. The 2023 amounts also include the non-taxable gain associated with the Telenet Wyre Transaction.

(c)Amounts reflect adjustments (either a benefit or expense) to the “expected” tax benefit (expense) for statutory rates in jurisdictions in which we operate outside of the U.K.

On August 16, 2022, the Inflation Reduction Act was signed into law in the U.S. Although this legislation does not increase the U.S. corporate income tax rate, it includes, among other provisions, a corporate alternative minimum tax (CAMT) on “adjusted financial statement income” that is effective for tax years beginning after December 31, 2022. CAMT did not have an impact on our consolidated financial statements through September 30, 2024, although we will continue to monitor additional guidance as it is issued to assess the impact to our tax position. We will disregard our CAMT status when evaluating our deferred tax assets under the regular U.S. tax system.

In December 2021, the Organization for Economic Co-Operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) released Model Global Anti-Base Erosion (GLoBE) rules under Pillar Two. These rules provide for the taxation of certain large multinational corporations at a minimum rate of 15.0%, calculated on a jurisdictional basis. Numerous countries in which we operate, including the U.K. and certain European Union (E.U.) member states, have enacted legislation to implement many aspects of the Pillar Two rules beginning on January 1, 2024, with certain remaining impacts to be effective from January 1, 2025. We do not currently anticipate that Pillar Two legislation will have a material impact on our consolidated financial statements, but we will continue to monitor future legislation and any additional guidance that is issued.

As of September 30, 2024, our unrecognized tax benefits were $500.0 million, of which $402.7 million would have a favorable impact on our effective income tax rate if ultimately recognized, after considering amounts that we would expect to be offset by valuation allowances and other factors. During the next 12 months, it is reasonably possible that the resolution of ongoing tax controversies, as well as the expiration of statutes of limitation and other items, could result in reductions to our unrecognized tax benefits related to tax positions taken as of September 30, 2024. The amount of such reductions could range up to $401 million. No assurance can be given as to the nature or impact of any changes in our unrecognized tax positions during the next 12 months.    

We and our subsidiaries file consolidated and standalone income tax returns in various jurisdictions. In the normal course of business, our income tax filings are subject to review by various taxing authorities. In connection with such reviews, disputes could arise with the taxing authorities over the interpretation or application of certain income tax rules related to our business in that tax jurisdiction. Such disputes may result in future tax and interest and penalty assessments by these taxing authorities. The ultimate resolution of tax contingencies will take place upon the earlier of (i) the settlement date with the applicable taxing authorities in either cash or agreement of income tax positions or (ii) the date when the tax authorities are statutorily prohibited from adjusting the company’s tax computations.

In general, tax returns filed by our company or our subsidiaries for years prior to 2016 are no longer subject to examination
by tax authorities. Certain of our subsidiaries are currently involved in income tax examinations in various jurisdictions in which we operate, including Ireland, Luxembourg, Switzerland and the U.S. While we do not expect adjustments from the foregoing examinations to have a material impact on our consolidated financial position, results of operations or cash flows, no assurance can be given that this will be the case given the amounts involved and the complex nature of the related issues.

On October 7, 2022, the U.S. Department of Justice filed a suit against Liberty Global, Inc. (LGI), a wholly-owned U.S. subsidiary of Liberty Global, in the U.S. District Court of Colorado for unpaid federal income taxes and penalties for the 2018 tax year of approximately $284 million. This action by the U.S. Department of Justice is related to the November 2020 complaint filed by LGI in the U.S. District Court of Colorado seeking a refund of approximately $110 million of taxes, penalties and interest associated with the application of certain temporary treasury regulations issued in June 2019. In October 2023, the U.S. District Court of Colorado entered judgement against LGI with respect to the refund claim and we appealed this decision to the U.S. Court of Appeals for the Tenth Circuit (Court of Appeals) in December 2023. No amounts have been accrued by LGI with respect to this matter. We will vigorously defend this matter and continue to actively pursue our claim for refund.
35

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)

In January 2021, we petitioned the U.S. Tax Court with respect to unresolved issues related to our 2010 tax year for which we had already recognized an accrued liability for an uncertain tax position. In November 2023, we received an unfavorable decision, which we will appeal to the Court of Appeals. In December 2023, we made a payment of the disputed tax in the amount of $315 million, which reduced our accrued liability for uncertain tax benefits on our consolidated balance sheet but will continue to be included in our inventory of unrecognized tax benefits as the position is not yet settled. We will continue to vigorously defend our position, however, due to the inherent uncertainty involved in the litigation process, there can be no assurance that the Court of Appeals will rule in our favor.

(12)    Equity

Share Repurchases

During the nine months ended September 30, 2024, we repurchased 26,914,892 of our Class C common shares at an average price per share of $18.69, for an aggregate purchase price of $503.1 million, including direct acquisition costs.

Under our current share repurchase program, we are authorized during 2024 to repurchase up to 10% of our total outstanding shares as of December 31, 2023. As of September 30, 2024, the remaining number of our Class A and/or Class C common shares that we are authorized to repurchase during 2024 was 11.3 million. Based on the average of the respective closing share prices as of September 30, 2024, this would equate to additional share repurchases during the remainder of 2024 of approximately $241.4 million. However, the actual U.S. dollar amount of our share repurchases during the remainder of 2024 will be determined by the actual transaction date share prices during the year and could differ significantly from this amount.

Telenet Takeover Bid

On June 8, 2023, following approval by the Belgian Financial Services and Markets Authority, Liberty Global Broadband Holding B.V. (LGBH), an indirect wholly-owned subsidiary of Liberty Global, launched a voluntary and conditional public takeover bid for all of the shares of Telenet that we did not already own or that were not held by Telenet (the Telenet Takeover Bid). Following the conclusion of a simplified squeeze-out procedure, Telenet was delisted from Euronext Brussels at the close of trade on October 13, 2023. The shares of Telenet that were acquired as a result of the simplified squeeze-out procedure were settled on October 19, 2023 and, from that date, Telenet was owned 100% by LGBH.

The Telenet Takeover Bid was funded through (i) available borrowings and (ii) the existing liquidity of Liberty Global. As of September 30, 2023, the consideration associated with the Telenet Takeover Bid, including certain fees and expenses, totaled €807.6 million ($891.3 million at the applicable transaction dates), excluding €96.1 million ($101.6 million at the applicable rate) associated with the shares subject to the squeeze-out procedure.

36

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)
(13)    Share-based Compensation

Our share-based compensation expense primarily relates to the share-based incentive awards issued by Liberty Global to its employees and employees of its subsidiaries. A summary of our aggregate share-based compensation expense is set forth below: 
 Three months ended
September 30,		Nine months ended
September 30,
 2024202320242023
 in millions
Liberty Global (a):
Non-performance based incentive awards (b)$40.9 $45.2 $105.2 $127.8 
Performance-based incentive awards (c)5.9 — 13.3 — 
Other (d)6.1 6.3 24.0 23.9 
Total Liberty Global52.9 51.5 142.5 151.7 
Other— 3.3 4.5 22.7 
Total$52.9 $54.8 $147.0 $174.4 
Included in:
Other operating expense$5.9 $1.6 $16.6 $6.4 
SG&A expense47.0 53.2 130.4 168.0 
Total$52.9 $54.8 $147.0 $174.4 
_______________

(a)The 2024 amounts include share-based compensation expense related to certain Telenet Replacement Awards.

(b)In April 2023, the compensation committee of our board of directors approved the extension of the expiration dates of outstanding share appreciation rights (SARs) and director options granted in 2016 through 2018 from a seven-year term to a ten-year term. Accordingly, the Black-Scholes fair values of the outstanding awards increased, resulting in the recognition of an aggregate incremental share-based compensation expense of $27.1 million during the second quarter of 2023.

(c)The 2024 amounts include share-based compensation expense related to the 2024 PSUs, as defined and described below.

(d)Represents annual incentive compensation and defined contribution plan liabilities that have been or are expected to be settled with Liberty Global common shares. In the case of annual incentive compensation, shares have been or will be issued to senior management and key employees pursuant to a shareholding incentive program. The shareholding incentive program allows these employees to elect to receive up to 100% of their annual incentive compensation in common shares of Liberty Global in lieu of cash.

37

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)
The following table provides the aggregate number of options, SARs and performance-based share appreciation rights (PSARs) with respect to awards issued by Liberty Global that were (i) outstanding and (ii) exercisable as of September 30, 2024:
Class AClass C
Gross number of shares underlying option, SAR and PSAR awards (a)Weighted average exercise or base priceGross number of shares underlying option, SAR and PSAR awards (a)Weighted average exercise or base price
Held by Liberty Global employees:
Outstanding26,287,357 $24.40 58,072,571 $24.38 
Exercisable20,090,708 $26.43 46,907,609 $25.68 
Held by former Liberty Global employees (b):
Outstanding747,931 $33.32 1,453,922 $32.80 
Exercisable727,565 $33.75 1,425,478 $33.07 
_______________

(a)Amounts represent the gross number of shares associated with option, SAR and PSAR awards issued to our current and former employees and our directors. Our company settles SARs and PSARs on a net basis when exercised by the award holder, whereby the number of shares issued represents the excess value of the award based on the market price of the respective Liberty Global shares at the time of exercise relative to the award’s exercise price. In addition, the number of shares issued is further reduced by the amount of the employee’s required income tax withholding.

(b)Amounts represent certain share-based awards that continue to be held by former employees of Liberty Global subsequent to certain split-off or disposal transactions. Although future exercises of these awards by former employees will not result in the recognition of share-based compensation expense, such exercises will increase the number of our outstanding common shares.

The following table provides the aggregate number of restricted share units (RSUs) and performance-based restricted share units (PSUs) that were outstanding as of September 30, 2024. The number of shares to be issued on the vesting date of these awards will be reduced by the amount of the employee’s required income tax withholding.
Class AClass C
Held by Liberty Global employees:
RSUs2,972,588 4,840,745 
PSUs1,236,057 1,831,419 
Held by former Liberty Global employees (a):
RSUs9,629 13,813 
PSUs2,472 2,472 
_______________

(a)Amounts represent certain share-based awards that continue to be held by former employees of Liberty Global subsequent to certain split-off or disposal transactions. The future vesting of these RSUs and PSUs will increase the number of our outstanding common shares.

38

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)
2024 PSUs

In May 2024, the compensation committee of our board of directors approved the grant of PSUs to executive officers and other key employees (the 2024 PSUs). The performance metric for the 2024 PSUs is based on Liberty Global’s relative total shareholder return (rTSR) during the performance period commencing May 10, 2024 and ending December 31, 2026, calculated based on a comparison of Liberty Global’s total shareholder return (TSR) compared to the TSR of a comparator group of companies, which comprises all companies continuously listed in the NASDAQ Telecommunications Index or the Stoxx Europe 600 Telecom Index during the performance period. The market condition related to Liberty Global’s rTSR performance relative to the comparator group of companies is incorporated into the measurement of the grant date fair value of the award. The 2024 PSUs include over- and under-performance payout opportunities should the rTSR exceed or fail to meet the target, as applicable. Achieving an rTSR between the 25th percentile to at or above the 75th percentile will generally result in award recipients earning 25% to 200% of their target 2024 PSUs, subject to forfeitures. The 2024 PSUs have a maximum payout of 100% should the TSR be negative. In addition, 50% of the 2024 PSUs will be earned if Liberty Global’s rTSR is equal to or greater than the median TSR for the comparator group of companies as of December 31, 2025. The earned 2024 PSUs will fully vest on or around February 15, 2027.

(14)    Earnings (Loss) per Share

Basic earnings or loss per share (EPS) is computed by dividing net earnings or loss by the weighted average number of shares outstanding for the period. Diluted EPS presents the dilutive effect, if any, on a per share basis of potential shares from share-based incentive awards as if they had been exercised, vested or converted at the beginning of the periods presented. For additional information regarding our share-based incentive awards, see note 13.

The details of our basic and diluted weighted average common shares outstanding are set forth below:
 Three months ended
September 30,		Nine months ended
September 30,
 2024202320242023
Weighted average common shares outstanding (basic EPS computation)
363,156,702 416,014,282 370,673,984 437,255,956 
Incremental shares (a)— 4,959,080 — — 
Weighted average common shares outstanding (diluted EPS computation)
363,156,702 420,973,362 370,673,984 437,255,956 
_______________

(a)We use the treasury stock method in order to calculate our incremental shares attributable to the assumed exercise or release of outstanding share-based incentive awards upon vesting. Certain of our share incentive plans include performance and/or other features such that the associated shares are contingently issuable. For purposes of applying the treasury stock method, the dilutive effect of these awards is calculated based on the number of the shares that would be issuable as if the end of the reporting period was the end of the contingency period.

We reported net losses attributable to Liberty Global shareholders for the three and nine months ended September 30, 2024 and the nine months ended September 30, 2023. Therefore, the potentially dilutive effect at September 30, 2024 and September 30, 2023 excludes 102.1 million and 96.0 million shares issuable pursuant to outstanding share-based incentive awards in the computation of diluted net loss attributable to Liberty Global shareholders per share, respectively, because their inclusion would have been anti-dilutive to the computation.

The calculation of diluted EPS excludes aggregate share-based incentive awards of 75.1 million for the three months ended September 30, 2023 because their effect would have been anti-dilutive.
39

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)
The details of our net earnings (loss) attributable to Liberty Global shareholders is set forth below:
 Three months ended
September 30,		Nine months ended
September 30,
 2024202320242023
in millions
Net earnings (loss)$(1,410.9)$822.7 $(608.7)$(402.1)
Net earnings attributable to noncontrolling interests(23.2)(163.5)(47.3)(159.7)
Net earnings (loss) attributable to Liberty Global shareholders$(1,434.1)$659.2 $(656.0)$(561.8)

(15)    Commitments and Contingencies

Commitments

In the normal course of business, we enter into agreements that commit our company to make cash payments in future periods with respect to purchases of CPE and other equipment and services, programming contracts, network and connectivity commitments and other items. The following table sets forth the U.S. dollar equivalents of such commitments as of September 30, 2024. The commitments included in this table do not reflect any liabilities that are included on our September 30, 2024 condensed consolidated balance sheet.
 Payments due during: 
 
Remainder of 2024
  
 20252026202720282029ThereafterTotal
 in millions
Purchase commitments$202.2 $558.8 $457.6 $404.2 $378.0 $2.1 $20.2 $2,023.1 
Programming commitments64.7 148.0 63.4 31.1 0.1 — — 307.3 
Network and connectivity commitments31.4 90.9 43.6 5.2 2.6 2.1 22.8 198.6 
Other commitments164.6 176.7 134.5 31.0 29.0 28.6 70.2 634.6 
Total$462.9 $974.4 $699.1 $471.5 $409.7 $32.8 $113.2 $3,163.6 

Purchase commitments include unconditional and legally binding obligations related to (i) certain service-related commitments, including software development, information technology, maintenance and call center services and (ii) the purchase of network and other equipment and CPE.

Programming commitments consist of obligations associated with certain of our programming, studio output and sports rights contracts that are enforceable and legally binding on us as we have agreed to pay minimum fees without regard to (i) the actual number of subscribers to the programming services, (ii) whether we terminate service to a portion of our subscribers or dispose of a portion of our distribution systems or (iii) whether we discontinue our premium sports services. Programming commitments do not include increases in future periods associated with contractual inflation or other price adjustments that are not fixed. Accordingly, the amounts reflected in the above table with respect to these contracts are significantly less than the amounts we expect to pay in these periods under these contracts. Historically, payments to programming vendors have represented a significant portion of our operating costs, and we expect this will continue to be the case in future periods. In this regard, our total programming and copyright costs aggregated $401.7 million and $408.7 million during the nine months ended September 30, 2024 and 2023, respectively.

Network and connectivity commitments include (i) certain equipment and service-related commitments at Telenet and (ii) certain network capacity arrangements at Sunrise.

Other commitments include (i) our share of the funding commitment associated with the nexfibre JV and (ii) various sports sponsorships.
40

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)

In addition to the commitments set forth in the table above, we have significant 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 our derivative instruments, including the net cash paid or received in connection with these instruments, see note 6.

We also have commitments pursuant to agreements with, and obligations imposed by, franchise authorities and municipalities, which may include obligations in certain markets to move aerial cable to underground ducts or to upgrade, rebuild or extend portions of our broadband communication systems. Such amounts are not included in the above table because they are not fixed or determinable.
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.

Legal and Regulatory Proceedings and Other Contingencies

Interkabel Acquisition. On November 26, 2007, Telenet and four associations of municipalities in Belgium, which we refer to as the pure intercommunales or the “PICs,” announced a non-binding agreement-in-principle to transfer the analog and digital television activities of the PICs, including all existing subscribers, to Telenet. Subsequently, Telenet and the PICs entered into a binding agreement (the 2008 PICs Agreement), which closed effective October 1, 2008. Beginning in December 2007, Proximus NV/SA (Proximus), the incumbent telecommunications operator in Belgium, instituted several proceedings seeking to block implementation of these agreements. Proximus lodged summary proceedings with the President of the Court of First Instance of Antwerp to obtain a provisional injunction preventing the PICs from effecting the agreement-in-principle and initiated a civil procedure on the merits claiming the annulment of the agreement-in-principle. In March 2008, the President of the Court of First Instance of Antwerp ruled in favor of Proximus in the summary proceedings, which ruling was overturned by the Court of Appeal of Antwerp in June 2008. Proximus brought an appeal judgment before the Belgian Supreme Court, which confirmed the appeal judgment in September 2010. On April 6, 2009, the Court of First Instance of Antwerp ruled in favor of the PICs and Telenet in the civil procedure on the merits, dismissing Proximus’ request for the rescission of the agreement-in-principle and the 2008 PICs Agreement. On June 12, 2009, Proximus appealed this judgment to the Court of Appeal of Antwerp. In this appeal, Proximus also sought compensation for damages. While these proceedings were suspended indefinitely, other proceedings were initiated, which resulted in a ruling by the Belgian Council of State in May 2014 annulling (i) the decision of the PICs not to organize a public market consultation and (ii) the decision from the PICs’ board of directors to approve the 2008 PICs Agreement. In December 2015, Proximus resumed the civil proceedings pending with the Court of Appeal of Antwerp seeking to have the 2008 PICs Agreement annulled and claiming damages of €1.4 billion ($1.6 billion). On December 18, 2017, the Court of Appeal of Antwerp rejected Proximus’ claim in its entirety. On June 28, 2019, Proximus brought this appeal judgment before the Belgian Supreme Court. On January 22, 2021, the Belgian Supreme Court partially annulled the judgment of the Court of Appeal of Antwerp. The case was referred to the Court of Appeal of Brussels and is currently pending with this Court which will need to make a new decision on the matter within the boundaries of the annulment by the Belgian Supreme Court. It is likely that it will take the Court of Appeal of Brussels several years to decide on the matter.

No assurance can be given as to the outcome of these or other proceedings. However, an unfavorable outcome of existing or future proceedings could potentially lead to the annulment of the 2008 PICs Agreement. We do not expect the ultimate resolution of this matter to have a material impact on our results of operations, cash flows or financial position. No amounts have been accrued by us with respect to this matter as the likelihood of loss is not considered to be probable.

Telekom Deutschland Litigation. On December 28, 2012, Unitymedia filed a lawsuit against Telekom Deutschland GmbH (Telekom Deutschland) in which Unitymedia asserted that it pays excessive prices for the co-use of Telekom Deutschland’s cable ducts in Unitymedia’s footprint. The Federal Network Agency approved rates for the co-use of certain ducts of Telekom Deutschland in March 2011. Based in part on these approved rates, Unitymedia sought a reduction of the annual lease fees by approximately five-sixths. In addition, Unitymedia sought the return of similarly calculated overpayments from 2009 through
41

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)
the ultimate settlement date, plus accrued interest. In October 2016, the first instance court dismissed this action, and in March 2018, the court of appeal dismissed Unitymedia’s appeal of the first instance court’s decision. Unitymedia has since successfully appealed the case to the Federal Court of Justice, and proceedings continue before the German courts. The resolution of this matter may take several years and no assurance can be given that Unitymedia’s claims will be successful. In connection with our sale of our former operations in Germany, Romania, Hungary and the Czech Republic to Vodafone (the Vodafone Disposal Group) in 2019, we will only share in 50% of any amounts recovered, plus 50% of the net present value of certain cost savings in future periods that are attributable to the favorable resolution of this matter, less 50% of associated legal or other third-party fees paid post-completion of the sale of the Vodafone Disposal Group. Any amount we may recover related to this matter will not be reflected in our consolidated financial statements until such time as the final disposition of this matter has been reached.

Swisscom MVNO Matter. On December 8, 2017, one of our subsidiaries, Sunrise GmbH, formerly known as UPC Schweiz GmbH, entered into a mobile virtual network operator (MVNO) agreement with Swisscom (Schweiz) AG (Swisscom), as subsequently amended (the Swisscom MVNO), for the provision of mobile network services to certain of Sunrise GmbH’s end customers. In January 2023, Swisscom filed a formal lawsuit against Sunrise GmbH, asserting that it is in breach of the Swisscom MVNO and claiming approximately CHF 90 million ($107 million) in damages. In April 2024, we agreed with Swisscom to resolve the matter, the terms of which are not material to us and, as a result, the lawsuit against Sunrise GmbH has been withdrawn.

Other Contingency Matters. In connection with the dispositions of certain of our operations, we provided tax indemnities to the counterparties for certain tax liabilities that could arise from the period we owned the respective operations, the amounts of which could be significant, subject to certain thresholds. No amounts have been accrued by our company related to unasserted claims for indemnification, as the likelihood of any loss is not considered to be probable. Further, Liberty Global may be entitled to certain amounts that our disposed operations may recover from taxing authorities. Any such amounts will not be reflected in our consolidated financial statements until such time as the final disposition of such matters has been reached.

Other Regulatory Matters. Broadband internet, video distribution, fixed-line telephony, mobile and content businesses are regulated in each of the countries in which we or our affiliates operate. The scope of regulation varies from country to country, although in some significant respects regulation in European markets is harmonized under the regulatory structure of the E.U. Adverse regulatory developments could subject our businesses to a number of risks. Regulation, including conditions imposed on us by competition or other authorities as a requirement to close acquisitions or dispositions, could limit growth, revenue and the number and types of services offered and could lead to increased operating costs and property and equipment additions. Regulation may also restrict our operations and subject them to further competitive pressure, including pricing restrictions, interconnect and other access obligations, and restrictions or controls on content, including content provided by third parties. Failure to comply with current or future regulation could expose our businesses to various penalties.

In addition to the foregoing items, we have contingent liabilities related to matters arising in the ordinary course of business, including (i) legal proceedings, (ii) issues involving VAT and wage, property, withholding and other tax issues and (iii) disputes over interconnection, programming, copyright and channel carriage 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.

42

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)
(16)    Segment Reporting

We generally identify our reportable segments as (i) those consolidated subsidiaries that represent 10% or more of our revenue, Adjusted EBITDA (as defined below) or total assets or (ii) those equity method affiliates where our investment or share of revenue or Adjusted EBITDA represents 10% or more of our total assets, revenue or Adjusted EBITDA, respectively. In certain cases, we may elect to include an operating segment in our segment disclosure that does not meet the above-described criteria for a reportable segment. We evaluate performance and make decisions about allocating resources to our operating segments based on financial measures such as revenue and Adjusted EBITDA. The significant accounting policies of our reportable segments are the same as those described in note 3 to the consolidated financial statements included in our 2023 10-K. In addition, we review non-financial measures such as customer growth, as appropriate.

Adjusted EBITDA is the primary measure used by our chief operating decision maker to evaluate segment operating performance and is also a key factor that is used by our internal decision makers to (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of our management for purposes of annual and other incentive compensation plans. As we use the term, “Adjusted EBITDA” is defined as net earnings (loss) before net income tax benefit (expense), other non-operating income or expenses, net share of results of affiliates, net gains (losses) on debt extinguishment, net realized and unrealized gains (losses) due to changes in fair values of certain investments, net foreign currency transaction gains (losses), net gains (losses) on derivative instruments, net interest expense, depreciation and amortization, share-based compensation, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (a) gains and losses on the disposition of long-lived assets, (b) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (c) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Our internal decision makers believe Adjusted EBITDA 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 (1) readily view operating trends, (2) perform analytical comparisons and benchmarking between segments and (3) identify strategies to improve operating performance in the different countries in which we operate. A reconciliation of total consolidated reportable segment Adjusted EBITDA to earnings (loss) before income taxes is presented below.

As of September 30, 2024, our reportable segments are as follows:

Consolidated:
•Sunrise
•Telenet
•VM Ireland
•Central and Other

Nonconsolidated:
•VMO2 JV
•VodafoneZiggo JV

Our Sunrise, Telenet and VM Ireland reportable segments derive their revenue primarily from residential and B2B communications services, including broadband internet, video, fixed-line telephony and mobile services.

Our “Central and Other” reportable segment primarily includes (i) revenue associated with services provided to the VMO2 JV, the VodafoneZiggo JV and various third parties related to service agreements, (ii) sales of CPE to the VMO2 JV and the VodafoneZiggo JV, (iii) certain centralized functions, including billing systems, network operations, technology, marketing, facilities, finance and other administrative functions, and (iv) our operations in Slovakia.

Our centrally-managed technology and innovation function (our T&I Function) provides, and allocates charges for, certain products and services to our consolidated reportable segments and, beginning in 2024, the VMO2 JV (the Tech Framework). These products and services include CPE hardware and related essential software, maintenance, hosting and other services. Our consolidated reportable segments and the VMO2 JV capitalize the combined cost of the CPE hardware and essential software as property and equipment additions and the corresponding amounts charged by our T&I Function are reflected as revenue when earned.
43

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)

During the second quarter of 2023, we determined to market and sell certain of our internally-developed software to third parties. As a result of these strategic and operational changes, from May 2023, proceeds from the licensing and related sale of products from this internally-developed software (including proceeds generated from our arrangements with the VMO2 JV and the VodafoneZiggo JV) were applied against the net book value of our existing internally-developed capitalized software. As of December 31, 2023, the net book value of our existing internally-developed software was reduced to zero, after which time we began recognizing revenue for such licensing and related sale of products. Further, from May 2023, we expense the costs of development of such software due to the fact that it is able to be externally marketed to third parties. During the three and nine months ended September 30, 2023, revenue within Central and Other was reduced by $61.5 million and $92.2 million, respectively, including $33.8 million and $49.5 million, respectively, from the VMO2 JV and $19.9 million and $29.7 million, respectively, from the VodafoneZiggo JV, as a result of this change and the associated accounting treatment.

Performance Measures of Our Reportable Segments

The amounts presented below represent 100% of each of our consolidated and nonconsolidated reportable segment’s revenue and Adjusted EBITDA, despite only holding a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV. We account for our 50% interest in both the VMO2 JV and the VodafoneZiggo JV as an equity method investment and as such, our share of the operating results of the VMO2 JV and the VodafoneZiggo JV is included in share of results of affiliates, net, in our condensed consolidated statements of operations. The noncontrolling owners’ interests in the operating results of Telenet, prior to the Telenet Takeover Bid, and other less significant majority-owned subsidiaries 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,
 2024202320242023
 in millions
Sunrise
$865.7 $859.3 $2,535.5 $2,482.9 
Telenet
785.2 775.2 2,302.9 2,296.7 
VM Ireland
119.8 125.5 362.8 372.4 
Central and Other (a)
229.3 164.3 754.3 615.0 
Total consolidated reportable segment revenue2,000.0 1,924.3 5,955.5 5,767.0 
Intersegment eliminations (b)(64.8)(69.8)(201.5)(196.1)
Total consolidated revenue (c)$1,935.2 $1,854.5 $5,754.0 $5,570.9 
VMO2 JV
$3,512.7 $3,503.8 $10,170.9 $10,058.0 
VodafoneZiggo JV
$1,131.1 $1,125.2 $3,336.7 $3,297.0 
______________

(a)Amounts include services agreements revenue from the VMO2 JV ($90.8 million, $34.2 million, $294.3 million and $155.4 million, respectively) and the VodafoneZiggo JV ($42.5 million, $37.3 million, $164.2 million and $157.8 million, respectively), our nonconsolidated reportable segments, as further described in note 5. The remaining revenue is derived from other consolidated reportable segments, which is disclosed as intersegment eliminations pursuant to footnote (b), external parties and other affiliates.

(b)Amounts primarily relate to revenue recognized within Central and Other from other consolidated reportable segments associated with the Tech Framework.

(c)Total consolidated revenue does not include the revenue of our nonconsolidated reportable segments, which are separately shown below.

44

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)
Adjusted EBITDA
 Three months ended
September 30,		Nine months ended
September 30,
 2024202320242023
 in millions
Sunrise
$318.9 $311.0 $886.2 $861.1 
Telenet
360.9 339.8 981.2 988.7 
VM Ireland
41.4 45.9 127.1 134.7 
Central and Other (a)
(37.4)(83.6)(94.2)(115.3)
Total consolidated reportable segment Adjusted EBITDA
683.8 613.1 1,900.3 1,869.2 
Less: consolidated intersegment eliminations (b)(15.5)(15.4)(45.9)(45.6)
Total consolidated Adjusted EBITDA (c)
$668.3 $597.7 $1,854.4 $1,823.6 
VMO2 JV
$1,170.9 $1,170.9 $3,376.9 $3,335.6 
VodafoneZiggo JV
$527.8 $518.3 $1,565.5 $1,474.7 
_______________

(a)Amounts include development costs related to our internally-developed software subsequent to our decision in May 2023 to externally market such software.

(b)Amounts relate to the Adjusted EBITDA impact within Central and Other related to the Tech Framework.

(c)Total consolidated Adjusted EBITDA does not include the Adjusted EBITDA of our nonconsolidated reportable segments, which are separately shown below.

45

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)
The following table provides a reconciliation of total consolidated reportable segment Adjusted EBITDA to earnings (loss) before income taxes:
 Three months ended
September 30,		Nine months ended
September 30,
 2024202320242023
 in millions
Total consolidated reportable segment Adjusted EBITDA
$683.8 $613.1 $1,900.3 $1,869.2 
Intersegment eliminations(15.5)(15.4)(45.9)(45.6)
Share-based compensation expense(52.9)(54.8)(147.0)(174.4)
Depreciation and amortization(500.6)(584.0)(1,512.7)(1,681.8)
Impairment, restructuring and other operating items, net(13.5)13.7 (51.7)(6.6)
Operating income (loss)101.3 (27.4)143.0 (39.2)
Interest expense(251.2)(241.4)(756.2)(656.0)
Realized and unrealized gains (losses) on derivative instruments, net(566.8)177.1 67.0 193.8 
Foreign currency transaction gains (losses), net(578.3)664.4 (280.3)417.9 
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net(45.9)71.5 38.9 (344.8)
Share of results of affiliates, net(133.0)(240.8)(166.6)(341.1)
Gain on sale of All3Media
— — 242.9 — 
Gain associated with the Telenet Wyre Transaction
— 377.8 — 377.8 
Other income, net63.9 39.8 191.1 159.5 
Earnings (loss) before income taxes$(1,410.0)$821.0 $(520.2)$(232.1)

46

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)
Property and Equipment Additions of our Reportable Segments

The property and equipment additions of our reportable segments (including capital additions financed under capital-related vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditure amounts included in our condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and finance lease arrangements, see notes 8 and 10, respectively.
 Nine months ended
September 30,
 20242023
 in millions
Sunrise
$418.4 $406.8 
Telenet
611.5 512.1 
VM Ireland
125.3 128.0 
Central and Other (a)
16.1 106.4 
Total consolidated reportable segment property and equipment additions1,171.3 1,153.3 
Intersegment eliminations (b)(45.9)(45.6)
Total consolidated property and equipment additions (c)1,125.4 1,107.7 
Assets acquired under capital-related vendor financing arrangements(98.8)(129.9)
Assets acquired under finance leases(0.6)(20.8)
Changes in current liabilities related to capital expenditures(38.8)59.2 
Total capital expenditures, net$987.2 $1,016.2 
Property and equipment additions:
VMO2 JV
$1,959.6 $1,949.1 
VodafoneZiggo JV
$715.3 $737.8 
_______________

(a)Includes (i) property and equipment additions representing centrally-owned assets that benefit our operating segments, including development costs related to our internally-developed software prior to our decision to externally market such software during the second quarter of 2023, (ii) the net impact of certain centrally-procured network equipment that is ultimately transferred to our operating segments and (iii) property and equipment additions of our operations in Slovakia.

(b)Amounts reflect the charge under the Tech Framework to each respective consolidated reportable segment related to the portion of the charges attributed to centrally-held internally developed technology that is embedded within our various CPE, as well as any applicable markup.

(c)Total consolidated property and equipment additions do not include the property and equipment additions of our nonconsolidated reportable segments, which are separately shown below.

47

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)
Revenue by Major Category

Our revenue by major category for our consolidated reportable segments is set forth below:
 Three months ended
September 30,		Nine months ended
September 30,
 2024202320242023
 in millions
Residential revenue:
Residential fixed revenue (a):
Subscription revenue (b):
Broadband internet$385.9 $385.6 $1,143.5 $1,111.0 
Video268.4 276.6 791.3 822.5 
Fixed-line telephony81.3 91.2 245.5 273.3 
Total subscription revenue735.6 753.4 2,180.3 2,206.8 
Non-subscription revenue11.6 18.3 39.5 50.8 
Total residential fixed revenue747.2 771.7 2,219.8 2,257.6 
Residential mobile revenue (c):
Subscription revenue (b)391.1 396.9 1,137.2 1,122.8 
Non-subscription revenue128.7 124.3 394.0 384.9 
Total residential mobile revenue519.8 521.2 1,531.2 1,507.7 
Total residential revenue1,267.0 1,292.9 3,751.0 3,765.3 
B2B revenue (d):
Subscription revenue148.1 144.6 435.1 418.9 
Non-subscription revenue246.9 234.8 711.9 688.9 
Total B2B revenue395.0 379.4 1,147.0 1,107.8 
Other revenue (e)273.2 182.2 856.0 697.8 
Total$1,935.2 $1,854.5 $5,754.0 $5,570.9 
_______________

(a)Residential fixed subscription revenue includes amounts received from subscribers for ongoing services and the recognition of deferred installation revenue over the associated contract period. Residential fixed non-subscription revenue includes, among other items, channel carriage fees, late fees and revenue from the sale of equipment.

(b)Residential subscription revenue from subscribers who purchase bundled services at a discounted rate is generally allocated proportionally to each service based on the standalone price for each individual service. As a result, changes in the standalone pricing of our fixed and mobile products or the composition of bundles can contribute to changes in our product revenue categories from period to period.

(c)Residential mobile subscription revenue includes amounts received from subscribers for ongoing services. Residential mobile non-subscription revenue includes, among other items, interconnect revenue and revenue from sales of mobile handsets and other devices.

(d)B2B subscription revenue represents revenue from (i) services provided to small or home office (SOHO) subscribers and (ii) mobile services provided to medium and large enterprises. SOHO subscribers pay a premium price to receive expanded service levels along with broadband internet, video, fixed-line telephony or mobile services that are the same or similar to the mass marketed products offered to our residential subscribers. B2B non-subscription revenue includes (a) revenue from business broadband internet, video, fixed-line telephony and data services offered to medium and large
48

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)
enterprises and, fixed-line and mobile services on a wholesale basis, to other operators and (b) revenue from long-term leases of portions of our network.

(e)Other revenue includes, among other items, (i) broadcasting revenue at Telenet, VM Ireland and Sunrise, (ii) revenue earned from the U.K. JV Services and NL JV Services and (iii) revenue earned from the sale of CPE to the VMO2 JV and VodafoneZiggo JV.

Geographic Segments

The revenue of our geographic segments is set forth below:
 Three months ended
September 30,		Nine months ended
September 30,
 2024202320242023
 in millions
Switzerland$865.7 $859.3 $2,535.5 $2,482.9 
Belgium746.3 743.1 2,185.2 2,190.8 
Ireland119.8 125.5 362.8 372.4 
Slovakia12.9 12.8 38.4 39.2 
Other, including intersegment eliminations (a)190.5 113.8 632.1 485.6 
Total$1,935.2 $1,854.5 $5,754.0 $5,570.9 
VMO2 JV (U.K.)
$3,512.7 $3,503.8 $10,170.9 $10,058.0 
VodafoneZiggo JV (Netherlands)
$1,131.1 $1,125.2 $3,336.7 $3,297.0 
______________

(a)Revenue from our other geographic segments relates to (i) our Central functions, most of which are located in the Netherlands and the U.K., and (ii) certain other operations at Telenet, primarily in the U.S. and Luxembourg.

49

Item 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis, which should be read in conjunction with our consolidated financial statements and the discussion and analysis included in our 2023 10-K, is intended to assist in providing an understanding of changes in our results of operations and financial condition 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 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, 2024 and 2023.
•Material Changes in Financial Condition. This section provides an analysis of our corporate and subsidiary liquidity and our condensed consolidated statements of cash flows.

The capitalized terms used below have been defined in the notes to our condensed consolidated financial statements. In the following text, the terms “we,” “our,” “our company” and “us” may refer, as the context requires, to Liberty Global or collectively to Liberty Global and its subsidiaries.

Unless otherwise indicated, convenience translations into U.S. dollars are calculated, and operational data is presented, as of September 30, 2024.
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 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, Part I, Item 3. Quantitative and Qualitative Disclosures About Market Risk and Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds may contain forward-looking statements, including statements regarding our business, product, foreign currency, hedging and finance strategies, our property and equipment additions, subscriber growth and retention rates, competitive, regulatory and economic factors, the timing and impacts of proposed transactions, the maturity of our markets, the potential impact of large-scale health crises on our company, the anticipated impacts of new legislation (or changes to existing rules and regulations), anticipated changes in our revenue, costs or growth rates, our liquidity, credit risks, foreign currency risks, interest rate risks, target leverage levels, debt covenants, our future projected contractual commitments and cash flows, our share repurchase programs 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 evaluating these statements, you should consider the risks and uncertainties discussed in Part I, Item 1A. Risk Factors of our 2023 10-K, as well as the following list of some, but not all, of the factors that could cause actual results or events (including with respect to affiliates) to differ materially from anticipated results or events:

•economic and business conditions and industry trends in the countries in which we or our affiliates operate;
•the competitive environment in the industries and in the countries in which we or our affiliates operate, including competitor responses to our products and services;
•fluctuations in currency exchange rates and interest rates;
•instability in global financial markets, including sovereign debt issues, currency instability and related fiscal reforms;
•consumer disposable income and spending levels, including the availability and amount of individual consumer debt, as a result of, among other things, inflationary pressures;
•changes in consumer television viewing, mobile and broadband usage preferences and habits;
•consumer acceptance of our existing service offerings, including our broadband internet, video, 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;
50

•our ability to manage rapid technological changes, including our ability to adequately manage our legacy technologies and transformation, and the rate at which our current technology becomes obsolete;
•our ability to maintain or increase the number of subscriptions to our broadband internet, video, fixed-line telephony and mobile service offerings and our average revenue per household;
•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, including with respect to our significant property and equipment additions, as a result of, among other things, inflationary pressures;
•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 and legislation in the countries in which we or our affiliates operate and adverse outcomes from regulatory proceedings;
•government intervention that requires opening our broadband distribution networks to competitors, such as certain regulatory obligations imposed in Belgium;
•our ability to maintain and further develop our direct and indirect distribution channels;
•the effect of perceived health risks associated with electromagnetic radiation from base stations and associated equipment;
•the effect on our businesses of strikes or collective action by certain of our employees that are represented by trade unions;
•our ability to obtain regulatory approval and shareholder approval and satisfy other conditions necessary to close acquisitions, dispositions, combinations or joint ventures and the impact of conditions imposed by competition and other regulatory authorities in connection with acquisitions, combinations and joint ventures;
•our ability to successfully acquire new businesses or form joint ventures and, if acquired or joined, to integrate, realize anticipated efficiencies from, and implement our business plan with respect to, the businesses we have acquired or joined or that we expect to acquire or join;
•changes in laws or treaties relating to taxation, or the interpretation thereof, in the U.K., the U.S. or in other countries in which we or our affiliates operate;
•changes in laws, monetary policies and government regulations that may impact the availability or cost of capital and the derivative instruments that hedge certain of our financial risks;
•our ability to navigate the potential impacts on our business resulting from the U.K.’s departure from the E.U.;
•the ability of suppliers and vendors (including our third-party wireless network provider, Three (Hutchison), under our MVNO arrangement at VM Ireland) to timely deliver quality products, equipment, software, services and access;
•the activities of device manufacturers, and our operating companies’ ability to secure adequate and timely supply of handsets that experience high demand;
•the availability of attractive programming for our video services and the costs associated with such programming, including, but not limited to, production costs, 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;
•the availability and cost of capital for the acquisition, maintenance and/or development of telecommunications networks, products and services;
•the availability, cost and regulation of spectrum;
•problems we may discover post-closing with the operations, including the internal controls and financial reporting processes, of businesses we acquire;
•successfully integrating businesses or operations that we acquire or partner with on the timelines or within the budgets estimated for such integrations;
51

•operating costs, customer loss and business disruption, including maintaining relationships with employees, customers, suppliers or vendors, may be greater than expected in connection with our acquisitions, dispositions or joint ventures;
•our ability to realize the expected synergies from our acquisitions and joint ventures in the amounts anticipated or on the anticipated timelines;
•our ability to profit from investments, such as our joint ventures, that we do not solely control;
•our ability to anticipate, protect against, mitigate and contain loss of our and our customers’ data as a result of cyber attacks on us or any of our operating companies;
•the leakage of sensitive customer or company data or the failure to comply with applicable data protection laws, regulations and rules;
•a failure in our network and information systems, whether caused by a natural failure or a security breach, and unauthorized access to our networks;
•the outcome of any pending or threatened litigation;
•the loss of key employees and the availability of qualified personnel;
•changes in the nature of key strategic relationships with partners and joint venturers;
•the risk of default by counterparties to our cash investments, derivative and other financial instruments and undrawn debt facilities;
•our capital structure and factors related to our debt arrangements; and
•events that are outside of our control, such as political unrest in international markets, terrorist attacks, armed conflicts, malicious human acts, natural disasters, epidemics, pandemics and other similar events, including the ongoing invasion of Ukraine by Russia and the Israeli-Palestinian conflict.

The broadband distribution and mobile service industries are changing rapidly and, therefore, the forward-looking statements of expectations, plans and intents in this Quarterly Report 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, 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.

Overview

General

We are an international provider of broadband internet, video, fixed-line telephony and mobile communications services to residential customers and businesses in Europe. Our businesses provide residential and B2B communications services in (i) Switzerland, which we refer to as Sunrise, and Slovakia through Sunrise Holding, (ii) Belgium and Luxembourg through Telenet and (iii) Ireland through VM Ireland. In addition, we own 50% noncontrolling interests in (a) the VMO2 JV, which provides residential and B2B communications services in the U.K., and (b) the VodafoneZiggo JV, which provides residential and B2B communications services in the Netherlands. We also own (1) a 50% noncontrolling voting interest in the AtlasEdge JV, which is a leading European Edge data center platform, and (2) a 25% noncontrolling interest in the nexfibre JV, which is constructing a new fiber network in the U.K. outside of the existing footprint of the VMO2 JV.

We have announced our intention to spin-off the Sunrise Entities in November 2024. The Spin-off was approved at a special meeting of Liberty Global shareholders held on October 25, 2024.

In October 2023, we completed the Telenet Takeover Bid, pursuant to which we increased our ownership interest in Telenet to 100%.

Operations

At September 30, 2024, we owned and operated networks that passed 8,546,000 homes and served 4,008,800 fixed-line customers and 5,932,500 mobile subscribers.

52

Competition and Other External Factors

We are experiencing competition in all of the markets in which we or our affiliates operate. This competition, together with macroeconomic and regulatory factors, has adversely impacted our revenue, number of customers and/or average monthly subscription revenue per fixed-line customer or mobile subscriber, as applicable (ARPU). For additional information regarding the revenue impact of changes in the fixed-line customers and ARPU of our consolidated reportable segments, see Discussion and Analysis of our Reportable Segments below.

We are subject to inflationary pressures with respect to labor, programming and other costs. While we attempt to increase our revenue to offset increases in costs, there is no assurance that we will be able to do so. Therefore, costs could rise faster than associated revenue, thereby resulting in a negative impact on our operating results, cash flows and liquidity. The economic environment in the respective countries in which we operate is a function of government, economic, fiscal and monetary policies and various other factors beyond our control that could lead to inflation. We are unable to predict the extent that price levels might be impacted in future periods by the current state of the economies in the countries in which we operate.

Material Changes in Results of Operations

In the following discussion, we quantify the estimated impact of material acquisitions (the Acquisition Impact) and dispositions on our operating results. The Acquisition Impact represents our estimate of the difference between the operating results of the periods under comparison that is attributable to an acquisition. In general, we base our estimate of the Acquisition Impact on an acquired entity’s operating results during the first three to twelve months following the acquisition date, as adjusted to remove integration costs and any other material unusual or nonoperational items, such that changes from those operating results in subsequent periods are considered to be organic changes. Accordingly, in the following discussion, (i) organic variances attributed to an acquired entity during the first 12 months following the acquisition date represent differences between the Acquisition Impact and the actual results and (ii) the calculation of our organic change percentages includes the organic activity of an acquired entity relative to the Acquisition Impact of such entity. With respect to material dispositions, the organic changes that are discussed below reflect adjustments to exclude the historical prior-year results of any disposed entities to the extent that such entities are not included in the corresponding results for the current-year period.

Changes in foreign currency exchange rates have a significant impact on our reported operating results as all of our operating segments have functional currencies other than the U.S. dollar. Our primary exposure to foreign exchange (FX) risk during the three months ended September 30, 2024 was to the euro and Swiss franc, as 56.5% and 45.2% of our reported revenue during the period was derived from subsidiaries whose functional currencies are the euro and Swiss franc, respectively. In addition, our reported operating results are impacted by changes in the exchange rates for certain other local currencies in Europe. The portions of the changes in the various components of our results of operations that are attributable to changes in FX are highlighted under Discussion and Analysis of our Reportable Segments and Discussion and Analysis of our Consolidated Operating Results below. For information regarding our foreign currency risks and the applicable foreign currency exchange rates in effect for the periods covered by this Quarterly Report, see Part I, Item 3. Quantitative and Qualitative Disclosures about Market Risk — Foreign Currency Risk below.

The amounts presented and discussed below represent 100% of each of our consolidated and nonconsolidated reportable segment’s results of operations, despite only holding a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV. We account for our 50% interest in both the VMO2 JV and the VodafoneZiggo JV as an equity method investment and as such, our share of the operating results of the VMO2 JV and the VodafoneZiggo JV is included in share of results of affiliates, net, in our condensed consolidated statements of operations. The noncontrolling owners’ interests at Telenet and other less significant majority-owned subsidiaries are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations.


53

Discussion and Analysis of our Reportable Segments

General

Our Sunrise, Telenet and VM Ireland reportable segments derive their revenue primarily from residential and B2B communications services. Our Central and Other reportable segment primarily includes (i) revenue associated with services provided to the VMO2 JV, the VodafoneZiggo JV and various third parties related to service agreements, (ii) sales of CPE to the VMO2 JV and the VodafoneZiggo JV, (iii) certain centralized functions, including billing systems, network operations, technology, marketing, facilities, finance and other administrative functions, and (iv) our operations in Slovakia. For detailed information regarding the composition of our reportable segments and how we define and categorize our revenue components, see note 16 to our condensed consolidated financial statements. For information regarding the results of operations of the VMO2 JV and the VodafoneZiggo JV, refer to Discussion and Analysis of our Consolidated Operating Results — Share of results of affiliates, net below.

The tables presented below in this section provide the details of the revenue and Adjusted EBITDA of our reportable segments for the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023. These tables present (i) the amounts reported for the current and comparative periods, (ii) the reported U.S. dollar change and percentage change from period to period and (iii) with respect to our consolidated reportable segments, the organic U.S. dollar change and percentage change from period to period. For our organic comparisons, which exclude the impact of FX, we assume that exchange rates remained constant at the prior-period rate during all periods presented. We also provide a table showing the Adjusted EBITDA margins of our reportable segments for the three and nine months ended September 30, 2024 and 2023 at the end of this section.

Consolidated Adjusted EBITDA is a non-GAAP measure, which we believe 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 readily view operating trends from a consolidated view. Investors should view consolidated Adjusted EBITDA as a supplement to, and not a substitute for, GAAP measures of performance included in our condensed consolidated statements of operations.

The following table provides a reconciliation of net earnings (loss) to Adjusted EBITDA:
 Three months ended
September 30,		Nine months ended
September 30,
 2024202320242023
 in millions
Net earnings (loss)$(1,410.9)$822.7 $(608.7)$(402.1)
Income tax expense (benefit)0.9 (1.7)88.5 170.0 
Other income, net(63.9)(39.8)(191.1)(159.5)
Gain associated with the Telenet Wyre Transaction
— (377.8)— (377.8)
Gain on sale of All3Media
— — (242.9)— 
Share of results of affiliates, net133.0 240.8 166.6 341.1 
Realized and unrealized losses (gains) due to changes in fair values of certain investments, net45.9 (71.5)(38.9)344.8 
Foreign currency transaction losses (gains), net578.3 (664.4)280.3 (417.9)
Realized and unrealized losses (gains) on derivative instruments, net566.8 (177.1)(67.0)(193.8)
Interest expense251.2 241.4 756.2 656.0 
Operating income (loss)101.3 (27.4)143.0 (39.2)
Impairment, restructuring and other operating items, net13.5 (13.7)51.7 6.6 
Depreciation and amortization500.6 584.0 1,512.7 1,681.8 
Share-based compensation expense52.9 54.8 147.0 174.4 
Adjusted EBITDA
$668.3 $597.7 $1,854.4 $1,823.6 

54

Revenue of our Reportable Segments

General. While not specifically discussed in the below explanations of the changes in the revenue of our reportable segments, we are experiencing competition in all of our markets. This competition has an adverse impact on our ability to increase or maintain our total number of customers and/or our ARPU.

Variances in the subscription revenue that we receive from our customers are a function of (i) changes in the number of our fixed-line customers or mobile subscribers outstanding during the period and (ii) changes in ARPU. Changes in ARPU can be attributable to (a) changes in prices, (b) changes in bundling or promotional discounts, (c) changes in the tier of services selected, (d) variances in subscriber usage patterns and (e) the overall mix of fixed and mobile products within a segment during the period.

Revenue
Three months ended
September 30,		Increase (decrease)Organic increase (decrease)
 20242023$%$%
 in millions, except percentages
Sunrise
$865.7 $859.3 $6.4 0.7 $(11.4)(1.3)
Telenet
785.2 775.2 10.0 1.3 2.1 0.3 
VM Ireland
119.8 125.5 (5.7)(4.5)(7.1)(5.6)
Central and Other
229.3 164.3 65.0 39.6 58.3 35.5 
Intersegment eliminations(64.8)(69.8)5.0 N.M.5.0 N.M.
Total$1,935.2 $1,854.5 $80.7 4.4 $46.9 2.5 
VMO2 JV
$3,512.7 $3,503.8 $8.9 0.3 
VodafoneZiggo JV
$1,131.1 $1,125.2 $5.9 0.5 

 Nine months ended
September 30,		Increase (decrease)Organic increase (decrease)
 20242023$%$%
 in millions, except percentages
Sunrise
$2,535.5 $2,482.9 $52.6 2.1 $(7.2)(0.3)
Telenet
2,302.9 2,296.7 6.2 0.3 (9.2)(0.4)
VM Ireland
362.8 372.4 (9.6)(2.6)(10.9)(2.9)
Central and Other
754.3 615.0 139.3 22.7 154.7 25.2 
Intersegment eliminations(201.5)(196.1)(5.4)N.M.(5.4)N.M.
Total$5,754.0 $5,570.9 $183.1 3.3 $122.0 2.2 
VMO2 JV
$10,170.9 $10,058.0 $112.9 1.1 
VodafoneZiggo JV
$3,336.7 $3,297.0 $39.7 1.2 
_______________

N.M. — Not Meaningful.

55

Sunrise. The details of the increases in Sunrise’s revenue during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023, are set forth below:
Three-month periodNine-month period
Subscription
revenue		Non-subscription
revenue		TotalSubscription
revenue		Non-subscription
revenue		Total
in millions
Decrease in residential fixed subscription revenue due to change in:
Average number of customers$(3.9)$— $(3.9)$(15.9)$— $(15.9)
ARPU(14.9)— (14.9)(17.7)— (17.7)
Decrease in residential fixed non-subscription revenue (a)— (7.1)(7.1)— (7.4)(7.4)
Total decrease in residential fixed revenue(18.8)(7.1)(25.9)(33.6)(7.4)(41.0)
Increase (decrease) in residential mobile revenue (b)(10.4)9.5 (0.9)(4.5)6.7 2.2 
Increase (decrease) in B2B revenue (c)0.1 14.3 14.4 (1.1)31.8 30.7 
Increase in other revenue— 1.0 1.0 — 0.9 0.9 
Total organic increase (decrease)(29.1)17.7 (11.4)(39.2)32.0 (7.2)
Impact of FX11.7 6.1 17.8 41.1 18.7 59.8 
Total$(17.4)$23.8 $6.4 $1.9 $50.7 $52.6 
_______________

(a)The decreases in residential fixed non-subscription revenue are primarily due to lower revenue from equipment sales.
(b)The decreases in residential mobile subscription revenue are primarily attributable to lower ARPU, partially offset by increases in the average number of mobile subscribers. The increases in residential mobile non-subscription revenue are primarily due to (i) increases in cancellation revenue, (ii) higher revenue associated with build-to-suit construction services and (iii) for the three-month comparison, higher revenue from handset sales.
(c)The increases in B2B non-subscription revenue are primarily attributable to higher interconnect revenue.

56

Telenet. The details of the increases in Telenet’s revenue during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023, are set forth below:
Three-month periodNine-month period
Subscription
revenue		Non-subscription
revenue		TotalSubscription
revenue		Non-subscription
revenue		Total
in millions
Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of customers$(13.3)$— $(13.3)$(48.6)$— $(48.6)
ARPU8.8 — 8.8 41.3 — 41.3 
Increase (decrease) in residential fixed non-subscription revenue— 0.8 0.8 — (4.5)(4.5)
Total increase (decrease) in residential fixed revenue(4.5)0.8 (3.7)(7.3)(4.5)(11.8)
Increase (decrease) in residential mobile revenue (a)(1.5)(7.1)(8.6)0.1 (4.1)(4.0)
Increase (decrease) in B2B revenue (b)1.5 (8.7)(7.2)13.1 (29.5)(16.4)
Increase in other revenue (c)— 21.6 21.6 — 23.0 23.0 
Total organic increase (decrease)(4.5)6.6 2.1 5.9 (15.1)(9.2)
Impact of acquisitions— — — — 7.2 7.2 
Impact of FX5.5 2.4 7.9 5.7 2.5 8.2 
Total
$1.0 $9.0 $10.0 $11.6 $(5.4)$6.2 
_____________

(a)The decreases in residential mobile non-subscription revenue are primarily attributable to lower interconnect revenue.
(b)The increases in B2B subscription revenue are primarily due to increases in the average number of customers. The decreases in B2B non-subscription revenue are primarily attributable to (i) decreases in revenue from wholesale services and (ii) lower interconnect revenue.

(c)The increases in other revenue include the one-off impact of the recognition of previously deferred revenue of approximately $18 million during the third quarter of 2024.

57

VM Ireland. The details of the decreases in VM Ireland’s revenue during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023, are set forth below:
Three-month periodNine-month period
Subscription
revenue		Non-subscription
revenue		TotalSubscription
revenue		Non-subscription
revenue		Total
in millions
Decrease in residential fixed subscription revenue due to change in:
Average number of customers$(2.5)$— $(2.5)$(9.4)$— $(9.4)
ARPU(1.9)— (1.9)(1.5)— (1.5)
Decrease in residential fixed non-subscription revenue— (0.2)(0.2)— (0.3)(0.3)
Total decrease in residential fixed revenue(4.4)(0.2)(4.6)(10.9)(0.3)(11.2)
Decrease in residential mobile revenue(0.3)(0.2)(0.5)(0.1)(0.9)(1.0)
Increase in B2B revenue0.1 0.4 0.5 0.7 1.8 2.5 
Decrease in other revenue— (2.5)(2.5)— (1.2)(1.2)
Total organic decrease(4.6)(2.5)(7.1)(10.3)(0.6)(10.9)
Impact of FX0.8 0.6 1.4 0.9 0.4 1.3 
Total$(3.8)$(1.9)$(5.7)$(9.4)$(0.2)$(9.6)

Central and Other. On an organic basis, our Central and Other revenue increased $58.3 million or 35.5% and $154.7 million or 25.2% during the three and nine months ended September 30, 2024, respectively, as compared to the corresponding periods in 2023, primarily due to increases related to revenue earned from (i) the sale of CPE to the VMO2 JV beginning in 2024 and (ii) the U.K. JV Services and NL JV Services.

Programming and Other Direct Costs of Services, Other Operating Expenses and SG&A Expenses of our Consolidated Reportable Segments

For information regarding the changes in our (i) programming and other direct costs of services, (ii) other operating expenses and (iii) SG&A expenses, see Discussion and Analysis of our Consolidated Operating Results below.


58

Adjusted EBITDA of our Reportable Segments

Adjusted EBITDA is the primary measure used by our chief operating decision maker to evaluate segment operating performance. As presented below, consolidated Adjusted EBITDA is a non-GAAP measure, which investors should view as a supplement to, and not a substitute for, GAAP measures of performance included in our condensed consolidated statements of operations. The following table sets forth the Adjusted EBITDA of our reportable segments:

 Three months ended September 30,Increase (decrease)Organic increase (decrease)
 20242023$%$%
 in millions, except percentages
Sunrise
$318.9 $311.0 $7.9 2.5 $0.8 0.3 
Telenet
360.9 339.8 21.1 6.2 17.6 5.2 
VM Ireland
41.4 45.9 (4.5)(9.8)(4.9)(10.7)
Central and Other
(37.4)(83.6)46.2 55.3 42.2 50.5 
Intersegment eliminations(15.5)(15.4)(0.1)N.M.(0.1)N.M.
Total$668.3 $597.7 $70.6 11.8 $55.6 9.3 
VMO2 JV
$1,170.9 $1,170.9 $— — 
VodafoneZiggo JV
$527.8 $518.3 $9.5 1.8 

 Nine months ended
September 30,		Increase (decrease)Organic increase (decrease)
 20242023$%$%
in millions, except percentages
Sunrise
$886.2 $861.1 $25.1 2.9 $4.4 0.5 
Telenet
981.2 988.7 (7.5)(0.8)(14.7)(1.5)
VM Ireland
127.1 134.7 (7.6)(5.6)(7.9)(5.9)
Central and Other
(94.2)(115.3)21.1 18.3 35.0 30.4 
Intersegment eliminations(45.9)(45.6)(0.3)N.M.(0.3)N.M.
Total$1,854.4 $1,823.6 $30.8 1.7 $16.5 0.9 
VMO2 JV
$3,376.9 $3,335.6 $41.3 1.2 
VodafoneZiggo JV
$1,565.5 $1,474.7 $90.8 6.2 
_______________

N.M. — Not Meaningful.

59

Adjusted EBITDA Margin

The following table sets forth the Adjusted EBITDA margins (Adjusted EBITDA divided by revenue) of each of our reportable segments:
 Three months ended
September 30,		Nine months ended
September 30,
 2024202320242023
Sunrise
36.8 %36.2 %34.9 %34.7 %
Telenet
46.0 %43.8 %42.6 %43.0 %
VM Ireland
34.6 %36.6 %35.1 %36.2 %
Central and Other(16.3)%(50.9)%(12.5)%(18.7)%
VMO2 JV
33.3 %33.4 %33.2 %33.2 %
VodafoneZiggo JV
46.7 %46.1 %46.9 %44.7 %

In addition to organic changes in the revenue, operating and SG&A expenses of our reportable segments, the Adjusted EBITDA margins presented above include the impact of acquisitions, as applicable. For discussion of the factors contributing to the changes in the Adjusted EBITDA margins of our consolidated reportable segments, see the analysis of our revenue included in Discussion and Analysis of our Reportable Segments above and the analysis of our expenses included in Discussion and Analysis of our Consolidated Operating Results below. For discussion of the factors contributing to the changes in the Adjusted EBITDA margins of the VMO2 JV and the VodafoneZiggo JV, see Discussion and Analysis of our Consolidated Operating Results — Share of results of affiliates, net below.

60

Discussion and Analysis of our Consolidated Operating Results

General

For more detailed explanations of the changes in our revenue, see Discussion and Analysis of our Reportable Segments above.
Revenue
Our revenue by major category is set forth below:
 Three months ended
September 30,		Increase (decrease)Organic increase (decrease)
 20242023$%$%
 in millions, except percentages
Residential revenue:
Residential fixed revenue (a):
Subscription revenue (b):
Broadband internet$385.9 $385.6 $0.3 0.1 $(4.9)(1.3)
Video268.4 276.6 (8.2)(3.0)(12.2)(4.4)
Fixed-line telephony81.3 91.2 (9.9)(10.9)(10.5)(11.5)
Total subscription revenue735.6 753.4 (17.8)(2.4)(27.6)(3.7)
Non-subscription revenue11.6 18.3 (6.7)(36.6)(6.5)(35.5)
Total residential fixed revenue747.2 771.7 (24.5)(3.2)(34.1)(4.4)
Residential mobile revenue (c):
Subscription revenue (b)391.1 396.9 (5.8)(1.5)(12.2)(3.1)
Non-subscription revenue128.7 124.3 4.4 3.5 2.2 1.8 
Total residential mobile revenue519.8 521.2 (1.4)(0.3)(10.0)(1.9)
Total residential revenue1,267.0 1,292.9 (25.9)(2.0)(44.1)(3.4)
B2B revenue (d):
Subscription revenue148.1 144.6 3.5 2.4 1.7 1.2 
Non-subscription revenue246.9 234.8 12.1 5.2 7.0 3.0 
Total B2B revenue395.0 379.4 15.6 4.1 8.7 2.3 
Other revenue (e)273.2 182.2 91.0 49.9 82.3 45.2 
Total$1,935.2 $1,854.5 $80.7 4.4 $46.9 2.5 
61

 Nine months ended
September 30,		Increase (decrease)Organic increase (decrease)
 20242023$%$%
 in millions, except percentages
Residential revenue:
Residential fixed revenue (a):
Subscription revenue (b):
Broadband internet$1,143.5 $1,111.0 $32.5 2.9 $19.4 1.7 
Video791.3 822.5 (31.2)(3.8)(41.0)(5.0)
Fixed-line telephony245.5 273.3 (27.8)(10.2)(30.3)(11.1)
Total subscription revenue2,180.3 2,206.8 (26.5)(1.2)(51.9)(2.4)
Non-subscription revenue39.5 50.8 (11.3)(22.2)(12.2)(24.0)
Total residential fixed revenue2,219.8 2,257.6 (37.8)(1.7)(64.1)(2.8)
Residential mobile revenue (c):
Subscription revenue (b)1,137.2 1,122.8 14.4 1.3 (4.5)(0.4)
Non-subscription revenue394.0 384.9 9.1 2.4 1.7 0.4 
Total residential mobile revenue1,531.2 1,507.7 23.5 1.6 (2.8)(0.2)
Total residential revenue3,751.0 3,765.3 (14.3)(0.4)(66.9)(1.8)
B2B revenue (d):
Subscription revenue435.1 418.9 16.2 3.9 12.8 3.1 
Non-subscription revenue711.9 688.9 23.0 3.3 4.7 0.7 
Total B2B revenue1,147.0 1,107.8 39.2 3.5 17.5 1.6 
Other revenue (e)856.0 697.8 158.2 22.7 171.4 24.6 
Total$5,754.0 $5,570.9 $183.1 3.3 $122.0 2.2 
_______________

(a)Residential fixed subscription revenue includes amounts received from subscribers for ongoing services and the recognition of deferred installation revenue over the associated contract period. Residential fixed non-subscription revenue includes, among other items, channel carriage fees, late fees and revenue from the sale of equipment.

(b)Residential subscription revenue from subscribers who purchase bundled services at a discounted rate is generally allocated proportionally to each service based on the standalone price for each individual service. As a result, changes in the standalone pricing of our fixed and mobile products or the composition of bundles can contribute to changes in our product revenue categories from period to period.

(c)Residential mobile subscription revenue includes amounts received from subscribers for ongoing services. Residential mobile non-subscription revenue includes, among other items, interconnect revenue and revenue from sales of mobile handsets and other devices. Residential mobile interconnect revenue was $28.3 million and $28.0 million during the three months ended September 30, 2024 and 2023, respectively, and $88.2 million and $88.5 million during the nine months ended September 30, 2024 and 2023, respectively.

(d)B2B subscription revenue represents revenue from (i) services provided to SOHO subscribers and (ii) mobile services provided to medium and large enterprises. SOHO subscribers pay a premium price to receive expanded service levels along with broadband internet, video, fixed-line telephony or mobile services that are the same or similar to the mass marketed products offered to our residential subscribers. A portion of the change in our B2B subscription revenue is attributable to the conversion of certain residential subscribers to SOHO subscribers. B2B non-subscription revenue includes (a) revenue from business broadband internet, video, fixed-line telephony and data services offered to medium and large enterprises and, fixed-line and mobile services on a wholesale basis, to other operators and (b) revenue from long-term leases of portions of our network.

62

(e)Other revenue includes, among other items, (i) broadcasting revenue at Telenet, VM Ireland and Sunrise, (ii) revenue earned from the U.K. JV Services and NL JV Services and (iii) revenue earned from the sale of CPE to the VMO2 JV and VodafoneZiggo JV.

Total revenue. Our consolidated revenue increased $80.7 million or 4.4% and $183.1 million or 3.3% during the three and nine months ended September 30, 2024, respectively, as compared to the corresponding periods in 2023. On an organic basis, our consolidated revenue increased $46.9 million or 2.5% and $122.0 million or 2.2%, respectively.

Residential revenue. The details of the decreases in our consolidated residential revenue during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023, are as follows:
Three-month periodNine-month period
in millions
Increase (decrease) in residential fixed subscription revenue due to change in:
Average number of customers$(20.4)$(75.4)
ARPU(7.2)23.5 
Decrease in residential fixed non-subscription revenue(6.5)(12.2)
Total decrease in residential fixed revenue(34.1)(64.1)
Decrease in residential mobile subscription revenue(12.2)(4.5)
Increase in residential mobile non-subscription revenue2.2 1.7 
Total organic decrease in residential revenue(44.1)(66.9)
Impact of FX18.2 52.6 
Total decrease in residential revenue$(25.9)$(14.3)

On an organic basis, our consolidated residential fixed subscription revenue decreased $27.6 million or 3.7% and $51.9 million or 2.4% during the three and nine months ended September 30, 2024, respectively, as compared to the corresponding periods in 2023, primarily attributable to decreases at Sunrise.

On an organic basis, our consolidated residential fixed non-subscription revenue decreased $6.5 million or 35.5% and $12.2 million or 24.0% during the three and nine months ended September 30, 2024, respectively, as compared to the corresponding periods in 2023, primarily due to decreases at Sunrise.

On an organic basis, our consolidated residential mobile subscription revenue decreased $12.2 million or 3.1% and $4.5 million or 0.4% during the three and nine months ended September 30, 2024, respectively, as compared to the corresponding periods in 2023, primarily attributable to decreases at Sunrise.

On an organic basis, our consolidated residential mobile non-subscription revenue increased $2.2 million or 1.8% and $1.7 million or 0.4% during the three and nine months ended September 30, 2024, respectively, as compared to the corresponding periods in 2023, primarily due to the net effect of (i) increases at Sunrise and (ii) decreases at Telenet.

B2B revenue. On an organic basis, our consolidated B2B subscription revenue increased $1.7 million or 1.2% and $12.8 million or 3.1% during the three and nine months ended September 30, 2024, respectively, as compared to the corresponding periods in 2023, primarily attributable to increases at Telenet.

On an organic basis, our consolidated B2B non-subscription revenue increased $7.0 million or 3.0% and $4.7 million or 0.7% during the three and nine months ended September 30, 2024, respectively, as compared to the corresponding periods in 2023, primarily due to the net effect of (i) increases at Sunrise and (ii) decreases at Telenet.

Other revenue. On an organic basis, our consolidated other revenue increased $82.3 million or 45.2% and $171.4 million or 24.6% during the three and nine months ended September 30, 2024, respectively, as compared to the corresponding periods in 2023, primarily due to (i) increases at Central and Other related to revenue earned from (a) the sale of CPE to the VMO2 JV beginning in 2024 and (b) the U.K. JV Services and NL JV Services and (ii) the one-off impact of the recognition of previously deferred revenue at Telenet during the third quarter of 2024.

63

For additional information regarding the changes in our residential, B2B and other revenue, see Discussion and Analysis of our Reportable Segments above.

Programming and other direct costs of services

Programming and other direct costs of services include programming and copyright costs, interconnect and access costs, costs of mobile handsets and other devices and other direct costs related to our operations, including costs associated with our transitional service agreements and certain costs related to the development of externally marketed software. Programming and copyright costs represent a significant portion of our operating costs and are subject to rise in future periods due to various factors, including (i) higher costs associated with the expansion of our digital video content, including rights associated with ancillary product offerings and rights that provide for the broadcast of live sporting events, and (ii) rate increases.

The details of our programming and other direct costs of services are as follows:
Three months ended
September 30,		Increase (decrease)Organic increase (decrease)
 20242023$%$%
 in millions, except percentages
Sunrise
$271.4 $270.0 $1.4 0.5 $(4.3)(1.6)
Telenet
174.0 186.6 (12.6)(6.8)(14.7)(7.9)
VM Ireland
30.9 33.9 (3.0)(8.8)(3.3)(9.7)
Central and Other
136.7 122.0 14.7 12.0 13.6 11.1 
Intersegment eliminations(21.4)(26.2)4.8 N.M.4.8 N.M.
Total$591.6 $586.3 $5.3 0.9 $(3.9)(0.7)

Nine months ended
September 30,		Increase (decrease)Organic increase (decrease)
 20242023$%$%
 in millions, except percentages
Sunrise
$802.6 $786.4 $16.2 2.1 $(3.2)(0.4)
Telenet
556.0 582.5 (26.5)(4.5)(31.5)(5.4)
VM Ireland
96.1 102.8 (6.7)(6.5)(7.1)(6.9)
Central and Other
469.6 337.8 131.8 39.0 136.0 40.3 
Intersegment eliminations(71.0)(68.7)(2.3)N.M.(2.3)N.M.
Total$1,853.3 $1,740.8 $112.5 6.5 $91.9 5.3 
_______________

N.M. — Not Meaningful.

Our programming and other direct costs of services increased $5.3 million or 0.9% and $112.5 million or 6.5% during the three and nine months ended September 30, 2024, respectively, as compared to the corresponding periods in 2023. On an organic basis, our programming and other direct costs of services increased (decreased) ($3.9 million) or (0.7%) and $91.9 million or 5.3%, respectively. These changes include the following factors:

•Increases in costs of $25.3 million and $97.6 million, respectively, at Central and Other related to the sale of CPE to the VMO2 JV beginning in 2024;

•For the nine-month comparison, an increase in costs of $48.1 million at Central and Other due to lower capitalization as a result of our decision in May 2023 to market and sell certain of our internally-developed software to third parties, as further described in note 16 to our condensed consolidated financial statements;

•Decreases in programming and copyright costs of $9.3 million or 5.8% and $17.9 million or 3.5%, respectively, primarily attributable to lower costs for certain content at Telenet and VM Ireland; and
64


•Decreases in mobile handset and other device costs of $4.1 million or 5.2% and $7.9 million or 2.4%, respectively, primarily due to (i) lower average costs per handset sold at Telenet and (ii) for the nine-month comparison, lower sales volumes, as a decrease at Sunrise was only partially offset by an increase at Telenet.

Other operating expenses

Other operating expenses include network operations, customer operations, customer care, share-based compensation and other costs related to our operations. We do not include share-based compensation in the following discussion and analysis of the other operating expenses of our consolidated reportable segments as share-based compensation expense is not included in the performance measures of our consolidated reportable segments. Share-based compensation expense is separately discussed further below.

The details of our other operating expenses are as follows:
 Three months ended
September 30,		Increase (decrease)Organic increase (decrease)
 20242023$%$%
 in millions, except percentages
Sunrise
$132.5 $127.0 $5.5 4.3 $3.0 2.4 
Telenet
127.1 134.4 (7.3)(5.4)(8.3)(6.2)
VM Ireland
32.7 31.4 1.3 4.1 0.8 2.5 
Central and Other
37.2 32.9 4.3 13.1 4.0 12.2 
Intersegment eliminations(24.1)(25.7)1.6 N.M.1.6 N.M.
Total other operating expenses excluding share-based compensation expense
305.4 300.0 5.4 1.8 $1.1 0.4 
Share-based compensation expense5.9 1.6 4.3 N.M.
Total$311.3 $301.6 $9.7 3.2 

 Nine months ended
September 30,		Increase (decrease)Organic increase (decrease)
 20242023$%$%
 in millions, except percentages
Sunrise
$393.5 $379.2 $14.3 3.8 $4.9 1.3 
Telenet
388.5 381.5 7.0 1.8 5.0 1.3 
VM Ireland
95.2 92.3 2.9 3.1 2.5 2.7 
Central and Other
92.6 103.5 (10.9)(10.5)(10.1)(9.8)
Intersegment eliminations(74.4)(63.2)(11.2)N.M.(11.2)N.M.
Total other operating expenses excluding share-based compensation expense
895.4 893.3 2.1 0.2 $(8.9)(1.0)
Share-based compensation expense16.6 6.4 10.2 N.M.
Total$912.0 $899.7 $12.3 1.4 
_______________

N.M. — Not Meaningful.

Our other operating expenses (exclusive of share-based compensation expense) increased $5.4 million or 1.8% and $2.1 million or 0.2% during the three and nine months ended September 30, 2024, respectively, as compared to the corresponding periods in 2023. On an organic basis, our other operating expenses increased (decreased) $1.1 million or 0.4% and ($8.9 million) or (1.0%), respectively. These changes include the following factors:

•Decreases in customer service costs of $8.9 million or 22.4% and $16.8 million or 14.7%, respectively, primarily related to lower call center costs at Sunrise and Telenet;
65


•For the nine-month comparison, a $11.2 million increase in costs at Telenet associated with the one-time benefit from expected settlements of certain operational contingencies during the second quarter of 2023;

•Decreases in business service costs of $4.9 million or 10.6% and $10.4 million or 7.0%, respectively, primarily due to (i) lower consulting costs at Central and Other and (ii) lower energy costs, as decreases at Telenet were only partially offset by increases at Sunrise;

•Decreases in personnel costs of $4.5 million or 4.8% and $9.5 million or 3.4%, respectively, primarily due to the net effect of (i) lower staffing levels, primarily at Central and Other and Sunrise, and (ii) higher average costs per employee, primarily at Telenet and Central and Other;

•Increases in outsourced labor costs of $2.4 million or 8.5% and $8.7 million or 10.1%, respectively, primarily associated with customer-facing activities at Telenet;

•An increase (decrease) in core network and information technology-related costs of $6.9 million or 9.9% and ($8.5 million) or (4.4%), respectively, primarily due to the net effect of (i) increases in information technology-related costs at Central and Other, (ii) lower leased bandwidth and outsourced data center costs, primarily at Telenet, and (iii) for the nine-month comparison, lower network maintenance expense and outsourced data center costs, primarily at Central and Other; and

•Increases in service delivery platform costs of $4.2 million or 12.2% and $4.2 million or 8.6%, respectively, primarily related to higher CPE software costs at Central and Other.

SG&A expenses

SG&A expenses include human resources, information technology, general services, management, finance, legal, external sales and marketing costs, share-based compensation and other general expenses. We do not include share-based compensation in the following discussion and analysis of the SG&A expenses of our consolidated reportable segments as share-based compensation expense is not included in the performance measures of our consolidated reportable segments. Share-based compensation expense is separately discussed further below.

The details of our SG&A expenses are as follows:
 Three months ended
September 30,		Increase (decrease)Organic increase (decrease)
 20242023$%$%
 in millions, except percentages
Sunrise
$142.9 $151.3 $(8.4)(5.6)$(10.9)(7.2)
Telenet
123.2 114.4 8.8 7.7 7.5 6.6 
VM Ireland
14.8 14.3 0.5 3.5 0.3 2.1 
Central and Other
92.8 93.0 (0.2)(0.2)(1.5)(1.6)
Intersegment eliminations(3.8)(2.5)(1.3)N.M.(1.3)N.M.
Total SG&A expenses excluding share-based compensation expense
369.9 370.5 (0.6)(0.2)$(5.9)(1.6)
Share-based compensation expense47.0 53.2 (6.2)(11.7)
Total$416.9 $423.7 $(6.8)(1.6)

66

 Nine months ended
September 30,		Increase (decrease)Organic increase (decrease)
 20242023$%$%
 in millions, except percentages
Sunrise
$453.2 $456.2 $(3.0)(0.7)$(13.3)(2.9)
Telenet
377.2 344.0 33.2 9.7 32.0 9.3 
VM Ireland
44.4 42.6 1.8 4.2 1.6 3.8 
Central and Other
286.3 289.0 (2.7)(0.9)(6.2)(2.1)
Intersegment eliminations(10.2)(18.6)8.4 N.M.8.4 N.M.
Total SG&A expenses excluding share-based compensation expense
1,150.9 1,113.2 37.7 3.4 $22.5 2.0 
Share-based compensation expense130.4 168.0 (37.6)(22.4)
Total$1,281.3 $1,281.2 $0.1 — 
_______________

N.M. — Not Meaningful.

Supplemental SG&A expense information
 Three months ended
September 30,		Increase (decrease)Organic increase (decrease)
 20242023$%$%
 in millions, except percentages
General and administrative (a)$286.2 $295.2 $(9.0)(3.0)$(12.7)(4.3)
External sales and marketing83.7 75.3 8.4 11.2 6.8 9.0 
Total$369.9 $370.5 $(0.6)(0.2)$(5.9)(1.6)

 Nine months ended
September 30,		IncreaseOrganic increase
 20242023$%$%
 in millions, except percentages
General and administrative (a)$896.7 $876.1 $20.6 2.4 $10.0 1.1 
External sales and marketing254.2 237.1 17.1 7.2 12.5 5.3 
Total$1,150.9 $1,113.2 $37.7 3.4 $22.5 2.0 
_______________

(a)General and administrative expenses include all personnel-related costs within our SG&A expenses, including personnel-related costs associated with our sales and marketing function.

Our SG&A expenses (exclusive of share-based compensation expense) increased (decreased) ($0.6 million) or (0.2%) and $37.7 million or 3.4% during the three and nine months ended September 30, 2024, respectively, as compared to the corresponding periods in 2023. On an organic basis, our SG&A expenses increased (decreased) ($5.9 million) and (1.6%) or $22.5 million or 2.0%, respectively. These changes include the following factors:

•For the nine-month comparison, an increase in personnel costs of $13.9 million or 2.7%, primarily due to (i) an increase in temporary personnel costs at Telenet and (ii) higher costs due to lower capitalizable activities, primarily at Sunrise;

•Increases in external sales and marketing costs of $6.8 million or 9.0% and $12.5 million or 5.3%, respectively, primarily due to higher costs associated with advertising campaigns at Telenet;

67

•Increases in core network and information technology-related costs of $1.6 million or 5.7% and $9.7 million or 11.4%, respectively, primarily at Sunrise; and

•Decreases in business service costs of $4.0 million or 8.1% and $7.8 million or 5.1%, respectively, primarily due to lower consulting costs at Sunrise.

Share-based compensation expense

Our share-based compensation expense primarily relates to the share-based incentive awards issued by Liberty Global to its employees and employees of its subsidiaries. A summary of our aggregate share-based compensation expense is set forth below: 
 Three months ended
September 30,		Nine months ended
September 30,
 2024202320242023
 in millions
Liberty Global (a):
Non-performance based incentive awards (b)$40.9 $45.2 $105.2 $127.8 
Performance based incentive awards (c)5.9 — 13.3 — 
Other (d)6.1 6.3 24.0 23.9 
Total Liberty Global52.9 51.5 142.5 151.7 
Other— 3.3 4.5 22.7 
Total
$52.9 $54.8 $147.0 $174.4 
Included in:
Other operating expense$5.9 $1.6 $16.6 $6.4 
SG&A expense47.0 53.2 130.4 168.0 
Total
$52.9 $54.8 $147.0 $174.4 
_______________

(a)The 2024 amounts include share-based compensation expense related to certain Telenet Replacement Awards.

(b)In April 2023, the compensation committee of our board of directors approved the extension of the expiration dates of outstanding SARs and director options granted in 2016 through 2018 from a seven-year term to a ten-year term. Accordingly, the Black-Scholes fair values of the outstanding awards increased, resulting in the recognition of an aggregate incremental share-based compensation expense of $27.1 million during the second quarter of 2023.

(c)The 2024 amounts include share-based compensation expense related to the 2024 PSUs.

(d)Represents annual incentive compensation and defined contribution plan liabilities that have been or are expected to be settled with Liberty Global common shares. In the case of annual incentive compensation, shares have been or will be issued to senior management and key employees pursuant to a shareholding incentive program. The shareholding incentive program allows these employees to elect to receive up to 100% of their annual incentive compensation in common shares of Liberty Global in lieu of cash.

For additional information regarding our share-based compensation expense, see note 13 to our condensed consolidated financial statements.

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Depreciation and amortization expense

Our depreciation and amortization expense was $500.6 million and $1,512.7 million for the three and nine months ended September 30, 2024, respectively, and $584.0 million and $1,681.8 million for the three and nine months ended September 30, 2023, respectively. Excluding the effects of FX, depreciation and amortization expense decreased $89.5 million or 15.3% and $182.7 million or 10.9% during the three and nine months ended September 30, 2024, respectively, as compared to the corresponding periods in 2023. These decreases are primarily due to the net effect of (i) decreases associated with certain assets becoming fully depreciated, primarily at Central and Other, Telenet and Sunrise, (ii) increases associated with property and equipment additions related to the installation of CPE, the expansion and upgrade of our networks and other capital initiatives, primarily at Telenet, Sunrise and VM Ireland, and (iii) increases associated with acquisitions, primarily related to the Telenet Wyre Transaction.

Impairment, restructuring and other operating items, net

We recognized impairment, restructuring and other operating items, net, of $13.5 million and $51.7 million during the three and nine months ended September 30, 2024, respectively, and ($13.7 million) and $6.6 million during the three and nine months ended September 30, 2023, respectively.

The amounts for the 2024 periods include (i) restructuring costs of $5.4 million and $24.6 million, respectively, primarily at Central and Other and Telenet, and (ii) a provision for legal contingencies of $17.5 million at Central and Other during the first quarter of 2024.

The amounts for the 2023 periods include (i) direct acquisition and disposition costs of $4.2 million and $25.7 million, respectively, primarily at Telenet and Central and Other, (ii) restructuring costs of $3.3 million and $24.4 million, respectively, primarily at Sunrise and Telenet, (iii) a $21.3 million credit to abandoned lease expense at Sunrise during the second quarter of 2023 and (iv) a $19.2 million credit related to a settlement at Sunrise during the third quarter of 2023.

If, among other factors, (i) our equity values were to decline or (ii) the adverse impacts of economic, competitive, regulatory or other factors were to cause our results of operations or cash flows to be worse than anticipated, we could conclude in future periods that impairment charges are required in order to reduce the carrying values of our goodwill and, to a lesser extent, other long-lived assets. Any such impairment charges could be significant.

Interest expense

We recognized interest expense of $251.2 million and $756.2 million during the three and nine months ended September 30, 2024, respectively, and $241.4 million and $656.0 million during the three and nine months ended September 30, 2023, respectively. Excluding the effects of FX, interest expense increased $7.1 million or 2.9% and $97.0 million or 14.8% during the three and nine months ended September 30, 2024, respectively, as compared to the corresponding periods in 2023. These increases are primarily attributable to (i) higher average outstanding debt balances and (ii) for the nine-month period, a higher weighted average interest rate. For additional information regarding our outstanding indebtedness, see note 9 to our condensed consolidated financial statements.

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 and under Part I, Item 3. Quantitative and Qualitative Disclosures about Market Risk below, we use derivative instruments to manage our interest rate risks.

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Realized and unrealized gains (losses) on derivative instruments, net

Our realized and unrealized gains or losses on derivative instruments 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,
 2024202320242023
 in millions
Cross-currency and interest rate derivative contracts (a)$(539.5)$195.1 $137.5 $38.8 
Equity-related derivative instruments (b)(62.6)(22.0)(110.7)145.0 
Foreign currency forward and option contracts37.4 4.0 42.3 10.0 
Other(2.1)— (2.1)— 
Total$(566.8)$177.1 $67.0 $193.8 
_______________ 

(a)The results for the 2024 periods are primarily attributable to the net effect of (i) net losses associated with changes in certain market interest rates and (ii) a net loss for the three-month period and a net gain for the nine-month period associated the relative value of certain currencies. In addition, the results for the 2024 periods include a net gain (loss) of $0.4 million and ($41.1 million), respectively, resulting from changes in our credit risk valuation adjustments. The gains for the 2023 periods are primarily attributable to the net effect of (a) a net loss for the three-month period and a net gain for the nine-month period associated with changes in certain market interest rates and (b) a net gain for the three-month period and a net loss for the nine-month period associated with changes in the relative value of certain currencies. In addition, the gains for the 2023 periods include a net gain (loss) of ($6.9 million) and $15.3 million, respectively, resulting from changes in our credit risk valuation adjustments.

(b)The recurring fair value measurements of our equity-related derivative instruments are based on Black-Scholes pricing models.

For additional information concerning our derivative instruments, see notes 6 and 7 to our condensed consolidated financial statements and Part I, Item 3. Quantitative and Qualitative Disclosures about Market Risk below.

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Foreign currency transaction gains (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 gains (losses), net, are as follows:
 Three months ended
September 30,		Nine months ended
September 30,
 2024202320242023
 in millions
Intercompany balances denominated in a currency other than the entity’s functional currency (a)$(877.0)$897.7 $(346.8)$502.0 
U.S. dollar-denominated debt issued by euro functional currency entities294.8 (238.8)57.8 (89.6)
Cash and restricted cash denominated in a currency other than the entity’s functional currency
(1.7)4.8 3.8 9.6 
Other
5.6 0.7 4.9 (4.1)
Total$(578.3)$664.4 $(280.3)$417.9 
_______________ 

(a)Amounts primarily relate to (i) loans between certain of our non-operating subsidiaries in Europe and (ii) loans between certain of our non-operating and operating subsidiaries in Europe, which generally are denominated in the currency of the applicable operating subsidiary.

Realized and unrealized gains (losses) due to changes in fair values of certain investments, net

Our realized and unrealized gains or losses due to changes in fair values of certain investments include unrealized gains or losses associated with changes in fair values that are non-cash in nature until such time as these gains or losses are realized through cash transactions. For additional information regarding our investments and fair value measurements, see notes 5 and 7, respectively, to our condensed consolidated financial statements. The details of our realized and unrealized gains (losses) due to changes in fair values of certain investments, net, are as follows:
 Three months ended
September 30,		Nine months ended
September 30,
 2024202320242023
 in millions
Vodafone
$117.3 $35.7 $163.8 $(223.1)
ITV
21.6 (2.6)104.7 (18.9)
EdgeConneX
(10.8)65.9 78.3 79.9 
Televisa Univision
(87.1)12.1 (76.4)4.7 
Lacework (a)
(0.2)(31.3)(75.8)(125.9)
Plume
(42.5)(4.0)(70.3)(55.2)
Aviatrix
(3.1)(12.4)(30.6)(23.9)
SMAs
9.1 20.1 30.0 (1.2)
Pax8
(24.8)(10.4)(27.9)(10.4)
Lionsgate
(10.5)(2.6)(20.6)17.3 
Other, net(14.9)1.0 (36.3)11.9 
Total$(45.9)$71.5 $38.9 $(344.8)
______________

(a)We completed the sale of our investment in Lacework during the third quarter of 2024.

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Share of results of affiliates, net

The following table sets forth the details of our share of results of affiliates, net:
 Three months ended
September 30,		Nine months ended
September 30,
 2024202320242023
 in millions
VodafoneZiggo JV (a)
$(49.4)$(9.7)$(38.0)$(97.6)
VMO2 JV (b)
(36.1)(198.0)(32.4)(187.6)
AtlasEdge JV
(16.5)(4.8)(30.3)(15.2)
Formula E
(5.8)(11.6)(29.1)(21.0)
All3Media
— (7.8)(15.5)(6.1)
nexfibre JV
(18.2)(4.2)(6.5)2.1 
Other, net(7.0)(4.7)(14.8)(15.7)
Total$(133.0)$(240.8)$(166.6)$(341.1)
_______________

(a)Represents (i) our 50% share of the results of operations of the VodafoneZiggo JV and (ii) interest income of $14.2 million, $14.0 million, $41.7 million and $41.4 million in the respective periods shown, representing 100% of the interest earned on the VodafoneZiggo JV Receivables. The summarized results of operations of the VodafoneZiggo JV are set forth below:
Three months ended
September 30,		Nine months ended
September 30,
2024202320242023
in millions
Revenue$1,131.1 $1,125.2 $3,336.7 $3,297.0 
Adjusted EBITDA$527.8 $518.3 $1,565.5 $1,474.7 
Operating income$93.8 $90.5 $292.4 $179.4 
Non-operating expense (1)$(259.8)$(172.7)$(493.9)$(511.8)
Net loss$(132.6)$(63.6)$(161.6)$(279.2)
    _______________

(1)Includes interest expense of $208.3 million, $205.2 million, $619.5 million and $581.6 million, in the respective periods shown.

The changes in the VodafoneZiggo JV’s revenue during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023, are primarily due to the net effect of (i) increases in residential mobile revenue, (ii) increases in B2B fixed revenue and (iii) decreases in residential fixed revenue. The changes in the VodafoneZiggo JV’s Adjusted EBITDA during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023, are primarily due to the net effect of (a) the aforementioned changes in revenue, (b) increases in wage costs and (c) higher programming costs. In addition, the reported revenue and Adjusted EBITDA amounts are impacted by FX.

(b)Represents (i) our 50% share of the results of operations of the VMO2 JV and (ii) 100% of the share-based compensation expense associated with Liberty Global awards granted to VMO2 JV employees who were formerly employees of Liberty Global prior to the VMO2 JV formation, as these awards remain our responsibility. The summarized results of operations of the VMO2 JV are set forth below:
72

Three months ended
September 30,		Nine months ended
September 30,
2024202320242023
in millions
Revenue$3,512.7 $3,503.8 $10,170.9 $10,058.0 
Adjusted EBITDA$1,170.9 $1,170.9 $3,376.9 $3,335.6 
Operating income$276.1 $282.8 $791.0 $321.0 
Non-operating expense (1)$(344.8)$(786.1)$(789.6)$(762.8)
Net loss$(55.3)$(386.6)$(20.0)$(364.0)
    _______________

(1)Includes interest expense of $406.4 million, $394.6 million, $1,239.5 million and $1,087.2 million, in the respective periods shown.

The changes in the VMO2 JV’s revenue during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023, are primarily due to the net effect of (i) decreases in mobile revenue due to lower handset sales, (ii) increases in other revenue related to low-margin construction revenue from the nexfibre JV, (iii) increases in residential fixed revenue and (iv) a one-time increase in 2023 of $48 million in other revenue due to a change in the contract terms with a related-party supplier, with each revenue category as defined and reported by the VMO2 JV. The changes in the VMO2 JV’s Adjusted EBITDA during the three and nine months ended September 30, 2024, as compared to the corresponding periods in 2023, are primarily due to the net effect of (a) the benefit of approximately $18 million and $46 million during the three and nine months ended September 30, 2024, respectively, related to higher capitalized costs by the VMO2 JV due to a change in the terms of a related-party contract under which Liberty Global now sells CPE hardware and embedded essential software to the VMO2 JV and (b) the aforementioned one-time revenue increase in 2023. In addition, the reported revenue and Adjusted EBITDA amounts are impacted by FX.

Gain on sale of All3Media

In connection with the sale of All3Media, we recognized a gain of $242.9 million during the nine months ended September 30, 2024. For additional information, see note 5 to our condensed consolidated financial statements.

Gain associated with the Telenet Wyre Transaction

In connection with the Telenet Wyre Transaction, we recognized a net gain of $377.8 million during the nine months ended September 30, 2023. For additional information, see note 4 to our condensed consolidated financial statements.

Other income, net

We recognized other income, net, of $63.9 million and $39.8 million during the three months ended September 30, 2024 and 2023, respectively, and $191.1 million and $159.5 million during the nine months ended September 30, 2024 and 2023, respectively. These amounts include (i) interest and dividend income of $57.2 million and $36.5 million during the three-month periods, respectively, and $169.8 million and $140.7 million during the nine-month periods, respectively, and (ii) credits related to the non-service component of our net periodic pension costs of $7.2 million and $6.4 million during the three-month periods, respectively, and $21.5 million and $15.8 million during the nine-month periods, respectively.

Income tax benefit (expense)

We recognized income tax benefit (expense) of ($0.9 million) and ($88.5 million) during the three and nine months ended September 30, 2024, respectively, and $1.7 million and ($170.0 million) during the three and nine months ended September 30, 2023, respectively.

The income tax expense during the three months ended September 30, 2024 differs from the expected income tax benefit of $352.6 million (based on the U.K. statutory income tax rate of 25.0%), primarily due to the net negative impact of (i) non-deductible or non-taxable foreign currency exchange results and (ii) certain permanent differences between the financial and tax accounting treatment of items associated with investments in subsidiaries and affiliates.

73

The income tax expense during the nine months ended September 30, 2024 differs from the expected income tax benefit of $130.1 million (based on the U.K. statutory income tax rate of 25.0%), primarily due to the net negative impact of (i) certain permanent differences between the financial and tax accounting treatment of interest and other items, (ii) non-deductible or non-taxable foreign currency exchange results and (iii) certain permanent differences between the financial and tax accounting treatment of items associated with investments in subsidiaries and affiliates.

The income tax benefit during the three months ended September 30, 2023 differs from the expected income tax expense of $193.0 million (based on the U.K. blended income tax rate of 23.5%), primarily due to the net positive impact of non-deductible or non-taxable foreign currency exchange results.

The income tax expense during the nine months ended September 30, 2023 differs from the expected income tax benefit of $54.5 million (based on the U.K. blended income tax rate of 23.5%), primarily due to the net negative impact of (i) a net increase in valuation allowances and (ii) certain permanent differences between the financial and tax accounting treatment of interest and other items. The net negative impact of these items was partially offset by the net positive impact of non-deductible or non-taxable foreign currency exchange results.

For additional information concerning our income taxes, see note 11 to our condensed consolidated financial statements.

Net earnings (loss)

During the three months ended September 30, 2024 and 2023, we reported net earnings (loss) of ($1,410.9 million) and $822.7 million, respectively, consisting of (i) operating income (loss) of $101.3 million and ($27.4 million), respectively, (ii) net non-operating income (expense) of ($1,511.3 million) and $848.4 million, respectively, and (iii) income tax benefit (expense) of ($0.9 million) and $1.7 million, respectively.

During the nine months ended September 30, 2024 and 2023, we reported net loss of $608.7 million and $402.1 million, respectively, consisting of (i) operating income (loss) of $143.0 million and ($39.2 million), respectively, (ii) net non-operating expense of $663.2 million and $192.9 million, respectively, and (iii) income tax expense of $88.5 million and $170.0 million, respectively.

Gains or losses associated with (i) changes in the fair values of derivative instruments, (ii) movements in foreign currency exchange rates and (iii) the disposition of assets and changes in ownership 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 operating income to a level that more than offsets the aggregate amount of our (a) interest expense, (b) other non-operating expenses and (c) income tax expense.

Due largely to the fact that we seek to maintain our debt at levels that provide for attractive equity returns, as discussed under Material Changes in Financial Condition — Capitalization below, we expect we will continue to report significant levels of interest expense for the foreseeable future. For information concerning our expectations with respect to trends that may affect certain aspects of our operating results in future periods, see the discussion under Overview above. For information concerning the reasons for changes in specific line items in our condensed consolidated statements of operations, see Discussion and Analysis of our Reportable Segments and Discussion and Analysis of our Consolidated Operating Results above.

Net earnings attributable to noncontrolling interests

Net earnings attributable to noncontrolling interests was $23.2 million and $163.5 million during the three months ended September 30, 2024 and 2023, respectively, and $47.3 million and $159.7 million during the nine months ended September 30, 2024 and 2023, respectively, primarily attributable to certain noncontrolling interests at Telenet.

74

Material Changes in Financial Condition

Sources and Uses of Cash

We are a holding company that is dependent on the capital resources of our subsidiaries to satisfy our liquidity requirements at the corporate level. Each of our significant operating subsidiaries is separately financed within one of our three subsidiary “borrowing groups”. These borrowing groups include the respective restricted parent and subsidiary entities within Sunrise Holding, Telenet and VM Ireland. Although our borrowing groups typically generate cash from operating activities, the terms of the instruments governing the indebtedness of these borrowing groups may restrict our ability to access the liquidity of these subsidiaries. In addition, our ability to access the liquidity of these and other subsidiaries may be limited by tax and legal considerations, the presence of noncontrolling interests and other factors.

Cash, cash equivalents and SMAs

The details of the U.S. dollar equivalent balances of our consolidated cash and cash equivalents at September 30, 2024 are set forth in the following table (in millions):
Cash and cash equivalents held by:
Liberty Global and unrestricted subsidiaries:
Liberty Global (a)
$8.2 
Unrestricted subsidiaries (b)1,253.6 
Total Liberty Global and unrestricted subsidiaries
1,261.8 
Borrowing groups (c):
Telenet
1,069.7 
VM Ireland
13.1 
Sunrise Holding
11.8 
Total borrowing groups
1,094.6 
Total cash and cash equivalents (d)2,356.4 
Investments held under SMAs (e)
1,094.5 
Total cash and cash equivalents and investments held under SMAs
$3,450.9 
_______________

(a)Represents the amount held by Liberty Global on a standalone basis.

(b)Represents the aggregate amount held by subsidiaries that are outside of our borrowing groups.

(c)Represents the aggregate amounts held by the parent entity and restricted subsidiaries of our borrowing groups.
(d)The total cash and cash equivalents balance includes $1,289.0 million or 54.7% and $1,034.3 million or 43.9% denominated in euros and U.S. dollars, respectively.

(e)The balance of our investments held under SMAs is held by unrestricted subsidiaries of Liberty Global and includes $1,067.8 million or 97.6% denominated in U.S. dollars.
For additional information regarding our cash and cash equivalents and investments held under SMAs, see the discussion under Part I, Item 3. Quantitative and Qualitative Disclosures about Market Risk — Cash and Investments below.

Liquidity of Liberty Global and its unrestricted subsidiaries

The $8.2 million of cash held by Liberty Global and, subject to certain tax and legal considerations, the $1,253.6 million of aggregate cash and cash equivalents held by unrestricted subsidiaries, together with the $1,094.5 million of investments held under SMAs, represented available liquidity at the corporate level at September 30, 2024. Our remaining cash and cash equivalents of $1,094.6 million at September 30, 2024 were held by our borrowing groups, as set forth in the table above. As noted above, various factors may limit our ability to access the cash of our borrowing groups. For information regarding certain
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limitations imposed by our subsidiaries’ debt instruments at September 30, 2024, see note 9 to our condensed consolidated financial statements.

Our short-term sources of corporate liquidity include (i) cash and cash equivalents held by Liberty Global and, subject to certain tax and legal considerations, Liberty Global’s unrestricted subsidiaries, (ii) investments held under SMAs, (iii) interest and dividend income received on our and, subject to certain tax and legal considerations, our unrestricted subsidiaries’ cash and cash equivalents and investments, including dividend distributions received from the VMO2 JV or the VodafoneZiggo JV, (iv) cash received with respect to transitional and other services provided to various third parties and (v) interest payments received with respect to the VodafoneZiggo JV Receivables.

From time to time, Liberty Global and its unrestricted subsidiaries may also receive (i) proceeds in the form of dividend distributions or loan repayments from Liberty Global’s borrowing groups or affiliates (including amounts from the VMO2 JV or the VodafoneZiggo JV) 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 Global and its unrestricted subsidiaries and (iii) proceeds in connection with the incurrence of debt by Liberty Global or its unrestricted subsidiaries or the issuance of equity securities by Liberty Global, including equity securities issued to satisfy subsidiary obligations. No assurance can be given that any external funding would be available to Liberty Global or its unrestricted subsidiaries on favorable terms, or at all.

At September 30, 2024, our consolidated cash and cash equivalents include $2,348.2 million held by entities that are domiciled outside of Bermuda. Based on our assessment of our ability to access the liquidity of our subsidiaries on a tax efficient basis and our expectations with respect to our corporate liquidity requirements, we do not anticipate that tax considerations will adversely impact our corporate liquidity over the next 12 months. Our ability to access the liquidity of our subsidiaries on a tax efficient basis is a consideration in assessing the extent of our share repurchase program.

In addition, the amount of cash we receive from our subsidiaries and affiliates to satisfy U.S. dollar-denominated liquidity requirements is impacted by fluctuations in exchange rates, particularly with regard to the translation of euros, British pound sterling and Swiss francs into U.S. dollars. In this regard, the strengthening (weakening) of the U.S. dollar against these currencies will result in decreases (increases) in the U.S. dollars received from the applicable subsidiaries and affiliates to fund the repurchase of our equity securities and other U.S. dollar-denominated liquidity requirements.

Our short- and long-term liquidity requirements include (i) corporate general and administrative expenses, (ii) interest payments on the Vodafone Collar Loan and (iii) principal payments on the Vodafone Collar Loan to the extent not settled through the delivery of the underlying shares. In addition, Liberty Global and its unrestricted subsidiaries may require cash in connection with (a) the repayment of third-party and intercompany debt, (b) the satisfaction of contingent liabilities, (c) acquisitions, (d) the repurchase of equity and debt securities, (e) other investment opportunities, (f) any funding requirements of our subsidiaries and affiliates or (g) income tax payments. For additional information regarding our intention to repay certain third-party debt in connection with the Spin-off, see note 9 to our condensed consolidated financial statements.

During the nine months ended September 30, 2024, the aggregate amount of our share repurchases, including direct acquisition costs, was $503.1 million. Under our current share repurchase program, we are authorized during 2024 to repurchase up to 10% of our total outstanding shares as of December 31, 2023. For additional information regarding our share repurchase programs, see note 12 to our condensed consolidated financial statements.

Liquidity 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, 2024, see note 9 to our condensed consolidated financial statements. The aforementioned sources of liquidity may be supplemented in certain cases by contributions and/or loans from Liberty Global and its unrestricted subsidiaries.

The liquidity of our borrowing groups generally is used to fund (i) property and equipment additions, (ii) debt service requirements and (iii) income tax payments, as well as to settle certain obligations that are not included on our September 30, 2024 condensed consolidated balance sheet. In this regard, we have significant commitments related to (a) purchase obligations associated with CPE and certain service-related commitments, (b) programming, studio output and sports rights contracts and (c) certain operating costs associated with our networks. These obligations are expected to represent a significant liquidity
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requirement of our borrowing groups, a significant portion of which is due over the next 12 to 24 months. For additional information regarding our commitments, see note 15 to our condensed consolidated financial statements.

From time to time, our borrowing groups may also require liquidity in connection with (i) acquisitions and other investment opportunities, (ii) loans to Liberty Global or its unrestricted subsidiaries, (iii) capital distributions to Liberty Global and other equity owners or (iv) the satisfaction of contingent liabilities. 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 consolidated cash flows, see the discussion under Condensed Consolidated Statements of Cash Flows below.

Capitalization

We seek to maintain our debt at levels that provide for attractive equity returns without assuming undue risk. In this regard, we generally seek to cause our operating subsidiaries to maintain their debt at levels that result in a consolidated debt balance (excluding the Vodafone Collar Loan and measured using subsidiary debt figures at swapped foreign currency exchange rates, consistent with the covenant calculation requirements of our subsidiary debt agreements) that is between four and five times our consolidated Adjusted EBITDA, although the timing of our acquisitions and financing transactions and the interplay of average and spot foreign currency rates may impact this ratio. Consolidated Adjusted EBITDA is a non-GAAP measure, which investors should view as a supplement to, and not a substitute for, GAAP measures of performance included in our condensed consolidated statements of operations.

Our ability to service or refinance our debt and to maintain compliance with the leverage covenants in the credit agreements and indentures of our borrowing groups is dependent primarily on our ability to maintain or increase the Adjusted EBITDA of our operating subsidiaries 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 the incurrence-based leverage covenants contained in the various debt instruments of our borrowing groups. For example, if the Adjusted EBITDA of one of our borrowing groups were to decline, our ability to obtain additional debt could be limited. Under our credit facilities and senior and senior secured notes there is no cross-default risk between subsidiary borrowing groups in the event that one or more of our borrowing groups were to experience significant declines in their Adjusted EBITDA to the extent they were no longer able to service their debt obligations. Any mandatory prepayment events or events of default that may occur would only impact the relevant borrowing group in which these events occur and do not allow for any recourse to other borrowing groups or Liberty Global Ltd. Our credit facilities and senior and senior secured notes require that certain members of the relevant borrowing group guarantee the payment of all sums payable thereunder and such group members are required to grant first-ranking security over their shares or, in certain borrowing groups, over substantially all of their assets to secure the payment of all sums payable thereunder. At September 30, 2024, each of our borrowing groups was in compliance with its debt covenants. In addition, 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.

At September 30, 2024, the outstanding principal amount of our consolidated debt, together with our finance lease obligations, aggregated $16.0 billion, including $1.0 billion that is classified as current on our condensed consolidated balance sheet and $1.6 billion that is not due until 2030 or thereafter. All of our consolidated debt and finance lease obligations have been borrowed or incurred by our subsidiaries at September 30, 2024.

We believe 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 maturing debt grows in later years, we anticipate we will seek to refinance or otherwise extend our debt maturities. No assurance can be given that we will be able to complete these refinancing transactions or otherwise extend our debt maturities. In this regard, it is not possible to predict how political and economic conditions, sovereign debt concerns or any adverse regulatory developments could impact the credit and equity markets we access and, accordingly, our future liquidity and 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.

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For additional information concerning our debt and finance lease obligations, see notes 9 and 10, respectively, to our condensed consolidated financial statements.

Condensed Consolidated Statements of Cash Flows

General. Our cash flows are subject to significant variations due to FX.

Summary. The condensed consolidated statements of cash flows for the nine months ended September 30, 2024 and 2023 are summarized as follows:
Nine months ended
September 30,
20242023Change
in millions
Net cash provided by operating activities$1,241.3 $1,326.7 $(85.4)
Net cash provided (used) by investing activities334.9 (966.4)1,301.3 
Net cash used by financing activities(650.2)(343.1)(307.1)
Effect of exchange rate changes on cash and cash equivalents and restricted cash15.4 (1.1)16.5 
Net increase in cash and cash equivalents and restricted cash$941.4 $16.1 $925.3 

Operating Activities. The decrease in net cash provided by operating activities is primarily attributable to the net effect of (i) a decrease in cash provided by our Adjusted EBITDA and related working capital items, (ii) a decrease in cash provided due to higher payments of interest, (iii) an increase in cash provided due to higher receipts of interest and (iv) an increase in cash provided due to higher net cash receipts related to derivative instruments. Consolidated Adjusted EBITDA is a non-GAAP measure, which investors should view as a supplement to, and not a substitute for, GAAP measures of performance included in our condensed consolidated statements of operations.

Investing Activities. The change in net cash provided (used) by investing activities is primarily attributable to the net effect of (i) an increase in cash of $1,579.7 million associated with (a) lower net cash paid for investments primarily related to our investment in Vodafone in 2023 and (b) higher net cash received from the sale of our investments held under SMAs, (ii) a decrease in cash of $815.2 million due to lower dividend distributions received from the VMO2 JV, (iii) an increase in cash of $411.7 million in connection with the sale of our investment in All3Media during the second quarter of 2024 and (iv) an increase in cash of $100.1 million associated with lower net cash paid for acquisitions.

The capital expenditures we report in our condensed consolidated statements of cash flows 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 as reported in our condensed consolidated statements of cash flows, which exclude amounts financed under capital-related vendor financing or finance lease arrangements, and (ii) our total property and equipment additions, which include our capital expenditures on an accrual basis and amounts financed under capital-related vendor financing or finance lease arrangements. For further details regarding our property and equipment additions, see note 16 to our condensed consolidated financial statements. A reconciliation of our consolidated property and equipment additions to our consolidated capital expenditures, as reported in our condensed consolidated statements of cash flows, is set forth below:
 Nine months ended
September 30,
 20242023
in millions
Property and equipment additions$1,125.4 $1,107.7 
Assets acquired under capital-related vendor financing arrangements
(98.8)(129.9)
Assets acquired under finance leases(0.6)(20.8)
Changes in current liabilities related to capital expenditures
(38.8)59.2 
Capital expenditures, net$987.2 $1,016.2 

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The increase in our property and equipment additions during the nine months ended September 30, 2024, as compared to the corresponding period in 2023, is due to (i) an increase due to FX and (ii) an increase in local currency expenditures of our subsidiaries due to the net effect of (a) an increase in new build and upgrade projects, (b) a decrease in expenditures to support new customer products and operational efficiency initiatives, (c) a decrease in expenditures for the purchase and installation of CPE and (d) an increase in baseline expenditures, including network improvements and expenditures for property and facilities and information technology systems.

Financing Activities. The increase in net cash used by financing activities is primarily attributable to the net effect of (i) an increase in cash used of $2,100.4 million due to higher net repayments of debt, including with respect to our 2023 borrowings related to (a) the Vodafone Collar Loan and (b) the Telenet Takeover Bid, (ii) a decrease in cash used of $872.9 million due to the acquisition of shares in connection with the Telenet Takeover Bid in 2023, (iii) a decrease in cash used of $621.2 million due to lower repurchases of Liberty Global common shares, (iv) a decrease in cash used of $155.7 million due to lower net repayments of vendor financing and (v) a decrease in cash used of $79.7 million due to higher net cash receipts related to derivatives.

Adjusted Free Cash Flow

We define adjusted free cash flow as net cash provided by operating activities, plus operating-related vendor financed expenses (which represents an increase in the period to our actual cash available as a result of extending vendor payment terms beyond normal payment terms, which are typically 90 days or less, through non-cash financing activities), less (i) cash payments in the period for capital expenditures, (ii) principal payments on operating- and capital-related amounts financed by vendors and intermediaries (which represents a decrease in the period to our actual cash available as a result of paying amounts to vendors and intermediaries where we previously had extended vendor payments beyond the normal payment terms) and (iii) principal payments on finance leases (which represents a decrease in the period to our actual cash available), each as reported in our condensed consolidated statements of cash flows. Net cash provided by operating activities includes cash paid for third-party costs directly associated with successful and unsuccessful acquisitions and dispositions of $7.6 million and $23.8 million during the nine months ended September 30, 2024 and 2023, respectively.

We believe our presentation of adjusted free cash flow, which is a non-GAAP measure, provides useful information to our investors because this measure can be used to gauge our ability to (i) service debt and (ii) fund new investment opportunities after consideration of all actual cash payments related to our working capital activities and expenses that are capital in nature whether paid inside normal vendor payment terms or paid later outside normal vendor payment terms (in which case we typically pay in less than 365 days). Adjusted free cash flow should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, that are not deducted to arrive at these amounts. Investors should view adjusted free cash flow as a supplement to, and not a substitute for, GAAP measures of liquidity included in our condensed consolidated statements of cash flows. Further, our adjusted free cash flow may differ from how other companies define and apply their definition of adjusted free cash flow.

The following table provides the details of our adjusted free cash flow:
 Nine months ended
September 30,
 20242023
in millions
Net cash provided by operating activities$1,241.3 $1,326.7 
Operating-related vendor financing additions (a)579.4 444.5 
Cash capital expenditures, net(987.2)(1,016.2)
Principal payments on operating-related vendor financing(538.1)(470.9)
Principal payments on capital-related vendor financing(122.8)(210.8)
Principal payments on finance leases(8.4)(25.3)
Adjusted free cash flow$164.2 $48.0 
_______________

(a)For purposes of our condensed consolidated statements of cash flows, operating-related vendor financing additions represent operating-related expenses financed by an intermediary that are treated as constructive operating cash outflows and constructive financing cash inflows when the intermediary settles the liability with the vendor. When we pay the
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financing intermediary, we record financing cash outflows in our consolidated statements of cash flows. For purposes of our adjusted free cash flow definition, we (i) add in the constructive financing cash inflow when the intermediary settles the liability with the vendor as our actual net cash available at that time is not affected and (ii) subsequently deduct the related financing cash outflow when we actually pay the financing intermediary, reflecting the actual reduction to our cash available to service debt or fund new investment opportunities.

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Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

General

The capitalized terms used below have been defined in the notes to our condensed consolidated financial statements. In the following text, the terms “we,” “our,” “our company” and “us” may refer, as the context requires, to Liberty Global or collectively to Liberty Global and its subsidiaries.

We are exposed to market risk in the normal course of our business operations due to our investments in various foreign 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.

The information in this section should be read in conjunction with the more complete discussion that appears under Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our 2023 10-K. The following discussion updates selected numerical information to September 30, 2024.

Unless otherwise indicated, convenience translations into U.S. dollars are calculated as of September 30, 2024.

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 our and our subsidiaries’ short-term liquidity requirements. In order to mitigate this risk, we actively manage the denominations of our cash balances in light of our and our subsidiaries’ forecasted liquidity requirements. At September 30, 2024, $1,289.0 million or 54.7% and $1,034.3 million or 43.9% of our consolidated cash balance was denominated in euros and U.S. dollars, respectively, and $1,067.8 million or 97.6% of our consolidated balance of investments held under SMAs was denominated in U.S. dollars.

We are exposed to market price fluctuations related to our investment in Vodafone shares, which had an aggregate value of $1,342.5 million at September 30, 2024. Our exposure to market risk is limited for our Vodafone shares, all which are held through the Vodafone Collar. For information regarding the Vodafone Collar, Vodafone Collar Loan and our investment in Vodafone shares, see note 5 to our condensed consolidated financial statements.

Foreign Currency Risk

We are exposed to foreign currency exchange rate risk with respect to our consolidated debt in situations where our debt is denominated in a currency other than the functional currency of the operations whose cash flows support our ability to repay or refinance such debt. For information regarding our use of derivative instruments to manage our foreign currency exchange rate risk, see note 6 to our condensed consolidated financial statements.

The relationships between the primary currencies of the countries in which we operate and the U.S. dollar, which is our reporting currency, are shown below, per one U.S. dollar:
September 30,
2024		December 31,
2023
Spot rates:
Euro0.8970 0.9038 
Swiss franc0.8445 0.8392 
British pound sterling0.7462 0.7835 
Polish zloty3.8403 3.9272 

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 Three months ended
September 30,		Nine months ended
September 30,
 2024202320242023
Average rates:
Euro0.9101 0.9192 0.9200 0.9232 
Swiss franc0.8657 0.8835 0.8815 0.9025 
British pound sterling0.7689 0.7900 0.7832 0.8039 
Polish zloty3.8977 4.1389 3.9609 4.2337 

Inflation and Foreign Investment Risk

We are subject to inflationary pressures with respect to labor, programming and other costs. While we attempt to increase our revenue to offset increases in costs, there is no assurance that we will be able to do so. Therefore, costs could rise faster than associated revenue, thereby resulting in a negative impact on our operating results, cash flows and liquidity. The economic environment in the respective countries in which we operate is a function of government, economic, fiscal and monetary policies and various other factors beyond our control that could lead to inflation. We are unable to predict the extent that price levels might be impacted in future periods by the current state of the economies in the countries in which we operate.

Interest Rate Risks

We are exposed to changes in interest rates primarily as a result of our borrowing activities, which include fixed-rate and variable-rate borrowings by our borrowing groups. Our primary exposure to variable-rate debt is through the EURIBOR-indexed and Term SOFR-indexed debt of our borrowing groups and the variable-rate debt of certain of our other subsidiaries.

In general, we 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 manage 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. From time to time, we also use interest rate cap, floor and collar agreements and swaptions that lock in a maximum interest rate if variable rates rise, but also allow our company to benefit, to a limited extent in the case of collars, from declines in market rates. Under our current guidelines, we use various interest rate derivative instruments to mitigate interest rate risk. The final maturity dates of our various portfolios of interest rate derivative instruments might, in some instances, fall short of the respective maturities of the underlying variable-rate debt. In this regard, we use judgment to determine the appropriate composition and 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.

There have been significant changes in the benchmark interest rates used to set floating rates on our debt and derivative instruments. ICE Benchmark Administration (the entity that administers LIBOR) ceased to publish CHF and GBP LIBOR rates after December 31, 2021, and it ceased to publish USD LIBOR rates after June 30, 2023. The methodology for EURIBOR has been reformed and EURIBOR has been granted regulatory approval to continue to be used.

We have agreed amendments in respect of all of our debt and derivative instruments to replace the ceased rates. For USD, these reference the Secured Overnight Financing Rate administered by the Federal Reserve Bank of New York or Term SOFR administered by CME Group Benchmark Administration Limited. For CHF, these reference the Swiss Average Rate Overnight administered by the SIX Swiss Exchange. For GBP, these reference the Sterling Overnight Index Average administered by the Bank of England.

Weighted Average Variable Interest Rate. At September 30, 2024, the outstanding principal amount of our variable-rate indebtedness aggregated $10.4 billion, and the weighted average interest rate (including margin) on such variable-rate indebtedness was approximately 6.6%, excluding the effects of interest rate derivative contracts, deferred financing costs, original issue premiums or discounts and commitment fees, all of which affect our overall cost of borrowing. Assuming no change in the amount outstanding, and without giving effect to any interest rate derivative contracts, deferred financing costs, original issue premiums or discounts and commitment fees, a hypothetical 50 basis point (0.50%) increase (decrease) in our weighted average variable interest rate would increase (decrease) our annual consolidated interest expense and cash outflows by $52.0 million. As discussed above and in note 6 to our condensed consolidated financial statements, we use interest rate
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derivative contracts to manage our exposure to increases in variable interest rates. In this regard, increases in the fair value of these contracts generally would be expected to offset most of the economic impact of increases in the variable interest rates applicable to our indebtedness to the extent and during the period that principal amounts are matched with interest rate derivative contracts.

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 6 and 7 to our condensed consolidated financial statements.

Sunrise Holding Cross-currency and Interest Rate Derivative Contracts

Holding all other factors constant, at September 30, 2024:

(i)an instantaneous increase (decrease) of 10% in the value of the Swiss franc relative to the U.S. dollar would have decreased (increased) the aggregate fair value of the Sunrise Holding cross-currency and interest rate derivative contracts by approximately €433 million ($483 million);

(ii)an instantaneous increase (decrease) of 10% in the value of the Swiss franc relative to the euro would have decreased (increased) the aggregate fair value of the Sunrise Holding cross-currency and interest rate derivative contracts by approximately €252 million ($281 million); and

(iii)an instantaneous increase (decrease) in the relevant base rate of 50 basis points (0.50%) would have increased (decreased) the aggregate fair value of the Sunrise Holding cross-currency and interest rate derivative contracts by approximately €83 million ($92 million).

Telenet Cross-currency and Interest Rate Derivative Contracts

Holding all other factors constant, at September 30, 2024:

(i)an instantaneous increase (decrease) of 10% in the value of the euro relative to the U.S. dollar would have decreased (increased) the aggregate fair value of the Telenet cross-currency and interest rate derivative contracts by approximately €300 million ($335 million); and

(ii)an instantaneous increase (decrease) in the relevant base rate of 50 basis points (0.50%) would have increased (decreased) the aggregate fair value of the Telenet cross-currency and interest rate derivative contracts by approximately €79 million ($88 million).

Vodafone Collar

Holding all other factors constant, at September 30, 2024, (i) an instantaneous increase of 10% in the per share market price of Vodafone’s ordinary shares would have decreased the fair value of the Vodafone Collar by approximately €74 million ($82 million) and (ii) an instantaneous decrease of 10% in the per share market price of Vodafone’s ordinary shares would have increased the fair value of the Vodafone Collar by approximately €78 million ($87 million).

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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 rate projections and exchange rates as of September 30, 2024. 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, see note 6 to our condensed consolidated financial statements.
Payments (receipts) due during:Total
 
Remainder
of 2024
 20252026202720282029
 in millions
Projected derivative cash payments (receipts), net:
Interest-related (a)$(139.8)$(70.3)$(192.8)$(188.2)$(158.9)$(61.0)$(811.0)
Principal-related (b)— 156.6 84.5 — 47.6 394.9 683.6 
Other (c)(25.9)37.2 118.6 — — — 129.9 
Total
$(165.7)$123.5 $10.3 $(188.2)$(111.3)$333.9 $2.5 
_______________

(a)Includes (i) the cash flows of our interest rate cap, swaption, floor and swap contracts and (ii) the interest-related cash flows of our cross-currency and interest rate swap contracts.

(b)Includes the principal-related cash flows of our cross-currency swap contracts.

(c)Includes amounts related to our equity-related derivative instruments and foreign currency forward contracts. We may elect to use cash or the collective value of the related shares and Vodafone Collar to settle the Vodafone Collar Loan.

Item 4.CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

In accordance with Rule 13a-15 of the Securities Exchange Act of 1934, as amended (the Exchange Act), we carried out an evaluation, under the supervision and with the participation of management, including our chief executive officer and chief financial officer (the Executives), of the effectiveness of our disclosure controls and procedures as of September 30, 2024. 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 necessarily required to apply judgment in evaluating the cost-benefit relationship of possible controls and objectives. Based on that evaluation, the Executives concluded that our disclosure controls and procedures as of September 30, 2024 effectively provide reasonable assurance that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

Changes in Internal Controls over Financial Reporting

There have been no changes in our internal controls over financial reporting identified in connection with the evaluation described above that occurred during the fiscal quarter covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

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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

PeriodTotal number 
of shares  purchased		Average price
paid per  share (a)		Total number of shares purchased as part of publicly announced plans or programsApproximate dollar value of shares that may yet be purchased under the plans or programs
July 1, 2024 through July 31, 2024:
Class A— $— — (b)
Class C2,971,136 $19.06 2,971,136 (b)
August 1, 2024 through August 31, 2024:
Class A— $— — (b)
Class C2,996,000 $19.47 2,996,000 (b)
September 1, 2024 through September 30, 2024:
Class A— $— — (b)
Class C2,415,644 $20.79 2,415,644 (b)
Total — July 1, 2024 through September 30, 2024:
Class A— $— — (b)
Class C8,382,780 $19.70 8,382,780 (b)
 _____________

(a)Average price paid per share includes direct acquisition costs.

(b)Under our current share repurchase program, we are authorized during 2024 to repurchase up to 10% of our total outstanding shares as of December 31, 2023. As of September 30, 2024, the remaining number of our Class A and/or Class C common shares that we are authorized to repurchase during 2024 was 11.3 million. Based on the average of the respective closing share prices as of September 30, 2024, this would equate to additional share repurchases during the remainder of 2024 of approximately $241.4 million. However, the actual U.S. dollar amount of our share repurchases during the remainder of 2024 will be determined by the actual transaction date share prices during the year and could differ significantly from this amount. For additional information, see note 12 to our condensed consolidated financial statements in Part I of this Quarterly Report on Form 10-Q.

Item 5.OTHER INFORMATION

During the quarter ended September 30, 2024, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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Item 6.EXHIBITS

Listed below are the exhibits filed as part of this Quarterly Report (according to the number assigned to them in Item 601 of Regulation S-K):
31 — Rule 13a-14(a)/15d-14(a) Certification:
31.1
31.2
101.SCHInline XBRL Taxonomy Extension Schema Document*
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEFInline XBRL Taxonomy Extension Definition Linkbase*
101.LABInline XBRL Taxonomy Extension Label Linkbase Document*
101.PREInline XBRL 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 GLOBAL LTD.
Dated:October 29, 2024  
/s/    MICHAEL T. FRIES        
  
Michael T. Fries
President and Chief Executive Officer
Dated:October 29, 2024  
/s/    CHARLES H.R. BRACKEN        
  
Charles H.R. Bracken
Executive Vice President and Chief
Financial Officer


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