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Item 7. Management’s Discussion and Analysis

2025-02-18 compared with 2024-02-15 · 236 added, 267 removed, 532 unchanged (49% of the section changed)

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An analysis of our results of operations and cash flows for 2023, as compared to 2022, can be found under Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations included in Part II of our Annual Report on Form 10-K, as amended, for the year ended December 31, 2022 (our 2022 10-K ), which is available through the Securities and Exchange Commission’s website at www.sec.gov.

Management’s Discussion and Analysis of Financial Condition and Results of Operations included in Part II of our Annual Report on Form 10-K, as amended, for the year ended December 31, 2023, which is available through the Securities and Exchange Commission’s website at www.sec.gov.

The capitalized terms used below have been defined in the notes to our 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 December 31, 2024.

Certain prior year amounts have been reclassified to conform to the current year presentation.

We are an international provider of broadband internet, video, fixed-line telephony and mobile communications services to residential customers and businesses in Europe.

Our operations comprise businesses that provide residential and B2B communications services in (i) Switzerland and Slovakia through Sunrise Holding, (ii) Belgium and Luxembourg through Telenet and (iii) Ireland through VM Ireland.

Our continuing operations comprise businesses that provide residential and B2B communications services in (i) Belgium and Luxembourg through Telenet, (ii) Ireland through VM Ireland and (iii) Slovakia through UPC Slovakia.

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.

In October 2023, we completed the Telenet Takeover Bid (as defined and described in note 14 to our consolidated financial statements), pursuant to which we increased our ownership interest in Telenet to 100%.

Through March 31, 2022, we provided residential and B2B communications services in Poland through Sunrise Holding.

On April 1, 2022, we completed the sale of our operations in Poland.

Accordingly, our operations in Poland are reflected as discontinued operations for all applicable periods.

We completed the Spin-off of the Sunrise Entities on November 8, 2024.

For additional information, see note 6 to our consolidated financial statements.

On October 2, 2024, we completed the Formula E Acquisition pursuant to which we acquired a controlling interest in Formula E.

For additional information, see note 5 to our consolidated financial statements.

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

For additional information, see note 14 to our consolidated financial statements.

Through November 7, 2024, we provided residential and B2B communications services in Switzerland through Sunrise.

In addition, through March 31, 2022, we provided residential and B2B communications services in Poland through UPC Poland.

Accordingly, the Sunrise Entities and UPC Poland are reflected as discontinued operations for all applicable periods.

In the following discussion and analysis, the operating statistics, results of operations, cash flows and financial condition that we present and discuss are those of our continuing operations, unless otherwise indicated.

For additional information regarding the sale of UPC Poland, including with respect to our use of proceeds, see note 6 to our consolidated financial statements.

For additional information, see note 6 to our consolidated financial statements.

Our company delivers market-leading products through next-generation networks that connect our customers to broadband internet, video, fixed-line telephony and mobile services.

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Fixed-line telephony services.

We offer fixed-line telephony services via either voice-over-internet-protocol or “ VoIP ” technology or circuit-switched telephony, depending on location.

We offer fixed-line telephony services via either voice-over-internet-protocol technology or circuit-switched telephony, depending on location.

Mobile services.

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Our B2B services include voice, broadband internet, data, video, wireless and cloud services.

We also have significant investments in ITV, Televisa Univision, Lacework, Plume, the AtlasEdge JV, All3Media, EdgeConneX, Lionsgate, the Formula E racing series and several regional sports networks.

We provide premium electric car racing content through our controlling interest in Formula E.

We also have significant investments in ITV, Televisa Univision, Plume, the AtlasEdge JV, EdgeConneX, Lionsgate and several regional sports networks.

The investments identified by company name above are intended to be merely illustrative, do not represent a complete list and are not necessarily the largest of our long-term investments.

From time to time, we may make investments in other companies that we choose not to identify by company name for commercial, legal, strategic or other reasons.

We also provide technology and finance services to the VMO2 JV, the VodafoneZiggo JV and various third parties and affiliates pursuant to service agreements.

For additional information regarding the details of our products and services, see Item 1.

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Strategy and Management Focus

From a strategic perspective, we are seeking to build national fixed-mobile converged communications businesses that have strong prospects for future growth.

We view our business in three strategic platforms, “Liberty Telecom” (our converged broadband, video and mobile communications businesses), “Liberty Growth” (our global investment arm comprised of various technology, media/content, sports, digital infrastructure and other growth assets) and “Liberty Services” (our innovative technology and finance service platforms offered by our centralized functions).

As discussed further under Liquidity and Capital Resources — Capitalization below, we also seek to maintain our debt at levels that provide for attractive equity returns without assuming undue risk.

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While we seek to increase our customer base, we also seek to maximize the average revenue we receive from each household by increasing the penetration of our broadband internet, video, fixed-line telephony and mobile services with existing customers through product bundling and upselling.

Impact of COVID-19

The global COVID-19 pandemic continues to impact the economies of the countries in which we operate.

However, during 2023, the impact on our company continued to be relatively minimal as demand for our products and services remained strong.

It is not currently possible to predict whether there will be a significant resurgence of the COVID-19 pandemic as a result of new variants or otherwise, or to estimate the duration and severity of the COVID-19 pandemic or the adverse economic impact resulting from the preventative measures taken to contain or mitigate its outbreak.

No assurance can be given that an extended period of global economic disruption would not have a material adverse impact on our business, financial condition and results of operations in future periods.

Competition and Other External Factors

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Results of Operations

We have completed a number of transactions that impact the comparability of our 2023 and 2022 results of operations, the most notable of which are (i) the sale of UPC Poland on April 1, 2022 and (ii) the Telenet Tower Sale on June 1, 2022.

For further information regarding our dispositions, see note 6 to our consolidated financial statements.

We have completed a number of transactions that impact the comparability of our 2024 and 2023 results of operations, the most notable of which is the Formula E Acquisition on October 2, 2024.

For further information, see note 5 to our consolidated financial statements.

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.

In general, we base our estimate of the Acquisition Impact on an acquired entity’s operating results during the first 3 to 12 months following the acquisition date, as adjusted to remove integration costs and any other material unusual or non-operational 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.

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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.

Our primary exposure to FX risk during the three months ended December 31, 2023 was to the euro and Swiss franc, as 55.1% and 46.7% of our reported revenue during the period was derived from subsidiaries whose functional currencies are the euro and Swiss franc, respectively.

Our primary exposure to FX risk during the three months ended December 31, 2024 for our continuing operations was to the euro, as substantially all of our reported revenue during the period was derived from subsidiaries whose functional currencies are the euro.

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 Annual Report on Form 10-K, see Quantitative and Qualitative Disclosures about Market Risk — Foreign Currency Risk below.

The amounts presented and discussed below represent 100% of each of our consolidated reportable segment’s results 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 consolidated statements of operations.

Furthermore, despite only holding a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV, we present 100% of the revenue and Adjusted EBITDA of those entities in the tables below.

For information regarding our foreign currency risks and the applicable foreign currency exchange rates in effect for the periods covered by this Annual Report on Form 10-K, see Item 7A.

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 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 consolidated statements of operations.

Discussion and Analysis of our Reportable Segments

All of our reportable segments derive their revenue primarily from residential and B2B communications services.

For detailed information regarding the composition of our reportable segments and how we define and categorize our revenue components, see note 19 to our consolidated financial statements.

Telenet, VM Ireland, the VMO2 JV and the VodafoneZiggo JV derive their revenue primarily from residential and B2B communications services.

For detailed information regarding the composition of our reportable segments, our “all other category” and how we define and categorize our revenue components, see note 19 to our 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.

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Any increases in these taxes could have an adverse impact on our ability to maintain or increase our revenue to the extent that we are unable to pass such tax increases on to our customers.

In the case of revenue-based taxes for which we are the ultimate taxpayer, we will also experience increases in our operating costs and expenses and corresponding declines in our Adjusted EBITDA and Adjusted EBITDA margins to the extent of any such tax increases.

In the case of revenue-based taxes for which we are the ultimate taxpayer, we will

also experience increases in our operating costs and expenses and corresponding declines in our Adjusted EBITDA and Adjusted EBITDA margins to the extent of any such tax increases.

We pay interconnection fees to other telephony providers when calls or text messages from our subscribers terminate on another network, and we receive similar fees from such providers when calls or text messages from their customers terminate on our networks or networks that we access through MVNO or other arrangements.

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Any cost increases that we are not able to pass on to our subscribers through rate increases would result in increased pressure on our operating margins.

For additional information regarding our foreign currency exchange risks see Quantitative and Qualitative Disclosures about Market Risk — Foreign Currency Risk below.

For additional information regarding our foreign currency exchange risks see Item 7A.

Quantitative and Qualitative Disclosures about Market Risk — Foreign Currency Risk below.

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 consolidated statements of operations.

The following table provides a reconciliation of earnings (loss) from continuing operations to Adjusted EBITDA:

The following table provides a reconciliation of earnings (loss) from continuing operations to total consolidated Adjusted EBITDA:

Year ended December 31,

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Earnings (loss) from continuing operations $ 1,869.1 $ (3,659.1) $ 771.7

Income tax expense 149.6 318.9 473.3

Income tax expense (benefit) (30.8) 213.1 406.7

Other income, net (201.8) (211.4) (101.0)

Gain on AtlasEdge JV Transactions — — (227.5)

JV Transaction — — (10,873.8)

Gain on Telenet Tower Sale — (700.5) —

Gain on sale of All3Media

Gain associated with the Formula E Acquisition

Gain associated with the Telenet Wyre Transaction

Gain on Telenet Tower Sale

Share of results of affiliates, net 205.6 2,018.4 1,268.3

Losses (gains) on debt extinguishment, net 1.4 (2.8) 90.6

Realized and unrealized losses (gains) due to changes in fair values of certain investments, net 557.3 323.5 (820.6)

Realized and unrealized losses due to changes in fair values of certain investments, net 28.4 556.6 317.0

Foreign currency transaction losses (gains), net (1,756.5) 719.7 (1,298.8)

Realized and unrealized losses (gains) on derivative instruments, net 526.3 (1,213.1) (537.3)

Realized and unrealized gains on derivative instruments, net (315.2) (78.3) (854.4)

Interest expense 574.7 505.0 300.9

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Impairment, restructuring and other operating items, net 49.6 43.0 62.3

Depreciation and amortization 2,315.2 2,171.4 2,353.7

Depreciation and amortization, net 1,002.0 1,216.4 1,093.6

Share-based compensation expense 168.3 204.8 163.2

Adjusted EBITDA $ 2,369.6 $ 2,595.4 $ 3,963.1

Total consolidated Adjusted EBITDA

$ 1,159.8 $ 1,150.4 $ 1,429.0

Revenue of our Reportable Segments

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increase (decrease)

2023 2022 (a) $ % $ %

in millions, except percentages

2024 2023 $ % $ %

3,089.2 2,807.3 281.9 10.0 54.5 1.8

in millions, except percentages

$ 3,084.4 $ 3,089.2 $ (4.8) (0.2) $ (12.2) (0.4)

Central and Other

491.4 506.1 (14.7) (2.9) (14.9) (2.9)

Intersegment eliminations (260.0) (247.1) (12.9) N.M.

Total $ 7,491.4 $ 7,195.7 $ 295.7 4.1 $ (106.0) (1.4)

Total consolidated reportable segments 3,575.8 3,595.3 (19.5) (0.5)

all other category 1,013.6 776.2 237.4 30.6

elimination of intercompany consolidated revenue (247.5) (255.7) 8.2 N.M.

Total consolidated $ 4,341.9 $ 4,115.8 $ 226.1 5.5 $ 189.6 4.6

$ 13,649.7 $ 13,574.1 $ 75.6 0.6

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— Not Meaningful.

(a) Amounts have been revised, as applicable, to reflect the retrospective impact of the Tech Framework, as further described in note 19 to our consolidated financial statements.

The details of the increase in Sunrise’s revenue during 2023, as compared to 2022, are set forth below:

revenue Non-subscription

revenue Total

Decrease in residential fixed subscription revenue due to change in:

Average number of customers $ (9.0) $ — $ (9.0)

(37.4) — (37.4)

Increase in residential fixed non-subscription revenue (a) — 29.1 29.1

Total increase (decrease) in residential fixed revenue (46.4) 29.1 (17.3)

Increase (decrease) in residential mobile revenue (b) 23.4 (17.1) 6.3

Increase in B2B revenue

Decrease in other revenue — (6.8) (6.8)

Total organic increase (decrease) (18.6) 8.5 (10.1)

Impact of acquisitions 10.1 — 10.1

142.8 56.7 199.5

Total $ 134.3 $ 65.2 $ 199.5

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(a) The increase in residential fixed non-subscription revenue is primarily attributable to higher revenue from equipment sales.

(b) The increase in residential mobile subscription revenue is primarily due to an increase in the average number of mobile subscribers.

The decrease in residential mobile non-subscription revenue is primarily attributable to lower interconnect revenue.

The details of the increase in Telenet’s revenue during 2023, as compared to 2022, are set forth below:

The details of the decrease in Telenet’s revenue during 2024, as compared to 2023, are set forth below:

revenue Non-subscription

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Average number of customers $ (57.4) $ — $ (57.4)

Decrease in residential fixed non-subscription revenue — (9.2) (9.2)

Increase in residential fixed non-subscription revenue — 1.4 1.4

Total increase (decrease) in residential fixed revenue (5.7) 1.4 (4.3)

Increase in residential mobile revenue (a) 16.4 0.7 17.1

Increase in B2B revenue (b)

Increase (decrease) in residential mobile revenue (a) 0.6 (17.1) (16.5)

Increase (decrease) in B2B revenue (b)

12.8 (35.5) (22.7)

Increase in other revenue — 3.0 3.0

Total organic increase 46.4 8.1 54.5

Increase in other revenue (c) — 31.3 31.3

Total organic increase (decrease) 7.7 (19.9) (12.2)

Impact of acquisitions — 7.1 7.1

Impact of dispositions (0.1) (1.5) (1.6)

57.8 24.5 82.3

Total $ 7.9 $ (12.7) $ (4.8)

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(a) The increase in residential mobile subscription revenue is primarily attributable to higher ARPU.

(a) The decrease in residential mobile non-subscription revenue is primarily attributable to lower interconnect revenue.

(b) The increase in B2B subscription revenue is primarily due to an increase in the average number of customers.

The increase in B2B non-subscription revenue is primarily attributable to higher revenue from wholesale services.

For information concerning certain regulatory developments that could have an adverse impact on our revenue at Telenet, see Legal and Regulatory Proceedings and Other Contingencies — Belgium Regulatory Developments in note 18 to our consolidated financial statements.

The details of the increase in VM Ireland’s revenue during 2023, as compared to 2022, are set forth below:

The decrease in B2B non-subscription revenue is primarily attributable to (i) lower interconnect revenue and (ii) a decrease in revenue from wholesale services.

In addition, the increase in other revenue includes the one-off impact of the recognition of previously deferred revenue of approximately $18 million during the third quarter of 2024.

The details of the decrease in VM Ireland’s revenue during 2024, as compared to 2023, are set forth below:

revenue Non-subscription

revenue Total

Increase (decrease) in residential fixed subscription revenue due to change in:

Decrease in residential fixed subscription revenue due to change in:

Average number of customers $ (11.5) $ — $ (11.5)

(3.4) — (3.4)

Decrease in residential fixed non-subscription revenue — (0.2) (0.2)

Total decrease in residential fixed revenue (14.9) (0.2) (15.1)

Increase (decrease) in residential mobile revenue 2.6 (1.5) 1.1

Increase (decrease) in B2B revenue

0.8 (0.5) 0.3

Increase in other revenue — 5.0 5.0

Total organic increase (decrease) (4.3) 2.3 (2.0)

Decrease in residential mobile revenue (0.6) (1.1) (1.7)

Increase in B2B revenue

Decrease in other revenue — (1.9) (1.9)

Total organic decrease (14.9) — (14.9)

Total $ (14.7) $ — $ (14.7)

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

Programming and Other Direct Costs of Services, Other Operating Expenses and SG&A Expenses of our 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.

Adjusted EBITDA of our Reportable Segments

Adjusted EBITDA is the primary measure used by our chief operating decision maker to evaluate segment operating performance.

Adjusted EBITDA is the primary measure used by our CODM 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 consolidated statements of operations.

The following table sets forth the Adjusted EBITDA of our reportable segments.

Year ended December 31, Increase (decrease) Organic decrease

2023 2022 (a) $ % $ %

in millions, except percentages

Year ended December 31, Increase (decrease) Organic increase (decrease)

2024 2023 $ % $ %

in millions, except percentages

$ 1,292.2 $ 1,315.2 $ (23.0) (1.7) $ (27.6) (2.1)

178.3 181.4 (3.1) (1.7) (2.9) (1.6)

Central and Other

Total consolidated reportable segments 1,470.5 1,496.6 (26.1) (1.7)

all other category (188.7) (215.1) 26.4 N.M.

elimination of intercompany consolidated Adjusted EBITDA

(122.0) (131.1) 9.1 N.M.

Intersegment eliminations (60.8) (60.3) (0.5) N.M.

Total $ 2,369.6 $ 2,595.4 $ (225.8) (8.7) $ (279.5) (10.8)

Total consolidated $ 1,159.8 $ 1,150.4 $ 9.4 0.8 $ 21.6 1.9

$ 4,503.4 $ 4,531.3 $ (27.9) (0.6)

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— Not Meaningful.

(a) Amounts have been revised, as applicable, to reflect the retrospective impact of the Tech Framework, as further described in note 19 to our consolidated financial statements.

Adjusted EBITDA Margin

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Year ended December 31,

2023 2022 (a)

41.9 % 42.6 %

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33.0 % 33.4 %

33.4 % 35.5 %

VodafoneZiggo JV

45.7 % 44.3 %

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(a) Amounts have been revised, as applicable, to reflect the retrospective impact of the Tech Framework, as further described in note 19 to our consolidated financial statements.

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.

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(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.

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.

(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, (iii) revenue earned from the sale of CPE to the VodafoneZiggo JV and (iv) revenue earned from transitional and other services provided to various third parties.

(e) Other revenue includes, among other items, (i) broadcasting revenue at Telenet and VM Ireland, (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 the VodafoneZiggo JV.

Total revenue.

Our consolidated revenue increased $226.1 million or 5.5% during 2024, as compared to 2023.

This increase includes an increase of $156.7 million attributable to the impact of acquisitions.

On an organic basis, our consolidated revenue decreased $106.0 million or 1.4%.

This increase includes an increase of $18.5 million attributable to the impact of the Formula E Acquisition.

On an organic basis, our consolidated revenue increased $189.6 million or 4.6%.

Residential revenue.

The details of the increase in our consolidated residential revenue during 2023, as compared to 2022, are as follows (in millions):

The details of the decrease in our consolidated residential revenue during 2024, as compared to 2023, are as follows (in millions):

Increase (decrease) in residential fixed subscription revenue due to change in:

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Total decrease in residential fixed revenue (19.4)

Increase in residential mobile subscription revenue 42.4

Decrease in residential mobile non-subscription revenue (18.2)

Total decrease in residential revenue (37.6)

Impact of acquisitions and dispositions 34.9

Total increase in residential revenue $ 252.9

On an organic basis, our consolidated residential fixed subscription revenue decreased $45.1 million or 1.6% during 2023, as compared to 2022, primarily attributable to a decrease at Sunrise.

On an organic basis, our consolidated residential fixed non-subscription revenue increased $18.9 million or 40.0% during 2023, as compared to 2022, primarily due to an increase at Sunrise.

On an organic basis, our consolidated residential mobile subscription revenue increased $42.4 million or 3.0% during 2023, as compared to 2022, primarily attributable to increases at Sunrise and Telenet.

On an organic basis, our consolidated residential mobile non-subscription revenue decreased $19.0 million or 3.5% during 2023, as compared to 2022, primarily due to a decrease at Sunrise.

Total decrease in residential revenue $ (38.6)

On an organic basis, our consolidated residential fixed subscription revenue decreased $20.6 million or 1.2% during 2024, as compared to 2023, primarily attributable to a decrease at VM Ireland.

On an organic basis, our consolidated residential mobile non-subscription revenue decreased $18.2 million or 9.7% during 2024, as compared to 2023, primarily due to a decrease at Telenet.

On an organic basis, our consolidated B2B subscription revenue increased $13.5 million or 3.2% during 2024, as compared to 2023, primarily due to an increase at Telenet.

On an organic basis, our consolidated B2B non-subscription revenue increased $16.8 million or 1.9% during 2023, as compared to 2022, primarily due to an increase at Telenet.

On an organic basis, our consolidated B2B non-subscription revenue decreased $36.6 million or 8.2% during 2024, as compared to 2023, primarily due to a decrease at Telenet.

Other revenue.

On an organic basis, our consolidated other revenue decreased $146.7 million or 13.4% during 2023, as compared to 2022, primarily attributable to (i) a decrease in revenue earned from the U.K.

JV Services and NL JV Services and (ii) lower revenue earned from the sale of CPE to the VodafoneZiggo JV.

For additional information regarding the decrease in revenue earned from the U.K.

On an organic basis, our consolidated other revenue increased $250.3 million or 28.4% during 2024, as compared to 2023, primarily attributable to (i) an increase in revenue earned from the sale of CPE to the VMO2 JV beginning in 2024 and (ii) an increase in revenue earned from the U.K.

JV Services and NL JV Services.

For additional information regarding the increase in revenue earned from the U.K.

JV Services and NL JV Services, see note 19 to our consolidated financial statements.

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increase (decrease)

2023 2022 (a) $ % $ %

in millions, except percentages

2024 2023 $ % $ %

789.1 657.9 131.2 19.9 5.4 0.7

in millions, except percentages

$ 764.5 $ 789.1 $ (24.6) (3.1) $ (26.9) (3.4)

Central and Other

127.7 139.0 (11.3) (8.1) (11.5) (8.3)

Intersegment eliminations (90.4) (85.9) (4.5) N.M.

Total $ 2,384.7 $ 2,085.7 $ 299.0 14.3 $ 131.5 6.1

Total consolidated reportable segments 892.2 928.1 (35.9) (3.9)

all other category 644.4 446.5 197.9 44.3

elimination of intercompany consolidated programming and other direct costs of services (85.9) (89.1) 3.2 N.M.

Total consolidated $ 1,450.7 $ 1,285.5 $ 165.2 12.9 $ 143.9 11.0

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— Not Meaningful.

(a) Amounts have been revised, as applicable, to reflect the retrospective impact of the Tech Framework, as further described in note 19 to our consolidated financial statements.

Our programming and other direct costs of services increased $165.2 million or 12.9% during 2024, as compared to 2023.

This increase includes an increase of $86.9 million attributable to the impact of acquisitions.

This increase includes an increase of $20.1 million attributable to the impact of the Formula E Acquisition.

On an organic basis, our programming and other direct costs of services increased $143.9 million or 11.0%.

This increase includes the following factors:

• An increase of $96.9 million at Central and Other associated with the impact of our determination to market and sell certain of our internally-developed software to third parties, as further described in note 19 to our consolidated financial statements;

• A decrease in interconnect and access costs of $11.1 million or 4.0%, primarily due to the net effect of (i) lower interconnect and mobile roaming costs, primarily at Sunrise and Telenet, and (ii) higher lease and B2B data costs, primarily at Sunrise;

• A decrease in costs of $10.3 million at Central and Other related to the sale of CPE to the VodafoneZiggo JV.

• An increase in costs of $138.2 million related to the sale of CPE to the VMO2 JV beginning in 2024;

• An increase in costs of $50.5 million 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 19 to our consolidated financial statements;

• A decrease in interconnect and access costs of $24.5 million or 19.0%, primarily due to lower interconnect and mobile roaming costs at Telenet;

• A decrease in costs of $24.1 million related to lower sales of CPE to the VodafoneZiggo JV;

• An increase of $17.2 million related to the recognition of a loss during the fourth quarter of 2024 associated with certain minimum purchase commitments;

• A decrease in programming and copyright costs of $10.4 million or 1.8%, primarily attributable to lower costs for certain content at VM Ireland and Telenet;

• An increase in costs of $7.6 million related to third-party CPE development costs recognized in the fourth quarter of 2024.

Other operating expenses

5 unchanged sentences

increase (decrease)

2023 2022 (a) $ % $ %

in millions, except percentages

2024 2023 $ % $ %

512.8 441.9 70.9 16.0 23.3 4.9

in millions, except percentages

$ 515.5 $ 512.8 $ 2.7 0.5 $ 1.9 0.4

Central and Other

123.5 123.4 0.1 0.1 (0.2) (0.2)

Intersegment eliminations (87.8) (85.9) (1.9) N.M.

Total other operating expenses excluding share-based compensation expense 1,195.4 1,083.3 112.1 10.3 $ 23.5 2.1

Total consolidated reportable segments 639.0 636.2 2.8 0.4

all other category 139.3 149.8 (10.5) (7.0)

elimination of intercompany consolidated other operating expenses (35.0) (31.8) (3.2) N.M.

Total consolidated (excluding share-based compensation expense) 743.3 754.2 (10.9) (1.4) $ (12.9) (1.7)

Share-based compensation expense 17.8 11.3 6.5 57.5

Total $ 1,207.1 $ 1,088.2 $ 118.9 10.9

Total consolidated $ 761.1 $ 765.5 $ (4.4) (0.6)

_______________

— Not Meaningful.

(a) Amounts have been revised, as applicable, to reflect the retrospective impact of the Tech Framework, as further described in note 19 to our consolidated financial statements.

Our other operating expenses (exclusive of share-based compensation expense) increased $112.1 million or 10.3% during 2023, as compared to 2022.

This increase includes an increase of $16.6 million attributable to the impact of acquisitions.

On an organic basis, our other operating expenses increased $23.5 million or 2.1%.

This increase includes the following factors:

• An increase in outsourced labor costs of $15.2 million or 17.0%, primarily associated with customer facing activities at Telenet and Sunrise;

• An increase in personnel costs of $14.0 million or 4.4%, primarily due to the net effect of (i) higher average costs per employee, primarily at Central and Other and Telenet, (ii) lower staffing levels, primarily at Central and Other, and (iii) higher costs due to lower capitalizable activities, primarily at Central and Other;

• A $11.2 million decrease in costs at Telenet associated with the one-time benefit from expected settlements of certain operational contingencies during the second quarter of 2023;

• A decrease in other operating expenses due to $4.5 million recognized at Sunrise associated with the sale of certain handset receivables in the second quarter of 2022.

The expense recognized represents the difference between the carrying amount of the associated receivables and the amount received pursuant to the sale.

Our other operating expenses (exclusive of share-based compensation expense) decreased $10.9 million or 1.4% during 2024, as compared to 2023.

On an organic basis, our other operating expenses decreased $12.9 million or 1.7%.

This decrease includes the following factors:

• A decrease in core network and information technology-related costs of $15.6 million or 8.3%, primarily due to the net effect of (i) lower network maintenance and outsourced data center costs, (ii) higher information technology-related costs and (iii) lower leased bandwidth costs at Telenet;

• A decrease in business service costs of $13.6 million or 13.6%, primarily due to lower energy costs at Telenet;

• An increase in outsourced labor costs of $11.5 million or 12.0%, primarily associated with customer-facing activities at Telenet;

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

• A decrease in personnel costs of $9.8 million or 4.4%, primarily due to (i) lower average costs per employee, as an overall decrease was only partially offset by an increase at Telenet, and (ii) lower staffing levels;

• A decrease in customer service costs of $8.7 million or 12.2%, primarily related to lower call center costs at Telenet.

SG&A expenses

5 unchanged sentences

increase (decrease)

2023 2022 (a) $ % $ %

in millions, except percentages

2024 2023 $ % $ %

472.1 407.9 64.2 15.7 31.9 7.5

in millions, except percentages

$ 512.2 $ 472.1 $ 40.1 8.5 $ 40.3 8.5

Central and Other

61.9 62.3 (0.4) (0.6) (0.3) (0.5)

Intersegment eliminations (21.0) (15.0) (6.0) N.M.

Total SG&A expenses excluding share-based compensation expense 1,541.7 1,431.3 110.4 7.7 $ 18.5 1.3

Total consolidated reportable segments 574.1 534.4 39.7 7.4

all other category 418.6 395.0 23.6 6.0

elimination of intercompany consolidated SG&A expenses (4.6) (3.7) (0.9) N.M.

Total consolidated (excluding share-based compensation expense) 988.1 925.7 62.4 6.7 $ 43.2 4.6

Share-based compensation expense 150.5 193.5 (43.0) (22.2)

Total $ 1,761.0 $ 1,618.5 $ 142.5 8.8

Total consolidated $ 1,138.6 $ 1,119.2 $ 19.4 1.7

______________

— Not Meaningful.

(a) Amounts have been revised, as applicable, to reflect the retrospective impact of the Tech Framework, as further described in note 19 to our consolidated financial statements.

Supplemental SG&A expense information

Year ended December 31, Increase Organic

increase (decrease)

Year ended December 31, Increase Organic increase

2024 2023 $ % $ %

6 unchanged sentences

Our SG&A expenses (exclusive of share-based compensation expense) increased $62.4 million or 6.7% during 2024, as compared to 2023.

This increase includes an increase of $32.1 million attributable to the impact of acquisitions.

This increase includes an increase of $14.7 million attributable to the impact of the Formula E Acquisition.

On an organic basis, our SG&A expenses increased $43.2 million or 4.6%.

This increase includes the following factors:

• An increase in personnel costs of $33.6 million or 5.4%, primarily due to (i) higher average costs per employee, primarily at Telenet and Central and Other, and (ii) increases in incentive compensation costs at Sunrise and Central and Other;

• A decrease in external sales and marketing costs of $11.4 million or 3.4%, primarily due to the net effect of (i) lower costs associated with advertising campaigns, primarily at Sunrise and Telenet, and (ii) higher third-party sales commissions at Telenet and Sunrise;

• An increase in business service costs of $8.9 million or 4.5%, primarily due to higher (i) consulting costs at Sunrise and (ii) travel and entertainment costs at Central and Other.

• An increase in personnel costs of $29.7 million or 6.2%, primarily at Telenet, due to (i) an increase in temporary personnel costs and (ii) higher average costs per employee;

• An increase in external sales and marketing costs of $13.3 million or 4.6%, primarily due to higher costs associated with advertising campaigns at Telenet.

Share-based compensation expense

2 unchanged sentences

Year ended December 31,

Liberty Global:

Non-performance based incentive awards (a) $ 157.4 $ 133.5

Performance-based incentive awards (b) 6.9 7.1

Other (c) 33.5 30.8

Total Liberty Global (d)

Liberty Global (a):

Non-performance based incentive awards (b) $ 113.9 $ 137.7

Performance based incentive awards (c) 18.6 6.9

Other (d) 29.7 26.9

Total Liberty Global

Telenet share-based incentive awards (e) — 27.7

5 unchanged sentences

_______________

(a) 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 (prior to 2019, awards granted under the 2014 Incentive Plans expired seven years after the grant date).

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 2023.

(b) The 2023 amount includes share-based compensation expense related to certain Telenet Replacement Awards.

The 2022 amount includes share-based compensation expense related to our 2019 Challenge Performance Awards.

(c) 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 the 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.

In addition, amounts include compensation expense related to the Ventures Incentive Plans.

(d) In accordance with the terms of the Telenet Takeover Bid, we issued Telenet Replacement Awards to employees and former directors of Telenet in exchange for corresponding Telenet awards.

In connection with the Telenet Takeover Bid, the Telenet Replacement Awards were remeasured as of October 13, 2023 in a 1:2 ratio between Liberty Global Class A and Liberty Global Class C shares.

(a) In accordance with the terms of the Telenet Takeover Bid, we issued Telenet Replacement Awards to employees and former directors of Telenet in exchange for corresponding Telenet awards.

In connection with the Telenet Takeover Bid, the Telenet Replacement Awards were remeasured as of October 13, 2023 in a 1:2 ratio between Liberty Global Class A and Liberty Global Class C common shares.

No incremental share-based compensation expense was recognized from the remeasurement and modification of the Telenet awards.

2 unchanged sentences

For further information regarding the Telenet Takeover Bid, see note 14 to our consolidated financial statements.

(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 (prior to 2019, awards granted under the 2014 Incentive Plans expired seven years after the grant date).

Accordingly, the Black-Scholes fair values of the outstanding awards increased, resulting in the recognition of an aggregate incremental share-based compensation expense of $25.9 million during 2023.

The 2023 amount includes share-based compensation expense related to certain Telenet Replacement Awards.

(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 the 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.

In addition, amounts include compensation expense related to the Ventures Incentive Plans.

(e) Represents the share-based compensation expense associated with Telenet’s share-based incentive awards prior to the Telenet Takeover Bid.

3 unchanged sentences

Our depreciation and amortization expense was $1,002.0 million and $1,216.4 million during 2024 and 2023, respectively.

Excluding the effects of FX, depreciation and amortization expense increased $52.5 million or 2.4% during 2023, as compared to 2022.

This increase is primarily due to the net effect of (i) a decrease associated with certain assets becoming fully depreciated, primarily at Central and Other, Sunrise and Telenet, (ii) an increase 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 Central and Other, Sunrise and Telenet, (iii) an increase associated with changes in the useful life of certain assets, primarily in Central and Other and Telenet, and (iv) an increase associated with acquisitions, primarily at Telenet and Sunrise.

Excluding the effects of FX, depreciation and amortization expense decreased $207.4 million or 17.1% during 2024, as compared to 2023.

This decrease is primarily due to the net effect of (i) a decrease associated with certain assets becoming fully depreciated, including (a) with respect to the impact of our decision in May 2023 to market and sell certain of our internally-developed software to third parties and (b) amounts at Telenet, (ii) an increase 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 and VM Ireland, and (iii) an increase associated with acquisitions, primarily related to the Telenet Wyre Transaction.

For additional information regarding our recent acquisitions, see note 5 to our consolidated financial statements.

1 unchanged sentence

We recognized impairment, restructuring and other operating items, net, of $49.6 million and $43.0 million during 2024 and 2023, respectively.

The 2023 amount primarily includes (i) restructuring costs of $52.4 million, primarily at Sunrise, Telenet and VM Ireland, (ii) direct acquisition and disposition costs of $29.9 million, primarily at Telenet and Central and Other, (iii) a $21.4 million credit to abandoned lease expense, primarily at Sunrise, and (iv) a provision for legal contingencies of $10.0 million, primarily at Sunrise.

The 2022 amount primarily includes (i) a $39.6 million provision at Central and Other related to a legal contingency, (ii) abandoned lease expense of $20.2 million, primarily at Sunrise, and (iii) direct acquisition and disposition costs of $19.4 million, primarily at Telenet.

The 2024 amount primarily includes (i) restructuring costs of $25.3 million, including amounts at Telenet, and (ii) a provision for legal contingencies of $20.7 million.

The 2023 amount primarily includes (i) direct acquisition and disposition costs of $29.3 million, primarily at Telenet, and (ii) restructuring costs of $20.0 million, primarily at Telenet and VM Ireland.

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.

4 unchanged sentences

Excluding the effects of FX, interest expense increased $69.5 million or 13.8% during 2024, as compared to 2023.

This increase is primarily attributable to a higher weighted average interest rate and a higher average outstanding debt balance.

This increase is primarily attributable to a higher average outstanding debt balance and a higher weighted average interest rate.

For additional information regarding our outstanding indebtedness, see note 11 to our 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 8 to our consolidated financial statements and under Qualitative and Quantitative Disclosures about Market Risk below, we use derivative instruments to manage our interest rate risks.

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

As further discussed in note 8 to our consolidated financial statements and under Item 7A.

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

Realized and unrealized gains 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:

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

Year ended December 31,

5 unchanged sentences

_______________

(a) The loss during 2023 is attributable to net losses associated with changes in (i) the relative value of certain currencies and (ii) certain market interest rates.

In addition, the loss during 2023 includes a net gain of $36.9 million resulting from changes in our credit risk valuation adjustments.

The gain during 2022 is attributable to net gains associated with changes in (a) certain market interest rates and (b) the relative value of certain currencies.

(a) The gain during 2024 is primarily attributable to the net effect of (i) a net gain associated with changes in the relative value of certain currencies and (ii) a net loss associated with changes in certain market interest rates.

In addition, the gain during 2024 includes a net loss of $7.7 million resulting from changes in our credit risk valuation adjustments.

The loss during 2023 is attributable to net losses associated with changes in (a) certain market interest rates and (b) the relative value of certain currencies.

In addition, the loss during 2023 includes a net gain of $8.4 million resulting from changes in our credit risk valuation adjustments.

(b) For information concerning the factors that impact the valuations of our equity-related derivative instruments, see note 9 to our consolidated financial statements.

For additional information concerning our derivative instruments, see note 8 to our consolidated financial statements and Quantitative and Qualitative Disclosures about Market Risk below.

For additional information concerning our derivative instruments, see note 8 to our consolidated financial statements and Item 7A.

Quantitative and Qualitative Disclosures about Market Risk below.

Foreign currency transaction gains (losses), net

5 unchanged sentences

dollar-denominated debt issued by euro functional currency entities (217.7) 116.1

249.0 (476.7)

Cash and restricted cash denominated in a currency other than the entity’s functional currency 8.8 6.2

2 unchanged sentences

_______________

(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.

For information regarding how we manage our exposure to foreign currency risk, see Quantitative and Qualitative Disclosures about Market Risk — Foreign Currency Risk below.

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

(a) Amounts primarily relate to loans between certain of our non-operating subsidiaries in Europe.

For information regarding how we manage our exposure to foreign currency risk, see Item 7A.

Quantitative and Qualitative Disclosures about Market Risk — Foreign Currency Risk below.

Realized and unrealized 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, fair value measurements, see notes 7 and 9, respectively, to our 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:

For additional information regarding our investments and fair value measurements, see notes 7 and 9, respectively, to our consolidated financial statements.

The details of our realized and unrealized losses due to changes in fair values of certain investments, net, are as follows:

Year ended December 31,

2 unchanged sentences

(75.8) (148.6)

(40.5) (233.9)

(26.4) (49.1)

Televisa Univision

Other, net (c) (25.5) (27.1)

(24.5) (22.7)

Other, net (22.1) (24.8)

Total $ (28.4) $ (556.6)

_______________

(a) We completed the sale of our investment in Skillz during the first quarter of 2023.

(b) Our investment in TiBiT was sold during the fourth quarter of 2022.

(c) Includes gains of $8.0 million and $15.7 million, respectively, related to investments that were sold during the year.

Gains (losses) on debt extinguishment, net

We recognized net gains (losses) on debt extinguishment of ($1.4 million) and $2.8 million during 2023 and 2022, respectively.

The loss during 2023 is attributable to the write-off of unamortized deferred financing costs and discounts.

The gain during 2022 is attributable to the net effect of (i) a net gain associated with settlement discounts of $9.8 million, (ii) the write-off of $5.5 million of unamortized deferred financing costs and discounts and (iii) the payment of $1.5 million of third-party costs.

For additional information concerning our gains (losses) on debt extinguishment, net, see note 11 to our consolidated financial statements.

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

(b) We completed the sale of our investment in Pax8 during the fourth quarter of 2024.

Share of results of affiliates, net

1 unchanged sentence

Year ended December 31,

VodafoneZiggo JV (a)

$ (69.3) $ (196.7)

VodafoneZiggo JV (b)

(40.9) (31.1)

Formula E (b)

(29.1) (19.4)

(29.0) (1,723.1)

Other (11.4) (14.7)

All3Media (d)

Other, net (17.3) (10.5)

Total $ (205.6) $ (2,018.4)

_______________

(a) 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:

(a) Represents (i) our 50% share of the results of operations of the VodafoneZiggo JV and (ii) interest income of $55.4 million and $55.3 million, respectively, representing 100% of the interest earned on the VodafoneZiggo JV Receivables.

The summarized results of operations of the VodafoneZiggo JV are set forth below:

Year ended December 31,

2 unchanged sentences

$ 2,033.9 $ 1,972.5

Operating loss (1) $ (2,274.5) $ (3,461.5)

Non-operating income (expense) (2) $ (1,454.3) $ 448.7

Operating income (1) $ 321.0 $ 250.5

Non-operating expense (2)

$ (707.3) $ (865.1)

Net loss $ (257.1) $ (510.0)

2 unchanged sentences

(2) Includes interest expense of $822.9 million and $787.8 million, respectively.

In addition, amounts include charges of £2.3 billion ($2.9 billion at the applicable rate) and £3.1 billion ($3.6 billion at the applicable rate), respectively, related to the VMO2 JV’s goodwill impairments, as described in note 7 to our consolidated financial statements.

The change in the VMO2 JV’s revenue during 2023, as compared to 2022, is primarily due to the net effect of (i) an increase in other revenue of $720 million due to low-margin construction revenue from the nexfibre JV, (ii) a decrease in residential fixed revenue and (iii) a one-time increase 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 change in the VMO2 JV’s Adjusted EBITDA during 2023, as compared to 2022, is primarily due to the net effect of (a) the realization of synergies, (b) higher energy costs and (c) the net impact of (1) the aforementioned one-time revenue increase, (2) a $35 million benefit in 2022 due to the resolution of a legal matter and (3) a reduction in costs of $19 million in 2023 due to a change in the contract terms of services provided by a related-party.

The change in the VodafoneZiggo JV’s revenue during 2024, as compared to 2023, is primarily due to the net effect of (i) a decrease in residential fixed revenue, (ii) an increase in residential mobile revenue and (iii) an increase in B2B fixed revenue.

The change in the VodafoneZiggo JV’s Adjusted EBITDA during 2024, as compared to 2023, is primarily due to the net effect of (a) lower energy costs, (b) an increase in wage costs and (c) an increase in 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 VodafoneZiggo JV and (ii) interest income of $55.3 million and $53.8 million, respectively, representing 100% of the interest earned on the VodafoneZiggo JV Receivables.

The summarized results of operations of the VodafoneZiggo JV are set forth below:

(b) Includes our share of results of Formula E prior to the Formula E Acquisition Date.

(c) 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:

Year ended December 31,

2 unchanged sentences

$ 4,503.4 $ 4,531.3

Operating income (1) $ 250.5 $ 394.1

Non-operating income (expense) (2) $ (865.1) $ 214.2

Net earnings (loss) $ (510.0) $ 394.7

Operating income (loss) (1)

$ 1,037.8 $ (2,274.5)

Non-operating expense (2) $ (1,004.7) $ (1,454.3)

Net loss $ (1,634.7) $ (3,438.6)

_______________

(1) Includes depreciation and amortization expense of $3,311.7 million and $3,693.5 million, respectively.

(2) Includes interest expense of $1,634.7 million and $1,505.1 million, respectively.

The change in the VodafoneZiggo JV’s revenue during 2023, as compared to 2022, is primarily due to (i) an increase in residential mobile revenue and (ii) higher B2B fixed revenue.

The change in the VodafoneZiggo JV’s Adjusted EBITDA during 2023, as compared to 2022, is primarily due to inflation-related increases in energy and staff costs.

In addition, the 2023 amount includes a charge of £2.3 billion ($2.9 billion at the applicable rate) related to the VMO2 JV’s goodwill impairment, as described in note 7 to our consolidated financial statements.

The change in the VMO2 JV’s revenue during 2024, as compared to 2023, is primarily due to the net effect of (i) a decrease in mobile revenue due to lower handset sales, (ii) an increase in other revenue related to low-margin construction revenue from the nexfibre JV, (iii) an increase 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 change in the VMO2 JV’s Adjusted EBITDA during 2024, as compared to 2023, is primarily due to the net effect of (a) higher costs related to information technology and digital efficiency programs, (b) the benefit of approximately $62 million during 2024 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, (c) the aforementioned one-time revenue increase in 2023, (d) a handset inventory-related adjustment increasing cost of sales by approximately $27 million in 2024 and (e) a reduction in costs of $19 million in 2023 due to a change in the contract terms of services provided by a related-party.

In addition, the reported revenue and Adjusted EBITDA amounts are impacted by FX.

(d) We completed the sale of our investment in All3Media during the second quarter of 2024.

For additional information regarding our equity method investments, see note 7 to our 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 2023.

For additional information, see note 5 to our consolidated financial statements.

Gain on Telenet Tower Sale

In connection with the Telenet Tower Sale, we recognized a pre-tax gain of $700.5 million during 2022.

Gain on sale of All3Media

In connection with the sale of All3Media, we recognized a gain of $242.9 million during 2024.

For additional information, see note 7 to our consolidated financial statements.

JV Transaction

In connection with the U.K.

JV Transaction, we recognized a pre-tax gain of $10,873.8 million during 2021, net of the recognition of a cumulative foreign currency translation loss of $1,198.6 million.

Gain associated with the Formula E Acquisition

In connection with the Formula E Acquisition, we recognized a gain of $190.7 million during 2024.

For additional information, see note 5 to our consolidated financial statements.

Gain on AtlasEdge JV Transactions

In connection with the AtlasEdge JV Transactions, we recognized a pre-tax gain of $227.5 million during 2021, net of the recognition of a cumulative foreign currency translation loss of $1.8 million.

Gain associated with the Telenet Wyre Transaction

In connection with the Telenet Wyre Transaction, we recognized a net gain of $377.8 million during 2023.

For additional information, see note 5 to our consolidated financial statements.

1 unchanged sentence

We recognized other income, net, of $201.8 million and $211.4 million during 2024 and 2023, respectively.

These amounts include (i) interest and dividend income of $212.7 million and $76.6 million, respectively, and (ii) credits related to the non-service component of our net periodic pension costs of $12.1 million and $33.9 million, respectively.

Income tax expense

We recognized income tax expense of $149.6 million and $318.9 million during 2023 and 2022, respectively.

These amounts include interest and dividend income of $199.3 million and $211.7 million, respectively.

Income tax benefit (expense)

We recognized income tax benefit (expense) of $30.8 million and ($213.1 million) during 2024 and 2023, respectively.

The income tax benefit during 2024 differs from the expected income tax expense of $459.6 million (based on the U.K.

income tax rate of 25.0%), primarily due to the net positive impact of (i) non-deductible or non-taxable foreign currency exchange results, (ii) certain permanent differences between the financial and tax accounting treatment of interest and other expenses and (iii) the recognition of previously unrecognized tax benefits.

The income tax expense during 2023 differs from the expected income tax benefit of $809.8 million (based on the U.K.

blended income tax rate of 23.5%), primarily due to the net negative impact of (i) certain permanent differences between the financial and tax accounting treatment of items associated with investments in subsidiaries and affiliates, (ii) a net increase in valuation allowances and (iii) non-deductible or non-taxable foreign currency exchange results.

The income tax expense during 2022 differs from the expected income tax expense of $270.6 million (based on the U.K.

statutory income tax rate of 19.0%), primarily due to the net negative impact of (i) statutory rates in certain jurisdictions in which we operate that differ from the U.K.

statutory income tax rate, (ii) certain permanent differences between the financial and tax accounting treatment of interest and other expenses and (iii) certain permanent differences between the financial and tax accounting treatment of items associated with investments in subsidiaries and affiliates.

The negative impact of these items was partially offset by the net positive impact of non-deductible or non-taxable foreign currency exchange results.

blended income tax rate of 23.5%), primarily due to the net negative impact of (i) certain permanent differences between the financial and tax accounting treatment of items associated with investments in subsidiaries and affiliates, (ii) a net increase in valuation allowances, (iii) non-deductible or non-taxable foreign currency exchange results and (iv) certain permanent differences between the financial and tax accounting treatment of interest and other expenses.

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

Earnings (loss) from continuing operations

During 2023 and 2022, we reported earnings (loss) from continuing operations of ($3,873.8 million) and $1,105.3 million, respectively, consisting of (i) operating income (loss) of ($244.5 million) and $146.8 million, respectively, (ii) net non-operating income (expense) of ($3,479.7 million) and $1,277.4 million, respectively, and (iii) income tax expense of $149.6 million and $318.9 million, respectively.

During 2024 and 2023, we reported earnings (loss) from continuing operations of $1,869.1 million and ($3,659.1 million), respectively, consisting of (i) operating loss of $60.1 million and $313.8 million, respectively, (ii) net non-operating income (expense) of $1,898.4 million and ($3,132.2 million), respectively, and (iii) income tax benefit (expense) of $30.8 million and ($213.1 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.

Due largely to the fact that we seek to maintain our debt at levels that provide for attractive equity returns, as discussed under Liquidity and Capital Resources — 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 consolidated statements of operations, see Discussion and Analysis of our Reportable Segments and Discussion and Analysis of our Consolidated Operating Results above.

Earnings from discontinued operations, net of taxes

We reported earnings from discontinued operations, net of taxes, of $34.6 million during 2022 related to the results of UPC Poland.

In addition, we recognized a gain on the sale of UPC Poland of $846.4 million during 2022, which includes a cumulative foreign currency translation gain of $10.9 million.

Earnings (loss) from discontinued operations, net of taxes

We reported loss from discontinued operations, net of taxes, of $223.2 million and $214.7 million during 2024 and 2023, respectively, related to the operations of the Sunrise Entities.

For additional information, see note 6 to our consolidated financial statements.

Net earnings attributable to noncontrolling interests

Net earnings attributable to noncontrolling interests was $177.9 million and $513.1 million during 2023 and 2022, respectively, primarily attributable to the results of operations of Telenet prior to the Telenet Takeover Bid.

Net earnings attributable to noncontrolling interests was $57.9 million and $177.9 million during 2024 and 2023, respectively.

The 2024 amount is primarily attributable to noncontrolling interests at Telenet associated with the results of operations of Wyre.

The 2023 amount is primarily attributable to the results of operations of Telenet prior to the Telenet Takeover Bid.

Liquidity and Capital Resources

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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.

Each of our significant operating subsidiaries is separately financed within one of our two subsidiary “borrowing groups”.

These borrowing groups include the respective restricted parent and subsidiary entities within 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.

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Borrowing groups (c):

Sunrise Holding

Total borrowing groups 1,122.0

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dollars, respectively.

(e) The balance of our investments held under SMAs is held by unrestricted subsidiaries of Liberty Global and denominated entirely in U.S.

For additional information regarding our cash and cash equivalents and investments held under SMAs, see the discussion under Quantitative and Qualitative Disclosures about Market Risk — Cash and Investments below.

(e) The balance of our investments held under SMAs is held by unrestricted subsidiaries of Liberty Global and includes $408.9 million or 94.4% denominated in U.S.

For additional information regarding our cash and cash equivalents and investments held under SMAs, see the discussion under Item 7A.

Quantitative and Qualitative Disclosures about Market Risk — Cash and Investments below.

Liquidity of Liberty Global and its unrestricted subsidiaries

Subject to certain tax and legal considerations, the $498.6 million of aggregate cash and cash equivalents held by unrestricted subsidiaries, together with the $2,276.1 million of investments held under SMAs, represented available liquidity at the corporate level at December 31, 2023.

The $3.6 million of cash held by Liberty Global and, subject to certain tax and legal considerations, the $690.7 million of aggregate cash and cash equivalents held by unrestricted subsidiaries, together with the $433.1 million of investments held under SMAs, represented available liquidity at the corporate level at December 31, 2024.

Our remaining cash and cash equivalents of $1,122.0 million at December 31, 2024 were held by our borrowing groups, as set forth in the table above.

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For information regarding certain limitations imposed by our subsidiaries’ debt instruments at December 31, 2024, see note 11 to our consolidated financial statements.

Our short-term sources of corporate liquidity include (i) cash and cash equivalents held by Liberty Global’s unrestricted subsidiaries, subject to certain tax and legal considerations, (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, such as the sale of UPC Poland, 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.

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 affiliates 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, such as the sales of UPC Poland and All3Media, 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 December 31, 2023, all of our consolidated cash and cash equivalents were held by entities that are domiciled outside of Bermuda.

At December 31, 2024, our consolidated cash and cash equivalents included $1,812.7 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.

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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.

dollar-denominated liquidity requirements is impacted by fluctuations in exchange rates, particularly with regard to the translation of euros and British pound sterling into U.S.

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 to fund the repurchase of our equity securities and other 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.

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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 December 31, 2024 consolidated balance sheet.

In this regard, we have significant commitments related to (a) certain operating costs associated with our networks, (b) purchase obligations associated with CPE and certain service-related commitments and (c) programming, studio output and sports rights contracts.

In this regard, we have significant commitments related to (a) purchase obligations associated with CPE and certain service-related commitments, (b) certain operating costs associated with our networks and (c) programming, studio output and sports rights contracts.

These obligations are expected to represent a significant liquidity requirement of our borrowing groups, a significant portion of which is due over the next 12 to 24 months.

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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.

Under our credit facilities 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.

Our credit facilities 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 December 31, 2024, each of our borrowing groups was in compliance with its debt covenants.

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

See related discussion under Quantitative and Qualitative Disclosures about Market Risk — Foreign Currency Risk below.

See related discussion under Item 7A.

Quantitative and Qualitative Disclosures about Market Risk — Foreign Currency Risk below.

The 2024 and 2023 consolidated statements of cash flows of our continuing operations are summarized as follows:

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Operating Activities.

The decrease in net cash provided by our operating activities is primarily attributable to the net effect of (i) a decrease in cash provided due to higher payments for taxes, including $315.0 million related to a payment of disputed tax associated with a tax litigation matter (see note 13 to our consolidated financial statements), (ii) a decrease in cash provided due to higher payments of interest, (iii) an increase in cash provided due to higher net cash receipts related to derivative instruments, (iv) a decrease in cash provided by our Adjusted EBITDA and related working capital items, which includes a decrease in cash of $113.7 million (at the applicable rate) in connection with the sale of certain handset receivables in Switzerland during 2022, (v) a decrease in cash provided of $183.4 million due to lower dividend distributions from the VodafoneZiggo JV and the VMO2 JV, (vi) an increase in cash provided due to higher receipts of interest and (vii) an increase due to FX.

The increase in net cash provided by our operating activities is primarily attributable to the net effect of (i) an increase in cash provided by our Adjusted EBITDA and related working capital items, (ii) a decrease due to FX, (iii) a decrease in cash provided due to higher payments of interest, (iv) an increase in cash provided due to lower payments for taxes, including $315.0 million related to a payment of disputed tax associated with a tax litigation matter during 2023 (see note 13 to our consolidated financial statements), (v) an increase in cash provided due to higher net cash receipts related to derivative instruments and (vi) a decrease in cash provided of $143.5 million due to lower dividend distributions received from the VMO2 JV and the VodafoneZiggo JV.

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 consolidated statements of operations.

Investing Activities.

The change in net cash provided (used) by our investing activities is primarily attributable to (i) a decrease in cash of $1,553.3 million in connection with the sale of UPC Poland during 2022, (ii) a decrease in cash of $921.8 million associated with higher net cash paid for investments, primarily related to the net effect of our investment in Vodafone and our investments held under SMAs, (iii) a decrease in cash of $779.9 million in connection with the Telenet Tower Sale during 2022, (iv) an increase in cash of $337.3 million due to higher dividend distributions received from the VMO2 JV and (v) a decrease in cash of $117.3 million associated with higher net cash paid for acquisitions.

The change in net cash provided (used) by our investing activities is primarily attributable to the net effect of (i) an increase in cash of $2,793.2 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 $608.8 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 2024 and (iv) a decrease in cash of $199.1 million in connection with the Formula E Acquisition during 2024.

The capital expenditures we report in our 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 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.

In this discussion, we refer to (i) our capital expenditures as reported in our consolidated statements of cash flows, which exclude amounts financed under capital-related vendor financing or finance lease arrangements, and (ii) our total consolidated 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 19 to our consolidated financial statements.

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Capital expenditures, net $ 908.5 $ 921.9

The decrease in our property and equipment additions during 2023, as compared to 2022, is primarily due to the net effect of (i) a decrease in local currency expenditures of our subsidiaries due to the net effect of (a) a decrease in expenditures to support new customer products and operational efficiency initiatives, (b) an increase in expenditures for new build and upgrade projects, (c) a decrease in baseline expenditures, including network improvements and expenditures for property and facilities and information technology systems, and (d) an increase in expenditures for the purchase and installation of CPE and (ii) an increase due to FX.

The increase in our property and equipment additions during 2024, as compared to 2023, is primarily due to an increase in local currency expenditures of our subsidiaries due to the net effect of (i) an increase in expenditures for new build and upgrade projects, (ii) a decrease in expenditures to support new customer products and operational efficiency initiatives, (iii) a decrease in expenditures for the purchase and installation of CPE and (iv) an increase in baseline expenditures, including network improvements and expenditures for property and facilities and information technology systems.

During 2024 and 2023, our property and equipment additions represented 24.5% and 24.6% of revenue, respectively.

We expect our 2024 property and equipment additions to remain relatively stable as compared to our 2023 property and equipment additions.

We expect our 2025 property and equipment additions to increase as compared to our 2024 property and equipment additions.

The actual amount of our 2025 property and equipment additions may vary from our expectations for a variety of reasons, including (i) changes in (a) the competitive or regulatory environment, (b) business plans, (c) our expected future operating results or (d) foreign currency exchange rates and (ii) the availability of sufficient capital.

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Financing Activities.

The decrease in net cash used by our financing activities is primarily attributable to the net effect of (i) a decrease in cash used of $3,137.8 million due to higher net borrowings of debt, including borrowings related to the Vodafone Collar Loan, (ii) an increase in cash used of $985.7 million due to the acquisition of shares in connection with the Telenet Takeover Bid and (iii) a decrease in cash used of $208.7 million due to lower repurchases of Liberty Global common shares.

The increase in net cash used by our financing activities is primarily attributable to the net effect of (i) an increase in cash used of $1,983.4 million due to lower net borrowings of debt, including borrowings in 2023 related to (a) the Vodafone Collar Loan and (b) the Telenet Takeover Bid, (ii) a decrease in cash used of $985.7 million due to the acquisition of shares in connection with the Telenet Takeover Bid in 2023 and (iii) a decrease in cash used of $804.9 million due to lower repurchases of Liberty Global common shares.

Adjusted Free Cash Flow

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For a detailed discussion of the inputs we use to determine the fair value of our derivative instruments and fair value method investments, see note 9 to our consolidated financial statements.

See also notes 7 and 8 to our consolidated financial statements for information concerning our fair value method investments and derivative instruments, respectively.

For information concerning our fair value method investments and derivative instruments, see notes 7 and 8, respectively, to our consolidated financial statements.

Changes in the fair values of our derivative instruments and fair value method investments have had, and we believe will continue to have, a significant and volatile impact on our results of operations.

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As further described in note 9 to our consolidated financial statements, actual amounts received or paid upon the settlement or disposition of these investments and instruments may differ materially from the recorded fair values at December 31, 2024.

For information concerning the sensitivity of the fair value of certain of our more significant derivative instruments to changes in market conditions, see Quantitative and Qualitative Disclosures About Market Risk — Sensitivity Information below.

For information concerning the sensitivity of the fair value of certain of our more significant derivative instruments to changes in market conditions, see Item 7A.

Quantitative and Qualitative Disclosures About Market Risk — Sensitivity Information below.

Nonrecurring Valuations.

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For additional information, see note 9 to our consolidated financial statements.

For information regarding our acquisitions and long-lived assets, see notes 5 and 10 to our consolidated financial statements, respectively.

For information regarding our acquisitions and long-lived assets, see notes 5 and 10, respectively, to our consolidated financial statements.

Income Tax Accounting

We are required to estimate the amount of tax payable or refundable for the current year and the deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts and income tax basis of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards, using enacted tax rates in effect for each taxing jurisdiction in which we operate for the year in which those temporary differences are expected to be recovered or settled.

We are required to estimate the amount of income tax payable or refundable for the current year and the deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts and income tax basis of assets and liabilities and the expected benefits of utilizing net operating losses and tax credit carryforwards, using enacted tax rates in effect for each taxing jurisdiction in which we operate for the year in which those temporary differences are expected to be recovered or settled.

This process requires our management to make assessments regarding the timing and probability of the ultimate tax impact of such items.

Net deferred tax assets are reduced by a valuation allowance if we believe that it is more-likely-than-not such net deferred tax assets will not be realized.

Net deferred tax assets are reduced by a valuation allowance if, based on our evaluation of all available evidence, we believe that it is more-likely-than-not such net deferred tax assets will not be realized.

Establishing or reducing a tax valuation allowance requires us to make assessments about the timing of future events, including the probability of expected future taxable income and available tax planning strategies.

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What changed 10-K

Item 7. Management’s Discussion and Analysis