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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
September 30, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to                    
Commission file number 001-35961
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Liberty Global Ltd.
(Exact name of Registrant as specified in its charter)
Bermuda 98-1750381
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer
Identification No.)
Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda
(Address of Principal Executive Office)
Registrant’s telephone number, including area code: +1.303.220.6600
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common sharesLBTYANasdaq Global Select Market
Class B common sharesLBTYBNasdaq Global Select Market
Class C common sharesLBTYKNasdaq Global Select Market
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ         No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  þ        No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer  þ Accelerated Filer ¨  Non-Accelerated Filer ¨  
Smaller Reporting Company ☐ Emerging Growth Company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act  ¨
Indicate by check mark whether the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.  Yes  ☐ No  þ

The number of outstanding common shares of Liberty Global Ltd. as of October 22, 2024 was: 172,871,879 class A common shares, 12,988,658 class B common shares and 171,683,938 class C common shares.


LIBERTY GLOBAL LTD.
TABLE OF CONTENTS
 
  Page
Number
PART I — FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
Condensed Consolidated Statements of Comprehensive Earnings (Loss) for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited)
ITEM 2.
ITEM 3.
ITEM 4.
PART II — OTHER INFORMATION
ITEM 1.
ITEM 2.
ITEM 5.
ITEM 6.



LIBERTY GLOBAL LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
 
September 30,
2024		December 31,
2023
 in millions
ASSETS
Current assets:
Cash and cash equivalents$2,356.4 $1,415.9 
Trade receivables, net (note 3)
863.4 870.1 
Short-term investments (measured at fair value on a recurring basis) (note 5)
906.3 1,990.5 
Derivative instruments (note 6)
399.7 518.1 
Other current assets (notes 3 and 5)
671.2 847.0 
Total current assets5,197.0 5,641.6 
Investments and related notes receivable (including $3,372.0 million and $3,408.5 million, respectively, measured at fair value on a recurring basis) (note 5)
13,617.0 13,396.1 
Property and equipment, net (notes 8 and 10)
7,439.8 7,360.2 
Goodwill (note 8)
10,325.6 10,477.0 
Intangible assets subject to amortization, net (note 8)
1,773.8 2,053.6 
Operating lease right-of-use (ROU) assets (note 10)
2,383.3 1,761.8 
Other assets, net (notes 3 and 6)
1,029.9 1,397.6 
Total assets$41,766.4 $42,087.9 

The accompanying notes are an integral part of these condensed consolidated financial statements.
1

LIBERTY GLOBAL LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS — (Continued)
(unaudited)
 
September 30,
2024		December 31,
2023
 in millions
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$560.6 $689.8 
Deferred revenue (note 3)
267.4 249.2 
Derivative instruments (note 6)
459.2 426.8 
Current portion of debt and finance lease obligations (notes 9 and 10)
999.3 806.8 
Accrued capital expenditures299.1 229.5 
Accrued income taxes248.6 263.9 
Other accrued and current liabilities (note 10)
1,517.0 1,666.8 
Total current liabilities4,351.2 4,332.8 
Long-term debt and finance lease obligations (notes 9 and 10)
14,891.8 14,959.1 
Long-term operating lease liabilities (note 10)
2,000.9 1,652.1 
Other long-term liabilities (notes 3 and 6)
1,870.9 2,136.5 
Total liabilities23,114.8 23,080.5 
Commitments and contingencies (notes 6, 9, 10, 11 and 15)
Equity (note 12):
Liberty Global shareholders:
Class A common shares, $0.01 nominal value. Issued and outstanding 172,860,433 and 171,463,760 shares, respectively
1.7 1.7 
Class B common shares, $0.01 nominal value. Issued and outstanding 12,988,658 and 12,988,658 shares, respectively
0.1 0.1 
Class C common shares, $0.01 nominal value. Issued and outstanding 173,549,083 and 198,153,613 shares, respectively
1.8 2.0 
Additional paid-in capital926.2 1,322.6 
Accumulated earnings14,910.0 15,566.0 
Accumulated other comprehensive earnings, net of taxes2,819.4 2,170.3 
Treasury shares, at cost(0.1)(0.1)
Total Liberty Global shareholders18,659.1 19,062.6 
Noncontrolling interests(7.5)(55.2)
Total equity18,651.6 19,007.4 
Total liabilities and equity$41,766.4 $42,087.9 

The accompanying notes are an integral part of these condensed consolidated financial statements.
2

LIBERTY GLOBAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

Three months ended
September 30,		Nine months ended
September 30,
 2024202320242023
 in millions, except per share amounts
Revenue (notes 3, 5 and 16)
$1,935.2 $1,854.5 $5,754.0 $5,570.9 
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services (note 10)
591.6 586.3 1,853.3 1,740.8 
Other operating (notes 10 and 13)
311.3 301.6 912.0 899.7 
Selling, general and administrative (SG&A) (notes 10 and 13)
416.9 423.7 1,281.3 1,281.2 
Depreciation and amortization500.6 584.0 1,512.7 1,681.8 
Impairment, restructuring and other operating items, net (note 10)
13.5 (13.7)51.7 6.6 
1,833.9 1,881.9 5,611.0 5,610.1 
Operating income (loss)101.3 (27.4)143.0 (39.2)
Non-operating income (expense):
Interest expense(251.2)(241.4)(756.2)(656.0)
Realized and unrealized gains (losses) on derivative instruments, net (note 6)
(566.8)177.1 67.0 193.8 
Foreign currency transaction gains (losses), net(578.3)664.4 (280.3)417.9 
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net (notes 5 and 7)
(45.9)71.5 38.9 (344.8)
Share of results of affiliates, net (note 5)
(133.0)(240.8)(166.6)(341.1)
Gain on sale of All3Media (note 5)
— — 242.9 — 
Gain associated with the Telenet Wyre Transaction (note 4)
— 377.8 — 377.8 
Other income, net63.9 39.8 191.1 159.5 
(1,511.3)848.4 (663.2)(192.9)
Earnings (loss) before income taxes(1,410.0)821.0 (520.2)(232.1)
Income tax benefit (expense) (note 11)
(0.9)1.7 (88.5)(170.0)
Net earnings (loss)(1,410.9)822.7 (608.7)(402.1)
Net earnings attributable to noncontrolling interests(23.2)(163.5)(47.3)(159.7)
Net earnings (loss) attributable to Liberty Global shareholders$(1,434.1)$659.2 $(656.0)$(561.8)
Basic earnings (loss) attributable to Liberty Global shareholders per share (note 14)
$(3.95)$1.58 $(1.77)$(1.28)
Diluted earnings (loss) attributable to Liberty Global shareholders per share (note 14)
$(3.95)$1.57 $(1.77)$(1.28)

The accompanying notes are an integral part of these condensed consolidated financial statements.
3

LIBERTY GLOBAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)
(unaudited)
 
Three months ended
September 30,		Nine months ended
September 30,
2024202320242023
 in millions
Net earnings (loss)$(1,410.9)$822.7 $(608.7)$(402.1)
Other comprehensive earnings (loss), net of taxes:
Foreign currency translation adjustments1,884.2 (1,485.1)647.0 (289.8)
Reclassification adjustments included in net earnings (loss)0.5 (0.5)(1.2)(1.1)
Pension-related adjustments and other(10.7)(1.0)3.3 (7.9)
Other comprehensive earnings (loss)1,874.0 (1,486.6)649.1 (298.8)
Comprehensive earnings (loss)463.1 (663.9)40.4 (700.9)
Comprehensive earnings attributable to noncontrolling interests(22.7)(162.3)(47.3)(159.1)
Comprehensive earnings (loss) attributable to Liberty Global shareholders$440.4 $(826.2)$(6.9)$(860.0)
The accompanying notes are an integral part of these condensed consolidated financial statements.
4

LIBERTY GLOBAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(unaudited)

 Liberty Global shareholdersNon-controlling
interests		Total
equity
Common sharesAdditional
paid-in
capital		Accumulated
earnings		Accumulated
other
comprehensive
earnings, net of taxes		Treasury shares, at costTotal Liberty Global
shareholders
 Class AClass BClass C
 in millions
Balance at January 1, 2023
$1.8 $0.1 $2.7 $2,300.8 $19,617.7 $513.4 $(0.1)$22,436.4 $137.0 $22,573.4 
Net loss— — — — (721.4)— — (721.4)7.9 (713.5)
Other comprehensive earnings, net of taxes— — — — — 697.1 — 697.1 0.5 697.6 
Repurchases and cancellations of Liberty Global common shares (note 12)
— — (0.1)(236.7)— — — (236.8)— (236.8)
Share-based compensation (note 13)
— — — 34.9 — — — 34.9 — 34.9 
Adjustments due to changes in subsidiaries’ equity and other, net— — — 12.2 — — — 12.2 1.7 13.9 
Balance at March 31, 2023
1.8 0.1 2.6 2,111.2 18,896.3 1,210.5 (0.1)22,222.4 147.1 22,369.5 
Net loss— — — — (499.6)— — (499.6)(11.7)(511.3)
Other comprehensive earnings, net of taxes— — — — — 490.1 — 490.1 0.1 490.2 
Repurchases and cancellations of Liberty Global common shares (note 12)
— — (0.1)(388.6)— — — (388.7)— (388.7)
Share-based compensation (note 13)
— — — 61.9 — — — 61.9 — 61.9 
Dividend distributions by subsidiaries to non-controlling interest owners— — — — — — — — (47.3)(47.3)
Adjustments due to changes in subsidiaries’ equity and other, net— — — (29.9)— — — (29.9)(3.7)(33.6)
Balance at June 30, 2023
1.8 0.1 2.5 1,754.6 18,396.7 1,700.6 (0.1)21,856.2 84.5 21,940.7 
Net earnings— — — — 659.2 — — 659.2 163.5 822.7 
Other comprehensive loss, net of taxes— — — — — (1,485.4)— (1,485.4)(1.2)(1,486.6)
Impact of the Telenet Wyre Transaction (note 4)
— — — 708.8 — — — 708.8 328.7 1,037.5 
Impact of the Telenet Takeover Bid (note 12)
— — — (340.7)— — — (340.7)(652.2)(992.9)
Repurchases and cancellations of Liberty Global common shares (note 12)
— — (0.3)(523.4)— — — (523.7)— (523.7)
Share-based compensation (note 13)
— — — 47.8 — — — 47.8 — 47.8 
Adjustments due to changes in subsidiaries’ equity and other, net— — — (0.9)— — — (0.9)3.0 2.1 
Balance at September 30, 2023
$1.8 $0.1 $2.2 $1,646.2 $19,055.9 $215.2 $(0.1)$20,921.3 $(73.7)$20,847.6 




The accompanying notes are an integral part of these condensed consolidated financial statements.
5

LIBERTY GLOBAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY — (Continued)
(unaudited)

 Liberty Global shareholdersNon-controlling
interests		Total
equity
Common sharesAdditional
paid-in
capital		Accumulated earningsAccumulated
other
comprehensive
earnings, net of taxes		Treasury shares, at costTotal Liberty Global
shareholders
 Class AClass BClass C
 in millions
Balance at January 1, 2024
$1.7 $0.1 $2.0 $1,322.6 $15,566.0 $2,170.3 $(0.1)$19,062.6 $(55.2)$19,007.4 
Net earnings— — — — 510.0 — — 510.0 17.0 527.0 
Other comprehensive loss, net of taxes— — — — — (1,027.0)— (1,027.0)0.6 (1,026.4)
Repurchases and cancellations of Liberty Global common shares (note 12)
— — (0.1)(170.4)— — — (170.5)— (170.5)
Share-based compensation (note 13)
— — — 35.4 — — — 35.4 — 35.4 
Adjustments due to changes in subsidiaries’ equity and other, net— — — 18.6 — — — 18.6 (0.1)18.5 
Balance at March 31, 2024
1.7 0.1 1.9 1,206.2 16,076.0 1,143.3 (0.1)18,429.1 (37.7)18,391.4 
Net earnings— — — — 268.1 — — 268.1 7.1 275.2 
Other comprehensive loss, net of taxes— — — — — (198.4)— (198.4)(0.1)(198.5)
Repurchases and cancellations of Liberty Global common shares (note 12)
— — — (167.4)— — — (167.4)— (167.4)
Share-based compensation (note 13)
— — — 46.1 — — — 46.1 — 46.1 
Adjustments due to changes in subsidiaries’ equity and other, net— — — (30.0)— — — (30.0)— (30.0)
Balance at June 30, 2024
1.7 0.1 1.9 1,054.9 16,344.1 944.9 (0.1)18,347.5 (30.7)18,316.8 
Net loss— — — — (1,434.1)— — (1,434.1)23.2 (1,410.9)
Other comprehensive earnings, net of taxes— — — — — 1,874.5 — 1,874.5 (0.5)1,874.0 
Repurchases and cancellations of Liberty Global common shares (note 12)
— — (0.1)(165.1)— — — (165.2)— (165.2)
Share-based compensation (note 13)
— — — 37.3 — — — 37.3 — 37.3 
Adjustments due to changes in subsidiaries’ equity and other, net— — — (0.9)— — — (0.9)0.5 (0.4)
Balance at September 30, 2024
$1.7 $0.1 $1.8 $926.2 $14,910.0 $2,819.4 $(0.1)$18,659.1 $(7.5)$18,651.6 




The accompanying notes are an integral part of these condensed consolidated financial statements.
6

LIBERTY GLOBAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited) 

 Nine months ended
September 30,
 20242023
 in millions
Cash flows from operating activities:
Net loss
$(608.7)$(402.1)
Adjustments to reconcile net loss to net cash provided by operating activities:
Share-based compensation expense147.0 174.4 
Depreciation and amortization1,512.7 1,681.8 
Impairment, restructuring and other operating items, net51.7 6.6 
Amortization of deferred financing costs and non-cash interest52.8 47.8 
Realized and unrealized gains on derivative instruments, net(67.0)(193.8)
Foreign currency transaction losses (gains), net280.3 (417.9)
Realized and unrealized losses (gains) due to changes in fair values of certain investments, net(38.9)344.8 
Share of results of affiliates, net166.6 341.1 
Deferred income tax expense (benefit)(32.6)40.7 
Gain on sale of All3Media
(242.9)— 
Gain associated with the Telenet Wyre Transaction
— (377.8)
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions20.3 81.1 
Net cash provided by operating activities1,241.3 1,326.7 
Cash flows from investing activities:
Cash received from the sale of investments3,259.4 6,037.2 
Cash paid for investments(2,320.4)(6,677.9)
Capital expenditures, net(987.2)(1,016.2)
Cash received in connection with the sale of All3Media
411.7 — 
Cash paid in connection with acquisitions, net of cash acquired(13.7)(113.8)
Dividend distributions received from the VMO2 JV
— 815.2 
Other investing activities, net(14.9)(10.9)
Net cash provided (used) by investing activities$334.9 $(966.4)

The accompanying notes are an integral part of these condensed consolidated financial statements.
7

LIBERTY GLOBAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued)
(unaudited)

 Nine months ended
September 30,
 20242023
 in millions
Cash flows from financing activities:
Borrowings of debt$4.0 $2,117.5 
Operating-related vendor financing additions579.4 444.5 
Repayments and repurchases of debt and finance lease obligations:
Debt (excluding vendor financing)(9.2)(22.3)
Principal payments on operating-related vendor financing(538.1)(470.9)
Principal payments on capital-related vendor financing(122.8)(210.8)
Principal payments on finance leases(8.4)(25.3)
Repurchases of Liberty Global common shares(511.9)(1,133.1)
Net cash received (paid) related to derivative instruments17.2 (62.5)
Acquisition of shares in connection with the Telenet Takeover Bid
(5.8)(878.7)
Dividend distributions by subsidiaries to noncontrolling interest owners(0.4)(46.9)
Payment of financing costs and debt premiums— (22.6)
Other financing activities, net(54.2)(32.0)
Net cash used by financing activities(650.2)(343.1)
Effect of exchange rate changes on cash and cash equivalents and restricted cash15.4 (1.1)
Net increase in cash and cash equivalents and restricted cash941.4 16.1 
Cash and cash equivalents and restricted cash:
Beginning of period1,422.9 1,732.4 
Net increase941.4 16.1 
End of period$2,364.3 $1,748.5 
Cash paid for interest$753.7 $691.4 
Net cash paid for taxes$194.2 $171.5 
Details of end of period cash and cash equivalents and restricted cash:
Cash and cash equivalents$2,356.4 $1,741.6 
Restricted cash included in other current assets and other assets, net7.9 6.9 
Total cash and cash equivalents and restricted cash$2,364.3 $1,748.5 

The accompanying notes are an integral part of these condensed consolidated financial statements.
8

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

(1)   Basis of Presentation

Liberty Global Ltd. (Liberty Global) is an international provider of broadband internet, video, fixed-line telephony and mobile communications services to residential customers and businesses in Europe.

As a result of a series of mergers that were completed on June 7, 2013, Liberty Global plc became the publicly-held parent company of the successors by merger of Liberty Global, Inc. (the predecessor to Liberty Global plc) and Virgin Media Inc. (Virgin Media). On November 23, 2023, Liberty Global plc completed a statutory scheme of arrangement, pursuant to which a new Bermudan company, Liberty Global Ltd., became the sole shareholder of Liberty Global plc and the parent entity of the entire group of Liberty Global companies (the Redomiciliation). The Redomiciliation resulted in the Liberty Global group parent company changing its jurisdiction of incorporation from England and Wales to Bermuda. In these notes, except where context dictates otherwise, the terms “we”, “our”, “our company” and “us” may refer, as the context requires, to Liberty Global (or its predecessors) or collectively to Liberty Global (or its predecessors) and its subsidiaries and any of its joint ventures.

Our businesses provide residential and business-to-business (B2B) communications services in (i) Switzerland, which we refer to as “Sunrise”, and Slovakia through certain wholly-owned subsidiaries that we collectively refer to as “Sunrise Holding”, (ii) Belgium and Luxembourg through certain wholly-owned subsidiaries that we collectively refer to as “Telenet” and (iii) Ireland through another wholly-owned subsidiary (VM Ireland). In addition, we own 50% noncontrolling interests in (a) a 50:50 joint venture (the VMO2 JV) with Telefónica SA (Telefónica), which provides residential and B2B communications services in the United Kingdom (U.K.), and (b) a 50:50 joint venture (the VodafoneZiggo JV) with Vodafone Group plc (Vodafone), which provides residential and B2B communications services in the Netherlands. We also own (1) a 50% noncontrolling voting interest in a joint venture (the AtlasEdge JV), which is a leading European Edge data center platform, and (2) a 25% noncontrolling interest in a joint venture (the nexfibre JV), which is constructing a new fiber network in the U.K. outside of the existing footprint of the VMO2 JV.

We have announced our intention to spin-off our operations at Sunrise and certain other Liberty Global subsidiaries connected to our Swiss business (together, the Sunrise Entities) in November 2024 (the Spin-off). The Spin-off was approved at a special meeting of Liberty Global shareholders held on October 25, 2024.

In October 2023, we completed the Telenet Takeover Bid (as defined and described in note 12), pursuant to which we increased our ownership interest in Telenet to 100%.

Our unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or Securities and Exchange Commission rules and regulations for complete financial statements. In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods presented. The results of operations for any interim period are not necessarily indicative of results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our 2023 consolidated financial statements and notes thereto included in our 2023 Annual Report on Form 10-K, as amended (our 2023 10-K).

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, allowances for uncollectible accounts, certain components of revenue, programming and copyright costs, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, lease terms, useful lives of long-lived assets, share-based compensation and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates.

Unless otherwise indicated, ownership percentages and convenience translations into United States (U.S.) dollars are calculated as of September 30, 2024.
9

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

ASU 2023-09

In December 2023, the Financial Accounting Standards Board (the FASB) issued Accounting Standards Update (ASU) No. 2023-09, Improvements to Income Tax Disclosures (ASU 2023-09), which is intended to enhance the transparency of income tax matters within financial statements, providing stakeholders with a clearer understanding of tax positions and their associated risks and uncertainties. ASU 2023-09 requires public business entities to disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a specific quantitative threshold. There is a further requirement that public business entities will need to disclose a tabular reconciliation, using both percentages and reporting currency amounts. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. We are currently evaluating the impact of ASU 2023-09 on our consolidated financial statements and disclosures.

ASU 2023-07

In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (ASU 2023-07), which aims to improve reportable segment disclosure requirements, primarily through enhanced disclosures regarding significant segment expenses. ASU 2023-07 requires public companies to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. ASU 2023-07 also requires a public entity to disclose, on an annual and interim basis for each reportable segment, an amount for other segment items and a description of its composition. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 and is required to be applied on a retrospective basis. The adoption of ASU 2023-07 will result in additional segment disclosures beginning with our 2024 Annual Report on Form 10-K (our 2024 10-K) and interim reporting periods in calendar year 2025.

ASU 2023-05

In August 2023, the FASB issued ASU No. 2023-05, Business Combinations — Joint Venture Formations: Recognition and Initial Measurement (ASU 2023-05), which outlines updates to the formation of entities that meet the definition of a joint venture as defined by the FASB. ASU 2023-05 requires a joint venture to measure its assets and liabilities at fair value upon formation. ASU 2023-05 is effective prospectively for joint venture formations with a formation date on or after January 1, 2025. We do not expect ASU 2023-05 to have a significant impact on our consolidated financial statements.

10

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)
(3)    Revenue Recognition and Related Costs

Contract Balances

The timing of our recognition of revenue may differ from the timing of invoicing our customers. We record a trade receivable when we have transferred goods or services to a customer but have not yet received payment. Our trade receivables are reported net of an allowance for doubtful accounts. Such allowance aggregated $59.2 million and $58.0 million at September 30, 2024 and December 31, 2023, respectively.
If we transfer goods or services to a customer but do not have an unconditional right to payment, we record a contract asset. Contract assets typically arise from the uniform recognition of introductory promotional discounts over the contract period and accrued revenue for handset sales. Our contract assets were $42.3 million and $45.8 million as of September 30, 2024 and December 31, 2023, respectively. The current and long-term portions of our contract asset balances are included within other current assets and other assets, net, respectively, on our condensed consolidated balance sheets.
We record deferred revenue when we receive payment prior to transferring goods or services to a customer. We primarily defer revenue for (i) installation and other upfront services and (ii) other services that are invoiced prior to when services are provided. Our deferred revenue balances were $274.7 million and $267.6 million as of September 30, 2024 and December 31, 2023, respectively. The increase in deferred revenue for the nine months ended September 30, 2024 is primarily due to the net effect of (a) the impact of additions during the period and (b) the recognition of $224.5 million of revenue that was included in our deferred revenue balance at December 31, 2023. The long-term portions of our deferred revenue balances are included within other long-term liabilities on our condensed consolidated balance sheets.

Contract Costs

Our aggregate assets associated with incremental costs to obtain and fulfill our contracts were $90.2 million and $84.1 million at September 30, 2024 and December 31, 2023, respectively. The current and long-term portions of our assets related to contract costs are included within other current assets and other assets, net, respectively, on our condensed consolidated balance sheets. We amortized $22.2 million and $63.7 million during the three and nine months ended September 30, 2024, respectively, and $20.7 million and $60.2 million during the three and nine months ended September 30, 2023, respectively, to operating costs and expenses related to these assets.

Unsatisfied Performance Obligations

A large portion of our revenue is derived from customers who are not subject to contracts. Revenue from customers who are subject to contracts is generally recognized over the term of such contracts, which is typically 12 months for our residential service contracts, one to three years for our mobile service contracts and one to five years for our B2B service contracts.

(4)    Acquisitions

2024 Acquisition

Formula E Acquisition. On October 2, 2024, we completed the acquisition of the Formula E Holdings Ltd. (Formula E) shares held by Warner Bros. Discovery, Inc. (Warner Bros. Discovery) and certain other minority shareholders, increasing our ownership in Formula E to 65.6% (the Formula E Acquisition). The purchase consideration for these additional shares totaled €150.0 million ($165.7 million at the transaction date) and is based upon an equity value of €550.0 million ($607.5 million at the transaction date). We also acquired Warner Bros. Discovery’s €50.0 million ($55.7 million) shareholder loan to Formula E upon closing of the transaction.

We will begin consolidating Formula E’s results from October 2, 2024. We will recognize goodwill for the excess of the sum of (i) the value of the consideration transferred, (ii) the value of the noncontrolling interest in Formula E and (iii) the acquisition date fair value of our previously-held equity interest in Formula E over the estimated fair value of the assets and liabilities of Formula E at the acquisition date. The preliminary purchase accounting and pro forma consolidated operating
11

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)
results for the Formula E Acquisition are incomplete as of the date of issuance of these unaudited condensed consolidated financial statements and will be reflected in our 2024 10-K.

2023 Acquisition

Telenet Wyre Transaction. On July 1, 2023, pursuant to an agreement dated July 19, 2022, Telenet and Fluvius System Operator CV (Fluvius) created an independent, self-funding infrastructure company (Wyre) within their combined geographic footprint in Belgium (the Telenet Wyre Transaction). The companies each contributed certain cable infrastructure assets with Telenet and Fluvius initially owning 66.8% and 33.2% of Wyre, respectively. In exchange for its 66.8% ownership of Wyre, Telenet contributed net assets with a fair value of €1,851.2 million ($2,021.2 million at the transaction date), together with annual payments to Fluvius of €20.0 million ($22.3 million) over the next six years following the date of the transaction. Telenet and Liberty Global began consolidating Wyre’s results upon the closing of the transaction.

With the closing of the Telenet Wyre Transaction, Telenet early terminated and effectively settled certain pre-existing contractual relationships with Fluvius, principally related to Telenet’s leased network, and began consolidating certain infrastructure cable assets contributed by Fluvius to Wyre, as described above. Primarily due to Telenet’s aforementioned pre-existing network leasing relationship with Fluvius, the Telenet Wyre Transaction did not have a significant impact on our operating income during the nine months ended September 30, 2023. Accordingly, the pro forma effect of the Telenet Wyre Transaction is not presented herein.

In connection with the Telenet Wyre Transaction, we recognized a net gain of $377.8 million during the nine months ended September 30, 2023, which represents the difference between the fair value and carrying amount of a pre-existing network leasing relationship between Telenet and Fluvius. No income taxes were required to be provided on this gain.

12

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

The details of our investments are set forth below:
Accounting MethodSeptember 30,
2024		December 31,
2023		Ownership (a)
 in millions%
Equity (b):
Long-term:
VMO2 JV
$7,571.6 $7,248.5 50.0
VodafoneZiggo JV (c)
1,990.3 2,055.4 50.0
AtlasEdge JV
342.5 250.8 48.5
Formula E (d)
126.6 99.1 38.2
nexfibre JV
74.1 55.9 25.0
All3Media Group (All3Media) (e)
— 144.2 —
Other
139.9 133.7 
Total — equity10,245.0 9,987.6 
Fair value: 
Short-term:
Separately-managed accounts (SMAs) (f)
906.3 1,990.5 
Long-term:
Vodafone - subject to re-use rights (g)
1,342.5 1,168.1 5.1
EdgeConneX, Inc. (EdgeConneX)
422.9 318.3 5.2
ITV plc (ITV)
409.1 321.9 9.7
Televisa Univision, Inc. (Televisa Univision)
314.9 388.3 6.4
SMAs (f)
188.2 285.6 
Plume Design, Inc. (Plume) (h)
98.1 168.4 10.5
CANAL+ Polska S.A.78.1 76.4 17.0
Pax8, Inc.72.4 100.3 6.7
Lions Gate Entertainment Corp. (Lionsgate)
49.0 69.6 2.8
Aviatrix Systems, Inc. (Aviatrix)
24.9 55.5 4.3
Lacework, Inc. (Lacework) (i)
— 94.2 —
Other371.9 361.9 
Total — fair value4,278.3 5,399.0 
Total investments (j)$14,523.3 $15,386.6 
Short-term investments$906.3 $1,990.5 
Long-term investments$13,617.0 $13,396.1 
_______________

(a)Represents our economic ownership based on total shares owned as a percentage of total shares outstanding as of the most recent balance sheet date or the most recent publicly-available information.

(b)Our equity method investments are originally recorded at cost and are adjusted to recognize our share of net earnings or losses of the affiliates as they occur rather than as dividend distributions are received, with our recognition of losses generally limited to the extent of our investment in, and loans and commitments to, the investee. Accordingly, the carrying values of our equity method investments may not equal the respective fair values. At September 30, 2024 and December 31, 2023, the aggregate carrying amounts of our equity method investments exceeded our proportionate share
13

LIBERTY GLOBAL LTD.
Notes to Condensed Consolidated Financial Statements — (Continued)
September 30, 2024
(unaudited)
of the respective investee’s net assets by $1,110.8 million and $1,234.7 million, respectively, which primarily includes amounts associated with the VodafoneZiggo JV Receivables, as defined below, and for December 31, 2023, amounts we were owed under long-term notes receivable from All3Media.

(c)Amounts include certain notes receivable due from a subsidiary of the VodafoneZiggo JV to a subsidiary of Liberty Global comprising (i) a euro-denominated note receivable with a principal amount of $780.4 million and $774.5 million at September 30, 2024 and December 31, 2023, respectively, (the VodafoneZiggo JV Receivable I) and (ii) a euro-denominated note receivable with a principal amount of $231.8 million and $230.0 million at September 30, 2024 and December 31, 2023, respectively, (the VodafoneZiggo JV Receivable II and, together with the VodafoneZiggo JV Receivable I, the VodafoneZiggo JV Receivables). The VodafoneZiggo JV Receivables bear interest at a rate of 5.55% and have a final maturity date of December 31, 2030. During the nine months ended September 30, 2024, interest accrued on the VodafoneZiggo JV Receivables was $41.7 million, all of which has been cash settled.

(d)Upon the October 2, 2024 closing of the Formula E Acquisition, Liberty Global’s ownership in Formula E increased to 65.6%. For additional information regarding the Formula E Acquisition, see note 4.

(e)On May 16, 2024, Liberty Global, together with joint owner Warner Bros. Discovery, completed the sale of All3Media to RedBird IMI. We received £330.8 million ($419.3 million at the transaction date) of total cash in connection with the sale, including the repayment of the principal and accrued interest associated with long-term notes receivable from All3Media. We recognized a gain on the sale of All3Media of £212.3 million ($242.9 million at the transaction date).

(f)Represents investments held under SMAs, which are maintained by investment managers acting as agents on our behalf. We classify, measure and report these investments, the composition of which may change from time to time, based on the underlying nature and characteristics of each security held under the SMAs. With the exception of our SMA in a leveraged structured note, all of our investments held under SMAs were classified as available-for-sale debt securities as of September 30, 2024. Our SMA held in a leveraged structured note is accounted for at fair value and the associated gains or losses are included in realized and unrealized gains (losses) due to changes in fair values of certain investments, net, in our condensed consolidated statements of operations. At September 30, 2024 and December 31, 2023, interest accrued on our debt securities, which is included in other current assets on our condensed consolidated balance sheets, was $21.1 million and $34.6 million, respectively.

(g)In connection with our investment in Vodafone, we entered into a share collar (the Vodafone Collar) with respect to the Vodafone shares held by our company. The aggregate purchase price paid to acquire our investment in Vodafone was partially financed through borrowings under a secured borrowing agreement (the Vodafone Collar Loan) collateralized by the Vodafone shares. Under the terms of the Vodafone Collar, the counterparty has the right to re-use pledged Vodafone shares. At September 30, 2024 and December 31, 2023, the net fair value of our investment in Vodafone was $141.6 million and $115.5 million, respectively.

(h)Our investment in Plume includes warrants with a fair value of $33.6 million and $61.3 million at September 30, 2024 and December 31, 2023, respectively.

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

(j)The purchase and sale of investments are presented on a gross basis in our condensed consolidated statements of cash flows, including amounts associated with SMAs.

14

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

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