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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, 2021
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
lbtya-20210930_g1.jpg
Liberty Global plc
(Exact name of Registrant as specified in its charter)
England and Wales 98-1112770
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
Griffin House 
161 Hammersmith Rd
London
United KingdomW6 8BS
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code:
+44.208.483.6449 or 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 ordinary sharesLBTYANasdaq Global Select Market
Class B ordinary sharesLBTYBNasdaq Global Select Market
Class C ordinary 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 ordinary shares of Liberty Global plc as of October 29, 2021 was: 176,880,589 class A ordinary shares, 12,930,839 class B ordinary shares and 353,109,359 class C ordinary shares.




LIBERTY GLOBAL PLC
TABLE OF CONTENTS
 
  Page
Number
PART I — FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
ITEM 2.
ITEM 3.
ITEM 4.
PART II — OTHER INFORMATION
ITEM 1.
ITEM 2.
ITEM 6.




LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
 
September 30,
2021
December 31,
2020
 in millions
ASSETS
Current assets:
Cash and cash equivalents$766.2 $1,327.2 
Trade receivables, net943.1 1,078.4 
Short-term investments (measured at fair value on a recurring basis) (note 5)
2,511.4 1,600.2 
Current assets of discontinued operations (note 4)
907.7 980.1 
Other current assets (notes 3, 4, 5 and 6)
833.1 816.5 
Total current assets5,961.5 5,802.4 
Investments and related notes receivable (including $2,286.9 million and $1,865.8 million, respectively, measured at fair value on a recurring basis) (note 5)
19,549.2 5,354.5 
Property and equipment, net (notes 8 and 10)
6,984.6 7,626.6 
Goodwill (note 8)
9,410.5 9,965.7 
Intangible assets subject to amortization, net (note 8)
2,410.0 2,879.9 
Assets held for sale (note 4)
 24,282.7 
Other assets, net (notes 3, 4, 6, 8 and 10)
2,529.0 3,180.9 
Total assets$46,844.8 $59,092.7 
The accompanying notes are an integral part of these condensed consolidated financial statements.
1


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED BALANCE SHEETS — (Continued)
(unaudited)
 
September 30,
2021
December 31,
2020
 in millions
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$529.9 $579.1 
Deferred revenue (note 3)
317.5 426.9 
Current portion of debt and finance lease obligations (notes 9 and 10)
986.5 1,086.1 
Accrued income taxes (note 11)
214.5 252.7 
Derivative instruments (note 6)
185.1 252.7 
Current liabilities of discontinued operations (note 4)
191.3 187.5 
Other accrued and current liabilities (note 10)
1,633.9 1,726.1 
Total current liabilities
4,058.7 4,511.1 
Long-term debt and finance lease obligations (notes 9 and 10)
14,097.3 13,861.3 
Liabilities associated with assets held for sale (note 4)
 23,197.2 
Long-term operating lease liabilities (note 10)
1,140.3 1,255.4 
Other long-term liabilities (notes 3, 6 and 13)
1,955.8 2,969.3 
Total liabilities
21,252.1 45,794.3 
Commitments and contingencies (notes 6, 9, 11 and 15)
Equity (note 12):
Liberty Global shareholders:
Class A ordinary shares, $0.01 nominal value. Issued and outstanding 176,670,566 shares and 181,348,114 shares, respectively
1.8 1.8 
Class B ordinary shares, $0.01 nominal value. Issued and outstanding 12,930,839 shares and 12,561,444 shares, respectively
0.1 0.1 
Class C ordinary shares, $0.01 nominal value. Issued and outstanding 356,298,700 shares and 386,588,921 shares, respectively
3.6 3.9 
Additional paid-in capital4,395.8 5,271.7 
Accumulated earnings17,508.4 4,692.1 
Accumulated other comprehensive earnings, net of taxes3,998.4 3,693.1 
Treasury shares, at cost(0.1)(0.1)
Total Liberty Global shareholders25,908.0 13,662.6 
Noncontrolling interests(315.3)(364.2)
Total equity
25,592.7 13,298.4 
Total liabilities and equity$46,844.8 $59,092.7 

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


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three months endedNine months ended
September 30,September 30,
 2021202020212020
 in millions, except per share amounts
Revenue (notes 3, 4, 5 and 16)
$1,901.4 $2,845.4 $8,390.5 $8,233.7 
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services522.4 791.0 2,445.7 2,305.0 
Other operating (note 13)
279.5 456.2 1,225.6 1,250.7 
Selling, general and administrative (SG&A) (note 13)
399.0 539.1 1,666.6 1,515.3 
Depreciation and amortization582.3 432.0 1,744.8 1,710.1 
Impairment, restructuring and other operating items, net17.2 (16.7)68.4 46.5 
1,800.4 2,201.6 7,151.1 6,827.6 
Operating income101.0 643.8 1,239.4 1,406.1 
Non-operating income (expense):
Interest expense(140.9)(279.3)(748.1)(873.5)
Realized and unrealized gains (losses) on derivative instruments, net (note 6)
199.3 (717.5)707.4 200.4 
Foreign currency transaction gains (losses), net422.4 (754.6)857.6 (836.3)
Realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net (notes 5, 7 and 9)
(109.4)(21.5)373.3 (399.0)
Losses on debt extinguishment, net (note 9)
 (0.3)(90.6)(220.4)
Share of results of affiliates, net (note 5)
(29.2)(27.1)(35.6)(99.1)
Gain (adjustment to gain) on U.K. JV Transaction (note 4)
(347.3) 10,790.7  
Gain on Atlas Edge JV Transactions (note 4)
213.7  213.7  
Other income, net8.2 5.4 25.6 67.4 
216.8 (1,794.9)12,094.0 (2,160.5)
Earnings (loss) from continuing operations before income taxes317.8 (1,151.1)13,333.4 (754.4)
Income tax benefit (expense) (note 11)
(2.2)165.5 (444.2)252.2 
Earnings (loss) from continuing operations315.6 (985.6)12,889.2 (502.2)
Earnings from discontinued operations, net of taxes (note 4)
3.1 12.0 44.3 42.5 
Net earnings (loss)318.7 (973.6)12,933.5 (459.7)
Net earnings attributable to noncontrolling interests(41.6)(49.5)(142.8)(137.8)
Net earnings (loss) attributable to Liberty Global shareholders$277.1 $(1,023.1)$12,790.7 $(597.5)
Basic earnings (loss) attributable to Liberty Global shareholders per share (note 14):
Continuing operations$0.49 $(1.75)$22.71 $(1.05)
Discontinued operations0.01 0.02 0.08 0.07 
$0.50 $(1.73)$22.79 $(0.98)
Diluted earnings (loss) attributable to Liberty Global shareholders per share (note 14):
Continuing operations$0.48 $(1.75)$22.19 $(1.05)
Discontinued operations0.01 0.02 0.08 0.07 
$0.49 $(1.73)$22.27 $(0.98)
The accompanying notes are an integral part of these condensed consolidated financial statements.
3


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)
(unaudited)
 
Three months endedNine months ended
September 30,September 30,
2021202020212020
 in millions
Net earnings (loss)$318.7 $(973.6)$12,933.5 $(459.7)
Other comprehensive earnings (loss), net of taxes:
Continuing operations:
Foreign currency translation adjustments(940.8)1,358.9 (894.0)969.2 
Reclassification adjustment included in net earnings (loss) (note 4)
1.8 0.1 1,251.2 0.2 
Pension-related adjustments and other0.1 (0.5)2.8 (18.9)
Other comprehensive earnings (loss) from continuing operations(938.9)1,358.5 360.0 950.5 
Other comprehensive earnings (loss) from discontinued operations (note 4)
(35.3)19.9 (53.4)(14.7)
Other comprehensive earnings (loss)(974.2)1,378.4 306.6 935.8 
Comprehensive earnings (loss)(655.5)404.8 13,240.1 476.1 
Comprehensive earnings attributable to noncontrolling interests(41.6)(49.5)(144.1)(131.1)
Comprehensive earnings (loss) attributable to Liberty Global shareholders$(697.1)$355.3 $13,096.0 $345.0 

The accompanying notes are an integral part of these condensed consolidated financial statements.
4


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
(unaudited)

 Liberty Global shareholdersNon-controlling
interests
Total
equity
Ordinary 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, 2020$1.8 $0.1 $4.4 $6,136.9 $6,320.1 $1,112.7 $(0.1)$13,575.9 $(407.4)$13,168.5 
Net earnings— — — — 949.8 — — 949.8 67.9 1,017.7 
Other comprehensive loss, net of taxes— — — — — (1,072.5)— (1,072.5)(0.7)(1,073.2)
Repurchases and cancellations of Liberty Global ordinary shares (note 12)
— — (0.1)(224.3)— — — (224.4)— (224.4)
Share-based compensation (note 13)
— — — 46.1 — — — 46.1 — 46.1 
Repurchases by Telenet of its outstanding shares— — — (45.3)— — — (45.3)7.2 (38.1)
Adjustments due to changes in subsidiaries’ equity and other, net— — — 14.5 — — — 14.5 1.1 15.6 
Balance at March 31, 20201.8 0.1 4.3 5,927.9 7,269.9 40.2 (0.1)13,244.1 (331.9)12,912.2 
Net loss— — — — (524.2)— — (524.2)20.4 (503.8)
Other comprehensive earnings, net of taxes— — — — — 636.6 — 636.6 (6.0)630.6 
Repurchases and cancellations of Liberty Global ordinary shares (note 12)
— — (0.3)(475.5)— — — (475.8)— (475.8)
Share-based compensation (note 13)
— — — 69.5 — — — 69.5 — 69.5 
Adjustments due to changes in subsidiaries’ equity and other, net— — — (16.2)— — — (16.2)(66.0)(82.2)
Balance at June 30, 20201.8 0.1 4.0 5,505.7 6,745.7 676.8 (0.1)12,934.0 (383.5)12,550.5 
Net loss— — — — (1,023.1)— — (1,023.1)49.5 (973.6)
Other comprehensive earnings, net of taxes— — — — — 1,378.4 — 1,378.4 — 1,378.4 
Repurchases and cancellations of Liberty Global ordinary shares (note 12)
— — (0.1)(278.9)— — — (279.0)— (279.0)
Share-based compensation (note 13)
— — — 84.8 — — — 84.8 — 84.8 
Adjustments due to changes in subsidiaries’ equity and other, net— — — 0.6 — — — 0.6 3.3 3.9 
Balance at September 30, 2020$1.8 $0.1 $3.9 $5,312.2 $5,722.6 $2,055.2 $(0.1)$13,095.7 $(330.7)$12,765.0 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5


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

 Liberty Global shareholdersNon-controlling
interests
Total
equity
Ordinary 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, 2021$1.8 $0.1 $3.9 $5,271.7 $4,692.1 $3,693.1 $(0.1)$13,662.6 $(364.2)$13,298.4 
Net earnings— — — — 1,385.4 — — 1,385.4 54.9 1,440.3 
Other comprehensive loss, net of taxes— — — — — (996.8)— (996.8)— (996.8)
Repurchases and cancellations of Liberty Global ordinary shares (note 12)
— — (0.2)(323.2)— — — (323.4)— (323.4)
Share-based compensation (note 13)
— — — 49.4 — — — 49.4 — 49.4 
Adjustments due to changes in subsidiaries’ equity and other, net— — — 18.8 — — — 18.8 1.4 20.2 
Balance at March 31, 20211.8 0.1 3.7 5,016.7 6,077.5 2,696.3 (0.1)13,796.0 (307.9)13,488.1 
Net earnings— — — — 11,128.2 — — 11,128.2 46.3 11,174.5 
Other comprehensive earnings, net of taxes— — — — — 2,276.3 — 2,276.3 1.3 2,277.6 
Repurchases and cancellations of Liberty Global ordinary shares (note 12)
— — — (345.2)— — — (345.2)— (345.2)
Share-based compensation (note 13)
— — — 74.3 — — — 74.3 — 74.3 
Adjustments due to changes in subsidiaries’ equity and other, net— — — (47.5)— — — (47.5)(71.8)(119.3)
Balance at June 30, 20211.8 0.1 3.7 4,698.3 17,205.7 4,972.6 (0.1)26,882.1 (332.1)26,550.0 
Net earnings— — — — 277.1 — — 277.1 41.6 318.7 
Other comprehensive loss, net of taxes— — — — — (974.2)— (974.2)— (974.2)
Repurchases and cancellations of Liberty Global ordinary shares (note 12)
— — (0.1)(358.0)— — — (358.1)— (358.1)
Share-based compensation (note 13)
— — — 58.6 — — — 58.6 — 58.6 
Adjustments due to changes in subsidiaries’ equity and other, net— — — (3.1)25.6 — — 22.5 (24.8)(2.3)
Balance at September 30, 2021$1.8 $0.1 $3.6 $4,395.8 $17,508.4 $3,998.4 $(0.1)$25,908.0 $(315.3)$25,592.7 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited) 
Nine months ended
 September 30,
 20212020
 in millions
Cash flows from operating activities:
Net earnings (loss)$12,933.5 $(459.7)
Earnings from discontinued operations
44.3 42.5 
Earnings (loss) from continuing operations
12,889.2 (502.2)
Adjustments to reconcile earnings (loss) from continuing operations to net cash provided by operating activities from continuing operations:
Share-based compensation expense220.6 243.4