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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
June 30, 2022
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-20220630_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 July 18, 2022 was: 173,362,325 class A ordinary shares, 12,994,000 class B ordinary shares and 298,437,339 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)
 
June 30,
2022
December 31,
2021
 in millions
ASSETS
Current assets:
Cash and cash equivalents$2,391.1 $910.6 
Trade receivables, net767.6 907.3 
Short-term investments (measured at fair value on a recurring basis) (note 5)
1,527.0 2,269.6 
Current assets of discontinued operations (note 4)
 925.0 
Other current assets (notes 3, 5 and 6)
918.8 928.0 
Total current assets5,604.5 5,940.5 
Investments and related notes receivable (including $2,296.2 million and $2,757.8 million, respectively, measured at fair value on a recurring basis) (note 5)
17,715.2 19,703.0 
Property and equipment, net (notes 8 and 10)
6,325.0 6,981.5 
Goodwill (note 8)
8,997.5 9,523.4 
Intangible assets subject to amortization, net (note 8)
2,017.5 2,342.5 
Other assets, net (notes 3, 4, 6 and 10)
3,499.9 2,426.1 
Total assets$44,159.6 $46,917.0 

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


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED BALANCE SHEETS — (Continued)
(unaudited)
 
June 30,
2022
December 31,
2021
 in millions
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$513.4 $613.4 
Deferred revenue (note 3)
316.8 274.7 
Current portion of debt and finance lease obligations (notes 9 and 10)
764.8 850.3 
Accrued capital expenditures210.8 257.7 
Accrued income taxes (note 11)
149.8 236.6 
Derivative instruments (note 6)
207.9 221.8 
Current liabilities of discontinued operations (note 4)
 201.3 
Other accrued and current liabilities (notes 4 and 10)
1,422.8 1,429.0 
Total current liabilities
3,586.3 4,084.8 
Long-term debt and finance lease obligations (notes 9 and 10)
12,483.6 13,974.8 
Long-term operating lease liabilities (notes 4 and 10)
1,644.4 1,226.1 
Other long-term liabilities (notes 3 and 6)
1,639.7 2,033.3 
Total liabilities
19,354.0 21,319.0 
Commitments and contingencies (notes 6, 9, 10, 11 and 15)
Equity (note 12):
Liberty Global shareholders:
Class A ordinary shares, $0.01 nominal value. Issued and outstanding 174,844,779 shares and 174,310,558 shares, respectively
1.8 1.8 
Class B ordinary shares, $0.01 nominal value. Issued and outstanding 12,994,000 shares and 12,930,839 shares, respectively
0.1 0.1 
Class C ordinary shares, $0.01 nominal value. Issued and outstanding 302,310,584 shares and 340,114,729 shares, respectively
3.0 3.4 
Additional paid-in capital2,851.1 3,893.0 
Accumulated earnings21,969.4 18,144.5 
Accumulated other comprehensive earnings (loss), net of taxes(49.3)3,892.2 
Treasury shares, at cost(0.1)(0.1)
Total Liberty Global shareholders24,776.0 25,934.9 
Noncontrolling interests29.6 (336.9)
Total equity
24,805.6 25,598.0 
Total liabilities and equity$44,159.6 $46,917.0 

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 ended
June 30,
Six months ended
June 30,
 2022202120222021
 in millions, except per share amounts
Revenue (notes 3, 4, 5 and 16)
$1,754.2 $2,989.2 $3,607.5 $6,489.1 
Operating costs and expenses (exclusive of depreciation and amortization, shown separately below):
Programming and other direct costs of services480.6 843.9 1,017.4 1,923.3 
Other operating (note 13)
267.3 437.4 540.5 946.1 
Selling, general and administrative (SG&A) (note 13)
405.8 608.6 816.2 1,267.6 
Depreciation and amortization517.7 555.3 1,082.4 1,162.5 
Impairment, restructuring and other operating items, net58.3 6.8 67.7 51.2 
1,729.7 2,452.0 3,524.2 5,350.7 
Operating income24.5 537.2 83.3 1,138.4 
Non-operating income (expense):
Interest expense(132.9)(272.5)(267.1)(607.2)
Realized and unrealized gains (losses) on derivative instruments, net (note 6)
613.7 (303.1)1,122.2 508.1 
Foreign currency transaction gains, net1,148.7 131.4 1,723.7 435.2 
Realized and unrealized gains (losses) due to changes in fair values of certain investments, net (notes 5 and 7)
(112.0)288.1 (205.6)482.7 
Gains (losses) on debt extinguishment, net (note 9)
2.8 (90.6)2.8 (90.6)
Share of results of affiliates, net (note 5)
81.1 (8.1)311.6 (6.4)
Gain on Telenet Tower Sale (note 4)
693.3  693.3  
Gain on U.K. JV Transaction (note 4)
 11,138.0  11,138.0 
Other income, net26.6 7.3 38.5 17.4 
2,321.3 10,890.5 3,419.4 11,877.2 
Earnings from continuing operations before income taxes2,345.8 11,427.7 3,502.7 13,015.6 
Income tax expense (note 11)
(63.6)(276.8)(144.8)(442.0)
Earnings from continuing operations2,282.2 11,150.9 3,357.9 12,573.6 
Discontinued operations (note 4):
Earnings from discontinued operations, net of taxes 23.6 34.6 41.2 
Gain on disposal of discontinued operations, net of taxes848.9  848.9  
848.9 23.6 883.5 41.2 
Net earnings3,131.1 11,174.5 4,241.4 12,614.8 
Net earnings attributable to noncontrolling interests(344.5)(46.3)(416.5)(101.2)
Net earnings attributable to Liberty Global shareholders$2,786.6 $11,128.2 $3,824.9 $12,513.6 




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


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

Three months ended
June 30,
Six months ended
June 30,
 2022202120222021
 in millions, except per share amounts
Basic earnings attributable to Liberty Global shareholders per share (note 14):
Continuing operations$3.87 $19.94 $5.76 $22.04 
Discontinued operations1.69 0.04 1.73 0.07 
$5.56 $19.98 $7.49 $22.11 
Diluted earnings attributable to Liberty Global shareholders per share (note 14):
Continuing operations$3.80 $19.51 $5.64 $21.62 
Discontinued operations1.67 0.04 1.70 0.07 
$5.47 $19.55 $7.34 $21.69 
























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


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)
(unaudited)
 
Three months ended
June 30,
Six months ended
June 30,
2022202120222021
 in millions
Net earnings $3,131.1 $11,174.5 $4,241.4 $12,614.8 
Other comprehensive earnings (loss), net of taxes:
Continuing operations:
Foreign currency translation adjustments(2,722.9)998.4 (3,908.2)46.8 
Reclassification adjustment included in net earnings (note 4)
(1.2)1,248.8 (2.2)1,248.8 
Pension-related adjustments and other19.1 3.4 21.1 3.3 
Other comprehensive earnings (loss) from continuing operations(2,705.0)2,250.6 (3,889.3)1,298.9 
Other comprehensive earnings (loss) from discontinued operations (note 4)
(10.9)27.0 (44.4)(18.1)
Other comprehensive earnings (loss)(2,715.9)2,277.6 (3,933.7)1,280.8 
Comprehensive earnings415.2 13,452.1 307.7 13,895.6 
Comprehensive earnings attributable to noncontrolling interests(351.8)(47.6)(424.3)(102.5)
Comprehensive earnings (loss) attributable to Liberty Global shareholders$63.4 $13,404.5 $(116.6)$13,793.1 

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


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, 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, 2021
1.8 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, 2021
$1.8 $0.1 $3.7 $4,698.3 $17,205.7 $4,972.6 $(0.1)$26,882.1 $(332.1)$26,550.0 

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


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, 2022
$1.8 $0.1 $3.4 $3,893.0 $18,144.5 $3,892.2 $(0.1)$25,934.9 $(336.9)$25,598.0 
Net earnings— — — — 1,038.3 — — 1,038.3 72.0 1,110.3 
Other comprehensive loss, net of taxes— — — — — (1,218.3)— (1,218.3)0.5 (1,217.8)
Repurchases and cancellations of Liberty Global ordinary shares (note 12)
— — (0.2)(495.9)— — — (496.1)— (496.1)
Share-based compensation (note 13)
— — — 50.5 — — — 50.5 — 50.5 
Repurchases by Telenet of its outstanding shares— — — (28.0)— — — (28.0)3.1 (24.9)
Adjustments due to changes in subsidiaries’ equity and other, net— — — (13.5)— — — (13.5)0.6 (12.9)
Balance at March 31, 2022
1.8 0.1 3.2 3,406.1 19,182.8 2,673.9 (0.1)25,267.8 (260.7)25,007.1 
Net earnings— — — — 2,786.6 — — 2,786.6 344.5 3,131.1 
Other comprehensive loss, net of taxes— — — — — (2,723.2)— (2,723.2)7.3 (2,715.9)
Repurchases and cancellations of Liberty Global ordinary shares (note 12)
— — (0.2)(565.7)— — — (565.9)— (565.9)
Distributions by subsidiaries to noncontrolling interest owners (note 12)
— — — — — — — — (64.8)(64.8)
Share-based compensation (note 13)
— — — 40.0 — — — 40.0 — 40.0 
Adjustments due to changes in subsidiaries’ equity and other, net— — — (29.3)— — — (29.3)3.3 (26.0)
Balance at June 30, 2022
$1.8 $0.1 $3.0 $2,851.1 $21,969.4 $(49.3)$(0.1)$24,776.0 $29.6 $24,805.6 

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


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited) 

 Six months ended
June 30,
 20222021
 in millions
Cash flows from operating activities:
Net earnings$4,241.4 $12,614.8 
Earnings from discontinued operations883.5 41.2 
Earnings from continuing operations3,357.9 12,573.6 
Adjustments to reconcile earnings from continuing operations to net cash provided by operating activities of continuing operations:
Share-based compensation expense100.7 163.2 
Depreciation and amortization1,082.4 1,162.5 
Impairment, restructuring and other operating items, net67.7 51.2 
Amortization of deferred financing costs and non-cash interest12.5 19.2 
Realized and unrealized gains on derivative instruments, net(1,122.2)(508.1)
Foreign currency transaction gains, net(1,723.7)(435.2)
Realized and unrealized losses (gains) due to changes in fair values of certain investments,
net
205.6 (482.7)
Losses (gains) on debt extinguishment, net(2.8)90.6 
Share of results of affiliates, net(311.6)6.4 
Deferred income tax expense67.8 365.3 
Gain on Telenet Tower Sale
(693.3) 
Gain on U.K. JV Transaction (11,138.0)
Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions27.4 (154.0)
Dividends received from the VMO2 JV152.2  
Dividends received from the VodafoneZiggo JV142.4 136.8 
Net cash provided by operating activities of continuing operations1,363.0 1,850.8 
Net cash provided by operating activities of discontinued operations51.1 94.3 
Net cash provided by operating activities$1,414.1 $1,945.1 

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


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

 Six months ended
June 30,
 20222021
 in millions
Cash flows from investing activities:
Cash received from the sale of investments$4,965.3 $2,979.7 
Cash paid for investments(4,107.4)(4,055.8)
Cash received in connection with the sale of UPC Poland
1,568.1  
Cash received in connection with the Telenet Tower Sale
779.9  
Capital expenditures, net(634.2)(842.4)
Cash and restricted cash contributed to the VMO2 JV in connection with the U.K. JV
Transaction