Liberty Global Ltd
For the period ended Dec 31, 2023. Filed Feb 15, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 15, 2024
LBTYB$12.04+4.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
IV-11
CONDENSED STATEMENT OF CASH FLOWS
| Period from November 23, 2023 to December 31, 2023 | |
|---|---|
| in millions | |
| Cash flows from operating activities: | |
| Net loss | $(2,999.6) |
| Adjustments to reconcile net loss to net cash provided (used) by operating activities: | |
| Equity in loss of consolidated subsidiaries, net | 2,998.7 |
| Changes in operating assets and liabilities: | |
| Payables and accruals | 0.9 |
| Net cash provided (used) by operating activities | — |
| Cash flows from investing activities: | |
| Net cash provided (used) by investing activities | — |
| Cash flows from financing activities: | |
| Capital contributions from consolidated subsidiaries | 107.4 |
| Repurchases of Liberty Global common shares | (107.4) |
| Net cash provided (used) by financing activities | — |
| Net increase (decrease) in cash and cash equivalents and restricted cash | — |
| Cash and cash equivalents and restricted cash: | |
| Beginning of period | — |
| End of period | $— |
IV-11
CONDENSED BALANCE SHEET
| December 31, 2022 | |
|---|---|
| in millions | |
| ASSETS | |
| Current assets: | |
| Cash and cash equivalents | $1.8 |
| Other receivables — related-party | 89.8 |
| Current notes receivable — related-party | 0.8 |
| Other current assets | 7.5 |
| Total current assets | 99.9 |
| Long-term notes receivable — related-party | 190.0 |
| Investments in consolidated subsidiaries, including intercompany balances | 51,050.7 |
| Other assets, net | 16.8 |
| Total assets | $51,357.4 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| Current liabilities: | |
| Accounts payable | $1.1 |
| Other payables — related-party | 78.5 |
| Other current liabilities — related-party | 0.6 |
| Current portion of notes payable — related-party | 12,590.2 |
| Other accrued and current liabilities | 25.0 |
| Total current liabilities | 12,695.4 |
| Long-term notes payable — related-party | 16,200.9 |
| Other long-term liabilities | 24.7 |
| Total liabilities | 28,921.0 |
| Commitments and contingencies | |
| Shareholders’ equity: | |
| Class A common shares, $0.01 nominal value. Issued and outstanding 171,917,370 shares | 1.8 |
| Class B common shares, $0.01 nominal value. Issued and outstanding 12,994,000 shares | 0.1 |
| Class C common shares, $0.01 nominal value. Issued and outstanding 274,436,585 shares | 2.7 |
| Additional paid-in capital | 2,300.8 |
| Accumulated earnings | 19,617.7 |
| Accumulated other comprehensive earnings, net of taxes | 513.4 |
| Treasury shares, at cost | (0.1) |
| Total shareholders’ equity | 22,436.4 |
| Total liabilities and shareholders’ equity | $51,357.4 |
IV-12
CONDENSED STATEMENTS OF OPERATIONS
| Period from January 1, 2023 to November 22, 2023 · Year ended December 31, | |||
|---|---|---|---|
| 2022 · 2021 | |||
| in millions | |||
| Operating costs and expenses: | |||
| Selling, general and administrative (including share-based compensation) | $89.6 | $55.7 | $77.6 |
| Related-party fees and allocations | 233.9 | 239.3 | 182.5 |
| Depreciation and amortization | 1.0 | 1.2 | 1.4 |
| Operating loss | (324.5) | (296.2) | (261.5) |
| Non-operating income (expense): | |||
| Interest expense — related-party | (1,395.5) | (1,308.7) | (1,185.6) |
| Interest income — related-party | 12.8 | 15.1 | 31.7 |
| Foreign currency transaction gains, net | 46.5 | 274.8 | 317.7 |
| Realized and unrealized gains on derivative instruments, net | 26.5 | 61.5 | 9.0 |
| Other income, net | 0.2 | 0.3 | 0.1 |
| (1,309.5) | (957.0) | (827.1) | |
| Loss before income taxes and equity in earnings of consolidated subsidiaries, net | (1,634.0) | (1,253.2) | (1,088.6) |
| Equity in earnings of consolidated subsidiaries, net | 581.4 | 2,726.4 | 14,530.5 |
| Income tax benefit (expense) | 0.5 | — | (15.1) |
| Net earnings (loss) | $(1,052.1) | $1,473.2 | $13,426.8 |
IV-13
CONDENSED STATEMENTS OF CASH FLOWS
| Period from January 1, 2023 to November 22, 2023 · Year ended December 31, | |||
|---|---|---|---|
| 2022 · 2021 | |||
| in millions | |||
| Cash flows from operating activities: | |||
| Net earnings (loss) | $(1,052.1) | $1,473.2 | $13,426.8 |
| Adjustments to reconcile net earnings (loss) to net cash used by operating activities: | |||
| Equity in earnings of consolidated subsidiaries, net | (581.4) | (2,726.4) | (14,530.5) |
| Share-based compensation expense | 55.1 | 28.4 | 49.4 |
| Related-party fees and allocations | 233.9 | 239.3 | 182.5 |
| Depreciation and amortization | 1.0 | 1.2 | 1.4 |
| Realized and unrealized gains on derivative instruments, net | (26.5) | (61.5) | (9.0) |
| Foreign currency transaction gains, net | (46.5) | (274.8) | (317.7) |
| Deferred income tax expense (benefit) | (0.5) | — | 15.1 |
| Changes in operating assets and liabilities: | |||
| Receivables and other operating assets | (25.5) | 138.5 | 85.3 |
| Payables and accruals | 1,135.6 | 654.7 | 709.9 |
| Net cash used by operating activities | (306.9) | (527.4) | (386.8) |
| Cash flows from investing activities: | |||
| Distributions and repayments from (investments in and advances to) consolidated subsidiaries, net | (401.0) | 22.4 | (274.8) |
| Net cash received related to derivative instruments | — | 50.0 | — |
| Cash released from the Vodafone Escrow Accounts, net | — | 6.5 | 214.9 |
| Other investing activities, net | — | — | (0.1) |
| Net cash provided (used) by investing activities | (401.0) | 78.9 | (60.0) |
| Cash flows from financing activities: | |||
| Borrowings of related-party debt | 2,206.1 | 2,187.8 | 2,445.3 |
| Repayments of related-party debt | (106.2) | (26.5) | (443.3) |
| Repurchases of Liberty Global common shares | (1,387.3) | (1,703.4) | (1,580.4) |
| Proceeds from the issuance of Liberty Global shares upon exercise of options | 1.2 | 13.0 | 8.9 |
| Other financing activities, net | (6.2) | (20.8) | (15.3) |
| Net cash provided by financing activities | 707.6 | 450.1 | 415.2 |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | (0.7) | (1.5) | 0.1 |
| Net increase (decrease) in cash and cash equivalents and restricted cash | (1.0) | 0.1 | (31.5) |
| Cash and cash equivalents and restricted cash: | |||
| Beginning of period | 6.9 | 6.8 | 38.3 |
| End of period | $5.9 | $6.9 | $6.8 |
| Details of end of period cash and cash equivalents and restricted cash: | |||
| Cash and cash equivalents | $0.7 | $1.8 | $1.7 |
| Restricted cash included in other current assets | 5.2 | 5.1 | 5.1 |
| Total cash and cash equivalents and restricted cash | $5.9 | $6.9 | $6.8 |
IV-14
SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTS
| Allowance for doubtful accounts — Trade receivables | ||||||
|---|---|---|---|---|---|---|
| Balance at beginning of period · Additions to costs and expenses · Acquisitions · Deductions or write-offs · Foreign currency translation adjustments · Balance at end of period | ||||||
| in millions | ||||||
| Year ended December 31: | ||||||
| 2021 | $48.3 | 16.3 | (1.6) | (18.5) | (2.5) | $42.0 |
| 2022 | $42.0 | 30.8 | — | (28.5) | (1.2) | $43.1 |
| 2023 | $43.1 | 25.6 | — | (14.3) | 3.6 | $58.0 |
| Allowance for doubtful accounts — Loans to affiliates | ||||
|---|---|---|---|---|
| Balance at beginningof period · Additions tocosts andexpenses · Foreign currency translation adjustments · Balanceat end ofperiod | ||||
| in millions | ||||
| Year ended December 31: | ||||
| 2021 | $38.5 | 1.0 | (2.3) | $37.2 |
| 2022 | $37.2 | (4.5) | (2.5) | $30.2 |
| 2023 | $30.2 | (1.6) | 1.0 | $29.6 |
IV-15
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.