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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting, Measurement Disclosures [Abstract]

Schedule of Performance Measures of our Reportable Segments


	Year ended December 31,
	2023		2022		2021
	in millions

Increase (decrease) to revenue (a):
Central and Other	$	243.9	$	237.5	$	266.7
Intersegment eliminations	(243.9)		(237.5)		(266.7)
Total	$	—	$	—	$	—

Increase (decrease) to Adjusted EBITDA (b):
Sunrise	$	(65.0)	$	(40.0)	$	(44.3)
Telenet	(8.8)		(8.5)		(9.6)
VM Ireland	(23.9)		(13.9)		(16.0)
Central and Other	158.5		121.7		136.4
Intersegment eliminations	(60.8)		(59.3)		(66.5)
Total	$	—	$	—	$	—

Increase (decrease) to property and equipment additions (c):
Sunrise	$	22.8	$	22.2	$	24.9
Telenet	27.7		27.0		30.3
VM Ireland	10.3		10.1		11.3
Central and Other	—		—		—
Intersegment eliminations	(60.8)		(59.3)		(66.5)
Total	$	—	$	—	$	—

_______________

(a)Amounts reflect the revenue recognized within our T&I Function, as well as any applicable markup, related to the Tech Framework.

(b)Amounts reflect the charge to each respective consolidated reportable segment related to the service and maintenance component of the Tech Framework and, additionally for Central and Other, the Adjusted EBITDA impact of the value attributed to centrally-held internally developed technology that is embedded within our various CPE, as well as any applicable markup.

(c)Amounts reflect the charge to each respective consolidated reportable segment related to the value attributed to centrally-held internally developed technology that is embedded within our various CPE, as well as any applicable markup.

Selected balance sheet data of our reportable segments is set forth below:


	Long-lived assets				Total assets
	December 31,				December 31,
	2023		2022 (a)		2023		2022 (a)
	in millions

Sunrise	$	11,604.0	$	10,950.4	$	13,992.2	$	13,133.0
Telenet	7,137.1		5,779.0		9,801.5		8,917.5
VM Ireland	932.0		813.2		1,183.6		1,084.9
Central and Other	339.6		717.4		17,229.5		19,853.6
Intersegment eliminations	(118.9)		(94.0)		(118.9)		(94.0)
Total	$	19,893.8	$	18,166.0	$	42,087.9	$	42,895.0

VMO2 JV	$	39,073.2	$	41,087.5	$	48,039.4	$	49,809.3
VodafoneZiggo JV	$	17,725.3	$	17,845.3	$	19,714.1	$	20,211.9

_______________

(a)Amounts have been revised, as applicable, to reflect the retrospective impact of the Tech Framework, as described above.

Schedule of Revenue and Operating Cash Flow by Segment

The amounts presented below represent 100% of each of our reportable segment’s revenue and Adjusted EBITDA. 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. 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.


	Year ended December 31,
	2023				2022 (a)				2021 (a)
	Revenue		Adjusted EBITDA		Revenue		Adjusted EBITDA		Revenue		Adjusted EBITDA
	in millions

Sunrise	$	3,380.4	$	1,148.5	$	3,180.9	$	1,097.8	$	3,321.9	$	1,164.4
Telenet	3,089.2		1,315.2		2,807.3		1,299.6		3,065.9		1,472.2
VM Ireland	506.1		181.4		494.7		183.6		550.0		202.6
Virgin Media U.K. (b)	—		—		—		—		2,736.4		1,085.3
Central and Other	775.7		(214.7)		959.9		74.7		915.4		103.3
Intersegment eliminations (c)	(260.0)		(60.8)		(247.1)		(60.3)		(278.3)		(64.7)
Total	$	7,491.4	$	2,369.6	$	7,195.7	$	2,595.4	$	10,311.3	$	3,963.1

VMO2 JV (d)	$	13,574.1	$	4,531.3	$	12,857.2	$	4,562.2	$	8,522.9	$	2,716.6
VodafoneZiggo JV	$	4,450.5	$	1,972.5	$	4,284.6	$	2,018.0	$	4,824.2	$	2,265.6

_______________

(a)Amounts have been revised, as applicable, to reflect the retrospective impact of the Tech Framework, as described above.

(b)Amounts represent the revenue and Adjusted EBITDA of the U.K. JV Entities through the June 1, 2021 closing of the U.K. JV Transaction.

(c)Amounts primarily relate to (i) the revenue recognized within our T&I Function related to the Tech Framework, (ii) the Adjusted EBITDA impact to Central and Other of the value attributed to centrally-held internally developed technology that is embedded within our various CPE, as well as any applicable markup, and (iii) for 2022 and 2021, transactions between our continuing and discontinued operations.

(d)The 2021 amounts represent the revenue and Adjusted EBITDA of the VMO2 JV for the period beginning June 1, 2021.

Schedule of Reconciliation of Total Segment Operating Cash Flow from Continuing Operations to Loss from Continuing Operations Before Income Taxes

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


	Year ended December 31,
	2023		2022		2021
	in millions

Earnings (loss) from continuing operations	$	(3,873.8)	$	1,105.3	$	13,527.5
Income tax expense	149.6		318.9		473.3
Other income, net	(225.5)		(134.4)		(44.9)
Gain on AtlasEdge JV Transactions	—		—		(227.5)
Gain on U.K. JV Transaction	—		—		(10,873.8)
Gain on Telenet Tower Sale	—		(700.5)		—
Gain associated with the Telenet Wyre Transaction	(377.8)		—		—
Share of results of affiliates, net	2,019.3		1,267.8		175.4
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)
Foreign currency transaction losses (gains), net	70.8		(1,407.2)		(1,324.5)
Realized and unrealized losses (gains) on derivative instruments, net	526.3		(1,213.1)		(537.3)
Interest expense	907.9		589.3		882.1
Operating income (loss)	(244.5)		146.8		1,320.3
Impairment, restructuring and other operating items, net	67.9		85.1		(19.0)
Depreciation and amortization	2,315.2		2,171.4		2,353.7
Share-based compensation expense	231.0		192.1		308.1
Adjusted EBITDA	$	2,369.6	$	2,595.4	$	3,963.1

Schedule of Capital Expenditures of Reportable Segments

The property and equipment additions of our reportable segments (including capital additions financed under capital-related vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditure amounts included in our consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and finance lease arrangements, see notes 10 and 12, respectively.


	Year ended December 31,
	2023		2022 (a)		2021 (a)
	in millions

Sunrise	$	586.4	$	597.9	$	634.8
Telenet	746.6		643.0		603.8
VM Ireland	176.7		147.4		105.7
Virgin Media U.K. (b)	—		—		557.4
Central and Other (c)	129.1		259.9		334.3
Intersegment eliminations (d)	(60.8)		(59.3)		(66.5)
Total property and equipment additions	1,578.0		1,588.9		2,169.5
Assets acquired under capital-related vendor financing arrangements	(178.4)		(182.8)		(661.1)
Assets acquired under finance leases	(20.9)		(34.2)		(42.6)
Changes in current liabilities related to capital expenditures	7.3		(68.7)		(57.8)
Total capital expenditures, net	$	1,386.0	$	1,303.2	$	1,408.0

Property and equipment additions:
VMO2 JV (e)	$	2,478.9	$	2,785.0	$	1,706.4
VodafoneZiggo JV	$	989.8	$	999.3	$	990.5

_______________

(a)Amounts have been revised, as applicable, to reflect the retrospective impact of the Tech Framework, as described above.

(b)Amount represents the property and equipment additions of the U.K. JV Entities through the June 1, 2021 closing of the U.K. JV Transaction.

(c)Includes (i) property and equipment additions representing centrally-owned assets that benefit our operating segments, including development costs related to our internally-developed software prior to our decision to externally market such software, (ii) the net impact of certain centrally-procured network equipment that is ultimately transferred to our operating segments and (iii) property and equipment additions of our operations in Slovakia.

(d)Amounts reflect the charge under the Tech Framework to each respective consolidated reportable segment related to the value attributed to centrally-held internally developed technology that is embedded within our various CPE, as well as any applicable markup.

(e)The 2021 amount represents the property and equipment additions of the VMO2 JV for the period beginning June 1, 2021.

Schedule of Revenue by Major Category

Our revenue by major category for our consolidated reportable segments is set forth below:


	Year ended December 31,
	2023		2022		2021
	in millions
Residential revenue:
Residential fixed revenue (a):
Subscription revenue (b):
Broadband internet	$	1,491.0	$	1,378.2	$	2,371.7
Video	1,091.3		1,077.4		1,831.8
Fixed-line telephony	359.6		381.4		841.1
Total subscription revenue	2,941.9		2,837.0		5,044.6
Non-subscription revenue	69.2		46.3		98.9
Total residential fixed revenue	3,011.1		2,883.3		5,143.5
Residential mobile revenue (c):
Subscription revenue (b)	1,519.3		1,401.4		1,630.7
Non-subscription revenue	550.9		543.7		760.8
Total residential mobile revenue	2,070.2		1,945.1		2,391.5
Total residential revenue	5,081.3		4,828.4		7,535.0
B2B revenue (d):
Subscription revenue	561.7		515.1		619.0
Non-subscription revenue	934.9		861.7		1,243.8
Total B2B revenue	1,496.6		1,376.8		1,862.8
Other revenue (e)	913.5		990.5		913.5
Total	$	7,491.4	$	7,195.7	$	10,311.3

_______________

(a) Residential fixed subscription revenue includes amounts received from subscribers for ongoing services and the recognition of deferred installation revenue over the associated contract period. Residential fixed non-subscription revenue includes, among other items, channel carriage fees, late fees and revenue from the sale of equipment.

(b) Residential subscription revenue from subscribers who purchase bundled services at a discounted rate is generally allocated proportionally to each service based on the standalone price for each individual service. As a result, changes in the standalone pricing of our fixed and mobile products or the composition of bundles can contribute to changes in our product revenue categories from period to period.

(c) Residential mobile subscription revenue includes amounts received from subscribers for ongoing services. Residential mobile non-subscription revenue includes, among other items, interconnect revenue and revenue from sales of mobile handsets and other devices.

(d) B2B subscription revenue represents revenue from (i) services provided to small or home office (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. 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.

Schedule of Revenue by Geographic Segments

Geographic Segments

The revenue of our geographic segments is set forth below:


	Year ended December 31,
	2023		2022		2021
	in millions

Switzerland	$	3,380.4	$	3,180.9	$	3,321.9
Belgium	2,948.2		2,807.3		3,065.9
Ireland	506.1		494.7		550.0
U.K. (a)	—		—		2,736.4
Slovakia	51.8		49.9		52.3
Other, including intersegment eliminations (b)	604.9		662.9		584.8
Total	$	7,491.4	$	7,195.7	$	10,311.3

VMO2 JV (U.K.) (c)	$	13,574.1	$	12,857.2	$	8,522.9
VodafoneZiggo JV (Netherlands)	$	4,450.5	$	4,284.6	$	4,824.2

_______________

(a) Amount represents the revenue of the U.K. JV Entities through the June 1, 2021 closing of the U.K. JV Transaction.

(b) Revenue from our other geographic segments relates to (i) our Central functions, most of which are located in the Netherlands and the U.K., and (ii) certain other operations at Telenet, primarily in the U.S. and Luxembourg.

Schedule of Long-Lived Assets by Geographic Segments

The long-lived assets of our geographic segments are set forth below:


	December 31,
	2023		2022 (a)
	in millions

Switzerland	$	11,604.0	$	10,950.4
Belgium	7,087.6		5,779.0
Ireland	932.0		813.2
Slovakia	118.2		116.5
Other (b)	270.9		600.9
Intersegment eliminations	(118.9)		$	(94.0)
Total	$	19,893.8	$	18,166.0

VMO2 JV (U.K.)	$	39,073.2	$	41,087.5
VodafoneZiggo JV (Netherlands)	$	17,725.3	$	17,845.3

_______________

(a)Amounts have been revised, as applicable, to reflect the retrospective impact of the Tech Framework, as described above.

(b) Primarily relates to certain long-lived assets associated with (i) our Central functions located in the Netherlands, the U.K. and the U.S. and (ii) certain other operations at Telenet, primarily in the U.S. and Luxembourg.