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Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Performance Measures of our Reportable Segments

The amounts presented in the tables below represent 100% of each of our consolidated and nonconsolidated reportable segment’s revenue, expenses and Adjusted EBITDA, despite only holding a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV. We account for our 50% interest in both the VMO2 JV and the VodafoneZiggo JV as an equity method investment, and as such, 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 condensed consolidated statements of operations. The noncontrolling owners’ interests at Telenet, Formula E and other less significant majority-owned subsidiaries are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations.


	Revenue
	Third-party and affiliate		Intersegment		Total
	in millions

Three months ended March 31, 2025:
Telenet	$	759.7	$	—	$	759.7
VM Ireland	115.8		—		115.8
VMO2 JV (nonconsolidated JV)	3,126.3		—		3,126.3
VodafoneZiggo JV (nonconsolidated JV)	1,052.0		—		1,052.0
Total reportable segment revenue	$	5,053.8	$	—	5,053.8
Plus: all other category (a)					331.1
Less: nonconsolidated JV revenue					(4,178.3)
Less: elimination of intercompany consolidated revenue (b)					(35.4)
Total consolidated revenue					$	1,171.2

Three months ended March 31, 2024:
Telenet	$	762.6	$	—	$	762.6
VM Ireland	122.1		0.9		123.0
VMO2 JV (nonconsolidated JV)	3,282.8		—		3,282.8
VodafoneZiggo JV (nonconsolidated JV)	1,114.0		—		1,114.0
Total reportable segment revenue	$	5,281.5	$	0.9	5,282.4
Plus: all other category (a)					269.8
Less: nonconsolidated JV revenue					(4,396.8)
Less: elimination of intercompany consolidated revenue (b)					(64.1)
Total consolidated revenue					$	1,091.3

______________

(a)Amounts include revenue from (i) third parties and affiliates of $161.1 million and $32.2 million, respectively, (ii) services agreements with our nonconsolidated JV reportable segments, as further described in note 5, of $134.6 million and $174.4 million, respectively, and (iii) our consolidated reportable segments of $35.4 million and $63.2 million, respectively.

(b)Primarily reflects the elimination of (i) the revenue recognized related to the Tech Framework and (ii) for the three months ended March 31, 2024, transactions between our continuing and discontinued operations.

The expense categories and amounts presented below align with the segment-level information that is regularly provided to the CODM. These amounts include intersegment expenses and are exclusive of share-based compensation expense.


	Three months ended March 31,
	2025				2024
	Programming and other direct costs of services		Operating expenses		Programming and other direct costs of services		Operating expenses
	in millions

Consolidated reportable segments:
Telenet	$	202.1	$	256.0	$	198.6	$	255.6
VM Ireland	$	34.1	$	44.5	$	37.4	$	45.6


Nonconsolidated reportable segments:
VMO2 JV	$	991.5	$	1,061.4	$	1,107.1	$	1,102.1
VodafoneZiggo JV	$	219.3	$	369.6	$	215.0	$	380.0


		Adjusted EBITDA
	Three months ended March 31,
		2025		2024
		in millions

Telenet		$	301.6	$	308.4
VM Ireland		37.2		40.0
VMO2 JV (nonconsolidated JV)		1,073.4		1,073.6
VodafoneZiggo JV (nonconsolidated JV)		463.1		519.0
Total reportable segment Adjusted EBITDA		$	1,875.3	$	1,941.0

The following table provides a reconciliation of total reportable segment Adjusted EBITDA to earnings (loss) from continuing operations before income taxes:


	Three months ended March 31,
		2025		2024
		in millions

Total reportable segment Adjusted EBITDA		$	1,875.3	$	1,941.0
Plus: all other category		(4.2)		(30.7)
Less: nonconsolidated JV Adjusted EBITDA		(1,536.5)		(1,592.6)
Less: intercompany consolidated eliminations (a)		(10.0)		(34.7)
Share-based compensation expense		(33.4)		(39.0)
Depreciation and amortization		(232.2)		(222.7)
Impairment, restructuring and other operating items, net		1.7		(33.6)
Operating income (loss)		60.7		(12.3)
Interest expense		(127.5)		(145.5)
Realized and unrealized gains (losses) on derivative instruments, net		(164.7)		133.3
Foreign currency transaction gains (losses), net		(1,081.0)		559.3
Realized and unrealized gains due to changes in fair values of certain investments, net		55.8		113.1
Losses on debt extinguishment, net		(8.0)		—
Share of results of affiliates, net		(148.0)		(7.0)


Other income, net		19.4		36.4
Earnings (loss) from continuing operations before income taxes		$	(1,393.3)	$	677.3

_____________

(a)Amounts relate to (i) the Adjusted EBITDA impact related to the Tech Framework and (ii) for the three months ended March 31, 2024, transactions between our continuing and discontinued operations.

Schedule of Property and Equipment Additions of our 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 condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and finance lease arrangements, see notes 8 and 10, respectively.


	Three months ended March 31,
	2025		2024
	in millions

Telenet	$	246.7	$	183.7
VM Ireland	42.9		39.4
VMO2 JV	594.2		685.8
VodafoneZiggo JV	206.9		244.7
Total reportable segment property and equipment additions	1,090.7		1,153.6
Plus: all other category (a)	6.0		7.4
Less: nonconsolidated JV property and equipment additions	(801.1)		(930.5)
Less: elimination of intercompany consolidated property and equipment additions (b)	(10.0)		(9.5)
Total consolidated property and equipment additions	285.6		221.0
Assets acquired under capital-related vendor financing arrangements	(20.6)		(30.6)
Assets acquired under finance leases	—		(0.5)
Changes in current liabilities related to capital expenditures	(21.7)		16.2
Total capital expenditures, net	$	243.3	$	206.1

_______________

(a)Includes (i) property and equipment additions representing centrally-owned assets that benefit other operating segments and (ii) the net impact of certain centrally-procured network equipment that is ultimately transferred to other operating segments.

(b)Represents eliminations primarily related to the charges under the Tech Framework to each respective consolidated reportable segment related to the portion of the charges attributed to centrally-held internally developed technology that is embedded within our various CPE, as well as any applicable markup.

Schedule of Revenue by Major Category

Our revenue by major category is set forth below:


	Three months ended March 31,
		2025		2024
		in millions

Residential revenue:
Residential fixed revenue (a):
Subscription revenue (b):
Broadband internet		$	218.4	$	219.5
Video		144.1		149.9
Fixed-line telephony		44.3		50.7
Total subscription revenue		406.8		420.1
Non-subscription revenue		5.1		3.4
Total residential fixed revenue		411.9		423.5
Residential mobile revenue (c):
Subscription revenue (b)		115.7		121.7
Non-subscription revenue		36.2		46.4
Total residential mobile revenue		151.9		168.1
Total residential revenue		563.8		591.6
B2B revenue (d):
Subscription revenue		103.8		107.0
Non-subscription revenue		103.2		100.3
Total B2B revenue		207.0		207.3
Other revenue (e)		400.4		292.4
Total		$	1,171.2	$	1,091.3

_______________

(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) revenue earned from the U.K. JV Services, the Sunrise Services and the NL JV Services, (ii) broadcasting revenue at Telenet and VM Ireland, (iii) revenue at Formula E and (iv) revenue earned from the sale of CPE to the VMO2 JV and the VodafoneZiggo JV.