Liberty Global plc (NASDAQ:LBTYA) Q1 2023 Earnings Conference Call May 10, 2023 9:00 AM ET Company Participants Mike Fries - Chief Executive Officer Charlie Bracken - Executive Vice President and Chief Financial Officer Jeroen Hoencamp - Chief Executive Officer, VodafoneZiggo Lutz Schüler - Chief Executive Officer, Virgin Media André Krause - Chief Executive Officer, Sunrise Conference Call Participants Robert Grindle - Deutsche Bank James Ratcliffe - Evercore ISI Ulrich Rathe - Societe Generale Polo Tang - ...

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 March 31, 2023 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 Liberty Global plc (Exact name of Registrant as specified in its charter) England and Wales 98-1112770 (State or other jurisdiction o ...

Liberty Global plc (NASDAQ:LBTYA) Q4 2022 Earnings Conference Call February 23, 2023 9:30 AM ET Company Participants Mike Fries - Chief Executive Officer Charlie Bracken - Executive Vice President & Chief Financial Officer André Krause - Chief Executive Officer, Sunrise Lutz Schüler - Chief Executive Officer, Virgin Media Rick Westerman - Senior Vice President of Investor Relations Conference Call Participants Sam McHugh - BNP Exane James Ratcliffe - Evercore Maurice Patrick - Barclays Robert Grindle - Deut ...

LIBERTY GLOBAL PLC INVESTOR CALL 04 2022 February 23, 2023 (x-) O 2 ) 00 lve XO Sunrise "SAFE HARBOR" Forward-Looking Statements + Disclaimer 2 This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to our strategies, future growth prospects and opportunities; expectations regarding our and our businesses' financial performance, including revenue, Rebased Revenue, EBITDA, Adjusted EBITDA, Adjusted Fr ...

PART I [Business](index=4&type=section&id=Item%201.%20Business) Liberty Global is an international converged fixed and mobile communications company focused on European markets, offering broadband, video, fixed-line, and mobile services - Liberty Global is an international converged fixed and mobile communications company, serving over **86 million subscribers** across its operating companies as of December 31, 2022[4](index=4&type=chunk) - The company has executed several strategic transactions to focus on core markets, including the acquisition of Sunrise in Switzerland (2020), the formation of the VMO2 JV in the U.K. (2021), and the disposition of its Polish operations (2022)[7](index=7&type=chunk)[8](index=8&type=chunk)[9](index=9&type=chunk) Primary Business Operations and Ownership (as of Dec 31, 2022) | Brand | Entity | Location | Ownership | | :--- | :--- | :--- | :--- | | Sunrise | Sunrise | Switzerland | 100.0% | | Telenet | Telenet | Belgium | 61.1% | | Virgin Media | Ireland | Ireland | 100.0% | | UPC Slovakia | Slovakia | Slovakia | 100.0% | | Virgin Media O2 | United Kingdom (U.K.) | 50.0% | | VodafoneZiggo | Netherlands | 50.0% | 2022 Share Repurchases | Title of shares | Number of shares | Average price paid per share | Aggregate purchase price (in millions) | | :--- | :--- | :--- | :--- | | Class A ordinary shares | 3,856,700 | $21.55 | $83.1 | | Class C ordinary shares | 69,381,968 | $23.34 | $1,619.5 | | **Total** | **73,238,668** | | **$1,702.6** | Key Operating Data (as of Dec 31, 2022) | Segment | Homes Passed | Fixed-Line Customer Relationships | Internet Subscribers | Video Subscribers | Telephony Subscribers | Mobile Subscribers | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Consolidated Total** | **7,553,400** | **4,083,200** | **3,443,100** | **3,336,800** | **2,357,300** | **5,850,300** | | VMO2 JV | 16,144,600 | 5,795,500 | 5,653,800 | N/A | N/A | 33,831,400 | | VodafoneZiggo JV | 7,373,300 | 3,676,200 | 3,307,000 | 3,664,700 | 1,786,600 | 5,527,600 | [Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from intense competition, technological changes, third-party reliance, international operations, and substantial financial leverage - The company operates in highly competitive markets, facing pressure from incumbent telecom operators, FTTx network builders, and OTT video providers, which could lead to increased customer churn and impact revenue and margins[180](index=180&type=chunk)[182](index=182&type=chunk) - A significant risk is the dependence on third-party suppliers for programming content, where failure to acquire popular programming on acceptable terms could adversely affect the business[186](index=186&type=chunk) - Cybersecurity breaches and leakage of sensitive customer data pose a major threat that could disrupt operations, reduce the customer base, and result in fines, litigation, or lost revenue[194](index=194&type=chunk)[195](index=195&type=chunk) - The company's substantial leverage, with consolidated debt and finance lease obligations of **$13.8 billion** at year-end 2022, could limit its ability to obtain additional financing and is dependent on maintaining Adjusted EBITDA levels[231](index=231&type=chunk) - Operations are almost exclusively outside the U.S., exposing the company to risks from foreign currency exchange rate fluctuations, adverse regulations, and economic and political instability[199](index=199&type=chunk)[207](index=207&type=chunk) [Unresolved Staff Comments](index=43&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - None[260](index=260&type=chunk) [Properties](index=44&type=section&id=Item%202.%20Properties) The company leases corporate offices and its subsidiaries own or lease necessary fixed assets, which management deems adequate for operations - Corporate offices in London (U.K.), Denver (U.S.), and Amsterdam (Netherlands) are leased[262](index=262&type=chunk) - Subsidiaries and affiliates own or lease all necessary fixed assets for business operations, including network infrastructure and customer premises equipment, which management considers suitable and adequate[263](index=263&type=chunk) [Legal Proceedings](index=44&type=section&id=Item%203.%20Legal%20Proceedings) The company's subsidiaries and affiliates are involved in litigation from time to time in the normal course of business - The company is involved in litigation arising from normal business operations, with detailed information available in note 18 of the consolidated financial statements[263](index=263&type=chunk) [Mine Safety Disclosures](index=44&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[264](index=264&type=chunk) PART II [Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities](index=45&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Shareholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Liberty Global's ordinary shares trade on Nasdaq, with no cash dividends paid, and an active share repurchase program authorized for 2023 - The company's ordinary shares trade on the Nasdaq Global Select Market under the symbols LBTYA, LBTYB, and LBTYK[267](index=267&type=chunk) - The company has not paid any cash dividends on its ordinary shares and has no present intention of doing so[271](index=271&type=chunk) - Under the current repurchase program, the company is authorized to repurchase approximately **45.9 million shares** during 2023, representing **10%** of total outstanding shares at the beginning of the year[273](index=273&type=chunk) Issuer Purchases of Equity Securities (Q4 2022) | Period | Total number of shares purchased (Class C) | Average price paid per share | | :--- | :--- | :--- | | Oct 1 - Oct 31, 2022 | 6,634,155 | $17.38 | | Nov 1 - Nov 30, 2022 | — | — | | Dec 1 - Dec 31, 2022 | — | — | | **Total Q4 2022** | **6,634,155** | **$17.38** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=48&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Consolidated revenue and Adjusted EBITDA decreased significantly in 2022 due to the U.K. JV deconsolidation, while liquidity remains strong despite substantial debt Consolidated Revenue and Adjusted EBITDA (2022 vs 2021) | Metric | 2022 (in millions) | 2021 (in millions) | Reported Change | Organic Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $7,195.7 | $10,311.3 | (30.2)% | +1.7% | | Adjusted EBITDA | $2,595.4 | $3,963.1 | (34.5)% | (1.8)% | - The significant year-over-year decrease in reported revenue and Adjusted EBITDA is primarily due to the U.K. JV Transaction on June 1, 2021, which resulted in the deconsolidation of the U.K. operations[296](index=296&type=chunk)[331](index=331&type=chunk) Reconciliation of Earnings from Continuing Operations to Adjusted EBITDA (2022) | Line Item | Amount (in millions) | | :--- | :--- | | Earnings from continuing operations | $1,105.3 | | Add: Income tax expense | $318.9 | | Add: Net non-operating expenses | $1,024.4 | | Add: Depreciation & amortization | $2,171.4 | | Add: Share-based compensation | $192.1 | | Less: Operating income | ($146.8) | | Add: Impairment, restructuring, etc. | $85.1 | | **Adjusted EBITDA** | **$2,595.4** | - At December 31, 2022, the company had **$1.7 billion** in cash and cash equivalents and **$2.9 billion** in investments held under Separately-Managed Accounts (SMAs)[395](index=395&type=chunk) - Adjusted Free Cash Flow was **$1,118.0 million** for the year ended December 31, 2022, compared to **$1,289.5 million** in 2021[426](index=426&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=78&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market risks including foreign currency fluctuations, interest rate changes, and counterparty credit risk through various strategies - The company is exposed to foreign currency risk as its primary revenue-generating currencies are the euro and Swiss franc, while its reporting currency is the U.S. dollar, and it uses derivative instruments to synthetically match the currency of its debt with the functional currency of its operations[451](index=451&type=chunk)[453](index=453&type=chunk) - Interest rate risk is managed through derivative instruments like swaps, caps, and collars to protect against increases in rates on its variable-rate debt, which aggregated **$9.3 billion** at year-end 2022[457](index=457&type=chunk)[458](index=458&type=chunk)[462](index=462&type=chunk) - The company faces counterparty credit risk with derivative assets valued at **$0.9 billion** and undrawn debt facilities of **$1.5 billion** as of December 31, 2022, with this risk spread across a broad base of financial institutions[463](index=463&type=chunk)[465](index=465&type=chunk) Projected Net Derivative Cash Flows (as of Dec 31, 2022) | Period | Net Payments/(Receipts) (in millions) | | :--- | :--- | | 2023 | ($90.2) | | 2024 | ($379.2) | | 2025 | ($249.9) | | 2026 | ($222.3) | | 2027 | ($268.6) | | Thereafter | ($352.1) | | **Total** | **($1,562.3)** | [Financial Statements and Supplementary Data](index=83&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section contains the audited consolidated financial statements of Liberty Global plc for the three-year period ended December 31, 2022, including the Consolidated Balance Sheets, Statements of Operations, Comprehensive Earnings (Loss), Equity, and Cash Flows, along with detailed notes to the financial statements [Consolidated Financial Statements](index=88&type=section&id=Consolidated%20Financial%20Statements) This section presents the audited consolidated financial statements, including balance sheets, statements of operations, and cash flows Consolidated Balance Sheet Summary (as of Dec 31) | Account | 2022 (in millions) | 2021 (in millions) | | :--- | :--- | :--- | | Total current assets | $6,297.4 | $5,940.5 | | Total assets | $42,895.0 | $46,917.0 | | Total current liabilities | $3,921.0 | $4,084.8 | | Total liabilities | $20,321.6 | $21,319.0 | | Total equity | $22,573.4 | $25,598.0 | Consolidated Statement of Operations Summary (Year ended Dec 31) | Account | 2022 (in millions) | 2021 (in millions) | 2020 (in millions) | | :--- | :--- | :--- | :--- | | Revenue | $7,195.7 | $10,311.3 | $11,545.4 | | Operating income | $146.8 | $1,320.3 | $2,030.9 | | Earnings (loss) from continuing operations | $1,105.3 | $13,527.5 | ($1,525.1) | | Net earnings (loss) | $1,986.3 | $13,610.1 | ($1,466.7) | Consolidated Statement of Cash Flows Summary (Year ended Dec 31) | Account | 2022 (in millions) | 2021 (in millions) | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,786.7 | $3,364.0 | | Net cash provided (used) by investing activities | $1,296.6 | ($5,745.5) | | Net cash used by financing activities | ($3,273.4) | ($1,512.6) | [Notes to Consolidated Financial Statements](index=98&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of accounting policies and financial figures, covering significant transactions, investments, debt, and equity - On April 1, 2022, the company sold its UPC Poland operations for net cash proceeds of **$1,553.3 million**, recognizing a gain of **$846.4 million**, with these operations now presented as discontinued[604](index=604&type=chunk)[605](index=605&type=chunk) - On June 1, 2021, the company contributed its U.K. operations to the VMO2 JV, recognizing a pre-tax gain of **$10,873.8 million**, with the **50%** interest now accounted for using the equity method[616](index=616&type=chunk)[618](index=618&type=chunk) Carrying Value of Key Equity Method Investments (as of Dec 31) | Investment | 2022 (in millions) | 2021 (in millions) | | :--- | :--- | :--- | | VMO2 JV | $9,790.9 | $13,774.7 | | VodafoneZiggo JV | $2,345.8 | $2,572.4 | - Total debt before deferred financing costs was **$13.4 billion** at December 31, 2022, with **$12.5 billion** maturing after 2027[708](index=708&type=chunk)[732](index=732&type=chunk) - Subsequent to year-end, on February 13, 2023, the company acquired a **4.92% interest** in Vodafone for an aggregate purchase price of **£1.23 billion ($1.49 billion)**[866](index=866&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=83&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[478](index=478&type=chunk) [Controls and Procedures](index=83&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and internal control over financial reporting were effective as of December 31, 2022 - Management concluded that disclosure controls and procedures were effective as of December 31, 2022[478](index=478&type=chunk) - Management assessed internal control over financial reporting as effective as of December 31, 2022, based on the COSO framework (2013)[483](index=483&type=chunk) - KPMG LLP, the independent registered public accounting firm, provided an unqualified opinion on the effectiveness of the company's internal control over financial reporting as of December 31, 2022[485](index=485&type=chunk) [Other Information](index=83&type=section&id=Item%209B.%20Other%20Information) This item is not applicable to the company - Not applicable[480](index=480&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=83&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[480](index=480&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=168&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information required for this item is incorporated by reference from the company's definitive proxy statement for its 2023 Annual Meeting of Shareholders - This section is incorporated by reference to the definitive proxy statement for the 2023 Annual General Meeting of Shareholders[870](index=870&type=chunk) [Executive Compensation](index=168&type=section&id=Item%2011.%20Executive%20Compensation) Information required for this item is incorporated by reference from the company's definitive proxy statement for its 2023 Annual Meeting of Shareholders - This section is incorporated by reference to the definitive proxy statement for the 2023 Annual General Meeting of Shareholders[870](index=870&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters](index=168&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Shareholder%20Matters) This section details securities authorized for issuance under equity compensation plans and incorporates other security ownership information by reference Equity Compensation Plan Information (as of Dec 31, 2022) | Plan Category | Securities to be issued upon exercise of outstanding options, etc. | Weighted-average exercise price | Securities available for future issuance | | :--- | :--- | :--- | :--- | | **Equity compensation plans approved by security holders** | | | | | Liberty Global Class A ordinary shares | 26,695,384 | N/A | 57,118,806 (total) | | Liberty Global Class C ordinary shares | 62,311,843 | N/A | | [Certain Relationships and Related Transactions, and Director Independence](index=168&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information required for this item is incorporated by reference from the company's definitive proxy statement for its 2023 Annual Meeting of Shareholders - This section is incorporated by reference to the definitive proxy statement for the 2023 Annual General Meeting of Shareholders[870](index=870&type=chunk) [Principal Accountant Fees and Services](index=168&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information required for this item is incorporated by reference from the company's definitive proxy statement for its 2023 Annual Meeting of Shareholders - This section is incorporated by reference to the definitive proxy statement for the 2023 Annual General Meeting of Shareholders[870](index=870&type=chunk) - The independent registered public accounting firm is KPMG LLP, Denver, CO (Auditor Firm ID: 185)[868](index=868&type=chunk) PART IV [Exhibits, Financial Statement Schedules](index=171&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists the financial statements, financial statement schedules, and exhibits filed as part of the Annual Report on Form 10-K - This section contains the list of all financial statements, schedules, and exhibits filed with the Form 10-K[880](index=880&type=chunk)[882](index=882&type=chunk) [Form 10-K Summary](index=176&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports no Form 10-K summary - None[888](index=888&type=chunk)

Financial Data and Key Metrics Changes - The company confirmed its original guidance for 2022, including distributable cash flow guidance of $1.7 billion [24][31] - The company reported a significant improvement in EBITDA growth in three of its four markets, driven by synergies, cost controls, and price increases [7][28] - Year-to-date, the company delivered $979 million of full company distributable free cash flow, remaining on track to deliver $1.7 billion for the full year 2022 [31][32] Business Line Data and Key Metrics Changes - Broadband performance remained stable, with growth in the U.K. offsetting declines in Switzerland, Belgium, and Holland [10][15] - The Postpaid Mobile segment saw improved growth trends, particularly supported by the iPhone 14 launch and converged offerings [10][11] - Consumer Fixed business has been declining across all major markets, with video and voice RGUs decreasing, although broadband revenue is growing [15][17] Market Data and Key Metrics Changes - Virgin Media O2 reported 19,000 net adds in Broadband, achieving a new high in national market share [11] - Sunrise experienced stable broadband performance, with 42,000 postpaid net adds in Swiss mobile, aligning with Swisscom [12] - VodafoneZiggo's broadband net adds were negative at 9,000, but mobile postpaid adds were strong at 67,000 [13][25] Company Strategy and Development Direction - The company is focused on expanding its fiber plans in the U.K., Ireland, and Belgium, and increasing 5G coverage across all markets [8][20] - A commitment to buy back $1.7 billion of shares in 2022, with a minimum commitment to buy back 10% of shares in 2023 [8][22] - The company is actively pursuing network strategies to enhance its competitive position in both fixed and mobile segments [17][20] Management's Comments on Operating Environment and Future Outlook - The management expressed caution regarding the macroeconomic outlook for 2023 due to inflation, energy costs, and rising interest rates [6][24] - Despite macro challenges, the company remains confident in its ability to deliver strong results, supported by solid connectivity trends and diverse revenue streams [24][28] - Management highlighted the importance of maintaining a cash balance to capitalize on potential opportunities in a volatile market [40] Other Important Information - The company has a strong balance sheet with $4 billion in cash and no near-term refinancing needs [23][32] - The fair value of the company's portfolio fell slightly to $3 billion, primarily due to declines in ITV share price [30] Q&A Session Summary Question: Impact of higher rate environment on capital structure - Management indicated that existing fixed-rate debt is not directly impacted by higher rates, but refinancing could be affected [34][35] Question: Profit margins on video versus broadband - Video margins vary by market, generally between 50% to 75%, while broadband generates around 99% margin [35][36] Question: Update on UPC migration in Switzerland - The migration process is ongoing, with expectations to take around two years to fully transition UPC customers to the new Sunrise brand [41][42] Question: Pricing environment in the Netherlands - Management refrained from commenting on future pricing strategies but acknowledged the potential for inflation-related adjustments [48][59] Question: Energy and wage impacts into 2023 - The company is approximately 70% hedged on energy costs for 2023, with ongoing wage negotiations largely completed [70][72]

Liberty Global plc (NASDAQ:LBTYA) Q2 2022 Results Earnings Conference Call July 29, 2022 9:30 AM ET Company Participants Mike Fries - Chief Executive Officer Charlie Bracken - EVP, Chief Financial Officer Lutz Schüler - CEO, Virgin Media Conference Call Participants Stephen Malcolm - Redburn Luis Sanchez-Lecaroz - Credit Suisse James Ratcliffe - Evercore ISI Samuel McHugh - BNP Paribas Exane Robert Grindle - Deutsche Bank David Wright - BofA Securities Polo Tang - UBS James Ratzer - New Street Research Ulri ...

Customer Base and Market Presence - As of June 30, 2022, the company served 4,105,900 fixed-line customers and 5,788,800 mobile subscribers, with networks passing 7,512,100 homes[258]. - The company’s ability to maintain or increase subscription numbers is critical for future financial performance, with a focus on customer service and new product offerings[253]. - The ongoing COVID-19 pandemic has had a relatively minimal impact on the company, with strong demand for products and services during the second quarter of 2022[260]. - The company’s operations in the U.K. were contributed to the VMO2 JV, which began accounting for its 50% interest as an equity method investment on June 1, 2021[257]. Financial Performance - Total revenue for the three months ended June 30, 2022, was $1,754.2 million, a decrease of 41.3% compared to $2,989.2 million in the same period of 2021[273]. - For the six months ended June 30, 2022, total revenue was $3,607.5 million, down 44.4% from $6,489.1 million in the prior year[274]. - Consolidated Adjusted EBITDA for the three months ended June 30, 2022, was $649.8 million, a decrease of 45.8% from $1,199.1 million in the same period of 2021[270]. - Adjusted EBITDA for the three months ended June 30, 2022, was $649.8 million, down from $1,199.1 million, a decrease of $549.3 million, or 45.8%[289]. - Adjusted EBITDA for the six months ended June 30, 2022, was $1,334.1 million, down from $2,515.3 million in the same period of 2021, a decrease of approximately 47.0%[270]. Revenue Breakdown - Total subscription revenue decreased by $861.6 million, or 55.0%, from $1,567.8 million to $706.2 million in the three months ended June 30, 2022[296]. - Residential fixed revenue decreased by $881.0 million, or 54.6%, from $1,614.4 million to $733.4 million in the same period[296]. - Residential mobile revenue decreased by $149.0 million, or 24.4%, from $611.8 million to $462.8 million[296]. - B2B revenue decreased by $220.8 million, or 39.6%, from $557.4 million to $336.6 million[296]. - The average revenue per household (ARPU) has been adversely impacted by competition and macroeconomic factors, affecting the total number of customers[259]. Regional Performance - In Switzerland, the decrease in residential fixed subscription revenue was primarily due to a decline in the average number of customers and ARPU, resulting in a total decrease of $12.6 million for the three-month period[278]. - Belgium's total revenue decreased by $85.7 million in the three-month period, attributed to a decline in subscription revenue and the impact of foreign exchange losses of $91.0 million[282]. - Ireland's revenue for the three months ended June 30, 2022, decreased significantly, with specific details pending further analysis[285]. - The Central and Other segment reported a revenue increase of 15.0% for the three-month period, totaling $180.6 million compared to $157.0 million in the prior year[273]. - The company noted a significant decline in U.K. revenue, which was $1,101.4 million in the prior year, now reported as zero due to the closure of the U.K. JV Transaction[275]. Costs and Expenses - Programming and other direct costs of services decreased by $363.3 million or 43.1% for the six months ended June 30, 2022, compared to the same period in 2021[308]. - Other operating expenses excluding share-based compensation decreased by $164.6 million or 38.3% for the three months ended June 30, 2022, and by $399.2 million or 42.6% for the six months ended June 30, 2022, compared to 2021[315]. - SG&A expenses excluding share-based compensation decreased by $157.8 million or 30.6% for the three months ended June 30, 2022, totaling $358.6 million[318]. - Total SG&A expenses excluding share-based compensation decreased by $395.3 million or 35.5% for the six months ended June 30, 2022, compared to the same period in 2021[323]. Foreign Currency Impact - The company experienced significant foreign currency transaction losses of $1,148.7 million for the three months ended June 30, 2022, compared to losses of $131.4 million in the same period of 2021[270]. - The impact of foreign exchange fluctuations resulted in a total revenue decrease of $45.5 million for the three-month period in Switzerland[278]. - Total foreign currency transaction gains for the three months ended June 30, 2022, amounted to $1,148.7 million, a significant increase from $131.4 million in the same period of 2021[338]. - The company experienced a foreign exchange impact, with 55.2% of reported revenue derived from subsidiaries using the euro and 43.7% from those using the Swiss franc[388]. Cash Flow and Debt - Consolidated cash and cash equivalents totaled $2,391.1 million as of June 30, 2022, with $1,510.3 million held by Liberty Global and unrestricted subsidiaries[360]. - The outstanding principal amount of consolidated debt and finance lease obligations was $13.3 billion as of June 30, 2022, with $0.8 billion classified as current and $12.2 billion not due until 2028 or thereafter[374]. - The company reported a net cash provided by operating activities of $1,363.0 million for the six months ended June 30, 2022, a decrease of $487.8 million from $1,850.8 million in 2021[378]. - The net cash used by investing activities was $2,581.3 million for the six months ended June 30, 2022, compared to a usage of $5,407.2 million in 2021, reflecting a change of $7,988.5 million[378]. Gains and Losses - The company reported a gain of $693.3 million from the Telenet Tower Sale during the three months ended June 30, 2022[270]. - The company recognized impairment, restructuring, and other operating items of $67.7 million for the six months ended June 30, 2022, compared to $51.2 million in the same period of 2021[328]. - The company reported a net gain on debt extinguishment of $2.8 million for the six months ended June 30, 2022, compared to a net loss of $90.6 million for the same period in 2021[341]. - The company recognized a pre-tax gain of $693.3 million from the Telenet Tower Sale during the three months ended June 30, 2022[348].