Company: LBTYK
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001570585-25-000223
Chunk: 34

Company: Liberty Global Ltd.
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 2
Chunk 34
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47.3 million during the nine months ended September 30, 2025 and 2024, respectively, attributable to certain noncontrolling interests at Telenet and Formula E.

76

Material Changes in Financial Condition

Sources and Uses of Cash

We are a holding company that is dependent on the capital resources of our subsidiaries to satisfy our liquidity requirements at the corporate level. Each of our significant operating subsidiaries is separately financed within one of our two subsidiary “borrowing groups.” These borrowing groups include the respective restricted parent and subsidiary entities within Telenet and VM Ireland. Although our borrowing groups typically generate cash from operating activities, the terms of the instruments governing the indebtedness of these borrowing groups may restrict our ability to access the liquidity of these subsidiaries. In addition, our ability to access the liquidity of these and other subsidiaries may be limited by tax and legal considerations, the presence of noncontrolling interests and other factors. 

Cash, cash equivalents and SMAs

The details of the U.S. dollar equivalent balances of our consolidated cash and cash equivalents and investments held under SMAs at September 30, 2025 are set forth in the following table (in millions):

Cash and cash equivalents held by:Liberty Global and unrestricted subsidiaries:Liberty Global (a)$0.1 Unrestricted subsidiaries (b)513.3 Total Liberty Global and unrestricted subsidiaries513.4 Borrowing groups (c):Telenet1,146.5 VM Ireland14.3 Total borrowing groups1,160.8 Total cash and cash equivalents (d)1,674.2 Investments held under SMAs (e)85.9 Total cash and cash equivalents and investments held under SMAs$1,760.1 

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(a)Represents the amount held by Liberty Global on a standalone basis.

(b)Represents the aggregate amount held by subsidiaries that are outside of our borrowing groups. 

(c)Represents the aggregate amounts held by the parent entity and restricted subsidiaries of our borrowing groups.

(d)The total cash and cash equivalents balance includes $1,307.4 million or 78.1% and $327.5 million or 19.6% denominated in euros and U.S. dollars, respectively.

(e)The balance of our investments held under SMAs is held by unrestricted subsidiaries of Liberty Global and includes $76.0 million or 88.5% denominated in U.S. dollars.

For additional information regarding our cash and cash equivalents and investments