Company: LBTYK
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001570585-25-000114
Chunk: 18

Company: Liberty Global Ltd.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 2
Chunk 18
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 financial statements.

Depreciation and amortization expense 

Our depreciation and amortization expense was $232.2 million and $222.7 million for the three months ended March 31, 2025 and 2024, respectively. Excluding the effects of FX, depreciation and amortization expense increased $16.2 million or 7.3% during the three months ended March 31, 2025, as compared to the corresponding period in 2024. This increase is primarily due to the net effect of (i) a decrease associated with certain assets becoming fully depreciated, primarily at Telenet, and (ii) an increase associated with property and equipment additions related to the installation of CPE, the expansion and upgrade of our networks and other capital initiatives, primarily at Telenet and VM Ireland.

Impairment, restructuring and other operating items, net 

We recognized impairment, restructuring and other operating items, net, of ($1.7 million) and $33.6 million during the three months ended March 31, 2025 and 2024, respectively. 

The amount for the 2024 period includes (i) a provision for legal contingencies of $17.5 million and (ii) restructuring costs of $15.2 million.

If, among other factors, (i) our equity values were to decline or (ii) the adverse impacts of economic, competitive, regulatory or other factors were to cause our results of operations or cash flows to be worse than anticipated, we could conclude in future periods that impairment charges are required in order to reduce the carrying values of our goodwill and, to a lesser extent, other long-lived assets. Any such impairment charges could be significant.

62

Interest expense

We recognized interest expense of $127.5 million and $145.5 million during the three months ended March 31, 2025 and 2024, respectively. Excluding the effects of FX, interest expense decreased $13.9 million or 9.6% during the three months ended March 31, 2025, as compared to the corresponding period in 2024. This decrease is primarily attributable to a lower weighted average interest rate, partially offset by a higher average outstanding debt balance. For additional information regarding our outstanding indebtedness, see note 9 to our condensed consolidated financial statements.

It is possible that the interest rates on (i) any new borrowings could be higher than the current interest rates on our existing indebtedness and (ii)