Company: LBTYK
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001570585-25-000223
Chunk: 135

Company: Liberty Global Ltd.
Filing Date: 2025-10-30
Form: 10-Q
Item: Item 8
Chunk 135
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 periods in 2024, including increases of $18.5 million and $58.1 million, respectively, attributable to the impact of the Formula E Acquisition. On an organic basis, our SG&A expenses increased (decreased) $3.9 million or 1.6% and ($7.7 million) or (1.0%), respectively. These changes include the following factors:

•Decreases in external sales and marketing costs of $5.0 million or 6.8% and $10.2 million or 4.1%, respectively, primarily due to the net effect of (i) lower costs associated with advertising campaigns, primarily due to decreases at Telenet and VM Ireland, and (ii) higher third-party sales commissions, as increases at Telenet were only partially offset by decreases at VM Ireland;

•Increases in personnel costs of $5.2 million or 4.3% and $1.9 million or 0.5%, respectively, primarily due to the net effect of (i) higher average costs per employee, (ii) lower staffing levels, including decreases at Telenet, and (iii) for the nine-month comparison, lower incentive compensation costs; and

•For the three-month comparison, an increase in business service costs of $3.0 million or 9.6%, primarily due to higher consulting costs at Telenet. 

68

Share-based compensation expense

Our share-based compensation expense primarily relates to the share-based incentive awards issued by Liberty Global to its employees and employees of its subsidiaries. A summary of our aggregate share-based compensation expense is set forth below: 

 Three months endedSeptember 30,Nine months endedSeptember 30, 2025202420252024 in millionsLiberty Global (a):Non-performance based incentive awards$25.0 $37.0 $68.1 $93.1 Performance based incentive awards13.9 5.6 34.8 12.6 Other (b)7.7 4.4 22.6 19.2 Total Liberty Global46.6 47.0 125.5 124.9 Other— — 3.9 4.5 Total$46.6 $47.0 $129.4 $129.4 Included in:Other operating expense$3.5 $5.2 $9.9 $14.6