Company: LBTYK
Filing Date: 2025-08-01
Form Type: 10-Q
Source: 0001570585-25-000183
Chunk: 149

Company: Liberty Global Ltd.
Filing Date: 2025-08-01
Form: 10-Q
Item: Item 8
Chunk 149
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 underlying assets are delivered and as repayments of debt when the principal is repaid. In this discussion, we refer to (i) our capital expenditures as reported in our condensed consolidated statements of cash flows, which exclude amounts financed under capital-related vendor financing or finance lease arrangements, and (ii) our total consolidated property and equipment additions, which include our capital expenditures on an accrual basis and amounts financed under capital-related vendor financing or finance lease arrangements. For further details regarding our property and equipment additions, see note 16 to our condensed consolidated financial statements. A reconciliation of our consolidated property and equipment additions to our consolidated capital expenditures, as reported in our condensed consolidated statements of cash flows, is set forth below:

 Six months endedJune 30, 20252024in millionsProperty and equipment additions$610.8 $461.4 Assets acquired under capital-related vendor financing arrangements(32.1)(41.6)Assets acquired under finance leases— (0.6)Changes in current liabilities related to capital expenditures(16.1)(28.1)Capital expenditures, net$562.6 $391.1 

The increase in our property and equipment additions during the six months ended June 30, 2025, as compared to the corresponding period in 2024, is primarily attributable to an increase in local currency expenditures of our subsidiaries primarily due to an increase in new build and upgrade projects.

77

Financing Activities. The decrease in net cash used by financing activities is primarily attributable to the net effect of (i) a decrease in cash used of $244.5 million due to lower repurchases of Liberty Global common shares, (ii) an increase in cash used of $92.0 million due to higher net repayments of debt, including €78.2 million ($90.2 million at the applicable rate) associated with the partial settlement of the Vodafone Collar Loan, and (iii) a decrease in cash used of $84.1 million due to higher net cash receipts related to derivatives, including €71.7 million ($82.7 million at the applicable rate) associated with the partial unwind and restructure of the Vodafone Collar. For additional information regarding the Vodafone Collar and Vodafone Collar Loan, see notes 5 and 9, respectively, to our condensed consolidated financial statements. 

Adjusted Free Cash Flow

We define adjusted free cash flow as net cash provided by operating activities of our continuing operations, plus operating-related vendor financed expenses (which represents an increase