Company: LBTYK
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001570585-25-000114
Chunk: 17

Company: Liberty Global Ltd.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 2
Chunk 17
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)$186.2 $157.2 $29.0 18.4 $1.1 0.6 External sales and marketing68.7 71.1 (2.4)(3.4)(0.2)(0.3)Total$254.9 $228.3 $26.6 11.7 $0.9 0.3 

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(a)General and administrative expenses include all personnel-related costs within our SG&A expenses, including personnel-related costs associated with our sales and marketing function.

Our SG&A expenses (exclusive of share-based compensation expense) increased $26.6 million or 11.7% during the three months ended March 31, 2025, as compared to the corresponding period in 2024. This increase includes an increase of $32.2 million attributable to the impact of the Formula E Acquisition. On an organic basis, our SG&A expenses increased $0.9 million or 0.3%.

61

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 endedMarch 31, 20252024 in millionsLiberty Global (a):Non-performance based incentive awards$21.8 $28.3 Performance based incentive awards5.5 2.1 Other (b)6.1 7.4 Total Liberty Global33.4 37.8 Other— 1.2 Total$33.4 $39.0 Included in:Other operating expense$2.9 $4.6 SG&A expense30.5 34.4 Total$33.4 $39.0 

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(a)Amounts include share-based compensation expense related to certain Telenet Replacement Awards.

(b)Represents annual incentive compensation and defined contribution plan liabilities that have been or are expected to be settled with Liberty Global common shares. In the case of annual incentive compensation, shares have been or will be issued to senior management and key employees pursuant to a shareholding incentive program. The shareholding incentive program allows these employees to elect to receive up to 100% of their annual incentive compensation in common shares of Liberty Global in lieu of cash.

For additional information regarding our share-based compensation expense, see note 13 to our condensed consolidated