Company: LBTYK
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001570585-25-000114
Chunk: 7

Company: Liberty Global Ltd.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 2
Chunk 7
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 and (iii) with respect to our consolidated reportable segments, the organic U.S. dollar change and percentage change from period to period. For our organic comparisons, which exclude the impact of FX, we assume that exchange rates remained constant at the prior-period rate during all periods presented. We also provide a table showing the Adjusted EBITDA margins of our reportable segments for the three months ended March 31, 2025 and 2024 at the end of this section.

Consolidated Adjusted EBITDA is a non-GAAP measure, which we believe is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to readily view operating trends from a consolidated view. Investors should view consolidated Adjusted EBITDA as a supplement to, and not a substitute for, GAAP measures of performance included in our condensed consolidated statements of operations. 

The following table provides a reconciliation of earnings (loss) from continuing operations to total consolidated Adjusted EBITDA:

 Three months endedMarch 31, 20252024 in millionsEarnings (loss) from continuing operations$(1,323.3)$634.5 Income tax expense (benefit)(70.0)42.8 Other income, net(19.4)(36.4)Share of results of affiliates, net148.0 7.0 Losses on debt extinguishment, net8.0 — Realized and unrealized gains due to changes in fair values of certain investments, net(55.8)(113.1)Foreign currency transaction losses (gains), net1,081.0 (559.3)Realized and unrealized losses (gains) on derivative instruments, net164.7 (133.3)Interest expense127.5 145.5 Operating income (loss)60.7 (12.3)Impairment, restructuring and other operating items, net(1.7)33.6 Depreciation and amortization232.2 222.7 Share-based compensation expense33.4 39.0 Total consolidated Adjusted EBITDA$324.6 $283.0 

53

Revenue of our Reportable Segments

General. While not specifically discussed in the below explanations of the changes in the revenue of our reportable segments, we are experiencing competition in all of our markets. This competition has an adverse impact on our ability to increase or