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Segment Reporting (Tables) | 3 Months Ended
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Mar. 31, 2024
Segment Reporting, Measurement Disclosures [Abstract] |
Revenue and Operating Cash Flow by Segment | The amounts presented below represent 100% of each of our reportable segment’s revenue and Adjusted EBITDA. The noncontrolling owners’ interests in the operating results of Telenet, prior to the Telenet Takeover Bid, and other less significant majority-owned subsidiaries are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations. Furthermore, despite only holding a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV, we present 100% of the revenue and Adjusted EBITDA of those entities in the tables below. Our share of the operating results of the VMO2 JV and the VodafoneZiggo JV is included in share of results of affiliates, net, in our condensed consolidated statements of operations.
|  |  |  |  | Revenue
|  |  | Three months ended March 31,
|  |  |  |  | 2024 |  | 2023
|  |  |  |  | in millions
Sunrise |  |  |  |  | $ | 854.0 |  |  | $ | 807.4 |
Telenet |  |  |  |  | 762.6 |  |  | 754.5 |
VM Ireland |  |  |  |  | 123.0 |  |  | 123.0 |
Central and Other |  |  |  |  | 269.6 |  |  | 244.5 |
Intersegment eliminations (a) |  |  |  |  | (64.1) |  |  | (61.0) |
Total |  |  |  |  | $ | 1,945.1 |  |  | $ | 1,868.4 |
VMO2 JV |  |  |  |  | $ | 3,282.8 |  |  | $ | 3,162.7 |
VodafoneZiggo JV |  |  |  |  | $ | 1,114.0 |  |  | $ | 1,083.4 |
______________ (a)Amounts primarily relate to the revenue recognized within our T&I Function related to the Tech Framework.
|  |  |  |  | Adjusted EBITDA
|  |  | Three months ended March 31,
|  |  |  |  | 2024 |  | 2023
|  |  |  |  | in millions
Sunrise |  |  |  |  | $ | 279.3 |  |  | $ | 263.0 |
Telenet |  |  |  |  | 308.4 |  |  | 302.9 |
VM Ireland |  |  |  |  | 40.0 |  |  | 41.5 |
Central and Other (a) |  |  |  |  | (31.0) |  |  | 32.1 |
Intersegment eliminations (b) |  |  |  |  | (15.3) |  |  | (15.0) |
Total |  |  |  |  | $ | 581.4 |  |  | $ | 624.5 |
VMO2 JV |  |  |  |  | $ | 1,073.6 |  |  | $ | 1,025.9 |
VodafoneZiggo JV |  |  |  |  | $ | 519.0 |  |  | $ | 471.5 |
_______________ (a)The 2024 amount includes development costs related to our internally-developed software subsequent to our decision to externally market such software during the second quarter of 2023. (b)Amounts relate to the Adjusted EBITDA impact within our T&I Function related to the Tech Framework. The following table provides a reconciliation of net earnings (loss) to Adjusted EBITDA:
|  |  | Three months ended March 31,
|  |  |  |  | 2024 |  | 2023
|  |  |  |  | in millions
Net earnings (loss) |  |  |  |  | $ | 527.0 |  |  | $ | (713.5) |
Income tax expense |  |  |  |  | 26.9 |  |  | 12.5 |
Other income, net |  |  |  |  | (43.5) |  |  | (43.9) |
Share of results of affiliates, net |  |  |  |  | 8.0 |  |  | 238.6 |
Realized and unrealized losses (gains) due to changes in fair values of certain investments, net |  |  |  |  | (114.9) |  |  | 5.5 |
Foreign currency transaction losses (gains), net |  |  |  |  | (69.1) |  |  | 302.9 |
Realized and unrealized losses (gains) on derivative instruments, net |  |  |  |  | (565.3) |  |  | 34.4 |
Interest expense |  |  |  |  | 253.5 |  |  | 200.9 |
Operating income |  |  |  |  | 22.6 |  |  | 37.4 |
Impairment, restructuring and other operating items, net |  |  |  |  | 33.5 |  |  | 16.4 |
Depreciation and amortization |  |  |  |  | 480.7 |  |  | 526.9 |
Share-based compensation expense |  |  |  |  | 44.6 |  |  | 43.8 |
Adjusted EBITDA |  |  |  |  | $ | 581.4 |  |  | $ | 624.5 |
Property and Equipment Additions of our Reportable Segments | The property and equipment additions of our reportable segments (including capital additions financed under capital-related vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditure amounts included in our condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and finance lease arrangements, see notes 7 and 9, respectively.
| Three months ended March 31,
| 2024 |  | 2023
| in millions
Sunrise | $ | 149.9 |  |  | $ | 149.0 |
Telenet | 183.7 |  |  | 173.0 |
VM Ireland | 39.4 |  |  | 33.1 |
Central and Other (a) | 7.4 |  |  | 49.8 |
Intersegment eliminations (b) | (15.3) |  |  | (15.0) |
Total property and equipment additions | 365.1 |  |  | 389.9 |
Assets acquired under capital-related vendor financing arrangements | (39.8) |  |  | (42.3) |
Assets acquired under finance leases | (0.5) |  |  | (7.3) |
Changes in current liabilities related to capital expenditures | 26.0 |  |  | 36.9 |
Total capital expenditures, net | $ | 350.8 |  |  | $ | 377.2 |
Property and equipment additions: |  |  |
VMO2 JV | $ | 685.8 |  |  | $ | 590.6 |
VodafoneZiggo JV | $ | 244.7 |  |  | $ | 250.4 |
_______________ (a)Includes (i) property and equipment additions representing centrally-owned assets that benefit our operating segments, including development costs related to our internally-developed software prior to our decision to externally market such software during the second quarter of 2023, (ii) the net impact of certain centrally-procured network equipment that is ultimately transferred to our operating segments and (iii) property and equipment additions of our operations in Slovakia. (b)Amounts reflect the charge under the Tech Framework to each respective consolidated reportable segment related to the value attributed to centrally-held internally developed technology that is embedded within our various CPE, as well as any applicable markup.
Schedule of Revenue by Major Category | Revenue by Major Category Our revenue by major category for our consolidated reportable segments is set forth below:
|  |  | Three months ended March 31,
|  |  |  |  | 2024 |  | 2023
|  |  |  |  | in millions
Residential revenue: |  |  |  |  |  |  |
Residential fixed revenue (a): |  |  |  |  |  |  |
Subscription revenue (b): |  |  |  |  |  |  |
Broadband internet |  |  |  |  | $ | 382.3 |  |  | $ | 359.5 |
Video |  |  |  |  | 264.3 |  |  | 273.2 |
Fixed-line telephony |  |  |  |  | 84.2 |  |  | 92.1 |
Total subscription revenue |  |  |  |  | 730.8 |  |  | 724.8 |
Non-subscription revenue |  |  |  |  | 13.7 |  |  | 14.3 |
Total residential fixed revenue |  |  |  |  | 744.5 |  |  | 739.1 |
Residential mobile revenue (c): |  |  |  |  |  |  |
Subscription revenue (b) |  |  |  |  | 376.6 |  |  | 356.4 |
Non-subscription revenue |  |  |  |  | 137.3 |  |  | 133.9 |
Total residential mobile revenue |  |  |  |  | 513.9 |  |  | 490.3 |
Total residential revenue |  |  |  |  | 1,258.4 |  |  | 1,229.4 |
B2B revenue (d): |  |  |  |  |  |  |
Subscription revenue |  |  |  |  | 144.9 |  |  | 133.4 |
Non-subscription revenue |  |  |  |  | 231.0 |  |  | 223.8 |
Total B2B revenue |  |  |  |  | 375.9 |  |  | 357.2 |
Other revenue (e) |  |  |  |  | 310.8 |  |  | 281.8 |
Total |  |  |  |  | $ | 1,945.1 |  |  | $ | 1,868.4 |
_______________ (a)Residential fixed subscription revenue includes amounts received from subscribers for ongoing services and the recognition of deferred installation revenue over the associated contract period. Residential fixed non-subscription revenue includes, among other items, channel carriage fees, late fees and revenue from the sale of equipment. (b)Residential subscription revenue from subscribers who purchase bundled services at a discounted rate is generally allocated proportionally to each service based on the standalone price for each individual service. As a result, changes in the standalone pricing of our fixed and mobile products or the composition of bundles can contribute to changes in our product revenue categories from period to period. (c)Residential mobile subscription revenue includes amounts received from subscribers for ongoing services. Residential mobile non-subscription revenue includes, among other items, interconnect revenue and revenue from sales of mobile handsets and other devices. (d)B2B subscription revenue represents revenue from (i) services provided to small or home office (SOHO) subscribers and (ii) mobile services provided to medium and large enterprises. SOHO subscribers pay a premium price to receive expanded service levels along with broadband internet, video, fixed-line telephony or mobile services that are the same or similar to the mass marketed products offered to our residential subscribers. B2B non-subscription revenue includes (a) revenue from business broadband internet, video, fixed-line telephony and data services offered to medium and large enterprises and, fixed-line and mobile services on a wholesale basis, to other operators and (b) revenue from long-term leases of portions of our network. (e)Other revenue includes, among other items, (i) broadcasting revenue at Telenet, VM Ireland and Sunrise, (ii) revenue earned from the U.K. JV Services and NL JV Services and (iii) revenue earned from the sale of CPE to the VMO2 JV and VodafoneZiggo JV.
Schedule of Revenue Geographic Segments | The revenue of our geographic segments is set forth below:
|  |  | Three months ended March 31,
|  |  |  |  | 2024 |  | 2023
|  |  |  |  | in millions
Switzerland |  |  |  |  | $ | 854.0 |  |  | $ | 807.4 |
Belgium |  |  |  |  | 720.0 |  |  | 716.6 |
Ireland |  |  |  |  | 123.0 |  |  | 123.0 |
Slovakia |  |  |  |  | 12.7 |  |  | 13.3 |
Other, including intersegment eliminations (a) |  |  |  |  | 235.4 |  |  | 208.1 |
Total |  |  |  |  | $ | 1,945.1 |  |  | $ | 1,868.4 |
VMO2 JV (U.K.) |  |  |  |  | $ | 3,282.8 |  |  | $ | 3,162.7 |
VodafoneZiggo JV (Netherlands) |  |  |  |  | $ | 1,114.0 |  |  | $ | 1,083.4 |
______________ (a)Revenue from our other geographic segments relates to (i) our Central functions, most of which are located in the Netherlands and the U.K., and (ii) certain other operations at Telenet, primarily in the U.S. and Luxembourg.

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