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VMED > SEC Filings for VMED > Form 10-Q on 3-May-2013All Recent SEC Filings

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Quarterly Report


Management's Discussion and Analysis of Financial Condition and Results of Operations, or MD&A, is provided to assist readers in understanding our recent developments, results of operations, financial condition and cash flows. Our MD&A should be read in conjunction with the description of our business and the risk factors affecting us set out in our Annual Report on Form 10-K for the year ended December 31, 2012, which we filed with the SEC on February 7, 2013, and which we refer to herein as our 2012 Annual Report. Our MD&A is organized as follows:
Overview: Analysis of recent developments in our business together with a summary of overall performance, provided up-front to give context to the remainder of our MD&A.

Critical accounting estimates: A summary of the critical accounting estimates and subjective interpretations of accounting principles that impact our reported results of operations and financial condition.

Consolidated results of operations: Discussion and analysis of our results of operations. We present factors impacting our Consumer and Business segments, our network costs, and other significant components of our results of operations.

Liquidity and capital resources: Discussion and analysis of our financial condition, cash flows and liquidity. This section includes discussion of the fair values of our financial instruments, contractual obligations, and off-balance sheet arrangements.

We are a leading entertainment and communications business, being a "quad-play" provider of broadband internet, television, mobile telephony and fixed line telephony services that offer a variety of entertainment and communications services to residential and commercial customers throughout the U.K. We are one of the U.K.'s largest providers of residential broadband internet, pay television and fixed line telephony services by number of customers. We believe our advanced, deep fiber access network enables us to offer faster and higher quality broadband services than our digital subscriber line, or DSL, competitors. As a result, we provide our customers with a leading next generation broadband service and one of the most advanced TV on-demand services available in the U.K. market. As of March 31, 2013, we provided services to 4.9 million residential cable customers on our network. We are also one of the U.K.'s largest mobile virtual network operators by number of customers, providing mobile telephony service to 1.7 million contract mobile customers and 1.3 million prepay mobile customers over third party networks. In addition, we provide a complete portfolio of voice, data and internet solutions to businesses, public sector organizations and service providers in the U.K. through Virgin Media Business. A detailed description of our business is set out in our 2012 Annual Report.
Our reporting segments are based on our method of internal reporting and the information used by our chief executive officer, who is our chief operating decision maker, or CODM, to evaluate segment performance and make capital allocation decisions. We have two reporting segments, Consumer and Business, as described below:
Consumer: Our Consumer segment includes the distribution of television programming over our cable network and the provision of broadband and fixed line telephone services to residential consumers, both on and off our cable network. Our Consumer segment also includes our mobile telephony and mobile broadband operations, provided over third party mobile networks.

Business: Our Business segment includes the voice and data telecommunication and internet solutions services we provide through our cable network and third party networks to businesses, public sector organizations and service providers.

On February 5, 2013, we entered in to an Agreement and Plan of Merger, or Merger Agreement, with Liberty Global, Inc., or Liberty Global, and certain of its direct or indirect wholly owned subsidiaries, or the Merger Subsidiaries. We have incurred and expect to incur further costs as a direct consequence of the Merger Agreement. In particular, these costs have and will be associated with changing our debt and equity structure, which have and will result in, among other charges, additional administrative expenses, losses on extinguishment of debt, gains and losses on derivative instruments, interest expense and stock based compensation expense. For more information on the proposed merger see Note 3 to our condensed consolidated financial statements included in Item 1 of this Quarterly Report on Form 10-Q.

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