Liberty Global Reports Q3 2024 Results
Liberty Global reported Q3 2024 results showing sequential improvement in broadband and mobile net adds across markets. Revenue increased 4.4% YoY to $1.93 billion, while net loss was $1.41 billion. The company is on track to achieve full-year guidance targets. Key developments include the approved Sunrise spin-off set for November 12th with planned debt paydown of CHF 1.5b, and approximately $900 million in asset proceeds expected from transactions announced over the last year. The company holds $3.5 billion in cash, expected to be ~$2 billion by year-end after $1.4 billion capital injection into Sunrise. Liberty Global has acquired ~8% of outstanding shares through October 25 against 10% target by year-end.
Liberty Global ha riportato i risultati del terzo trimestre 2024, mostrando un miglioramento sequenziale nelle nuove connessioni broadband e mobili in tutti i mercati. I ricavi sono aumentati del 4,4% su base annua, raggiungendo 1,93 miliardi di dollari, mentre la perdita netta è stata di 1,41 miliardi di dollari. L'azienda è sulla buona strada per raggiungere gli obiettivi di guida per l'intero anno. Tra gli sviluppi chiave, vi è l'approvazione della scissione di Sunrise prevista per il 12 novembre, con una riduzione del debito pianificata di 1,5 miliardi di franchi svizzeri e circa 900 milioni di dollari di proventi da asset previsti da operazioni annunciate nell'ultimo anno. L'azienda detiene 3,5 miliardi di dollari in contanti, che si prevede scenderanno a circa 2 miliardi di dollari entro la fine dell'anno dopo un'iniezione di capitale di 1,4 miliardi di dollari in Sunrise. Liberty Global ha acquisito circa l'8% delle azioni in circolazione fino al 25 ottobre, contro un obiettivo del 10% entro la fine dell'anno.
Liberty Global presentó los resultados del tercer trimestre de 2024, mostrando una mejora secuencial en las adiciones netas de banda ancha y móviles en todos los mercados. Los ingresos aumentaron un 4,4% interanual, alcanzando los 1,93 mil millones de dólares, mientras que la pérdida neta fue de 1,41 mil millones de dólares. La compañía está en camino de cumplir con los objetivos anuales guía. Entre los desarrollos clave se encuentra la aprobación de la escisión de Sunrise prevista para el 12 de noviembre, con un pago de deuda planeado de 1.5 mil millones de francos suizos, y aproximadamente 900 millones de dólares en ingresos de activos que se esperan de transacciones anunciadas durante el último año. La compañía tiene 3,5 mil millones de dólares en efectivo, que se espera que sean aproximadamente 2 mil millones de dólares al final del año después de una inyección de capital de 1,4 mil millones de dólares en Sunrise. Liberty Global ha adquirido aproximadamente el 8% de las acciones en circulación hasta el 25 de octubre, contra un objetivo del 10% para fin de año.
리버티 글로벌은 2024년 3분기 실적을 발표하며 모든 시장에서 고속 인터넷 및 모바일 순가입자가 연속적으로 증가했음을 보여주었습니다. 매출은 전년 대비 4.4% 증가하여 19억 3천만 달러에 이르렀고, 순손실은 14억 1천만 달러였습니다. 회사는 연간 가이던스 목표를 달성할 준비가 되어 있습니다. 주요 개발 사항으로는 11월 12일 예정된 선라이즈 분사 승인과, 15억 스위스 프랑의 부채 상환 계획, 그리고 지난 해 발표된 거래로부터 약 9억 달러의 자산 수익이 예상되고 있습니다. 회사는 35억 달러의 현금을 보유하고 있으며, 선라이즈에 14억 달러를 자본 투자한 후 연말까지 약 20억 달러로 감소할 것으로 예상됩니다. 리버티 글로벌은 10% 목표에 비해 10월 25일 기준으로 약 8%의 자사주식을 매입했습니다.
Liberty Global a publié ses résultats pour le troisième trimestre 2024, montrant une amélioration séquentielle des ajouts nets en haut débit et en mobile sur tous les marchés. Le chiffre d'affaires a augmenté de 4,4 % par rapport à l'année précédente, atteignant 1,93 milliard de dollars, tandis que la perte nette s'élevait à 1,41 milliard de dollars. L'entreprise est en bonne voie pour atteindre ses objectifs de guidance annuelle. Les développements clés incluent l'approbation de la scission de Sunrise prévue pour le 12 novembre, avec un remboursement de dette programmé de 1,5 milliard de francs suisses, et environ 900 millions de dollars de produits d'actifs attendus provenant de transactions annoncées l'année dernière. L'entreprise détient 3,5 milliards de dollars en liquidités, qui devraient tomber à environ 2 milliards de dollars d'ici la fin de l'année après une injection de capital de 1,4 milliard de dollars dans Sunrise. Liberty Global a acquis environ 8 % des actions en circulation au 25 octobre, contre un objectif de 10 % d'ici la fin de l'année.
Liberty Global hat die Ergebnisse für das 3. Quartal 2024 veröffentlicht und zeigt eine sequentielle Verbesserung der Breitband- und Mobilnetzzugänge in allen Märkten. Der Umsatz stieg im Jahresvergleich um 4,4 % auf 1,93 Milliarden Dollar, während der Nettoverlust 1,41 Milliarden Dollar betrug. Das Unternehmen ist auf dem richtigen Weg, die Jahresziele zu erreichen. Zu den wichtigsten Entwicklungen gehört die genehmigte Sunrise-Abspaltung, die für den 12. November geplant ist, mit einer geplanten Schuldenreduzierung von 1,5 Milliarden Schweizer Franken und einem erwarteten Ertrag von etwa 900 Millionen Dollar aus im letzten Jahr angekündigten Transaktionen. Das Unternehmen hält 3,5 Milliarden Dollar in bar, was voraussichtlich bis zum Jahresende auf etwa 2 Milliarden Dollar sinken wird, nachdem 1,4 Milliarden Dollar Kapital in Sunrise investiert wurden. Liberty Global hat bis zum 25. Oktober etwa 8 % der ausstehenden Aktien erworben, gegen ein Ziel von 10 % bis zum Jahresende.
- Sequential improvement in broadband and mobile net adds across markets
- Revenue increased 4.4% YoY to $1.93 billion
- Expected $900 million in asset proceeds from announced transactions
- $3.5 billion cash position
- 8% share buyback completed towards 10% target
- Net loss of $1.41 billion in Q3 2024
- Customer net losses of 12,200 in Q3
- Decline in VMO2 mobile postpaid base by 15,300
Insights
This Q3 report reveals mixed performance across Liberty Global's portfolio. Revenue grew 2.6% on a rebased basis to
Key developments include the upcoming Sunrise spin-off (November 12), with
Operating metrics show improvement in broadband and mobile subscribers across markets, though challenges persist in customer retention. The
The strategic restructuring through the Sunrise spin-off and asset monetization demonstrates Liberty Global's shift toward value creation. The focus on fiber deployment through nexfibre and Fibre Up initiatives positions the company well in the growing high-speed internet market.
Notable is the
Market response to operational improvements in key territories like VMO2 and VodafoneZiggo suggests stabilization, though competitive pressures remain significant in European markets.
Sequential improvement in aggregate broadband & postpaid mobile net adds across all markets; fiber deployments ramping in
On track to achieve all full-year guidance targets1, including Sunrise Adjusted Free Cash Flow guidance refined at Capital Markets Day
Sunrise spin approved at EGM (
Next phase of value creation post the Sunrise spin, focused on managing telecom assets for the benefit of shareholders and rotating capital into these transactions and new growth opportunities
CEO Mike Fries stated, “It was a solid quarter for our telco business operationally with sequential improvement across all markets in aggregate mobile postpaid and broadband net adds in Q3, as we begin seeing the benefits of the AI and digital tools that we're deploying to enhance the customer experience. Our fiber deployments are scaling effectively as we ramp our nexfibre and Fibre Up efforts in the
Meanwhile, we continue making significant progress on the strategies we've undertaken to unlock shareholder value. The
In terms of our Liberty Growth portfolio (previously referred to as Ventures), we will continue rotating capital out of low-growth businesses into new opportunities with secular tailwinds and scale-driven characteristics. Following a further divestment of our
In early October, VodafoneZiggo successfully completed a proactive refinancing of its 2027 maturities; our telecom businesses have no material debt repayments until 2028, and the average life of our debt stands at ~5 years3. At September 30, we had
(i) |
Including amounts held under separately managed accounts (SMAs). |
Q3 Operating Company Highlights
Sunrise (Consolidated)
Sunrise delivers another quarter of positive broadband net adds and accelerating mobile postpaid growth
Operating highlights: During Q3, Sunrise delivered a third consecutive quarter of broadband growth, achieving 1,300 net adds, primarily driven by reduced churn on the main brand. In mobile, growth in postpaid accelerated, as Sunrise delivered 43,200 postpaid net adds, supported by an improved main brand performance and reduced churn. FMC penetration of
Financial highlights: Revenue of
Telenet (Consolidated)
Telenet delivers strong financial results and an improved trend in operating performance
Operating highlights: During Q3, Telenet delivered growth in postpaid mobile net adds of 800 despite an intensely competitive market environment. The broadband base contracted by 4,000 during the quarter. The improved sequential performance was driven by the nationwide launch of Telenet's BASE FMC offer in June and the continued focus on customer centricity. FMC penetration remained stable at
Financial highlights: Revenue of
VMO2 (Non-consolidated Joint Venture)
VMO2 continues targeted investments and reaffirms 2024 guidance
Operating highlights: VMO2 delivered on both volume and value in Q3, with a return to positive fixed customer net adds of 15,000 and fixed ARPU growth of
Financial highlights (in
Financial highlights (in IFRS): Revenue of
For more information regarding the VMO2 JV, including full IFRS disclosures, please visit its investor relations page to access the Q3 earnings release.
VodafoneZiggo (Non-consolidated Joint Venture)
VodafoneZiggo delivers a Q3 performance in line with expectations and reconfirms 2024 guidance
Operating highlights: During Q3, mobile postpaid net adds grew by 2,300, driven by improved sales. The broadband base contracted by 20,400 in the quarter, as a 25,500 decline in Consumer was only partially offset by a 5,100 increase in B2B. Both mobile and fixed ARPU continued to grow in the quarter, supported by the benefit of the mobile price indexation implemented in October 2023 and the fixed price indexation in July. The FMC7 broadband households penetration increased to
Financial highlights: Revenue increased
Liberty Global Consolidated Q3 Highlights
-
Q3 revenue increased
4.4% YoY on a reported basis and2.6% on a rebased basis to$1,935.2 million -
Q3 net earnings (loss) decreased
271.5% YoY on a reported basis to ( )$1,410.9 million -
Q3 Adjusted EBITDA increased
11.8% YoY on a reported basis and9.4% on a rebased basis to$668.3 million -
Q3 property and equipment additions were
19.9% of revenue, as compared to19.7% in Q3 2023 -
Balance sheet with
of total liquidity8$5.0 billion -
Comprised of
of cash,$2.4 billion of investments held under SMAs and over$1.1 billion of unused borrowing capacity9$1.5 billion
-
Comprised of
-
Blended, fully-swapped borrowing cost of
3.44% on a debt balance of$16.0 billion
Liberty Global |
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Q3 2024 |
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Q3 2023 |
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YoY
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YoY
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YTD 2024 |
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YoY
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YoY
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Customers |
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Organic customer net losses |
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(12,200 |
) |
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(39,100 |
) |
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(50,200 |
) |
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Financial |
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(in millions, except percentages) |
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Revenue |
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$ |
1,935.2 |
|
|
$ |
1,854.5 |
|
|
4.4 |
% |
|
|
|
$ |
5,754.0 |
|
|
3.3 |
% |
|
|
Net earnings (loss) |
|
$ |
(1,410.9 |
) |
|
$ |
822.7 |
|
|
(271.5 |
%) |
|
|
|
$ |
(608.7 |
) |
|
(51.4 |
%) |
|
|
Adjusted EBITDA |
|
$ |
668.3 |
|
|
$ |
597.7 |
|
|
11.8 |
% |
|
|
|
$ |
1,854.4 |
|
|
1.7 |
% |
|
|
P&E Additions |
|
$ |
385.6 |
|
|
$ |
365.1 |
|
|
5.6 |
% |
|
|
|
$ |
1,125.4 |
|
|
1.6 |
% |
|
|
Adjusted EBITDA less P&E Additions |
|
$ |
282.7 |
|
|
$ |
232.6 |
|
|
21.5 |
% |
|
|
|
$ |
729.0 |
|
|
1.8 |
% |
|
|
|
|
|
|
|
|
|
|
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|
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Cash provided by operating activities |
|
$ |
449.5 |
|
|
$ |
327.1 |
|
|
37.4 |
% |
|
|
|
$ |
1,241.3 |
|
|
(6.4 |
%) |
|
|
Cash provided by investing activities |
|
$ |
24.2 |
|
|
$ |
519.9 |
|
|
(95.3 |
%) |
|
|
|
$ |
334.9 |
|
|
134.7 |
% |
|
|
Cash used by financing activities |
|
$ |
(176.9 |
) |
|
$ |
(638.1 |
) |
|
72.3 |
% |
|
|
|
$ |
(650.2 |
) |
|
(89.5 |
%) |
|
|
|
|
|
|
|
|
|
|
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|
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||||||||
Adjusted FCF |
|
$ |
91.1 |
|
|
$ |
(102.3 |
) |
|
189.1 |
% |
|
|
|
$ |
164.2 |
|
|
242.1 |
% |
|
|
Distributable Cash Flow |
|
$ |
91.1 |
|
|
$ |
309.4 |
|
|
(70.6 |
%) |
|
|
|
$ |
164.2 |
|
|
(81.0 |
%) |
|
|
Customer Growth
|
Three months ended |
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Nine months ended |
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September 30, |
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September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Organic customer net additions (losses) by market |
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Sunrise |
(600 |
) |
|
(11,100 |
) |
|
(2,400 |
) |
|
(16,900 |
) |
Telenet |
(8,300 |
) |
|
(21,100 |
) |
|
(35,700 |
) |
|
(49,300 |
) |
VM Ireland |
(2,200 |
) |
|
(5,100 |
) |
|
(7,600 |
) |
|
(14,400 |
) |
UPC Slovakia |
(1,100 |
) |
|
(1,800 |
) |
|
(4,500 |
) |
|
(4,300 |
) |
Total |
(12,200 |
) |
|
(39,100 |
) |
|
(50,200 |
) |
|
(84,900 |
) |
|
|
|
|
|
|
|
|
||||
VMO2 JV(i) |
15,000 |
|
|
32,500 |
|
|
(600 |
) |
|
28,700 |
|
VodafoneZiggo JV(ii) |
(33,600 |
) |
|
(38,600 |
) |
|
(100,400 |
) |
|
(76,000 |
) |
______________________
(i) |
|
Fixed-line customer counts for the VMO2 JV in 2023 exclude Upp customers. |
(ii) |
|
Fixed-line customer counts for the VodafoneZiggo JV include certain B2B customers. |
Net earnings (loss)
Net earnings (loss) was (
Financial Highlights
The following tables present (i) Revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions for each of our reportable segments, including the non-consolidated VMO2 JV and VodafoneZiggo JV, for the comparative periods and (ii) the percentage change from period to period on both a reported and rebased basis. Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA less P&E Additions are non-GAAP measures. For additional information on how these measures are defined and why we believe they are meaningful, see the Glossary.
|
Three months ended |
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Increase/(decrease) |
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Nine months ended |
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Increase/(decrease) |
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September 30, |
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|
September 30, |
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Revenue |
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2024 |
|
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|
2023 |
|
|
Reported % |
|
Rebased % |
|
|
2024 |
|
|
|
2023 |
|
|
Reported % |
|
Rebased % |
||||
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in millions, except % amounts |
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Sunrise |
$ |
865.7 |
|
|
$ |
859.3 |
|
|
0.7 |
|
|
(1.3 |
) |
|
$ |
2,535.5 |
|
|
$ |
2,482.9 |
|
|
2.1 |
|
|
(0.3 |
) |
Telenet |
|
785.2 |
|
|
|
775.2 |
|
|
1.3 |
|
|
0.3 |
|
|
|
2,302.9 |
|
|
|
2,296.7 |
|
|
0.3 |
|
|
(0.3 |
) |
VM Ireland |
|
119.8 |
|
|
|
125.5 |
|
|
(4.5 |
) |
|
(5.6 |
) |
|
|
362.8 |
|
|
|
372.4 |
|
|
(2.6 |
) |
|
(2.9 |
) |
Central and Other |
|
229.3 |
|
|
|
164.3 |
|
|
39.6 |
|
|
34.7 |
|
|
|
754.3 |
|
|
|
615.0 |
|
|
22.7 |
|
|
26.0 |
|
Intersegment eliminations(i) |
|
(64.8 |
) |
|
|
(69.8 |
) |
|
N.M. |
|
|
N.M. |
|
|
(201.5 |
) |
|
|
(196.1 |
) |
|
N.M. |
|
|
N.M. |
|
|
Total |
$ |
1,935.2 |
|
|
$ |
1,854.5 |
|
|
4.4 |
|
|
2.6 |
|
|
$ |
5,754.0 |
|
|
$ |
5,570.9 |
|
|
3.3 |
|
|
2.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
VMO2 JV(ii) |
$ |
3,512.7 |
|
|
$ |
3,503.8 |
|
|
0.3 |
|
|
(2.4 |
) |
|
$ |
10,170.9 |
|
|
$ |
10,058.0 |
|
|
1.1 |
|
|
(1.5 |
) |
VodafoneZiggo JV(ii) |
$ |
1,131.1 |
|
|
$ |
1,125.2 |
|
|
0.5 |
|
|
(0.5 |
) |
|
$ |
3,336.7 |
|
|
$ |
3,297.0 |
|
|
1.2 |
|
|
0.9 |
|
_______________
N.M. - Not Meaningful |
||
(i) |
|
Amounts primarily relate to the revenue recognized within our T&I Function related to the Tech Framework. For additional information on the Tech Framework, see the Glossary. |
(ii) |
|
Amounts reflect |
|
Three months ended |
|
Increase/(decrease) |
|
Nine months ended |
|
Increase/(decrease) |
||||||||||||||||||||
|
September 30, |
|
|
September 30, |
|
||||||||||||||||||||||
Adjusted EBITDA |
|
2024 |
|
|
|
2023 |
|
|
Reported % |
|
Rebased % |
|
|
2024 |
|
|
|
2023 |
|
|
Reported % |
|
Rebased % |
||||
|
in millions, except % amounts |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Sunrise |
$ |
318.9 |
|
|
$ |
311.0 |
|
|
2.5 |
|
|
0.3 |
|
|
$ |
886.2 |
|
|
$ |
861.1 |
|
|
2.9 |
|
|
0.5 |
|
Telenet |
|
360.9 |
|
|
|
339.8 |
|
|
6.2 |
|
|
5.2 |
|
|
|
981.2 |
|
|
|
988.7 |
|
|
(0.8 |
) |
|
(1.4 |
) |
VM Ireland |
|
41.4 |
|
|
|
45.9 |
|
|
(9.8 |
) |
|
(10.7 |
) |
|
|
127.1 |
|
|
|
134.7 |
|
|
(5.6 |
) |
|
(5.9 |
) |
Central and Other(i) |
|
(37.4 |
) |
|
|
(83.6 |
) |
|
55.3 |
|
|
51.1 |
|
|
|
(94.2 |
) |
|
|
(115.3 |
) |
|
18.3 |
|
|
27.8 |
|
Intersegment eliminations(ii) |
|
(15.5 |
) |
|
|
(15.4 |
) |
|
N.M. |
|
|
N.M. |
|
|
|
(45.9 |
) |
|
|
(45.6 |
) |
|
N.M. |
|
|
N.M. |
|
Total |
$ |
668.3 |
|
|
$ |
597.7 |
|
|
11.8 |
|
|
9.4 |
|
|
$ |
1,854.4 |
|
|
$ |
1,823.6 |
|
|
1.7 |
|
|
1.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
VMO2 JV(iii)(iv) |
$ |
1,170.9 |
|
|
$ |
1,170.9 |
|
|
— |
|
|
(2.7 |
) |
|
$ |
3,376.9 |
|
|
$ |
3,335.6 |
|
|
1.2 |
|
|
(1.3 |
) |
VodafoneZiggo JV(iii) |
$ |
527.8 |
|
|
$ |
518.3 |
|
|
1.8 |
|
|
0.8 |
|
|
$ |
1,565.5 |
|
|
$ |
1,474.7 |
|
|
6.2 |
|
|
5.8 |
|
_______________
N.M. - Not Meaningful |
||
(i) |
|
Amounts include development costs related to our internally-developed software subsequent to our decision in May 2023 to externally market such software. |
(ii) |
|
Amounts relate to the Adjusted EBITDA impact within our T&I Function related to the Tech Framework. For additional information on the Tech Framework, see the Glossary. |
(iii) |
|
Amounts reflect |
(iv) |
|
2024 amounts for the VMO2 JV include the benefit of approximately |
|
Three months ended |
|
Increase/(decrease) |
|
Nine months ended |
|
Increase/(decrease) |
||||||||||||||||||||
Adjusted EBITDA less P&E Additions |
September 30, |
|
|
September 30, |
|
||||||||||||||||||||||
|
2024 |
|
|
|
2023 |
|
|
Reported % |
|
Rebased % |
|
|
2024 |
|
|
|
2023 |
|
|
Reported % |
|
Rebased % |
|||||
|
in millions, except % amounts |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Sunrise |
$ |
190.4 |
|
|
$ |
175.6 |
|
|
8.4 |
|
|
5.9 |
|
|
$ |
467.8 |
|
|
$ |
454.3 |
|
|
3.0 |
|
|
0.8 |
|
Telenet |
|
134.3 |
|
|
|
162.7 |
|
|
(17.5 |
) |
|
(18.2 |
) |
|
|
369.7 |
|
|
|
476.6 |
|
|
(22.4 |
) |
|
(23.1 |
) |
VM Ireland |
|
(2.9 |
) |
|
|
2.5 |
|
|
(216.0 |
) |
|
(213.0 |
) |
|
|
1.8 |
|
|
|
6.7 |
|
|
(73.1 |
) |
|
(72.6 |
) |
Central and Other |
|
(39.1 |
) |
|
|
(108.2 |
) |
|
63.9 |
|
|
61.1 |
|
|
|
(110.3 |
) |
|
|
(221.7 |
) |
|
50.2 |
|
|
53.4 |
|
Total |
$ |
282.7 |
|
|
$ |
232.6 |
|
|
21.5 |
|
|
17.6 |
|
|
$ |
729.0 |
|
|
$ |
715.9 |
|
|
1.8 |
|
|
2.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
VMO2 JV(i) |
$ |
483.1 |
|
|
$ |
483.2 |
|
|
— |
|
|
(2.7 |
) |
|
$ |
1,417.3 |
|
|
$ |
1,386.5 |
|
|
2.2 |
|
|
(0.4 |
) |
VodafoneZiggo JV(i) |
$ |
312.1 |
|
|
$ |
287.5 |
|
|
8.6 |
|
|
7.5 |
|
|
$ |
850.2 |
|
|
$ |
736.9 |
|
|
15.4 |
|
|
15.0 |
|
_______________
N.M. - Not Meaningful |
||
(i) |
|
Amounts reflect |
Leverage and Liquidity
-
Total principal amount of debt and finance leases:
$16.0 billion -
Average debt tenor10: 4.1 years, with ~
10% not due until 2030 or thereafter -
Borrowing costs: Blended, fully-swapped cost of debt was
3.4% -
Liquidity:
, including (i)$5.0 billion of cash at September 30, 2024, (ii)$2.4 billion of investments held under SMAs and (iii)$1.1 billion of aggregate unused borrowing capacity under our credit facilities$1.5 billion
Forward-Looking Statements and Disclaimer
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to our strategies, future growth prospects and opportunities; expectations regarding our and our businesses' financial performance, including Revenue and Rebased Revenue, Adjusted EBITDA, Adjusted EBITDA less P&E Additions, operating and capital expenses, property and equipment additions, Adjusted Free Cash Flow, Distributable Cash Flow and ARPU metrics, as well as our and our operating companies' 2024 financial guidance, including revisions, provided by us and our operating companies and joint ventures, which includes expected capital intensity; our future strategies for maximizing and creating value for our shareholders; the anticipated spin-off of our Swiss operating company, Sunrise, including the timing of the transaction and the timing, amount and use of funds by Sunrise from the capital injection to be made by Liberty Global, as well as any anticipated dividends to be paid from Sunrise and the timing thereof; the expected drivers of future operational and financial performance at our operating companies and our joint ventures, including the use of AI technologies; our, our affiliates' and our joint ventures' plans with respect to networks, products and services and the investments in such networks, products and services, including the planned fiber upgrade programs in the
Share Repurchase Program
Our share buyback plan for 2024 authorized the repurchase of up to
About Liberty Global
Liberty Global (NASDAQ: LBTYA, LBTYB and LBTYK) is a world leader in converged broadband, video and mobile communications services. We deliver next-generation products through advanced fiber and 5G networks, and currently provide over 85 million* connections across
Liberty Global's consolidated businesses generate annual revenue of more than
Liberty Global Ventures, our global investment arm, has a portfolio of more than 75 companies and funds across the content, technology and infrastructure industries, including stakes in companies like ITV, Televisa Univision, Plume, AtlasEdge and the Formula E racing series.
* Represents aggregate consolidated and
** Revenue figures above are provided based on full year 2023 Liberty Global consolidated results and the combined as reported full year 2023 results for the VodafoneZiggo JV and full year 2023 U.S. GAAP results for the VMO2 JV.
Sunrise, Telenet, the VMO2 JV and the VodafoneZiggo JV deliver mobile services as mobile network operators. Virgin Media Ireland delivers mobile services as a mobile virtual network operator through third-party networks. UPC Slovakia delivers mobile services as a reseller of SIM cards.
Liberty Global Ltd. is listed on the Nasdaq Global Select Market under the symbols "LBTYA", "LBTYB" and "LBTYK".
Balance Sheets, Statements of Operations and Statements of Cash Flows
The condensed consolidated balance sheets, statements of operations and statements of cash flows of Liberty Global are in our 10-Q.
Rebase Information
Rebase growth percentages, which are non-GAAP measures, are presented as a basis for assessing growth rates on a comparable basis. For purposes of calculating rebase growth rates on a comparable basis for all businesses that we owned during 2024, we have adjusted our historical revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions for the three and nine months ended September 30, 2023 to (i) include the pre-acquisition revenue, Adjusted EBITDA and P&E Additions to the same extent these entities are included in our results for the three and nine months ended September 30, 2024, (ii) exclude from our rebased amounts the revenue, Adjusted EBITDA and P&E Additions of entities disposed of to the same extent these entities are excluded in our results for the three and nine months ended September 30, 2024, (iii) include in our rebased amounts the revenue and costs for the temporary elements of transitional and other services provided to iliad, Vodafone and Deutsche Telekom, to reflect amounts related to these services equal to those included in our results for the three and nine months ended September 30, 2024 and (iv) reflect the translation of our rebased amounts at the applicable average foreign currency exchange rates that were used to translate our results for the three and nine months ended September 30, 2024. We have reflected the revenue, Adjusted EBITDA and P&E Additions of these acquired entities in our 2023 rebased amounts based on what we believe to be the most reliable information that is currently available to us (generally pre-acquisition financial statements), as adjusted for the estimated effects of (a) any significant differences between
The following table provides adjustments made to the 2023 amounts (i) in aggregate for our consolidated reportable segments and (ii) for the non-consolidated VMO2 JV and VodafoneZiggo JV to derive our rebased growth rates:
|
Three months ended September 30, 2023 |
|
Nine months ended September 30, 2023 |
|||||||||||||||||
|
Revenue |
|
Adjusted
|
|
Adjusted
|
|
Revenue |
|
Adjusted
|
|
Adjusted
|
|||||||||
|
in millions |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated Liberty Global: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Acquisitions and dispositions(i) |
$ |
4.0 |
|
$ |
4.3 |
|
$ |
4.3 |
|
$ |
(14.3 |
) |
|
$ |
(12.5 |
) |
|
$ |
(12.4 |
) |
Foreign currency |
|
28.3 |
|
|
8.9 |
|
|
3.4 |
|
|
72.7 |
|
|
|
22.4 |
|
|
|
7.7 |
|
Total |
$ |
32.3 |
|
$ |
13.2 |
|
$ |
7.7 |
|
$ |
58.4 |
|
|
$ |
9.9 |
|
|
$ |
(4.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
VMO2 JV(ii): |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Foreign currency |
$ |
97.0 |
|
$ |
33.0 |
|
$ |
13.5 |
|
$ |
263.2 |
|
|
$ |
87.3 |
|
|
$ |
36.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
VodafoneZiggo JV(ii): |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Foreign currency |
$ |
0.6 |
|
$ |
5.1 |
|
$ |
2.7 |
|
$ |
10.0 |
|
|
$ |
4.3 |
|
|
$ |
2.1 |
|
_______________
(i) |
|
In addition to our acquisitions and dispositions, these rebase adjustments include amounts related to agreements to provide transitional and other services to iliad, Vodafone and Deutsche Telekom. These adjustments result in an equal amount of fees in both the 2024 and 2023 periods for those services that are deemed to be temporary in nature. |
(ii) |
|
Amounts reflect |
Liquidity
The following table(i) details the
|
Cash |
|
|
|
Unused |
|
|
||||
|
and Cash |
|
|
|
Borrowing |
|
Total |
||||
|
Equivalents |
|
SMAs(ii) |
|
Capacity(iii) |
|
Liquidity |
||||
|
in millions |
||||||||||
|
|
|
|
|
|
|
|
||||
Liberty Global and unrestricted subsidiaries |
$ |
1,261.8 |
|
$ |
1,094.5 |
|
$ |
— |
|
$ |
2,356.3 |
Telenet |
|
1,069.7 |
|
|
— |
|
|
685.6 |
|
|
1,755.3 |
Sunrise Holding |
|
11.8 |
|
|
— |
|
|
788.2 |
|
|
800.0 |
VM Ireland |
|
13.1 |
|
|
— |
|
|
111.5 |
|
|
124.6 |
Total |
$ |
2,356.4 |
|
$ |
1,094.5 |
|
$ |
1,585.3 |
|
$ |
5,036.2 |
_______________
(i) |
|
Except as otherwise indicated, the amounts reported in the table include the named entity and its subsidiaries. |
(ii) |
|
Represents investments held under SMAs which are maintained by investment managers acting as agents on our behalf. |
(iii) |
|
Our aggregate unused borrowing capacity of |
Summary of Debt & Finance Lease Obligations
The following table(i) details the September 30, 2024 U.S. dollar equivalents of the (i) outstanding principal amounts of our debt and finance lease obligations, (ii) expected principal-related derivative cash payments or receipts and (iii) swapped principal amounts of our debt and finance lease obligations:
|
|
|
Finance |
|
Total Debt |
|
Principal Related |
|
Swapped Debt |
||||||
|
|
|
Lease |
|
& Finance Lease |
|
Derivative |
|
& Finance Lease |
||||||
|
Debt(ii) |
|
Obligations |
|
Obligations |
|
Cash Payments |
|
Obligations |
||||||
|
in millions |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||
Sunrise Holding |
$ |
6,536.2 |
|
$ |
28.5 |
|
$ |
6,564.7 |
|
$ |
718.4 |
|
|
$ |
7,283.1 |
Telenet |
|
6,998.8 |
|
|
3.2 |
|
|
7,002.0 |
|
|
(34.8 |
) |
|
|
6,967.2 |
VM Ireland |
|
1,003.4 |
|
|
— |
|
|
1,003.4 |
|
|
— |
|
|
|
1,003.4 |
Other(iii) |
|
1,411.8 |
|
|
20.7 |
|
|
1,432.5 |
|
|
— |
|
|
|
1,432.5 |
Total |
$ |
15,950.2 |
|
$ |
52.4 |
|
$ |
16,002.6 |
|
$ |
683.6 |
|
|
$ |
16,686.2 |
_______________
(i) |
|
Except as otherwise indicated, the amounts reported in the table include the named entity and its subsidiaries. |
(ii) |
|
Debt amounts for Sunrise Holding include notes issued by special purpose entities that are consolidated by Sunrise Holding. |
(iii) |
|
Debt amount includes a loan of |
Property and Equipment Additions and Capital Expenditures
The table below highlights the categories of property and equipment additions for the indicated periods and reconciles those additions to the capital expenditures that are presented in the condensed consolidated statements of cash flows in our 10-Q.
|
Three months ended |
|
Nine months ended |
||||||||||||
|
September 30, |
|
September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
in millions, except % amounts |
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Customer premises equipment (CPE) |
$ |
49.7 |
|
|
$ |
61.9 |
|
|
$ |
153.9 |
|
|
$ |
201.9 |
|
New build & upgrade |
|
108.0 |
|
|
|
62.8 |
|
|
|
255.0 |
|
|
|
144.6 |
|
Capacity |
|
58.0 |
|
|
|
51.3 |
|
|
|
146.8 |
|
|
|
145.8 |
|
Baseline |
|
97.7 |
|
|
|
100.5 |
|
|
|
358.8 |
|
|
|
334.3 |
|
Product & enablers |
|
72.2 |
|
|
|
88.6 |
|
|
|
210.9 |
|
|
|
281.1 |
|
Total property and equipment additions |
|
385.6 |
|
|
|
365.1 |
|
|
|
1,125.4 |
|
|
|
1,107.7 |
|
Reconciliation of property and equipment additions to capital expenditures: |
|
|
|
|
|
|
|
||||||||
Assets acquired under capital-related vendor financing arrangements(i) |
|
(32.5 |
) |
|
|
(31.6 |
) |
|
|
(98.8 |
) |
|
|
(129.9 |
) |
Assets acquired under finance leases |
|
— |
|
|
|
(3.9 |
) |
|
|
(0.6 |
) |
|
|
(20.8 |
) |
Changes in current liabilities related to capital expenditures |
|
(6.0 |
) |
|
|
(1.8 |
) |
|
|
(38.8 |
) |
|
|
59.2 |
|
Total capital expenditures, net(ii) |
$ |
347.1 |
|
|
$ |
327.8 |
|
|
$ |
987.2 |
|
|
$ |
1,016.2 |
|
|
|
|
|
|
|
|
|
||||||||
Property and equipment additions as % of revenue |
|
19.9 |
% |
|
|
19.7 |
% |
|
|
19.6 |
% |
|
|
19.9 |
% |
_______________
(i) |
|
Amounts exclude related VAT of |
(ii) |
|
The capital expenditures that we report in our condensed consolidated statements of cash flows do not include amounts that are financed under vendor financing or finance lease arrangements. Instead, these expenditures are reflected as non-cash additions to our property and equipment when the underlying assets are delivered, and as repayments of debt when the related principal is repaid. |
ARPU per Fixed Customer Relationship
The following table provides ARPU per fixed customer relationship and percentage change from period to period on both a reported and rebased basis for the indicated periods:
|
ARPU per Fixed Customer Relationship |
||||||||||||
|
Three months ended September 30, |
|
Increase/(decrease) |
||||||||||
|
2024 |
|
2023 |
|
Reported % |
|
Rebased % |
||||||
|
|
|
|
|
|
|
|
|
|
||||
Liberty Global |
$ |
67.89 |
|
$ |
67.56 |
|
0.5 |
% |
|
(0.9 |
%) |
||
VM Ireland |
€ |
61.76 |
|
|
€ |
63.03 |
|
|
(2.0 |
%) |
|
(2.0 |
%) |
Telenet |
€ |
63.86 |
|
|
€ |
62.46 |
|
|
2.2 |
% |
|
2.2 |
% |
Sunrise Holding |
€ |
59.29 |
|
|
€ |
61.39 |
|
|
(3.4 |
%) |
|
(4.4 |
%) |
Mobile ARPU
The following tables provide ARPU per mobile subscriber and percentage change from period to period on both a reported and rebased basis for the indicated periods:
|
ARPU per Mobile Subscriber |
||||||||||||
|
Three months ended September 30, |
|
Increase/(decrease) |
||||||||||
|
2024 |
|
2023 |
|
Reported % |
|
Rebased % |
||||||
|
|
|
|
|
|
|
|
||||||
Liberty Global: |
|
|
|
|
|
|
|
||||||
Including interconnect revenue |
$ |
27.62 |
|
$ |
26.81 |
|
3.0 |
% |
|
(3.9 |
%) |
||
Excluding interconnect revenue |
$ |
25.75 |
|
|
$ |
25.03 |
|
|
2.9 |
% |
|
(3.3 |
%) |
|
Operating Data — September 30, 2024 |
|||||||||||||||
|
Homes Passed |
|
Fixed-Line
|
|
Internet
|
|
Video
|
|
Telephony
|
|
Total
|
|
|
Postpaid Mobile
|
|
Total Mobile
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Liberty Global: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sunrise(v) |
2,745,100 |
|
1,469,100 |
|
1,194,100 |
|
1,181,700 |
|
893,300 |
|
3,269,100 |
|
|
2,569,200 |
|
2,914,800 |
Telenet(vi) |
4,157,800 |
|
1,971,800 |
|
1,715,600 |
|
1,603,000 |
|
870,100 |
|
4,188,700 |
|
|
2,676,800 |
|
2,880,600 |
VM Ireland |
998,600 |
|
395,200 |
|
364,100 |
|
213,000 |
|
164,400 |
|
741,500 |
|
|
137,100 |
|
137,100 |
UPC Slovakia |
644,500 |
|
172,700 |
|
142,500 |
|
153,400 |
|
86,100 |
|
382,000 |
|
|
— |
|
— |
Total Liberty Global |
8,546,000 |
|
4,008,800 |
|
3,416,300 |
|
3,151,100 |
|
2,013,900 |
|
8,581,300 |
|
|
5,383,100 |
|
5,932,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VMO2 JV(vii) |
16,212,900 |
|
5,826,200 |
|
5,726,900 |
|
|
|
|
|
12,402,500 |
|
|
15,854,900 |
|
35,483,900 |
VodafoneZiggo JV(viii) |
7,558,100 |
|
3,452,600 |
|
3,137,600 |
|
3,426,100 |
|
1,322,100 |
|
7,885,800 |
|
|
5,298,400 |
|
5,580,500 |
|
Subscriber Variance Table — September 30, 2024 vs. June 30, 2024 |
|||||||||||||||||||||||
|
Homes Passed |
|
Fixed-Line
Relationships |
|
Internet Subscribers(ii) |
|
Video Subscribers(i) |
|
Telephony Subscribers(iii) |
|
Total RGUs |
|
|
Postpaid Mobile Subscribers |
|
Total Mobile Subscribers(iv) |
||||||||
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Organic Change Summary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Consolidated Liberty Global: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sunrise(v) |
2,900 |
|
|
(600 |
) |
|
1,300 |
|
|
(8,000 |
) |
|
(15,500 |
) |
|
(22,200 |
) |
|
|
43,200 |
|
|
34,500 |
|
Telenet(vi) |
23,300 |
|
|
(8,300 |
) |
|
(4,000 |
) |
|
(16,400 |
) |
|
(22,200 |
) |
|
(42,600 |
) |
|
|
800 |
|
|
(9,500 |
) |
VM Ireland |
4,700 |
|
|
(2,200 |
) |
|
(1,300 |
) |
|
(4,200 |
) |
|
(11,800 |
) |
|
(17,300 |
) |
|
|
1,500 |
|
|
1,500 |
|
UPC Slovakia |
700 |
|
|
(1,100 |
) |
|
(500 |
) |
|
(2,500 |
) |
|
(400 |
) |
|
(3,400 |
) |
|
|
— |
|
|
— |
|
Total Liberty Global |
31,600 |
|
|
(12,200 |
) |
|
(4,500 |
) |
|
(31,100 |
) |
|
(49,900 |
) |
|
(85,500 |
) |
|
|
45,500 |
|
|
26,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Q3 2024 Liberty Global Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sunrise |
8,900 |
|
|
3,500 |
|
|
1,200 |
|
|
3,400 |
|
|
600 |
|
|
5,200 |
|
|
|
— |
|
|
— |
|
Telenet |
(67,900 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
Total adjustments |
(59,000 |
) |
|
3,500 |
|
|
1,200 |
|
|
3,400 |
|
|
600 |
|
|
5,200 |
|
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
VMO2 JV(vii) |
3,200 |
|
|
15,000 |
|
|
16,200 |
|
|
|
|
|
|
(103,200 |
) |
|
|
(15,300 |
) |
|
(172,600 |
) |
||
VodafoneZiggo JV(viii) |
8,600 |
|
|
(33,600 |
) |
|
(20,400 |
) |
|
(33,800 |
) |
|
(57,500 |
) |
|
(111,700 |
) |
|
|
2,300 |
|
|
(35,000 |
) |
Footnotes for Operating Data and Subscriber Variance Tables
(i) |
|
At Sunrise, we offer a 10 Mbps internet service to our Video Subscribers without an incremental recurring fee. Our Internet Subscribers at Sunrise include approximately 37,900 subscribers who have requested and received this service. |
(ii) |
|
We have approximately 27,500 “lifeline” customers that are counted on a per connection basis, representing the least expensive regulated tier of video service, with only a few channels. |
(iii) |
|
At Sunrise, we offer a basic phone service to our Video Subscribers without an incremental recurring fee. Our Telephony Subscribers at Sunrise include approximately 50,400 subscribers who have requested and received this service. |
(iv) |
|
In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts. As of September 30, 2024, our mobile subscriber count included approximately 345,600, 203,800, 7,622,600 and 282,100 prepaid mobile subscribers at Sunrise, Telenet, the VMO2 JV and the VodafoneZiggo JV, respectively. Prepaid mobile customers are excluded from the VMO2 JV's and the VodafoneZiggo JV's mobile subscriber counts after a period of inactivity of three months and nine months, respectively. The mobile subscriber count for the VMO2 JV includes IoT connections, which are Machine-to-Machine contract mobile connections, including Smart Metering contract connections. The mobile subscriber count presented above for the VMO2 JV excludes wholesale mobile connections of approximately 9,928,200 that are included in the total mobile subscriber count as defined and presented by the VMO2 JV. |
(v) |
|
Pursuant to service agreements, Sunrise offers broadband internet, video and telephony services over networks owned by third-party operators (“partner networks”), and following the acquisition of Sunrise, also services homes through Sunrise's existing agreements with Swisscom, Swiss Fibre Net and local utilities. Under these agreements, RGUs are only recognized if there is a direct billing relationship with the customer. Homes passed or serviceable through the above service agreements are not included in Sunrise's homes passed count as we do not own these networks. Including these arrangements, our operations at Sunrise have the ability to offer fixed services to the national footprint. |
(vi) |
|
Includes our business in Luxembourg as a result of Telenet's January 2023 acquisition of Eltrona. |
(vii) |
|
Fixed-line customer counts for the VMO2 JV exclude Upp customers. |
(viii) |
|
Fixed-line counts for the VodafoneZiggo JV include certain B2B customers and subscribers. |
Additional General Notes to Tables:
Most of our broadband communications subsidiaries provide broadband internet, telephony, data, video or other B2B services. Certain of our B2B revenue is derived from SOHO subscribers that pay a premium price to receive enhanced service levels along with internet, video or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers. All mass marketed products provided to SOHOs, whether or not accompanied by enhanced service levels and/or premium prices, are included in the respective RGU and customer counts of our broadband communications operations, with only those services provided at premium prices considered to be “SOHO RGUs” or “SOHO customers”. To the extent our existing customers upgrade from a residential product offering to a SOHO product offering, the number of SOHO RGUs or SOHO customers will increase, but there is no impact to our total RGU or customer counts. With the exception of our B2B SOHO subscribers and mobile subscribers at medium and large enterprises, we generally do not count customers of B2B services as customers or RGUs for external reporting purposes.
In
While we take appropriate steps to ensure that subscriber statistics are presented on a consistent and accurate basis at any given balance sheet date, the variability from country to country in (i) the nature and pricing of products and services, (ii) the distribution platform, (iii) billing systems, (iv) bad debt collection experience and (v) other factors add complexity to the subscriber counting process. We periodically review our subscriber counting policies and underlying systems to improve the accuracy and consistency of the data reported on a prospective basis. Accordingly, we may from time to time make appropriate adjustments to our subscriber statistics based on those reviews.
Subscriber information for acquired entities is preliminary and subject to adjustment until we have completed our review of such information and determined that it is presented in accordance with our policies.
Footnotes
1 |
|
Quantitative reconciliations to net earnings/loss (including net earnings/loss growth rates) and cash flow from operating activities for Adjusted EBITDA, Adjusted EBITDAaL, and Adjusted FCF guidance cannot be provided without unreasonable efforts as we do not forecast (i) certain non-cash charges including: the components of non-operating income/expense, depreciation and amortization, and impairment, restructuring and other operating items included in net earnings/loss from continuing operations, nor (ii) specific changes in working capital that impact cash flows from operating activities. The items we do not forecast may vary significantly from period to period. |
2 |
|
Includes (i) |
3 |
|
Includes both our consolidated operations and non-consolidated VMO2 and VodafoneZiggo JVs. |
4 |
|
The indicated growth rates are rebased for acquisitions, dispositions, FX and other items that impact the comparability of our year-over-year results. See the Rebase Information section for more information on rebased growth. |
5 |
|
Costs to capture generally include incremental, third-party operating and capital related costs that are directly associated with integration activities, restructuring activities and certain other costs associated with aligning an acquiree to our business processes to derive synergies. These costs are necessary to combine the operations of a business being acquired (or joint venture being formed) with ours or are incidental to the acquisition. As a result, costs to capture may include certain (i) operating costs that are included in Adjusted EBITDA, (ii) capital-related costs that are included in property and equipment additions and Adjusted EBITDA less P&E Additions and (iii) certain integration-related restructuring expenses that are not included within Adjusted EBITDA or Adjusted EBITDA less P&E Additions. Given the achievement of synergies occurs over time, certain of our costs to capture are recurring by nature, and generally incurred within a few years of completing the transaction. |
6 |
|
This release includes the actual |
7 |
|
Converged households or converged SIMs represent customers in either our Consumer or SOHO segment that subscribe to both a fixed-line digital TV and an internet service and Vodafone and/or hollandsnieuwe postpaid mobile telephony service. |
8 |
|
Liquidity refers to cash and cash equivalents and investments held under separately managed accounts plus the maximum undrawn commitments under subsidiary borrowing facilities, without regard to covenant compliance calculations or other conditions precedent to borrowing. |
9 |
|
Our aggregate unused borrowing capacity of |
10 |
|
For purposes of calculating our average tenor, total third-party debt excludes vendor financing, certain debt obligations that we assumed in connection with various acquisitions, and liabilities related to Telenet's acquisition of mobile spectrum licenses. The percentage of debt not due until 2030 or thereafter includes all of these amounts. |
11 |
|
The |
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
||||
|
in millions |
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Revenue: |
|
|
|
|
|
|
|
||||||||
|
$ |
3,512.7 |
|
|
$ |
3,503.8 |
|
$ |
10,170.9 |
|
|
$ |
10,058.0 |
||
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
IFRS revenue |
$ |
3,512.7 |
|
|
$ |
3,503.8 |
|
|
$ |
10,170.9 |
|
|
$ |
10,058.0 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA: |
|
|
|
|
|
|
|
||||||||
|
$ |
1,170.9 |
|
|
$ |
1,170.9 |
|
|
$ |
3,376.9 |
|
|
$ |
3,335.6 |
|
|
|
121.1 |
|
|
|
123.5 |
|
|
|
336.1 |
|
|
|
334.0 |
|
IFRS Adjusted EBITDA (including costs to capture) |
$ |
1,292.0 |
|
|
$ |
1,294.4 |
|
|
$ |
3,713.0 |
|
|
$ |
3,669.6 |
|
|
|
|
|
|
|
|
|
||||||||
P&E Additions: |
|
|
|
|
|
|
|
||||||||
|
$ |
687.8 |
|
|
$ |
687.7 |
|
|
$ |
1,959.6 |
|
|
$ |
1,949.1 |
|
|
|
368.5 |
|
|
|
70.3 |
|
|
|
628.2 |
|
|
|
182.7 |
|
IFRS P&E Additions (including costs to capture) |
$ |
1,056.3 |
|
|
$ |
758.0 |
|
|
$ |
2,587.8 |
|
|
$ |
2,131.8 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA less P&E Additions: |
|
|
|
|
|
|
|
||||||||
|
$ |
483.1 |
|
|
$ |
483.2 |
|
|
$ |
1,417.3 |
|
|
$ |
1,386.5 |
|
|
|
(247.4 |
) |
|
|
53.2 |
|
|
|
(292.1 |
) |
|
|
151.3 |
|
IFRS Adjusted EBITDA less P&E Additions (including costs to capture) |
$ |
235.7 |
|
|
$ |
536.4 |
|
|
$ |
1,125.2 |
|
|
$ |
1,537.8 |
|
_______________
(i) |
|
|
Glossary
10-Q or 10-K: As used herein, the terms 10-Q and 10-K refer to our most recent quarterly or annual report as filed with the Securities and Exchange Commission on Form 10-Q or Form 10-K, as applicable.
Adjusted EBITDA, Adjusted EBITDA less P&E Additions and Property and Equipment Additions (P&E Additions):
-
Adjusted EBITDA: Adjusted EBITDA is the primary measure used by our chief operating decision maker to evaluate segment operating performance and is also a key factor that is used by our internal decision makers to (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of our management for purposes of annual and other incentive compensation plans. As we use the term, Adjusted EBITDA is defined as net earnings (loss) before net income tax benefit (expense), other non-operating income or expenses, net share of results of affiliates, net gains (losses) on debt extinguishment, net realized and unrealized gains (losses) due to changes in fair values of certain investments, net foreign currency transaction gains (losses), net gains (losses) on derivative instruments, net interest expense, depreciation and amortization, share-based compensation, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (a) gains and losses on the disposition of long-lived assets, (b) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (c) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Our internal decision makers believe Adjusted EBITDA 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 (1) readily view operating trends, (2) perform analytical comparisons and benchmarking between segments and (3) identify strategies to improve operating performance in the different countries in which we operate. We believe our consolidated Adjusted EBITDA measure, which is a non-GAAP measure, is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Consolidated Adjusted EBITDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for,
U.S. GAAP measures of income included in our condensed consolidated statements of operations.
-
Adjusted EBITDA less P&E Additions: We define Adjusted EBITDA less P&E Additions, which is a non-GAAP measure, as Adjusted EBITDA less P&E Additions on an accrual basis. Adjusted EBITDA less P&E Additions is a meaningful measure because it provides (i) a transparent view of Adjusted EBITDA that remains after our capital spend, which we believe is important to take into account when evaluating our overall performance and (ii) a comparable view of our performance relative to other telecommunications companies. Our Adjusted EBITDA less P&E Additions measure may differ from how other companies define and apply their definition of similar measures. Adjusted EBITDA less P&E Additions should be viewed as a measure of operating performance that is a supplement to, and not a substitute for,
U.S. GAAP measures of income included in our condensed consolidated statements of operations.
- P&E Additions: Includes capital expenditures on an accrual basis, amounts financed under vendor financing or finance lease arrangements and other non-cash additions. A reconciliation of net earnings (loss) to Adjusted EBITDA less P&E Additions is presented in the following table:
|
Three months ended |
|
Nine months ended |
||||||||||||
|
September 30, |
|
September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
in millions |
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Net earnings (loss) |
$ |
(1,410.9 |
) |
|
$ |
822.7 |
|
|
$ |
(608.7 |
) |
|
$ |
(402.1 |
) |
Income tax expense (benefit) |
|
0.9 |
|
|
|
(1.7 |
) |
|
|
88.5 |
|
|
|
170.0 |
|
Other income, net |
|
(63.9 |
) |
|
|
(39.8 |
) |
|
|
(191.1 |
) |
|
|
(159.5 |
) |
Gain associated with the Telenet Wyre Transaction |
|
— |
|
|
|
(377.8 |
) |
|
|
— |
|
|
|
(377.8 |
) |
Gain on sale of All3Media |
|
— |
|
|
|
— |
|
|
|
(242.9 |
) |
|
|
— |
|
Share of results of affiliates, net |
|
133.0 |
|
|
|
240.8 |
|
|
|
166.6 |
|
|
|
341.1 |
|
Realized and unrealized losses (gains) due to changes in fair values of certain investments, net |
|
45.9 |
|
|
|
(71.5 |
) |
|
|
(38.9 |
) |
|
|
344.8 |
|
Foreign currency transaction losses (gains), net |
|
578.3 |
|
|
|
(664.4 |
) |
|
|
280.3 |
|
|
|
(417.9 |
) |
Realized and unrealized losses (gains) on derivative instruments, net |
|
566.8 |
|
|
|
(177.1 |
) |
|
|
(67.0 |
) |
|
|
(193.8 |
) |
Interest expense |
|
251.2 |
|
|
|
241.4 |
|
|
|
756.2 |
|
|
|
656.0 |
|
Operating income (loss) |
|
101.3 |
|
|
|
(27.4 |
) |
|
|
143.0 |
|
|
|
(39.2 |
) |
Impairment, restructuring and other operating items, net |
|
13.5 |
|
|
|
(13.7 |
) |
|
|
51.7 |
|
|
|
6.6 |
|
Depreciation and amortization |
|
500.6 |
|
|
|
584.0 |
|
|
|
1,512.7 |
|
|
|
1,681.8 |
|
Share-based compensation expense |
|
52.9 |
|
|
|
54.8 |
|
|
|
147.0 |
|
|
|
174.4 |
|
Adjusted EBITDA |
|
668.3 |
|
|
|
597.7 |
|
|
|
1,854.4 |
|
|
|
1,823.6 |
|
P&E Additions |
|
(385.6 |
) |
|
|
(365.1 |
) |
|
|
(1,125.4 |
) |
|
|
(1,107.7 |
) |
Adjusted EBITDA less P&E Additions |
$ |
282.7 |
|
|
$ |
232.6 |
|
|
$ |
729.0 |
|
|
$ |
715.9 |
|
Adjusted EBITDA after leases (Adjusted EBITDAaL): We define Adjusted EBITDAaL as Adjusted EBITDA as further adjusted to include finance lease related depreciation and interest expense. Our internal decision makers believe Adjusted EBITDAaL is a meaningful measure because it represents a transparent view of our recurring operating performance that includes recurring lease expenses necessary to operate our business. We believe Adjusted EBITDAaL, which is a non-GAAP measure, is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Adjusted EBITDAaL should be viewed as a measure of operating performance that is a supplement to, and not a substitute for,
Adjusted Free Cash Flow (Adjusted FCF) & Distributable Cash Flow:
-
Adjusted FCF: We define Adjusted FCF as net cash provided by operating activities, plus operating-related vendor financed expenses (which represents an increase in the period to our actual cash available as a result of extending vendor payment terms beyond normal payment terms, which are typically 90 days or less, through non-cash financing activities), less (i) cash payments in the period for capital expenditures, (ii) principal payments on operating- and capital-related amounts financed by vendors and intermediaries (which represents a decrease in the period to our actual cash available as a result of paying amounts to vendors and intermediaries where we previously had extended vendor payments beyond the normal payment terms), and (iii) principal payments on finance leases (which represents a decrease in the period to our actual cash available), each as reported in our condensed consolidated statements of cash flows. Net cash provided by operating activities includes cash paid for third-party costs directly associated with successful and unsuccessful acquisition and dispositions of
and$1.7 million during the three months ended September 30, 2024 and 2023, respectively, and$7.7 million and$7.6 million during the nine months ended September 30, 2024 and 2023, respectively.$23.8 million
-
Distributable Cash Flow: We define Distributable Cash Flow as Adjusted FCF plus any dividends received from our equity affiliates that are funded by activities outside of their normal course of operations, including, for example, those funded by recapitalizations (referred to as “Other Affiliate Dividends”).
We believe our presentation of Adjusted FCF and Distributable Cash Flow, each of which is a non-GAAP measure, provides useful information to our investors because these measures can be used to gauge our ability to (i) service debt and (ii) fund new investment opportunities after consideration of all actual cash payments related to our working capital activities and expenses that are capital in nature, whether paid inside normal vendor payment terms or paid later outside normal vendor payment terms (in which case we typically pay in less than 365 days). Adjusted FCF and Distributable Cash Flow should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, that are not deducted to arrive at these amounts. Investors should view Adjusted FCF and Distributable Cash Flow as supplements to, and not substitutes for,U.S. GAAP measures of liquidity included in our condensed consolidated statements of cash flows. Further, our Adjusted FCF and Distributable Cash Flow may differ from how other companies define and apply their definition of Adjusted FCF or other similar measures. The following table provides a reconciliation of our net cash provided by operating activities to Adjusted FCF and Distributable Cash Flow for the indicated periods.
|
Three months ended |
|
Nine months ended |
||||||||||||
|
September 30, |
|
September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
in millions |
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Net cash provided by operating activities |
$ |
449.5 |
|
|
$ |
327.1 |
|
|
$ |
1,241.3 |
|
|
$ |
1,326.7 |
|
Operating-related vendor financing additions(i) |
|
255.0 |
|
|
|
167.8 |
|
|
|
579.4 |
|
|
|
444.5 |
|
Cash capital expenditures, net |
|
(347.1 |
) |
|
|
(327.8 |
) |
|
|
(987.2 |
) |
|
|
(1,016.2 |
) |
Principal payments on operating-related vendor financing |
|
(216.0 |
) |
|
|
(202.0 |
) |
|
|
(538.1 |
) |
|
|
(470.9 |
) |
Principal payments on capital-related vendor financing |
|
(47.5 |
) |
|
|
(48.6 |
) |
|
|
(122.8 |
) |
|
|
(210.8 |
) |
Principal payments on finance leases |
|
(2.8 |
) |
|
|
(18.8 |
) |
|
|
(8.4 |
) |
|
|
(25.3 |
) |
Adjusted FCF |
|
91.1 |
|
|
|
(102.3 |
) |
|
|
164.2 |
|
|
|
48.0 |
|
Other affiliate dividends |
|
— |
|
|
|
411.7 |
|
|
|
— |
|
|
|
815.2 |
|
Distributable Cash Flow |
$ |
91.1 |
|
|
$ |
309.4 |
|
|
$ |
164.2 |
|
|
$ |
863.2 |
|
_______________
(i) |
For purposes of our condensed consolidated statements of cash flows, operating-related vendor financing additions represent operating-related expenses financed by an intermediary that are treated as constructive operating cash outflows and constructive financing cash inflows when the intermediary settles the liability with the vendor. When we pay the financing intermediary, we record financing cash outflows in our condensed consolidated statements of cash flows. For purposes of our Adjusted FCF definition, we (i) add in the constructive financing cash inflow when the intermediary settles the liability with the vendor as our actual net cash available at that time is not affected and (ii) subsequently deduct the related financing cash outflow when we actually pay the financing intermediary, reflecting the actual reduction to our cash available to service debt or fund new investment opportunities. |
ARPU: Average Revenue Per Unit is the average monthly subscription revenue per average fixed customer relationship or mobile subscriber, as applicable. ARPU per average fixed-line customer relationship is calculated by dividing the average monthly subscription revenue from residential fixed and SOHO services by the average number of fixed-line customer relationships for the period. ARPU per average mobile subscriber is calculated by dividing mobile subscription revenue for the indicated period by the average number of mobile subscribers for the period. Unless otherwise indicated, ARPU per fixed customer relationship or mobile subscriber is not adjusted for currency impacts. ARPU per RGU refers to average monthly revenue per average RGU, which is calculated by dividing the average monthly subscription revenue from residential and SOHO services for the indicated period, by the average number of the applicable RGUs for the period. Unless otherwise noted, ARPU in this release is considered to be ARPU per average fixed customer relationship or mobile subscriber, as applicable. Fixed-line customer relationships, mobile subscribers and RGUs of entities acquired during the period are normalized. In addition, for purposes of calculating the percentage change in ARPU on a rebased basis, which is a non-GAAP measure, we adjust the prior-year subscription revenue, fixed-line customer relationships, mobile subscribers and RGUs, as applicable, to reflect acquisitions, dispositions and FX on a comparable basis with the current year, consistent with how we calculate our rebased growth for revenue and Adjusted EBITDA, as further described in the body of this release.
ARPU per Mobile Subscriber: Our ARPU per mobile subscriber calculation that excludes interconnect revenue refers to the average monthly mobile subscription revenue per average mobile subscriber and is calculated by dividing the average monthly mobile subscription revenue (excluding handset sales and late fees) for the indicated period, by the monthly average of the opening and closing balances of mobile subscribers in service for the period. Our ARPU per mobile subscriber calculation that includes interconnect revenue increases the numerator in the above-described calculation by the amount of mobile interconnect revenue during the period.
Blended, fully-swapped debt borrowing cost (or WACD): The weighted average interest rate on our aggregate variable- and fixed-rate indebtedness (excluding finance leases and including vendor financing obligations), including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of financing costs. The weighted average interest rate calculation includes principal amounts outstanding associated with all of our secured and unsecured borrowings.
B2B: Business-to-Business.
Customer Churn: The rate at which customers relinquish their subscriptions. The annual rolling average basis is calculated by dividing the number of disconnects during the preceding 12 months by the average number of customer relationships. For the purpose of computing churn, a disconnect is deemed to have occurred if the customer no longer receives any level of service from us and is required to return our equipment. A partial product downgrade, typically used to encourage customers to pay an outstanding bill and avoid complete service disconnection, is not considered to be disconnected for purposes of our churn calculations. Customers who move within our footprint and upgrades and downgrades between services are also excluded from the disconnect figures used in the churn calculation.
Debt and Net Debt Ratios: Our debt and net debt ratios, which are non-GAAP metrics, are defined as total debt and net debt, respectively, divided by reported net loss for the last twelve months (reported LTM net loss) and Adjusted EBITDA for the last twelve months (LTM Adjusted EBITDA). Net debt is defined as total debt less cash and cash equivalents and investments held under SMAs. For purposes of these calculations, debt is measured using swapped foreign currency rates, consistent with the covenant calculation requirements of our subsidiary debt agreements. The following table details the calculation of our debt and net debt to reported LTM net loss and LTM Adjusted EBITDA ratios as of and for the twelve months ended September 30, 2024 (in millions, except ratios):
Reconciliation of reported LTM net loss to LTM Adjusted EBITDA: |
|
||
Reported LTM net loss |
$ |
(4,080.4 |
) |
Income tax expense |
|
68.1 |
|
Other income, net |
|
(257.1 |
) |
Gain on sale of All3Media |
|
(242.9 |
) |
Share of results of affiliates, net |
|
1,844.8 |
|
Loss on debt extinguishment, net |
|
1.4 |
|
Realized and unrealized loss due to changes in fair values of certain investments, net |
|
173.6 |
|
Foreign currency transaction loss, net |
|
769.0 |
|
Realized and unrealized loss on derivative instruments, net |
|
653.1 |
|
Interest expense |
|
1,008.1 |
|
Operating loss |
|
(62.3 |
) |
Impairment, restructuring and other operating items, net |
|
113.0 |
|
Depreciation and amortization |
|
2,146.1 |
|
Share-based compensation expense |
|
203.6 |
|
LTM Adjusted EBITDA |
$ |
2,400.4 |
|
|
|
||
Debt to reported LTM net loss and LTM Adjusted EBITDA: |
|
||
Debt and finance lease obligations before deferred financing costs, discounts and premiums |
$ |
16,002.6 |
|
Principal related projected derivative cash payments |
|
683.6 |
|
Vodafone Collar Loan |
|
(1,402.4 |
) |
Adjusted debt and finance lease obligations before deferred financing costs, discounts and premiums |
$ |
15,283.8 |
|
|
|
||
Reported LTM net loss |
$ |
(4,080.4 |
) |
Debt to reported LTM net loss ratio |
|
(3.7 |
) |
|
|
||
LTM Adjusted EBITDA |
$ |
2,400.4 |
|
Debt to LTM Adjusted EBITDA ratio |
|
6.4 |
|
|
|
||
Net Debt to reported LTM net loss and LTM Adjusted EBITDA: |
|
||
Adjusted debt and finance lease obligations before deferred financing costs, discounts and premiums |
$ |
15,283.8 |
|
Cash and cash equivalents and investments held under SMAs |
|
(3,450.9 |
) |
Adjusted net debt and finance lease obligations before deferred financing costs, discounts and premiums |
$ |
11,832.9 |
|
|
|
||
Reported LTM net loss |
$ |
(4,080.4 |
) |
Net debt to reported LTM net loss ratio |
|
(2.9 |
) |
|
|
||
LTM Adjusted EBITDA |
$ |
2,400.4 |
|
Net debt to LTM Adjusted EBITDA ratio |
|
4.9 |
|
Fixed-Line Customer Relationships: The number of customers who receive at least one of our internet, video or telephony services that we count as RGUs, without regard to which or to how many services they subscribe. Fixed-Line Customer Relationships generally are counted on a unique premises basis. Accordingly, if an individual receives our services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two Fixed-Line Customer Relationships. We exclude mobile-only customers from Fixed-Line Customer Relationships.
Fixed-Mobile Convergence (FMC): Fixed-mobile convergence penetration represents the number of customers who subscribe to both a fixed broadband internet service and postpaid mobile telephony service, divided by the total number of customers who subscribe to our fixed broadband internet service.
Homes Passed: Homes, residential multiple dwelling units or commercial units that can be connected to our networks without materially extending the distribution plant. Certain of our Homes Passed counts are based on census data that can change based on either revisions to the data or from new census results.
Internet Subscriber: A home, residential multiple dwelling unit or commercial unit that receives internet services over our networks, or that we service through a partner network.
Lightning Premises: Includes homes, residential multiple dwelling units and commercial premises that potentially could subscribe to our residential or SOHO services, which have been connected to the VMO2 JV's networks in the
Mobile Subscriber Count: For residential and business subscribers, the number of active SIM cards in service rather than services provided. For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber. Alternatively, a subscriber who has a voice and data plan for a mobile handset and a data plan for a laptop would be counted as two mobile subscribers. Customers who do not pay a recurring monthly fee are excluded from our mobile telephony subscriber counts after periods of inactivity ranging from 30 to 90 days, based on industry standards within the respective country. In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts.
MVNO: Mobile Virtual Network Operator.
RGU: A Revenue Generating Unit is separately an Internet Subscriber, Video Subscriber or Telephony Subscriber. A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUs. For example, if a residential customer subscribed to our broadband internet service, video service and fixed-line telephony service, the customer would constitute three RGUs. Total RGUs is the sum of Internet, Video and Telephony Subscribers. RGUs generally are counted on a unique premises basis such that a given premise does not count as more than one RGU for any given service. On the other hand, if an individual receives one of our services in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs for that service. Each bundled internet, video or telephony service is counted as a separate RGU regardless of the nature of any bundling discount or promotion. Non-paying subscribers are counted as subscribers during their free promotional service period. Some of these subscribers may choose to disconnect after their free service period. Services offered without charge on a long-term basis (e.g., VIP subscribers or free service to employees) generally are not counted as RGUs. We do not include subscriptions to mobile services in our externally reported RGU counts. In this regard, our RGU counts exclude our separately reported postpaid and prepaid mobile subscribers.
SIM: Subscriber Identification Module.
SOHO: Small or Home Office Subscribers.
Tech Framework: Our centrally-managed technology and innovation function (our T&I Function) provides, and allocates charges for, certain products and services to our consolidated reportable segments (the Tech Framework). These products and services include CPE hardware and related essential software, maintenance, hosting and other services. Our consolidated reportable segments capitalize the combined cost of the CPE hardware and essential software as property and equipment additions and the corresponding amounts charged by our T&I Function are reflected as revenue when earned.
Telephony Subscriber: A home, residential multiple dwelling unit or commercial unit that receives voice services over our networks, or that we service through a partner network. Telephony Subscribers exclude mobile telephony subscribers.
Video Subscriber: A home, residential multiple dwelling unit or commercial unit that receives our video service over our broadband network or through a partner network.
YoY: Year-over-year.
Appendix - Supplemental Adjusted EBITDAaL Information
The following table presents (i) Adjusted EBITDA, (ii) finance lease-related depreciation and interest expense adjustments, (iii) Adjusted EBITDAaL and (iv) the percentage change from period to period for Adjusted EBITDA and Adjusted EBITDAaL on both a reported and rebased basis for each of our reportable segments.
|
Three months ended September 30, |
|
Increase/(decrease) |
|
Nine months ended September 30, |
|
Increase/(decrease) |
||||||||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Reported % |
|
Rebased % |
|
|
2024 |
|
|
|
2023 |
|
|
Reported % |
|
Rebased % |
||||
|
in millions, except % amounts |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Sunrise |
$ |
318.9 |
|
|
$ |
311.0 |
|
|
2.5 |
|
|
0.3 |
|
|
$ |
886.2 |
|
|
$ |
861.1 |
|
|
2.9 |
|
|
0.5 |
|
Telenet |
|
360.9 |
|
|
|
339.8 |
|
|
6.2 |
|
|
5.2 |
|
|
|
981.2 |
|
|
|
988.7 |
|
|
(0.8 |
) |
|
(1.4 |
) |
VM Ireland |
|
41.4 |
|
|
|
45.9 |
|
|
(9.8 |
) |
|
(10.7 |
) |
|
|
127.1 |
|
|
|
134.7 |
|
|
(5.6 |
) |
|
(5.9 |
) |
Central and Other(i) |
|
(37.4 |
) |
|
|
(83.6 |
) |
|
55.3 |
|
|
51.1 |
|
|
|
(94.2 |
) |
|
|
(115.3 |
) |
|
18.3 |
|
|
27.8 |
|
Intersegment eliminations(ii) |
|
(15.5 |
) |
|
|
(15.4 |
) |
|
N.M. |
|
|
N.M. |
|
|
|
(45.9 |
) |
|
|
(45.6 |
) |
|
N.M. |
|
|
N.M. |
|
Total Adjusted EBITDA |
$ |
668.3 |
|
|
$ |
597.7 |
|
|
11.8 |
|
|
9.4 |
|
|
$ |
1,854.4 |
|
|
$ |
1,823.6 |
|
|
1.7 |
|
|
1.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
VMO2 JV(iii) |
$ |
1,170.9 |
|
|
$ |
1,170.9 |
|
|
— |
|
|
(2.7 |
) |
|
$ |
3,376.9 |
|
|
$ |
3,335.6 |
|
|
1.2 |
|
|
(1.3 |
) |
VodafoneZiggo JV(iii) |
$ |
527.8 |
|
|
$ |
518.3 |
|
|
1.8 |
|
|
0.8 |
|
|
$ |
1,565.5 |
|
|
$ |
1,474.7 |
|
|
6.2 |
|
|
5.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Finance lease adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Sunrise |
$ |
(1.4 |
) |
|
$ |
(1.3 |
) |
|
|
|
|
|
$ |
(4.8 |
) |
|
$ |
(4.2 |
) |
|
|
|
|
||||
Telenet |
|
(0.3 |
) |
|
|
(0.5 |
) |
|
|
|
|
|
|
(0.8 |
) |
|
|
(23.7 |
) |
|
|
|
|
||||
Central and Other |
|
(0.8 |
) |
|
|
(1.9 |
) |
|
|
|
|
|
|
(2.4 |
) |
|
|
(6.0 |
) |
|
|
|
|
||||
Total finance lease adjustments |
$ |
(2.5 |
) |
|
$ |
(3.7 |
) |
|
|
|
|
|
$ |
(8.0 |
) |
|
$ |
(33.9 |
) |
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
VMO2 JV(ii) |
$ |
2.7 |
|
|
$ |
(1.9 |
) |
|
|
|
|
|
$ |
(6.6 |
) |
|
$ |
(6.0 |
) |
|
|
|
|
||||
VodafoneZiggo JV(ii) |
$ |
(2.8 |
) |
|
$ |
(2.9 |
) |
|
|
|
|
|
$ |
(8.7 |
) |
|
$ |
(7.4 |
) |
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Adjusted EBITDAaL: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Sunrise |
$ |
317.5 |
|
|
$ |
309.7 |
|
|
2.5 |
|
|
0.3 |
|
|
$ |
881.4 |
|
|
$ |
856.9 |
|
|
2.9 |
|
|
0.5 |
|
Telenet |
|
360.6 |
|
|
|
339.3 |
|
|
6.3 |
|
|
5.2 |
|
|
|
980.4 |
|
|
|
965.0 |
|
|
1.6 |
|
|
(1.9 |
) |
VM Ireland |
|
41.4 |
|
|
|
45.9 |
|
|
(9.8 |
) |
|
(10.7 |
) |
|
|
127.1 |
|
|
|
134.7 |
|
|
(5.6 |
) |
|
(5.9 |
) |
Central and Other(i) |
|
(38.2 |
) |
|
|
(85.5 |
) |
|
55.3 |
|
|
51.4 |
|
|
|
(96.6 |
) |
|
|
(121.3 |
) |
|
20.4 |
|
|
29.3 |
|
Intersegment eliminations(ii) |
|
(15.5 |
) |
|
|
(15.4 |
) |
|
N.M. |
|
|
N.M. |
|
|
|
(45.9 |
) |
|
|
(45.6 |
) |
|
N.M. |
|
|
N.M. |
|
Total Adjusted EBITDAaL |
$ |
665.8 |
|
|
$ |
594.0 |
|
|
12.1 |
|
|
9.6 |
|
|
$ |
1,846.4 |
|
|
$ |
1,789.7 |
|
|
3.2 |
|
|
1.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
VMO2 JV(iii) |
$ |
1,173.6 |
|
|
$ |
1,169.0 |
|
|
0.4 |
|
|
(2.3 |
) |
|
$ |
3,370.3 |
|
|
$ |
3,329.6 |
|
|
1.2 |
|
|
(1.4 |
) |
VodafoneZiggo JV(iii) |
$ |
525.0 |
|
|
$ |
515.4 |
|
|
1.9 |
|
|
0.8 |
|
|
$ |
1,556.8 |
|
|
$ |
1,467.3 |
|
|
6.1 |
|
|
5.7 |
|
______________________
N.M. - Not Meaningful |
||
(i) |
|
Amounts include development costs related to our internally-developed software subsequent to our decision in May 2023 to externally market such software. |
(ii) |
|
Amounts relate to the Adjusted EBITDA impact within our T&I Function related to the Tech Framework. |
(iii) |
|
Amounts reflect |
Appendix - Foreign Currency Information
The following table presents the relationships between the primary currencies of the countries in which we operate and the
|
September 30,
|
|
December 31,
|
||||
|
|
|
|
||||
Spot rates: |
|
|
|
||||
Euro |
|
0.8970 |
|
0.9038 |
|||
Swiss franc |
|
0.8445 |
|
0.8392 |
|||
British pound sterling |
|
0.7462 |
|
0.7835 |
|||
Polish zloty |
|
3.8403 |
|
3.9272 |
|||
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
Average rates: |
|
|
|
|
|
|
|
Euro |
0.9101 |
|
0.9192 |
|
0.9200 |
|
0.9232 |
Swiss franc |
0.8657 |
|
0.8835 |
|
0.8815 |
|
0.9025 |
British pound sterling |
0.7689 |
|
0.7900 |
|
0.7832 |
|
0.8039 |
Polish zloty |
3.8977 |
|
4.1389 |
|
3.9609 |
|
4.2337 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241029153334/en/
For more information, please visit www.libertyglobal.com or contact:
Investor Relations
Michael Bishop +44 20 8483 6246
Corporate Communications
Bill Myers +1 303 220 6686
Matt Beake +44 20 8483 6428
Source: Liberty Global Ltd.
FAQ
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