Sequential improvement in aggregate broadband & postpaid mobile net adds across all markets; fiber deployments ramping in U.K. & Belgium
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 (99% in favor) with distribution set for November 12th; planned debt paydown of CHF 1.5b
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
DENVER, Colorado–(BUSINESS WIRE)–Liberty Global Ltd. today announced its Q3 2024 financial results.
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 U.K. along with Wyre’s FTTH build across Flanders.
Meanwhile, we continue making significant progress on the strategies we’ve undertaken to unlock shareholder value. The 100% spin-off of Sunrise has been confirmed for November 12th, only nine months after announcement. We’ve injected $1.4 billion of capital into Sunrise which, together with Adj FCF generated at Sunrise, will achieve $1.7 billion of total deleveraging by year-end. We anticipate a CHF 240 million dividend to be paid by Sunrise in mid-2025, followed by a progressive annual dividend policy thereafter.
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 U.K. tower business (CTIL), as well as monetizations of our Pax8 and EdgeConnex technology investments, we expect to realize ~$900 million2 in total asset proceeds from the transactions we’ve announced over the last twelve months, near the top end of our $500 million to $1 billion target range. In October we increased our stake in Formula E to 66% and will begin consolidating the world’s fastest growing motorsport from Q4.
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 $3.5 billion(i) of cash on our balance sheet, which is expected to be ~$2 billion at year end, after the $1.4 billion capital injection into Sunrise. In addition to the fast-approaching Sunrise spin, 2024 will prove to be an exceptional year for returns to Liberty Global shareholders, as we’ve also acquired ~8% of our outstanding shares through October 25 against our 10% target by year-end. Our strategic focus going forward will remain squarely on unlocking the underlying value of our substantial asset base.”
|
(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 59% across the Sunrise broadband base continues to grow steadily, increasing 1.1% YoY. The spin-off date has been confirmed for November 12.
Financial highlights: Revenue of $865.7 million in Q3 2024 increased 0.7% YoY on a reported basis and decreased 1.3% on a rebased4 basis. The rebased decrease was mainly due to (i) continued rightpricing efforts and (ii) a decrease in mobile roaming revenue, partially offset by (a) continued momentum in B2B and (b) growth in flanker brands. Adjusted EBITDA increased 2.5% YoY on a reported basis and 0.3% on a rebased basis to $318.9 million in Q3 2024, including $1 million of costs to capture5. The rebased increase was mainly due to the aforementioned decline in revenue, partially offset by (1) lower costs to capture and (2) a decrease in labor costs. Adjusted EBITDA less P&E Additions of $190.4 million in Q3 increased 8.4% YoY on a reported basis and 5.9% on a rebased basis, including $3 million of opex and capex costs to capture.
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 50%.
Financial highlights: Revenue of $785.2 million in Q3 2024 increased 1.3% YoY on a reported basis and 0.3% on a rebased basis. The rebased increase was primarily driven by the net effect of (i) the one-off impact of the recognition of previously deferred revenue of approximately $18 million during Q3 2024, (ii) a decrease in mobile revenue driven by lower interconnect revenue and handset sales and (iii) a decrease in B2B wholesale revenue following the loss of the VOO MVNO contract. Adjusted EBITDA increased 6.2% YoY on a reported basis and 5.2% on a rebased basis to $360.9 million in Q3, primarily due to continued cost control and the aforementioned one-off impact of the recognition of previously deferred revenue, partially offset by (a) higher staff-related expenses and (b) an increase in sales and marketing costs. Reported and rebased Adjusted EBITDA less P&E Additions decreased 17.5% and 18.2%, respectively, to $134.3 million in Q3.
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 2.2% YoY. Targeted investment in sales and marketing drove an increase of over 40% in gross additions in the nexfibre expansion footprint compared to Q2, while the VMO2 existing footprint remained broadly stable with a modest loss in the quarter. In mobile, the postpaid base declined modestly by 15,300. The sequential improvement was driven by a reduction in churn. Fiber build pace increased by 44% in the first nine months of 2024 compared to 2023, and during Q3 the total serviceable footprint grew by 281,100 homes, principally through build on behalf of nexfibre. This includes the transfer of the first Upp premises from VMO2 to nexfibre following the acquisition of the altnet in 2023 and the successful completion of integration work, with the majority of the 175,000 acquired premises still to be transferred. During the quarter, VMO2 and Vodafone reached a new long-term partnership with Cellnex UK to provide both Mobile Network Operators with tower infrastructure and associated services.
Financial highlights (in U.S. GAAP)6: Revenue11 of $3,512.7 million in Q3 2024 increased 0.3% YoY on a reported basis and decreased 2.4% YoY on a rebased basis. The rebased decrease was primarily due to the net effect of (i) a decrease in mobile revenue due to lower handset sales, (ii) an increase in residential fixed revenue and (iii) a one-time increase in Q3 2023 of $48 million due to a change in the contract terms with a related-party supplier, with each revenue category as defined and reported by the VMO2 JV. Q3 Adjusted EBITDA11 was flat YoY on a reported basis and decreased 2.7% YoY on a rebased basis to $1,170.9 million, including $11 million of opex costs to capture. The YoY decrease in Adjusted EBITDA was primarily due to the net effect of (a) a benefit of approximately $18 million during Q3 2024 related to higher capitalized costs by the VMO2 JV due to a change in the terms of a related-party contract and (b) the aforementioned one-time revenue increase in Q3 2023. Q3 Adjusted EBITDA less P&E Additions11 was flat YoY on a reported basis and decreased 2.7% YoY on a rebased basis to $483.1 million, including $38 million of opex and capex costs to capture.
Financial highlights (in IFRS): Revenue of £2,701.8 million ($3,512.7 million) in Q3 2024 decreased 2.4% YoY on a rebased basis. Q3 Adjusted EBITDA of £994.0 million ($1,292.0 million), including costs to capture, decreased 2.9% YoY on a rebased basis. Q3 Adjusted EBITDA less P&E Additions of £178.2 million ($235.7 million), including costs to capture, decreased 58.0% YoY on a rebased basis. The drivers of these IFRS changes are largely consistent with those under U.S. GAAP detailed above.
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 49%.
Financial highlights: Revenue increased 0.5% YoY on a reported basis and decreased 0.5% YoY on a rebased basis to $1,131.1 million in Q3. The rebased decrease was primarily due to a decline in the B2C fixed customer base, partially offset by growth in mobile and B2B revenue. Adjusted EBITDA increased 1.8% YoY on a reported basis and 0.8% on a rebased basis to $527.8 million in Q3. The rebased increase was primarily driven by (i) cost control measures in customer service, IT, procurement and business contracting services and (ii) lower energy costs, partially offset by (a) higher programming costs related to the UEFA broadcast, (b) wage increases related to the collective labor agreement and (c) the aforementioned decrease in revenue. Adjusted EBITDA less P&E Additions increased 8.6% YoY on a reported basis and 7.5% on a rebased basis to $312.1 million in Q3.
Liberty Global Consolidated Q3 Highlights
- Q3 revenue increased 4.4% YoY on a reported basis and 2.6% 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 and 9.4% on a rebased basis to $668.3 million
- Q3 property and equipment additions were 19.9% of revenue, as compared to 19.7% in Q3 2023
-
Balance sheet with $5.0 billion of total liquidity8
- Comprised of $2.4 billion of cash, $1.1 billion of investments held under SMAs and over $1.5 billion of unused borrowing capacity9
- Blended, fully-swapped borrowing cost of 3.44% on a debt balance of $16.0 billion
|
Liberty Global |
|
Q3 2024 |
|
Q3 2023 |
|
YoY |
|
YoY |
|
YTD 2024 |
|
YoY |
|
YoY |
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|
|
|
|
|
|
|
|
|
|
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|
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|
Customers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Organic customer net losses |
|
|
(12,200 |
) |
|
|
(39,100 |
) |
|
|
|
|
|
|
(50,200 |
) |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
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Financial |
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|
|
|
|
|
|
|
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|
|
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||||||||
|
(in millions, except percentages) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Revenue |
|
$ |
1,935.2 |
|
|
$ |
1,854.5 |
|
|
4.4 |
% |
|
2.6% |
|
$ |
5,754.0 |
|
|
3.3 |
% |
|
2.2% |
|
Net earnings (loss) |
|
$ |
(1,410.9 |
) |
|
$ |
822.7 |
|
|
(271.5 |
%) |
|
|
|
$ |
(608.7 |
) |
|
(51.4 |
%) |
|
|
|
Adjusted EBITDA |
|
$ |
668.3 |
|
|
$ |
597.7 |
|
|
11.8 |
% |
|
9.4% |
|
$ |
1,854.4 |
|
|
1.7 |
% |
|
1.1% |
|
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 |
% |
|
17.6% |
|
$ |
729.0 |
|
|
1.8 |
% |
|
2.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
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 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
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 |
|
Nine months ended |
||||||||
|
|
September 30, |
|
September 30, |
||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
|
|
|
|
|
|
|
|
||||
|
Organic customer net additions (losses) by market |
|
|
|
|
|
|
|
||||
|
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 ($1,410.9 million) and $822.7 million for the three months ended September 30, 2024 and 2023, respectively, and ($608.7 million) and ($402.1 million) for the nine months ended September 30, 2024 and 2023, respectively.
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 |
|
Increase/(decrease) |
|
Nine months ended |
|
Increase/(decrease) |
||||||||||||||||||||
|
|
September 30, |
|
|
September 30, |
|
||||||||||||||||||||||
|
Revenue |
|
2024 |
|
|
|
2023 |
|
|
Reported % |
|
Rebased % |
|
|
2024 |
|
|
|
2023 |
|
|
Reported % |
|
Rebased % |
||||
|
|
in millions, except % amounts |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
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 100% of the 50:50 non-consolidated VMO2 JV and VodafoneZiggo JV’s revenue. |
|
|
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 100% of the 50:50 non-consolidated VMO2 JV and VodafoneZiggo JV’s Adjusted EBITDA. |
|
(iv) |
|
2024 amounts for the VMO2 JV include the benefit of approximately $18 million and $46 million, respectively, related to higher capitalized costs by the VMO2 JV due to a change in the terms of a related-party contract. |
|
|
Three months ended |
|
Increase/(decrease) |
|
Nine months ended |
|
Increase/(decrease) |
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|
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 100% of the 50:50 non-consolidated VMO2 JV and VodafoneZiggo JV’s Adjusted EBITDA less P&E Additions. |
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: $5.0 billion, including (i) $2.4 billion of cash at September 30, 2024, (ii) $1.1 billion of investments held under SMAs and (iii) $1.5 billion of aggregate unused borrowing capacity under our credit facilities
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 U.K. and Belgium; expectations with respect to VMO2’s partnership with Vodafone and Cellnex UK and the timing, costs and expected benefits to be derived therefrom; our strategic plans for our Liberty Growth portfolio (previously referred to as the Ventures portfolio), including any expected capital rotation between investments and the proceeds to be received therefrom; our share repurchase program, including the amount of shares we intend to repurchase during the year; the strength of our and our affiliates’ respective balance sheets (including cash and liquidity position); the tenor and cost of our third-party debt and anticipated borrowing capacity, including at Sunrise following its spin-off from Liberty Global; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include events that are outside of our control, such as the continued use by subscribers and potential subscribers of our and our affiliates’ and joint ventures’ services and their willingness to upgrade to our more advanced offerings; our, our affiliates’ and our joint ventures’ ability to meet challenges from competition, to manage rapid technological change or to maintain or increase rates to subscribers or to pass through increased costs to subscribers; the potential impact of pandemics and epidemics on us and our businesses as well as our customers; the effects of changes in laws or regulations; the effects of the U.K.’s exit from the E.U.; general economic factors; our, our affiliates’ and our joint ventures’ ability to obtain regulatory approval and satisfy regulatory conditions associated with acquisitions and dispositions; our, our affiliates’ and our joint ventures’ ability to successfully acquire and integrate new businesses and realize anticipated efficiencies from acquired businesses; the availability of attractive programming for our, our affiliates’ and our joint ventures’ video services and the costs associated with such programming; our, our affiliates’ and our joint ventures’ ability to achieve forecasted financial and operating targets; the outcome of any pending or threatened litigation; the ability of our operating companies and affiliates and joint ventures to access the cash of their respective subsidiaries; the impact of our operating companies’, affiliates’ and joint ventures’ future financial performance, or market conditions generally, on the availability, terms and deployment of capital; fluctuations in currency exchange and interest rates; the ability of suppliers, vendors and contractors to timely deliver quality products, equipment, software, services and access; our, our affiliates’ and our joint ventures’ ability to adequately forecast and plan future network requirements including the costs and benefits associated with network expansions and upgrades; and other factors detailed from time to time in our filings with the Securities and Exchange Commission (the “SEC”), including our most recently filed Form 10-K, Form 10-K/A and Form 10-Qs. These forward-looking statements speak only as of the date of this release. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Share Repurchase Program
Our share buyback plan for 2024 authorized the repurchase of up to 10% of our outstanding shares as of December 31, 2023.
Contacts
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
