Corporate Actions and Acquisitions - The company completed the Spin-off of the Sunrise Entities on November 8, 2024, and the Formula E Acquisition on October 2, 2024, acquiring a controlling interest in Formula E[293][307]. - The company increased its ownership interest in Telenet to 100% following the Telenet Takeover Bid completed in October 2023[294]. - A gain of $190.7 million was recognized from the Formula E acquisition in 2024[369]. Financial Performance - Earnings from continuing operations for 2024 were $1,869.1 million, a significant recovery from a loss of $3,659.1 million in 2023[318]. - Total consolidated revenue for 2024 was $4,341.9 million, an increase of 5.5% from $4,115.8 million in 2023[321]. - The net loss for 2024 was $1,634.7 million, improved from a net loss of $3,438.6 million in 2023[365]. - Adjusted EBITDA for 2024 was $4,503.4 million, down from $4,531.3 million in 2023[365]. - The company experienced a foreign currency transaction loss of $1,756.5 million in 2024, impacting overall financial performance[318]. Revenue Streams and Customer Metrics - As of December 31, 2024, the company served 2,530,900 fixed-line customers and 3,006,800 mobile subscribers, with networks passing 5,808,100 homes[296]. - The company’s B2B services include voice, broadband internet, data, video, wireless, and cloud services, contributing to its diversified revenue streams[300]. - Total residential revenue decreased by $38.6 million or 1.6% in 2024, with a significant drop in residential fixed revenue attributed to a decrease in the average number of customers[333]. - The mobile subscriber count stands at 3,006,800, with Telenet contributing 2,870,100 subscribers, VM Ireland 136,700, and UPC Slovakia not reporting mobile subscribers[36]. Operational Efficiency and Costs - Total consolidated Adjusted EBITDA for 2024 was $1,159.8 million, reflecting a slight increase of 0.8% from $1,150.4 million in 2023[326]. - Adjusted EBITDA margin for Telenet was 41.9% in 2024, down from 42.6% in 2023, indicating a slight decline in operational efficiency[327]. - Programming and other direct costs of services rose by $165.2 million or 12.9% in 2024, with an organic increase of $143.9 million or 11.0%[339]. - SG&A expenses (excluding share-based compensation) increased by $62.4 million or 6.7% in 2024 compared to 2023, with an organic increase of $43.2 million or 4.6%[345]. Investments and Strategic Initiatives - The company has significant investments in various sectors, including technology, media, and sports, aimed at enhancing growth and market presence[301]. - The company aims to enhance its product offerings through strategic acquisitions and partnerships, focusing on delivering a world-class suite of products and services[28]. - The company is committed to reducing its environmental footprint by targeting a decrease in Scope 1, 2, and 3 greenhouse gas emissions in line with science-based targets[33]. Debt and Liquidity - As of December 31, 2024, the outstanding principal amount of consolidated debt and finance lease obligations was $9.2 billion[400]. - The company anticipates no instances of non-compliance with debt covenants that would materially impact liquidity in the next 12 months[399]. - The liquidity of borrowing groups is primarily used to fund property and equipment additions, debt service requirements, and income tax payments[395]. Technology and Product Development - The "ONE Connect" ecosystem is designed to provide seamless connectivity and is built on a fiber-rich broadband network, enabling fast introduction of new services[44]. - The company introduced the "Connect Box," a next-generation Intelligent WiFi and telephony gateway, enabling reliable wireless connectivity and supporting speeds up to 10 Gbps with DOCSIS 3.1 and WiFi 6 technologies[45]. - The company achieved the world's first test of DOCSIS 4 technology in 2023, capable of delivering 10 Gbps speeds over HFC Plant, with plans to introduce a DOCSIS 4 Network Termination Unit in 2024[46]. Joint Ventures and Collaborations - The VMO2 JV provides gigabit internet to 16.2 million homes and has over 12 million fixed RGUs, including approximately 5.7 million broadband subscribers[80]. - Telenet signed a 15-year commercial wholesale agreement with Orange Belgium, achieving a wholesale market share of approximately 65%[69]. - The intended collaboration between Telenet and Proximus is subject to regulatory approvals and could enhance service delivery in low-density areas[70].

Financial Performance - Q3 2024 revenue increased 4.4% YoY to $1,935.2 million, with a rebased increase of 2.6%[14] - Q3 2024 Adjusted EBITDA rose 11.8% YoY to $668.3 million, reflecting a 9.4% increase on a rebased basis[14] - Liberty Global's net earnings decreased 271.5% YoY to ($1,410.9 million) in Q3 2024[14] - Total revenue for the three months ended September 30, 2024, was $1,935.2 million, representing a 4.4% increase compared to $1,854.5 million in 2023[19] - Net earnings for the three months ended September 30, 2024, were ($1,410.9 million), compared to $822.7 million in 2023[17] - Adjusted EBITDA for the three months ended September 30, 2024, was $668.3 million, an increase of 11.8% from $597.7 million in 2023[20] - Adjusted EBITDA less P&E Additions for the three months ended September 30, 2024, was $282.7 million, up 21.5% from $232.6 million in 2023[21] - Adjusted Free Cash Flow (Adjusted FCF) for the three months ended September 30, 2024, was $91.1 million, compared to $(102.3) million in 2023[55] - Distributable Cash Flow for the three months ended September 30, 2024, was $91.1 million, down from $309.4 million in the same period of 2023[55] Customer Metrics - Sunrise achieved 1,300 broadband net adds and 43,200 mobile postpaid net adds in Q3 2024, with a 59% FMC penetration rate[7] - VMO2 reported a return to positive fixed customer net adds of 15,000 and fixed ARPU growth of 2.2% YoY in Q3 2024[11] - Organic customer net losses totaled 12,200 for the three months ended September 30, 2024, compared to 39,100 in 2023[16] - Consolidated Liberty Global reported 8,581,300 total RGUs and 5,932,500 total mobile subscribers as of September 30, 2024[38] - The organic change summary indicated a total decline of 85,500 RGUs for Liberty Global, with significant losses in telephony subscribers[39] - The average revenue per user (ARPU) for fixed customer relationships increased by 0.5% to $67.89 for Liberty Global, while VM Ireland saw a decrease of 2.0% to €61.76[36] - Mobile ARPU for Liberty Global, including interconnect revenue, increased by 3.0% to $27.62, while excluding interconnect revenue, it rose by 2.9% to $25.75[37] Debt and Liquidity - Liberty Global's cash balance was $3.5 billion as of September 30, expected to decrease to ~$2 billion by year-end after a $1.4 billion capital injection into Sunrise[6] - Total principal amount of debt and finance leases stood at $16.0 billion, with an average debt tenor of 4.1 years[22] - Liquidity as of September 30, 2024, was $5.0 billion, including $2.4 billion in cash[22] - The company reported a total unused borrowing capacity of $1,585.3 million, indicating strong liquidity position[45] - The company’s liquidity includes cash and cash equivalents, investments, and maximum undrawn commitments under subsidiary borrowing facilities[45] - Debt and finance lease obligations before deferred financing costs totaled $16,002.6 million, resulting in a debt to LTM Adjusted EBITDA ratio of 6.4[60] - Adjusted net debt and finance lease obligations before deferred financing costs were $11,832.9 million, leading to a net debt to LTM Adjusted EBITDA ratio of 4.9[60] Capital Expenditures and Investments - Capital expenditures for the three months ended September 30, 2024, totaled $347.1 million, representing an increase from $327.8 million in the same period last year[34] - The total capital expenditures for the nine months ended September 30, 2024, were $987.2 million, compared to $1,016.2 million in the previous year[34] - The company plans to continue expanding its market presence and investing in new technologies to enhance service offerings[35] - Liberty Global's strategic plans include investments in fiber upgrade programs in the U.K. and Belgium[23] Future Outlook - The company anticipates a CHF 240 million dividend from Sunrise in mid-2025, followed by a progressive annual dividend policy[4] - The planned spin-off of Sunrise is confirmed for November 12, 2024, with a total deleveraging of $1.7 billion anticipated by year-end[4] - The anticipated spin-off of the Swiss operating company, Sunrise, includes expected capital injection and potential dividends[23] - Future operational performance is expected to be driven by the use of AI technologies and partnerships with Vodafone and Cellnex UK[23] Joint Ventures and Subsidiaries - Telenet's revenue increased 1.3% YoY to $785.2 million, with Adjusted EBITDA rising 6.2% YoY to $360.9 million[10] - VMO2 JV reported revenue of $3,512.7 million for the three months ended September 30, 2024, a slight increase of 0.3% from $3,503.8 million in 2023[19] - VodafoneZiggo JV's revenue for the three months ended September 30, 2024, was $1,131.1 million, reflecting a 0.5% increase from $1,125.2 million in 2023[19] - VMO2 JV reported stable performance with $1,170.9 million in Q3 2024, unchanged from Q3 2023[73] - VodafoneZiggo JV saw a 1.8% increase in revenue to $527.8 million in Q3 2024 compared to $518.3 million in Q3 2023[73] Miscellaneous - The company has a portfolio of more than 75 companies and funds across the content, technology, and infrastructure industries[26] - The company aims to improve the accuracy and consistency of subscriber statistics through periodic reviews of counting policies and underlying systems[43] - Subscriber information for acquired entities remains preliminary and subject to adjustment until a thorough review is completed[44] - Share-based compensation expense amounted to $203.6 million, contributing to the overall operating loss of $(62.3) million[60] - The company’s Project Lightning network extension program connected additional homes and commercial premises to its networks[64]

Customer Base and Market Presence - As of September 30, 2024, the company served 4,008,800 fixed-line customers and 5,932,500 mobile subscribers, with networks passing 8,546,000 homes[213]. - The company’s reportable segments derive revenue primarily from residential and B2B communications services, with a focus on markets in Switzerland, Slovakia, Belgium, Luxembourg, and Ireland[211]. - The company experienced competition across all markets, impacting customer growth and average revenue per user (ARPU)[225]. Financial Performance - Net earnings for the three months ended September 30, 2024, were $(1,410.9) million, a decrease from $822.7 million in 2023[223]. - Adjusted EBITDA for the same period was $668.3 million, up from $597.7 million in 2023, representing an increase of 11.4%[223]. - Total revenue for the reportable segments was $1,935.2 million, an increase of $80.7 million or 4.4% compared to $1,854.5 million in 2023[227]. - The total revenue for the nine months ended September 30, 2024, was $1,854.4 million, reflecting a $30.8 million increase, or 1.7%, compared to 2023[242]. - Consolidated revenue increased by $80.7 million or 4.4% for the three months ended September 30, 2024, compared to the same period in 2023, and by $183.1 million or 3.3% for the nine months[253]. Revenue Segmentation - Sunrise segment revenue for the three months ended September 30, 2024, was $865.7 million, a slight increase of 0.7% from $859.3 million in 2023[227]. - Telenet segment revenue increased by 10.0% to $785.2 million from $775.2 million in 2023[227]. - Central and Other segment revenue saw a significant increase of 65.0%, reaching $229.3 million compared to $164.3 million in 2023[227]. - Total residential revenue decreased by $25.9 million or 2.0% for the three months ended September 30, 2024, and by $14.3 million or 0.4% for the nine months[254]. - B2B total revenue increased by $15.6 million or 4.1% for the three months ended September 30, 2024, and by $39.2 million or 3.5% for the nine months[248]. Cost and Expense Management - The company is experiencing inflationary pressures on labor, programming, and other costs, which may negatively impact operating results and cash flows[215]. - Programming and other direct costs of services increased by $5.3 million or 0.9% for the three months ended September 30, 2024, and by $112.5 million or 6.5% for the nine months ended September 30, 2024, compared to the corresponding periods in 2023[264]. - Other operating expenses (excluding share-based compensation) increased by $5.4 million or 1.8% for the three months ended September 30, 2024, compared to the same period in 2023[269]. - SG&A expenses decreased by $6.8 million or 1.6% for the three months ended September 30, 2024, compared to the same period in 2023[272]. Foreign Exchange and Financial Risks - The company faces risks related to foreign currency exchange rates, particularly with the euro and Swiss franc, which significantly impact reported operating results[217]. - The company reported a significant impact from foreign currency exchange rates, with 56.5% of revenue derived from subsidiaries using the euro and 45.2% from those using the Swiss franc[350]. - The foreign currency transaction losses for the three months ended September 30, 2024, were $578.3 million, a significant decrease from the gains of $664.4 million in the same period of 2023[296]. Shareholder Activities and Corporate Governance - The company authorized a share repurchase program for 2024 to repurchase up to 10% of total outstanding shares as of December 31, 2023, with aggregate repurchases of $503.1 million during the nine months ended September 30, 2024[329]. - The company anticipates that tax considerations will not adversely impact corporate liquidity over the next 12 months, allowing for potential share repurchase activities[326]. Future Outlook and Strategic Initiatives - The company plans to spin off the Sunrise Entities in November 2024, which was approved by shareholders on October 25, 2024[212]. - The company anticipates challenges in maintaining or increasing subscription rates due to inflationary pressures and competition in the broadband and mobile service industries[208]. - The company expects potential impairment charges in future periods if equity values decline or if adverse economic conditions worsen[288].

Revenue and Financial Performance - Liberty Global's consolidated businesses generate annual revenue of more than $7 billion, while the VMO2 JV and VodafoneZiggo JV generate combined annual revenue of more than $18 billion[4]. - Revenue for Q2 2024 was €769.5 million, representing a 1.1% year-over-year increase on a reported basis and a 0.5% increase on a rebased basis[32]. - Total revenue for Q2 2024 was €769.5 million, a 1.1% increase from €761.3 million in Q2 2023[41]. - Consumer Fixed revenue decreased by 1.9% to €287.0 million in Q2 2024 from €292.7 million in Q2 2023[41]. - Total revenue for the three months ended June 30, 2024, was CHF 737.5 million, a 0.5% increase compared to CHF 733.6 million for the same period in 2023[49]. - Consumer Fixed revenue decreased by 2.7% to CHF 279.1 million, while Consumer Mobile revenue increased by 2.0% to CHF 301.7 million[49]. Adjusted EBITDA and Financial Guidance - Q2 2024 Adjusted EBITDA was €42.5 million, a decrease of 2.1% year-over-year, with Adjusted EBITDA less Property and Equipment additions increasing by 197.4% year-over-year to €3.8 million[14][21]. - Adjusted EBITDA for Q2 2024 was €271.8 million, up 1.3% year-over-year on a reported basis and 0.7% on a rebased basis[32]. - Segment Adjusted EBITDA for Q2 2024 was €271.8 million, a 1.3% increase from €268.3 million in Q2 2023[43]. - The company confirmed its FY 2024 financial guidance, expecting broadly stable revenue growth and stable to low-single-digit growth in Segment Adjusted EBITDA[36]. Customer Metrics and Subscriber Growth - The number of fixed-line customer relationships decreased to 397,400, with a net loss of 4,100 customers in Q2 2024[16]. - Mobile subscribers totaled 135,600, with a net addition of 1,400 in Q2 2024, and mobile ARPU increased to €21.42[16]. - The company achieved 32,900 net adds in mobile postpaid subscriptions during Q2 2024, reflecting improved brand performance and reduced churn[30]. - Broadband net adds were positive for the second consecutive quarter, with an increase of 5,000 in Q2 2024[30]. - Total subscribers for Sunrise Holding reached 3,671,500, with 1,334,600 internet subscribers, 1,342,200 video subscribers, and 994,700 telephony subscribers[62]. - For Virgin Media Ireland, there are 993,900 homes passed and 397,400 fixed-line relationships, with 758,800 total subscribers[62]. Capital Expenditures and Investments - Property and equipment additions in Q2 2024 were €38.7 million, down 18.2% year-over-year, representing 34.7% of revenue compared to 41.6% in the prior year[14][21]. - Total capital expenditures for the six months ended June 30, 2024, amounted to €243.1 million, up from €200.2 million in the same period of 2023[44]. - Total capital expenditures for the three months ended June 30, 2024, were €102.8 million, compared to €80.5 million for the same period in 2023[44]. - The company reported a total of €131.6 million in property and equipment additions for the three months ended June 30, 2024, up from €114.6 million in the same period of 2023[44]. Debt and Liquidity - The average borrowing cost for third-party debt was 3.9% with a tenor of 5.0 years as of June 30, 2024[14]. - At June 30, 2024, the ratio of Total Net Debt to Annualized EBITDA was 5.59x, reflecting the exclusion of certain amounts as defined in credit agreements[14]. - At June 30, 2024, the net carrying amount of third-party debt was €894.6 million, slightly up from €894.1 million at March 31, 2024[24]. - The average tenor of third-party debt was 5.0 years, with a borrowing cost of 3.0%[33]. - The company has €707.0 million of undrawn commitments available, indicating strong liquidity[36]. - Total third-party debt and finance lease obligations as of June 30, 2024, were €6,005.9 million, an increase from €5,947.7 million as of March 31, 2024[48]. Strategic Focus and Market Position - The company is focused on expanding its fiber and 5G networks to enhance service offerings and customer experience[56]. - Liberty Global Ventures has a portfolio of over 75 companies and funds in content, technology, and infrastructure sectors[57]. - The company is investing in infrastructure and platforms to support digital transformation and customer needs[56]. - Liberty Global's balance sheet remains strong, with a focus on cash and liquidity position to support future growth initiatives[54]. - Liberty Global provides over 85 million connections across Europe, including fixed and mobile subscribers[56].

Customer Metrics - As of June 30, 2024, the company served 4,017,500 fixed-line customers and 5,906,000 mobile subscribers, with networks passing 8,573,400 homes[207]. - The company’s ability to maintain or increase subscriptions and average revenue per household is critical for future performance[203]. - The average number of fixed-line customers for Sunrise decreased, contributing to a revenue decline of $6.2 million in Q2 2024[220]. - The company experienced competition across all markets, adversely affecting revenue and average monthly subscription revenue per customer[208]. Revenue Performance - Total revenue for Q2 2024 increased to $1,873.7 million, up 1.4% from $1,848.0 million in Q2 2023[219]. - Sunrise's total revenue for Q2 2024 was $815.8 million, a slight decrease of 0.4% compared to $816.2 million in Q2 2023[220]. - Telenet's revenue for Q2 2024 decreased by $11.9 million, or 1.6%, to $755.1 million from $767.0 million in Q2 2023[219]. - The total revenue for the six months ended June 30, 2024, was $3,818.8 million, reflecting a 2.8% increase from $3,716.4 million in the same period of 2023[219]. - The organic revenue increase for Central and Other segments was $51.9 million, representing a 25.2% growth in Q2 2024[219]. Adjusted EBITDA - Adjusted EBITDA for the six months ended June 30, 2024, was $1,186.1 million, compared to $1,225.9 million for the same period in 2023, reflecting a decrease of 3.2%[216]. - Adjusted EBITDA for the three months ended June 30, 2024, was $604.7 million, slightly up from $601.4 million in the same period of 2023[216]. - Telenet's Adjusted EBITDA decreased by $34.1 million (9.9%) to $311.9 million in the three-month period ended June 30, 2024[227]. - VM Ireland's Adjusted EBITDA for the three months ended June 30, 2024, was $45.7 million, a decrease of $1.6 million (3.4%) from $47.3 million in 2023[227]. Operating Expenses - Programming and other direct costs of services increased by $107.2 million or 9.3% during the six months ended June 30, 2024, compared to the same period in 2023, with an organic increase of $95.3 million or 8.2%[246]. - Other operating expenses (excluding share-based compensation) decreased by $7.2 million or 2.4% for the three months ended June 30, 2024, and by $3.3 million or 0.6% for the six months ended June 30, 2024, compared to the same periods in 2023[249]. - SG&A expenses (excluding share-based compensation) increased by $23.8 million or 6.5% for the three months ended June 30, 2024, and by $38.3 million or 5.2% for the six months ended June 30, 2024, compared to the corresponding periods in 2023[254]. - Share-based compensation expense for the three months ended June 30, 2024, was $49.5 million, a decrease of $26.3 million or 34.7% compared to $75.8 million in the same period of 2023[255]. Net Earnings and Losses - Net earnings for Q2 2024 were $275.2 million, a significant improvement from a loss of $511.3 million in Q2 2023[216]. - The company reported a net loss of $15.4 million for Q2 2024, an improvement from a net loss of $127.5 million in Q2 2023[273]. - For the six months ended June 30, 2024, net earnings were $802.2 million, a significant improvement from a net loss of $1,224.8 million in the same period of 2023[287]. Foreign Currency Impact - Changes in foreign currency exchange rates significantly impact reported operating results, with primary exposure to euro and Swiss franc fluctuations[211]. - Foreign currency transaction gains amounted to $228.9 million for the three months and $298.0 million for the six months ended June 30, 2024, compared to losses in the same periods of 2023[268]. Capital Expenditures and Cash Flow - Capital expenditures, net for the six months ended June 30, 2024, were $640.1 million, compared to $688.4 million in 2023, reflecting a decrease in property and equipment additions[315]. - Net cash provided by operating activities for the six months ended June 30, 2024, was $791.8 million, a decrease of $207.8 million compared to $999.6 million in 2023[313]. - Adjusted free cash flow for the six months ended June 30, 2024, was $73.1 million, down from $150.3 million in 2023[320]. Acquisitions and Joint Ventures - The company completed the Telenet Takeover Bid in October 2023, increasing its ownership interest in Telenet to 100%[206]. - The VodafoneZiggo JV reported revenue of $1,091.6 million for Q2 2024, a slight increase from $1,088.4 million in Q2 2023, and Adjusted EBITDA of $518.7 million, up from $484.9 million in the same period[273]. - The VMO2 joint venture reported revenue of $3,375.4 million for Q2 2024, a decrease of $16.1 million or 0.5% from the previous year[219]. Future Outlook - The company anticipates continued increases in programming and copyright costs due to higher expenses associated with digital video content expansion and live sporting events[244]. - The company aims to maintain a consolidated debt balance between four and five times its consolidated Adjusted EBITDA, which is a non-GAAP measure[308]. - The company anticipates significant liquidity requirements over the next 12 to 24 months due to various commitments, including programming and operating costs[305].

Revenue Performance - Q1 2024 revenue of €113.3 million decreased 1.2% YoY, with lower fixed and handset revenues partially offset by growth in programming and mobile subscription revenue[9] - Q1 2024 revenue of €797.9 million increased by 4.4% YoY, while rebased revenue decreased by 0.1% YoY[22] - Total revenue for the three months ended March 31, 2024, was CHF 746.8 million, showing a slight decrease of 0.04% compared to CHF 747.1 million for the same period in 2023[33] Earnings and Adjusted EBITDA - Q1 net earnings increased 257.1% YoY to €5.5 million, primarily due to higher realized and unrealized gains on derivative instruments[9] - Q1 Adjusted EBITDA of €36.8 million decreased 4.9% YoY, impacted by revenue decrease and costs associated with off-net business[9] - Segment Adjusted EBITDA for Q1 was €261.4 million, up 4.7% YoY on a reported basis and 0.2% YoY on a rebased basis[22] - Segment Adjusted EBITDA for the same period was CHF 244.3 million, a marginal increase of 0.4% from CHF 243.3 million year-over-year[33] Customer Metrics - Q1 residential fixed revenue of €72.5 million decreased 4.2% YoY, primarily due to lower customer volumes[11] - Q1 residential mobile revenue of €9.9 million decreased 2.0% YoY, with mobile subscription revenue increasing 3.9% YoY driven by strong mobile ARPU growth[9] - Fixed Customer Relationships decreased by 800 in Q1 2024, with a total of 1,642,600[26] - The total number of customer relationships for Sunrise Holding reached 1,642,600 as of March 31, 2024, with a total of 3,691,900 RGUs[41] - The company reported a decrease of 12,100 in total customer relationships for Sunrise in Q1 2024, with a net organic subscriber variance of 9,100 across the group[41] Subscriber Growth - Q1 broadband net adds were 6,200, supported by customer loyalty initiatives and trading momentum in flanker brands[20] - Mobile postpaid net adds in Q1 reached 26,000, continuing the momentum from previous quarters[20] - The company has a total of 2,854,200 mobile subscribers as of March 31, 2024, with an increase of 17,900 subscribers in Q1 2024[41] - In Q1 2024, Sunrise Holding experienced a net organic increase of 17,900 total mobile subscribers, with a decrease of 8,100 prepaid subscribers and an increase of 26,000 postpaid subscribers compared to Q4 2023[45] Capital Expenditures and Investments - Q1 property and equipment additions of €36.3 million were up 17.5% YoY, reflecting increased investment in fiber upgrade and wholesale programs[9] - Property and equipment additions were 17.5% of revenue in Q1, compared to 18.4% in the prior year[22] - Sunrise launched new offerings including a "Workplace as a Service" solution and enhanced cybersecurity services for business customers[20] Debt and Liquidity - At March 31, 2024, the ratio of Net Senior Debt to Annualized EBITDA was 5.23x, reflecting compliance with the most restrictive covenants[9] - The company had €100.0 million of undrawn commitments available as of March 31, 2024, indicating strong liquidity[9] - Total third-party debt and finance lease obligations amounted to €5,947.7 million as of March 31, 2024, compared to €5,896.6 million as of December 31, 2023, reflecting an increase of €51.1 million[32] - Total covenant amount of third-party net debt is €5,532.2 million as of March 31, 2024, down from €5,823.5 million as of December 31, 2023, indicating a decrease of €291.3 million[32] Guidance and Future Outlook - FY 2024 financial guidance indicates stable revenue growth and stable to low-single-digit growth in Segment Adjusted EBITDA[24] Other Metrics - Q1 Customer ARPU was CHF 62.67, a decrease of 1.0% YoY due to competitive pressures[20] - The company emphasizes that organic figures exclude customer relationships and subscribers from acquired entities at the date of acquisition, focusing on net organic changes[48] - The average revenue per mobile subscriber (ARPU) is calculated by dividing mobile subscription revenue by the average number of mobile subscribers for the period[52] - Fixed-mobile convergence penetration is defined as the number of customers subscribing to both fixed broadband and postpaid mobile services, divided by the total number of fixed broadband customers[58] - The company’s homes passed count does not include homes serviceable through partner networks, which limits the reported potential market reach[59] - Sunrise Holding's capital expenditures do not include amounts financed under vendor financing or finance lease arrangements, reflecting only cash additions to property and equipment[48] - The company’s customer churn rate is calculated based on the number of disconnects over the preceding 12 months divided by the average number of customer relationships[56] - Total Revenue Generating Units (RGUs) include Internet, Video, and Telephony Subscribers, counted on a unique premises basis[62] - Non-paying subscribers are counted as RGUs during their free promotional service period, potentially affecting future RGU counts[62] - The company does not include subscriptions to mobile services in its externally reported RGU counts, focusing solely on broadband and telephony services[62]

Customer Base - As of March 31, 2024, the company served 4,036,700 fixed-line customers and 5,887,500 mobile subscribers, with networks passing 8,552,900 homes[209]. Financial Performance - The company reported a net earnings of $527.0 million for the three months ended March 31, 2024, compared to a net loss of $713.5 million in the same period of 2023[219]. - Total revenue for the company was $1,945.1 million, reflecting an increase of $76.7 million or 4.1% compared to $1,868.4 million in 2023[222]. - Revenue for the three months ended March 31, 2024, was $3,282.8 million, an increase of 3.8% compared to $3,162.7 million in 2023[265]. - Adjusted EBITDA for the same period was $1,073.6 million, up from $1,025.9 million, reflecting a year-over-year increase of 4.6%[265]. - The total Adjusted EBITDA for the company decreased by $43.1 million or 6.9% to $581.4 million from $624.5 million in 2023[230]. - Net earnings for Q1 2024 were $22.7 million, a substantial recovery from a loss of $352.1 million in Q1 2023[265]. Revenue Breakdown - Sunrise's revenue for the three months ended March 31, 2024, was $854.0 million, an increase of $46.6 million or 5.8% compared to $807.4 million in 2023[222]. - Telenet's revenue increased by $8.1 million or 1.1% to $762.6 million for the same period, up from $754.5 million in 2023[222]. - VM Ireland's revenue remained unchanged at $123.0 million, with a decrease in residential fixed subscription revenue of $3.6 million[222]. - Total residential revenue rose by $36.0 million, with a total of $1,258.4 million, reflecting a 2.4% increase, despite an organic decrease of $14.4 million or 1.2%[234]. - B2B revenue increased by $18.7 million or 5.2%, totaling $375.9 million, with subscription revenue up by $11.5 million or 8.6%[234][237]. - Other revenue saw a significant increase of $29.0 million or 10.3%, reaching $310.8 million, primarily driven by sales related to CPE[239]. Cost and Expenses - Programming and other direct costs of services rose by $101.4 million or 17.8%, totaling $672.1 million, with an organic increase of $80.7 million or 14.1%[242]. - Other operating expenses (excluding share-based compensation) increased by $3.9 million or 1.3%, totaling $303.3 million, while organic expenses decreased by $5.8 million or 1.9%[245]. - SG&A expenses (excluding share-based compensation) increased by $14.5 million or 3.9% to $388.3 million for the three months ended March 31, 2024, compared to $373.8 million in 2023[248]. - Depreciation and amortization expense decreased by $60.3 million or 11.4% to $480.7 million in Q1 2024, primarily due to certain assets becoming fully depreciated[252]. - Interest expense increased by $49.0 million or 24.4% to $253.5 million in Q1 2024, attributed to a higher weighted average interest rate[256]. Foreign Exchange Impact - Approximately 57.8% of the company's reported revenue during the three months ended March 31, 2024, was derived from subsidiaries with functional currencies in euros, and 43.9% from Swiss francs[213]. - The impact of foreign exchange contributed $46.9 million to Sunrise's total revenue increase, highlighting the significance of FX fluctuations[224]. - The company experienced significant foreign exchange impacts, with 57.8% of revenue derived from euros and 43.9% from Swiss francs, affecting reported operating results[213]. Debt and Cash Flow - As of March 31, 2024, the consolidated debt and finance lease obligations totaled $15.7 billion, with $0.7 billion classified as current and $1.6 billion not due until 2030 or later[295]. - The company aims to maintain a consolidated debt balance between four and five times its consolidated Adjusted EBITDA[293]. - Net cash provided by operating activities decreased to $245.7 million for the three months ended March 31, 2024, down from $307.8 million in the same period of 2023, a decline of $62.1 million[298]. - Net cash used by investing activities significantly decreased to $211.7 million in Q1 2024 from $1,423.2 million in Q1 2023, reflecting a change of $1,211.5 million[298]. - The company anticipates refinancing or extending debt maturities as maturing debt grows in later years, with no assurance of successful refinancing transactions[296]. Shareholder Actions - The company repurchased shares totaling $170.5 million during the three months ended March 31, 2024, under a program allowing for up to 10% of total outstanding shares[288].

Company Overview - The company completed the Telenet Takeover Bid in October 2023, increasing its ownership interest in Telenet to 100%[291]. - As of December 31, 2023, the company served 4,055,500 fixed-line customers and 5,881,200 mobile subscribers, with networks passing 7,946,400 homes[293]. - The company has significant investments in various media and technology firms, including ITV and Televisa Univision[298]. Financial Performance - The company reported a loss from continuing operations of $3,873.8 million in 2023, compared to a profit of $1,105.3 million in 2022, indicating a significant decline in performance[315]. - Adjusted EBITDA for 2023 was $2,369.6 million, down 8.7% from $2,595.4 million in 2022[327]. - Total revenue increased by 4.1% to $7,491.4 million in 2023 from $7,195.7 million in 2022, with Telenet showing a notable 10.0% increase in revenue[318]. - The company experienced competition that adversely affected revenue and average monthly subscription revenue per customer[303]. - The company reported realized and unrealized losses of $557.3 million due to changes in fair values of certain investments in 2023, compared to losses of $323.5 million in 2022[365]. Revenue Breakdown - Sunrise's revenue rose by 6.3% to $3,380.4 million, while Telenet's revenue increased by 10.0% to $3,089.2 million[318]. - Total residential revenue rose to $5,081.3 million, a 5.2% increase, despite a slight organic decrease of $2.8 million or 0.1%[333][335]. - B2B subscription revenue increased by $26.7 million or 5.2% on an organic basis, driven by growth at Telenet[337]. - Other revenue decreased by $146.7 million or 13.4% on an organic basis, mainly due to lower earnings from U.K. and NL JV Services[339]. Cost and Expenses - Programming and other direct costs of services rose by $299.0 million or 14.3%, with an organic increase of $131.5 million or 6.1%[341]. - Other operating expenses (excluding share-based compensation) increased by $112.1 million or 10.3%, with an organic increase of $23.5 million or 2.1%[344]. - SG&A expenses (excluding share-based compensation) increased by $110.4 million or 7.7% in 2023 compared to 2022, with an organic increase of $18.5 million or 1.3%[348]. - Personnel costs rose by $33.6 million or 5.4%, primarily due to higher average costs per employee and increased incentive compensation costs[348]. Market and Competition - The company aims to achieve organic revenue and customer growth by developing bundled services and enhancing network quality[301]. - The company noted adverse impacts from competition across all markets, affecting customer growth and average revenue per user (ARPU)[316]. - The impact of foreign exchange contributed $220.8 million to the total increase in residential revenue[335]. Future Outlook - Future outlook includes a focus on market expansion and potential acquisitions to enhance revenue streams and mitigate competitive pressures[316]. - The company plans to market and sell certain internally-developed software to third parties, which may influence future revenue streams[342]. Cash Flow and Liquidity - As of December 31, 2023, total cash and cash equivalents amounted to $1,415.9 million, with $498.6 million held by unrestricted subsidiaries and $917.3 million by borrowing groups[391][394]. - Net cash provided by operating activities decreased to $2,165.9 million in 2023 from $2,786.7 million in 2022, a decline of $620.8 million[411]. - The liquidity of borrowing groups is primarily sourced from cash provided by operations and borrowing availability under debt instruments[401]. Debt and Financing - The consolidated debt, including finance lease obligations, was $15.9 billion, with $0.8 billion classified as current and $7.5 billion not due until 2029 or thereafter[407]. - The company expects to continue reporting significant levels of interest expense due to its strategy of maintaining debt at levels that provide attractive equity returns[387]. Impairments and Taxation - The company recognized impairment, restructuring, and other operating items of $67.9 million in 2023, down from $85.1 million in 2022[353]. - The income tax expense for 2023 was $149.6 million, a decrease from $318.9 million in 2022[381].

Customer Base and Revenue - As of September 30, 2023, the company served 4,085,100 fixed-line customers and 5,894,300 mobile subscribers, with networks passing 7,916,000 homes[225]. - Total revenue for Q3 2023 was $1,854.5 million, an increase of 6.2% compared to $1,746.3 million in Q3 2022[238]. - Revenue from Switzerland increased by $69.5 million (8.8%) in Q3 2023, while Belgium's revenue rose by $110.1 million (16.6%) during the same period[238]. - The VMO2 joint venture reported revenue of $3,503.8 million in Q3 2023, an increase of 15.2% from $3,042.1 million in Q3 2022[238]. - Total revenue for the nine months ended September 30, 2023, was $5,570.9 million, reflecting an increase of $217.1 million, or 4.1%, compared to $5,353.8 million in 2022[238]. - Total residential revenue rose by $131.2 million or 3.6% for the nine months ended September 30, 2023, driven by a $76.8 million increase in residential mobile subscription revenue[258]. - B2B revenue increased by $75.5 million or 7.3% for the nine months ended September 30, 2023, with subscription revenue growing by $31.3 million or 8.1%[257]. - The total organic increase in residential mobile revenue was $37.9 million (7.8%) for the three months ended September 30, 2023[253]. Financial Performance - Earnings from continuing operations for Q3 2023 were $822.7 million, a decrease from $2,431.7 million in Q3 2022[235]. - Adjusted EBITDA for Q3 2023 was $597.7 million, down from $664.0 million in Q3 2022, representing a decline of 10%[235]. - The company reported a loss from continuing operations of $(402.1) million for the nine months ended September 30, 2023, compared to a profit of $5,789.6 million in 2022[235]. - Net earnings for the three months ended September 30, 2023, reported a loss of $386.6 million, compared to a profit of $832.2 million in 2022[296]. - Adjusted EBITDA for the VMO2 joint venture increased by $110.4 million (10.4%) to $1,170.9 million for the three months ended September 30, 2023[248]. - The VodafoneZiggo JV reported revenue of $1,125.2 million for the three months ended September 30, 2023, an increase from $1,041.7 million in 2022[298]. Cost and Expense Management - The company experienced significant inflationary pressures, impacting labor, programming, and operating costs, which could negatively affect operating results and cash flows[227]. - Other operating expenses (excluding share-based compensation) increased by $61.7 million or 22.5% for the three months ended September 30, 2023, compared to the same period in 2022[273]. - SG&A expenses (excluding share-based compensation) increased by $47.1 million or 14.6% for the three months ended September 30, 2023, compared to the same period in 2022[279]. - Programming and other direct costs of services increased by $174.7 million or 11.6% for the nine months ended September 30, 2023, with $88.5 million of this increase attributed to acquisitions[269]. - Depreciation and amortization expense increased to $584.0 million for Q3 2023, a 15.4% rise from $506.0 million in Q3 2022, primarily due to network expansions and acquisitions[283]. Joint Ventures and Affiliates - The company holds a 50% noncontrolling interest in the VMO2 JV and VodafoneZiggo JV, presenting 100% of their revenue and Adjusted EBITDA in financial reports[231]. - The share of results from affiliates showed a loss of $240.8 million in Q3 2023, compared to a profit of $501.0 million in Q3 2022, indicating a significant decline[295]. - The VMO2 joint venture reported revenue of $3,335.6 million for the nine months ended September 30, 2023, a decrease of $179.6 million or 5.1% from 2022[249]. - VodafoneZiggo joint venture revenue was $1,474.7 million for the nine months ended September 30, 2023, down $55.4 million or 3.6% year-over-year[249]. Cash Flow and Liquidity - Cash and cash equivalents totaled $1,741.6 million as of September 30, 2023[317]. - The company reported a net cash provided by operating activities of $1,326.7 million for the nine months ended September 30, 2023, a decrease of $576.8 million compared to $1,903.5 million in 2022[338]. - The net cash used by investing activities was $(966.4) million, a significant decrease of $2,914.2 million from $1,947.8 million in 2022, primarily due to the sale of UPC Poland in 2022[339]. - Liberty Global's total outstanding principal debt, including finance lease obligations, was $15.3 billion as of September 30, 2023, with $7.3 billion not due until 2029 or later[335]. - Adjusted free cash flow for the nine months ended September 30, 2023, was $48.0 million, a significant decrease from $678.9 million in the same period of 2022[345]. Market and Competitive Environment - The competitive environment and macroeconomic factors have adversely impacted revenue, customer numbers, and average monthly subscription revenue per customer[226]. - The company is focused on managing rapid technological changes and maintaining or increasing subscription numbers and average revenue per household[221]. - The total number of fixed-line customers and mobile subscribers is impacted by competition, affecting the ability to maintain or increase ARPU[236]. - The company is subject to risks related to government regulations, including potential requirements to open broadband distribution networks to competitors[220].

Customer Base - As of June 30, 2023, the company served 4,124,200 fixed-line customers and 5,874,800 mobile subscribers, with networks passing 7,895,200 homes[230]. Financial Performance - For the three months ended June 30, 2023, the company reported an Adjusted EBITDA of $601.4 million, a decrease from $649.8 million in the same period of 2022[240]. - The company experienced a loss from continuing operations of $511.3 million for the three months ended June 30, 2023, compared to a profit of $2,282.2 million in the same period of 2022[240]. - Total revenue for the three months ended June 30, 2023, was $1,848.0 million, an increase of $93.8 million or 5.3% compared to $1,754.2 million in 2022[243]. - The total revenue for the six months ended June 30, 2023, was $3,716.4 million, an increase of $108.9 million or 3.0% compared to $3,607.5 million in 2022[243]. - The total revenue for the VMO2 JV for the three months ended June 30, 2023, was $3,391.5 million, an increase of 5.9% from $3,202.6 million in 2022[243]. - The VodafoneZiggo joint venture generated $1,088.4 million in revenue for the three months ended June 30, 2023, reflecting a $22.8 million or 2.1% increase from 2022[243]. Revenue Breakdown - In Switzerland, revenue increased by $50.1 million or 6.5% to $816.2 million for the three months ended June 30, 2023, compared to $766.1 million in 2022[243]. - Belgium's revenue rose by $77.9 million or 11.3% to $767.0 million for the three months ended June 30, 2023, compared to $689.1 million in 2022[243]. - The total residential revenue for the three months ended June 30, 2023, was $1,243.0 million, reflecting an increase of $60.9 million, or 5.2%[258]. - The total B2B revenue for the three months ended June 30, 2023, increased by $34.6 million, or 10.3%, totaling $371.2 million[258]. - The total residential fixed revenue for the three months ended June 30, 2023, was $746.8 million, an increase of $27.5 million, or 3.8%[258]. Cost and Expenses - The company’s revenue was significantly impacted by inflationary pressures, particularly in labor, programming, and energy costs, which have increased in the countries of operation[232]. - Other operating expenses increased by $56.8 million or 21.4% for the three months ended June 30, 2023, compared to the same period in 2022[278]. - Business service costs rose by $21.0 million or 52.7% for the three months and $27.3 million or 36.8% for the six months, mainly due to higher consulting and energy costs[279]. - Personnel costs increased by $10.7 million or 12.7% for the three months and $12.0 million or 7.0% for the six months, driven by higher average costs per employee[279]. - Programming and other direct costs of services increased by $109.0 million or 10.7% for the six months ended June 30, 2023, compared to the same period in 2022, with $62.7 million attributable to acquisitions[273]. Foreign Exchange Impact - Foreign currency exchange rates had a significant impact on reported operating results, with 57.8% of revenue derived from subsidiaries using the euro and 44.2% from those using the Swiss franc[235]. - The impact of foreign exchange in Switzerland contributed $55.8 million to revenue growth for the six months ended June 30, 2023[244]. - The impact of foreign exchange (FX) for the three months ended June 30, 2023, contributed an increase of $2.8 million to total revenue[258]. Joint Ventures - The company holds a 50% noncontrolling interest in the VMO2 JV and VodafoneZiggo JV, consolidating 100% of their revenue and Adjusted EBITDA in its financial statements[236]. - Adjusted EBITDA for VodafoneZiggo JV was $484.9 million for the three months ended June 30, 2023, down from $490.9 million in 2022, primarily due to inflation-related increases in energy and staff costs[1][2]. - VMO2 JV's Adjusted EBITDA increased to $1,138.8 million for the three months ended June 30, 2023, compared to $1,059.4 million in the same period of 2022, driven by synergies and consumer price rises[3][4]. Cash Flow and Liquidity - Total cash and cash equivalents as of June 30, 2023, amounted to $1,565.2 million, with $1,126.9 million held by borrowing groups[9]. - The company reported a net cash provided by operating activities of $999.6 million for the six months ended June 30, 2023, a decrease of $363.4 million compared to $1,363.0 million in 2022[342]. - Adjusted free cash flow for the six months ended June 30, 2023, was $150.3 million, a decrease of 71.7% from $531.4 million in the same period of 2022[350]. - The company experienced a decrease in cash provided by operations primarily due to lower dividend distributions from joint ventures and higher interest payments[342]. Tax and Other Income - Income tax expense for the three months ended June 30, 2023, was $159.2 million, up from $63.6 million in the same period of 2022[7]. - Other income, net, was $75.8 million for the three months ended June 30, 2023, compared to $29.4 million in the same period of 2022, indicating a significant increase[6].