Liberty .(LBTYK) - 2024 Q2 - Quarterly Results

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].