Liberty .(US:LBTYA)2020-05-06 20:39Financial Performance - Total revenue for the three months ended March 31, 2020, was $2,875.8 million, a slight increase from $2,868.0 million in the same period of 2019, representing a growth of 0.3%[13] - Operating income for the first quarter of 2020 was $280.6 million, significantly up from $105.5 million in Q1 2019, indicating a year-over-year increase of 165.5%[13] - Net earnings attributable to Liberty Global shareholders for Q1 2020 were $949.8 million, a substantial rise from $7.0 million in Q1 2019[13] - The company reported basic earnings per share of $1.51 for Q1 2020, compared to a loss of $0.43 per share in the same quarter of 2019[13] - Net earnings for the three months ended March 31, 2020, were $1,017.7 million, a significant increase from $15.7 million in the same period of 2019[18] - Revenue for the three months ended March 31, 2020, was $886.4 million, with operating income of $504.1 million and net earnings attributable to Liberty Global shareholders of $322.6 million[47] - Adjusted OIBDA for the same period was $1,150.3 million, down from $1,183.3 million in 2019, reflecting a decrease of approximately 2.8%[186] - U.K./Ireland segment revenue was $1,620.6 million, a decrease from $1,661.3 million in 2019, representing a decline of about 2.4%[184] - The Belgium segment reported revenue of $718.1 million, slightly up from $711.9 million in 2019, indicating a growth of approximately 0.3%[184] - The VodafoneZiggo JV generated revenue of $1,097.1 million, compared to $1,093.9 million in the previous year, showing a marginal increase[184] Cash Flow and Liquidity - Cash and cash equivalents decreased to $5,440.5 million as of March 31, 2020, down from $8,142.4 million at the end of 2019, reflecting a decline of 33.2%[7] - Cash flows from operating activities of continuing operations provided $449.8 million, compared to $306.3 million in the prior year[18] - The company reported a net cash used by investing activities of continuing operations of $(2,349.2) million, a substantial increase from $(367.7) million in the previous year[18] - The net decrease in cash and cash equivalents and restricted cash for continuing operations was $(2,698.8) million, compared to $(806.3) million for the same period in 2019, reflecting a significant increase in cash outflow[21] - The company reported cash paid for interest of $389.7 million for continuing operations, down from $516.1 million in the same period last year, representing a 24.5% decrease[21] Assets and Liabilities - Total assets as of March 31, 2020, were $47,256.0 million, down from $49,046.3 million at the end of 2019, a decrease of 3.6%[9] - Total liabilities decreased to $34,343.8 million as of March 31, 2020, compared to $35,847.7 million at the end of 2019, a reduction of 4.2%[9] - The total equity attributable to Liberty Global shareholders was $13,244.1 million as of March 31, 2020, down from $13,606.2 million at the end of 2019[10] - The total carrying amount of debt as of March 31, 2020, was $26,817.8 million, compared to $27,565.4 million as of December 31, 2019, a decrease of about 2.7%[106] - Long-term debt and finance lease obligations decreased to $23,455.7 million from $24,305.3 million, a decrease of 3.5%[9] Investments and Capital Expenditures - Capital expenditures for the three months ended March 31, 2020, totaled $347.8 million, compared to $331.3 million in 2019, reflecting an increase of about 5.6%[189] - The total investments as of March 31, 2020, amounted to $6,207.8 million, with long-term investments at $4,567.6 million[50] Shareholder Information - The company repurchased 13,452,600 Class C ordinary shares at an average price of $16.71, totaling $224.4 million during the three months ended March 31, 2020[139] - The company has authorized an additional $1.0 billion for share repurchases, with $842.7 million remaining as of March 31, 2020[139] - As of March 31, 2020, Liberty Global had 20,474,598 Class A options outstanding with a weighted average exercise price of $30.13 and 46,274,632 Class C options outstanding with a weighted average exercise price of $28.71[143] Legal and Regulatory Matters - Telenet is involved in ongoing legal proceedings with Proximus, which claims damages of €1.4 billion ($1.5 billion) related to the annulment of the 2008 PICs Agreement[160] - The Belgian Council of State annulled decisions related to the 2008 PICs Agreement, but Telenet does not expect a material impact on its financial position from these proceedings[161] - Unitymedia is pursuing a lawsuit against Telekom Deutschland for excessive duct lease prices, seeking a reduction of annual fees by approximately five-sixths[162] - The Belgium Regulatory Authorities imposed a 17% interim price reduction on Telenet's wholesale cable access prices, with a potential additional 25% reduction proposed[164] Miscellaneous - The company incurred a foreign currency translation adjustment loss of $1,070.9 million in Q1 2020, compared to a loss of $116.0 million in Q1 2019[14] - The company adopted ASU 2018-15 on January 1, 2020, which requires deferring implementation costs related to cloud computing arrangements, although it did not have a significant impact on the consolidated financial statements[30] - A database breach affected approximately 900,000 individuals, representing less than 15% of the total customer base, but is not expected to materially impact financial results[173]