Liberty .(US:LBTYB)2024-10-29 22:43Financial 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, with a rebased increase of 9.4%[14] - Telenet's revenue increased 1.3% YoY to $785.2 million, with Adjusted EBITDA rising 6.2% YoY to $360.9 million[10] - 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] - Adjusted EBITDA for the three months ended September 30, 2024, was $668.3 million, an 11.8% increase from $597.7 million in 2023[20] - Adjusted EBITDA less P&E additions for the total was $282.7 million for the three months ended September 30, 2024, a 21.5% increase from $232.6 million in 2023[21] - Adjusted EBITDA for Sunrise increased by 2.5% to $318.9 million for the three months ended September 30, 2024, compared to $311.0 million in 2023[73] - Total Adjusted EBITDA rose by 11.8% to $668.3 million for the three months ended September 30, 2024, from $597.7 million in the same period last year[73] Customer Metrics - Sunrise achieved 1,300 broadband net adds and 43,200 mobile postpaid net adds in Q3 2024, reflecting improved customer retention[7] - VMO2 reported a return to positive fixed customer net adds of 15,000 in Q3 2024, with a 2.2% YoY growth in fixed ARPU[11] - Organic customer net losses totaled 12,200 for the three months ended September 30, 2024, compared to 39,100 in the same period of 2023[16] - The company experienced a significant decline in customer counts across several markets, with Telenet losing 8,300 customers in the latest quarter[16] - Consolidated Liberty Global reported 8,581,300 total RGUs as of September 30, 2024, with 5,932,500 total mobile subscribers[38] - The organic change summary indicated a total decline of 85,500 RGUs across Liberty Global, with significant losses in telephony subscribers[39] - The VMO2 joint venture reported 12,402,500 total RGUs, with 35,483,900 total mobile subscribers[38] - The company’s homes passed increased to 8,546,000, with fixed-line relationships totaling 4,008,800 as of September 30, 2024[38] 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] - Liberty Global has a total liquidity of $5,036.2 million, which includes cash and cash equivalents of $2,356.4 million and unused borrowing capacity of $1,585.3 million[32] - The aggregate unused borrowing capacity was $1,585.3 million, indicating strong financial flexibility[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 were $11,832.9 million, leading to a net debt to LTM Adjusted EBITDA ratio of 4.9[60] Strategic Initiatives - The company plans to realize ~$900 million in total asset proceeds from recent divestments, exceeding its $500 million to $1 billion target range[5] - The spin-off of Sunrise is confirmed for November 12, 2024, with a planned debt paydown of CHF 1.5 billion[4] - Liberty Global's strategic plans include investments in fiber upgrade programs in the U.K. and Belgium[23] - The company is focused on maximizing shareholder value through its Liberty Growth portfolio, which includes capital rotation between investments[23] Shareholder Returns - The share repurchase program for 2024 authorizes the repurchase of up to 10% of outstanding shares as of December 31, 2023[24] Foreign Currency and Other Financial Impacts - The company reported a foreign currency transaction loss of $578.3 million for the three months ended September 30, 2024, compared to a loss of $(664.4) million in the same period of 2023[50] - The company reported a foreign currency transaction loss of $769.0 million and a realized and unrealized loss on derivative instruments of $653.1 million[60] Capital Expenditures - 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 of 2023[34] - The total property and equipment additions for the nine months ended September 30, 2024, were $1,125.4 million, compared to $1,107.7 million in the previous year[35] - The company’s capital expenditures as a percentage of revenue stood at 19.9% for the three months ended September 30, 2024[35] Earnings and Losses - Liberty Global's net earnings decreased 271.5% YoY to a loss of $1,410.9 million in Q3 2024[14] - Net earnings for the three months ended September 30, 2024, were ($1,410.9 million), compared to $822.7 million in 2023[17] - Operating income for the three months ended September 30, 2024, was $101.3 million, compared to a loss of $(27.4) million in the same period of 2023[50] - 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] - Share-based compensation expense amounted to $203.6 million, contributing to the overall operating loss of $(62.3) million[60]