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] - Telenet's Q3 revenue increased 1.3% YoY to $785.2 million, with Adjusted EBITDA rising 6.2% YoY to $360.9 million[10] - VMO2 reported a return to positive fixed customer net adds of 15,000 in Q3, with a 2.2% YoY growth in fixed ARPU[11] - 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 11.8% increase from $597.7 million in 2023[20] - The 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] - The VodafoneZiggo JV reported an Adjusted EBITDA of $527.8 million for the three months ended September 30, 2024, a 1.8% increase from $518.3 million in 2023[20] Cash 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] - Liquidity as of September 30, 2024, was $5.0 billion, including $2.4 billion in cash[22] - The total unused borrowing capacity as of September 30, 2024, was $1,585.3 million, indicating strong liquidity position[45] - The company’s liquidity includes cash and cash equivalents, investments, and maximum undrawn commitments, ensuring operational flexibility[45] - 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] Debt and Financial Obligations - Total principal amount of debt and finance leases stood at $16.0 billion, with an average debt tenor of 4.1 years[22] - Total debt and finance lease obligations amount to $16,002.6 million, with principal cash payments expected to be $683.6 million[33] - 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] Customer Metrics - Sunrise achieved 1,300 broadband net adds and 43,200 mobile postpaid net adds in Q3, with a 59% FMC penetration rate[7] - The company reported a total of 12,200 organic customer net losses in the three months ended September 30, 2024, compared to 39,100 losses in the same period of 2023[16] - Liberty Global's total RGUs reached 8,581,300, with 5,932,500 total mobile subscribers as of September 30, 2024[38] - The company reported an organic change of 31,600 homes passed, with a decrease of 12,200 fixed-line relationships customers in the same period[39] - The number of Fixed-Line Customer Relationships is counted on a unique premises basis, excluding mobile-only customers[67] Capital Expenditures - Capital expenditures for the nine months ended September 30, 2024, totaled $987.2 million, reflecting an increase from $1,016.2 million in the same period of 2023[34] - The total capital expenditures net for the three months ended September 30, 2024, was $347.1 million, compared to $327.8 million in the same period of 2023[34] - The company’s property and equipment additions as a percentage of revenue stood at 19.9% for the three months ended September 30, 2024[34] - The company reported P&E additions of $687.8 million for Q3 2024, slightly up from $687.7 million in Q3 2023, indicating stable capital expenditure[47] Strategic Initiatives - The company anticipates a CHF 240 million dividend from Sunrise in mid-2025, followed by a progressive annual dividend policy[4] - Liberty Global's strategic plans include investments in fiber upgrade programs in the U.K. and Belgium[23] - The anticipated spin-off of the Swiss operating company, Sunrise, includes expected capital injection and potential dividends[23] - The company is leveraging AI technologies to drive future operational and financial performance[23] - The company is focused on maximizing shareholder value through its Liberty Growth portfolio and share repurchase initiatives[23] Performance Metrics - 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 less P&E Additions for Q3 2024 was $483.1 million, compared to $483.2 million in Q3 2023, showing minimal change year-over-year[47] - 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] Foreign Currency and Other Losses - 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 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] Shareholder Actions - The share repurchase program for 2024 authorizes the repurchase of up to 10% of outstanding shares as of December 31, 2023[24]
Liberty .(LBTYA) - 2024 Q3 - Quarterly Results