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]. - 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]. Customer and Revenue 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]. - Total consolidated revenue increased by $226.1 million, or 5.5%, from $4,115.8 million in 2023 to $4,341.9 million in 2024[321]. - Telenet's revenue decreased by $4.8 million, or 0.2%, primarily due to a decline in the average number of customers, offset by an increase in ARPU of $51.7 million[322]. - VM Ireland's revenue decreased by $14.7 million, or 2.9%, driven by a decline in both fixed and mobile subscription revenues[323]. - Total consolidated revenue increased by $226.1 million or 5.5% in 2024 compared to 2023, with an organic increase of $189.6 million or 4.6%[332]. 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]. - The net loss for 2024 was $1,634.7 million, an improvement from a net loss of $3,438.6 million in 2023, indicating a reduction of 52.5%[365]. - The company reported a net loss of $28.4 million due to changes in fair values of certain investments in 2024, a significant improvement from a loss of $556.6 million in 2023[361]. - Adjusted EBITDA for 2024 was $4,503.4 million, down from $4,531.3 million in 2023, reflecting a decrease of 0.6%[365]. Operating Expenses and Costs - 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]. - Other operating expenses (excluding share-based compensation) decreased by $10.9 million or 1.4% in 2024, with an organic decrease of $12.9 million or 1.7%[342]. - Share-based compensation expense increased by $6.5 million or 57.5% in 2024 compared to 2023[342]. - Interest expense increased by $69.5 million or 13.8% in 2024, reaching $574.7 million, primarily due to a higher average outstanding debt balance[354]. Cash Flow and Liquidity - Net cash provided by operating activities increased to $1,331.2 million in 2024, up from $1,199.3 million in 2023, representing a change of $131.9 million[404]. - The net cash used by investing activities improved significantly, with a change of $2,425.7 million, from $(1,280.2) million in 2023 to $1,145.5 million in 2024[404]. - Adjusted free cash flow for 2024 was $311.7 million, a significant increase from $107.1 million in 2023, reflecting a growth of approximately 190%[413]. Strategic Focus and Initiatives - The company maintains a strategic focus on three platforms: Liberty Telecom, Liberty Growth, and Liberty Services, aiming for attractive equity returns while managing debt levels[303]. - The company is committed to reducing its Scope 1, 2, and 3 greenhouse gas emissions in line with science-based targets, transitioning its fleet to electric vehicles, and enhancing network efficiency[33]. - The company is developing a fully digital, cloud-based connectivity ecosystem called "ONE Connect" to improve customer experience and service delivery[44]. Joint Ventures and Partnerships - The VMO2 JV reported a slight decrease in Adjusted EBITDA to $4,503.4 million, down by $27.9 million, or 0.6%[326]. - VodafoneZiggo JV's Adjusted EBITDA increased by $61.4 million, or 3.1%, reaching $2,033.9 million in 2024[326]. - 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]. Regulatory and Market Risks - The company faces competition and macroeconomic factors that have negatively impacted revenue, customer numbers, and average revenue per user (ARPU)[305]. - The company faces risks related to regulatory approvals, integration of acquired businesses, and potential disruptions from external events such as political unrest and natural disasters[1]. Technology and Innovation - In 2023, the company conducted the world's first test of DOCSIS 4 technology, achieving speeds of up to 10 Gbps over HFC Plant[46]. - The company introduced the "Connect Box," a next-generation Intelligent WiFi and telephony gateway, with approximately 11 million customers using it in 2024[48]. - The company plans to introduce a DOCSIS 4 Network Termination Unit in 2024, which will support speeds up to 10 Gbps[46].
Liberty .(LBTYA) - 2024 Q4 - Annual Report