Liberty .(LBTYB) - 2024 Q4 - Annual Results

Financial Performance - Q4 2024 revenue decreased by 3.0% YoY to €120.6 million, with B2B wholesale revenue growth partially offsetting declines in fixed and mobile revenue[5] - FY 2024 revenue totaled €454.3 million, a decrease of 2.9% YoY[5] - Q4 residential fixed revenue decreased by 5.0% YoY to €70.1 million, while residential mobile revenue decreased by 6.5% YoY to €10.1 million[6] - FY 2024 net earnings increased by 153.4% YoY to €4.7 million, with Q4 net earnings rising by 134.6% YoY to €11.9 million[6] - Q4 Adjusted EBITDA increased by 10.6% YoY to €48.0 million, driven by lower programming and sales costs[6] - Adjusted EBITDA for the year ended December 31, 2024, was €165.0 million, slightly down from €167.7 million in 2023, indicating a decrease of 1.6%[11] Capital Expenditures - Q4 property and equipment additions remained stable YoY at €45.2 million, with P&E additions as a percentage of revenue increasing to 37.5%[6] - Property and equipment additions for the year ended December 31, 2024, totaled €160.5 million, a decrease of 1.7% from €163.3 million in 2023[11] - Total capital expenditures for the year ended December 31, 2024, were €156.8 million, down from €161.4 million in 2023, reflecting a decrease of 2.8%[11] Debt and Financial Ratios - At December 31, 2024, the ratio of Net Senior Debt to Annualized EBITDA was 5.12x[6] - The net carrying amount of third-party debt as of December 31, 2024, was €884.1 million, unchanged from the previous quarter[12] - The total covenant amount of third-party net debt as of December 31, 2024, was €838.1 million, consistent with €838.2 million as of September 30, 2024[14] Customer Metrics - VM Ireland serves 393,300 fixed-line customers and 136,700 mobile subscribers as of December 31, 2024[20] - Internet Subscribers include homes and commercial units receiving internet services, highlighting the company's reach in the market[31] - Mobile Subscriber Count reflects the number of active SIM cards in service, with specific exclusions for non-paying customers after inactivity periods[32] - Fixed-Line Customer Relationships are counted on a unique premises basis, excluding mobile-only customers, indicating the number of customers receiving internet, video, or telephony services[30] - RGUs (Revenue Generating Units) are counted separately for internet, video, and telephony services, with each bundled service counted as a distinct RGU[33] - Telephony Subscribers exclude mobile telephony subscribers, focusing on those receiving voice services over the company's networks[35] - Video Subscribers are defined as units receiving video service over broadband networks, indicating the company's service offerings[36] Growth and Future Outlook - Approximately 50% of over one million premises upgraded to full fiber by the end of Q4 2024[5] - The company expects to cover 1.4 million addressable homes, with further growth anticipated[2] - The company anticipates continued growth in addressable homes at Virgin Media Ireland, contributing to future revenue growth[15] - Liberty Global's consolidated businesses generated annual revenue of approximately $3.6 billion for the year 2024[18] - The company is focused on a full fiber upgrade at Virgin Media Ireland, which is expected to enhance service offerings and customer satisfaction[15] Performance Metrics - Year-over-year (YoY) metrics are utilized to assess performance trends over time, providing context for financial results[37] - Adjusted EBITDA is a key performance measure, reflecting net earnings before various expenses, providing a transparent view of recurring operating performance[11] - Adjusted EBITDA less P&E Additions offers insight into performance after capital expenditures, important for evaluating overall performance relative to other telecommunications companies[11] Property and Equipment - Property and equipment additions as a percentage of revenue for the three months ended December 31, 2024, was 37.5%, compared to 36.4% in the same period of 2023[11]