Liberty .(LBTYK) - 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 2024 net earnings increased by 134.6% YoY to €11.9 million, driven by gains on derivative instruments[6] - Q4 Adjusted EBITDA rose by 10.6% YoY to €48.0 million, with a margin of 39.8%[10] - Adjusted EBITDA for the year ended December 31, 2024, was €165.0 million, compared to €167.7 million in 2023[11] Customer Metrics - Fixed customer net losses improved sequentially and YoY, with a loss of 1,900 in Q4 2024 compared to 3,900 in Q4 2023[5] - 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] - 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 the broadband network, indicating the company's service offerings[36] - RGUs (Revenue Generating Units) are counted separately for internet, video, and telephony services, with each bundled service counted as a separate RGU[33] Capital Expenditures - Q4 2024 property and equipment additions were €45.2 million, representing 37.5% of revenue[6] - Property and equipment additions for the year ended December 31, 2024, totaled €160.5 million, a slight decrease 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[11] - Property and equipment additions as a percentage of revenue for the three months ended December 31, 2024, was 37.5%, up from 36.4% in the previous year[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 September 30, 2024[12] - Total covenant amount of third-party net debt as of December 31, 2024, was €838.1 million, slightly down from €838.2 million as of September 30, 2024[14] - The company has a term loan of €900.0 million due in 2029, with a borrowing cost of EURIBOR + 3.575%[12] Fiber Upgrade and Future Growth - Approximately 50% of over one million premises upgraded to full fiber by the end of Q4 2024[5] - The company expects to continue its fiber upgrade program and expand its addressable homes to 1.4 million[2] - The company anticipates growth in addressable homes at Virgin Media Ireland, contributing to future revenue growth[15] Performance Metrics - 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] - Year-over-year (YoY) metrics are utilized to assess performance trends over time, providing context for financial results[37] Market Reach - Homes Passed refers to residential and commercial units that can be connected to networks without significant distribution plant extension, based on census data[31]