Liberty .(US:LBTYB)2025-05-02 11:10Customer Metrics - As of March 31, 2025, the company served 11,512,200 fixed-line customers and 44,212,600 mobile subscribers, with networks passing 29,056,700 homes[229]. - The average number of residential fixed customers decreased, contributing to a decline in subscription revenue[255]. - VM Ireland experienced a total revenue decrease of $7.2 million, with a $6.4 million decrease in subscription revenue attributed to a decline in the average number of customers[247]. Financial Performance - Earnings from continuing operations for Q1 2025 were $(1,323.3) million, compared to $634.5 million in Q1 2024[240]. - Total consolidated revenue increased by $79.9 million (7.3%) to $1,171.2 million in Q1 2025, driven by a $61.3 million increase in the "all other" category[243]. - The net loss for the company in Q1 2025 was $70.5 million, compared to a net loss of $13.6 million in Q1 2024[288]. Adjusted EBITDA - Total consolidated Adjusted EBITDA for Q1 2025 was $324.6 million, an increase of 14.7% from $283.0 million in Q1 2024[250]. - Adjusted EBITDA margin for Telenet was 39.7% in Q1 2025, down from 40.4% in Q1 2024[251]. - Adjusted EBITDA for VMO2 JV fell to $463.1 million in Q1 2025 from $519.0 million in Q1 2024, representing a decrease of about 11.8%[288]. Revenue Changes - Revenue from Telenet decreased by $2.9 million (0.4%) to $759.7 million in Q1 2025, while VM Ireland's revenue decreased by $7.2 million (5.9%) to $115.8 million[243]. - Total residential revenue decreased by $27.8 million or 4.7% during the same period, with a significant organic decrease of $9.0 million or 1.5%[255]. - The VMO2 JV reported revenue of $3,126.3 million in Q1 2025, down from $3,282.8 million in Q1 2024[285]. Cost and Expenses - Personnel costs increased by $4.4 million or 7.6%, primarily due to higher average costs per employee at Telenet[265]. - SG&A expenses (excluding share-based compensation) increased by $26.6 million or 11.7% in Q1 2025 compared to Q1 2024, with an organic increase of $0.9 million or 0.3%[269]. - Depreciation and amortization expense rose to $232.2 million in Q1 2025, up from $222.7 million in Q1 2024, marking a 7.3% increase[272]. Foreign Exchange Impact - Changes in foreign currency exchange rates significantly impacted reported operating results, primarily due to exposure to the euro[234]. - The company’s exposure to foreign exchange risk was significant, particularly with the euro, as most revenue was derived from subsidiaries with euro as their functional currency[234]. - Foreign currency transaction losses amounted to $1,081.0 million in Q1 2025, compared to gains of $559.3 million in Q1 2024[281]. Joint Ventures - The company holds a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV, accounted for as equity method investments[236]. - VodafoneZiggo JV's Adjusted EBITDA decreased by $55.9 million (10.8%) to $463.1 million in Q1 2025[250]. - The VodafoneZiggo JV's revenue decreased by $62.0 million (5.6%) to $1,052.0 million in Q1 2025[243]. Shareholder Actions - The company repurchased shares totaling $38.8 million during Q1 2025, with authorization to repurchase up to 10% of outstanding shares[316]. - The company authorized a share repurchase program for 2025, allowing the repurchase of up to 10% of total outstanding shares as of December 31, 2024[316]. Cash Flow and Liquidity - Cash and cash equivalents totaled $1,982.6 million as of March 31, 2025, with $849.3 million held by unrestricted subsidiaries[305]. - For the three months ended March 31, 2025, net cash provided by operating activities increased to $129.2 million from $91.3 million in the same period of 2024, representing a change of $37.9 million[326]. - The company maintained compliance with its debt covenants as of March 31, 2025, and does not anticipate any material adverse impact on liquidity from non-compliance in the next 12 months[322].