Liberty .(US:LBTYB)2024-05-01 20:26Revenue Performance - Q1 2024 revenue of €113.3 million decreased 1.2% YoY, with lower fixed and handset revenues partially offset by growth in programming and mobile subscription revenue[9] - Sunrise achieved revenue of €797.9 million in Q1 2024, representing a 4.4% increase YoY on a reported basis and a 0.1% decrease on a rebased basis[22] - Total revenue for the three months ended March 31, 2024, was CHF 746.8 million, a slight decrease of 0.04% compared to CHF 747.1 million for the same period in 2023[33] - B2B segment revenue increased by 4.8% year-over-year, reaching CHF 147.7 million for the three months ended March 31, 2024[33] Earnings and Adjusted EBITDA - Q1 net earnings increased 257.1% YoY to €5.5 million, driven by higher realized and unrealized gains on derivative instruments[9] - Q1 Adjusted EBITDA of €36.8 million decreased 4.9% YoY, impacted by revenue decrease and costs associated with off-net business[9] - Segment Adjusted EBITDA for Q1 was €261.4 million, up 4.7% YoY on a reported basis and 0.2% YoY on a rebased basis[22] - Segment Adjusted EBITDA for the three months ended March 31, 2024, was CHF 244.3 million, a 0.4% increase from CHF 243.3 million in the same period of 2023[33] Customer Metrics - Fixed customer net losses improved sequentially to 1,300 in Q1, driven by higher customer additions[7] - Broadband net adds were 6,200 in Q1 2024, supported by customer loyalty initiatives and trading momentum in flanker brands[20] - Mobile postpaid continued to show momentum with 26,000 net adds in Q1 2024[20] - The total number of customer relationships for Sunrise Holding was 1,642,600 as of March 31, 2024, with a net decrease of 2,600 in Q1 2024[41] Capital Expenditures and Investments - Q1 property and equipment additions of €36.3 million were up 17.5% YoY, reflecting increased investment in fiber upgrade and wholesale programs[9] - Property and equipment additions were 17.5% of revenue in Q1 2024, compared to 18.4% in the prior year[22] Debt and Financial Position - At March 31, 2024, the ratio of Net Senior Debt to Annualized EBITDA was 5.23x, reflecting compliance with restrictive covenants[9] - Total third-party debt and finance lease obligations amounted to €5,947.7 million as of March 31, 2024, compared to €5,896.6 million as of December 31, 2023, reflecting an increase of €51.1 million[32] - The total covenant amount of third-party net debt is €5,532.2 million as of March 31, 2024, down from €5,823.5 million as of December 31, 2023, indicating a decrease of €291.3 million[32] Strategic Initiatives - The company plans to implement price increases and launch new products and services as part of its growth strategy[34] - Sunrise launched new offerings including a "Workplace as a Service" solution and enhanced cybersecurity services for business customers[20] - The anticipated spin-off of Sunrise from Liberty Global is expected to provide additional strategic opportunities and benefits[34] Subscriber Metrics - Sunrise Holding's total mobile subscribers stood at 2,854,200 as of March 31, 2024, with an organic increase of 17,900 subscribers in Q1 2024[41] - In Q1 2024, Sunrise Holding experienced a net organic increase of 17,900 total mobile subscribers, with a decrease of 8,100 prepaid subscribers and an increase of 26,000 postpaid subscribers compared to Q4 2023[45] Average Revenue Per User (ARPU) - The average monthly ARPU for Sunrise in Q1 was CHF 62.67, a decrease of 1.0% YoY[20] - The average revenue per mobile subscriber (ARPU) is calculated by dividing mobile subscription revenue by the average number of mobile subscribers for the period[52]