Liberty .(LBTYK)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] - Q1 2024 revenue of €797.9 million increased by 4.4% YoY, while rebased revenue decreased by 0.1% YoY[22] - Total revenue for the three months ended March 31, 2024, was CHF 746.8 million, showing a slight decrease of 0.04% compared to CHF 747.1 million for the same period in 2023[33] Earnings and Adjusted EBITDA - Q1 net earnings increased 257.1% YoY to €5.5 million, primarily due to 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 same period was CHF 244.3 million, a marginal increase of 0.4% from CHF 243.3 million year-over-year[33] Customer Metrics - Q1 residential fixed revenue of €72.5 million decreased 4.2% YoY, primarily due to lower customer volumes[11] - Q1 residential mobile revenue of €9.9 million decreased 2.0% YoY, with mobile subscription revenue increasing 3.9% YoY driven by strong mobile ARPU growth[9] - Fixed Customer Relationships decreased by 800 in Q1 2024, with a total of 1,642,600[26] - The total number of customer relationships for Sunrise Holding reached 1,642,600 as of March 31, 2024, with a total of 3,691,900 RGUs[41] - The company reported a decrease of 12,100 in total customer relationships for Sunrise in Q1 2024, with a net organic subscriber variance of 9,100 across the group[41] Subscriber Growth - Q1 broadband net adds were 6,200, supported by customer loyalty initiatives and trading momentum in flanker brands[20] - Mobile postpaid net adds in Q1 reached 26,000, continuing the momentum from previous quarters[20] - The company has a total of 2,854,200 mobile subscribers as of March 31, 2024, with an 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] 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, compared to 18.4% in the prior year[22] - Sunrise launched new offerings including a "Workplace as a Service" solution and enhanced cybersecurity services for business customers[20] Debt and Liquidity - At March 31, 2024, the ratio of Net Senior Debt to Annualized EBITDA was 5.23x, reflecting compliance with the most restrictive covenants[9] - The company had €100.0 million of undrawn commitments available as of March 31, 2024, indicating strong liquidity[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] - 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] Guidance and Future Outlook - FY 2024 financial guidance indicates stable revenue growth and stable to low-single-digit growth in Segment Adjusted EBITDA[24] Other Metrics - Q1 Customer ARPU was CHF 62.67, a decrease of 1.0% YoY due to competitive pressures[20] - The company emphasizes that organic figures exclude customer relationships and subscribers from acquired entities at the date of acquisition, focusing on net organic changes[48] - 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] - Fixed-mobile convergence penetration is defined as the number of customers subscribing to both fixed broadband and postpaid mobile services, divided by the total number of fixed broadband customers[58] - The company’s homes passed count does not include homes serviceable through partner networks, which limits the reported potential market reach[59] - Sunrise Holding's capital expenditures do not include amounts financed under vendor financing or finance lease arrangements, reflecting only cash additions to property and equipment[48] - The company’s customer churn rate is calculated based on the number of disconnects over the preceding 12 months divided by the average number of customer relationships[56] - Total Revenue Generating Units (RGUs) include Internet, Video, and Telephony Subscribers, counted on a unique premises basis[62] - Non-paying subscribers are counted as RGUs during their free promotional service period, potentially affecting future RGU counts[62] - The company does not include subscriptions to mobile services in its externally reported RGU counts, focusing solely on broadband and telephony services[62]