Acquisition of Sunrise closed mid-November1
U.K. joint venture with Telefonica's O2 on track to close
mid-20212
All 2020 guidance targets met or exceeded
FMC penetration reaches 28% as convergence strategy continues
to deliver
Repurchased 9% of shares outstanding in 2020 at ~$19 per
share
Liberty Global (NASDAQ: LBTYA, LBTYB and LBTYK):
Liberty Global (continuing operations)
YTD
2020
YoY
Operations Organic Customer additions
81,200
+155,100 Organic Broadband net adds
241,500
+163,000 Organic Mobile Postpaid net adds
512,900
+16,900 Fixed Mobile Convergence(a)
28.3%
2.7%
Financial (in millions,
except percentages) Revenue as reported
$11,980.1
3.8%
Rebased revenue3
$11,980.1
(1.5%)
COVID impact on revenue4
~ $200.0
(1.8%)
Loss from continuing operations
($1,466.7)
(4.1%)
Rebased Adjusted EBITDA3
$4,895.6
(3.9%)
P&E additions
$2,695.3
(6.4%)
Rebased OFCF3
$2,200.3
4.9%
Cash provided by operating activities(b)
$4,185.8
12.7%
Adjusted FCF(c)
$1,069.8
38.9%
NASDAQ: LBTYA | LBTYB |
LBTYK
(a) YoY FMC growth shown on a rebased basis. (b) As reported
cash flows from investing and financing activities for the year
ended December 31, 2020 were ($8,874.0 million) and $1,083.6
million, respectively. (c) YoY Adjusted FCF growth rate is based on
2019 pro forma FCF, which assumed the sale of our discontinued
operations in Germany, Hungary, Romania, the Czech Republic and our
DTH business had been completed on January 1, 2019.
Liberty Global plc today announced Full Year financial results.
Our former operations in Germany, Hungary, Romania and the Czech
Republic, along with our DTH business (collectively, the
"Discontinued Operations") are presented as discontinued operations
for the year ended December 31, 2019. Unless otherwise indicated,
the information in this release relates only to our continuing
operations. Effective with our Q2 2020 financial results we stopped
using the term Operating Cash Flow ("OCF") and replaced it with
"Adjusted EBITDA". As we define the term, Adjusted EBITDA has the
same meaning as OCF had previously, and therefore does not impact
any previously reported amounts.
CEO Mike Fries stated, “2020 was a transformational year in
which we announced highly accretive transactions in Switzerland and
the U.K., creating fixed-mobile champions in two of our core
markets and unlocking nearly $11 billion of synergies on an NPV
basis. In Switzerland, we have validated the Sunrise UPC synergy
plan, announced the executive team and the integration of the
business is well underway.
Meanwhile, we are making very positive progress with the U.K.
regulator on the joint venture between Virgin Media and
Telefonica’s O2, and continue to anticipate a mid-21 closing.
As we continue to navigate the pandemic, our fiber-rich networks
have more than stood up to the challenge, delivering high-speed
connectivity which has proven increasingly essential in the lives
of our customers and communities. Demand for our broadband and
converged products remains strong, and we added 56,000 new customer
relationships during Q4 and a total of 81,000 in 2020. We saw
substantial churn reduction across all of our markets and achieved
a record low at Virgin Media. Moreover, we continued to extend and
upgrade our network reach with the construction of 561,000 new
homes last year, and are now marketing 1GB broadband services to
over 20 million premises across our pan-European footprint.
Our convergence strategy continues to gain traction across all
of our core markets. During 2020, we added 242,000 broadband
subscribers, and the fourth quarter saw both Virgin Media and UPC
Switzerland achieve their best broadband adds since 2017. In
addition to our robust fixed-line trends, we added 513,000 postpaid
mobile subscribers in 2020, with Virgin Media seeing record
additions for the full year. FMC penetration rates continue to
improve across all operations, a win-win for us and our customers
as we share in the benefits of convergence.
Despite the impact of the COVID-19 virus, we were able to meet
or exceed all guidance metrics in 2020. Rebased3 revenue declined
1.5%, including adverse COVID impacts of around 2%, primarily
driven by lower B2B revenue and the loss of premium sports content.
As expected, rebased Adjusted EBITDA declined 4% in the year,
including the impact of costs to capture5 of $17 million in
Switzerland and the U.K., while rebased OFCF increased 5%,
reflecting underlying growth in most markets. Our continued efforts
to reduce our capital intensity, which remains below 20% excluding
Project Lighting, helped us deliver $1.1 billion of Adjusted Free
Cash Flow in 2020, modestly ahead of guidance.
Throughout the year we were active buyers of our stock, retiring
9% of our outstanding equity at an average price of approximately
$19 per share. We will continue our buyback program via the current
$1 billion authorization, simultaneously shrinking our share count
while delivering substantially higher Adjusted Free Cash Flow in
2021. Our balance sheet remains in outstanding shape with $3.3
billion(i) of cash and $6.2 billion of liquidity5 at year end to
drive future value creation.
Looking ahead to 2021(ii), we anticipate modest rebased revenue
increases in our four largest markets (UK, CH, NL, BE) as customer
growth, price increases and B2B services continue the momentum
experienced in 2020. As we close the U.K. transaction and
accelerate integration of Sunrise UPC in Switzerland, we will incur
substantial costs to capture anticipated synergies which will weigh
on our rebased Adjusted EBITDA and rebased OFCF performance.
Despite these investments in future growth, we are still
forecasting a 25% increase in consolidated Adjusted Free Cash Flow
to $1.35 billion for full year 2021 and an even larger increase in
Adjusted Free Cash Flow per share as we implement our $1 billion
buyback program.”
(i)
Including amounts held under
separately managed accounts (SMAs).
(ii)
Rebased revenue and Adjusted Free
Cash Flow are non-GAAP measures, see the Glossary for definitions.
Quantitative reconciliations to cash flow from operating activities
for our Adjusted FCF guidance cannot be provided without
unreasonable efforts as we do not forecast specific changes in
working capital that impact cash flows from operating activities.
The items we do not forecast may vary significantly from period to
period. Absolute full-year U.S. dollar guidance figures are based
on FX rates of EUR/USD 1.23, GBP/USD 1.36 and CHF/USD 1.12.
Full Year and Q4 Highlights
- FY revenue increased 3.8% on a
reported basis and decreased 1.5% on a rebased3 basis to $11,980.1
million
- Q4 revenue increased 14.9% on a reported basis and decreased
0.5% on a rebased basis to $3,426.9 million
- FY loss from continuing operations increased 4.1% YoY to
$1,466.7 million
- Q4 loss from continuing operations decreased 25.4% YoY to
$1,007.0 million
- FY Adjusted EBITDA increased 0.7% on a reported basis and
decreased 3.9% on a rebased basis to $4,895.6 million
- Q4 Adjusted EBITDA increased 5.8% on a reported basis and
decreased 6.2% on a rebased basis to $1,347.6 million
- Q4 property & equipment additions were 23.2% of revenue, as
compared to 28.2% in Q4 2019
- FMC penetration increased to 28% from 23% in Q4 2019, as
postpaid and broadband sales both saw record levels during Q4
2020
- Built 154,000 new premises during Q4, including 115,000 in the
U.K. & Ireland
- Solid balance sheet with $6.2 billion of liquidity6 for the
Full Company7
- Comprises $1.3 billion of cash, $2.0 billion of investments
held under SMAs and $2.9 billion of unused borrowing capacity8
- Gross and net leverage8 of 5.8x and 5.1x, respectively, on a
Full Company basis
- Fully-swapped borrowing cost of 4.2% on debt balance of $31.3
billion for the Full Company
- Repurchased $1.1 billion of stock during 2020
Liberty Global (continuing operations)
Q4 2020
YoY Change (reported)
YoY Change (rebased)
YTD 2020
YoY Change (reported)
YoY Change (rebased)
Customers
Organic Customer additions
55,900
319.2
%
81,200
209.9
%
Financial (in
millions, except percentages)
Revenue
$
3,426.9
14.9
%
(0.5
%)
$
11,980.1
3.8
%
(1.5
%)
Loss from continuing operations
$
(1,007.0)
25.4
%
$
(1,466.7)
(4.1
%)
Adjusted EBITDA
$
1,347.6
5.8
%
(6.2
%)
$
4,895.6
0.7
%
(3.9
%)
P&E additions
$
795.2
(5.4
%)
(16.3
%)
$
2,695.3
(6.4
%)
(9.7
%)
OFCF
$
552.4
27.5
%
14.6
%
$
2,200.3
11.2
%
4.9
%
Cash provided by operating activities
$
1,493.5
—
%
$
4,185.8
12.7
%
Cash used by investing activities
$
(4,701.5)
(1,652.3
%)
$
(8,874.0)
(193.0
%)
Cash provided by financing activities
$
735.4
250.9
%
$
1,083.6
115.7
%
Adjusted FCF
$
528.1
(31.8
%)
$
1,069.8
38.9
%(a)
(a) YoY Adjusted FCF growth rate is based
on 2019 pro forma FCF, which assumed the sale of our discontinued
operations in Germany, Hungary, Romania, the Czech Republic and our
DTH business had been completed on January 1, 2019.
Customer Growth
Three months ended
Year ended
December 31,
December 31,
2020
2019
2020
2019
Organic customer net additions (losses)
by market
U.K./Ireland
41,700
(9,400
)
101,800
7,100
Belgium
(1,000
)
(6,900
)
(14,500
)
(42,900
)
Switzerland
(5,800
)
(22,700
)
(44,900
)
(73,600
)
CEE (Poland and Slovakia).
21,000
13,500
38,800
35,500
Total
55,900
(25,500
)
81,200
(73,900
)
- Customer Relationships: During Q4,
we gained 56,000 customer relationships, as compared to a loss of
26,000 in the prior-year period, representing our best quarter over
quarter performance for our consolidated operations in the past 5
years, primarily driven by our convergence strategy
- U.K./Ireland: Virgin Media gained
42,000 customer relationships in Q4, as compared to a loss of 9,000
in Q4 2019, as demand for our superior broadband bundles increased,
on both our legacy and new build footprint, and our suite of
initiatives to help customers through the pandemic led to an
improvement in NPS and record low churn in 2020
- Belgium: Telenet lost 1,000
customer relationships in Q4, which was an improvement compared to
a loss of 7,000 in Q4 2019, primarily driven by robust FMC
subscriber base growth
- Switzerland: Customer attrition of
6,000 in Q4, as UPC Switzerland lost 12,000 customers compared to a
loss of 23,000 in Q4 2019, whereas Sunrise added 6,000 customers in
the period post acquisition
- CEE (Poland and Slovakia): CEE
added 21,000 customer relationships in Q4 2020 and 14,000 in Q4
2019, driven by strong sales in Poland
Revenue Highlights
The following table presents (i) revenue of each of our
consolidated reportable segments for the comparative periods and
(ii) the percentage change from period to period on both a reported
and rebased basis:
Three months ended
Increase/(decrease)
Year ended
Increase/(decrease)
December 31,
December 31,
Revenue
2020
2019
Reported %
Rebased %
2020
2019
Reported %
Rebased %
in millions, except %
amounts
U.K./Ireland
$
1,766.5
$
1,715.1
3.0
—
$
6,588.4
$
6,600.3
(0.2
)
(0.9
)
Belgium
793.7
746.0
6.4
(0.9
)
2,940.9
2,893.0
1.7
(2.0
)
Switzerland
642.9
316.1
103.4
(2.6
)
1,573.8
1,258.8
25.0
(4.5
)
CEE
127.4
120.0
6.2
3.0
486.9
475.4
2.4
3.5
Central and Corporate
97.6
85.0
14.8
4.7
394.4
316.4
24.7
(3.0
)
Intersegment eliminations
(1.2
)
—
N.M.
N.M.
(4.3
)
(2.4
)
N.M.
N.M.
Total
$
3,426.9
$
2,982.2
14.9
(0.5
)
$
11,980.1
$
11,541.5
3.8
(1.5
)
______________________
N.M. - Not Meaningful
- Reported revenue for the three months and year ended December
31, 2020 increased 14.9% and 3.8% YoY, respectively
- The increases were primarily driven by the impact of (i) the
acquisition of Sunrise, (ii) positive foreign exchange ("FX")
movements, mainly related to the strengthening of the British
Pound, Euro and Swiss Franc against the U.S. dollar and (iii)
organic revenue contraction
- Rebased revenue declined 0.5% in Q4 and 1.5% YTD, including:
- For the YTD period, an unfavorable decrease of over $200
million4 related to COVID-19 impacts, primarily driven by (i) lower
B2B revenue, (ii) the loss of premium sports content, (iii) lower
broadcasting revenue and (iv) lower interconnect and mobile roaming
revenue, including:
- For the YTD period, an unfavorable decrease of approximately
$28 million in U.K./Ireland associated with the loss of exclusive
programming content due to the COVID-19 pandemic, primarily in the
second and third quarters of 2020, comprising (i) credits that were
given to certain customers and (ii) the estimated impact of certain
customers canceling their premium sports subscriptions
- For the YTD period, the favorable impact of $20.3 million in
U.K./Ireland related to the release of deferred handset revenue
related to the sale of handset receivables. Corresponding expenses
were incurred resulting in a neutral impact on Adjusted EBITDA
- Lower revenue related to regulated contract notifications
- Unfavorable impacts of $2.2 million and $7.5 million for Q4 and
YTD, respectively, related to revenue recognized by Virgin Media
during 2019 in connection with the sale of rights to future
commission payments on customer handset insurance arrangements
Q4 2020 Rebased Revenue Growth - Segment
Highlights
- U.K./Ireland: Rebased revenue was
flat YoY in Q4 due to higher B2B revenue offset by a decline in
residential cable revenue, comprising the net effect of (i) an
increase in fixed-line customers offset by a decrease in fixed-line
customer ARPU, (ii) higher wholesale revenue and (iii) continued
growth in SOHO customers
- Belgium: Rebased revenue declined
0.9% YoY in Q4 driven by the net effect of (i) lower interconnect
and roaming revenue, (ii) lower handset related revenue, (iii)
higher B2B subscription revenue due to an increase in SOHO
customers and (iv) a decrease in video revenue primarily driven by
fewer customers
- Switzerland: Rebased revenue
declined 2.6% YoY in Q4, primarily due to the net effect of (i)
lower consumer subscription revenue as a result of customer losses
and ARPU pressure and (ii) an increase in mobile revenue driven by
an increase in subscribers
- CEE (Poland and Slovakia): Rebased
revenue grew 3.0% YoY in Q4, primarily due to an increase in
residential cable subscription revenue driven by higher customer
volume
- Central and Corporate: Rebased
revenue increased 4.7% YoY in Q4, primarily due to higher CPE sales
to the VodafoneZiggo JV
Loss from Continuing Operations
- Loss from continuing operations was $1,007.0 million and
$1,349.7 million for the three months ended December 31, 2020 and
2019, respectively, and $1,466.7 million and $1,409.0 million for
the year ended December 31, 2020 and 2019, respectively
- The changes in our loss from continuing operations are
primarily due to the net effect of (i) decreases in depreciation
and amortization, (ii) increases in foreign currency transaction
losses, net, (iii) increases in realized and unrealized losses on
derivative instruments, net, (iv) changes in income tax benefit
(expense), (v) decreases in interest expense, (vi) increases in
share of results of affiliates, net, (vii) changes in realized and
unrealized gains (losses) due to changes in fair values of certain
investments and debt, net, and (viii) increases in Adjusted EBITDA,
as further described below
Adjusted EBITDA Highlights
The following table presents (i) Adjusted EBITDA(*) of each of
our consolidated reportable segments for the comparative periods
and (ii) the percentage change from period to period on both a
reported and rebased basis:
Three months ended
Increase/(decrease)
Year ended
Increase/(decrease)
December 31,
December 31,
Adjusted EBITDA
2020
2019
Reported %
Rebased %
2020
2019
Reported %
Rebased %
in millions, except %
amounts
U.K./Ireland
$
697.1
$
763.0
(8.6
)
(11.1
)
$
2,672.4
$
2,800.5
(4.6
)
(5.0
)
Belgium
360.3
339.1
6.3
(1.1
)
1,413.4
1,386.1
2.0
0.2
Switzerland
254.4
151.6
67.8
(7.9
)
693.8
627.9
10.5
(10.5
)
CEE
54.6
52.5
4.0
1.2
215.6
215.0
0.3
1.5
Central and Corporate
(18.8
)
(32.4
)
42.0
50.2
(99.6
)
(171.1
)
41.8
10.3
Intersegment eliminations
—
—
N.M.
N.M.
—
1.1
N.M.
N.M.
Total
$
1,347.6
$
1,273.8
5.8
(6.2
)
$
4,895.6
$
4,859.5
0.7
(3.9
)
______________________
N.M. - Not Meaningful
(*) Consolidated Adjusted EBITDA is a
non-GAAP measure, which we believe is a meaningful measure because
it represents a transparent view of our recurring operating
performance that is unaffected by our capital structure and allows
management to readily view operating trends from a consolidated
view. Investors should view consolidated Adjusted EBITDA as a
supplement to, and not a substitute for, earnings or loss from
continuing operations and other U.S. GAAP measures of performance.
For additional information on our Adjusted EBITDA measure,
including a reconciliation to earnings (loss) from continuing
operations, see the Glossary.
- Reported Adjusted EBITDA for the three months and year ended
December 31, 2020 increased 5.8% and 0.7% YoY, respectively
- Rebased Adjusted EBITDA declined 6.2% and 3.9% for the three
months and year ended December 31, 2020, respectively, including:
- The aforementioned impacts of certain revenue items, as
discussed in the "Revenue Highlights" section above
- The following current year impacts:
- For the YTD period, an unfavorable impact associated with costs
to capture5 of $17 million in Switzerland and the U.K.
- Lower costs of $5.9 million and $52.0 million for Q4 and YTD,
respectively, in U.K./Ireland related to aggregate credits or
rebates received during 2020 in connection with the loss of
exclusive programming content due to the COVID-19 pandemic, which
generally offset adverse revenue impacts in U.K./Ireland resulting
from the COVID-19 pandemic
- Unfavorable network tax increases of $3.5 million and $20.1
million for Q4 and YTD, respectively, following an increase in the
rateable value of our U.K. networks, which is being phased in over
a six-year period ending in 2022
- For the YTD period, unfavorable higher costs in U.K./Ireland
associated with a $15.9 million charge recorded in Q3 in connection
with the reassessment of certain items related to prior years
- Lower call center costs in U.K./Ireland primarily due to
lockdowns during the second and third quarters of 2020 associated
with the COVID-19 pandemic, which prevented certain outsourced
contract services from being performed
- The following 2019 impacts:
- For the YTD period, lower severance costs in U.K./Ireland of
$6.3 million associated with revisions to our operating model and a
decrease in FTEs during 2019
- For the YTD period, a favorable decrease in personnel costs in
Central and Corporate related to a $5.0 million cash bonus in Q2
2019 associated with the renewal of an existing executive
employment contract on similar terms
Q4 2020 Rebased Adjusted EBITDA - Segment
Highlights
- U.K./Ireland: Rebased Adjusted
EBITDA declined 11.1% YoY in Q4 due to a very strong prior-year
comparison, the aforementioned revenue impacts from regulated
contract notifications, our investments in digital transformation
and pre-merger opex costs to capture of $6.7 million along with the
following cost increases (i) a short-term increase in expenditure
related to insourcing and on-shoring more customer care, (ii) the
phasing of marketing costs through the year, (iii) increased
programming costs, (iv) higher network taxes and (v) higher costs
associated with the aforementioned contract notification
regulations
- Belgium: Rebased Adjusted EBITDA
decreased 1.1% YoY in Q4, primarily due to (i) the aforementioned
revenue decline, (ii) lower interconnect and roaming expenses and
(iii) lower costs related to outsourced labor and professional
services
- Switzerland: Rebased Adjusted
EBITDA declined 7.9% YoY in Q4, mainly due to (i) the
aforementioned loss of consumer subscription revenue and (ii)
pre-merger costs to capture of $10.4 million, partially offset by
lower programming costs
- CEE (Poland and Slovakia): Rebased
Adjusted EBITDA increased 1.2% YoY in Q4, largely driven by an
increase in programming and commercial spend
OFCF Highlights
The following table presents (i) OFCF of each of our
consolidated reportable segments for the comparative periods and
(ii) the percentage change from period to period on both a reported
and rebased basis:
Three months ended
Increase/(decrease)
Year ended
Increase/(decrease)
December 31,
December 31,
OFCF
2020
2019
Reported %
Rebased %
2020
2019
Reported %
Rebased %
in millions, except %
amounts
U.K./Ireland
$
294.1
$
313.5
(6.2
)
(8.5
)
$
1,239.7
$
1,222.5
1.4
1.1
Belgium
221.8
193.5
14.6
7.0
899.8
848.9
6.0
4.3
Switzerland
133.4
80.9
64.9
7.1
391.0
350.0
11.7
(4.0
)
CEE
18.4
11.7
57.3
53.8
110.1
108.0
1.9
4.3
Central and Corporate
(115.3
)
(166.2
)
30.6
35.9
(440.3
)
(551.5
)
20.2
10.8
Intersegment eliminations
—
—
N.M.
N.M.
—
1.1
N.M.
N.M.
Total
$
552.4
$
433.4
27.5
14.6
$
2,200.3
$
1,979.0
11.2
4.9
______________________
N.M. - Not Meaningful
Net Earnings (Loss) Attributable to Liberty Global
Shareholders
- Net earnings (loss) attributable to Liberty Global shareholders
was ($1,030.5 million) and ($1,386.5 million) for the three months
ended December 31, 2020 and 2019, respectively, and ($1,628.0
million) and $11,521.4 million for the year ended December 31, 2020
and 2019, respectively
Leverage and Liquidity
- Total principal amount of debt and
finance leases: $31.3 billion for the Full Company
- Leverage ratios9: At December 31,
2020, our adjusted gross and net leverage ratios were 5.8x and
5.1x, respectively, on a Full Company basis
- Average debt tenor10: Over 7
years, with ~84% not due until 2026 or thereafter on a Full Company
basis
- Borrowing costs: Blended,
fully-swapped cost of debt was 4.2% for the Full Company
- Liquidity6: $6.2 billion on a Full
Company basis, including (i) $1.3 billion of cash at December 31,
2020, (ii) $2.0 billion of investments held under SMAs and (iii)
$2.9 billion of aggregate unused borrowing capacity6 under our
credit facilities
Forward-Looking Statements and Disclaimer
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements with respect to our strategies, future
growth prospects and opportunities; expectations with respect to
the announced transaction in the U.K., including related regulatory
matters and anticipated timing of completion, as well as
anticipated benefits thereof including synergies; expectations with
respect to the acquisition of Sunrise in Switzerland and the
anticipated benefits thereof including synergies; expectations
regarding costs to capture; expectations regarding our financial
performance, including Rebased Revenue, Rebased Adjusted EBITDA,
Rebased OFCF and Adjusted FCF; expectations regarding our share
repurchase program and impacts thereof; the strength of our balance
sheet (including cash and liquidity position), tenor of our
third-party debt, anticipated borrowing capacity; and other
information and statements that are not historical fact. These
forward-looking statements involve certain risks and uncertainties
that could cause actual results to differ materially from those
expressed or implied by these statements. These risks and
uncertainties include events that are outside of our control, such
as the continued use by subscribers and potential subscribers of
our and our affiliates’ services and their willingness to upgrade
to our more advanced offerings; our and our affiliates’ ability to
meet challenges from competition, to manage rapid technological
change or to maintain or increase rates to subscribers or to pass
through increased costs to subscribers; the potential continued
impact of the outbreak of COVID-19 on our company; the effects of
changes in laws or regulation; the effects of the U.K.'s exit from
the E.U.; general economic factors; our and our affiliates’ ability
to obtain regulatory approval and satisfy regulatory conditions
associated with acquisitions and dispositions; our and affiliates’
ability to successfully acquire and integrate new businesses and
realize anticipated efficiencies from acquired businesses; the
availability of attractive programming for our and our affiliates’
video services and the costs associated with such programming; our
and our affiliates’ ability to achieve forecasted financial and
operating targets; the outcome of any pending or threatened
litigation; the ability of our operating companies and affiliates
to access cash of their respective subsidiaries; the impact of our
operating companies' and affiliates’ future financial performance,
or market conditions generally, on the availability, terms and
deployment of capital; fluctuations in currency exchange and
interest rates; the ability of suppliers, vendors and contractors
to timely deliver quality products, equipment, software, services
and access; our and our affiliates’ ability to adequately forecast
and plan future network requirements including the costs and
benefits associated with network expansions; and other factors
detailed from time to time in our filings with the Securities and
Exchange Commission, including our most recently filed Form 10-K.
These forward-looking statements speak only as of the date of this
release. We expressly disclaim any obligation or undertaking to
disseminate any updates or revisions to any forward-looking
statement contained herein to reflect any change in our
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is
based.
About Liberty Global
Liberty Global (NASDAQ: LBTYA, LBTYB and LBTYK) is one of the
world’s leading converged video, broadband and communications
companies, with operations in seven European countries under the
consumer brands Virgin Media, Telenet, UPC, the combined Sunrise
UPC, as well as VodafoneZiggo, which is owned through a 50/50 joint
venture. Our substantial scale and commitment to innovation enable
us to invest in the infrastructure and digital platforms that
empower our customers to make the most of the digital
revolution.
Liberty Global delivers market-leading products through
next-generation networks that connect customers subscribing to 49
million broadband, video, fixed and mobile telephony services
across our brands. We also have significant investments in ITV,
All3Media, CANAL+ Polska, LionsGate, the Formula E racing series
and several regional sports networks.
Balance Sheets, Statements of Operations and Statements of
Cash Flows
The consolidated balance sheets, statements of operations and
statements of cash flows of Liberty Global are in our 10-K.
Rebase Information
Rebase growth percentages, which are non-GAAP measures, are
presented as a basis for assessing growth rates on a comparable
basis. For purposes of calculating rebased growth rates on a
comparable basis for all businesses that we owned during 2020, we
have adjusted our historical revenue, Adjusted EBITDA and OFCF for
the three months and year ended December 31, 2019 to (i) include
the pre-acquisition revenue, Adjusted EBITDA and P&E additions
of entities acquired during 2020 and 2019 in our rebased amounts
for the three months and year ended December 31, 2019 to the same
extent that the revenue, Adjusted EBITDA and P&E additions of
these entities are included in our results for the three months and
year ended December 31, 2020, (ii) exclude the revenue, Adjusted
EBITDA and P&E additions in our rebased amounts for the three
months and year ended December 31, 2019 for entities disposed of
during 2020, (iii) include revenue and costs for the temporary
elements of transitional and other services provided to the
VodafoneZiggo JV, Vodafone, Deutsche Telekom (the buyer of UPC
Austria), Liberty Latin America and M7 Group (the buyer of UPC
DTH), to reflect amounts related to these services equal to those
included in our results for the three months and year ended
December 31, 2020 and (iv) reflect the translation of our rebased
amounts for the three months and year ended December 31, 2019 at
the applicable average foreign currency exchange rates that were
used to translate our results for the three months and year ended
December 31, 2020. We have reflected the revenue, Adjusted EBITDA
and P&E additions of these acquired entities in our 2019
rebased amounts based on what we believe to be the most reliable
information that is currently available to us (generally
pre-acquisition financial statements), as adjusted for the
estimated effects of (a) any significant differences between U.S.
GAAP and local generally accepted accounting principles, (b) any
significant effects of acquisition accounting adjustments, (c) any
significant differences between our accounting policies and those
of the acquired entities and (d) other items we deem appropriate.
We do not adjust pre-acquisition periods to eliminate nonrecurring
items or to give retroactive effect to any changes in estimates
that might be implemented during post-acquisition periods. As we
did not own or operate the acquired businesses during the
pre-acquisition periods, no assurance can be given that we have
identified all adjustments necessary to present the revenue,
Adjusted EBITDA and OFCF of these entities on a basis that is
comparable to the corresponding post-acquisition amounts that are
included in our historical results or that the pre-acquisition
financial statements we have relied upon do not contain undetected
errors. In addition, the rebased growth percentages are not
necessarily indicative of the revenue, Adjusted EBITDA and OFCF
that would have occurred if these transactions had occurred on the
dates assumed for purposes of calculating our rebased amounts or
the revenue, Adjusted EBITDA and OFCF that will occur in the
future. Investors should view rebased growth as a supplement to,
and not a substitute for, U.S. GAAP measures of performance
included in our consolidated statements of operations.
The following table provides adjustments made to the 2019
amounts to derive our rebased growth rates:
Three months ended December
31, 2019
Year ended December 31,
2019
Revenue
Adjusted EBITDA
OFCF
Revenue
Adjusted EBITDA
OFCF
in millions
Acquisitions
$
285.3
$
99.9
$
32.7
$
340.5
$
100.8
$
33.6
Dispositions(i)
(0.5
)
(11.7
)
(11.2
)
77.9
53.8
55.4
Foreign Currency
175.7
74.7
27.3
197.2
82.6
30.5
Total increase
$
460.5
$
162.9
$
48.8
$
615.6
$
237.2
$
119.5
______________________
(i)
Relates primarily to rebase
adjustments for agreements to provide transitional and other
services to the VodafoneZiggo JV, Vodafone, Liberty Latin America,
Deutsche Telekom and M7 Group. These adjustments result in an equal
amount of fees in both the 2020 and 2019 periods for those services
that are deemed to be temporary in nature.
Liquidity
The following table details the U.S. dollar equivalent balances
of our liquidity position(i) at December 31, 2020, which includes
our (i) cash and cash equivalents, (ii) investments held under SMAs
and (iii) unused borrowing capacity at December 31, 2020:
Cash
Unused
and Cash
Borrowing
Total
Equivalents(ii)
SMAs (iii)
Capacity (iv)
Liquidity
in millions
Liberty Global and unrestricted
subsidiaries
$
1,165.5
$
1,965.9
$
—
$
3,131.4
Virgin Media(v)
30.1
—
1,365.1
1,395.2
UPC Holding
31.4
—
876.0
907.4
Telenet
100.2
—
678.5
778.7
Total
$
1,327.2
$
1,965.9
$
2,919.6
$
6,212.7
______________________
(i)
Except as otherwise indicated,
the amounts reported in the table include the named entity and its
subsidiaries.
(ii)
Excludes certain amounts held in
restricted cash associated with the financing transactions
completed by the U.K. JV Entities during 2020.
(iii)
Represents investments held under
SMAs which are maintained by investment managers acting as agents
on our behalf.
(iv)
Our aggregate unused borrowing
capacity of $2.9 billion for the Full Company represents the
maximum undrawn commitments under the applicable facilities without
regard to covenant compliance calculations or other conditions
precedent to borrowing. Unused borrowing capacity excludes certain
undrawn facilities entered into by the U.K. JV Entities as these
facilities are deal contingent and cannot be used prior to the
formation of the U.K. JV.
(v)
Cash and cash equivalents of
Virgin Media includes (i) certain subsidiaries of Virgin Media, but
excludes the parent entity, Virgin Media Inc., and (ii) the cash
and cash equivalents of the U.K. JV Entities, (with the exception
of those amounts held in restricted cash, as described above) as
such cash and cash equivalents will be retained by Liberty Global
upon the formation of the U.K. JV and is therefore not classified
as held for sale at December 31, 2020. Unused borrowing capacity of
Virgin Media represents unused capacity under a multi-currency
revolving credit facility of the U.K. JV Entities. The outstanding
third-party debt of the U.K. JV Entities is classified as held for
sale on our December 31, 2020 consolidated balance sheet.
Summary of Debt & Finance Lease Obligations
The following table(i) details the December 31, 2020 U.S. dollar
equivalent balances of the (i) outstanding principal amount of our
debt and finance lease obligations, (ii) expected principal related
derivative cash payments or receipts and (iii) swapped principal
amount of our debt and finance lease obligations:
Finance
Debt & Finance
Principal Related
Swapped Debt
Lease
Lease
Derivative
& Finance Lease
Debt(ii)
Obligations
Obligations
Cash Payments
Obligations
in millions
Virgin Media(iii)
$
16,086.9
$
66.0
$
16,152.9
$
10.8
$
16,163.7
UPC Holding
7,802.5
25.6
7,828.1
136.4
7,964.5
Telenet
5,903.3
486.5
6,389.8
280.1
6,669.9
Other(iv)
853.8
44.4
898.2
—
898.2
Total
$
30,646.5
$
622.5
$
31,269.0
$
427.3
$
31,696.3
______________________
(i)
Except as otherwise indicated,
the amounts reported in the table include the named entity and its
subsidiaries.
(ii)
Debt amounts (i) for UPC Holding
include notes issued by special purpose entities that are
consolidated by UPC Holding, (ii) for Virgin Media exclude notes
issued by certain of the U.K. JV Entities outside of the Virgin
Media borrowing group and certain undrawn facilities entered into
by the U.K. JV Entities as these are deal contingent and cannot be
used prior to the formation of the U.K. JV.
(iii)
Virgin Media represents the debt
and finance lease obligations of the U.K. JV Entities that are
within the Virgin Media borrowing group, which are classified as
held for sale on our December 31, 2020 consolidated balance
sheet.
(iv)
Debt amount includes a loan
backed by the shares we hold in ITV Plc of $415.9 million.
Property and Equipment Additions and Capital
Expenditures
The table below highlights the categories of the property and
equipment additions of our continuing operations for the indicated
periods and reconciles those additions to the capital expenditures
of our continuing operations that are presented in the consolidated
statements of cash flows in our 10-K.
Three months ended
Year ended
December 31,
December 31,
2020
2019
2020
2019
in millions, except %
amounts
Customer premises equipment
$
144.2
$
138.6
$
544.0
$
657.2
New build & upgrade
155.7
176.4
588.0
629.9
Capacity
67.8
92.3
262.1
319.9
Baseline
167.7
256.4
595.5
695.5
Product & enablers
185.8
176.7
631.7
578.0
Sunrise P&E additions
74.0
—
74.0
—
Total P&E additions
795.2
840.4
2,695.3
2,880.5
Reconciliation of P&E additions to
capital expenditures:
Assets acquired under capital-related
vendor financing arrangements(i)
(337.5
)
(423.8
)
(1,371.1
)
(1,727.0
)
Assets acquired under capital leases
(18.5
)
(19.7
)
(49.7
)
(66.9
)
Changes in current liabilities related to
capital expenditures
(49.5
)
(53.9
)
75.7
156.5
Total capital expenditures, net(ii)
$
389.7
$
343.0
$
1,350.2
$
1,243.1
Capital expenditures, net:
Third-party payments
$
389.7
$
347.9
$
1,352.7
$
1,323.9
Proceeds received for transfers to related
parties(iii)
—
(4.9
)
(2.5
)
(80.8
)
Total capital expenditures, net
$
389.7
$
343.0
$
1,350.2
$
1,243.1
P&E additions as % of revenue
23.2
%
28.2
%
22.5
%
25.0
%
______________________
(i)
Amounts exclude related VAT of
$54.2 million and $72.0 million for the three months ended December
31, 2020 and 2019, respectively, and $226.7 million and $286.1
million for the year ended December 31, 2020 and 2019,
respectively, that were also financed under these arrangements.
(ii)
The capital expenditures that we
report in our consolidated statements of cash flows do not include
amounts that are financed under vendor financing or finance lease
arrangements. Instead, these expenditures are reflected as non-cash
additions to our property and equipment when the underlying assets
are delivered, and as repayments of debt when the related principal
is repaid.
(iii)
Primarily relates to transfers of
centrally-procured property and equipment to the VodafoneZiggo JV
and, for the 2019 periods, our Discontinued Operations
ARPU per Cable Customer Relationship
The following table provides ARPU per cable customer
relationship and percentage change from period to period on both a
reported and rebased basis for the indicated periods:
ARPU per Cable Customer
Relationship
Three months ended December
31,
Increase/(decrease)
2020
2019
Reported %
Rebased %
Liberty Global
$
61.74
$
60.22
2.5
%
(2.5
%)
U.K. & Ireland (Virgin Media)
£
50.64
£
52.44
(3.4
%)
(3.8
%)
Belgium (Telenet)
€
58.65
€
58.38
0.5
%
0.4
%
UPC
€
38.15
€
36.90
3.4
%
(2.3
%)
Mobile ARPU
The following tables provide ARPU per mobile subscriber and
percentage change from period to period on both a reported and
rebased basis for the indicated periods:
ARPU per Mobile
Subscriber
Three months ended December
31,
Increase/(decrease)
2020
2019
Reported %
Rebased %
Liberty Global:
Including interconnect revenue
$
20.31
$
16.15
25.8
%
(4.5
%)
Excluding interconnect revenue
$
17.65
$
13.98
26.3
%
(3.1
%)
Operating Data — December 31,
2020
Video
Homes Passed
Fixed-Line Customer
Relationships
Internet
Subscribers(i)
Basic Video
Subscribers(ii)
Enhanced Video
Subscribers
Total Video
Telephony
Subscribers(iii)
Total RGUs
Total Mobile
Subscribers(iv)
U.K.
15,310,800
5,626,700
5,420,100
—
3,498,000
3,498,000
4,463,200
13,381,300
3,358,300
Belgium
3,373,000
2,048,100
1,697,100
123,700
1,688,000
1,811,700
1,171,800
4,680,600
2,815,700
Switzerland(v)
2,406,300
1,477,400
1,135,800
342,000
893,500
1,235,500
996,600
3,367,900
2,181,300
Ireland
946,500
435,200
383,000
—
309,500
309,500
300,000
992,500
119,600
Poland
3,635,200
1,525,000
1,289,700
255,000
1,079,800
1,334,800
643,000
3,267,500
62,700
Slovakia
624,300
190,600
144,000
31,200
139,700
170,900
88,900
403,800
—
Total Liberty Global
26,296,100
11,303,000
10,069,700
751,900
7,608,500
8,360,400
7,663,500
26,093,600
8,537,600
VodafoneZiggo JV(vi)
7,298,700
3,836,300
3,363,500
504,900
3,326,400
3,831,300
2,272,800
9,467,600
5,189,800
Subscriber Variance Table —
December 31, 2020 vs. September 30, 2020
Video
Homes Passed
Fixed-Line Customer
Relationships
Internet
Subscribers(ii)
Basic Video
Subscribers(i)
Enhanced Video
Subscribers
Total Video
Telephony
Subscribers(iii)
Total RGUs
Total Mobile
Subscribers(iv)
Organic Change Summary:
U.K
119,100
43,100
54,700
—
(27,500
)
(27,500
)
(26,600
)
600
8,700
Belgium
9,400
(1,000
)
10,600
(7,700
)
(3,100
)
(10,800
)
(12,800
)
(13,000
)
(6,000
)
Switzerland(v)
7,200
(5,800
)
7,900
(14,200
)
8,100
(6,100
)
7,700
9,500
17,500
Ireland
2,500
(1,400
)
100
—
5,600
5,600
(10,000
)
(4,300
)
4,400
Poland
29,200
21,500
26,300
20,600
8,400
29,000
(9,500
)
45,800
34,400
Slovakia
1,300
(500
)
1,100
700
(400
)
300
700
2,100
—
Total Liberty Global organic
change
168,700
55,900
100,700
(600
)
(8,900
)
(9,500
)
(50,500
)
40,700
59,000
Q4 2020 Liberty Global
Adjustments:
Switzerland
—
494,000
482,500
(19,500
)
296,600
277,100
489,300
1,248,900
1,928,200
VodafoneZiggo JV(vi)
10,600
(16,300
)
(7,800
)
4,600
(20,900
)
(16,300
)
(42,700
)
(66,800
)
35,000
Subscriber Variance Table —
December 31, 2020 vs. December 31, 2019
Video
Homes Passed
Fixed-Line Customer
Relationships
Internet
Subscribers(ii)
Basic Video
Subscribers(i)
Enhanced Video
Subscribers
Total Video
Telephony
Subscribers(iii)
Total RGUs
Total Mobile
Subscribers(iv)
Organic Change
Summary:
U.K.
416,400
102,000
143,100
—
(189,400
)
(189,400
)
(144,000
)
(190,300
)
178,800
Belgium
35,500
(14,500
)
38,200
(41,000
)
(4,700
)
(45,700
)
(36,900
)
(44,400
)
7,300
Switzerland(v)
33,500
(44,900
)
(8,100
)
(46,700
)
3,700
(43,000
)
800
(50,300
)
52,400
Ireland
11,500
(200
)
4,800
—
29,100
29,100
(35,100
)
(1,200
)
22,000
Poland
87,400
41,200
60,100
58,400
12,800
71,200
(31,400
)
99,900
53,700
Slovakia
5,300
(2,400
)
3,400
2,400
(2,800
)
(400
)
1,800
4,800
—
Total Liberty Global organic
change
589,600
81,200
241,500
(26,900
)
(151,300
)
(178,200
)
(244,800
)
(181,500
)
314,200
2020 Liberty
Global Adjustments:
U.K.
6,600
6,000
—
—
—
1,700
7,700
—
Belgium
(47,700
)
(9,500
)
(5,500
)
—
(9,200
)
(9,200
)
(3,800
)
(18,500
)
—
Switzerland
—
483,500
482,500
(30,000
)
296,600
266,600
489,300
1,238,400
1,928,200
Ireland
(4,900
)
—
—
—
—
—
—
—
—
Total
(52,600
)
480,600
483,000
(30,000
)
287,400
257,400
487,200
1,227,600
1,928,200
VodafoneZiggo JV(vi)
47,900
(38,800
)
1,400
13,600
(52,400
)
(38,800
)
(136,700
)
(174,100
)
124,900
Footnotes for Operating Data and
Subscriber Variance Tables
(i)
In Switzerland, we offer a 10 Mbps
internet service to our Basic and Enhanced Video Subscribers
without an incremental recurring fee. Our Internet Subscribers in
Switzerland include 51,500 subscribers who have requested and
received this service
(ii)
We have approximately 30,600 “lifeline”
customers that are counted on a per connection basis, representing
the least expensive regulated tier of video cable service, with
only a few channels.
(iii)
In Switzerland, we offer a basic phone
service to our Basic and Enhanced Video Subscribers without an
incremental recurring fee. Our Telephony Subscribers in Switzerland
include 202,800 subscribers who have requested and received this
service.
(iv)
In a number of countries, our mobile
subscribers receive mobile services pursuant to prepaid contracts.
As of December 31, 2020, our mobile subscriber count included
475,900, 381,800 and 134,400 prepaid mobile subscribers in
Switzerland, Belgium and the U.K., respectively.
(v)
Pursuant to service agreements,
Switzerland offers broadband internet, video and telephony services
over networks owned by third-party cable operators (“partner
networks”). A partner network RGU is only recognized if there is a
direct billing relationship with the customer. At December 31,
2020, Switzerland’s partner networks accounted for 118,100
Fixed-Line Customer Relationships, 300,800 RGUs, which include
110,000 Internet Subscribers, 105,100 Video Subscribers and 85,700
Telephony Subscribers. Subscribers to our enhanced video services
provided over partner networks largely receive basic video services
from the partner networks as opposed to our operations. Due to the
fact that we do not own these partner networks, we do not include
the 657,300 homes passed by Switzerland’s partner networks at
December 31, 2020. In addition, with the completion of the
acquisition of Sunrise, we now service homes through Sunrise's
existing agreements with Swisscom, Swiss Fibre Net and local
utilities, which are not included in Switzerland's homes passed
count. Including these arrangements, our operations in Switzerland
have the ability to offer fixed services to a national
footprint.
(vi)
Amounts related to the VodafoneZiggo JV's
fixed-line and mobile products include small business and multiple
dwelling unit subscribers. In addition, the mobile amount shown for
the VodafoneZiggo JV's includes medium and large enterprise
subscribers. Prepaid mobile customers are excluded from the
VodafoneZiggo JV's mobile telephony subscriber counts after a
period of inactivity of nine months.
Additional General Notes to
Tables:
Most of our broadband communications subsidiaries provide
telephony, broadband internet, data, video or other B2B services.
Certain of our B2B revenue is derived from SOHO subscribers that
pay a premium price to receive enhanced service levels along with
video, internet or telephony services that are the same or similar
to the mass marketed products offered to our residential
subscribers. All mass marketed products provided to SOHOs, whether
or not accompanied by enhanced service levels and/or premium
prices, are included in the respective RGU and customer counts of
our broadband communications operations, with only those services
provided at premium prices considered to be “SOHO RGUs” or “SOHO
customers.” To the extent our existing customers upgrade from a
residential product offering to a SOHO product offering, the number
of SOHO RGUs or SOHO customers will increase, but there is no
impact to our total RGU or customer counts. With the exception of
our B2B SOHO subscribers, we generally do not count customers of
B2B services as customers or RGUs for external reporting
purposes.
In Belgium, Telenet leases a portion of its network under a
long-term finance lease arrangement. These tables include operating
statistics for Telenet's owned and leased networks.
While we take appropriate steps to ensure that subscriber
statistics are presented on a consistent and accurate basis at any
given balance sheet date, the variability from country to country
in (i) the nature and pricing of products and services, (ii) the
distribution platform, (iii) billing systems, (iv) bad debt
collection experience and (v) other factors add complexity to the
subscriber counting process. We periodically review our subscriber
counting policies and underlying systems to improve the accuracy
and consistency of the data reported on a prospective basis.
Accordingly, we may from time to time make appropriate adjustments
to our subscriber statistics based on those reviews.
Subscriber information for acquired entities is preliminary and
subject to adjustment until we have completed our review of such
information and determined that it is presented in accordance with
our policies.
Footnotes
1
On November 11, 2020, we
completed the acquisition of Sunrise Communications Group AG
(Sunrise) through an all cash public tender offer of the
outstanding shares of Sunrise.
2
On May 7, 2020, we entered into
an agreement with, among others, Telefonica SA (Telefonica).
Pursuant to which, Liberty Global and Telefonica agreed to form a
50:50 joint venture (the U.K. JV), which will combine Virgin
Media’s operations in the U.K. along with certain other Liberty
Global subsidiaries created as a result of the pending U.K. JV
(together, the U.K. JV Entities) with Telefonica’s mobile business
in the U.K. to create a nationwide integrated communications
provider.
3
The indicated growth rates are
rebased for acquisitions, dispositions, FX and other items that
impact the comparability of our year-over-year results. Please see
Rebase Information for information on rebased growth.
4 Excludes customer impact, including postponed U.K. price
increases and related churn effects. 5
Costs to capture primarily
include incremental, third-party operating and capital related
costs that are directly associated with integration activities and
certain restructuring activities necessary to combine the
operations of a business being acquired with those of the acquiring
business (including the formation of joint ventures), or are
directly incidental to the acquisition. Costs to capture may also
include certain integration related restructuring expenses that are
not included within Adjusted EBITDA or OFCF. Generally, costs to
capture are incurred over the same period we expect to derive
synergies.
6
Liquidity refers to cash and cash
equivalents and investments held under separately managed accounts
plus the maximum undrawn commitments under subsidiary borrowing
facilities for the Full Company, without regard to covenant
compliance calculations or other conditions precedent to
borrowing.
7
The term "Full Company" includes
certain amounts related to the U.K. JV Entities, which are
presented as held for sale on our December 31, 2020 consolidated
balance sheet. For purposes of presenting certain debt and
liquidity metrics consistent with how we calculate our leverage
ratios under our debt agreements, we have included the debt and
finance lease obligations of the U.K. JV Entities in our Full
Company metrics.
8
Our aggregate unused borrowing
capacity of $2.9 billion for the Full Company represents the
maximum undrawn commitments under the applicable facilities without
regard to covenant compliance calculations or other conditions
precedent to borrowing. Upon completion of the relevant December
31, 2020 compliance reporting requirements for our credit
facilities, and assuming no further changes from quarter-end
borrowing levels, we anticipate that the full unused borrowing
capacity will continue to be available, with the exception of the
VM Credit Facilities, which will have borrowing capacity limited to
£751.9 million ($1,026.5 million), with no additional restriction
to loan or distribute. Our above expectations do not consider any
actual or potential changes to our borrowing levels or any amounts
loaned or distributed subsequent to December 31, 2020.
9
Our debt and net debt ratios,
which are non-GAAP metrics, are defined as total debt and net debt,
respectively, divided by Adjusted EBITDA for the last twelve months
(LTM Adjusted EBITDA), which includes the pro forma pre-acquisition
Adjusted EBITDA of Sunrise. Net debt is defined as total debt less
cash and cash equivalents and investments under separately managed
accounts. Consistent with how we calculate our leverage ratios
under our debt agreements, these ratios are presented on a Full
Company basis that includes the debt and Adjusted EBITDA of the
U.K. JV Entities that are classified as held for sale on our
December 31, 2020 consolidated balance sheet. For purposes of these
calculations, debt is measured using swapped foreign currency
rates, consistent with the covenant calculation requirements of our
subsidiary debt agreements, and excludes the loan backed by the
shares we hold in ITV plc. For additional information on our
investments, see note 5 to the consolidated financial statements
included in our 10-K. The following table details the calculation
of our debt and net debt to LTM Adjusted EBITDA ratios as of and
for the twelve months ended December 31, 2020 (in millions, except
ratios):
Reconciliation of LTM loss from
continuing operations to LTM Adjusted EBITDA:
LTM loss from continuing operations
$
(1,719.2
)
Income tax benefit
(304.5
)
Other income, net
(76.3
)
Share of results of affiliates, net
245.3
Losses on debt extinguishment, net
233.2
Realized and unrealized gains due to
changes in fair values of certain investments and debt, net
(45.2
)
Foreign currency transaction losses,
net
1,416.3
Realized and unrealized losses on
derivative instruments, net
879.3
Interest expense
1,285.3
Operating income
1,914.2
Impairment, restructuring and other
operating items, net
115.9
Depreciation and amortization
3,060.4
Share-based compensation expense
348.0
LTM Adjusted EBITDA
$
5,438.5
Debt to LTM Adjusted EBITDA:
Debt and finance lease obligations before
deferred financing costs, discounts and premiums
31,269.0
Principal related projected derivative
cash receipts
427.3
ITV Collar Loan
(415.9
)
Adjusted debt and finance lease
obligations before deferred financing costs, discounts and
premiums
$
31,280.4
LTM Adjusted EBITDA
$
5,438.5
Debt to LTM Adjusted EBITDA ratio
5.8
Net Debt to LTM Adjusted
EBITDA:
Adjusted debt and finance lease
obligations before deferred financing costs, discounts and
premiums
$
31,280.4
Cash and cash equivalents and investments
held under separately managed accounts
(3,293.1
)
Adjusted net debt and finance lease
obligations before deferred financing costs, discounts and
premiums
$
27,987.3
LTM Adjusted EBITDA
$
5,438.5
Net debt to LTM Adjusted EBITDA ratio
5.1
10
For purposes of calculating our
average tenor, total third-party debt excludes vendor
financing.
Glossary
10-Q or 10-K: As used herein, the
terms 10-Q and 10-K refer to our most recent quarterly or annual
report as filed with the Securities and Exchange Commission on Form
10-Q or Form 10-K, as applicable.
Adjusted EBITDA: Adjusted EBITDA is
the primary measure used by our chief operating decision maker to
evaluate segment operating performance and is also a key factor
that is used by our internal decision makers to (i) determine how
to allocate resources to segments and (ii) evaluate the
effectiveness of our management for purposes of annual and other
incentive compensation plans. As we use the term, Adjusted EBITDA
is defined as earnings (loss) from continuing operations before net
income tax benefit (expense), other non-operating income or
expenses, net share of results of affiliates, net gains (losses) on
debt extinguishment, net realized and unrealized gains (losses) due
to changes in fair value of certain investments and debt, net
foreign currency transaction gains (losses), net gains (losses) on
derivative instruments, net interest expense, depreciation and
amortization, share-based compensation, provisions and provision
releases related to significant litigation and impairment,
restructuring and other operating items. Other operating items
include (a) gains and losses on the disposition of long-lived
assets, (b) third-party costs directly associated with successful
and unsuccessful acquisitions and dispositions, including legal,
advisory and due diligence fees, as applicable, and (c) other
acquisition-related items, such as gains and losses on the
settlement of contingent consideration. Our internal decision
makers believe Adjusted EBITDA is a meaningful measure because it
represents a transparent view of our recurring operating
performance that is unaffected by our capital structure and allows
management to (1) readily view operating trends, (2) perform
analytical comparisons and benchmarking between segments and (3)
identify strategies to improve operating performance in the
different countries in which we operate. We believe our
consolidated Adjusted EBITDA measure, which is a non-GAAP measure,
is useful to investors because it is one of the bases for comparing
our performance with the performance of other companies in the same
or similar industries, although our measure may not be directly
comparable to similar measures used by other public companies.
Consolidated Adjusted EBITDA should be viewed as a measure of
operating performance that is a supplement to, and not a substitute
for U.S. GAAP measures of income included in our consolidated
statements of operations.
A reconciliation of loss from continuing operations to Adjusted
EBITDA is presented in the following table:
Three months ended
Year ended
December 31,
December 31,
2020
2019
2020
2019
in millions
Loss from continuing operations
$
(1,007.0
)
$
(1,349.7
)
$
(1,466.7
)
$
(1,409.0
)
Income tax expense (benefit)
(17.8
)
269.2
(256.9
)
253.0
Other income, net
(8.9
)
(39.1
)
(76.1
)
(114.4
)
Share of results of affiliates, net
146.2
25.5
245.3
198.5
Losses on debt extinguishment, net
12.8
119.4
233.2
216.7
Realized and unrealized gains due to
changes in fair values of certain investments and debt, net
(444.2
)
(162.5
)
(45.2
)
(72.0
)
Foreign currency transaction losses,
net
574.3
260.6
1,416.3
94.8
Realized and unrealized losses on
derivative instruments, net
1,079.1
844.2
879.3
192.0
Interest expense
313.7
314.9
1,188.5
1,385.9
Operating income
648.2
282.5
2,117.7
745.5
Impairment, restructuring and other
operating items, net
51.2
15.9
98.6
156.0
Depreciation and amortization
543.6
897.9
2,331.3
3,652.2
Share-based compensation expense
104.6
77.5
348.0
305.8
Adjusted EBITDA
$
1,347.6
$
1,273.8
$
4,895.6
$
4,859.5
Adjusted Free Cash Flow (FCF): Net
cash provided by our operating activities, plus (i) cash payments
or receipts for third-party costs directly associated with
successful and unsuccessful acquisitions and dispositions and (ii)
expenses financed by an intermediary, less (a) capital
expenditures, as reported in our consolidated statements of cash
flows, (b) principal payments on amounts financed by vendors and
intermediaries and (c) principal payments on finance leases
(exclusive of the portions of the network lease in Belgium that we
assumed in connection with certain acquisitions), with each item
excluding any cash provided or used by our Discontinued Operations,
as applicable. We believe that our presentation of Adjusted Free
Cash Flow, which is a non-GAAP measure, provides useful information
to our investors because this measure can be used to gauge our
ability to service debt and fund new investment opportunities.
Adjusted Free Cash Flow should not be understood to represent our
ability to fund discretionary amounts, as we have various mandatory
and contractual obligations, including debt repayments, which are
not deducted to arrive at this amount. Investors should view
Adjusted Free Cash Flow as a supplement to, and not a substitute
for, U.S. GAAP measures of liquidity included in our consolidated
statements of cash flows.
The following table provides a reconciliation of our net cash
provided by operating activities from continuing operations to
Adjusted Free Cash Flow for the indicated periods. In addition, in
order to provide information regarding our Adjusted Free Cash Flow
that excludes the Discontinued Operations, we also present Adjusted
Free Cash Flow on a pro forma basis for the year ended December 31,
2019 as if the sale of the Discontinued Operations had been
completed on January 1, 2019.
Three months ended
Year ended
December 31,
December 31,
2020
2019
2020
2019
in millions
Continuing operations:
Net cash provided by operating
activities
$
1,493.5
$
1,493.9
$
4,185.8
$
3,714.1
Cash payments (receipts) for direct
acquisition and disposition costs(i)
18.8
(37.0
)
34.7
(13.5
)
Expenses financed by an
intermediary(ii)
764.4
532.2
2,770.0
2,171.4
Capital expenditures, net
(389.7
)
(343.0
)
(1,350.2
)
(1,243.1
)
Principal payments on amounts financed by
vendors and intermediaries
(1,343.3
)
(865.5
)
(4,506.0
)
(3,934.7
)
Principal payments on certain finance
leases
(15.6
)
(5.9
)
(64.5
)
(62.9
)
Adjusted FCF
$
528.1
$
774.7
$
1,069.8
631.3
Pro forma adjustments related to the sale
of the Discontinued Operations:
Interest and derivative payments(iii)
49.6
Transitional services agreements(iv)
89.2
Pro forma Adjusted FCF(v)
$
770.1
_______________
(i)
The 2019 amounts include an
adjustment to exclude from adjusted free cash flow a $50.4 million
cash receipt associated with a termination fee received from
Sunrise Communications Group AG during the fourth quarter in
connection with the termination of a share purchase agreement to
sell our operations in Switzerland.
(ii)
For purposes of our consolidated
statements of cash flows, expenses financed by an intermediary are
treated as hypothetical operating cash outflows and hypothetical
financing cash inflows when the expenses are incurred. When we pay
the financing intermediary, we record financing cash outflows in
our consolidated statements of cash flows. For purposes of our
Adjusted Free Cash Flow definition, we add back the hypothetical
operating cash outflow when these financed expenses are incurred
and deduct the financing cash outflows when we pay the financing
intermediary.
(iii)
Represents the estimated interest
and related derivative payments made by UPC Holding associated with
our discontinued UPC Holding operations in Hungary, Romania and the
Czech Republic. These estimated payments are calculated based on
Hungary, Romania and the Czech Republic’s pro rata share of UPC
Holding's Adjusted EBITDA and UPC Holding's aggregate interest and
derivative payments. Although we believe this adjustment to
interest and related derivative payments results in a reasonable
estimate of the annual ongoing interest and related derivative
payments that will occur in relation to the continuing UPC Holding
operations, no assurance can be given that the actual interest and
derivative payments will be equivalent to the amounts presented. No
pro forma adjustments were required with respect to Unitymedia's
interest and derivative payments as substantially all of
Unitymedia’s debt and related derivative instruments were direct
obligations of the entities being disposed. As a result, the
interest and related derivative payments associated with such debt
and derivative instruments of Unitymedia are included in
discontinued operations.
(iv)
Represents our preliminary
estimate of the net cash flows that we would have received from
transitional services agreements if the sale of the Discontinued
Operations had occurred on January 1, 2019. The estimated net cash
flows are based on the estimated revenue that we expect to
recognize from our transitional services agreements during the
first 12 months following the completion of the sale of the
Discontinued Operations, less the estimated incremental costs that
we expect to incur to provide such transitional services. As a
result, the pro forma adjustment for the year ended December 31,
2019 includes $88.2 million related to our discontinued operations
in Germany, Hungary, Romania and the Czech Republic and $1.0
million related to our discontinued DTH business.
(v)
Represents the Adjusted FCF that
we estimate would have resulted if the sale of the Discontinued
Operations had been completed on January 1, 2019. Actual amounts
may differ from the amounts assumed for purposes of this pro forma
calculation. For example, our Pro forma Adjusted FCF does not
include any future benefits related to reductions in our corporate
costs as a result of our operating model rationalization or any
other potential future operating or capital cost reductions
attributable to our continuing or discontinued operations.
ARPU: Average Revenue Per Unit is
the average monthly subscription revenue per average cable customer
relationship or mobile subscriber, as applicable. ARPU per average
fixed-line customer relationship is calculated by dividing the
average monthly subscription revenue from residential cable and
SOHO services by the average number of fixed-line customer
relationships for the period. ARPU per average mobile subscriber is
calculated by dividing residential mobile and SOHO revenue for the
indicated period by the average number of mobile subscribers for
the period. Unless otherwise indicated, ARPU per cable customer
relationship or mobile subscriber is not adjusted for currency
impacts. ARPU per RGU refers to average monthly revenue per average
RGU, which is calculated by dividing the average monthly
subscription revenue from residential and SOHO services for the
indicated period, by the average number of the applicable RGUs for
the period. Unless otherwise noted, ARPU in this release is
considered to be ARPU per average cable customer relationship or
mobile subscriber, as applicable. Fixed-line customer
relationships, mobile subscribers and RGUs of entities acquired
during the period are normalized. In addition, for purposes of
calculating the percentage change in ARPU on a rebased basis, which
is a non-GAAP measure, we adjust the prior-year subscription
revenue, fixed-line customer relationships, mobile subscribers and
RGUs, as applicable, to reflect acquisitions, dispositions and FX
on a comparable basis with the current year, consistent with how we
calculate our rebased growth for revenue and Adjusted EBITDA, as
further described in the body of this release.
ARPU per Mobile Subscriber: Our
ARPU per mobile subscriber calculation that excludes interconnect
revenue refers to the average monthly mobile subscription revenue
per average mobile subscriber and is calculated by dividing the
average monthly mobile subscription revenue (excluding handset
sales and late fees) for the indicated period, by the average of
the opening and closing balances of mobile subscribers in service
for the period. Our ARPU per mobile subscriber calculation that
includes interconnect revenue increases the numerator in the
above-described calculation by the amount of mobile interconnect
revenue during the period.
Basic Video Subscriber: A home,
residential multiple dwelling unit or commercial unit that receives
our video service over our broadband network or through a partner
network either via an analog video signal or via a digital video
signal without subscribing to any recurring monthly service that
requires the use of encryption-enabling technology.
Encryption-enabling technology includes smart cards, or other
integrated or virtual technologies that we use to provide our
enhanced service offerings. We count RGUs on a unique premises
basis. In other words, a subscriber with multiple outlets in one
premises is counted as one RGU and a subscriber with two homes and
a subscription to our video service at each home is counted as two
RGUs.
Blended fully-swapped debt borrowing
cost: The weighted average interest rate on our aggregate
variable- and fixed-rate indebtedness (excluding finance leases and
including vendor financing obligations), including the effects of
derivative instruments, original issue premiums or discounts and
commitment fees, but excluding the impact of financing costs.
B2B: Business-to-Business.
Customer Churn: The rate at which
customers relinquish their subscriptions. The annual rolling
average basis is calculated by dividing the number of disconnects
during the preceding 12 months by the average number of customer
relationships. For the purpose of computing churn, a disconnect is
deemed to have occurred if the customer no longer receives any
level of service from us and is required to return our equipment. A
partial product downgrade, typically used to encourage customers to
pay an outstanding bill and avoid complete service disconnection,
is not considered to be disconnected for purposes of our churn
calculations. Customers who move within our cable footprint and
upgrades and downgrades between services are also excluded from the
disconnect figures used in the churn calculation.
Enhanced Video Subscriber: A home,
residential multiple dwelling unit or commercial unit that receives
our video service over our broadband network or through a partner
network via a digital video signal while subscribing to any
recurring monthly service that requires the use of
encryption-enabling technology. Enhanced Video Subscribers are
counted on a unique premises basis. For example, a subscriber with
one or more set-top boxes that receives our video service in one
premises is generally counted as just one subscriber. An Enhanced
Video Subscriber is not counted as a Basic Video Subscriber. As we
migrate customers from basic to enhanced video services, we report
a decrease in our Basic Video Subscribers equal to the increase in
our Enhanced Video Subscribers.
Fixed-Line Customer Relationships:
The number of customers who receive at least one of our internet,
video or telephony services that we count as RGUs, without regard
to which or to how many services they subscribe. Fixed-Line
Customer Relationships generally are counted on a unique premises
basis. Accordingly, if an individual receives our services in two
premises (e.g., a primary home and a vacation home), that
individual generally will count as two Fixed-Line Customer
Relationships. We exclude mobile-only customers from Fixed-Line
Customer Relationships.
Fixed-Mobile Convergence (FMC):
Fixed-mobile convergence penetration represents the number of
customers who subscribe to both a fixed broadband internet service
and postpaid mobile telephony service, divided by the total number
of customers who subscribe to our fixed broadband internet
service.
Homes Passed: Homes, residential
multiple dwelling units or commercial units that can be connected
to our networks without materially extending the distribution
plant. Certain of our Homes Passed counts are based on census data
that can change based on either revisions to the data or from new
census results.
Internet Subscriber: A home,
residential multiple dwelling unit or commercial unit that receives
internet services over our networks, or that we service through a
partner network.
Lightning premises: Includes homes,
residential multiple dwelling units and commercial premises that
potentially could subscribe to our residential or SOHO services,
which have been connected to our networks as a part of our Project
Lightning network extension program in the U.K. and Ireland.
Project Lightning infill build relates to construction in areas
adjacent to our existing network.
Mobile Subscriber Count: The number
of active SIM cards in service rather than services provided. For
example, if a mobile subscriber has both a data and voice plan on a
smartphone this would equate to one mobile subscriber.
Alternatively, a subscriber who has a voice and data plan for a
mobile handset and a data plan for a laptop would be counted as two
mobile subscribers. Customers who do not pay a recurring monthly
fee are excluded from our mobile telephony subscriber counts after
periods of inactivity ranging from 30 to 90 days, based on industry
standards within the respective country. In a number of countries,
our mobile subscribers receive mobile services pursuant to prepaid
contracts.
MVNO: Mobile Virtual Network
Operator.
NPS: Net Promoter Score.
OFCF: As used herein, Operating
Free Cash Flow or "OFCF", which is a non-GAAP measure, represents
Adjusted EBITDA less property and equipment additions. OFCF is an
additional metric that we use to measure the performance of our
operations after considering the level of property and equipment
additions incurred during the period.
A reconciliation of Adjusted EBITDA to OFCF for our continuing
operations is presented in the following table:
Three months ended
Year ended
December 31,
December 31,
2020
2019
2020
2019
in millions
Adjusted EBITDA.
$
1,347.6
$
1,273.8
$
4,895.6
$
4,859.5
Property and equipment additions
(795.2)
(840.4)
(2,695.3)
(2,880.5)
OFCF
$
552.4
$
433.4
$
2,200.3
$
1,979.0
Property and equipment additions (P&E
additions): Includes capital expenditures on an accrual
basis, amounts financed under vendor financing or finance lease
arrangements and other non-cash additions.
RGU: A Revenue Generating Unit is
separately a Basic Video Subscriber, Enhanced Video Subscriber,
Internet Subscriber or Telephony Subscriber. A home, residential
multiple dwelling unit, or commercial unit may contain one or more
RGUs. For example, if a residential customer in our U.K. market
subscribed to our enhanced video service, fixed-line telephony
service and broadband internet service, the customer would
constitute three RGUs. Total RGUs is the sum of Basic Video,
Enhanced Video, Internet and Telephony Subscribers. RGUs generally
are counted on a unique premises basis such that a given premises
does not count as more than one RGU for any given service. On the
other hand, if an individual receives one of our services in two
premises (e.g., a primary home and a vacation home), that
individual will count as two RGUs for that service. Each bundled
cable, internet or telephony service is counted as a separate RGU
regardless of the nature of any bundling discount or promotion.
Non-paying subscribers are counted as subscribers during their free
promotional service period. Some of these subscribers may choose to
disconnect after their free service period. Services offered
without charge on a long-term basis (e.g., VIP subscribers or free
service to employees) generally are not counted as RGUs. We do not
include subscriptions to mobile services in our externally reported
RGU counts. In this regard, our RGU counts exclude our separately
reported postpaid and prepaid mobile subscribers.
SIM: Subscriber Identification
Module.
SOHO: Small or Home Office
Subscribers.
Telephony Subscriber: A home,
residential multiple dwelling unit or commercial unit that receives
voice services over our networks, or that we service through a
partner network. Telephony Subscribers exclude mobile telephony
subscribers.
U.S. GAAP: Accounting principles
generally accepted in the United States.
YoY: Year-over-year.
Appendix - Supplemental Adjusted EBITDA, P&E and OFCF
information
The following table presents (i) Adjusted EBITDA, (ii) property
and equipment additions, (iii) OFCF and (iv) percentage change from
period to period for Adjusted EBITDA and OFCF on both a reported
and rebased basis for each of our consolidated reportable
segments:
Three months ended December
31,
Increase/(decrease)
2020
2019
Reported %
Rebased %
in millions, except %
amounts
Adjusted EBITDA(i):
U.K./Ireland
$
697.1
$
763.0
(8.6
)
(11.1
)
Belgium
360.3
339.1
6.3
(1.1
)
Switzerland
254.4
151.6
67.8
(7.9
)
CEE
54.6
52.5
4.0
1.2
Central and Corporate
(18.8
)
(32.4
)
42.0
50.2
Intersegment eliminations
—
—
N.M.
N.M.
Total Adjusted EBITDA
$
1,347.6
$
1,273.8
5.8
(6.2
)
Property and equipment additions(ii):
U.K./Ireland
$
403.0
$
449.5
Belgium
138.5
145.6
Switzerland
121.0
70.7
CEE
36.2
40.8
Central and Corporate
96.5
133.8
Total property and equipment additions
$
795.2
$
840.4
OFCF(i):
U.K./Ireland
$
294.1
$
313.5
(6.2
)
(8.5
)
Belgium
221.8
193.5
14.6
7.0
Switzerland
133.4
80.9
64.9
7.1
CEE
18.4
11.7
57.3
53.8
Central and Corporate
(115.3
)
(166.2
)
30.6
35.9
Intersegment eliminations
—
—
N.M.
N.M.
Total OFCF
$
552.4
$
433.4
27.5
14.6
Year ended December
31,
Increase/(decrease)
2020
2019
Reported %
Rebased %
in millions, except %
amounts
Adjusted EBITDA(i):
U.K./Ireland
$
2,672.4
$
2,800.5
(4.6
)
(5.0
)
Belgium
1,413.4
1,386.1
2.0
0.2
Switzerland
693.8
627.9
10.5
(10.5
)
CEE
215.6
215.0
0.3
1.5
Central and Corporate
(99.6
)
(171.1
)
41.8
10.3
Intersegment eliminations
—
1.1
N.M.
N.M.
Adjusted EBITDA
$
4,895.6
$
4,859.5
0.7
(3.9
)
Property and equipment additions(ii):
U.K./Ireland
$
1,432.7
$
1,578.0
Belgium
513.6
537.2
Switzerland
302.8
277.9
CEE
105.5
107.0
Central and Corporate
340.7
380.4
Total property and equipment additions
$
2,695.3
$
2,880.5
OFCF(i):
U.K./Ireland
$
1,239.7
$
1,222.5
1.4
1.1
Belgium
899.8
848.9
6.0
4.3
Switzerland
391.0
350.0
11.7
(4.0
)
CEE
110.1
108.0
1.9
4.3
Central and Corporate
(440.3
)
(551.5
)
20.2
10.8
Intersegment eliminations
—
1.1
N.M.
N.M.
Total OFCF
$
2,200.3
$
1,979.0
11.2
4.9
(i)
Includes the Centrally-held Operating Cost
Allocation, as defined and described below.
(ii)
Excludes the Centrally-held P&E
Attributions, as defined and described below.
Centrally-held Operating Cost
Allocations
During the fourth quarter of 2019, we changed the presentation
of certain operating costs related to our centrally-managed
technology and innovation function. These costs, which were
previously included in Central and Corporate, are now allocated to
our consolidated reportable segments. This change, which we refer
to as the “Centrally-held Operating Cost Allocations”, was made as
a result of internal changes with respect to the way in which our
chief operating decision maker evaluates the Adjusted EBITDA of our
operating segments and is reflected in our reported U.S. GAAP
segment disclosures. The following table provides a summary of the
impact on the Adjusted EBITDA of our consolidated reportable
segments and Central and Corporate that resulted from the
Centrally-held Operating Cost Allocations.
Year ended December
31,
2020
2019
in millions
Increase (decrease) to Adjusted
EBITDA:
U.K./Ireland
$
(51.2
)
$
(66.6
)
Switzerland
(20.1
)
(33.0
)
CEE
(10.7
)
(14.7
)
Central and Corporate
82.0
114.3
Total Liberty Global
$
—
$
—
Centrally-held Property & Equipment
Attributions
Property and equipment additions presented for Central and
Corporate include certain capital costs incurred for the benefit of
our operating segments. Generally, for purposes of the consolidated
financial statements of our borrowing groups, the expense
associated with these capital costs is allocated and/or charged to
our operating segments as related-party fees and allocations in
their respective statements of operations over the period in which
the operating segment benefits from the use of the Central and
Corporate asset. Related-party fees and allocations are excluded
from the reported Adjusted EBITDA metric of these borrowing groups.
These amounts are based on (i) our estimate of its share of
underlying costs, (ii) our estimate of its share of the underlying
costs plus a mark-up or (iii) commercially-negotiated rates. These
charges and allocations differ from the attributed OFCF approach,
as further described below.
For internal management reporting and capital allocation
purposes, we evaluate the OFCF of our operating segments on an
"attributed" basis, whereby we estimate and attribute certain
capital costs incurred by Central and Corporate to our operating
segments as if that operating segment directly incurred its
estimated share of the capital costs in the same period the costs
were incurred by Central and Corporate. These capital costs
represent assets that are jointly used by our operating segments.
In the context of evaluating our operating segments, we believe
this non-GAAP approach, which we refer to as the "Centrally-held
Property and Equipment Attributions", is a meaningful measure as it
represents a transparent view of what the estimated capital spend
for our operating segments might be if they were to operate as a
stand-alone business (excluding, among other considerations, any
impact from lost economies of scale) and allows us to more
accurately (i) review capital trends by operating segment, (ii)
perform benchmarking between operating segments and (iii) drive
alignment and accountability between Central and Corporate and our
operating segments with respect to our consolidated capital spend.
The amounts attributed to each operating segment are estimated
based on (a) actual costs incurred by Central and Corporate,
without any mark-up, and (b) each respective operating segment's
estimated use of the associated assets.
The below table summarizes the Centrally-held Property and
Equipment Attributions, consistent with our internal management
reporting approach. This presentation is for illustrative purposes
only and is intended as a supplement to, and not a substitute for,
our U.S. GAAP presentation of the property and equipment additions
of our reportable segments.
Three months ended December
31,
Year ended December
31,
2020
2019
2020
2019
in millions
Increase (decrease) to property and
equipment additions:
U.K./Ireland
$
32.1
$
40.7
$
133.0
$
136.5
Belgium
4.9
5.1
14.5
11.3
Switzerland
11.9
16.5
45.5
52.1
CEE
6.1
8.1
24.3
26.9
Central and Corporate
(55.0
)
(70.4
)
(217.3
)
(226.8
)
Total Liberty Global
$
—
$
—
$
—
$
—
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210215005428/en/
Investor Relations Max Adkins +44 78 1795 9705 Steve
Carroll +1 303 784 4505 Stefan Halters +44 20 8483 6211
Corporate Communications Molly Bruce +1 303 220 4202 Matt
Beake +44 20 8483 6428
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