Q3 financial performance highlighted by accelerating Adjusted
EBITDA growth at VMO21, VodafoneZiggo and Telenet
Continued to deliver aggregate2 broadband and postpaid mobile
net additions across core FMC markets
Ongoing investment in fixed network upgrades and 5G coverage
to support our leading FMC market positions
Attractive share repurchases of $1.7 billion for 2022,
reiterating 10% buyback floor for 2023
Reconfirming all full-year 2022 guidance targets
Liberty Global plc today announced its Q3 2022 financial
results.
CEO Mike Fries stated, “Despite the macroeconomic challenges in
Europe we clearly have a resilient business model, as demonstrated
by our solid results in Q3. Connectivity remains an essential
service with strong demand across our footprint for reliable and
seamless access to high-quality fixed and mobile networks. We also
remain focused on supporting our customers who are experiencing
higher living costs by offering connectivity services that are both
affordable and robust. Simultaneously, we are offsetting the impact
of high energy and labor costs by driving digital initiatives,
taking reasonable price increases and executing on synergies in the
U.K. and Switzerland.
In Q3, we delivered aggregate2 broadband and postpaid mobile
growth of 186,000 new subscribers, supported mostly by broadband
subscriber gains in the U.K. and positive postpaid trends across
all our core FMC markets. Financially, we reported stable to
growing revenues in Switzerland, Belgium and the Netherlands, with
the latter two markets supported by recent price adjustments.
Synergy execution, price rises and strong cost controls supported
strong Adjusted EBITDA growth in the U.K., Belgium and all the
Netherlands. Meanwhile, the continued realization of synergies in
the U.K. is expected to drive cash flow growth throughout the
remainder of the year.
We continue advancing our network development strategies. Each
of our markets has attractive investment opportunities utilizing
combinations of FTTH and DOCSIS and we are already offering gigabit
speeds to customers across nearly 100% of our footprint. In the
U.K. we continue to advance our Lightning build-out while upgrading
the existing HFC network to FTTH. We are also setting up the new
fiber JV with Infravia to build the additional 5 to 7 million homes
that we announced last quarter, which will give us significantly
greater reach to exploit fixed-mobile convergence.
We are reiterating all of the original, full-year guidance
metrics at our operating companies and $1.7 billion(i) of Full
Company3 Distributable Cash Flow4 at Liberty Global. Liberty
Global’s balance sheet remains strong with ~$4 billion(ii) of cash
and ~$5 billion of total liquidity,5 providing appealing
optionality against an increasingly challenged macro environment.
Our attractive share buyback of $1.7 billion this year was
supported by our strong cash flow generation and the compelling
value in our stock. We have retired 50% of our total shares
outstanding since 2017 and we remain committed to our 10%
repurchase floor of shares outstanding in 2023."
(i)
Quantitative reconciliations to cash flow
from operating activities for our Distributable Cash Flow 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 form period to period. Distributable Cash Flow
guidance reflects FX rates of EUR/USD 1.14, GBP/USD 1.35 and
CHF/USD 1.06.
(ii)
Including amounts held under separately
managed accounts (SMAs).
Q3 Operating Company Highlights
Sunrise (Consolidated)
Continued strong mobile postpaid intake; Revenue growth in Q3
supported by mobile and B2B momentum
Operating highlights: Sunrise
continues to deliver strong mobile performance, supported by robust
B2B delivery and its flanker brand yallo which continues to perform
well as the business generates revenue growth in Q3. Sunrise
continues to reinforce yallo's full service offerings, launching
yallo Free TV for new and prospective customers, and has also
launched a Smart Upgrade program through a partnership with Apple.
The Sunrise rebranding continues to resonate with strong postpaid
mobile performance across all brands, achieving 42,000 net adds in
the quarter. Broadband performance was flat as expected in Q3 given
the ongoing phase out of the UPC brand. Supported by a strong
mobile offering together with the powerful fixed line network, FMC
penetration remains high at 57% of Sunrise's broadband base.
Financial highlights: Revenue of
$789.8 million in Q3 2022 decreased 4.9% YoY on a reported basis
and increased 1.5% YoY on a rebased6 basis. The rebased increase
was largely driven by (i) low margin business wholesale revenue and
(ii) strong trading momentum in yallo and handset revenues,
partially offset by a decrease in fixed subscription revenue due to
subscriber losses and ARPU pressures. Adjusted EBITDA decreased
8.6% on a reported basis and 2.3% on a rebased basis to $302.5
million in Q3 2022, including $6 million of opex costs to capture7.
The rebased decline was largely driven by a more limited tailwind
from synergies following the annualizing of MVNO synergies, the
impact of fixed ARPU declines and increased investments in yallo
and digitalization projects. Adjusted EBITDA less P&E Additions
of $161.8 million in Q3 decreased 17.4% YoY on a reported basis and
10.8% on a rebased basis, including $35 million of opex and capex
costs to capture. While Sunrise is integrating the two businesses,
costs to capture have short term impacts but are incurred to
promote future synergies, more efficient operations and enhanced
operations and profitability.
Telenet (Consolidated)
Continued FMC customer expansion; Improved financial trends
in Q3 2022; FY 2022 outlook unchanged
Operating highlights: Continued
growth of Telenet's FMC customer base in Q3 2022 was driven by
continued uptake of “ONE(Up)” bundles as growth in the mobile
customer base accelerated with 18,000 postpaid mobile net
additions. Telenet also recently entered into a binding agreement
with Fluvius to develop “the data network of the future” in
Flanders. Both companies will contribute their fixed network assets
to incorporate a new infrastructure company “NetCo” that will
invest in the evolution of the current HFC network into a FTTH
network.
Financial highlights: Revenue of
$665.1 million in Q3 2022 decreased 12.0% YoY on a reported basis
and increased 3.1% on a rebased basis. The increase in rebased
revenue was primarily driven by (i) higher fixed subscription
revenue following the June price increase and (ii) an increase in
mobile roaming revenue. Adjusted EBITDA decreased 13.7% on a
reported basis and increased 4.8% on a rebased basis to $318.7
million in Q3. The increase in rebased Adjusted EBITDA reflects the
aforementioned revenue performance, partially offset by the impact
of higher inflation on energy costs and staff-related expenses.
Reported and rebased Adjusted EBITDA less P&E Additions
decreased 25.2% and 8.2%, respectively, to $176.3 million in
Q3.
VMO2 (Non-consolidated Joint Venture)
VMO2 delivers strong strategic and operational progress
combined with accelerating Adjusted EBITDA growth1
Operating highlights: VMO2
continued growing its fixed and mobile customer base in Q3 while
announcing the U.K.'s fastest WiFi guarantee. Growth in VMO2's
fixed customer base and continued demand for fast, high-quality
connectivity drove Q3 broadband net additions to 19,000. Postpaid
mobile continued to show growth with net adds of 47,000 during the
quarter. Average speed across the company's broadband base
increased 29% YoY and now reaches 261Mbps, more than 4x the
national average. Less than a year after the launch of VMO2's first
FMC bundle, a significant milestone has been achieved with more
than 1 million customers taking a Volt bundle, highlighting our
rapid and substantial progress in fixed-mobile convergence.
Meanwhile, Project Lightning has passed 330,000 premises since the
start of the year and the company remains on-track to deliver over
500,000 premises in 2022.
Financial highlights (in U.S.
GAAP): Revenue of $3,042.1 million in Q3 2022 decreased
15.8% YoY on a reported basis and 1.7% YoY on a rebased basis. This
was due to the net effect of (i) a decline in consumer fixed
revenue due to a change in customer mix, (ii) a decline in B2B
fixed revenue and (iii) an overall increase in mobile revenue
driven by an increase in service revenue partially offset by a
decline in handset revenue. Adjusted EBITDA decreased 10.1% YoY on
a reported basis and increased 8.1% YoY on a rebased basis to
$1,060.5 million, including $16 million of opex costs to capture.
The YoY increase in Adjusted EBITDA was supported by the
realization of synergies, cost efficiencies, and a $35 million
one-time non-cash benefit following the resolution of a legal
matter, partially offset by increased energy costs. Adjusted EBITDA
less P&E Additions decreased 30.0% YoY on a reported basis and
decreased 11.0%8 on a rebased basis to $355.4 million, including
$76 million of opex and capex costs to capture. P&E Additions
increased 21.5% YoY to $705.1 million.
For more information regarding the VMO2 JV, including full IFRS
disclosures, please visit their investor relations page to access
the Q3 earnings release.
VodafoneZiggo (Non-consolidated Joint Venture)
Solid financial performance; Reconfirming 2022
guidance
Operating highlights: VodafoneZiggo
continues to improve its commercial momentum despite increased
promotional intensity in the Dutch market. At September 30th,
VodafoneZiggo is passing 2.5 million converged SIMs and 1.5 million
converged households9, which continues to drive improvement in Net
Promoter Scores and reduce churn. VodafoneZiggo delivered 67,000
mobile postpaid additions in Q3 and grew mobile postpaid ARPU.
Total broadband RGUs declined by 9,000 in Q3 while B2B broadband
RGUs continued to record solid growth, with 6,000 added in the
quarter. More than 90% of VodafoneZiggo's fixed network footprint
is connected to Gigabit speeds and on track to deliver nationwide
coverage in December. Successfully implemented an average 3.5%
price increase as of July 2022 which helped generate rebased
revenue growth in Q3.
Financial highlights: Revenue
declined 13.6% on a reported basis and increased 1.0% on a rebased
basis to $1,041.7 million in Q3. The increase in rebased revenue
was primarily driven by ARPU growth and mobile postpaid and B2B
fixed customer base growth, partially offset by B2C fixed customer
base decline. Mobile service revenue grew 7.2% in Q3, recording the
highest quarterly growth in five years. Adjusted EBITDA decreased
13.3% on a reported basis and increased 1.3% on a rebased basis to
$501.4 million in Q3. The rebased increase was primarily driven by
the aforementioned revenue growth and incremental cost efficiency
measures, effectively mitigating higher energy costs related to
inflation. Reported and rebased Adjusted EBITDA less P&E
Additions decreased 24.3% and 11.5%, respectively, to $290.2
million in Q3. The rebased decrease was primarily driven by higher
investment in customer premises equipment.
Q3 ESG Highlights
During the third quarter, we continued to progress our
Environmental, Social and Governance (ESG) agenda across our
business. As a founding member of the European Green Digital
Coalition (EGDC), Liberty Global participated in the European
Parliament Pilot Project that aims to develop digital solutions in
support of key sectors, to assess their respective net
environmental impacts. Liberty Global’s “Reducing Herbicides
Solutions”, developed by Sunrise, was among the first round of six
case studies selected. The solution uses high resolution images
taken by drones, and sent through 5G networks to detect weed
locations, allowing farmers to distinctly target and reduce the use
of herbicides and their associated emissions. Also in the quarter,
VodafoneZiggo became the first Dutch telecoms provider to introduce
electric scooters as a mode of city transport for technicians. The
idea came from Ziggo’s own technicians, and provides an emissions
reduction of 99% for every kilometer traveled compared to a diesel
van. This initiative not only supports VodafoneZiggo's ambition to
halve the company's environmental impact by 2025, but also serves
customers in zero-emission zones, where vehicles with carbon
emissions will not be allowed in the coming two years. On the
Social front, VMO2 partnered with environmental charity Hubbub to
help provide tablets and data to people in need across the U.K.
Tackling both digital equity and e-waste, the partnership is
helping people improve their digital skills while enabling access
to essential services, and supporting the circular economy – all
part of the company’s Better Connections Plan and goals. Lastly,
Liberty Global and its subsidiaries have been carefully monitoring
the impacts of high inflation and the cost-of-living crisis, to
both our people and customers across our markets. In recent weeks,
the company has extended financial support to employees who need it
most, while operations such as VMO2 are helping to keep people
connected by donating data to serve those most affected.
Diversity, Equity and Inclusion (DE&I) continues to be a
focus for us, reinforcing an inclusive work environment, where our
people know their voices are heard, valued, respected and everyone
feels they belong. Our dedicated DE&I Council continues to work
with colleagues across the Liberty Global footprint to ensure
DE&I is embedded into everything we do, including the products
we design, the decisions we make, the communities in which we
operate and the relationships we have with our customers,
suppliers, and shareholders. We are accelerating across our
priorities of inclusivity and representation in the workplace.
Underpinning our strategic pillars of Gender, LGBTQIA+, Ability,
Race and Ethnicity, and Multigenerational. We strongly believe in
driving an inclusive culture through education, improving our
practices, and measuring our progress. We have developed conscious
inclusion training which our leaders and employees are attending to
drive empowerment and capability of action towards a more inclusive
culture. Continuing our focus on taking potential bias out of our
recruitment practices, we have developed an inclusive hiring
training, currently rolled out across our talent acquisition teams
and hiring managers.
Liberty Global Consolidated Q3 Highlights
- Q3 revenue decreased 8.2% YoY on a reported basis and increased
3.7% on a rebased basis to $1,746.3 million
- Q3 earnings from continuing operations increased 670.5% YoY on
a reported basis to $2,431.7 million
- Q3 Adjusted EBITDA decreased 12.5% YoY on a reported basis and
increased 1.6% on a rebased basis to $664.0 million
- Q3 property & equipment additions were 21.3% of revenue, as
compared to 19.1% in Q3 2021
- Balance sheet with $5.3 billion of total liquidity
- Comprised of $1.6 billion of cash, $2.4 billion of investments
held under SMAs and $1.3 billion of unused borrowing
capacity10
- Fully-swapped borrowing cost of 3.2% on a debt balance of $13.3
billion
Liberty Global
Q3 2022
Q3 2021
YoY Change (reported)
YoY Change (rebased)
YTD 2022
YoY Change (reported)
YoY Change (rebased)
Customers
Organic customer net losses
(14,000
)
(5,400
)
(159.3
%)
(37,800
)
(253.7
%)
Financial (in
millions, except percentages)
Revenue
$
1,746.3
$
1,901.4
(8.2
%)
3.7
%
$
5,353.8
(36.2
%)
2.0
%
Earnings from continuing operations
$
2,431.7
$
315.6
670.5
%
$
5,789.6
(55.1
%)
Adjusted EBITDA
$
664.0
$
758.5
(12.5
%)
1.6
%
$
1,998.1
(39.0
%)
0.2
%
P&E additions
$
371.7
$
362.6
2.5
%
$
1,089.6
(35.3
%)
Adjusted EBITDA less P&E Additions
$
292.3
$
395.9
(26.2
%)
(12.1
%)
$
908.5
(42.8
%)
(6.0
%)
Cash provided by operating activities
$
540.5
$
563.2
(4.0
%)
$
1,903.5
(21.1
%)
Cash provided (used) by investing
activities
$
(633.5
)
$
(297.1
)
(113.2
%)
$
1,947.8
134.1
%
Cash used by financing activities
$
(628.0
)
$
(387.0
)
(62.3
%)
$
(3,060.0
)
(316.7
%)
Full Company Adjusted FCF
$
147.5
$
292.4
(49.6
%)
$
711.7
(25.5
%)
Full Company Distributable Cash Flow
$
414.4
$
292.4
41.7
%
$
978.6
2.4
%
Customer Growth
Three months ended
Nine months ended
September 30,
September 30,
2022
2021
2022
2021
Organic customer net additions (losses)
by market
Switzerland
(3,200
)
(1,600
)
(6,800
)
(1,100
)
Belgium.
(7,700
)
(2,300
)
(17,600
)
(13,100
)
U.K.(i)
—
—
—
41,700
Ireland
(1,900
)
(1,100
)
(7,800
)
(1,800
)
Slovakia
(1,200
)
(400
)
(5,600
)
(1,100
)
Total
(14,000
)
(5,400
)
(37,800
)
24,600
______________________
(i)
The 2021 amounts represent organic net
additions of the U.K. JV Entities through the June 1, 2021 closing
of the U.K. JV Transaction.
Earnings from Continuing Operations
- Earnings from continuing operations was $2,431.7 million and
$315.6 million for the three months ended September 30, 2022 and
2021, respectively, and $5,789.6 million and $12,889.2 million for
the nine months ended September 30, 2022 and 2021,
respectively
Financial Highlights
The following tables present (i) revenue, Adjusted EBITDA and
Adjusted EBITDA less P&E Additions for each of our reportable
segments, including the non-consolidated VMO2 JV and VodafoneZiggo
JV, for the comparative periods and (ii) the percentage change from
period to period on both a reported and rebased basis. Consolidated
Adjusted EBITDA and Consolidated Adjusted EBITDA less P&E
Additions are non-GAAP measures. For additional information on how
these measures are defined and why we believe they are meaningful,
see the Glossary.
Three months ended
Increase/(decrease)
Nine months ended
Increase/(decrease)
September 30,
September 30,
Revenue
2022
2021
Reported %
Rebased %
2022
2021
Reported %
Rebased %
in millions, except %
amounts
Switzerland
$
789.8
$
830.2
(4.9
)
1.5
$
2,377.3
$
2,497.4
(4.8
)
0.7
Belgium
665.1
755.4
(12.0
)
3.1
2,078.6
2,302.9
(9.7
)
1.5
Ireland
116.1
136.0
(14.6
)
—
365.4
406.2
(10.0
)
1.1
U.K.(i)
—
—
—
—
—
2,736.4
(100.0
)
—
Central and Other
177.4
181.4
(2.2
)
22.3
539.4
458.7
17.6
13.0
Intersegment eliminations
(2.1
)
(1.6
)
N.M.
N.M.
(6.9
)
(11.1
)
N.M.
N.M.
Total
$
1,746.3
$
1,901.4
(8.2
)
3.7
$
5,353.8
$
8,390.5
(36.2
)
2.0
VMO2 JV(ii)(iii)
$
3,042.1
$
3,614.0
(15.8
)
(1.7
)
$
9,642.7
$
4,822.5
100.0
N.M.
VodafoneZiggo JV(iii)
$
1,041.7
$
1,206.1
(13.6
)
1.0
$
3,237.3
$
3,638.4
(11.0
)
—
______________________
N.M. - Not Meaningful
(i)
The YTD 2021 amount represents the revenue
of the U.K. JV Entities through the June 1, 2021 closing of the
U.K. JV Transaction.
(ii)
The YTD 2021 amount represents the revenue
of the VMO2 JV for the period from June 1, 2021 through September
30, 2021.
(iii)
Amounts reflect 100% of the 50:50
non-consolidated VMO2 JV and VodafoneZiggo JV's revenue.
Three months ended
Increase/(decrease)
Nine months ended
Increase/(decrease)
September 30,
September 30,
Adjusted EBITDA
2022
2021
Reported %
Rebased %
2022
2021
Reported %
Rebased %
in millions, except %
amounts
Switzerland
$
302.5
$
330.8
(8.6
)
(2.3
)
$
880.2
$
910.9
(3.4
)
2.3
Belgium
318.7
369.1
(13.7
)
4.8
989.4
1,130.5
(12.5
)
(0.4
)
Ireland
49.6
59.1
(16.1
)
(2.0
)
152.5
160.7
(5.1
)
6.6
U.K.(i)
—
—
—
—
—
1,085.3
(100.0
)
—
Central and Other
(6.8
)
1.5
N.M.
33.3
(23.6
)
(15.8
)
(49.4
)
N.M.
Intersegment eliminations
—
(2.0
)
N.M.
N.M.
(0.4
)
1.6
N.M.
N.M.
Total
$
664.0
$
758.5
(12.5
)
1.6
$
1,998.1
$
3,273.2
(39.0
)
0.2
VMO2 JV(ii)(iii)
$
1,060.5
$
1,180.3
(10.1
)
8.1
$
3,515.2
$
1,591.3
120.9
N.M.
VodafoneZiggo JV(iii)
$
501.4
$
578.1
(13.3
)
1.3
$
1,530.1
$
1,713.4
(10.7
)
0.4
______________________
N.M. - Not Meaningful
(i)
The YTD 2021 amount represents the
Adjusted EBITDA of the U.K. JV Entities through the June 1, 2021
closing of the U.K. JV Transaction.
(ii)
The YTD 2021 amount represents the
Adjusted EBITDA of the VMO2 JV for the period from June 1, 2021
through September 30, 2021.
(iii)
Amounts reflect 100% of the 50:50
non-consolidated VMO2 JV and VodafoneZiggo JV's Adjusted EBITDA
Three months ended
Increase/(decrease)
Nine months ended
Increase/(decrease)
Adjusted EBITDA less P&E
Additions
September 30,
September 30,
2022
2021
Reported %
Rebased %
2022
2021
Reported %
Rebased %
in millions, except %
amounts
Switzerland
$
161.8
$
195.9
(17.4
)
(10.8
)
$
484.4
$
497.8
(2.7
)
4.2
Belgium
176.3
235.8
(25.2
)
(8.2
)
555.5
706.0
(21.3
)
(10.3
)
Ireland
16.4
40.5
(59.5
)
(53.2
)
69.1
98.8
(30.1
)
(22.3
)
U.K.(i)
—
—
—
—
—
527.9
(100.0
)
—
Central and Other
(62.2
)
(74.3
)
16.3
16.9
(200.1
)
(242.7
)
17.6
1.4
Intersegment eliminations
—
(2.0
)
N.M.
N.M.
(0.4
)
1.6
N.M.
N.M.
Total
$
292.3
$
395.9
(26.2
)
(12.1
)
$
908.5
$
1,589.4
(42.8
)
(6.0
)
VMO2 JV (ii)(iii)
$
355.4
$
507.8
(30.0
)
(11.0
)
$
1,461.5
$
692.5
111.0
N.M.
VodafoneZiggo JV(iii)
$
290.2
$
383.5
(24.3
)
(11.5
)
$
846.4
$
1,008.4
(16.1
)
(5.6
)
______________________
N.M. - Not Meaningful
(i)
The YTD 2021 amount represents the
Adjusted EBITDA less P&E Additions of the U.K. JV Entities
through the June 1, 2021 closing of the U.K. JV Transaction.
(ii)
The YTD 2021 amount represents the
Adjusted EBITDA less P&E Additions of the VMO2 JV for the
period from June 1, 2021 through September 30, 2021.
(iii)
Amounts reflect 100% of the 50:50
non-consolidated VMO2 JV and VodafoneZiggo JV's Adjusted EBITDA
less P&E Additions.
Leverage and Liquidity
- Total principal amount of debt and
finance leases: $13.3 billion
- Average debt tenor: Approximately
6 years, with ~94% not due until 2028 or thereafter11
- Borrowing costs: Blended,
fully-swapped cost of debt was 3.2%
- Liquidity: $5.3 billion, including
(i) $1.6 billion of cash at September 30, 2022, (ii) $2.4 billion
of investments held under SMAs and (iii) $1.3 billion of aggregate
unused borrowing capacity 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 regarding our and
our businesses' financial performance, including Rebased Revenue,
Adjusted Free Cash Flow and Distributable Cash Flow at the
consolidated level, as well as the 2022 financial guidance provided
by our operating companies and joint ventures; expectations of any
macroeconomic dynamics that may be beneficial or detrimental to the
company; expectations with respect to the integration and synergy
plans at the VMO2 JV and at Sunrise, including the timing, costs
and anticipated benefits thereof; expectations regarding network
and product plans and initiatives; the expected progress of Project
Lightning in the U.K., the new greenfield fiber joint venture with
Infravia in the U.K., the full fiber overlays in the U.K.; expected
network and 5G investments and making 1Gbps internet available
across our global footprint; the implementation of the NetCo
creation between Telenet and Fluvius in Belgium and any anticipated
benefits to be derived therefrom; our commitments and aspirations
with respect to ESG, including emissions reductions and DE&I
matters; our share buyback program, including our commitment to
repurchase 10% of our outstanding shares in each of 2022 and 2023
and the $400 million additional share buybacks anticipated to be
completed in 2022; the strength of our and our affiliates'
respective balance sheets (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 COVID-19 pandemic on us and our
businesses as well as our customers; the effects of changes in laws
or regulations; 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 the 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 (the "SEC"), including our most
recently filed Form 10-K, Form 10-K/A and Forms 10-Q. 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.
Share Repurchase Program
As previously announced, our Board of Directors authorized a
share repurchase program whereby we have committed to repurchasing
10 percent of our outstanding shares in each of 2022 and 2023. In
July 2022, our Board of Directors authorized an additional $400
million for 2022 share repurchases. Under the program, Liberty
Global may acquire from time to time its Class A ordinary shares,
Class C ordinary shares, or any combination of Class A and Class C
ordinary shares. The program may be effected through open market
transactions and/or privately negotiated transactions, which may
include derivative transactions. The timing of the repurchase of
shares pursuant to the program will depend on a variety of factors,
including market conditions and applicable law. The program may be
implemented in conjunction with brokers for the Company and other
financial institutions with whom the Company has relationships
within certain pre-set parameters, and purchases may continue
during closed periods in accordance with applicable restrictions.
The program may be suspended or discontinued at any time and will
terminate in each applicable year upon repurchasing the authorized
limits.
About Liberty Global
Liberty Global (NASDAQ: LBTYA, LBTYB and LBTYK) is a world
leader in converged broadband, video and mobile communications
services. We deliver next-generation products through advanced
fiber and 5G networks, and currently provide over 86 million
connections* across Europe and the United Kingdom. Our businesses
operate under some of the best-known consumer brands, including
Virgin Media-O2 in the U.K., VodafoneZiggo in The Netherlands,
Telenet in Belgium, Sunrise in Switzerland, Virgin Media in Ireland
and UPC in Slovakia. Through our substantial scale and commitment
to innovation, we are building Tomorrow’s Connections Today,
investing in the infrastructure and platforms that empower our
customers to make the most of the digital revolution, while
deploying the advanced technologies that nations and economies need
to thrive.
Our consolidated businesses generate annual revenue of more than
$7.5 billion, while the VodafoneZiggo JV and the VMO2 JV generate
combined annual revenue of more than $19 billion.**
Liberty Global Ventures, our global investment arm, has a
portfolio of more than 75 companies and funds across content,
technology and infrastructure, including strategic stakes in
companies like ITV, Televisa Univision, Plume, Lionsgate and the
Formula E racing series.
* Represents aggregate consolidated and 50% owned
non-consolidated fixed and mobile subscribers. Includes wholesale
mobile subscribers of the VMO2 JV and B2B fixed subscribers of the
VodafoneZiggo JV.
** Revenue figures above are provided based on full year 2021
Liberty Global consolidated results (excluding revenue from the
U.K. JV Entities) and the combined as reported full year 2021
results for the VodafoneZiggo JV and estimated U.S. GAAP full year
2021 results for the VMO2 JV. For more information, please visit
www.libertyglobal.com.
Balance Sheets, Statements of Operations and Statements of
Cash Flows
The condensed consolidated balance sheets, statements of
operations and statements of cash flows of Liberty Global are in
our 10-Q.
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 2022, we
have adjusted our historical revenue, Adjusted EBITDA and Adjusted
EBITDA less P&E Additions for the three and nine months ended
September 30, 2021 to (i) include the pre-acquisition revenue,
Adjusted EBITDA and P&E additions of entities acquired during
2021 in our rebased amounts for the three and nine months ended
September 30, 2021 to the same extent that the revenue, Adjusted
EBITDA and P&E additions of these entities are included in our
results for the three and nine months ended September 30, 2022,
(ii) exclude from our rebased amounts the revenue, Adjusted EBITDA
and P&E additions of entities disposed of during 2022 and 2021
to the same extent that the revenue, Adjusted EBITDA and P&E
additions of these entities are excluded in our results for the
three and nine months ended September 30, 2022, (iii) include in
our rebased results the revenue and costs for the temporary
elements of transitional and other services provided to the VMO2
JV, the VodafoneZiggo JV, iliad, Vodafone, Deutsche Telekom,
Liberty Latin America and M7 Group, to reflect amounts related to
these services equal to those included in our results for the three
and nine months ended September 30, 2022 and (iv) reflect the
translation of our rebased amounts at the applicable average
foreign currency exchange rates that were used to translate our
results for the three and nine months ended September 30, 2022. We
have reflected the revenue, Adjusted EBITDA and P&E additions
of these acquired entities in our 2021 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 Adjusted
EBITDA less P&E Additions 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 Adjusted
EBITDA less P&E Additions 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
Adjusted EBITDA less P&E Additions 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 condensed consolidated statements of
operations.
The following table provides adjustments made to the 2021
amounts (i) in aggregate for our consolidated reportable segments
and (ii) for the non-consolidated VMO2 JV and VodafoneZiggo JV to
derive our rebased growth rates:
Three months ended September
30, 2021
Nine months ended September
30, 2021
Revenue
Adjusted EBITDA
Adjusted EBITDA less P&E
Additions
Revenue
Adjusted EBITDA
Adjusted EBITDA less P&E
Additions
in millions
Consolidated Liberty Global:
Acquisitions and Dispositions(i)
$
(20.6
)
$
(24.2
)
$
(22.9
)
$
(2,552.6
)
$
(1,028.6
)
$
(498.3
)
Foreign Currency
(197.6
)
(81.0
)
(40.6
)
(591.6
)
(249.5
)
(124.1
)
Total
$
(218.2
)
$
(105.2
)
$
(63.5
)
$
(3,144.2
)
$
(1,278.1
)
$
(622.4
)
VMO2 JV(ii):
Acquisitions and Dispositions(i)
$
13.4
$
(32.9
)
$
(32.9
)
Foreign Currency
(533.3
)
(166.1
)
(75.4
)
Total
$
(519.9
)
$
(199.0
)
$
(108.3
)
VodafoneZiggo JV(iii):
Foreign Currency
$
(174.3
)
$
(82.9
)
$
(55.5
)
$
(236.7
)
$
(188.7
)
$
(111.4
)
______________________
(i)
In addition to our acquisitions and
dispositions, these rebase adjustments include amounts related to
agreements to provide transitional and other services to the VMO2
JV, the VodafoneZiggo JV, iliad, Vodafone, Liberty Latin America,
Deutsche Telekom and M7 Group. These adjustments result in an equal
amount of fees in both the 2022 and 2021 periods for those services
that are deemed to be temporary in nature.
(ii)
Amounts reflect 100% of the adjustments
made related to the VMO2 JV's revenue, Adjusted EBITDA and Adjusted
EBITDA less P&E Additions, respectively, which we do not
consolidate, as we hold a 50% noncontrolling interest. Amounts for
the nine-month period are not presented as the VMO2 JV does not
have a full year of comparative results.
(iii)
Amounts reflect 100% of the adjustments
made related to the VodafoneZiggo JV's revenue, Adjusted EBITDA and
Adjusted EBITDA less P&E Additions, respectively, which we do
not consolidate, as we hold a 50% noncontrolling interest.
Liquidity
The following table(i) details the U.S. dollar equivalents of
our liquidity position at September 30, 2022, which includes our
(i) cash and cash equivalents, (ii) investments held under SMAs and
(iii) unused borrowing capacity:
Cash
Unused
and Cash
Borrowing
Total
Equivalents
SMAs(ii)
Capacity(iii)
Liquidity
in millions
Liberty Global and unrestricted
subsidiaries
$
656.9
$
2,374.8
$
—
$
3,031.7
Telenet
925.7
—
543.3
1,469.0
UPC Holding
10.8
—
698.4
709.2
VM Ireland
0.7
—
97.9
98.6
Total
$
1,594.1
$
2,374.8
$
1,339.6
$
5,308.5
______________________
(i)
Except as otherwise indicated, the amounts
reported in the table include the named entity and its
subsidiaries.
(ii)
Represents investments held under SMAs
which are maintained by investment managers acting as agents on our
behalf.
(iii)
Our aggregate unused borrowing capacity of
$1.3 billion represents maximum undrawn commitments under the
applicable facilities without regard to covenant compliance
calculations or other conditions precedent to borrowing.
Summary of Debt & Finance Lease Obligations
The following table(i) details the September 30, 2022 U.S.
dollar equivalents 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
UPC Holding
$
6,125.8
$
16.5
$
6,142.3
$
52.3
$
6,194.6
Telenet
5,771.1
355.2
6,126.3
—
6,126.3
VM Ireland
881.1
—
881.1
—
881.1
Other
79.8
34.0
113.8
(432.0
)
(318.2
)
Total
$
12,857.8
$
405.7
$
13,263.5
$
(379.7
)
$
12,883.8
______________________
(i)
Except as otherwise indicated, the amounts
reported in the table include the named entity and its
subsidiaries.
(ii)
Debt amounts for UPC Holding include notes
issued by special purpose entities that are consolidated by UPC
Holding.
Property and Equipment Additions and Capital
Expenditures
The table below highlights the categories of 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 condensed
consolidated statements of cash flows in our 10-Q.
Three months ended
Nine months ended
September 30,
September 30,
2022
2021
2022
2021
in millions, except %
amounts
Customer premises equipment
$
63.9
$
48.4
$
199.8
$
320.3
New build & upgrade
32.0
32.8
82.4
269.5
Capacity
56.3
49.6
147.0
192.9
Baseline
107.0
108.2
333.6
469.9
Product & enablers
112.5
123.6
326.8
431.2
Total P&E additions
371.7
362.6
1,089.6
1,683.8
Reconciliation of P&E additions to
capital expenditures:
Assets acquired under capital-related
vendor financing arrangements(i)
(40.7
)
(52.7
)
(142.9
)
(599.6
)
Assets acquired under finance leases
(7.8
)
(8.3
)
(25.8
)
(27.8
)
Changes in current liabilities related to
capital expenditures
(28.1
)
(29.6
)
8.4
58.0
Total capital expenditures, net(ii)
$
295.1
$
272.0
$
929.3
$
1,114.4
P&E additions as % of revenue
21.3
%
19.1
%
20.4
%
20.1
%
______________________
(i)
Amounts exclude related VAT of $7.2
million and $1.9 million for the three months ended September 30,
2022 and 2021, respectively, and $17.0 million and $75.9 million
for the nine months ended September 30, 2022 and 2021,
respectively, that were also financed under these arrangements.
(ii)
The capital expenditures that we report in
our condensed 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.
ARPU per Fixed Customer Relationship
The following table provides ARPU per fixed customer
relationship and percentage change from period to period on both a
reported and rebased basis for the indicated periods:
ARPU per Fixed Customer
Relationship
Three months ended September
30,
Increase/(decrease)
2022
2021
Reported %
Rebased %
Liberty Global
$
61.62
$
68.89
(10.6
%)
0.4
%
Ireland
€
62.28
€
60.59
2.8
%
2.8
%
Belgium (Telenet)
€
60.31
€
58.60
2.9
%
2.9
%
UPC Holding
€
62.03
€
57.72
7.5
%
(3.0
%)
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 September
30,
Decrease
2022
2021
Reported %
Rebased %
Liberty Global:
Including interconnect revenue
$
26.02
$
29.19
(10.9
%)
(1.2
%)
Excluding interconnect revenue
$
23.80
$
26.01
(8.5
%)
—
%
Operating Data — September 30,
2022
Homes
Passed
Fixed-Line Customer
Relationships
Internet
Subscribers(i)
Video
Subscribers (ii)
Telephony
Subscribers(iii)
Total
RGUs
Total Mobile
Subscribers(iv)
Belgium
3,427,000
2,014,700
1,729,000
1,713,200
1,033,900
4,476,100
2,941,000
Switzerland(v)
2,501,400
1,468,100
1,174,200
1,223,300
1,011,800
3,409,300
2,751,800
Ireland
961,900
424,000
384,200
269,600
258,400
912,200
137,400
Slovakia
636,700
183,100
146,300
165,400
89,400
401,100
—
Total Liberty Global
7,527,000
4,089,900
3,433,700
3,371,500
2,393,500
9,198,700
5,830,200
VMO2 JV(vi)
15,980,100
5,780,000
5,631,100
13,045,300
33,507,900
VodafoneZiggo JV(vi)
7,361,300
3,681,500
3,300,500
3,670,400
1,862,200
8,833,100
5,511,300
Subscriber Variance Table —
September 30, 2022 vs. June 30, 2022
Homes
Passed
Fixed-Line Customer
Relationships
Internet
Subscribers(ii)
Video
Subscribers(i)
Telephony
Subscribers(iii)
Total
RGUs
Total Mobile
Subscribers(iv)
Organic Change Summary:
Belgium
7,600
(7,700
)
100
(18,600
)
(23,300
)
(41,800
)
2,000
Switzerland(v)
5,500
(3,200
)
200
(9,000
)
(11,400
)
(20,200
)
40,900
Ireland
3,200
(1,900
)
(900
)
(11,400
)
(7,300
)
(19,600
)
3,100
Slovakia
(1,400
)
(1,200
)
(400
)
(700
)
(200
)
(1,300
)
—
Total Liberty Global
14,900
(14,000
)
(1,000
)
(39,700
)
(42,200
)
(82,900
)
46,000
Q3 2022 Liberty Global
Adjustments:
Switzerland
—
(2,000
)
(1,900
)
(2,200
)
(1,400
)
(5,500
)
(4,600
)
Total adjustments
—
(2,000
)
(1,900
)
(2,200
)
(1,400
)
(5,500
)
(4,600
)
VMO2 JV(vi)
117,100
12,300
19,100
(53,900
)
412,500
VodafoneZiggo JV(vi)
8,100
(19,500
)
(9,300
)
(20,200
)
(71,100
)
(100,600
)
61,900
Footnotes for Operating Data and Subscriber Variance
Tables
___________________________________________________________________________________________________
(i)
In Switzerland, we offer a 10 Mbps
internet service to our Video Subscribers without an incremental
recurring fee. Our Internet Subscribers in Switzerland include
45,500 subscribers who have requested and received this
service.
(ii)
We have approximately 29,600 “lifeline”
customers that are counted on a per connection basis, representing
the least expensive regulated tier of video service, with only a
few channels.
(iii)
In Switzerland, we offer a basic phone
service to our Video Subscribers without an incremental recurring
fee. Our Telephony Subscribers in Switzerland include 198,500
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 September 30, 2022, our mobile subscriber count included
469,600 and 282,200 prepaid mobile subscribers in Switzerland and
Belgium, respectively.
(v)
Pursuant to service agreements,
Switzerland offers broadband internet, video and telephony services
over networks owned by third-party operators (“partner networks”).
A partner network RGU is only recognized if there is a direct
billing relationship with the customer. At September 30, 2022,
Switzerland’s partner networks accounted for 106,400 Fixed-Line
Customer Relationships, 275,000 RGUs, which include 101,000
Internet Subscribers, 96,200 Video Subscribers and 77,800 Telephony
Subscribers. Subscribers to our 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 461,200
homes passed by Switzerland’s partner networks at September 30,
2022. 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)
Prepaid mobile customers are excluded from
the VMO2 JV's and the VodafoneZiggo JV's mobile subscriber counts
after a period of inactivity of nine months and three months,
respectively. The mobile subscriber count for the VMO2 JV includes
IoT connections, which are Machine-to-Machine contract mobile
connections including Smart Metering contract connections. Fixed
subscriber counts for the VodafoneZiggo JV include B2B
subscribers.
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 and mobile subscribers at medium and large
enterprises, 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
This release includes the actual U.S. GAAP
results for the VMO2 JV for the three and nine months ended
September 30, 2022 and 2021. The commentary and QTD YoY growth
rates presented in this release are shown on a rebased basis. For
more information regarding the VMO2 JV, including full IFRS
disclosures, please visit their investor relations page to access
the VMO2 JV's Q3 earnings release.
2
Represents aggregate consolidated and 50%
owned non-consolidated JV broadband and mobile subscribers.
Includes B2B fixed subscribers of the VodafoneZiggo JV.
3
The term "Full Company" includes certain
amounts that were classified as discontinued operations prior to
disposal. We also present Full Company Adjusted Free Cash Flow and
Full Company Distributable Cash Flow, consistent with the basis for
our full year 2022 Distributable Cash Flow guidance.
4
Distributable Cash Flow is defined as
Adjusted Free Cash Flow, as re-defined during the fourth quarter of
2021, plus any dividends received from our equity affiliates that
are funded by activities outside of their normal course of
operations, including, for example, those funded by
recapitalizations (referred to as “Other Affiliate Dividends”).
Distributable Cash Flow guidance reflects FX rates of EUR/USD 1.14,
GBP/USD 1.35, CHF/USD 1.06 and includes ~$100 million of litigation
settlement proceeds in Switzerland received during Q1 2022.
5
Liquidity refers to cash and cash
equivalents and investments held under separately managed accounts
plus the maximum undrawn commitments under subsidiary borrowing
facilities, without regard to covenant compliance calculations or
other conditions precedent to borrowing.
6
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.
7
Costs to capture generally include
incremental, third-party operating and capital related costs that
are directly associated with integration activities, restructuring
activities, and certain other costs associated with aligning an
acquiree to our business processes to derive synergies. These costs
are necessary to combine the operations of a business being
acquired (or joint venture being formed) with ours or are
incidental to the acquisition. As a result, costs to capture may
include certain (i) operating costs that are included in Adjusted
EBITDA, (ii) capital related costs that are included in property
and equipment additions and Adjusted EBITDA less P&E Additions
and (iii) certain integration related restructuring expenses that
are not included within Adjusted EBITDA or Adjusted EBITDA less
P&E Additions. Given the achievement of synergies occurs over
time, certain of our costs to capture are recurring by nature, and
generally incurred within a few years of completing the
transaction.
8
The U.S. GAAP YoY growth rates for the
VMO2 JV are impacted by recurring U.S. GAAP to IFRS accounting
differences related to the VMO2 JV’s investment in CTIL, accounting
for leases, certain handset securitization transactions and other
miscellaneous adjustments, as reconciled below.
Three months ended September
30,
2022
2021
in millions
Revenue:
U.S. GAAP Revenue
$
3,042.1
$
3,614.0
Transaction adjustments(i)
5.5
13.4
U.S. GAAP Transaction adjusted revenue
3,047.6
3,627.4
IFRS/U.S. GAAP adjustments(ii)
—
(39.5
)
IFRS transaction adjusted revenue
$
3,047.6
$
3,587.9
Adjusted EBITDA:
U.S. GAAP Adjusted EBITDA
$
1,060.5
$
1,180.3
Transaction adjustments(i)
(5.3
)
(32.9
)
U.S. GAAP Transaction adjusted Adj
EBITDA
1,055.2
1,147.4
IFRS/U.S. GAAP adjustments(ii)
98.2
95.1
IFRS transaction adjusted Adj EBITDA
(including costs to capture)
$
1,153.4
$
1,242.5
Property & equipment
additions:
U.S. GAAP property & equipment
additions
$
705.1
$
672.5
IFRS/U.S. GAAP adjustments(iii)
44.9
66.6
IFRS property & equipment additions
(including costs to capture)
$
750.0
$
739.1
Adjusted EBITDA less property &
equipment additions:
U.S. GAAP Adjusted EBITDA
$
1,060.5
$
1,180.3
U.S. GAAP property & equipment
additions
(705.1
)
(672.5
)
U.S. GAAP Adjusted EBITDA less property
& equipment additions
355.4
507.8
Transaction adjustments(i)
(5.3
)
(32.9
)
IFRS/U.S. GAAP adjustments(ii)(iii)
53.3
28.5
IFRS transaction adjusted Adj EBITDA less
property & equipment additions (including costs to capture)
$
403.4
$
503.4
______________________
(i)
In connection with the completion of the
formation of the VMO2 JV, the opening balance sheet of the combined
business was reported at its estimated fair value. As such, certain
amounts were adjusted to reflect the new basis of accounting. These
transaction adjustments therefore reverse the effect of the (i)
deferred commissions and install costs write-off and (ii) deferred
revenue write-off.
(ii)
Revenue IFRS/U.S. GAAP differences relate
to certain handset securitization transactions. Adjusted EBITDA
IFRS/U.S. GAAP differences primarily relate to (i) the VMO2 JV's
investment in CTIL, (ii) lease accounting and (iii) certain handset
securitization transactions.
(iii)
Property & equipment additions
IFRS/U.S. GAAP differences primarily relate to (i) the VMO2 JV's
investment in CTIL and (ii) lease accounting.
9
Converged households or converged SIMs
represent customers in either our Consumer or SOHO segment that
subscribe to both a fixed-line digital TV and an internet service
and Vodafone and/or hollandsnieuwe postpaid mobile telephony
service.
10
Our aggregate unused borrowing capacity of
$1.3 billion 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 September 30, 2022 compliance reporting
requirements for our credit facilities, and assuming no further
changes from quarter-end borrowing levels, we anticipate that
€713.4 million ($698.4 million) of borrowing capacity will be
available under the UPC Holding Bank Facility, with €303.9 million
($297.5 million) available to upstream, the full €555.0 million
($543.3 million) of borrowing capacity will be available under the
Telenet Credit Facility, with the full amount available to upstream
and the full €100.0 million ($97.9 million) of borrowing capacity
will be available under the VM Ireland Credit Facility, with €89.1
million ($87.2 million) available to upstream. Our above
expectations do not consider any actual or potential changes to our
borrowing levels or any amounts loaned or distributed subsequent to
September 30, 2022.
11
For purposes of calculating our average
tenor, total third-party debt excludes vendor financing, certain
debt obligations that we assumed in connection with various
acquisitions, and liabilities related to Telenet's acquisition of
mobile spectrum licenses. The percentage of debt not due until 2028
or thereafter includes all of these amounts.
12
Our debt and net debt ratios, which are non-GAAP metrics, are
defined as total debt and net debt, respectively, divided by
reported net earnings for the last twelve months (reported LTM net
earnings) and Adjusted EBITDA for the last twelve months (LTM
Adjusted EBITDA). Net debt is defined as total debt less cash and
cash equivalents and investments under SMAs. Consistent with how we
calculate our leverage ratios under our debt agreements, these
ratios are presented on an adjusted basis, as described below. For
purposes of these calculations, debt is measured using swapped
foreign currency rates, consistent with the covenant calculation
requirements of our subsidiary debt agreements. The following table
details the calculation of our debt and net debt to reported LTM
net earnings and LTM Adjusted EBITDA ratios as of and for the
twelve months ended September 30, 2022 (in millions, except
ratios):
Reconciliation of reported LTM net
earnings to LTM Adjusted EBITDA:
Reported LTM earnings
$
6,427.9
Income tax expense
238.7
Other income, net
(79.5
)
Adjustment to gain on Atlas Edge JV
Transactions
(13.8
)
Adjustment to gain on U.K. JV
Transaction
(83.1
)
Gain on Telenet Tower Sale
(700.4
)
Share of results of affiliates, net
(672.8
)
Gain on debt extinguishment, net
(2.8
)
Realized and unrealized gain due to
changes in fair values of certain investments and debt, net
(154.0
)
Foreign currency transaction gain, net
(3,653.3
)
Realized and unrealized gain on derivative
instruments, net
(1,584.6
)
Interest expense
550.8
Operating income
273.1
Impairment, restructuring and other
operating items, net
(13.3
)
Depreciation and amortization
2,197.3
Share-based compensation expense
230.9
LTM Adjusted EBITDA
$
2,688.0
Debt to reported LTM net earnings and
LTM Adjusted EBITDA:
Debt and finance lease obligations before
deferred financing costs, discounts and premiums
$
13,263.5
Principal related projected derivative
cash payments
(379.7
)
Adjusted debt and finance lease
obligations before deferred financing costs, discounts and
premiums
$
12,883.8
Reported LTM net earnings
$
6,427.9
Debt to reported LTM net earnings
ratio
2.0
LTM Adjusted EBITDA
$
2,688.0
Debt to LTM Adjusted EBITDA ratio
4.8
Net Debt to reported LTM net earnings
and LTM Adjusted EBITDA:
Adjusted debt and finance lease
obligations before deferred financing costs, discounts and
premiums
$
12,883.8
Cash and cash equivalents and investments
held under separately managed accounts
(3,968.9
)
Adjusted net debt and finance lease
obligations before deferred financing costs, discounts and
premiums
$
8,914.9
Reported LTM net earnings
$
6,427.9
Net debt to reported LTM net earnings
ratio
1.4
LTM Adjusted EBITDA
$
2,688.0
Net debt to LTM Adjusted EBITDA ratio
3.3
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 less
P&E Additions and Property and Equipment Additions (P&E
Additions):
- 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 values 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 condensed
consolidated statements of operations.
- Adjusted EBITDA less P&E
Additions: We define Adjusted EBITDA less P&E Additions,
which is a non-GAAP measure, as Adjusted EBITDA less property and
equipment additions on an accrual basis. Adjusted EBITDA less
P&E Additions is a meaningful measure because it provides (i) a
transparent view of Adjusted EBITDA that remains after our capital
spend, which we believe is important to take into account when
evaluating our overall performance and (ii) a comparable view of
our performance relative to other telecommunications companies. Our
Adjusted EBITDA less P&E Additions measure may differ from how
other companies define and apply their definition of similar
measures. Adjusted EBITDA less P&E Additions 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
condensed consolidated statements of operations.
- P&E Additions: Includes
capital expenditures on an accrual basis, amounts financed under
vendor financing or finance lease arrangements and other non-cash
additions. A reconciliation of earnings from continuing operations
to Adjusted EBITDA and Adjusted EBITDA less P&E Additions is
presented in the following table:
Three months ended
Nine months ended
September 30,
September 30,
2022
2021
2022
2021
in millions
Earnings from continuing operations
$
2,431.7
$
315.6
$
5,789.6
$
12,889.2
Income tax expense
64.8
2.2
209.6
444.2
Other income, net
(21.7
)
(8.2
)
(60.2
)
(25.6
)
Gain on AtlasEdge JV Transactions
—
(213.7
)
—
(213.7
)
(Gain) adjustment to gain on U.K. JV
Transaction
—
347.3
—
(10,790.7
)
Gain on Telenet Tower Sale
(7.1
)
—
(700.4
)
—
Share of results of affiliates, net
(501.0
)
29.2
(812.6
)
35.6
Losses (gains) on debt extinguishment,
net
—
—
(2.8
)
90.6
Realized and unrealized losses (gains) due
to changes in fair values of certain investments, net
2.1
109.4
207.7
(373.3
)
Foreign currency transaction gains,
net
(1,462.7
)
(422.4
)
(3,186.4
)
(857.6
)
Realized and unrealized gains on
derivative instruments, net
(546.9
)
(199.3
)
(1,669.1
)
(707.4
)
Interest expense
149.7
140.9
416.8
748.1
Operating income
108.9
101.0
192.2
1,239.4
Impairment, restructuring and other
operating items, net
6.4
17.2
74.1
68.4
Depreciation and amortization
506.0
582.3
1,588.4
1,744.8
Share-based compensation expense
42.7
58.0
143.4
220.6
Adjusted EBITDA
664.0
758.5
1,998.1
3,273.2
Property and equipment additions
(371.7
)
(362.6
)
(1,089.6
)
(1,683.8
)
Adjusted EBITDA less P&E Additions
$
292.3
$
395.9
$
908.5
$
1,589.4
Adjusted EBITDA after leases (Adjusted
EBITDAaL): We define Adjusted EBITDAaL as Adjusted EBITDA as
further adjusted to include finance lease related depreciation and
interest expense. Our internal decision makers believe Adjusted
EBITDAaL is a meaningful measure because it represents a
transparent view of our recurring operating performance that
includes recurring lease expenses necessary to operate our
business. We believe Adjusted EBITDAaL, 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. Adjusted EBITDAaL 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 condensed
consolidated statements of operations.
Adjusted Free Cash Flow (Adjusted FCF)
& Distributable Cash Flow:
- Adjusted FCF: We define Adjusted
FCF as net cash provided by the operating activities of our
continuing operations, plus operating-related vendor financed
expenses (which represents an increase in the period to our actual
cash available as a result of extending vendor payment terms beyond
normal payment terms, which are typically 90 days or less, through
non-cash financing activities), less (i) cash payments in the
period for capital expenditures, (ii) principal payments on
operating- and capital-related amounts financed by vendors and
intermediaries (which represents a decrease in the period to our
actual cash available as a result of paying amounts to vendors and
intermediaries where we previously had extended vendor payments
beyond the normal payment terms), and (iii) principal payments on
finance leases (which represents a decrease in the period to our
actual cash available), each as reported in our condensed
consolidated statements of cash flows with each item excluding any
cash provided or used by our discontinued operations. Prior to the
fourth quarter of 2021, our definition of Adjusted FCF excluded
cash payments for third-party costs directly associated with
successful and unsuccessful acquisitions and dispositions. During
the fourth quarter of 2021, we changed our definition of Adjusted
FCF to include these cash payments. Cash paid for third-party costs
directly associated with successful and unsuccessful acquisition
and dispositions was $9.8 million and $8.1 million during the three
months ended September 30, 2022 and 2021, respectively, and $32.0
million and $54.6 million during the nine months ended September
30, 2022 and 2021, respectively.
- Distributable Cash Flow: We define
Distributable Cash Flow as Adjusted FCF, as re-defined during the
fourth quarter of 2021, plus any dividends received from our equity
affiliates that are funded by activities outside of their normal
course of operations, including, for example, those funded by
recapitalizations (referred to as “Other Affiliate Dividends”). We
believe our presentation of Adjusted FCF and Distributable Cash
Flow, each of which is a non-GAAP measure, provides useful
information to our investors because these measures can be used to
gauge our ability to (a) service debt and (b) fund new investment
opportunities after consideration of all actual cash payments
related to our working capital activities and expenses that are
capital in nature, whether paid inside normal vendor payment terms
or paid later outside normal vendor payment terms (in which case we
typically pay in less than 365 days). Adjusted FCF and
Distributable 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, that are
not deducted to arrive at these amounts. Investors should view
Adjusted FCF and Distributable Cash Flow as supplements to, and not
substitutes for, U.S. GAAP measures of liquidity included in our
condensed consolidated statements of cash flows. Further, our
Adjusted FCF and Distributable Cash Flow may differ from how other
companies define and apply their definition of Adjusted FCF or
other similar measures. Consistent with the basis for our full year
2022 Distributable Cash Flow guidance, the following table provides
a reconciliation of our Full Company net cash provided by operating
activities to Full Company Adjusted FCF and Full Company
Distributable Cash Flow for the indicated periods.
Three months ended
Nine months ended
September 30,
September 30,
2022
2021
2022
2021
in millions
Net cash provided by operating
activities
$
540.5
$
612.6
$
1,954.6
$
2,557.7
Operating-related vendor financing
additions(i)
165.8
187.2
403.6
1,670.6
Cash capital expenditures, net
(295.1
)
(284.1
)
(945.1
)
(1,153.0
)
Principal payments on operating-related
vendor financing
(206.8
)
(140.6
)
(529.2
)
(1,291.9
)
Principal payments on capital-related
vendor financing
(41.5
)
(62.9
)
(125.5
)
(768.4
)
Principal payments on finance leases
(15.4
)
(19.8
)
(46.7
)
(59.6
)
Full Company Adjusted FCF
147.5
292.4
711.7
955.4
Other affiliate dividends
266.9
—
266.9
—
Full Company Distributable Cash Flow
$
414.4
$
292.4
$
978.6
$
955.4
_______________
(i)
For purposes of our condensed consolidated
statements of cash flows, operating-related vendor financing
additions represent operating-related expenses financed by an
intermediary that are treated as constructive operating cash
outflows and constructive financing cash inflows when the
intermediary settles the liability with the vendor. When we pay the
financing intermediary, we record financing cash outflows in our
condensed consolidated statements of cash flows. For purposes of
our Adjusted FCF definition, we (i) add in the constructive
financing cash inflow when the intermediary settles the liability
with the vendor as our actual net cash available at that time is
not affected and (ii) subsequently deduct the related financing
cash outflow when we actually pay the financing intermediary,
reflecting the actual reduction to our cash available to service
debt or fund new investment opportunities.
ARPU: Average Revenue Per Unit is
the average monthly subscription revenue per average fixed 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 fixed and
SOHO services by the average number of fixed-line customer
relationships for the period. ARPU per average mobile subscriber is
calculated by dividing mobile subscription revenue for the
indicated period by the average number of mobile subscribers for
the period. Unless otherwise indicated, ARPU per fixed 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 fixed 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.
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 footprint and upgrades
and downgrades between services are also excluded from the
disconnect figures used in the churn calculation.
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 the VMO2 JV networks in the U.K. and
Ireland as a part of the Project Lightning network extension
program. Project Lightning infill build relates to construction in
areas adjacent to our existing network.
Mobile Subscriber Count: For
residential and business subscribers, 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.
RGU: A Revenue Generating Unit is
separately a 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 subscribed to our video service, fixed-line
telephony service and broadband internet service, the customer
would constitute three RGUs. Total RGUs is the sum of Video,
Internet and Telephony Subscribers. RGUs generally are counted on a
unique premises basis such that a given premise 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 video, 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.
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.
YoY: Year-over-year.
Appendix - Supplemental Adjusted EBITDAaL information
The following table presents (i) Adjusted EBITDA, (ii) finance
lease-related depreciation and interest expense adjustments, (iii)
Adjusted EBITDAaL and (iv) percentage change from period to period
for Adjusted EBITDA and Adjusted EBITDAaL on a rebased basis for
each of our reportable segments:
Three months ended
Increase/(decrease)
Nine months ended
Increase/(decrease)
September 30,
September 30,
2022
2021
Reported %
Rebased %
2022
2021
Reported %
Rebased %
in millions, except %
amounts
Adjusted EBITDA:
Switzerland
$
302.5
$
330.8
(8.6
)
(2.3
)
$
880.2
$
910.9
(3.4
)
2.3
Belgium
318.7
369.1
(13.7
)
4.8
989.4
1,130.5
(12.5
)
(0.4
)
Ireland
49.6
59.1
(16.1
)
(2.0
)
152.5
160.7
(5.1
)
6.6
U.K.(i)
—
—
—
—
—
1,085.3
(100.0
)
—
Central and Other
(6.8
)
1.5
N.M.
33.3
(23.6
)
(15.8
)
(49.4
)
N.M.
Intersegment eliminations
—
(2.0
)
N.M.
N.M.
(0.4
)
1.6
N.M.
N.M.
Total Adjusted EBITDA
$
664.0
$
758.5
(12.5
)
1.6
$
1,998.1
$
3,273.2
(39.0
)
0.2
VMO2 JV(ii)
$
1,060.5
$
1,180.3
(10.1
)
8.1
$
3,515.2
$
1,591.3
120.9
N.M.
VodafoneZiggo JV(ii)
$
501.4
$
578.1
(13.3
)
1.3
$
1,530.1
$
1,713.4
(10.7
)
0.4
Finance lease adjustments:
Switzerland
$
(1.2
)
$
(0.8
)
$
(5.4
)
$
(2.6
)
Belgium
(17.9
)
(21.6
)
(58.4
)
(65.9
)
U.K.(i)
—
—
—
(4.9
)
Central and Other
(2.0
)
(2.0
)
(6.0
)
(6.3
)
Total finance lease adjustments
$
(21.1
)
$
(24.4
)
$
(69.8
)
$
(79.7
)
VMO2 JV(ii)
$
(2.1
)
$
(2.6
)
$
(6.8
)
$
(3.4
)
VodafoneZiggo JV(ii)
$
(1.8
)
$
(3.0
)
$
(6.6
)
$
(8.9
)
Adjusted EBITDAaL:
Switzerland
$
301.3
$
330.0
(8.7
)
(2.4
)
$
874.8
$
908.3
(3.7
)
2.0
Belgium
300.8
347.5
(13.4
)
5.3
931.0
1,064.6
(12.5
)
(0.4
)
Ireland
49.6
59.1
(16.1
)
(2.0
)
152.5
160.7
(5.1
)
6.6
U.K.(i)
—
—
—
—
—
1,080.4
(100.0
)
—
Central and Other
(8.8
)
(0.5
)
N.M.
27.0
(29.6
)
(22.1
)
(33.9
)
N.M.
Intersegment eliminations
—
(2.0
)
N.M.
N.M.
(0.4
)
1.6
N.M.
N.M.
Total Adjusted EBITDAaL
$
642.9
$
734.1
(12.4
)
1.7
$
1,928.3
$
3,193.5
(39.6
)
—
VMO2 JV(ii)
$
1,058.4
$
1,177.7
(10.1
)
8.1
$
3,508.4
$
1,587.9
120.9
N.M.
VodafoneZiggo JV(ii)
$
499.6
$
575.1
(13.1
)
1.4
$
1,523.5
$
1,704.5
(10.6
)
0.4
______________________
N.M. - Not Meaningful
(i)
The 2021 amounts represent amounts related
to the U.K. JV Entities, which were contributed to the VMO2 JV on
June 1, 2021.
(ii)
Amounts reflect 100% of the 50:50
non-consolidated VMO2 JV and VodafoneZiggo JVs.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221101006094/en/
Investor Relations Michael Bishop +44 20 8483 6246 Amy
Ocen +1 303 784 4528 Michael Khehra +44 78 9005 0979
Corporate Communications Bill Myers +1 303 220 6686 Matt
Beake +44 20 8483 6428
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