Business
Liberty Global Reports Q2 2020 Results
U.K. joint venture with Telefonica proceeding on track1 Best result in over two years for customer and broadband additions Repurchased over $750 million of
About this update from Liberty Global Ltd.
[{"type":"text","content":"\nU.K. joint venture with Telefonica proceeding on track1\n\n\nBest result in over two years for customer and broadband additions\n\n\nRepurchased over $750 million of stock through the end of July\n\n\nQ2 loss from continuing operations increased 48% YoY to $504 million\n\n\nQ2 Adjusted EBITDA of $1,189 million, effectively flat YoY\n\n DENVER, Colorado--(BUSINESS WIRE)--\nLiberty Global plc today announced its Q2 2020 financial results. Our former operations in Austria, Germany, Hungary, Romania and the Czech Republic, along with our DTH business (collectively, the \"Discontinued Operations\") are presented as discontinued operations for the three and six months ended June 30, 2019. Unless otherwise indicated, the information in this release relates only to our continuing operations. Effective with the release of our second quarter earnings we have stopped using the term Operating Cash Flow (\"OCF\") and now use the term \"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.\n\n\nCEO Mike Fries stated, \"Against the backdrop of the COVID-19 pandemic, we continue to effectively navigate through these unprecedented times. Our core focus will always be on ensuring the health and safety of our employees, while delivering an unparalleled connectivity experience for our customers. On that front, our fiber-rich networks continue to perform extremely well despite the surge in usage over the last several months. We understand the importance of seamless connectivity and strive to deliver the best possible products and services to our customers.\n\n\nCustomer satisfaction, as measured by net promoter scores, has been at record highs across the majority of our footprint, which translated into our best net customer and broadband additions since Q3 2017. This result was led by a strong performance at Virgin Media, where we added 24,000 customers, our best Q2 result in four years. Fixed-mobile convergence (\"FMC\") continues to drive good mobile growth with over 100,000 post-paid additions, and FMC penetrations reaching 23%, 46% and 22% at Virgin Media, Telenet and UPC Switzerland, respectively.\n\n\nWe are making great progress with pre-merger planning for our announced combination of Virgin Media and O2 U.K., and are working clo...