Business
Liberty Global Reports Q3 2021 Results
Strong demand for connectivity driving sustained volume growth, added 266k1 aggregate broadband and postpaid mobile subscribers in Q3 New FMC portfolios
About this update from Liberty Global Ltd.
[{"type":"text","content":"\nStrong demand for connectivity driving sustained volume growth, added 266k1 aggregate broadband and postpaid mobile subscribers in Q3\n\nNew FMC portfolios launched in the UK and Switzerland; integration and synergy plans in both markets progressing well\n\nNetwork strategies steadily advancing with over 80% of fixed footprint actively marketing 1 Gbps broadband, new network plans announced in Belgium and Ireland\n\nUpgrading FY'21 Full Company2 Adjusted Free Cash Flow guidance\n\nOn track for full-year share repurchases of $1.4 billion\n\n DENVER, Colorado--(BUSINESS WIRE)--\nLiberty Global plc today announced its Q3 2021 financial results. Effective with the release of our third quarter earnings we have stopped using the term Operating Free Cash Flow (\"OFCF\") and now use the term \"Adjusted EBITDA less P&E Additions\". As we define the term, Adjusted EBITDA less P&E Additions has the same meaning as OFCF had previously, and therefore does not impact any previously reported amounts.\n\nCEO Mike Fries stated, “Q3 marked the first full quarter of operations for all four of our converged national champions, as we continue demonstrating strong commercial momentum across the group. Operationally, we added 266,0001 aggregate broadband and postpaid mobile subscribers during the quarter driven by continued execution of our convergence strategies. In the UK and Switzerland, we remain on track with our integration and synergy plans, while recently introducing new FMC portfolios at both Virgin Media O2 and Sunrise UPC. Virgin Media O2's VOLT campaign builds on its rapidly growing gigabit-ready footprint and 5G coverage across the UK. In Switzerland, our new Sunrise We bundles allow customers to benefit from the best broadband connectivity in the market and a completely new Sunrise TV service.\n\nDuring the quarter we continued advancing our network development strategies in all of our operations. In the UK, Virgin Media O2 increased its 1Gbps footprint by 75% to reach nearly 13 million UK homes, while FTTP upgrade pilots are underway as part of its plan to deploy a full fiber overlay across the entire HFC network by 2028. Meanwhile in Belgium, Telenet recently announced the intention to create a new, self-funding NetCo with utility company Fluvius that will own the “data network of the future” in Flanders. And in Ireland, we are annou...