Liberty Global Ltd. · NASDAQ:LBTYA
Liberty Global — Q3 2019 Earnings Presentation
19 slides from Liberty Global's earnings presentation, Nov 7, 2019
Slide 1: Liberty Global plc Investor Call Q3 2019
LIBERTY GLOBAL PLC INVESTOR CALL | Q3 2019 November 7, 2019
Slide 2: Safe Harbor: Forward-Looking Statements + Disclaimer
“SAFE HARBOR” revisions to any forward-looking statement contained herein to reflect any change in our expectations with Forward-Looking Statements + Disclaimer regard thereto or any change in events, conditions or circumstances on which any such statement is based. This presentation contains forwar
Slide 3: Q3 2019 Highlights
Q3 2019 HIGHLIGHTS 1 Group Financial & Operating Results 4 Other Operations – Tracking to OCF and FCF guidance – Belgium on track for FY guidance, dividend – Rebased OFCF up 42% YTD; +80% ex-Switzerland announced – Central opex scaling down – Netherlands JV delivers second successive quarter of reve
Slide 4: Q3 2019 Operating Update: Virgin Media
Q3 2019 OPERATING UPDATE Significant OFCF growth through efficient deployment of capital; successfully implementing mid-term growth plan VIRGIN MEDIA KEY OPERATING CUSTOMER ARPU SUBSCRIBER NET ADDS STRATEGIC UPDATE RESULTS(1) GROWTH YOY (000s) 107 Q3 YTD 105 • Gigabit broadband rollout 1.9% 2.0% und
Slide 5: Q3 2019 Operating Update: Belgium, Switzerland, Dutch JV
Q3 2019 OPERATING UPDATE (1, 2) Regional champions driving FMC, extending network superiority and generating significant adjusted Free Cash Flow BELGIUM SWITZERLAND DUTCH JV (50%) Significant OFCF growth Turnaround plan in full Strong operating trends and FCF generation swing; sub trends improving f
Slide 6: Executive Summary / Financial Results / Appendix
EXECUTIVE SUMMARY FINANCIAL RESULTS APPENDIX 6
Slide 7: Group Overview
GROUP OVERVIEW Stable top line; OCF growth impacted by U.K. headwinds; ~$10bn liquidity REVENUE GROWTH(1) OCF GROWTH(1) OFCF(1) ($mm) (Continuing Operations including Switzerland) (Continuing Operations including Switzerland) (Continuing Operations including Switzerland) 63% ex-Switzerland 5.3% YOY
Slide 8: Central Update
CENTRAL UPDATE Cost reductions are on track, T&I OFCF fully attributed $m Q1 2019 Q2 2019 Q3 2019 COMMENTS Total Opex & Capex ($206) ($200) ($201) Split as follows: Corporate Opex ($55) ($53) ($44) On track for ~$200mm in 2020 T&I Opex ($71) ($70) ($74) Central T&I costs are fully T&I Capex ($80) ($
Slide 9: Divisional Overview YTD
DIVISIONAL OVERVIEW YTD Strong OFCF conversion post Central cost attributions U.K. & IRELAND POLAND AND Continuing 50-50 For the 9 months ended Sep 30, 2019 PROJECT REST OF BELGIUM SWITZERLAND CENTRAL TOTAL SLOVAKIA Operations ( 4 ) DUTCH JV ( 5 ,6 ) (in millions) LIGHTNING ( 1 ) BUSINESS ( 2 ) REVE
Slide 10: Pro Forma Adjusted FCF
PRO FORMA ADJUSTED FCF Flat YTD due to working capital phasing, strong underlying FCF generation $m Q1 2019 Q2 2019 Q3 2019 Q4 2019 FY GUIDANCE (1) OCF (2) 1,078 1,078 1,078 P&E (640) (605) (587) ~$2.7bn OFCF (2) 438 473 491 INTEREST / DERIVS (2) (561) 82 (573) Interest bullets in Q1 and Q3 CASH TAX
Slide 11: Conclusions
CONCLUSIONS Key focus remains OFCF & FCF delivery; ahead of expectations on both metrics • Strong underlying OFCF & FCF generation, despite ~$350mm Lightning investment • Focused on long-term value creation; significant cash position • Reinforcing speed leadership with 1 Gig deployments • Swiss turn
Slide 12: Executive Summary / Financial Results / Appendix
EXECUTIVE SUMMARY FINANCIAL RESULTS APPENDIX 12
Slide 13: Rebase Information
REBASE INFORMATION For purposes of calculating rebased growth rates on a comparable basis for all businesses that The following table provides adjustments made to the 2018 amounts to derive our rebased we owned during 2019, we have adjusted our historical revenue, OCF and OFCF for the three growth r
Slide 14: Glossary
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 i. For purposes of our condensed consolidated statements of cash flows, expenses financed by an intermediary filed with the Securities and Exchange Commission on Form 10-Q or Form 10
Slide 15: Glossary
GLOSSARY ARPU: Average Revenue Per Unit is the average monthly network either via an analog video signal or via a digital video signal Enhanced Video Subscriber: a home, residential multiple dwelling subscription revenue per average cable customer relationship or without subscribing to any recurring
Slide 16: Glossary
GLOSSARY Leverage and Liquidity: Consistent with how we calculate our leverage ratios under our debt agreements, to significant litigation and impairment, restructuring and other operating items. Other operating items include we calculate our debt ratios on a basis that includes both our continuing
Slide 17: Glossary
GLOSSARY OFCF: As used herein, Operating Free Cash Flow or “OFCF” represents OCF less property and SOHO: Small or Home Office Subscribers 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 a
Slide 18: Appendix - Lightning
APPENDIX - LIGHTNING Revenue and OCF of UKIE’s Project Lighting are presented on and incremental basis. For example, OCF growth and OCF margins (and therefore OFCF growth and margins) for UKIE’s Project Lightning represents “Incremental OCF”, which is supplemental non-GAAP information that has a dif
Slide 19: Appendix - OFCF
APPENDIX - OFCF Operating Free Cash Flow or “OFCF” represents OCF 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. For limitations o