Liberty Global Reports Q1 2020 Results
May 6, 2020
Giga-ready networks proving resilient amidst COVID-19 usage surge
Repurchased nearly $500 million of shares through the end of April
Q1 operating income up 166% year-over-year to $280.6 million
DENVER, Colorado–(BUSINESS WIRE)–Liberty Global plc today announced its Q1 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 months ended March 31, 2019. Unless otherwise indicated, the information in this release relates only to our continuing operations.
CEO Mike Fries stated, “Along with the rest of the world, we’ve been focused in recent weeks on tackling the challenges associated with the COVID-19 pandemic. We have been primarily concerned with ensuring the health and safety of our employees and providing robust and reliable connectivity for our customers. I am happy to report that our broadband networks have readily absorbed increases exceeding 20% in downstream and 50% in upstream bandwidth across our footprint. Our recent investments in infrastructure, gigabit speeds and connectivity products have proven invaluable to our customers.
In addition to delivering critical telecommunications services, we have launched a number of initiatives aimed at enhancing our customers’ experience during these difficult times. At Virgin Media, for example, we have provided free kids programming, greater connectivity to critical public services such as NHS hospitals and bigger data packages for our mobile customers. On the continent, Telenet and UPC have launched similar plans ranging from free broadband speed increases to improved connectivity for nursing care facilities so that families can stay in touch with their loved ones virtually. Connectivity is at the heart of our company and we remain unwavering in our commitment to providing our customers and communities with the very best broadband experience possible, especially now.
As a critical service provider with limited exposure to those sectors of the economy most impacted by the pandemic, our Q1 results were broadly in-line with our expectations. At Virgin Media, we held our fixed-line customer base largely flat while increasing customer ARPU 1.2%. Virgin also delivered a record 72,000 postpaid mobile additions in Q1, bringing our FMC penetration to 22%, up 250 basis point from Q1’19. This result was powered by our Oomph! FMC bundles which feature super-fast broadband speeds combined with attractive mobile offers. We saw continued progress at UPC Switzerland as our fixed-line customer losses nearly halved year over year and our FMC penetration increased to 21%, up from 15% twelve months ago. Our Swiss operation continues to track to plan despite increased competition in the market and we remain particularly encouraged by the free cash flow profile of the business. And in Belgium, we experienced a similar trend with a small decline in fixed customers offset by an increase in customer ARPU. On the mobile front, Telenet added 6,000 mobile subscribers in the quarter, pushing FMC penetration to 45%, up from 42% in Q1 2019.
We are still assessing the medium-term impact from the COVID-19 crisis on our financial guidance and expect to update investors on our second quarter earnings call. For now, however, we remain encouraged by our operating prospects and do not currently see the need to change or suspend our full-year guidance. Meanwhile, our balance sheet remains in great shape and we have over $10 billion of liquidity. We did remain active on share buybacks, spending nearly $500 million from mid-February until the end of April, during which time we acquired nearly 29 million shares at an average price of approximately $16.75.”
Q1 Highlights
- Q1 reported revenue growth of 0.3%; rebased1 revenue decrease of 0.3%
- Q1 operating income increased 166% YoY to $280.6 million
- Q1 rebased1 OCF2 declined 3.6% to $1,150.3 million
- Q1 property & equipment additions spend at 22.8% of revenue as compared to 24.4% in Q1 2019
- Built 123,000 new premises during Q1, including 93,000 new premises in the U.K. & Ireland
- Solid balance sheet with $10.3 billion of liquidity3
- Comprising $5.4 billion of cash, $2.0 billion of investments held under Separately Managed Accounts (SMAs) and $2.9 billion of unused borrowing capacity
- Net leverage4 of 3.7x
- Fully-swapped borrowing cost of 4.1% on debt balance of $26.9 billion
- Repurchased nearly $500 million of stock through April 30, 2020
|
Liberty Global (continuing operations) |
|
Q1 2020 |
|
Q1 2019 |
|
YoY Growth (reported) |
|
YoY Growth (rebased) |
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
Customers |
|
|
|
|
|
|
|
|
||||||
|
Organic Customer Losses |
|
(18,900 |
) |
|
(1,700 |
) |
|
(1,011.8 |
%) |
|
|
|||
|
|
|
|
|
|
|
|
|
|
||||||
|
Financial (in millions, except percentages) |
|
|
|
|
|
|
|
|
||||||
|
Revenue |
|
$ |
2,875.8 |
|
|
$ |
2,868.0 |
|
|
0.3 |
% |
|
(0.3 |
%) |
|
Operating income |
|
$ |
280.6 |
|
|
$ |
105.5 |
|
|
166.0 |
% |
|
|
|
|
OCF |
|
$ |
1,150.3 |
|
|
$ |
1,183.3 |
|
|
(2.8 |
%) |
|
(3.6 |
%) |
|
P&E additions |
|
$ |
654.4 |
|
|
$ |
698.6 |
|
|
(6.3 |
%) |
|
|
|
|
OFCF |
|
$ |
495.9 |
|
|
$ |
484.7 |
|
|
2.3 |
% |
|
(2.4 |
%) |
|
|
|
|
|
|
|
|
|
|
||||||
|
Cash provided by operating activities |
|
$ |
449.8 |
|
|
$ |
306.3 |
|
|
46.8 |
% |
|
|
|
|
Cash used by investing activities |
|
$ |
(2,349.2 |
) |
|
$ |
(367.7 |
) |
|
(538.9 |
)% |
|
|
|
|
Cash used by financing activities |
|
$ |
(783.2 |
) |
|
$ |
(737.5 |
) |
|
(6.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Adjusted FCF(i) |
|
$ |
(317.0 |
) |
|
$ |
(558.7 |
) |
|
43.3 |
% |
|
|
|
|
(i) |
Adjusted FCF for the three months ended March 31, 2019 is presented on a pro forma basis, which gives pro forma effect to certain adjustments to our recurring cash flows that we have or expect to realize following the disposition of the Discontinued Operations. For additional details, see the information and reconciliation included within the Glossary. |
Customer Growth
|
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Three months ended |
||||
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|
|
March 31, |
||||
|
|
|
2020 |
|
2019 |
||
|
|
|
|||||
|
Organic customer net additions (losses) by market |
|
|
|
|
||
|
U.K./Ireland |
|
(1,100 |
) |
|
25,500 |
|
|
Belgium |
|
(7,500 |
) |
|
(15,200 |
) |
|
Switzerland |
|
(16,400 |
) |
|
(23,600 |
) |
|
CEE (Poland and Slovakia) |
|
6,100 |
|
|
11,600 |
|
|
Total |
|
(18,900 |
) |
|
(1,700 |
) |
-
Customer Relationships: During Q1 we lost 19,000 customer relationships, as compared to the 2,000 customer relationships we lost in the prior-year period
-
U.K./Ireland: U.K./Ireland lost 1,000 customer relationships in Q1, as growth from new build areas was offset by attrition in the non-Lightning footprint
-
Belgium: Q1 losses of 8,000 customer relationships was a significant YoY improvement as compared to a loss of 15,000 in Q1 2019, primarily driven by successful quad-play bundles
-
Switzerland: Customer attrition of 16,000 in Q1 which was a YoY improvement as compared to a loss of 24,000 in Q1 2019, as commercial momentum improved but still adversely impacted by competitive market conditions
- CEE (Poland and Slovakia): CEE added 6,000 customer relationships in Q1, as compared to 12,000 in Q1 2019 as an increased focus on front-book ARPU led to lower gross additions
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) |
||||||||||
|
|
|
March 31, |
|
|||||||||||
|
Revenue |
|
2020 |
|
2019 |
|
Reported % |
|
Rebased % |
||||||
|
|
|
in millions, except % amounts |
||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
U.K./Ireland |
|
$ |
1,620.6 |
|
|
$ |
1,661.3 |
|
|
(2.4 |
) |
|
(0.6 |
) |
|
Belgium |
|
718.1 |
|
|
711.9 |
|
|
0.9 |
|
|
(0.4 |
) |
||
|
Switzerland |
|
316.8 |
|
|
316.0 |
|
|
0.3 |
|
|
(2.7 |
) |
||
|
CEE |
|
119.1 |
|
|
119.1 |
|
|
— |
|
|
3.5 |
|
||
|
Central and Corporate |
|
101.2 |
|
|
60.7 |
|
|
66.7 |
|
|
8.4 |
|
||
|
Intersegment eliminations |
|
— |
|
|
(1.0 |
) |
|
N.M. |
|
N.M. |
||||
|
Total |
|
$ |
2,875.8 |
|
|
$ |
2,868.0 |
|
|
0.3 |
|
|
(0.3 |
) |
N.M. – Not Meaningful
-
Reported revenue for the three months ended March 31, 2020 increased 0.3% YoY
-
The increase was primarily driven by the impact of (i) negative foreign exchange (“FX”) movements, mainly related to the weakening of the British Pound and Euro against the U.S. dollar, and (ii) organic revenue contraction
-
The increase was primarily driven by the impact of (i) negative foreign exchange (“FX”) movements, mainly related to the weakening of the British Pound and Euro against the U.S. dollar, and (ii) organic revenue contraction
-
Rebased revenue decline of 0.3% YoY in Q1 included:
- Favorable increase of $1.7 million in Switzerland due to the acceleration of revenue from our distribution partner for the broadcast of ice hockey. Switzerland’s ice hockey league has been cancelled as a result of the COVID-19 pandemic, which resulted in the prepaid amounts for the associated sports rights that were previously scheduled to be expensed during the second quarter of 2020 to be recognized during the first quarter of 2020. Accordingly, $1.7 million of associated revenue that would have been recorded in April 2020 has been recognized during the first quarter of 2020
Q1 2020 Rebased Revenue Growth – Segment Highlights
-
U.K./Ireland: Rebased revenue decreased 0.6% YoY in Q1, with an increase in subscription revenue across the business offset by declines in both mobile and B2B non-subscription revenue
-
Belgium: Rebased revenue declined 0.4% YoY in Q1 driven by an increase in our cable and mobile subscription revenue due to continued momentum related to our FMC bundles in both the residential and the business segments and the benefit of the August 2019 rate adjustments, offset by both lower other revenue and business services revenue, mainly impacted by COVID-19
-
Switzerland: Rebased revenue declined 2.7% YoY in Q1 primarily due to the net effect of lower consumer subscription revenue as a result of 3P volume losses, partially offset by (i) continued volume related mobile service revenue growth and (ii) higher handset sales
-
CEE (Poland and Slovakia): Rebased revenue grew 3.5% YoY in Q1 due to an increase in residential cable subscription revenue driven by new build areas and growth in B2B
- Central and Corporate: Rebased revenue increased 8.4% YoY in Q1 primarily due to an increase in CPE sales to the VodafoneZiggo JV
Operating Income
-
Operating income was $280.6 million and $105.5 million in Q1 2020 and Q1 2019, respectively, representing an increase of 166% YoY
- The increase in operating income primarily resulted from the net effect of (i) a decrease in depreciation and amortization expense, (ii) lower impairment, restructuring and other operating items, net, (iii) lower OCF, as further described below, and (iv) a decrease in share-based compensation expense
Operating Cash Flow Highlights
The following table presents (i) OCF 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) |
||||||||||
|
|
|
March 31, |
|
|||||||||||
|
OCF |
|
2020 |
|
2019 |
|
Reported % |
|
Rebased % |
||||||
|
|
|
in millions, except % amounts |
||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
U.K./Ireland |
|
$ |
655.4 |
|
|
$ |
692.2 |
|
|
(5.3 |
) |
|
(3.5 |
) |
|
Belgium |
|
331.6 |
|
|
339.0 |
|
|
(2.2 |
) |
|
0.6 |
|
||
|
Switzerland |
|
134.1 |
|
|
156.3 |
|
|
(14.2 |
) |
|
(16.0 |
) |
||
|
CEE |
|
54.3 |
|
|
53.7 |
|
|
1.1 |
|
|
4.8 |
|
||
|
Central and Corporate |
|
(25.1 |
) |
|
(59.3 |
) |
|
57.7 |
|
|
5.4 |
|
||
|
Intersegment eliminations |
|
— |
|
|
1.4 |
|
|
N.M. |
|
N.M. |
||||
|
Total |
|
$ |
1,150.3 |
|
|
$ |
1,183.3 |
|
|
(2.8 |
) |
|
(3.6 |
) |
N.M. – Not Meaningful
-
Reported OCF for the three months ended March 31, 2020 decreased 2.8% YoY
-
This decrease was primarily driven by (i) an organic OCF decline and (ii) the aforementioned negative impact of FX movements
-
This decrease was primarily driven by (i) an organic OCF decline and (ii) the aforementioned negative impact of FX movements
-
Our rebased OCF decline of 3.6% YoY in Q1 included:
-
The aforementioned favorable impact of a certain revenue item, as discussed in the “Revenue Highlights” section above
-
The following current year impacts:
-
A $13.2 million net unfavorable impact of the acceleration of certain costs for sports rights as a result of the COVID-19 pandemic. In this respect, certain sports leagues in Belgium and Switzerland have been or are expected to be cancelled. Accordingly, $14.9 million of aggregate prepaid amounts for the associated sports rights that were previously scheduled to be expensed during the second and third quarters of 2020 have been recognized during the first quarter of 2020. This increase in costs was only partially offset by the aforementioned associated $1.7 million increase in revenue in Switzerland. The acceleration in sports rights costs during Q1 will have no impact on our full-year 2020 OCF
- Unfavorable network tax increase of $10.0 million 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
-
A $13.2 million net unfavorable impact of the acceleration of certain costs for sports rights as a result of the COVID-19 pandemic. In this respect, certain sports leagues in Belgium and Switzerland have been or are expected to be cancelled. Accordingly, $14.9 million of aggregate prepaid amounts for the associated sports rights that were previously scheduled to be expensed during the second and third quarters of 2020 have been recognized during the first quarter of 2020. This increase in costs was only partially offset by the aforementioned associated $1.7 million increase in revenue in Switzerland. The acceleration in sports rights costs during Q1 will have no impact on our full-year 2020 OCF
-
The aforementioned favorable impact of a certain revenue item, as discussed in the “Revenue Highlights” section above
Q1 2020 Rebased Operating Cash Flow Growth – Segment Highlights
-
U.K./Ireland: Rebased OCF decline of 3.5% YoY in Q1 reflects the aforementioned revenue performance and an increase in our cost base due to (i) a $10.0 million net increase in network taxes and (ii) higher mobile data and programming costs
-
Belgium: Rebased OCF growth of 0.6% YoY in Q1, largely driven by the Medialaan MVNO contract loss, certain regulatory headwinds and a decrease in our cost base due to the net effect of (i) an increase in programming and copyright costs, (ii) lower sales and marketing expenses and (iii) continued tight cost control
-
Switzerland: Rebased OCF decline of 16.0% YoY in Q1, mainly due to (i) higher interconnect and mobile handset costs and (ii) the aforementioned loss of residential cable subscription revenue
- CEE (Poland and Slovakia): Rebased Segment OCF growth of 4.8% YoY in Q1, largely driven by the aforementioned increase in residential cable subscription revenue
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) |
||||||||||
|
|
|
March 31, |
|
|||||||||||
|
OFCF |
|
2020 |
|
2019 |
|
Reported % |
|
Rebased % |
||||||
|
|
|
in millions, except % amounts |
||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
U.K./Ireland |
|
$ |
308.8 |
|
|
$ |
296.9 |
|
|
4.0 |
|
|
5.8 |
|
|
Belgium |
|
190.0 |
|
|
197.3 |
|
|
(3.7 |
) |
|
(1.2 |
) |
||
|
Switzerland |
|
64.9 |
|
|
97.7 |
|
|
(33.6 |
) |
|
(34.5 |
) |
||
|
CEE |
|
35.4 |
|
|
32.0 |
|
|
10.6 |
|
|
15.3 |
|
||
|
Central and Corporate |
|
(103.2 |
) |
|
(140.6 |
) |
|
26.6 |
|
|
2.0 |
|
||
|
Intersegment eliminations |
|
— |
|
|
1.4 |
|
|
N.M. |
|
N.M. |
||||
|
Total |
|
$ |
495.9 |
|
|
$ |
484.7 |
|
|
2.3 |
|
|
(2.4 |
) |
N.M. – Not Meaningful
Net Earnings Attributable to Liberty Global Shareholders
- Net earnings attributable to Liberty Global shareholders was $949.8 million and $7.0 million for the three months ended March 31, 2020 and 2019, respectively
Leverage and Liquidity
-
Total principal amount of debt and finance leases: $27.5 billion
-
Leverage ratios4: At March 31, 2020, our adjusted gross and net leverage ratios were 5.2x and 3.7x, respectively
-
Average debt tenor5: Over 7 years, with ~71% not due until 2026 or thereafter
-
Borrowing costs: Blended fully-swapped borrowing cost of our debt was 4.1%
- Liquidity3: $10.3 billion, including (i) $5.4 billion of cash at March 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 continued network resiliency amidst the COVID-19 usage surge; expectations with respect to our share repurchase plan; expected launch of broadband speed increases and connectivity and entertainment enhancements; expectations with respect to the development, launch and benefits of our innovative and advanced products and services; the strength of our balance sheet and tenor of our third-party debt; 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 impact of the recent 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/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.
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 six European countries under the consumer brands Virgin Media, Telenet and UPC. We invest in the infrastructure and digital platforms that empower our customers to make the most of the digital revolution. Our substantial scale and commitment to innovation enable us to develop market-leading products delivered through next-generation networks that connect 11 million customers subscribing to 25 million TV, broadband internet and telephony services. We also serve 6 million mobile subscribers and offer WiFi service through millions of access points across our footprint.
In addition, Liberty Global owns 50% of VodafoneZiggo, a joint venture in the Netherlands with 4 million customers subscribing to 10 million fixed-line and 5 million mobile services, as well as significant investments in ITV, All3Media, ITI Neovision, Lionsgate, the Formula E racing series and several regional sports networks. 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
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, OCF and OFCF for the three months ended March 31, 2019 to (i) include the pre-acquisition revenue, OCF and P&E additions of entities acquired during 2019 in our rebased amounts for the three months ended March 31, 2019 to the same extent that the revenue, OCF and P&E additions of these entities are included in our results for the three months ended March 31, 2020, (ii) 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 ended March 31, 2020 and (iii) reflect the translation of our rebased amounts for the three months ended March 31, 2019 at the applicable average foreign currency exchange rates that were used to translate our results for the three months ended March 31, 2020. We have reflected the revenue, OCF 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, OCF 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. The adjustments reflected in our rebased amounts have not been prepared with a view towards complying with Article 11 of Regulation S-X. In addition, the rebased growth percentages are not necessarily indicative of the revenue, OCF 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, OCF and OFCF that will occur in the future. The rebased growth percentages have been presented as a basis for assessing growth rates on a comparable basis, and are not presented as a measure of our pro forma financial performance.
The following table provides adjustments made to the 2019 amounts to derive our rebased growth rates:
|
|
Three months ended March 31, 2019 |
|||||||||||
|
|
Revenue |
|
OCF |
|
OFCF |
|||||||
|
|
in millions |
|||||||||||
|
Acquisitions |
$ |
31.3 |
|
|
$ |
0.9 |
|
|
$ |
0.9 |
|
|
|
Dispositions(i) |
35.5 |
|
|
33.1 |
|
|
33.1 |
|
||||
|
Foreign Currency |
(50.9 |
) |
|
(23.4 |
) |
|
(10.3 |
) |
||||
|
Total increase |
$ |
15.9 |
|
|
$ |
10.6 |
|
|
$ |
23.7 |
|
|
|
(i) |
Relates 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(3)
The following table details the U.S. dollar equivalent balances of our liquidity position(i) at March 31, 2020, which includes our (i) cash and cash equivalents, (ii) investments held under SMAs and (iii) unused borrowing capacity at March 31, 2020:
|
|
Cash |
|
|
|
Unused |
|
|
|||||||||
|
|
and Cash |
|
|
|
Borrowing |
|
Total |
|||||||||
|
|
Equivalents |
|
SMAs(ii) |
|
Capacity(iii) |
|
Liquidity |
|||||||||
|
|
in millions |
|||||||||||||||
|
Liberty Global and unrestricted subsidiaries |
$ |
5,240.0 |
|
|
$ |
1,974.0 |
|
|
$ |
— |
|
|
$ |
7,214.0 |
|
|
|
Virgin Media(iv) |
26.2 |
|
|
— |
|
|
1,239.8 |
|
|
1,266.0 |
|
|||||
|
UPC Holding |
23.5 |
|
|
— |
|
|
1,086.2 |
|
|
1,109.7 |
|
|||||
|
Telenet |
150.8 |
|
|
— |
|
|
554.0 |
|
|
704.8 |
|
|||||
|
Total |
$ |
5,440.5 |
|
|
$ |
1,974.0 |
|
|
$ |
2,880.0 |
|
|
$ |
10,294.5 |
|
|
|
(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 $2.9 billion represents the maximum undrawn commitments under the applicable facilities without regard to covenant compliance calculations or other conditions precedent to borrowing. |
|
|
(iv) |
The Virgin Media borrowing group includes certain subsidiaries of Virgin Media, but excludes the parent entity, Virgin Media Inc. The cash and cash equivalents amount includes cash and cash equivalents held by the Virgin Media borrowing group, but excludes cash and cash equivalents held by Virgin Media Inc. This amount is included in the amount shown for Liberty Global and unrestricted subsidiaries. |
Contacts
Investor Relations
Matt Coates +44 20 8483 6333
John Rea +1 303 220 4238
Stefan Halters +44 20 8483 6211
Corporate Communications
Molly Bruce +1 303 220 4202
Matt Beake +44 20 8483 6428