Liberty Global Reports Q1 2021 Results
May 5, 2021
Commercial momentum across markets continued during Q1
Convergence strategy added +80k broadband and +146k postpaid mobile subscribers
U.K. JV with Telefonica’s O2 set to close in June, subject to final approval by the U.K. regulator
Liberty Global becomes founding member of European Green Digital Coalition
DENVER, Colorado–(BUSINESS WIRE)–Liberty Global plc today announced its Q1 2021 financial results.
CEO Mike Fries stated, “As we continue to execute through the challenges of COVID-19, we’re hopeful that better and safer times lie ahead for our employees and our customers. While the well-being of our people and our customers’ connectivity experience remain our most important priorities, we’re encouraged by the operational progress made during the first quarter of 2021, allowing us to carry forward the momentum we built last year.
Continued execution of our convergence strategy fueled a 3% improvement in our aggregate FMC penetration rate. We also generated continued growth in new customers, adding 38,000 relationships during the quarter. Clearly, consumer appetite for our broadband and converged products remains robust. Meanwhile our network reach expanded by 113,000 new homes built in Q1, now totaling 3.9 million to date, paving the way for additional relationships to be formed.
|
Liberty Global |
||||||
|
|
|
Q1 2021 |
|
YoY |
||
|
Operations |
||||||
|
Organic Customer additions |
|
38,000 |
|
+56,900 |
||
|
Organic Broadband net adds |
|
79,600 |
|
+57,600 |
||
|
Organic Mobile Postpaid net adds |
|
145,600 |
|
+30,300 |
||
|
Fixed Mobile Convergence(a) |
|
29.3 |
% |
|
3.0 |
% |
|
|
|
|
|
|
||
|
Financial (in millions, except percentages) |
||||||
|
Revenue as reported |
|
$3,615.3 |
|
25.7 |
% |
|
|
Rebased revenue1 |
|
$3,615.3 |
|
0.2 |
% |
|
|
COVID impact on revenue2 |
|
~ $21.2 |
|
(0.6 |
%) |
|
|
Net earnings |
|
$1,440.3 |
|
41.5 |
% |
|
|
Rebased Adjusted EBITDA1 |
|
$1,367.3 |
|
(1.7 |
%) |
|
|
P&E additions |
|
$746.6 |
|
14.1 |
% |
|
|
Rebased OFCF1 |
|
$620.7 |
|
5.0 |
% |
|
|
Cash provided by operating activities(b) |
|
$821.2 |
|
82.6 |
% |
|
|
Adjusted FCF |
|
$93.1 |
|
129.4 |
% |
|
|
|
||||||
| (a) |
YoY FMC growth shown on a rebased basis. |
| (b) |
As reported cash flows used by investing and financing activities for the three months ended March 31, 2021 were ($509.4 million) and ($699.7 million), respectively. |
During the quarter, rebased 1 revenue increased 0.2%, including adverse COVID impacts of around 0.6% primarily stemming from lower mobile roaming and usage revenue. Rebased Adjusted EBITDA declined 1.7% for the quarter, including the impact of $19 million costs to capture 3, while rebased OFCF increased 5% resulting from a 210 basis point decline in capital intensity year-over-year.
In Switzerland, commercial “Day 1” launched in March, a watershed moment which marked the beginning of Sunrise UPC operating as one company while best-in-market offerings helped create customer awareness of the merger. Operational momentum continues to strengthen with broadband and postpaid mobile growth of 56,000 subscribers in Q1 as we execute our convergence strategy, prioritize B2B growth and begin to generate synergies.
In the U.K., Virgin Media demonstrated solid operational execution. We successfully landed a 4% price rise in March and delivered our best customer adds in a price-rise quarter since Q4 2016. We also saw record-low Q1 cable churn, strong growth in fixed-mobile converged bundles and a four-fold YoY boost in new broadband subscribers.
Looking ahead to the VM-O2 joint venture4, the U.K. regulator provisionally approved the combination in April and, subject to their final approval, it’s expected to close in June. We recently confirmed our intention to appoint Lutz Schüler of Virgin Media as CEO, and Patrica Cobian of O2 as CFO, once regulatory approval is granted. Together they are building a strong, diverse and dynamic team that will bring more choice, more value and world-class innovation to over 46 million5 fixed and mobile connections across the U.K.
We are reaffirming all of our original, full-year guidance metrics, including $1.35 billion of Adjusted Free Cash Flow(i) representing 26% YoY growth. Our balance sheet remains strong with $2.9 billion(ii) of cash and $5.8 billion of liquidity6 to drive future value creation. We continue to be aggressive buyers of our stock this year, having repurchased $447 million through the end of April.
I would also like to take this opportunity to note that we demonstrated our continued dedication to sustainability in Q1 by becoming a founding member of the European Green Digital Coalition. As a result, we’ve committed to establishing science-based targets to reduce greenhouse gas emissions by 2030 and becoming climate neutral no later than 2040. Digital technologies have a huge role to play in the fight against climate change, and we look forward to utilizing our networks and expertise to help deliver a greener, more sustainable future.”
|
(i) |
Adjusted Free Cash Flow is a non-GAAP measure, see the Glossary for definitions. Quantitative reconciliations to cash flow from operating activities for our Adjusted FCF 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 from period to period. Absolute full-year U.S. dollar guidance figures are based on FX rates of EUR/USD 1.23, GBP/USD 1.36 and CHF/USD 1.12. |
|
(ii) |
Including amounts held under separately managed accounts (SMAs). |
Q1 Highlights
- Q1 revenue increased 25.7% YoY on a reported basis and increased 0.2% on a rebased1 basis to $3,615.3 million
- Q1 net earnings increased 41.5% YoY to $1,440.3 million
- Q1 Adjusted EBITDA increased 18.9% YoY on a reported basis and decreased 1.7% on a rebased basis to $1,367.3 million
- Q1 property & equipment additions were 20.7% of revenue, as compared to 22.8% in Q1 2020
- FMC penetration increased to 29% from 23% in Q1 2020
- Built 113,000 new premises during Q1, including 80,000 in the U.K. & Ireland
-
Solid balance sheet with $5.8 billion of liquidity6 for the Full Company7
- Comprised of $0.9 billion of cash, $2.0 billion of investments held under SMAs and $2.9 billion of unused borrowing capacity8
- Gross and net leverage9 of 5.6x and 5.1x, respectively, on a Full Company basis
- Fully-swapped borrowing cost of 4.2% on a debt balance of $30.9 billion for the Full Company
- Repurchased $447 million of stock through April 30
|
Liberty Global |
|
Q1 2021 |
|
Q1 2020 |
|
YoY Change (reported) |
|
YoY Change (rebased) |
|
||||||||
|
Customers |
|
|
|
|
|
|
|
|
|
||||||||
|
Organic customer additions |
|
38,000 |
|
|
|
(18,900 |
) |
|
|
301.1 |
% |
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Financial (in millions, except percentages) |
|
|
|
|
|
|
|
|
|
||||||||
|
Revenue |
|
$ |
3,615.3 |
|
|
|
$ |
2,875.8 |
|
|
|
25.7 |
% |
|
0.2 |
% |
|
|
Net earnings |
|
$ |
1,440.3 |
|
|
|
$ |
1,017.7 |
|
|
|
41.5 |
% |
|
|
|
|
|
Adjusted EBITDA |
|
$ |
1,367.3 |
|
|
|
$ |
1,150.3 |
|
|
|
18.9 |
% |
|
(1.7 |
%) |
|
|
P&E additions |
|
$ |
746.6 |
|
|
|
$ |
654.4 |
|
|
|
14.1 |
% |
|
(6.5 |
%) |
|
|
OFCF |
|
$ |
620.7 |
|
|
|
$ |
495.9 |
|
|
|
25.2 |
% |
|
5.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Cash provided by operating activities |
|
$ |
821.2 |
|
|
|
$ |
449.8 |
|
|
|
82.6 |
% |
|
|
|
|
|
Cash used by investing activities |
|
$ |
(509.4 |
) |
|
|
$ |
(2,349.2 |
) |
|
|
78.3 |
% |
|
|
|
|
|
Cash used by financing activities |
|
$ |
(699.7 |
) |
|
|
$ |
(783.2 |
) |
|
|
10.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Adjusted FCF |
|
$ |
93.1 |
|
|
|
$ |
(317.0 |
) |
|
|
129.4 |
% |
|
|
|
|
Customer Growth
|
|
|
Three months ended |
||||||
|
|
|
March 31, |
||||||
|
|
|
2021 |
|
2020 |
||||
|
|
|
|
|
|
||||
|
Organic customer net additions (losses) by market |
|
|
|
|
||||
|
U.K./Ireland |
|
31,000 |
|
|
|
(1,100 |
) |
|
|
Belgium |
|
(4,500 |
) |
|
|
(7,500 |
) |
|
|
Switzerland |
|
4,400 |
|
|
|
(16,400 |
) |
|
|
CEE (Poland and Slovakia) |
|
7,100 |
|
|
|
6,100 |
|
|
|
Total |
|
38,000 |
|
|
|
(18,900 |
) |
|
- Customer Relationships: During Q1, we gained 38,000 customer relationships, as compared to a loss of 19,000 in the prior-year period, primarily driven by strong commercial momentum with FMC penetration up across all markets
- U.K./Ireland: Virgin Media gained 31,000 customer relationships in Q1, as compared to a loss of 1,000 in Q1 2020. We added 24,000 customers in our Lightning footprint and 7,000 in our BAU footprint, representing our fourth consecutive quarter of BAU growth
- Belgium: Telenet lost 5,000 customer relationships in Q1, which was an improvement compared to a loss of 8,000 in Q1 2020, primarily driven by continued commercial momentum
- Switzerland: Sunrise UPC gained 4,000 customer relationships in Q1, as broadband growth was partially offset by legacy video losses
- CEE (Poland and Slovakia): CEE added 7,000 customer relationships in Q1 2021 and 6,000 in Q1 2020, primarily drivenby the cross sell of converged family offers and growth in new build areas in Poland
Revenue Highlights
The following table presents (i) revenue of each of our reportable segments, including the non-consolidated VodafoneZiggo JV, 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 |
|
2021 |
|
2020 |
|
Reported % |
|
Rebased % |
||||||||
|
|
|
in millions, except % amounts |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
U.K./Ireland |
|
$ |
1,770.7 |
|
|
|
$ |
1,620.6 |
|
|
9.3 |
|
|
1.4 |
|
|
|
Belgium. |
|
772.7 |
|
|
|
718.1 |
|
|
7.6 |
|
|
(1.3 |
) |
|
||
|
Switzerland |
|
841.8 |
|
|
|
316.8 |
|
|
165.7 |
|
|
(0.3 |
) |
|
||
|
CEE |
|
128.6 |
|
|
|
119.1 |
|
|
8.0 |
|
|
3.2 |
|
|
||
|
Central and Corporate |
|
102.7 |
|
|
|
101.2 |
|
|
1.5 |
|
|
(1.9 |
) |
|
||
|
Intersegment eliminations |
|
(1.2 |
) |
|
|
— |
|
|
N.M. |
|
N.M. |
|||||
|
Total |
|
$ |
3,615.3 |
|
|
|
$ |
2,875.8 |
|
|
25.7 |
|
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
VodafoneZiggo JV(i) |
|
$ |
1,217.0 |
|
|
|
$ |
1,097.1 |
|
|
10.9 |
|
|
1.8 |
|
|
|
______________________ (i) Amounts reflect 100% of the 50:50 non-consolidated VodafoneZiggo JV’s revenue.
N.M. – Not Meaningful |
||||||||||||||||
-
Reported revenue for the three months ended March 31, 2021 increased 25.7% YoY
- The increase was primarily driven by the impact of (i) the acquisition of Sunrise, (ii) positive foreign exchange (“FX”) movements, mainly related to the strengthening of the British Pound, Euro and Swiss Franc against the U.S. dollar and (iii) organic revenue contraction
-
Rebased revenue increased 0.2% YoY in Q1, including:
- Adverse COVID impacts of around 0.6%, primarily stemming from lower mobile roaming and usage revenue
- Lower revenue related to regulated contract notifications in the U.K.
- Unfavorable decrease of $1.8 million in Switzerland due to the Q1 2020 acceleration of revenue from our distribution partner for the broadcast of ice hockey. Switzerland’s ice hockey league was cancelled in 2020 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, $1.8 million of associated revenue that would have been recorded in April 2020 was recognized during the first quarter of 2020
Q1 2021 Rebased Revenue Growth – Segment Highlights
- U.K./Ireland: Rebased revenue increased 1.4% YoY in Q1, primarily due to higher B2B and mobile revenue, including the effect of (i) an increase in handset sales, (ii) higher wholesale revenue and continued growth in SOHO customers and (iii) an increase in fixed-line customers offset by a decrease in fixed-line customer ARPU
- Belgium: Rebased revenue declined 1.3% YoY in Q1, driven by the net effect of (i) lower interconnect and roaming revenue and (ii) higher B2B subscription revenue due to an increase in SOHO customers
- Switzerland: Rebased revenue declined 0.3% YoY in Q1, primarily due to the net effect of (i) lower B2B wholesale and mobile roaming revenue related to COVID-19, (ii) higher mobile subscription revenue driven by a larger subscriber base and (iii) an increase in handset sales
- CEE (Poland and Slovakia): Rebased revenue grew 3.2% YoY in Q1, primarily due to an increase in residential cable subscription revenue driven by higher customer volume
- Central and Corporate: Rebased revenue decreased 1.9% YoY in Q1, primarily due to lower CPE sales to the VodafoneZiggo JV
Net earnings
- Net earnings was $1,440.3 million and $1,017.7 million for the three months ended March 31, 2021 and 2020, respectively
- The increase in our net earnings is primarily due to the net effect of (i) a change in realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net, (ii) a decrease in realized and unrealized gains on derivative instruments, net, (iii) an increase in Adjusted EBITDA, as further described below, and (iv) a decrease in depreciation and amortization
Adjusted EBITDA Highlights
The following table presents (i) Adjusted EBITDA(*) of each of our reportable segments, including the non-consolidated VodafoneZiggo JV, 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, |
|
|||||||||||||||
|
Adjusted EBITDA |
|
2021 |
|
2020 |
|
Reported % |
|
Rebased % |
||||||||||
|
|
|
in millions, except % amounts |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
U.K./Ireland |
|
$ |
692.6 |
|
|
|
$ |
655.4 |
|
|
|
5.7 |
|
|
|
(1.9 |
) |
|
|
Belgium |
|
371.8 |
|
|
|
331.6 |
|
|
|
12.1 |
|
|
|
3.2 |
|
|
||
|
Switzerland |
|
281.6 |
|
|
|
134.1 |
|
|
|
110.0 |
|
|
|
(7.3 |
) |
|
||
|
CEE |
|
57.0 |
|
|
|
54.3 |
|
|
|
5.0 |
|
|
|
0.3 |
|
|
||
|
Central and Corporate |
|
(35.7 |
) |
|
|
(25.1 |
) |
|
|
(42.2 |
) |
|
|
1.2 |
|
|
||
|
Total |
|
$ |
1,367.3 |
|
|
|
$ |
1,150.3 |
|
|
|
18.9 |
|
|
|
(1.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
VodafoneZiggo JV(i) |
|
$ |
565.2 |
|
|
|
$ |
502.8 |
|
|
|
12.4 |
|
|
|
2.8 |
|
|
|
______________________ (i) Amounts reflect 100% of the 50:50 non-consolidated VodafoneZiggo JV’s Adjusted EBITDA. |
||||||||||||||||||
|
(*) |
Consolidated Adjusted EBITDA is a non-GAAP measure, which we believe 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 readily view operating trends from a consolidated view. Investors should view consolidated Adjusted EBITDA as a supplement to, and not a substitute for, net earnings or loss and other U.S. GAAP measures of performance. For additional information on our Adjusted EBITDA measure, including a reconciliation to net earnings, see the Glossary. |
- Reported Adjusted EBITDA for the three months ended March 31, 2021 increased 18.9% YoY
-
Rebased Adjusted EBITDA declined 1.7% for the three months ended March 31, 2021, including:
- The aforementioned impacts of certain revenue items, as discussed in the “Revenue Highlights” section above
-
The following current year impacts:
- An unfavorable impact associated with costs to capture3 of $19 million
-
The following 2020 impacts:
- A $12.9 million net favorable impact of the Q1 2020 acceleration of certain revenue and costs for sports rights as a result of the COVID-19 pandemic. In this respect, certain sports leagues in Belgium and Switzerland were cancelled during 2020. Accordingly, in Belgium and Switzerland prepaid costs of $10.6 million and $4.1 million, respectively, for the associated sports rights that were previously scheduled to be expensed during the second quarter of 2020 were recognized during the first quarter of 2020. In Switzerland, the lower costs were only partially offset by the aforementioned related $1.8 million decrease in revenue. This acceleration in sports rights revenue and costs will have no full year impact on our 2021 Adjusted EBITDA, as compared to the prior year
Q1 2021 Rebased Adjusted EBITDA – Segment Highlights
- U.K./Ireland: Rebased Adjusted EBITDA declined 1.9% YoY in Q1 due to the aforementioned revenue increase that was more than offset by (i) a short-term increase in expenditures related to insourcing field engineers and on-shoring customer care, (ii) pre-merger opex costs to capture of $6.2 million and (iii) ongoing investments in digital transformation
- Belgium: Rebased Adjusted EBITDA increased 3.2% YoY in Q1, primarily due to the aforementioned revenue decline, which was more than offset by (i) lower programming and copyright costs and (ii) lower costs related to outsourced labor and professional services
- Switzerland: Rebased Adjusted EBITDA declined 7.3% YoY in Q1, primarily due to the net effect of (i) $11.1 million of costs to capture, (ii) the aforementioned loss of revenue, (iii) lower programming and interconnect costs and (iv) higher growth related opex, primarily due to an increase in marketing spend and investments in B2B
- CEE (Poland and Slovakia): Rebased Adjusted EBITDA increased 0.3% YoY in Q1, largely driven by the aforementioned revenue increase partially offset by an increase in programming spend and other indirect expenses
OFCF Highlights
The following table presents (i) OFCF of each of our reportable segments, including the non-consolidated VodafoneZiggo JV, 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 |
|
2021 |
|
2020 |
|
Reported % |
|
Rebased % |
||||||||||
|
|
|
in millions, except % amounts |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
U.K./Ireland |
|
$ |
341.2 |
|
|
|
$ |
308.8 |
|
|
|
10.5 |
|
|
|
2.4 |
|
|
|
Belgium |
|
218.4 |
|
|
|
190.0 |
|
|
|
14.9 |
|
|
|
5.3 |
|
|
||
|
Switzerland |
|
127.4 |
|
|
|
64.9 |
|
|
|
96.3 |
|
|
|
(6.8 |
) |
|
||
|
CEE |
|
39.4 |
|
|
|
35.4 |
|
|
|
11.3 |
|
|
|
6.0 |
|
|
||
|
Central and Corporate |
|
(105.7 |
) |
|
|
(103.2 |
) |
|
|
(2.4 |
) |
|
|
12.8 |
|
|
||
|
Total |
|
$ |
620.7 |
|
|
|
$ |
495.9 |
|
|
|
25.2 |
|
|
|
5.0 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
VodafoneZiggo JV(i) |
|
$ |
330.7 |
|
|
|
$ |
257.4 |
|
|
|
28.5 |
|
|
|
17.5 |
|
|
|
______________________
|
||||||||||||||||||
Net Earnings Attributable to Liberty Global Shareholders
-
Net earnings attributable to Liberty Global shareholders was $1,385.4 million and $949.8 million for the three months ended March 31, 2021 and 2020, respectively
Leverage and Liquidity
- Total principal amount of debt and finance leases: $30.9 billion for the Full Company
- Leverage ratios9: At March 31, 2021, our adjusted gross and net leverage ratios were 5.6x and 5.1x, respectively, on a Full Company basis
- Average debt tenor10: Over 7 years, with ~82% not due until 2027 or thereafter on a Full Company basis
- Borrowing costs: Blended, fully-swapped cost of debt was 4.2% for the Full Company
- Liquidity6: $5.8 billion on a Full Company basis, including (i) $0.9 billion of cash at March 31, 2021, (ii) $2.0 billion of investments held under SMAs and (iii) $2.9 billion of aggregate unused borrowing capacity8 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 the joint venture transaction in the U.K., including related regulatory approval, intended executive appointments for the joint venture entity and anticipated timing of completion, as well as anticipated benefits thereof including synergies; expectations regarding costs to capture; expectations regarding our financial performance, including Rebased Revenue, Rebased Adjusted EBITDA, Rebased OFCF and Adjusted FCF; expectations with respect to customer growth, price increases and B2B services; our commitments with respect to the European Green Digital Coalition; the strength of our balance sheet (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 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 Form 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 seven European countries under the consumer brands Virgin Media, Telenet, UPC, the combined Sunrise UPC, as well as VodafoneZiggo, which is owned through a 50/50 joint venture. Our substantial scale and commitment to innovation enable us to invest in the infrastructure and digital platforms that empower our customers to make the most of the digital revolution.
Liberty Global delivers market-leading products through next-generation networks that connect customers subscribing to 49 million broadband, video, fixed and mobile telephony services across our brands. We also have significant investments in ITV, All3Media, CANAL+ Polska, LionsGate, the Formula E racing series and several regional sports networks.
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 2021, we have adjusted our historical revenue, Adjusted EBITDA and OFCF for the three months ended March 31, 2020 to (i) include the pre-acquisition revenue, Adjusted EBITDA and P&E additions of entities acquired during 2020 in our rebased amounts for the three months ended March 31, 2020 to the same extent that the revenue, Adjusted EBITDA and P&E additions of these entities are included in our results for the three months ended March 31, 2021, (ii) exclude the revenue, Adjusted EBITDA and P&E additions in our rebased amounts for the three months ended March 31, 2020 for entities disposed of during 2020, (iii) 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, 2021 and (iv) reflect the translation of our rebased amounts for the three months ended March 31, 2020 at the applicable average foreign currency exchange rates that were used to translate our results for the three months ended March 31, 2021.
Contacts
Investor Relations
Max Adkins +44 78 1795 9705
Steve Carroll +1 303 784 4505
Stefan Halters +44 20 8483 6211
Corporate Communications
Molly Bruce +1 303 220 4202
Matt Beake +44 20 8483 6428