Thu, Jul 25, 8:15 PM (44 days ago)
Liberty Global Ltd.'s Form 10-Q for the quarter ended June 30, 2024, provides a comprehensive overview of its financial performance. Key highlights include: 1. **Revenue**: Consolidated revenue increased by 1.4% to $1,873.7 million for Q2 2024 and by 2.8% to $3,818.8 million for the first half of 2024. Organic revenue growth was 2.1% and 2.0% for the respective periods, driven by increases at Central and Other and Sunrise segments. 2. **Adjusted EBITDA**: Consolidated Adjusted EBITDA rose slightly by 0.5% to $604.7 million in Q2 2024 but decreased by 3.2% to $1,186.1 million for the first half of 2024. The VMO2 JV and VodafoneZiggo JV reported stable Adjusted EBITDA. 3. **Costs**: Programming and other direct costs of services increased by 1.0% in Q2 and 9.3% in the first half of 2024, mainly due to higher costs at Central and Other. SG&A expenses, excluding share-based compensation, rose by 6.5% and 5.2% for the respective periods, driven by higher personnel and network costs. 4. **Net Earnings**: The company reported net earnings of $275.2 million for Q2 2024, a significant improvement from a net loss of $511.3 million in Q2 2023, primarily due to gains from derivative instruments and foreign currency transactions. 5. **Cash Flow**: Net cash provided by operating activities decreased to $791.8 million from $999.6 million year-over-year, while net cash used in investing activities improved to $310.7 million from $1,486.3 million, reflecting higher proceeds from the sale of investments and lower capital expenditures. 6. **Debt and Liquidity**: Total debt stood at $15.5 billion, with a weighted average interest rate of 3.45%. The company has significant unused borrowing capacity, enhancing its liquidity position. 7. **Future Outlook**: The company plans to spin off its Sunrise operations by Q4 2024 and continues to face competitive and regulatory pressures, which may impact future performance. Overall, Liberty Global Ltd. showed stable revenue growth and improved net earnings, despite increased costs and competitive pressures. The company's strategic initiatives and strong liquidity position are expected to support its future operations.