Liberty Global (LBTYA) Reports Q1 Revenues of $3.615B

Liberty Global (NASDAQ: LBTYA) reported Q1 revenue for the quarter came in at $3.62 billion versus the consensus estimate of $3.61 billion.

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

"The first quarter was highlighted by a 14% increase to Adjusted EBITDA, continued growth of our investment management business and the completion of two unsecured bond transactions that will result in $18 million of annual interest savings and further improves our bond maturity profile," said William McMorrow, Chairman and CEO of Kennedy Wilson. "Armed with strong liquidity, we have an extremely robust investment and leasing pipeline that we expect will help drive further near-term growth in our NOI and fee-bearing capital."

For earnings history and earnings-related data on Liberty Global (LBTYA) click here.

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