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Liberty Global Reports Second Quarter 2012 Results

Liberty Global, Inc. (“Liberty Global,” “LGI,” or the “Company”) (NASDAQ: LBTYA, LBTYB and LBTYK), today announces financial and operating results for the second quarter ended June 30, 2012 (“Q2”). Highlights for Q2 are compared to the same period for 2011 (unless noted), include: 1
  • Organic RGU 2 additions increased 61% to 364,000
  • Revenue of $2.52 billion, representing rebased 3 growth of 5.2%
  • Operating Cash Flow (“OCF”) 4 of $1.19 billion, reflecting rebased growth of 2.5%
  • Operating income decreased 3% to $479 million
  • Adjusted Free Cash Flow (“Adjusted FCF”) 5 increased 24% to $186 million
  • YTD Q2 2012 stock repurchases totaled approximately $430 million

Liberty Global’s President and CEO Mike Fries stated, “Through the first six months of the year we have added over 800,000 RGUs, reflecting strong demand for our market-leading, triple-play bundles. These gains helped drive our second consecutive quarter of more than 5% rebased revenue growth. As we expected, rebased OCF growth was modestly below our first quarter result at 2.5% for Q2, which should represent the low point for the year. We remain committed to driving free cash flow growth, with Adjusted FCF increasing 19% year-to-date to $466 million compared to the same period last year.”

“We are demonstrating significant operating momentum and are excited about our growth prospects for the second half of the year. Today, we are pleased to confirm all of our full-year 2012 guidance targets. As we move into Q3 and Q4, we expect to generate accelerating rebased OCF growth due largely to the strong volume growth achieved during the first six months, as well as margin expansion in Germany.”

“Product innovation remains a core focus of ours as we strengthen our leadership position in digital video products and services. We intend to roll out our next-generation Horizon video platform in the Dutch market next month, followed by Switzerland in Q4. On the wireless front, we launched our 4G mobile service in Chile in mid-May. Although it’s still early, we are very encouraged by the traction that we are getting from existing, as well as new customers. Through June 30, we have added nearly 30,000 wireless subscribers and expect to see customer take-up accelerate.”

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