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Liberty Global Reports Third Quarter 2012 Results

Stocks in this article: LBTYA LBTYB LBTYK

For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during 2012, we have adjusted our historical revenue and OCF for the three and nine months ended September 30, 2011 to (i) include the pre-acquisition revenue and OCF of certain entities acquired during 2011 and 2012 in our rebased amounts for the three and nine months ended September 30, 2011 to the same extent that the revenue and OCF of such entities are included in our results for the three and nine months ended September 30, 2012, (ii) exclude the pre-disposition revenue and OCF of a small studio business that was disposed of at the beginning of 2012 from our rebased amounts for the three and nine months ended September 30, 2011 and (iii) reflect the translation of our rebased amounts for the three and nine months ended September 30, 2011 at the applicable average foreign currency exchange rates that were used to translate our results for the three and nine months ended September 30, 2012. The acquired entities that have been included in whole or in part in the determination of our rebased revenue and OCF for the three months ended September 30, 2011 include KBW, Aster and five small entities in Europe. The acquired entities that have been included in whole or in part in the determination of our rebased revenue and OCF for the nine months ended September 30, 2011 include KBW, Aster and seven small entities in Europe. We have reflected the revenue and OCF of the acquired entities in our 2011 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 (i) any significant differences between GAAP and local generally accepted accounting principles, (ii) any significant effects of acquisition accounting adjustments, (iii) any significant differences between our accounting policies and those of the acquired entities and (iv) other items we deem appropriate. We do not adjust pre-acquisition periods to eliminate non-recurring 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 and OCF 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 and OCF that would have occurred if these transactions had occurred on the dates assumed for purposes of calculating our rebased amounts or the revenue and OCF 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. Therefore, we believe our rebased data is not a non-GAAP financial measure as contemplated by Regulation G or Item 10 of Regulation S-K.

In each case, the following tables present (i) the amounts reported by each of our reportable segments for the comparative periods, (ii) the U.S. dollar change and percentage change from period to period and (iii) the percentage change from period to period on a rebased basis:

Revenue  

Three months ended September 30,

  Increase

(decrease)

  Increase

(decrease)

2012   2011 $   % Rebased %
in millions, except % amounts
UPC/Unity Division:
Germany $ 568.7 $ 362.7 $ 206.0 56.8 11.2
The Netherlands 300.3 321.7 (21.4 ) (6.7 ) 5.2
Switzerland 310.2 344.3 (34.1 ) (9.9 ) 4.8
Other Western Europe   205.7     223.1     (17.4 ) (7.8 ) 4.1  
Total Western Europe 1,384.9 1,251.8 133.1 10.6 7.3
Central and Eastern Europe 273.9 283.1 (9.2 ) (3.2 ) (0.8 )
Central and other   28.6     31.4     (2.8 ) (8.9 )  
Total UPC/Unity Division 1,687.4 1,566.3 121.1 7.7 5.9
Telenet (Belgium) 461.0 488.8 (27.8 ) (5.7 ) 6.4
VTR Group (Chile) 241.0 231.7 9.3 4.0 6.7
Corporate and other 150.0 154.4 (4.4 ) (2.8 )
Intersegment eliminations   (20.3 )   (22.4 )   2.1   9.4    
Total $ 2,519.1   $ 2,418.8   $ 100.3   4.1   5.8  
 
 

Nine months ended September 30,

  Increase

(decrease)

  Increase

(decrease)

2012   2011 $   % Rebased %
in millions, except % amounts
UPC/Unity Division:
Germany $ 1,695.6 $ 1,058.1 $ 637.5 60.2 10.6
The Netherlands 914.7 959.6 (44.9 ) (4.7 ) 4.5
Switzerland 940.9 970.9 (30.0 ) (3.1 ) 3.7
Other Western Europe   621.7     667.4     (45.7 ) (6.8 ) 2.2  
Total Western Europe 4,172.9 3,656.0 516.9 14.1 6.4
Central and Eastern Europe 829.8 837.2 (7.4 ) (0.9 ) (0.5 )
Central and other   85.1     93.0     (7.9 ) (8.5 )  
Total UPC/Unity Division 5,087.8 4,586.2 501.6 10.9 5.1
Telenet (Belgium) 1,404.7 1,430.9 (26.2 ) (1.8 ) 7.7
VTR Group (Chile) 692.3 674.4 17.9 2.7 6.0
Corporate and other 458.9 481.1 (22.2 ) (4.6 )
Intersegment eliminations   (63.1 )   (66.3 )   3.2   4.8    
Total $ 7,580.6   $ 7,106.3   $ 474.3   6.7   5.5  
 
Operating Cash Flow   Three months ended

September 30,

  Increase

(decrease)

  Increase

(decrease)

2012   2011 $   % Rebased %
in millions, except % amounts
UPC/Unity Division:
Germany $ 340.9 $ 214.8 $ 126.1 58.7 11.7
The Netherlands 183.7 195.3 (11.6 ) (5.9 ) 6.2
Switzerland 177.8 198.8 (21.0 ) (10.6 ) 4.0
Other Western Europe   101.9     107.4     (5.5 ) (5.1 ) 6.8  
Total Western Europe 804.3 716.3 88.0 12.3 8.0
Central and Eastern Europe 137.7 144.0 (6.3 ) (4.4 ) (3.2 )
Central and other   (36.2 )   (36.1 )   (0.1 ) (0.3 )  
Total UPC/Unity Division 905.8 824.2 81.6 9.9 6.1
Telenet (Belgium) 240.7 250.8 (10.1 ) (4.0 ) 8.2
VTR Group (Chile) 81.5 89.2 (7.7 ) (8.6 ) (6.6 )
Corporate and other   (3.3 )   (0.9 )   (2.4 ) N.M.  
Total $ 1,224.7   $ 1,163.3   $ 61.4   5.3   5.2  
 

Total (excluding VTR Wireless) 1

6.5  
 
  Nine months ended

September 30,

  Increase

(decrease)

  Increase

(decrease)

2012   2011 $   % Rebased %
in millions, except % amounts
UPC/Unity Division:
Germany $ 998.1 $ 636.7 $ 361.4 56.8 8.6
The Netherlands 545.2 570.0 (24.8 ) (4.4 ) 5.0
Switzerland 536.6 547.6 (11.0 ) (2.0 ) 5.0
Other Western Europe   293.8     313.4     (19.6 ) (6.3 ) 2.9  
Total Western Europe 2,373.7 2,067.7 306.0 14.8 6.2
Central and Eastern Europe 410.2 413.1 (2.9 ) (0.7 ) (2.0 )
Central and other   (116.6 )   (105.3 )   (11.3 ) (10.7 )  
Total UPC/Unity Division 2,667.3 2,375.5 291.8 12.3 4.3
Telenet (Belgium) 713.4 737.7 (24.3 ) (3.3 ) 6.2
VTR Group (Chile) 232.0 260.5 (28.5 ) (10.9 ) (8.2 )
Corporate and other   2.5     9.1     (6.6 ) N.M.  
Total $ 3,615.2   $ 3,382.8   $ 232.4   6.9   3.6  
 
Total (excluding VTR Wireless) 1 4.7  
 
N.M. - Not Meaningful.
 

1 Represents our consolidated rebased growth rate, excluding the incremental OCF deficit of VTR Wireless.

 

Operating Cash Flow Definition and Reconciliation

Operating cash flow is the primary measure used by our chief operating decision maker to evaluate segment operating performance. Operating cash flow is also a key factor that is used by our internal decision makers to (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of our management for purposes of annual and other incentive compensation plans. As we use the term, operating cash flow is defined as revenue less operating and selling, general and administrative expenses (excluding stock-based compensation, depreciation and amortization, provisions for litigation and impairment, restructuring and other operating items). Other operating items include (i) gains and losses on the disposition of long-lived assets, (ii) direct acquisition costs, such as third-party due diligence, legal and advisory costs, and (iii) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Our internal decision makers believe operating cash flow is a meaningful measure and is superior to available GAAP measures because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (i) readily view operating trends, (ii) perform analytical comparisons and benchmarking between segments and (iii) identify strategies to improve operating performance in the different countries in which we operate. We believe our operating cash flow measure is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Operating cash flow should be viewed as a measure of operating performance that is a supplement to, and not a substitute for, operating income, net earnings (loss), cash flow from operating activities and other GAAP measures of income or cash flows. A reconciliation of total segment operating cash flow to our operating income is presented below.

 

Three months ended September 30,

 

Nine months ended September 30,

2012   2011 2012   2011
in millions
Total segment operating cash flow from continuing operations $ 1,224.7 $ 1,163.3 $ 3,615.2 $ 3,382.8
Stock-based compensation expense (27.2 ) (32.9 ) (90.5 ) (105.7 )
Depreciation and amortization (670.3 ) (629.3 ) (2,009.7 ) (1,838.3 )
Impairment, restructuring and other operating items, net   (18.1 )   (17.9 )   (32.6 )   (28.5 )
Operating income $ 509.1   $ 483.2   $ 1,482.4   $ 1,410.3  
 

ARPU per Customer Relationship

 

The following table provides ARPU per customer relationship 2 for the indicated periods:

 
 

Three months ended Sept. 30,

    FX Neutral
2012   2011 % Change

% Change 3

UPC/Unity Division

24.54

24.16

1.6 % 2.6 %
Telenet

46.55

43.02

8.2 % 8.2 %
VTR

CLP

30,854

CLP

30,246

2.0 % 2.0 %
LGI Consolidated

$

35.92

$

39.84 (9.8 %) 1.2 %
 

2 ARPU per customer relationship refers to the average monthly subscription revenue per average customer relationship and is calculated by dividing the average monthly subscription revenue (excluding installation, late fees and mobile services revenue) for the indicated period, by the average of the opening and closing balances for customer relationships for the period. Customer relationships of entities acquired during the period are normalized. Unless otherwise indicated, ARPU per customer relationship for the UPC/Unity Division and LGI Consolidated are not adjusted for currency impacts. ARPU per customer relationship amounts reported for periods prior to January 1, 2012 have not been restated to reflect the January 1, 2012 change in our reporting of SOHO RGUs. In addition, it should be noted that ARPU per customer relationship for the UPC/Unity Division and for LGI Consolidated is adversely impacted by the inclusion of KBW in Q3 2012.

3 The FX-neutral change represents the percentage change on a year-over-year basis adjusted for FX impacts and is calculated by adjusting the prior year figures to reflect translation at the foreign currency rates used to translate the current year amounts.

 

Summary of Debt, Capital Lease Obligations and Cash and Cash Equivalents

 

The following table 4 details the U.S. dollar equivalent balances of our third-party consolidated debt, capital lease obligations and cash and cash equivalents at September 30, 2012:

       
Capital Debt and Cash

Lease

Capital Lease

and Cash

Debt 5

Obligations Obligations Equivalents
in millions
LGI and its non-operating subsidiaries $ 1,382.5 $ 8.3 $ 1,390.8 $ 2,102.9
UPC Holding (excluding VTR Group) 12,370.6 32.6 12,403.2 66.9
Unitymedia KabelBW 6,537.6 918.5 7,456.1 26.0
Telenet 4,560.2 396.7 4,956.9 1,047.1
Liberty Puerto Rico 174.6 0.7 175.3 24.9

VTR Group 6

78.9 0.3 79.2 29.2
Other operating subsidiaries         20.3
Total LGI $ 25,104.4 $ 1,357.1 $ 26,461.5 $ 3,317.3
 

 

 

Capital Expenditures

The table below highlights the categories of our property and equipment additions for the indicated periods and reconciles those additions to the capital expenditures that we present in our condensed consolidated statements of cash flows:

  Three months ended September 30,   Nine months ended September 30,
2012   2011 2012   2011
in millions, except % amounts
Customer premises equipment $ 224.6 $ 190.3 $ 690.9 $ 539.9
Scalable infrastructure 78.1 102.6 249.7 271.9
Line extensions 55.4 50.0 182.3 190.6
Upgrade/rebuild 89.4 81.8 265.1 223.4
Support capital 78.0 78.8 241.6 225.0
Other, including Chellomedia   2.7     2.7     6.1     6.7  
Property and equipment additions 528.2 506.2 1,635.7 1,457.5
Assets acquired under capital-related vendor financing arrangements (60.4 ) (32.8 ) (152.3 ) (58.7 )
Assets acquired under capital leases (18.5 ) (9.5 ) (45.5 ) (26.7 )
Changes in current liabilities related to capital expenditures   7.3     (15.1 )   12.8     43.6  

Total capital expenditures 7

$ 456.6   $ 448.8   $ 1,450.7   $ 1,415.7  
 
Property and equipment additions as % of revenue 21.0 % 20.9 % 21.6 % 20.5 %
Capital expenditures as % of revenue 18.1 % 18.6 % 19.1 % 19.9 %
 

(4) Except as otherwise indicated, the amounts reported in the table include the named entity and its subsidiaries.

(5) Debt amounts for UPC Holding and Telenet include senior secured notes issued by special purpose entities that are consolidated by each.

(6) Of these amounts, VTR Wireless accounts for $79 million of the debt and $5 million of the cash of VTR Group.

(7) The capital expenditures that we report in our consolidated cash flow statements do not include amounts that are financed under vendor financing or capital lease arrangements. Instead, these expenditures are reflected as non-cash additions to our property and equipment when the underlying assets are delivered, and as repayments of debt when the related principal is repaid.

 

Free Cash Flow and Adjusted Free Cash Flow Definition and Reconciliation

We define free cash flow as net cash provided by our operating activities, plus (i) excess tax benefits related to the exercise of stock incentive awards and (ii) cash payments for direct acquisition costs, less (a) capital expenditures, as reported in our consolidated cash flow statements, (b) principal payments on vendor financing obligations and (c) principal payments on capital leases (exclusive of our network lease in Belgium and our duct leases in Germany), with each item excluding any cash provided or used by our discontinued operations. We believe that our presentation of free cash flow provides useful information to our investors because this measure can be used to gauge our ability to service debt and fund new investment opportunities. Free cash flow should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, which are not deducted to arrive at this amount. Investors should view free cash flow as a supplement to, and not a substitute for, GAAP measures of liquidity included in our consolidated cash flow statements.The following table provides the reconciliation of our continuing operations’ net cash provided by operating activities to FCF and Adjusted FCF for the indicated periods:

  Three months ended

September 30,

  Nine months ended

September 30,

2012   2011 2012   2011
in millions
Net cash provided by operating activities of continuing operations $ 431.3 $ 439.2 $ 1,825.0 $ 1,725.1

Excess tax benefits from stock-based compensation 8

(6.3 ) 10.2 3.7 33.3

Cash payments for direct acquisition costs 9

5.1 7.6 19.5 17.0
Capital expenditures (456.6 ) (448.8 ) (1,450.7 ) (1,415.7 )
Principal payments on vendor financing obligations (33.2 ) (2.6 ) (59.9 ) (3.4 )
Principal payments on certain capital leases   (3.3 )   (3.3 )   (9.4 )   (8.2 )
FCF $ (63.0 ) $ 2.3   $ 328.2   $ 348.1  
 
FCF $ (63.0 ) $ 2.3 $ 328.2 $ 348.1

Payments associated with Old Unitymedia’s pre-acquisition capital structure 10

12.9
FCF deficit of VTR Wireless   37.2     28.7     111.5     62.4  
Adjusted FCF $ (25.8 ) $ 31.0   $ 439.7   $ 423.4  
 

8 Excess tax benefits from stock-based compensation represent the excess of tax deductions over the related financial reporting stock-based compensation expense. The hypothetical cash flows associated with these excess tax benefits are reported as an increase to cash flows from financing activities and a corresponding decrease to cash flows from operating activities in our consolidated cash flow statements.

9 Represents costs paid during the period to third parties directly related to acquisitions.

10 Represents derivative payments on the pre-acquisition capital structure of Old Unitymedia during the post-acquisition period. These payments were reflected as a reduction of cash provided by operations in our condensed consolidated cash flow statements for the three and nine months ended September 30, 2011. Old Unitymedia’s pre-acquisition debt was repaid on March 2, 2010 with part of the proceeds of the debt incurred for the Unitymedia acquisition.

 

RGUs, Customers and Bundling 11

 

The following table provides information on the breakdown of our RGUs and customer base and highlights our customer bundling metrics at September 30, 2012, June 30, 2012 and September 30, 2011:

 
 

September 30, 2012

 

June 30, 2012

 

September 30, 2011

 

Q3’12 / Q2’12 (% Change)

 

Q3’12 / Q3’11 (% Change)

Total RGUs
Total Video RGUs 18,222,600 18,312,100 16,162,400 (0.5 %) 12.7 %
Total Broadband Internet RGUs 8,909,300 8,711,300 7,162,300 2.3 % 24.4 %
Total Telephony RGUs 7,003,400   6,792,200   5,193,700   3.1 % 34.8 %
Liberty Global Consolidated 34,135,300 33,815,600 28,518,400 0.9 % 19.7 %
 
Total Customers
UPC/Unity Division 16,191,200 16,214,400 13,743,000 (0.1 %) 17.8 %
Telenet 2,134,000 2,152,200 2,214,100 (0.8 %) (3.6 %)
VTR 1,129,500 1,121,100 1,099,600 0.7 % 2.7 %
Other 124,700   123,600   121,800   0.9 % 2.4 %
Liberty Global Consolidated 19,579,400 19,611,300 17,178,500 (0.2 %) 14.0 %
 
Total Single-Play Customers 10,820,100 11,033,900 10,117,700 (1.9 %) 6.9 %
Total Double-Play Customers 2,962,700 2,950,500 2,781,500 0.4 % 6.5 %
Total Triple-Play Customers 5,796,600 5,626,900 4,279,300 3.0 % 35.5 %
 
% Double-Play Customers
UPC/Unity Division 12.8 % 12.8 % 13.9 % (7.9 %)
Telenet 29.5 % 28.9 % 27.6 % 2.1 % 6.9 %
VTR 20.5 % 20.3 % 21.5 % 1.0 % (4.7 %)
Liberty Global Consolidated 15.1 % 15.0 % 16.2 % 0.7 % (6.8 %)
 
% Triple-Play Customers
UPC/Unity Division 27.1 % 26.2 % 21.7 % 3.4 % 24.9 %
Telenet 39.4 % 38.0 % 34.7 % 3.7 % 13.5 %
VTR 46.7 % 47.0 % 44.9 % (0.6 %) 4.0 %
Liberty Global Consolidated 29.6 % 28.7 % 24.9 % 3.1 % 18.9 %
 
RGUs per Customer Relationship
UPC/Unity Division 1.67 1.65 1.57 1.2 % 6.4 %
Telenet 2.08 2.05 1.97 1.5 % 5.6 %
VTR 2.14 2.14 2.11 1.4 %
Liberty Global Consolidated 1.74 1.72 1.66 1.2 % 4.8 %
 

11 The RGU, customer and bundling statistics reported for periods prior to January 1, 2012 have not been restated to reflect the January 1, 2012 change in our reporting of SOHO RGUs.

 

Consolidated Operating Data – September 30, 2012

        Video   Internet   Telephony

Homes Passed (1)

Two-way Homes Passed (2)

Customer Relationships (3)

Total RGUs (4)

Analog Cable Subscribers (5)

 

Digital Cable Subscribers (6)

 

DTH Subscribers (7)

 

MMDS Subscribers (8)

 

Total Video

Homes Serviceable (9)

 

Subscribers (10)

Homes Serviceable (11)

 

Subscribers (12)

 
UPC/Unity Division:
Germany 12,566,500 12,109,900 6,988,700 10,958,900 4,564,900 2,148,800 6,713,700 12,109,900 2,111,400 12,109,900 2,133,800

The Netherlands (13)

2,819,400 2,804,200 1,762,000 3,683,500 694,200 1,065,800 1,760,000 2,817,000 1,013,300 2,814,000 910,200

Switzerland (13)

2,120,900 1,840,600 1,544,100 2,494,700 922,000 584,800 1,506,800 2,308,100 585,700 2,308,100 402,200
Austria 1,262,300 1,262,300 701,100 1,357,900 177,400 327,400 504,800 1,262,300 479,100 1,262,300 374,000
Ireland 863,800 733,400 538,200 969,200 67,500 336,100 47,900 451,500 733,400 294,300 707,700 223,400
Total Western Europe 19,632,900 18,750,400 11,534,100 19,464,200 6,426,000 4,462,900 47,900 10,936,800 19,230,700 4,483,800 19,202,000 4,043,600
Poland 2,649,700 2,513,500 1,463,800 2,559,800 592,700 715,400 1,308,100 2,513,500 820,100 2,503,000 431,600
Romania 2,078,700 1,700,600 1,152,300 1,675,600 446,400 404,200 296,100 1,146,700 1,700,600 316,700 1,638,700 212,200
Hungary 1,518,500 1,502,500 1,019,300 1,722,800 320,500 313,800 232,000 866,300 1,502,500 477,500 1,504,900 379,000
Czech Republic 1,342,000 1,233,700 744,300 1,214,500 72,300 410,700 96,200 579,200 1,233,700 439,600 1,230,900 195,700
Slovakia 486,500 459,400 277,400 408,700 83,400 118,300 51,400 700 253,800 427,600 98,400 427,700 56,500
Total CEE 8,075,400 7,409,700 4,657,100 7,581,400 1,515,300 1,962,400 675,700 700 4,154,100 7,377,900 2,152,300 7,305,200 1,275,000
Total UPC/Unity. 27,708,300 26,160,100 16,191,200 27,045,600 7,941,300 6,425,300 675,700 48,600 15,090,900 26,608,600 6,636,100 26,507,200 5,318,600
 
Telenet (Belgium) 2,862,600 2,862,600 2,134,000 4,446,000 597,400 1,536,600 2,134,000 2,862,600 1,363,200 2,862,600 948,800
 
The Americas:
VTR (Chile) 2,819,600 2,278,400 1,129,500 2,416,600 172,600 744,700 917,300 2,278,400 819,100 2,269,700 680,200
Puerto Rico 353,800 353,800 124,700 227,100 80,400 80,400 353,800 90,900 353,800 55,800
Total The Americas 3,173,400 2,632,200 1,254,200 2,643,700 172,600 825,100 997,700 2,632,200 910,000 2,623,500 736,000
 
Grand Total 33,744,300 31,654,900 19,579,400 34,135,300 8,711,300 8,787,000 675,700 48,600 18,222,600 32,103,400 8,909,300 31,993,300 7,003,400
 
 

Subscriber Variance Table – September 30, 2012 vs. June 30, 2012

        Video   Internet   Telephony

Homes

Passed (1)

Two-way Homes

Passed (2)

Customer

Relationships (3)

Total

RGUs (4)

Analog Cable

Subscribers (5)

 

Digital Cable

Subscribers (6)

 

DTH

Subscribers (7)

 

MMDS

Subscribers (8)

  Total

Video

Homes

Serviceable (9)

 

Subscribers (10)

Homes

Serviceable (11)

 

Subscribers (12)

 
UPC/Unity Division:
Germany 14,600 11,400 1,900 157,200 (50,200 ) 24,300 (25,900 ) 11,400 94,500 11,400 88,600

The Netherlands (13)

3,100 3,300 (21,100 ) (3,200 ) (30,700 ) 9,400 (21,300 ) 3,300 9,500 3,300 8,600

Switzerland (13)

9,100 16,500 4,600 31,800 (16,600 ) 21,600 5,000 15,400 10,500 15,400 16,300
Austria 12,800 12,800 (1,600 ) 6,900 (8,200 ) 6,200 (2,000 ) 12,800 4,100 12,800 4,800
Ireland (1,400 ) 5,100   1,100   24,000   (4,800 ) 2,900   (2,600 ) (4,500 ) 5,100   10,900   7,500   17,600  
Total Western Europe 38,200   49,100   (15,100 ) 216,700   (110,500 ) 64,400   (2,600 ) (48,700 ) 48,000   129,500   50,400   135,900  
Poland 13,000 19,100 (15,000 ) 5,200 (46,000 ) 26,500 (19,500 ) 19,100 10,500 20,100 14,200
Romania 2,100 16,000 5,100 20,600 (18,600 ) 14,200 9,100 4,700 16,000 10,300 15,900 5,600
Hungary 4,200 3,800 6,100 31,900 (10,800 ) 8,500 6,000 3,700 3,800 8,700 3,800 19,500
Czech Republic 3,700 3,700 (4,100 ) (10,900 ) (2,400 ) (7,800 ) 5,600 (4,600 ) 3,700 (3,500 ) 3,700 (2,800 )
Slovakia 800   2,500   (200 ) 2,700   (5,600 ) 2,800   1,100   (1,700 ) 3,300   2,800   3,400   1,600  
Total CEE 23,800   45,100   (8,100 ) 49,500   (83,400 ) 44,200   21,800   (17,400 ) 45,900   28,800   46,900   38,100  
Total UPC/Unity 62,000   94,200   (23,200 ) 266,200   (193,900 ) 108,600   21,800 (2,600 ) (66,100 ) 93,900   158,300   97,300   174,000  
 
Telenet (Belgium) 6,300   6,300   (18,200 ) 34,400   (82,300 ) 64,100     (18,200 ) 6,300   24,000   6,300   28,600  
 
The Americas:
VTR (Chile) 29,300 65,800 8,400 13,900 (12,300 ) 6,500 (5,800 ) 65,800 14,000 66,200 5,700
Puerto Rico 300   300   1,100   5,200     600     600   300   1,700   300   2,900  
Total The Americas 29,600   66,100   9,500   19,100   (12,300 ) 7,100     (5,200 ) 66,100   15,700   66,500   8,600  
 
Grand Total 97,900   166,600   (31,900 ) 319,700   (288,500 ) 179,800   21,800 (2,600 ) (89,500 ) 166,300   198,000   170,100   211,200  
 
 
ORGANIC CHANGE SUMMARY:    
UPC/Unity (excl. Germany) 33,900 70,700 (25,100 ) 109,000 (143,700 ) 84,300 21,800 (2,600 ) (40,200 ) 70,400 63,800 73,800 85,400
Germany 14,600   33,300   1,900   157,200   (50,200 ) 24,300     (25,900 ) 33,300   94,500   33,300   88,600  
Total UPC/Unity 48,500   104,000   (23,200 ) 266,200   (193,900 ) 108,600   21,800 (2,600 ) (66,100 ) 103,700   158,300   107,100   174,000  
Telenet (Belgium) 6,300 6,300 (18,200 ) 34,400 (82,300 ) 64,100 (18,200 ) 6,300 24,000 6,300 28,600
The Americas 29,600   66,100   9,500   19,100   (12,300 ) 7,100     (5,200 ) 66,100   15,700   66,500   8,600  
Total Organic Change 84,400   176,400   (31,900 ) 319,700   (288,500 ) 179,800   21,800 (2,600 ) (89,500 ) 176,100   198,000   179,900   211,200  
 
 
Q3 2012 ADJUSTMENTS:
Germany adjustment (21,900 ) (21,900 ) (21,900 )
Austria adjustment 9,900 9,900 9,900 9,900
Poland adjustment 3,600   2,200               2,200     2,200    
Net Adjustments 13,500   (9,800 )             (9,800 )   (9,800 )  
 
Net Adds (Reductions) 97,900   166,600   (31,900 ) 319,700   (288,500 ) 179,800   21,800 (2,600 ) (89,500 ) 166,300   198,000   170,100   211,200  
 

Footnotes for Operating Data and Subscriber Variance Tables

(1) Homes Passed are homes, residential multiple dwelling units or commercial units that can be connected to our networks without materially extending the distribution plant, except for direct-to-home (“DTH”) and Multi-channel Multipoint (“microwave”) Distribution System (“MMDS”) homes. Our Homes Passed counts are based on census data that can change based on either revisions to the data or from new census results. We do not count homes passed for DTH. With respect to MMDS, one MMDS customer is equal to one Home Passed. Due to the fact that we do not own the partner networks (defined below) used in Switzerland and the Netherlands (see note 13) or the unbundled loop and shared access network used by one of our Austrian subsidiaries, UPC Austria GmbH (“Austria GmbH”), we do not report homes passed for Switzerland’s and the Netherlands’ partner networks or the unbundled loop and shared access network used by Austria GmbH.

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