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Liberty Global Reports Q3 & YTD Results

Stocks in this article: LBTYA LBTYB LBTYK

Liberty Global plc (“Liberty Global” or the “Company”) (NASDAQ: LBTYA, LBTYB and LBTYK), today announces financial and operating results for the three months (“Q3”) and nine months (“YTD”) ended September 30, 2013. Some of the information below concerning Virgin Media relates to periods prior to our ownership of the business. Highlights for the 2013 periods as compared to the same periods for 2012 (unless noted) include:

  • Organic RGU 1 additions of 878,000 YTD, including 314,000 in Q3 2013
  • Combined 2 YTD rebased 3 growth of 4% for revenue and 5% for Operating Cash Flow 4
  • Combined Adjusted FCF 5 increased 24% to $968 million YTD, including $208 million in Q3
  • Share buybacks of nearly $500 million in Q3 and $1.0 billion through October 2013

Liberty Global's President and CEO Mike Fries commented, “The third quarter results that we issued today reflect the first full quarter with Virgin Media in our consolidated figures. Adjusting to include their results for the full nine-month period, YTD combined revenue and OCF were $13.1 billion and $5.8 billion, respectively, reflecting rebased revenue growth of 4% and OCF growth of 5%. Meanwhile, our combined Adjusted Free Cash Flow increased 24% to $968 million for the nine months ended September 30, 2013.”

“These results were driven by the continued appeal of our market-leading bundles, featuring the most advanced video and broadband services available. We’ve added over 870,000 subscribers YTD, with Q3 additions of 314,000 representing a 64% sequential increase over our second quarter RGU additions. In the U.K., penetration of our TiVo product is approaching 50%, while Horizon TV has been launched in four European markets, most recently in Germany and Ireland. On the broadband front, we’ve been substantially increasing maximum download speeds above 200 Mbps in many markets, and at the same time refocusing the feature bundles in most of our fall campaigns to include broadband tiers of at least 100 Mbps."

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