Liberty Global Results Presentation Deck
REBASE INFORMATION
Rebase growth percentages, which are non-GAAP measures, are presented as a basis for assessing growth rates on a comparable basis. For purposes of calculating rebase growth rates on a comparable basis
for all businesses that we owned during 2023, we have adjusted our historical revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions for the three and six months ended June 30, 2022 to (i) include
the pre-acquisition revenue, Adjusted EBITDA and P&E additions to the same extent these entities are included in our results for the three and six months ended June 30, 2023, (ii) exclude from our rebased
amounts the revenue, Adjusted EBITDA and P&E additions of entities disposed of to the same extent these entities are excluded in our results for the three and six months ended June 30, 2023, (iii) include in our
rebased amounts the revenue and costs for the temporary elements of transitional and other services provided to iliad, Vodafone, Deutsche Telekom and M7 Group, to reflect amounts related to these services
equal to those included in our results for the three and six months ended June 30, 2023 and (iv) reflect the translation of our rebased amounts at the applicable average foreign currency exchange rates that were
used to translate our results for the three and six months ended June 30, 2023. We have reflected the revenue, Adjusted EBITDA and P&E additions of these acquired entities in our 2022 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 (a) any significant differences between
U.S. GAAP and local generally accepted accounting principles, (b) any significant effects of acquisition accounting adjustments, (c) any significant differences between our accounting policies and those of the
acquired entities and (d) other items we deem appropriate. We do not adjust pre-acquisition periods to eliminate nonrecurring 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, Adjusted EBITDA and Adjusted EBITDA less P&E Additions of these entities on a basis that is comparable to the corresponding post-acquisition amounts that are included in
our results or that the pre-acquisition financial statements we have relied upon do not contain undetected errors. In addition, the rebase growth percentages are not necessarily indicative of the revenue, Adjusted
EBITDA and Adjusted EBITDA less P&E Additions that would have occurred if these transactions had occurred on the dates assumed for purposes of calculating our rebased amounts or the revenue, Adjusted
EBITDA and Adjusted EBITDA less P&E Additions that will occur in the future. Investors should view rebase growth as a supplement to, and not a substitute for, U.S. GAAP measures of performance included in
our condensed consolidated statements of operations.
The following table provides adjustments made to the 2022 amounts (i) in aggregate for our consolidated reportable segments and (ii) for the non-consolidated VMO2 JV and VodafoneZiggo JV to derive our
rebased growth rates:
Three months ended June 30, 2022
Six months ended June 30, 2022
Consolidated Liberty Global:
Acquisitions & Dispositions (i).
Foreign Currency.
Total increase.
VMO2 JV (ii)
Acquisitions & Dispositions (iii)..
nexfibre construction revenue (iv)...
nexfibre construction P&E additions (iv).
Foreign Currency.
Total increase.
VodafoneZiggo JV (ii)
Foreign Currency.
$
$
$
S
$
$
Revenue
26.6
78.1
104.7 $
Adjusted EBITDA
165.8
7.6 $
$
$
(16.5)
156.9
$
$
24.5 $
(29.6) $
30.5
0.9 $
go
Adjusted EBITDA
less P&E
Additions
(10.6) S
18.4 $
$
42.3
50.1
11.9
$
in millions
(32.0) $
17.0
(15.0)
$
(10.6) S
18.4 S
147.7
42.7
198.2 $
S
Revenue
6.9 $
Adjusted EBITDA
71.2 $
29.9
101.1
$
(26.7) S
288.2 $
S
(333.1)
(71.6) $
(24.9) $
Adjusted EBITDA
less P&E
Additions
(32.0) S
13.4
(18.6) S
(259.8) S
30.8 $
$
(110.5)
(339.5) $
(11.8) $
(37.3)
10.2
(27.1)
(259.8)
30.8
257.3
(48.1)
(19.8)
(6.5)
(i)
In addition to our acquisitions and dispositions, these rebase adjustments include amounts related to agreements to provide transitional and other services to iliad, Vodafone, Deutsche Telekom and M7 Group. These
adjustments result in an equal amount of fees in both the 2023 and 2022 periods for those services that are deemed to be temporary in nature.
(ii)
Amounts reflect 100% of the adjustments made related to the VMO2 JV's and the VodafoneZiggo JV's revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions, which we do not consolidate, as we hold a 50%
noncontrolling interest in the VMO2 JV and the VodafoneZiggo JV.
(iii)
Amounts for the YTD period relate to the exclusion of certain handset securitization transactions in Q1 2022, including approximately £32 million ($44 million at the applicable rate) of revenue and £174 million ($233 million
at the applicable rate) of Adjusted EBITDA related to restructuring of the legacy 02 securitization structure.
(iv)
Amounts relate to the VMO2 JV's construction agreement with the nexfibre JV. Amounts exclude adjustments for other service-related benefits attributable to the overall agreement between the VMO2 JV and the nexfibre
JV.
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