Liberty Global Ltd. (formerly Liberty Global plc) reported earnings from continuing operations of $1.9 billion for the year ended December 31, 2024, compared to a loss of $3.7 billion in 2023. This significant change is largely attributed to non-operating items, including a $191 million gain associated with the Formula E Acquisition completed on October 2, 2024, and a $243 million gain on the sale of All3Media in May 2024. The company's consolidated revenue increased by $226.1 million (5.5%) to $4.3 billion in 2024, with organic revenue growth reaching 4.6%. The increase in revenue was partially offset by a 1.7% decrease in consolidated Adjusted EBITDA, primarily due to increased programming and other direct costs of services.
Significant changes in Liberty Global's operations during 2024 included the acquisition of a controlling interest in Formula E and the spin-off of Sunrise Communications AG on November 8, 2024. The company also completed the acquisition of the remaining shares of Telenet Group Holding N.V. in October 2023, making it a wholly-owned subsidiary. Other key operational developments involved the continued rollout of the "ONE Connect" ecosystem, featuring the Connect Box and Intelligent WiFi, and the launch of a new subscription VoD service called "Flex" in the U.K. As of December 31, 2024, Liberty Global's continuing operations had approximately 5.8 million homes passed, 2.5 million fixed-line customers, and 3 million mobile subscribers.
The company's consolidated debt, including finance lease obligations, totaled $9.2 billion at the end of 2024, reflecting a highly leveraged capital structure. Liberty Global successfully repurchased $678.5 million of its own equity securities during 2024. The company's liquidity is dependent on the cash flows of its operating subsidiaries and joint ventures, subject to various restrictions imposed by debt instruments. The company's board of directors approved a new share repurchase program for 2025, authorizing the repurchase of up to 10% of outstanding shares, or approximately 34.9 million shares.
Liberty Global's financial performance was significantly impacted by foreign currency exchange rate fluctuations, particularly the euro against the U.S. dollar. The company uses derivative instruments to manage its exposure to foreign currency and interest rate risks. The company's outlook includes continued investment in network upgrades and expansion, focusing on fixed mobile convergence (FMC) services and the development of new products and services. The company also plans to continue its share repurchase program in 2025.
The company's 2024 financial statements include a critical audit matter related to the assessment of fair value for certain investments with unobservable inputs, highlighting the inherent subjectivity and complexity involved in these valuations. The company's risk factors include intense competition, rapid technological change, substantial leverage, regulatory risks, and geopolitical uncertainties. Liberty Global's operations are primarily outside the U.S., exposing it to various international risks, including currency fluctuations and political instability.
About Liberty Global Ltd.
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