Financial Performance - Net income attributable to common shareholders for Q1 2025 was $89.2 million, down from $94.5 million in Q1 2024, with diluted EPS decreasing to $0.39 from $0.42[5] - Adjusted FFO for Q1 2025 was $148.1 million, slightly up from $146.4 million in Q1 2024, maintaining FFO per diluted share at $0.64 for both periods[6] - Total revenues for Q1 2025 were $273.036 million, an increase of 4.0% from $261.406 million in Q1 2024[43] - Net income attributable to the company for Q1 2025 was $89.197 million, compared to $94.527 million in Q1 2024, reflecting a decrease of 5.0%[43] - Same-store rental income decreased by 0.8% to $220.912 million in Q1 2025 from $222.739 million in Q1 2024[45] - Basic earnings per share attributable to common shareholders for Q1 2025 was $0.39, down from $0.42 in Q1 2024[43] - FFO attributable to the Company's common shareholders and third-party OP unitholders increased to $148.149 million from $146.409 million, showing a growth of about 1.2%[49] - Earnings per share attributable to common shareholders remained stable at $0.39 for both basic and diluted shares, compared to $0.42 in the previous year[49] Revenue and Expenses - Total revenues increased by $11.6 million, while property operating expenses rose by $5.9 million compared to Q1 2024, primarily due to acquisitions and new developments[14] - Interest expense increased to $26.1 million in Q1 2025 from $22.9 million in Q1 2024, attributed to a higher average outstanding debt balance and increased interest rates[15] - Interest expense on loans increased to $26.100 million in Q1 2025, compared to $22.919 million in Q1 2024[43] - Real estate depreciation and amortization for real property increased to $56.689 million from $49.249 million, a rise of approximately 15.1%[49] Occupancy and Property Performance - Same-store NOI decreased by 0.8% year-over-year, driven by a 0.4% decline in revenues and a 0.6% increase in operating expenses[12] - Same-store occupancy averaged 89.5% during the quarter, ending at 89.7%[9] - Period end occupancy for same-store properties was 89.7%, down from 90.3% in the prior year[45] - The company reported a gross margin of 71.5% for same-store results, slightly down from 71.7% in the previous year[45] - The company experienced a 10.4% increase in other property-related income, rising to $10.498 million from $9.507 million year-over-year[45] Assets and Liabilities - Total assets increased to $6.740 billion as of March 31, 2025, up from $6.394 billion as of December 31, 2024[41] - Total liabilities increased to $3.817 billion as of March 31, 2025, compared to $3.440 billion as of December 31, 2024[41] Dividends and Shareholder Returns - The company declared a quarterly dividend of $0.52 per common share, paid on April 15, 2025[17] - Dividends per common share and unit increased to $0.52 from $0.51, reflecting a growth of approximately 2.0%[49] - The payout ratio of FFO rose to 81.3% from 79.7%, indicating a higher proportion of FFO being distributed as dividends[49] Shareholder Metrics - Weighted average diluted shares outstanding increased to 229,169 from 226,575, representing an increase of about 0.7%[49] - Weighted average basic shares outstanding increased to 228,663 from 225,767, reflecting an increase of about 1.1%[49] Future Estimates - The company estimates 2025 diluted EPS to be between $1.41 and $1.49, and adjusted FFO per share to be between $2.51 and $2.59[20] Acquisitions and Investments - The company acquired the remaining 80% interest in the HVP IV portfolio for $452.8 million, which included $44.4 million to repay existing indebtedness[7] - The company has two joint venture development properties under construction, with a total anticipated investment of $36.9 million, of which $18.5 million has been invested as of March 31, 2025[8] Noncontrolling Interests - Net income attributable to noncontrolling interests in the Operating Partnership decreased to $453,000 from $541,000, a decline of approximately 16.2%[49] - The Company's share of unconsolidated real estate ventures decreased to $1.810 million from $2.092 million, a decline of about 13.5%[49]

Revenue Performance - Revenue for the three months ended March 31, 2025, was $73.5 million, an increase of $9.0 million or 14% from $64.5 million in the same period of 2024[118]. - Revenue from precision diagnostics increased by $6.7 million, or 18%, from $37.4 million in Q1 2024 to $44.1 million in Q1 2025[119]. - Revenue from BioPharma services rose by $1.4 million, or 53%, from $2.7 million in Q1 2024 to $4.1 million in Q1 2025[119]. - Revenue from non-U.S. sources decreased by $1.0 million, or 15%, from $6.6 million in Q1 2024 to $5.6 million in Q1 2025[123]. - One customer accounted for $17.6 million, or 24%, of total revenue in Q1 2025, compared to $12.6 million, or 20%, in Q1 2024, indicating revenue concentration risk[122]. Profitability and Expenses - Gross profit increased by $6.2 million, or 28%, from $22.1 million in Q1 2024 to $28.3 million in Q1 2025, with gross margin improving from 34% to 39%[125]. - Cost of revenue increased by $2.7 million, or 7%, from $42.4 million in Q1 2024 to $45.1 million in Q1 2025, while the cost of revenue as a percentage of revenue decreased from 66% to 61%[124]. - Net loss attributable to Fulgent for Q1 2025 was $11.5 million, a decrease of $1.9 million or 14% from a net loss of $13.5 million in Q1 2024[118]. - Consolidated selling and marketing expenses decreased by $0.5 million, or 6%, from $9.0 million to $8.5 million for the same period[131]. - Consolidated general and administrative expenses increased by $3.8 million, or 18%, from $21.5 million to $25.3 million for the three months ended March 31, 2024, and 2025 respectively[132]. Research and Development - Research and development expenses totaled $12.4 million for Q1 2025, up $961,000 or 8% from $11.4 million in Q1 2024[126]. - Therapeutic development research and development expenses increased by $1.2 million, or 29%, from $4.1 million in Q1 2024 to $5.3 million in Q1 2025[128]. - Research and development expenses for the therapeutic development segment increased by $1.2 million, or 29%, from $4.1 million to $5.3 million for the three months ended March 31, 2024, and 2025 respectively[129]. - The company expects research and development expenses to continue increasing as clinical trials progress for FID-007, FID-022, and other preclinical studies[130]. Cash Flow and Financial Position - Cash used in operating activities was $(4.4) million for the three months ended March 31, 2025, compared to $7.3 million provided in the same period in 2024[143]. - Cash provided by investing activities was $27.7 million for the three months ended March 31, 2025, primarily from maturities of marketable securities[146]. - Cash used in financing activities was $11.2 million for the three months ended March 31, 2025, primarily related to stock repurchases[148]. - As of March 31, 2025, the company had $814.6 million in cash, cash equivalents, restricted cash, and marketable securities[138]. - The company repurchased 0.5 million shares of common stock at an aggregate cost of $7.9 million during the three months ended March 31, 2025[152]. Other Income - Other income, net, primarily comprised of interest income, was $8.0 million for the three months ended March 31, 2025, compared to $7.4 million for the same period in 2024[134].

Financial Performance - Global systemwide sales decreased 1.1% to $3.39 billion in the first quarter of 2025 compared to $3.45 billion in the first quarter of 2024[121] - Revenues decreased 2.1% to $523.5 million in the first quarter of 2025 compared to $534.8 million in the first quarter of 2024[121] - Global same-restaurant sales decreased 2.1%, with U.S. same-restaurant sales decreasing 2.8% and international same-restaurant sales increasing 2.3% compared to the first quarter of 2024[121] - Income before income taxes decreased 4.4% to $54.9 million in the first quarter of 2025 compared to $57.5 million in the first quarter of 2024[121] - Net income for the first quarter of 2025 was $39.2 million, down from $42.0 million in the first quarter of 2024[124] - Total revenues for the first quarter of 2025 were $523.5 million, a decrease of 2.4% from $534.8 million in 2024[125] Restaurant Operations - During the three months ended March 30, 2025, Wendy's added 68 net new restaurants across the system[122] - Company-operated restaurants comprised approximately 5% of the total Wendy's system as of March 30, 2025[110] - The total number of restaurants increased to 7,308 by the end of Q1 2025, with a net addition of 68 restaurants compared to the previous year[129] Sales and Margins - Global Company-operated restaurant margin was 14.3% in the first quarter of 2025, a decrease of 40 basis points compared to the first quarter of 2024[121] - U.S. same-restaurant sales for company-operated locations decreased by 1.2% in Q1 2025, compared to a decrease of 0.8% in Q1 2024[127] - The company-operated restaurant margin in the U.S. was $31.5 million, representing 14.8% of sales in Q1 2025, down from 15.3% in Q1 2024[131] Digital Sales - Digital sales increased from approximately 16.8% of global systemwide sales during the first quarter of 2024 to approximately 20.3% during the first quarter of 2025[120] Franchise and Royalties - Franchise royalty revenue and fees decreased to $145.1 million in the first quarter of 2025 from $146.6 million in the first quarter of 2024[124] - Franchise royalty revenue decreased by $4.0 million to $121.7 million in Q1 2025, primarily due to a 2.2% decrease in global franchise same-restaurant sales[132] Costs and Expenses - Total cost of sales as a percentage of sales increased to 85.7% in Q1 2025 from 85.3% in Q1 2024, driven by higher commodity costs and increased labor rates[136] - General and administrative expenses rose to $68.2 million in Q1 2025, up from $63.8 million in Q1 2024, primarily due to higher employee compensation[140] Other Financial Metrics - Advertising funds revenue decreased to $100.4 million in Q1 2025 from $104.9 million in Q1 2024, reflecting a net decrease in franchise same-restaurant sales[135] - The company recognized a net system optimization loss of $0.1 million in Q1 2025, consistent with the previous year[143] - Impairment of long-lived assets decreased to $1.4 million in Q1 2025 from $2.0 million in Q1 2024, attributed to lower impairment charges from certain underperforming restaurants[145] - Other operating income increased by $4.0 million to $6.3 million in Q1 2025, primarily due to a claim settlement[146] - Interest expense, net decreased by $1.0 million to $30.5 million in Q1 2025, attributed to lower interest income from amended leases[147] - The company recorded an investment loss of $1.7 million in Q1 2025 due to impairment charges on equity securities[148] Cash Flow and Financing - Cash provided by operating activities was $85.4 million in Q1 2025, down from $100.0 million in Q1 2024, primarily due to timing of marketing expense payments[165] - Cash used in financing activities rose to $179.3 million in Q1 2025, an increase of $106.7 million from Q1 2024, mainly due to higher stock repurchases[167] - The company had $389.0 million in cash, cash equivalents, and restricted cash as of March 30, 2025, with an additional $300.0 million available from a revolving financing facility[158] Tax and Share Repurchase - The effective tax rate increased to 28.6% in Q1 2025 from 26.9% in Q1 2024, influenced by adjustments related to deferred income taxes and state income taxes[150] - The company repurchased 8.2 million shares for $124.1 million under the stock repurchase program during Q1 2025, with $110.9 million remaining under the authorization[160]

Financial Performance - Diluted earnings per common share (EPS) were reported at $2.15, a decrease of 13.7% compared to $2.49 in Q1 2024[2]. - Adjusted diluted EPS was $2.23, down 6.3% from $2.38 in the same quarter last year[3]. - Net revenues for Q1 2025 were $1.76 billion, reflecting a 0.8% increase year-over-year but a 3.3% decrease from Q4 2024[8]. - Net income attributable to T. Rowe Price Group, Inc. for Q1 2025 was $490.5 million, down 14.5% from $573.8 million in Q1 2024[21]. - The adjusted net income for the same period was $509.3 million, with an adjusted diluted earnings per share of $2.23, compared to $548.5 million and $2.38 for the three months ended March 31, 2024[31]. Assets and Management - Total assets under management (AUM) decreased by $40.3 billion to $1.57 trillion as of March 31, 2025[4]. - The firm manages $1.57 trillion in assets under management as of March 31, 2025, with approximately two-thirds being retirement-related[17]. - The average AUM for the quarter was $1.62 trillion, up 9.2% from $1.48 trillion in Q1 2024[8]. - As of March 31, 2025, the firm's assets under administration were $280 billion, with $158 billion managed by the firm[6]. Client Activity - Net client outflows amounted to $8.6 billion during the quarter[3]. Operating Expenses - Total operating expenses for Q1 2025 were $1,167.6 million, an increase of 0.3% from Q1 2024 and a decrease of 7.0% from Q4 2024[10]. - Adjusted operating expenses for Q1 2025 were $1,135.1 million, reflecting a 5.9% increase from Q1 2024 and a 7.2% decrease from Q4 2024[10]. - Compensation, benefits, and related costs in Q1 2025 amounted to $657.9 million, up $28.6 million from Q1 2024, primarily due to higher salaries and employee benefits[10]. - Distribution and servicing costs in Q1 2025 were $93.6 million, an increase of 14.3% from Q1 2024, driven by higher average assets under management[10]. - Total operating income for the three months ended March 31, 2025, was $161.9 million, compared to $182.1 million for the same period in 2024[29]. Taxation - The effective income tax rate for Q1 2025 was 24.3%, compared to 23.5% in Q1 2024, primarily due to higher state taxes[13]. - The firm expects its effective tax rate for the full year 2025 to be in the range of 23.5% to 27.5% on a U.S. GAAP basis[14]. - The effective tax rate for the three months ended March 31, 2025, was 24.7%, slightly higher than 23.9% for the same period in 2024[30]. Non-Operating Income - Non-operating income for Q1 2025 was $70.7 million, a decrease of 62.6% from $188.9 million in Q1 2024[11]. - The total non-operating income (loss) for the three months ended March 31, 2025, was $70.7 million, compared to $188.9 million for the same period in 2024[29]. Cash and Investments - Cash and cash equivalents at the end of Q1 2025 were $2,836.7 million, an increase from $2,649.8 million at the end of 2024[23]. - Total assets as of March 31, 2025, were $13,993.7 million, up from $13,472.0 million at the end of 2024[23]. - The balance of investments in affiliated private investment funds decreased to $382.6 million in Q1 2025 from $514.3 million in Q1 2024[25]. - Non-controlling interests in consolidated entities decreased to $160.4 million in Q1 2025 from $205.4 million in Q1 2024[25]. Shareholder Returns - The firm returned $506 million to stockholders through dividends and stock repurchases during the quarter[3].

Revenue Performance - Liberty Global's Q1 2025 total consolidated revenue increased by 7.3% year-over-year to $1,171.2 million, while consolidated Liberty Telecom revenue decreased by 1.1% to $875.5 million[4]. - VMO2 reported revenue of $3,126.3 million, a decline of 4.8% year-over-year, while Adjusted EBITDA remained flat at $1,073.4 million[5]. - VodafoneZiggo's revenue decreased by 5.6% year-over-year to $1,052.0 million, with Adjusted EBITDA down 10.8% to $463.1 million[13]. - Telenet reported revenue of $759.7 million, a decrease of 0.4% YoY on a reported basis, but an increase of 2.7% on a rebased basis[21]. - Telenet confirmed a stable revenue outlook for FY 2024 at €2,851.4 million, with a low to mid-single digit decline in Adjusted EBITDAaL expected[24]. - Total revenue for the three months ended March 31, 2025, was £2,480.1 million, a decrease of 4.2% compared to £2,588.8 million in the same period of 2024[47]. - The company reported a total revenue of €999.1 million for the three months ended March 31, 2025, down 2.6% from €1,026.1 million in the same period of 2024[55]. - Telenet reported a total revenue of €721.2 million for the three months ended March 31, 2025, which is a 2.7% increase from €702.4 million in the same period of 2024[62]. Adjusted EBITDA - Adjusted EBITDA for Liberty Global increased by 14.7% year-over-year to $324.6 million, with Telenet's Adjusted EBITDA at $301.6 million, down 2.2%[4]. - VodafoneZiggo's Adjusted EBITDA for the three months ended March 31, 2025, was €323.8 million, an increase of 2.8% from €314.9 million in the same period of 2024[62]. - Adjusted EBITDA for Telenet was $301.6 million, down 2.2% YoY on a reported basis, but up 0.8% on a rebased basis[21]. - Adjusted EBITDA for the same period was £914.1 million, down 1.3% from £925.7 million year-over-year[47]. - Telenet's U.S. GAAP Adjusted EBITDA for Q1 2025 was €286.4 million, up from €284.1 million in Q1 2024[129]. - Telenet's IFRS Adjusted EBITDA increased to €323.8 million in Q1 2025 from €314.9 million in Q1 2024[129]. Cash Flow and Debt - Cash flows from operating activities for Telenet were $185.0 million, while cash flows from investing activities were -$198.9 million[21]. - The total principal amount of debt and finance leases for Telenet was $9.4 billion, with a blended cost of debt at 3.7%[30]. - As of March 31, 2025, total third-party debt and lease obligations amounted to £21,785.5 million, a decrease from £22,071.7 million as of December 31, 2024[51]. - The net carrying amount of third-party debt and lease obligations was £21,480.0 million as of March 31, 2025, compared to £20,934.9 million at the end of 2024[51]. - Telenet's total third-party debt and lease obligations were €7,165.0 million as of March 31, 2025, down from €7,307.9 million as of December 31, 2024, reflecting a decline of approximately 1.9%[64]. - The leverage ratio for net total debt to annualized adjusted EBITDA was 4.15x as of March 31, 2025[52]. - The average tenor of third-party debt, excluding vendor financing, was 5.0 years as of March 31, 2025[53]. - The leverage ratio for VodafoneZiggo was reported at 4.98x for net total debt to annualized adjusted EBITDA as of March 31, 2025[59]. Customer Metrics - Total mobile subscribers for the consolidated reportable segments reached 2,991,300, with a decrease of 15,500 subscribers compared to the previous quarter[39]. - Fixed-line customer relationships for VMO2 JV decreased by 46,000 quarter-over-quarter, totaling 5,790,100 as of March 31, 2025[46]. - Broadband subscribers for VMO2 JV decreased by 44,000 in the first quarter of 2025, totaling 5,694,900[46]. - The number of homes serviceable increased by 165,300 quarter-over-quarter, reaching 18,420,900 as of March 31, 2025[46]. - The monthly ARPU per fixed-line customer relationship increased to £47.00 from £46.25 year-over-year[46]. - Telenet's organic fixed-line customer relationship net losses were 10,200 for the year-over-year period ending March 31, 2025, an improvement from 17,100 losses in the previous year[72]. Strategic Initiatives - Liberty Global aims to realize $500-$750 million in asset disposals and is prioritizing scale-based investments, including a successful launch of Formula E[3]. - The fair market value of Liberty Global's portfolio increased to $3.3 billion, with the top seven investments comprising approximately 75% of the value[3]. - The company is focused on expanding its infrastructure and platforms to support digital transformation and innovation[82]. - Liberty Global's growth strategy includes investments in scalable businesses across technology, media, sports, and infrastructure sectors[83]. Shareholder Returns - Liberty Global's share repurchase program for 2025 allows for the repurchase of up to 10% of outstanding shares as of December 31, 2024[80]. Foreign Currency and Other Financial Metrics - Foreign currency transaction losses amounted to $1,226.1 million in Q1 2025, a significant increase from gains of $639.2 million in Q1 2024[141]. - The company reported an adjusted free cash flow of £(885.4) million for the three months ended March 31, 2025[47]. - Adjusted Free Cash Flow (Adjusted FCF) for the period includes net cash from operating activities and vendor financed expenses, with cash payments for capital expenditures at $0.8 million and $5.2 million for Q1 2025 and Q1 2024 respectively[96].

Revenue Performance - Liberty Global's Q1 2025 total consolidated revenue increased by 7.3% year-over-year to $1,171.2 million, while consolidated Liberty Telecom revenue decreased by 1.1% to $875.5 million[4]. - VMO2 reported revenue of $3,126.3 million, down 4.8% year-over-year, primarily due to lower construction revenue and handset sales, but offset by higher fixed ARPU and mobile service revenue[5]. - Telenet's revenue for Q1 2025 was $759.7 million, a slight decrease of 0.4% year-over-year, but showed a rebased increase of 2.7%[4]. - VodafoneZiggo's revenue decreased by 5.6% year-over-year to $1,052.0 million, impacted by a decline in the consumer fixed base and lower handset sales[13]. - Virgin Media Ireland's revenue was $115.8 million, down 5.9% YoY on a reported basis, primarily due to lower fixed and mobile revenue[28]. - Total revenue for the three months ended March 31, 2025, was £2,480.1 million, a decrease of 4.2% from £2,588.8 million in 2024[47]. - The company reported a total revenue of €999.1 million for the three months ended March 31, 2025, down 2.6% from €1,026.1 million in the same period of 2024[55]. - VodafoneZiggo's total revenue for the three months ended March 31, 2025, was €721.2 million, reflecting a 2.7% increase from €702.4 million in the same period of 2024[62]. - Telenet's total revenue for the three months ended March 31, 2025, was €110.0 million, down 2.9% from €113.3 million in the same period of 2024[73]. Adjusted EBITDA - Adjusted EBITDA for Liberty Global increased by 14.7% year-over-year to $324.6 million, with VMO2's Adjusted EBITDA remaining flat at $1,073.4 million[4][5]. - Adjusted EBITDA for Telenet was $301.6 million, down 2.2% YoY on a reported basis, but up 0.8% on a rebased basis[21]. - VodafoneZiggo revised its 2025 guidance, expecting a mid to high-single digit decline in Adjusted EBITDA growth, down from a low-single digit decline[17]. - Adjusted EBITDA for the same period was £914.1 million, down 1.3% from £925.7 million[47]. - Adjusted EBITDA decreased by 8.0% to €439.7 million for the three months ended March 31, 2025, compared to €478.1 million in 2024[55]. - Adjusted EBITDA for Telenet increased to €286.4 million in Q1 2025 from €284.1 million in Q1 2024, while IFRS Adjusted EBITDA rose from €314.9 million to €323.8 million[129]. Cash Flow and Debt - Liberty Global's cash flows from operating activities were negative at -$81.0 million, with cash flows from investing activities at -$692.0 million and financing activities at -$773.0 million[5]. - Cash flows from operating activities were $185.0 million, while cash flows from investing activities were -$198.9 million[21]. - Total principal amount of debt and finance leases stood at $9.4 billion, with a blended cost of debt at 3.7%[30]. - As of March 31, 2025, total third-party debt and lease obligations amounted to £21,785.5 million, a decrease from £22,071.7 million as of December 31, 2024[51]. - The net carrying amount of third-party debt and lease obligations was £21,480.0 million as of March 31, 2025, compared to £20,934.9 million at the end of 2024[51]. - As of March 31, 2025, VodafoneZiggo's total third-party debt and finance lease obligations amounted to €11,132.7 million, a decrease from €11,961.9 million as of December 31, 2024, representing a reduction of approximately 6.9%[56]. - The net carrying amount of third-party debt and finance lease obligations was €10,965.4 million as of March 31, 2025, compared to €11,187.7 million at the end of 2024, indicating a decrease of about 2.0%[56]. - Telenet's total third-party debt and lease obligations amounted to €7,165.0 million, a decrease from €7,307.9 million as of December 31, 2024, representing a reduction of approximately 1.9%[68]. Customer Metrics - Broadband net losses were 2,100, primarily due to elevated churn on the Telenet brand, partially offset by growth in BASE[24]. - Telenet reported 4,216,600 homes passed and 1,955,400 customer relationships, with a total of 4,111,900 RGUs[37]. - VM Ireland had 1,005,200 homes passed and 391,300 customer relationships, totaling 718,700 RGUs[37]. - Total consolidated reportable segments showed 5,221,800 homes passed and 2,346,700 customer relationships, with 4,830,600 RGUs[37]. - Telenet experienced a net loss of 43,900 RGUs in Q1 2025 compared to the previous quarter[39]. - VMO2 JV reported a significant loss of 286,500 RGUs in Q1 2025, while VodafoneZiggo JV lost 135,900 RGUs[39]. - The average monthly ARPU for fixed-line customers increased to £47.00 from £46.25[46]. - The average monthly ARPU per fixed-line customer relationship for Telenet was €60.98 in Q1 2025, down from €61.99 in Q1 2024, indicating a decrease of approximately 1.6%[72]. - The average monthly ARPU per fixed-line customer relationship increased to €63.31 in Q1 2025, up from €61.60 in Q1 2024, marking a growth of 2.8%[62]. Capital Expenditures - Property and equipment additions were $246.7 million, representing a 34.3% increase YoY on a reported basis[21]. - Total capital expenditures, including P&E additions, were €300.0 million for the three months ended March 31, 2025, representing a significant increase of 51.4% compared to €198.2 million in the same period of 2024[62]. - Total consolidated property and equipment additions for the three months ended March 31, 2025, were $285.6 million, compared to $221.0 million in the same period of 2024[91]. - Capital expenditures for the three months ended March 31, 2025, were $243.3 million, up from $206.1 million in 2024, representing an increase of 18%[91]. - U.S. GAAP P&E Additions for Telenet increased to €233.7 million in Q1 2025 from €169.7 million in 2024, while IFRS P&E Additions rose from €198.2 million to €300.0 million[129]. Strategic Initiatives - Liberty Global aims to realize $500-$750 million in asset disposals and is prioritizing scale-based investments, including a successful launch of Formula E[3]. - The fair market value of Liberty Global's portfolio increased to $3.3 billion, with the top seven investments comprising approximately 75% of the value[3]. - VMO2 confirmed growth in revenue and Adjusted EBITDA metrics for 2025, despite a competitive environment, and plans to acquire spectrum licenses from the VOD/3 merger[5][12]. - The company is focused on strategic management across three platforms: Liberty Telecom, Liberty Growth, and Liberty Services[81]. - Liberty Global's investments include stakes in approximately 70 companies across technology, media, sports, and infrastructure sectors[83]. - Telenet secured a 5-year €500.0 million standalone capex facility in February 2025 to support its roll-out ambitions for Wyre[69]. - Liberty Global's share buyback program for 2025 allows for the repurchase of up to 10% of outstanding shares as of December 31, 2024[80].

Financial Performance - Liberty Global's Q1 2025 total consolidated revenue increased by 7.3% year-over-year to $1,171.2 million, while consolidated Liberty Telecom revenue decreased by 1.1% to $875.5 million[4]. - Adjusted EBITDA for Liberty Global increased by 14.7% year-over-year to $324.6 million, with Telenet's Adjusted EBITDA at $301.6 million, down 2.2%[4]. - VMO2 reported revenue of $3,126.3 million, a decline of 4.8% year-over-year, while Adjusted EBITDA remained flat at $1,073.4 million[5]. - VodafoneZiggo's revenue decreased by 5.6% year-over-year to $1,052.0 million, with Adjusted EBITDA down 10.8% to $463.1 million[13]. - Telenet reported revenue of $759.7 million, a decrease of 0.4% YoY on a reported basis, but an increase of 2.7% on a rebased basis[21]. - Total revenue for the three months ended March 31, 2025, was £2,480.1 million, a decrease of 4.2% compared to £2,588.8 million in the same period of 2024[47]. - Adjusted EBITDA for the same period was £914.1 million, down 1.3% from £925.7 million year-over-year[47]. - The company reported a total revenue of €999.1 million for the three months ended March 31, 2025, down 2.6% from €1,026.1 million in the same period of 2024[55]. - Adjusted EBITDA for the same period was €439.7 million, reflecting an 8.0% decrease from €478.1 million year-over-year[55]. Customer Metrics - Telenet achieved a fixed ARPU growth of 1.6% year-over-year, demonstrating resilience in a competitive market[18]. - Total mobile subscribers for the VMO2 JV were 15,713,200, reflecting a quarterly loss of 122,800 subscribers, and a year-over-year loss of 226,800 subscribers[46]. - Fixed-line customer relationships for VMO2 JV decreased by 46,000 quarter-over-quarter, and by 34,700 year-over-year, totaling 5,790,100[46]. - Broadband subscribers for VMO2 JV were 5,694,900, with a quarterly loss of 44,000 and a year-over-year loss of 28,000[46]. - Telenet's organic fixed-line customer relationship net losses were 11,800 for the quarter ended March 31, 2025, an improvement from 14,900 losses in the previous quarter[61]. - Telenet's organic broadband net losses for the year-over-year period were 6,000 subscribers, compared to 12,900 in the previous year, showing an improvement in customer retention[72]. Debt and Financial Obligations - Telenet's total principal amount of debt and finance leases stood at $9.4 billion, with a blended cost of debt at 3.7%[30]. - As of March 31, 2025, total third-party debt and lease obligations amounted to £21,785.5 million, a decrease from £22,071.7 million as of December 31, 2024[51]. - The net carrying amount of third-party debt and lease obligations was £21,480.0 million as of March 31, 2025, compared to £20,934.9 million at the end of 2024[51]. - VodafoneZiggo's total third-party debt and finance lease obligations amounted to €11,132.7 million, a decrease from €11,961.9 million as of December 31, 2024, representing a reduction of approximately 6.9%[56]. - Telenet's total third-party debt and lease obligations were €7,165.0 million as of March 31, 2025, down from €7,307.9 million as of December 31, 2024, reflecting a decline of approximately 1.9%[64]. - The net total debt to annualized adjusted EBITDA ratio was 4.15x as of March 31, 2025[52]. - The net total debt to annualized adjusted EBITDA ratio for VodafoneZiggo was 4.98x as of March 31, 2025, indicating a stable leverage position[59]. Capital Expenditures and Investments - Liberty Global aims to realize $500-$750 million in asset disposals and is prioritizing scale-based investments, including a successful launch of Formula E[3]. - Total consolidated property and equipment additions for the three months ended March 31, 2025, were $285.6 million, compared to $221.0 million for the same period in 2024[91]. - Property and equipment additions as a percentage of revenue increased to 24.4% in Q1 2025 from 20.3% in Q1 2024[91]. - VodafoneZiggo's capital expenditures for the three months ended March 31, 2025, were €300.0 million, a significant increase of 51.4% compared to €198.2 million in the same period of 2024[62]. - Telenet secured a 5-year €500.0 million standalone capex facility for Wyre, priced at EURIBOR +2.75%, to support its roll-out ambitions[69]. Cash Flow and Liquidity - Cash flows from operating activities for Telenet were $185.0 million, while cash flows from investing activities were -$198.9 million[21]. - Liberty Global's liquidity includes cash and cash equivalents totaling $0.8 billion, representing maximum undrawn commitments under subsidiary borrowing facilities[93]. - The company reported an adjusted free cash flow of £(885.4) million for the three months ended March 31, 2025[47]. - Liberty Global's Adjusted FCF for Q1 2025 was $(141.2) million, an improvement from $(151.8) million in Q1 2024[137]. - U.S. GAAP Adjusted Free Cash Flow (FCF) decreased to £(923.1) million in Q1 2025 from £(763.2) million in Q1 2024[124]. - IFRS Adjusted FCF also declined to £(885.4) million in Q1 2025 compared to £(738.7) million in Q1 2024[124]. Market Position and Strategy - Liberty Global's fair market value of its portfolio increased to $3.3 billion, with the top seven investments comprising approximately 75% of the value[3]. - The company is focused on expanding its infrastructure and platforms to support digital transformation and innovation[82]. - Liberty Global's consolidated businesses include approximately 80 million connections across Europe, enhancing its market presence[82]. - The company is actively investing in scalable businesses across technology, media, sports, and infrastructure sectors[83]. - Liberty Global's share buyback program for 2025 allows for the repurchase of up to 10% of outstanding shares as of December 31, 2024[80]. Operational Challenges - Broadband net losses were 2,100, primarily due to elevated churn on the Telenet brand, partially offset by growth in BASE[24]. - VodafoneZiggo revised its 2025 guidance, expecting a mid to high-single digit decline in Adjusted EBITDA growth[17]. - The company experienced a 3.9% decline in total residential fixed revenue, which was £479.6 million for Q1 2025[55]. - The average tenor of third-party debt, excluding vendor financing, was 5.0 years as of March 31, 2025[53]. - The company reported an operating loss for the quarter of $44.7 million, an improvement from a loss of $81.2 million in the same quarter last year[141].

Customer Metrics - As of March 31, 2025, the company served 11,512,200 fixed-line customers and 44,212,600 mobile subscribers, with networks passing 29,056,700 homes[229]. - The average number of residential fixed customers decreased, contributing to a decline in subscription revenue[255]. Financial Performance - Earnings from continuing operations for Q1 2025 were $(1,323.3) million, compared to $634.5 million in Q1 2024[240]. - Total consolidated revenue increased by $79.9 million (7.3%) to $1,171.2 million in Q1 2025, driven by a $61.3 million (22.7%) increase in the "all other" category[243]. - Total consolidated Adjusted EBITDA for Q1 2025 was $324.6 million, an increase of 14.7% from $283.0 million in Q1 2024[250]. - The net loss for the company in Q1 2025 was $70.5 million, compared to a net loss of $13.6 million in Q1 2024[288]. - Other income, net, decreased to $19.4 million in Q1 2025 from $36.4 million in Q1 2024, primarily due to lower interest and dividend income[292]. Revenue Breakdown - Revenue from Telenet decreased by $2.9 million (0.4%) to $759.7 million in Q1 2025, while VM Ireland's revenue decreased by $7.2 million (5.9%) to $115.8 million[243]. - Total residential revenue decreased by $27.8 million or 4.7% during the same period, with a significant organic decrease of $9.0 million or 1.5%[255]. - VM Ireland experienced a total revenue decrease of $7.2 million, with a $6.4 million decrease in subscription revenue[247]. - B2B non-subscription revenue increased by $5.3 million or 5.3% on an organic basis, primarily due to growth at Telenet[256]. - Other revenue decreased by $10.7 million or 2.8% on an organic basis, mainly due to lower sales of CPE to joint ventures[257]. Cost and Expenses - The company is experiencing inflationary pressures on labor, programming, and other costs, which may negatively impact operating results and cash flows[231]. - Programming and copyright costs increased by $13.1 million or 8.7%, primarily due to higher content costs at Telenet[262]. - Personnel costs increased by $4.4 million or 7.6%, primarily due to higher average costs per employee at Telenet[265]. - SG&A expenses (excluding share-based compensation) increased by $26.6 million or 11.7% in Q1 2025 compared to Q1 2024, with an organic increase of $0.9 million or 0.3%[269]. - Depreciation and amortization expense rose to $232.2 million in Q1 2025, up from $222.7 million in Q1 2024, marking a $16.2 million or 7.3% increase[272]. Joint Ventures - The company has a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV, accounted for as equity method investments[236]. - The VMO2 JV reported a slight decrease in Adjusted EBITDA to $1,073.4 million in Q1 2025, while VodafoneZiggo JV's Adjusted EBITDA decreased by $55.9 million (10.8%) to $463.1 million[250]. - The VMO2 joint venture reported revenue of $3,126.3 million in Q1 2025, down from $3,282.8 million in Q1 2024[285]. - VMO2 JV's revenue decreased to $1,052.0 million in Q1 2025 from $1,114.0 million in Q1 2024, a decline of 5.6%[288]. Market Conditions - The competitive environment has adversely impacted revenue, customer numbers, and average monthly subscription revenue per fixed-line customer or mobile subscriber[230]. - The company noted competition across all markets, adversely affecting customer growth and ARPU[241]. - The company’s operations are subject to various risks, including regulatory changes, competition, and economic conditions in the countries of operation[222]. Foreign Exchange Impact - Changes in foreign currency exchange rates significantly impacted reported operating results, primarily due to exposure to the euro[234]. - Foreign currency transaction losses totaled $1,081.0 million in Q1 2025, compared to gains of $559.3 million in Q1 2024[281]. Capital Management - The company expects to maintain significant levels of interest expense due to its capital structure and debt management strategy[301]. - As of March 31, 2025, the consolidated debt amounted to $9.4 billion, with $1.1 billion classified as current and $3.0 billion not due until 2029 or later[323]. - The company maintained compliance with its debt covenants as of March 31, 2025, and does not anticipate any material adverse impacts on liquidity in the next 12 months[322]. Future Outlook - Future outlook includes a focus on improving customer retention and exploring new product offerings to enhance revenue streams[242]. - The company’s ability to service or refinance its debt is closely tied to maintaining or increasing Adjusted EBITDA across its subsidiaries[322].

Customer Metrics - As of March 31, 2025, the company served 11,512,200 fixed-line customers and 44,212,600 mobile subscribers, with networks passing 29,056,700 homes[229]. - The average number of residential fixed customers decreased, contributing to a decline in subscription revenue[255]. Financial Performance - Earnings from continuing operations for Q1 2025 were $(1,323.3) million, compared to $634.5 million in Q1 2024[240]. - Total consolidated Adjusted EBITDA for Q1 2025 was $324.6 million, an increase of 14.7% from $283.0 million in Q1 2024[250]. - Total consolidated revenue increased by $79.9 million (7.3%) to $1,171.2 million in Q1 2025, driven by a $61.3 million increase in the "all other" category[243]. - The net loss for the company in Q1 2025 was $70.5 million, compared to a net loss of $13.6 million in Q1 2024[288]. - Income tax benefit for Q1 2025 was $70.0 million, contrasting with an expense of $42.8 million in Q1 2024[293]. Revenue Breakdown - Revenue from Telenet decreased by $2.9 million (0.4%) to $759.7 million in Q1 2025, while VM Ireland's revenue decreased by $7.2 million (5.9%) to $115.8 million[243]. - Total residential revenue decreased by $27.8 million or 4.7% during the same period, with organic decreases primarily in mobile subscription and non-subscription revenues[255]. - VM Ireland experienced a total revenue decrease of $7.2 million, with a $6.4 million decrease in subscription revenue[247]. - The total organic increase in Telenet's residential fixed revenue was $5.5 million, while the impact of foreign exchange was a decrease of $23.3 million[245]. Joint Ventures - The company has a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV, accounted for as equity method investments[236]. - The VMO2 JV reported Adjusted EBITDA of $1,073.4 million, nearly unchanged from $1,073.6 million in Q1 2024[250]. - VodafoneZiggo JV's Adjusted EBITDA decreased by $55.9 million (10.8%) to $463.1 million in Q1 2025[250]. - VMO2 JV's revenue decreased to $1,052.0 million in Q1 2025 from $1,114.0 million in Q1 2024, a decline of approximately 5.6%[288]. - The share of results from affiliates showed a total loss of $148.0 million in Q1 2025, compared to a loss of $7.0 million in Q1 2024[285]. Costs and Expenses - The company is experiencing inflationary pressures on labor, programming, and other costs, which may negatively impact operating results and cash flows[231]. - Programming and other direct costs of services increased by $8.9 million or 2.3%, with an organic decrease of $33.5 million or 7.6% due to lower CPE sales[261]. - Other operating expenses (excluding share-based compensation) rose by $2.8 million or 1.5%, with an organic increase of $3.6 million or 1.9% driven by higher personnel costs[265]. - SG&A expenses were impacted by an increase in personnel costs of $4.4 million or 7.6%, primarily due to higher average costs per employee[265]. - Share-based compensation expense decreased to $30.5 million in Q1 2025 from $34.4 million in Q1 2024, a decline of $3.9 million or 11.3%[271]. Foreign Exchange Impact - Changes in foreign currency exchange rates significantly impacted reported operating results, primarily due to exposure to the euro[234]. - The company experienced a significant impact from foreign exchange, resulting in a $18.8 million decrease in residential revenue[255]. - Foreign currency transaction losses totaled $1,081.0 million in Q1 2025, compared to gains of $559.3 million in Q1 2024[281]. Capital Expenditures and Cash Flow - Capital expenditures for the three months ended March 31, 2025, totaled $243.3 million, up from $206.1 million in 2024, reflecting increased investments in new build and upgrade projects[328]. - The net cash provided by operating activities for the three months ended March 31, 2025, was $129.2 million, an increase of $37.9 million compared to $91.3 million in 2024[326]. - The company maintained compliance with its debt covenants as of March 31, 2025, and does not anticipate any material adverse impacts on liquidity in the next 12 months[322]. - Adjusted free cash flow for the three months ended March 31, 2025, was $(141.2) million, compared to $(151.8) million in 2024, indicating a slight improvement[332]. Debt and Interest - As of March 31, 2025, the consolidated debt amounted to $9.4 billion, with $1.1 billion classified as current and $3.0 billion not due until 2029 or thereafter[323]. - Interest expense decreased to $127.5 million in Q1 2025 from $145.5 million in Q1 2024, a reduction of $13.9 million or 9.6%[276]. - The company expects to maintain significant levels of interest expense due to its capital structure and debt management strategy[301].

Customer Metrics - As of March 31, 2025, the company served 11,512,200 fixed-line customers and 44,212,600 mobile subscribers, with networks passing 29,056,700 homes[229]. - The average number of residential fixed customers decreased, contributing to a decline in subscription revenue[255]. - VM Ireland experienced a total revenue decrease of $7.2 million, with a $6.4 million decrease in subscription revenue attributed to a decline in the average number of customers[247]. Financial Performance - Earnings from continuing operations for Q1 2025 were $(1,323.3) million, compared to $634.5 million in Q1 2024[240]. - Total consolidated revenue increased by $79.9 million (7.3%) to $1,171.2 million in Q1 2025, driven by a $61.3 million increase in the "all other" category[243]. - The net loss for the company in Q1 2025 was $70.5 million, compared to a net loss of $13.6 million in Q1 2024[288]. Adjusted EBITDA - Total consolidated Adjusted EBITDA for Q1 2025 was $324.6 million, an increase of 14.7% from $283.0 million in Q1 2024[250]. - Adjusted EBITDA margin for Telenet was 39.7% in Q1 2025, down from 40.4% in Q1 2024[251]. - Adjusted EBITDA for VMO2 JV fell to $463.1 million in Q1 2025 from $519.0 million in Q1 2024, representing a decrease of about 11.8%[288]. Revenue Changes - Revenue from Telenet decreased by $2.9 million (0.4%) to $759.7 million in Q1 2025, while VM Ireland's revenue decreased by $7.2 million (5.9%) to $115.8 million[243]. - Total residential revenue decreased by $27.8 million or 4.7% during the same period, with a significant organic decrease of $9.0 million or 1.5%[255]. - The VMO2 JV reported revenue of $3,126.3 million in Q1 2025, down from $3,282.8 million in Q1 2024[285]. Cost and Expenses - Personnel costs increased by $4.4 million or 7.6%, primarily due to higher average costs per employee at Telenet[265]. - SG&A expenses (excluding share-based compensation) increased by $26.6 million or 11.7% in Q1 2025 compared to Q1 2024, with an organic increase of $0.9 million or 0.3%[269]. - Depreciation and amortization expense rose to $232.2 million in Q1 2025, up from $222.7 million in Q1 2024, marking a 7.3% increase[272]. Foreign Exchange Impact - Changes in foreign currency exchange rates significantly impacted reported operating results, primarily due to exposure to the euro[234]. - The company’s exposure to foreign exchange risk was significant, particularly with the euro, as most revenue was derived from subsidiaries with euro as their functional currency[234]. - Foreign currency transaction losses amounted to $1,081.0 million in Q1 2025, compared to gains of $559.3 million in Q1 2024[281]. Joint Ventures - The company holds a 50% noncontrolling interest in both the VMO2 JV and the VodafoneZiggo JV, accounted for as equity method investments[236]. - VodafoneZiggo JV's Adjusted EBITDA decreased by $55.9 million (10.8%) to $463.1 million in Q1 2025[250]. - The VodafoneZiggo JV's revenue decreased by $62.0 million (5.6%) to $1,052.0 million in Q1 2025[243]. Shareholder Actions - The company repurchased shares totaling $38.8 million during Q1 2025, with authorization to repurchase up to 10% of outstanding shares[316]. - The company authorized a share repurchase program for 2025, allowing the repurchase of up to 10% of total outstanding shares as of December 31, 2024[316]. Cash Flow and Liquidity - Cash and cash equivalents totaled $1,982.6 million as of March 31, 2025, with $849.3 million held by unrestricted subsidiaries[305]. - For the three months ended March 31, 2025, net cash provided by operating activities increased to $129.2 million from $91.3 million in the same period of 2024, representing a change of $37.9 million[326]. - The company maintained compliance with its debt covenants as of March 31, 2025, and does not anticipate any material adverse impact on liquidity from non-compliance in the next 12 months[322].