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].

Exhibit 99.1 Fulgent Reports First Quarter 2025 Financial Results EL MONTE, CA, May 2, 2025 — Fulgent Genetics, Inc. (NASDAQ: FLGT) ("Fulgent," or the "Company"), a technology-based company with a well-established laboratory services business and a therapeutic development business, today announced financial results for its first quarter ended March 31, 2025. First Quarter 2025 Results: Note: 1) Core Revenue is revenue calculated in accordance with GAAP minus revenue from COVID-19 testing products and servic ...

Exhibit 99.1 THE WENDY'S COMPANY REPORTS FIRST QUARTER 2025 RESULTS Dublin, Ohio (May 2, 2025) - The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the first quarter ended March 30, 2025. "We continued to deliver for our customers during the first quarter. In the U.S. we held both traffic and dollar share in a challenging consumer environment, and in our International business we grew systemwide sales by 8.9%," said Kirk Tanner, President and Chief Executive Officer. "Importantly, we mad ...

Financial Performance - Q1 2025 revenue of $4.0 billion, up 7% year-over-year[6] - GAAP net loss attributable to Fluor of $241 million, impacted by $477 million in mark-to-market losses on NuScale investment[6] - Adjusted EBITDA of $155 million, up 76% year-over-year[6] - Adjusted net earnings for the three months ended March 31, 2025, were $125 million, with an adjusted EPS of $0.73, compared to $81 million and $0.47 in 2024[24] - The company reported a net loss attributable to Fluor of $(241) million for the three months ended March 31, 2025, compared to a net income of $59 million in 2024[24] - Net earnings excluding amounts attributable to equity method loss for the three months ended March 31, 2025, were $88 million, with an effective tax rate of 19%[22] - The effective tax rate attributable to equity method loss was also 19%[22] Awards and Backlog - New awards totaled $5.8 billion, down 17% year-over-year, with 87% being reimbursable[11] - Backlog decreased to $28.7 billion, down 12.3% year-over-year, with 79% being reimbursable[11] - Q1 revenue book to burn ratio of 1.5x, indicating strong project pipeline[5] Cash Flow and Capital Expenditures - Operating cash flow for the three months ended March 31, 2025, was $(286) million, compared to $(111) million in the same period of 2024[23] - Capital expenditures for the three months ended March 31, 2025, were $(11) million, down from $(34) million in 2024[23] - Cash and cash equivalents at the end of the period were $2,433 million, an increase from $2,335 million in the same period of 2024[23] Shareholder Returns - Accelerated share repurchases of $142 million in Q1, targeting $600 million for 2025[5] - The company repurchased $142 million of common stock during the three months ended March 31, 2025[23] Segment Performance - Urban Solutions segment reported a profit of $70 million, with revenue increasing to $2.2 billion[12] - Energy Solutions segment reported a profit of $47 million, with revenue decreasing to $1.2 billion[13]

Financial Performance - Net revenues for Q1 2025 were $357 million, a decrease of 26% compared to Q4 2024 but an increase of 4% year-over-year[10]. - Net income attributable to Piper Sandler Companies was $65 million, a decrease of 6% from Q4 2024 but an increase of 53% compared to Q1 2024[17]. - Earnings per diluted common share for Q1 2025 were $3.65, down 5% from Q4 2024 but up 50% year-over-year[17]. - Total revenues for Piper Sandler Companies in Q1 2025 were $358.554 million, a decrease of 26.1% from $485.384 million in Q4 2024[40]. - Net income attributable to Piper Sandler Companies for Q1 2025 was $64,915,000, a decrease of 6.6% from $69,059,000 in Q4 2024 and an increase of 52.8% from $42,493,000 in Q1 2024[43]. - Adjusted net income for Q1 2025 was $73.495 million, a decrease of 15.2% from $86.756 million in Q4 2024[41]. - Adjusted earnings per diluted common share for Q1 2025 was $4.09, down 14.8% from $4.80 in Q4 2024 but up 46.5% from $2.79 in Q1 2024[43]. Revenue Breakdown - Advisory services revenues reached $217 million, accounting for approximately 60% of net revenues, and grew 38% year-over-year[5]. - Investment banking revenues totaled $278.9 million, a decrease of 25% from Q4 2024 but an increase of 21% year-over-year[10]. - Institutional brokerage revenues were $99 million, down 15% from Q4 2024 but up 9% compared to Q1 2024[11]. - Adjusted total revenues for Q1 2025 were $384.592 million, down 23.1% from $499.860 million in Q4 2024[41]. Operating Metrics - The pre-tax margin for Q1 2025 was 8.2%, down from 17.0% in Q4 2024 and 15.3% in Q1 2024[15]. - Adjusted operating income for Q1 2025 was $68.5 million, down 44% from Q4 2024 but up 23% from Q1 2024, with an adjusted operating margin of 17.9%[25]. - The adjusted operating margin for Q1 2025 was 17.9%, down from 24.4% in Q4 2024[41]. - Adjusted operating expenses for Q1 2025 were $314.8 million, a decrease of 17% from Q4 2024 and an increase of 13% from Q1 2024[24]. Shareholder Returns - The company returned an aggregate of $151 million to shareholders in Q1 2025, including $81 million in share repurchases and $70 million in dividends[5]. - The company declared a quarterly cash dividend of $0.65 per share, to be paid on June 13, 2025, and paid a special cash dividend of $3.00 per share during Q1 2025, totaling $70.3 million[30]. - Approximately 266,000 shares were repurchased during Q1 2025 for $80.6 million at an average price of $303.05 per share[31]. Tax and Compensation - The effective tax rate for Q1 2025 was negative 24.9%, influenced by $25.4 million in tax benefits related to restricted stock awards[16]. - The adjusted effective tax rate for Q1 2025 was negative 7.2%, significantly lower than the 28.5% in Q4 2024[26]. - The compensation ratio for Q1 2025 was 69.5%, an increase from Q4 2024, primarily due to lower net revenues and increased investment loss attributable to noncontrolling interests[19]. - Compensation and benefits expenses for Q1 2025 were $248.457 million, down 21.4% from $316.004 million in Q4 2024[40]. Employee Metrics - Full-time employees as of March 31, 2025, were 1,801, a slight decrease from 1,805 in Q4 2024[32]. - The company hired several managing directors to expand its investment banking capabilities in energy, healthcare, and fixed income sectors[5]. Non-GAAP Measures - The company emphasizes that non-GAAP measures are presented to provide a meaningful basis for comparison of operating results across periods[46].