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v3.21.1

Segment Reporting (Tables) | 3 Months Ended
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Mar. 31, 2021
Segment Reporting, Measurement Disclosures [Abstract] |
Performance Measures of our Reportable Segments | The amounts presented below represent 100% of each of our reportable segment’s revenue and Adjusted EBITDA. As we have the ability to control Telenet, we consolidate 100% of Telenet’s revenue and expenses in our condensed consolidated statements of operations despite the fact that third parties own a significant interest. The noncontrolling owners’ interests in the operating results of Telenet and other less significant majority-owned subsidiaries are reflected in net earnings or loss attributable to noncontrolling interests in our condensed consolidated statements of operations. Similarly, despite only holding a 50% noncontrolling interest in the VodafoneZiggo JV, we present 100% of its revenue and Adjusted EBITDA in the tables below. Our share of the VodafoneZiggo JV’s operating results is included in share of results of affiliates, net, in our condensed consolidated statements of operations.
|  |  |  |  | Revenue
|  |  | Three months ended March 31,
|  |  |  |  | 2021 |  | 2020
|  |  |  |  | in millions
U.K./Ireland |  |  |  |  | $ | 1,770.7 |  |  | $ | 1,620.6 |
Belgium |  |  |  |  | 772.7 |  |  | 718.1 |
Switzerland |  |  |  |  | 841.8 |  |  | 316.8 |
Central and Eastern Europe |  |  |  |  | 128.6 |  |  | 119.1 |
Central and Corporate |  |  |  |  | 102.7 |  |  | 101.2 |
Intersegment eliminations |  |  |  |  | (1.2) |  |  | — |
Total |  |  |  |  | $ | 3,615.3 |  |  | $ | 2,875.8 |
VodafoneZiggo JV |  |  |  |  | $ | 1,217.0 |  |  | $ | 1,097.1 |
|  |  |  |  | Adjusted EBITDA
|  |  | Three months ended March 31,
|  |  |  |  | 2021 |  | 2020
|  |  |  |  | in millions
U.K./Ireland |  |  |  |  | $ | 692.6 |  |  | $ | 655.4 |
Belgium |  |  |  |  | 371.8 |  |  | 331.6 |
Switzerland |  |  |  |  | 281.6 |  |  | 134.1 |
Central and Eastern Europe |  |  |  |  | 57.0 |  |  | 54.3 |
Central and Corporate |  |  |  |  | (35.7) |  |  | (25.1) |
Total |  |  |  |  | $ | 1,367.3 |  |  | $ | 1,150.3 |
VodafoneZiggo JV |  |  |  |  | $ | 565.2 |  |  | $ | 502.8 |
The following table provides a reconciliation of net earnings to Adjusted EBITDA:
|  |  | Three months ended March 31,
|  |  |  |  | 2021 |  | 2020
|  |  |  |  | in millions
Net earnings |  |  |  |  | $ | 1,440.3 |  |  | $ | 1,017.7 |
Income tax expense |  |  |  |  | 170.5 |  |  | 80.1 |
Other income, net |  |  |  |  | (10.1) |  |  | (52.4) |
Share of results of affiliates, net |  |  |  |  | (1.7) |  |  | (33.4) |
Losses on debt extinguishment, net |  |  |  |  | — |  |  | 54.5 |
Realized and unrealized losses (gains) due to changes in fair values of certain investments and debt, net |  |  |  |  | (194.6) |  |  | 529.8 |
Foreign currency transaction gains, net |  |  |  |  | (303.1) |  |  | (391.7) |
Realized and unrealized gains on derivative instruments, net |  |  |  |  | (811.1) |  |  | (1,237.3) |
Interest expense |  |  |  |  | 335.1 |  |  | 313.3 |
Operating income |  |  |  |  | 625.3 |  |  | 280.6 |
Impairment, restructuring and other operating items, net |  |  |  |  | 44.4 |  |  | 31.0 |
Depreciation and amortization |  |  |  |  | 634.2 |  |  | 783.5 |
Share-based compensation expense |  |  |  |  | 63.4 |  |  | 55.2 |
Adjusted EBITDA |  |  |  |  | $ | 1,367.3 |  |  | $ | 1,150.3 |
Property and Equipment Additions of our Reportable Segments | The property and equipment additions of our reportable segments (including capital additions financed under vendor financing or finance lease arrangements) are presented below and reconciled to the capital expenditure amounts included in our condensed consolidated statements of cash flows. For additional information concerning capital additions financed under vendor financing and finance lease arrangements, see notes 8 and 10, respectively.
| Three months ended March 31,
| 2021 |  | 2020
| in millions
U.K./Ireland | $ | 351.4 |  |  | $ | 346.6 |
Belgium | 153.4 |  |  | 141.6 |
Switzerland | 154.2 |  |  | 69.2 |
Central and Eastern Europe | 17.6 |  |  | 18.9 |
Central and Corporate (a) | 70.0 |  |  | 78.1 |
Total property and equipment additions | 746.6 |  |  | 654.4 |
Assets acquired under capital-related vendor financing arrangements | (328.2) |  |  | (370.9) |
Assets acquired under finance leases | (9.7) |  |  | (11.1) |
Changes in current liabilities related to capital expenditures | 67.1 |  |  | 75.4 |
Total capital expenditures, net | $ | 475.8 |  |  | $ | 347.8 |
Property and equipment additions - VodafoneZiggo JV | $ | 234.5 |  |  | $ | 245.4 |
_______________ (a)Includes (i) property and equipment additions representing centrally-owned assets that benefit our operating segments and (ii) the net impact of certain centrally-procured network equipment that is ultimately transferred to our operating segments.
Revenue by Major Category | Our revenue by major category for our consolidated reportable segments is set forth below:
|  |  | Three months ended March 31,
|  |  |  |  | 2021 |  | 2020
|  |  |  |  | in millions
Residential revenue: |  |  |  |  |  |  |
Residential cable revenue (a): |  |  |  |  |  |  |
Subscription revenue (b): |  |  |  |  |  |  |
Broadband internet |  |  |  |  | $ | 926.8 |  |  | $ | 796.8 |
Video |  |  |  |  | 745.1 |  |  | 683.1 |
Fixed-line telephony |  |  |  |  | 357.2 |  |  | 338.2 |
Total subscription revenue |  |  |  |  | 2,029.1 |  |  | 1,818.1 |
Non-subscription revenue |  |  |  |  | 56.7 |  |  | 53.0 |
Total residential cable revenue |  |  |  |  | 2,085.8 |  |  | 1,871.1 |
Residential mobile revenue (c): |  |  |  |  |  |  |
Subscription revenue (b) |  |  |  |  | 481.3 |  |  | 235.9 |
Non-subscription revenue |  |  |  |  | 280.4 |  |  | 145.3 |
Total residential mobile revenue |  |  |  |  | 761.7 |  |  | 381.2 |
Total residential revenue |  |  |  |  | 2,847.5 |  |  | 2,252.3 |
B2B revenue (d): |  |  |  |  |  |  |
Subscription revenue |  |  |  |  | 147.9 |  |  | 124.6 |
Non-subscription revenue |  |  |  |  | 456.3 |  |  | 349.5 |
Total B2B revenue |  |  |  |  | 604.2 |  |  | 474.1 |
Other revenue (e) |  |  |  |  | 163.6 |  |  | 149.4 |
Total |  |  |  |  | $ | 3,615.3 |  |  | $ | 2,875.8 |
_______________ (a)Residential cable subscription revenue includes amounts received from subscribers for ongoing services and the recognition of deferred installation revenue over the associated contract period. Residential cable non-subscription revenue includes, among other items, channel carriage fees, late fees and revenue from the sale of equipment. (b)Residential subscription revenue from subscribers who purchase bundled services at a discounted rate is generally allocated proportionally to each service based on the standalone price for each individual service. As a result, changes in the standalone pricing of our cable and mobile products or the composition of bundles can contribute to changes in our product revenue categories from period to period. (c)Residential mobile subscription revenue includes amounts received from subscribers for ongoing services. Residential mobile non-subscription revenue includes, among other items, interconnect revenue and revenue from sales of mobile handsets and other devices. (d)B2B subscription revenue represents revenue from services to certain small or home office (SOHO) subscribers. SOHO subscribers pay a premium price to receive expanded service levels along with broadband internet, video, fixed-line telephony or mobile services that are the same or similar to the mass marketed products offered to our residential subscribers. B2B non-subscription revenue includes (i) revenue from business broadband internet, video, fixed-line telephony, mobile and data services offered to medium to large enterprises and, on a wholesale basis, to other operators and (ii) revenue from long-term leases of portions of our network. (e)Other revenue includes, among other items, (i) broadcasting revenue in Belgium and Ireland, (ii) revenue earned from the JV Services and the sale of customer premises equipment to the VodafoneZiggo JV and (iii) revenue earned from transitional and other services provided to various third parties.
Geographic Segments | The revenue of our geographic segments is set forth below:
|  |  | Three months ended March 31,
|  |  |  |  | 2021 |  | 2020
|  |  |  |  | in millions
U.K. |  |  |  |  | $ | 1,635.0 |  |  | $ | 1,496.4 |
Belgium |  |  |  |  | 772.7 |  |  | 718.1 |
Switzerland |  |  |  |  | 841.8 |  |  | 316.8 |
Ireland |  |  |  |  | 135.7 |  |  | 124.2 |
Poland |  |  |  |  | 115.6 |  |  | 106.7 |
Slovakia |  |  |  |  | 13.0 |  |  | 12.4 |
Other, including intersegment eliminations |  |  |  |  | 101.5 |  |  | 101.2 |
Total |  |  |  |  | $ | 3,615.3 |  |  | $ | 2,875.8 |
VodafoneZiggo JV (the Netherlands) |  |  |  |  | $ | 1,217.0 |  |  | $ | 1,097.1 |

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