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Liberty Global (LBTYA) Cuts Q1 Loss, Misses on Revenues

Liberty Global Plc. LBTYA reported a first quarter of 2016 GAAP net loss of $369.1 million or 39 cents per share narrower than a net loss of $537.5 million or a loss of 61 cents per share in the year-ago quarter.

Meanwhile, quarterly total revenue of $4,588 million was up 1.6% year over year but short of the Zacks Consensus Estimate of $4,656 million.

Total segment operating cash flow in the reported quarter was $2,115.5 million, up 0.9% year over year. Quarterly operating income was $586.6 million, up 5.2% year over year. Operating expenses were $4,001.4 million, up 1.1% year over year.  

In the first quarter of 2016, Liberty Global generated $1,088.9 million of cash from operations compared with $1,373.9 million in the year-ago quarter. Free cash flow, in the reported quarter, was a negative $85 million compared with a positive $330 million in the prior-year quarter.

At the end of the first quarter of 2016, Liberty Global had $980.5 million of cash and cash equivalents and $48,077.4 million of outstanding debt on its balance sheet compared with $707.6 million and $43,400.6 million, respectively, at the end of 2015.

Subscriber Statistics

As of Mar 31, 2016, Liberty Global had 25.7205 million subscribers, which constitute 53.6442 million RGUs (revenue generating units). Of the total, 22.5803 million were video RGUs, 16.9455 million were broadband Internet RGUs and the remaining 14.1184 million were telephony RGUs. Moreover, the company had 6.8169 million mobile subscribers with a quarterly addition of 2.0299 million.   

Total Single-Play customer count was 9.5511 million, down 6.7% year over year. Total Double-Play subscriber count was 4.4152 million, up 5.8% year over year. Triple-Play customer base was over 11.7542 million, up 3.3% year over year.

During the reported quarter, Liberty Global added a total of 135,000 RGUs, including net gains of 153,000 and 124,000 subscribers for broadband Internet and telephony services, respectively. However, the company lost 142,000 video customers. In the reported quarter, Liberty Global added a net of 200,000 customers for its flagship Horizon TV-platform and 80,000 customers for the TiVo Inc. TIVO developed TV-platform.

Segment-wise Results

Total revenue at the European Operations division was $4,280.7 million, up 1.3% year over year. Within this segment, revenues from Western Europe reached $4,017 million, up 1.5% year over year. Revenues from Central and Eastern Europe came in at $266.1 million, down 0.8% year over year. Corporate and other revenues totaled $14.6 million, up 14.1%. year over year.

Zacks Rank & Stocks to Consider

Liberty Global currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the same space include Rogers Communications Inc. RCI, TiVo and DISH Network Corp. DISH. While Rogers and TiVo sport a Zacks Rank #1 (Strong Buy), DISH carries a Zacks Rank #2 (Buy).

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DISH NETWORK CP (DISH): Free Stock Analysis Report
 
LIBERTY GLBL-A (LBTYA): Free Stock Analysis Report
 
ROGERS COMM CLB (RCI): Free Stock Analysis Report
 
TIVO INC (TIVO): Free Stock Analysis Report
 
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