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Liberty Global PLC (LBTYK) Q3 2019 Earnings Call Transcript

First, we're tracking the guidance in particular free cash flow and as we've discussed all year, that's a function in part of resetting our capital intensity levels with P&E additions down considerably we've reported 40% rebased OFCF growth, if you include Switzerland 80% if you don't, year-to-date. Operationally Virgin subscriber growth and financial results continue to be impacted by competition and the macro picture, I think we foreshadowed that all year long, and I've got a slide on Virgin coming up. So let me turn to Switzerland briefly, I'm sure you all followed recent developments on our transaction to sell our business there. All 3 countries experienced fixed RGU losses in the quarter, but very positive in strong mobile postpaid net adds. And while each operation is reporting flat to down revenue growth, they are either delivering or projecting significant operating free cash flow margins and growth. On our guidance basis, free cash flow for the quarter was in line with our expectations at minus $16 million. And remember, Q3 and Q1 are where we make our semiannual interest payments and we expect more meaningful interest costs in Q4.

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