BusinessWire

Liberty Global Reports Q3 2020 Results

Sunrise acquisition in Switzerland expected to close mid-November1

U.K. joint venture with Telefonica's O2 proceeding on track2

Best customer and broadband additions in over three years

Continued success of convergence strategy; FMC penetration now 25%

New $1 billion buyback authorization announced

DENVER, Colorado--(BUSINESS WIRE)--Liberty Global plc today announced Q3 2020 financial results. Our former operations in Austria, Germany, Hungary, Romania and the Czech Republic, along with our DTH business (collectively, the "Discontinued Operations") are presented as discontinued operations for the three and nine months ended September 30, 2019. Unless otherwise indicated, the information in this release relates only to our continuing operations. Effective with our Q2 2020 financial results we stopped using the term Operating Cash Flow ("OCF") and replaced it with "Adjusted EBITDA". As we define the term, Adjusted EBITDA has the same meaning as OCF had previously, and therefore does not impact any previously reported amounts.

CEO Mike Fries stated, "As the COVID-19 pandemic has altered the way we all work and live, our fiber-rich networks continue to deliver seamless connectivity that has never been more crucial. During the quarter we continued to see strong demand for our high-speed connectivity products, adding 37,000 new customer relationships and over 70,000 broadband subscribers, our best quarterly result in over three years. The combination of our market-leading broadband speeds, next-generation video platforms and attractive mobile offerings drove our performance.

In addition to solid fixed-line trends, our strategy of driving fixed-mobile convergence ("FMC") continues to pay off. During Q3, we added 127,000 post-paid mobile subscribers, which represents our best quarterly performance of 2020. At the end of September, our blended FMC penetration increased to 25%, including 23% at Virgin Media and UPC Switzerland. After completion of our pending mobile transactions in each of these markets, we believe both businesses can grow convergence toward the mid-40% levels over time, similar to our current FMC penetration in Belgium and the Netherlands.

In the U.K., we are making progress with regulators on our joint venture with Telefonica's O2 and continue to expect a mid-2021 completion. Our acquisition of Sunrise in Switzerland is now set to close mid-November after over 96% of shares were tendered and the deal was approved by Swiss regulators.

Our financial results were modestly impacted by the pandemic during the quarter. Rebased3 revenue declined 1% year-over-year, a result which included approximately $40 million in low margin COVID-19 related factors. And as expected, our rebased Adjusted EBITDA declined 5% in the period, including 3% and 10% contractions at Virgin Media and UPC Switzerland, respectively. Meanwhile, our capital intensity continues to decline and is now below 20% excluding our Project Lightning new build program in the U.K., which helped drive a $440 million year-over-year improvement in FCF.

Despite continued uncertainty regarding the medium-term impact from COVID-19, we are reaffirming all of our original, full-year guidance metrics. Our balance sheet remains in great shape with over $9 billion of total liquidity4, an average tenor5 exceeding 7 years and a fully-swapped borrowing cost of 4.1% for the Full Company6. And we continued to be active purchasers of our own shares, having bought back $1 billion in stock this year through October. Also, our Board of Directors has authorized a new $1 billion share repurchase plan."

Q3 Highlights

  • Q3 reported revenue increased 4.0%; rebased3 revenue decreased 1.3% to $2,954.5 million
  • Q3 loss from continuing operations increased 266% YoY to $973.6 million
  • Q3 Adjusted EBITDA7 decreased 0.2% on a reported basis and 5.0% rebased to $1,209.2 million
  • Q3 property & equipment additions were 22.3% of revenue as compared to 23.2% in Q3 2019
  • Built 158,000 new premises during Q3, including 125,000 in the U.K. & Ireland
  • Solid balance sheet with $9.3 billion of liquidity4 for the Full Company6
    • Comprised of $3.8 billion of cash, $3.0 billion of investments held under separately managed accounts (SMAs) and $2.5 billion of unused borrowing capacity8
  • Gross and net leverage9 of 5.4x and 4.0x, respectively, on a Full Company basis
  • Fully-swapped borrowing cost of 4.1% on debt balance of $27.6 billion for the Full Company
  • Repurchased $1 billion of stock through the end of October

Liberty Global (continuing operations)

 

Q3 2020

 

Q3 2019

 

YoY
Change
(reported)

 

YoY
Change
(rebased)

 

YTD 2020

 

YoY
Change
(reported)

 

 

 

 

 

 

 

 

 

 

 

 

 

Customers

 

 

 

 

 

 

 

 

 

 

 

 

Organic Customer Additions (Losses)

 

36,500

 

 

(18,100

)

 

301.7

%

 

 

 

25,300

 

 

152.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial (in millions, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

2,954.5

 

 

$

2,840.9

 

 

4.0

%

 

(1.3

%)

 

$

8,553.2

 

 

(0.1

%)

Earnings (loss) from continuing operations

 

$

(973.6

)

 

$

587.2

 

 

(265.8

%)

 

 

 

$

(459.7

)

 

(675.2

%)

Adjusted EBITDA

 

$

1,209.2

 

 

$

1,211.7

 

 

(0.2

%)

 

(5.0

%)

 

$

3,548.0

 

 

(1.1

%)

P&E additions

 

$

657.7

 

 

$

658.8

 

 

(0.2

%)

 

 

 

$

1,900.1

 

 

(6.9

%)

OFCF

 

$

551.5

 

 

$

552.9

 

 

(0.3

%)

 

(5.3

%)

 

$

1,647.9

 

 

6.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash provided by operating activities

 

$

1,100.4

 

 

$

591.7

 

 

86.0

%

 

 

 

$

2,692.3

 

 

 

Cash provided (used) by investing activities

 

$

(538.1

)

 

$

10,492.0

 

 

105.1

%

 

 

 

$

(4,172.5

)

 

 

Cash provided (used) by financing activities

 

$

2,069.5

 

 

$

(4,839.4

)

 

142.8

%

 

 

 

$

348.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted FCF(i)

 

$

403.0

 

 

$

(37.7

)

 

1,169.0

%

 

 

 

 

 

 

(i) Adjusted FCF for the three months ended September 30, 2019 is presented on a pro forma basis, which gives pro forma effect to certain adjustments to our recurring cash flows that we have or expect to realize following the disposition of the Discontinued Operations. For additional details, see the information and reconciliation included within the Glossary.

Customer Growth

 

 

Three months ended

 

Nine months ended

 

 

September 30,

 

September 30,

 

 

2020

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

 

Organic customer net additions (losses) by market

 

 

 

 

 

 

 

 

U.K./Ireland

 

37,300

 

 

(3,400

)

 

60,100

 

 

16,500

 

Belgium

 

(3,100

)

 

(12,600

)

 

(13,500

)

 

(36,000

)

Switzerland

 

(6,300

)

 

(9,200

)

 

(39,100

)

 

(50,900

)

CEE (Poland and Slovakia)

 

8,600

 

 

7,100

 

 

17,800

 

 

22,000

 

Total

 

36,500

 

 

(18,100

)

 

25,300

 

 

(48,400

)

  • Customer Relationships: During Q3 we gained 37,000 customer relationships, as compared to a loss of 18,000 in the prior-year period, representing our best quarterly performance since Q1 2017
  • U.K./Ireland: Virgin Media gained 37,000 customer relationships in Q3, as compared to a loss of 3,000 in Q3 2019, as superior broadband speeds and a continued focus on improving NPS resulted in lower churn which contributed to our best fixed-line customer gain since Q3 2017
  • Belgium: Telenet lost 3,000 customer relationships in Q3, which was an improvement compared to a loss of 13,000 in Q3 2019, primarily driven by successful quad-play bundles
  • Switzerland: Customer attrition of 6,000 in Q3 was a year-over-year improvement compared to a loss of 9,000 in Q3 2019, as commercial momentum improved but was still adversely impacted by competitive market conditions
  • CEE (Poland and Slovakia): CEE added 9,000 customer relationships in Q3 2020 and 7,000 in Q3 2019, driven by growth in new build areas

Revenue Highlights

The following table presents (i) revenue of each of our consolidated reportable segments for the comparative periods and (ii) the percentage change from period to period on both a reported and rebased basis:

 

 

Three months ended

 

Increase/(decrease)

 

Nine months ended

 

Increase/(decrease)

 

 

September 30,

 

 

September 30,

 

Revenue

 

2020

 

2019

 

Reported %

 

Rebased %

 

2020

 

2019

 

Reported %

 

Rebased %

 

 

in millions, except % amounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.K./Ireland

 

$

1,669.5

 

 

$

1,579.9

 

 

5.7

 

 

0.7

 

 

$

4,821.9

 

 

$

4,885.2

 

 

(1.3

)

 

(1.2

)

Belgium

 

746.6

 

 

721.9

 

 

3.4

 

 

(1.3

)

 

2,147.2

 

 

2,147.0

 

 

 

 

(2.3

)

Switzerland

 

315.0

 

 

311.7

 

 

1.1

 

 

(5.8

)

 

930.9

 

 

942.7

 

 

(1.3

)

 

(5.7

)

CEE

 

124.2

 

 

117.2

 

 

6.0

 

 

3.2

 

 

359.5

 

 

355.4

 

 

1.2

 

 

3.6

 

Central and Corporate

 

101.9

 

 

110.5

 

 

(7.8

)

 

(18.7

)

 

296.8

 

 

231.4

 

 

28.3

 

 

(5.5

)

Intersegment eliminations

 

(2.7

)

 

(0.3

)

 

N.M.

 

N.M.

 

(3.1

)

 

(2.4

)

 

N.M.

 

N.M.

Total

 

$

2,954.5

 

 

$

2,840.9

 

 

4.0

 

 

(1.3

)

 

$

8,553.2

 

 

$

8,559.3

 

 

(0.1

)

 

(2.0

)

______________________________

N.M. - Not Meaningful

  • Reported revenue for the three and nine months ended September 30, 2020 increased (decreased) 4.0% and (0.1%) YoY, respectively
  • Rebased revenue declined 1.3% in Q3 and 2.0% YTD, including:
    • For the YTD period, an unfavorable decrease of approximately $28 million in U.K./Ireland associated with the loss of exclusive programming content due to the COVID-19 pandemic, including (i) credits that were given to certain customers and (ii) the estimated impact of certain customers canceling their premium sports subscriptions
    • A favorable impact of $20.3 million related to the release of deferred handset revenue related to the sale of handset receivables. Corresponding expenses were incurred resulting in a neutral impact on Adjusted EBITDA
    • For the YTD period, an unfavorable impact of $5.3 million related to revenue recognized by Virgin Media in the second quarter of 2019 in connection with the sale of rights to future commission payments on customer handset insurance arrangements

Q3 2020 Rebased Revenue Growth - Segment Highlights

  • U.K./Ireland: Rebased revenue increased 0.7% YoY in Q3 due to higher B2B wholesale revenue and the aforementioned revenue benefit in mobile. These factors were only partially offset by a COVID-related decline in advertising revenue in our broadcast business in Ireland. Cable revenue was almost flat reflecting the net effect of (i) an increase in our fixed-line customer base and (ii) COVID-related impacts to Q3 ARPU from lower premium and PPV video revenue and the effect of postponing our U.K. price rise
  • Belgium: Rebased revenue declined 1.3% YoY in Q3 driven by the net effect of (i) lower interconnect revenue, (ii) a decline in advertising and production revenue at De Vijver Media and (iii) higher B2B growth
  • Switzerland: Rebased revenue declined 5.8% YoY in Q3, primarily due to the net effect of (i) lower consumer subscription revenue as a result of customer volume losses and ARPU pressure and (ii) an increase in mobile revenue driven by an increase in subscribers
  • CEE (Poland and Slovakia): Rebased revenue grew 3.2% YoY in Q3, primarily due to an increase in residential cable subscription revenue driven by new build areas and growth in B2B
  • Central and Corporate: Rebased revenue decreased 18.7% YoY in Q3, primarily due to lower CPE sales to the VodafoneZiggo JV

Earnings (loss) from Continuing Operations

  • Earnings (loss) from continuing operations was ($973.6 million) and $587.2 million for the three months ended September 30, 2020 and 2019, respectively, and ($459.7 million) and ($59.3 million) for the nine months ended September 30, 2020 and 2019, respectively
  • The changes in our earnings (loss) from continuing operations are primarily due to the net effect of (i) changes in foreign currency transaction gains (losses), net, (ii) decreases in depreciation and amortization, (iii) changes in realized and unrealized gains (losses) on derivative instruments, net, (iv) changes in realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net, and (v) decreases in Adjusted EBITDA, as further described below

Adjusted EBITDA Highlights

The following table presents (i) Adjusted EBITDA(*) of each of our consolidated reportable segments for the comparative periods and (ii) the percentage change from period to period on both a reported and rebased basis:

 

 

Three months ended

 

Increase/(decrease)

 

Nine months ended

 

Increase/(decrease)

 

 

September 30,

 

 

September 30,

 

Adjusted EBITDA

 

2020

 

2019

 

Reported %

 

Rebased %

 

2020

 

2019

 

Reported %

 

Rebased %

 

 

in millions, except % amounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.K./Ireland

 

$

665.0

 

 

$

657.8

 

 

1.1

 

 

(3.4

)

 

$

1,975.3

 

 

$

2,037.5

 

 

(3.1

)

 

(2.8

)

Belgium

 

367.4

 

 

358.6

 

 

2.5

 

 

(2.2

)

 

1,053.1

 

 

1,047.0

 

 

0.6

 

 

0.7

 

Switzerland

 

154.4

 

 

160.2

 

 

(3.6

)

 

(9.9

)

 

439.4

 

 

476.3

 

 

(7.7

)

 

(11.9

)

CEE

 

54.0

 

 

54.6

 

 

(1.1

)

 

(4.0

)

 

161.0

 

 

162.4

 

 

(0.9

)

 

1.6

 

Central and Corporate

 

(31.6

)

 

(19.2

)

 

(64.6

)

 

(79.3

)

 

(80.8

)

 

(138.6

)

 

41.7

 

 

(15.4

)

Intersegment eliminations

 

 

 

(0.3

)

 

N.M.

 

N.M.

 

 

 

1.1

 

 

N.M.

 

N.M.

Total

 

$

1,209.2

 

 

$

1,211.7

 

 

(0.2

)

 

(5.0

)

 

$

3,548.0

 

 

$

3,585.7

 

 

(1.1

)

 

(3.1

)

______________________________

N.M. - Not Meaningful

(*) Consolidated Adjusted EBITDA is a non-GAAP measure, which we believe is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to readily view operating trends from a consolidated view. Investors should view consolidated Adjusted EBITDA as a supplement to, and not a substitute for, earnings or loss from continuing operations and other U.S. GAAP measures of performance. For additional information on our Adjusted EBITDA measure, including a reconciliation to earnings (loss) from continuing operations, see the Glossary.

  • Reported Adjusted EBITDA for the three and nine months ended September 30, 2020 decreased 0.2% and 1.1% YoY, respectively
  • Rebased Adjusted EBITDA declined 5.0% and 3.1% for the three and nine months ended September 30, 2020, respectively, including:
    • The aforementioned impacts of certain revenue items, as discussed in the "Revenue Highlights" section above
    • The following current year impacts:
      • Lower costs of $17.2 million and $46.1 million in U.K./Ireland related to aggregate credits or rebates received during the second and third quarters of 2020 in connection with the loss of exclusive programming content due to the COVID-19 pandemic, which generally offset the adverse revenue impacts in U.K./Ireland resulting from the COVID-19 pandemic
      • Unfavorable network tax increases of $2.2 million and $16.6 million for Q3 and YTD, respectively, following an increase in the rateable value of our U.K. networks, which is being phased in over a six-year period ending in 2022
      • Unfavorable higher costs in U.K./Ireland associated with a $15.9 million charge recorded in Q3 in connection with the reassessment of certain items related to prior years
      • Lower call center costs in U.K./Ireland primarily due to lockdowns during the second and third quarters of 2020 associated with the COVID-19 pandemic, which prevented certain outsourced contract services from being performed
    • The following 2019 impacts:
      • For the YTD period, lower severance costs in U.K./Ireland of $6.3 million associated with revisions to our operating model and a decrease in FTEs
      • For the YTD period, a favorable decrease in personnel costs in Central and Corporate related to a $5.0 million cash bonus in Q2 2019 associated with the renewal of an existing executive employment contract on similar terms

Q3 2020 Rebased Adjusted EBITDA - Segment Highlights

  • U.K./Ireland: Rebased Adjusted EBITDA declined 3.4% YoY in Q3 due to the impact from the following nonrecurring items: (i) higher costs related to the aforementioned charges resulting from the reassessment of certain prior-year items and (ii) pre-merger integration costs. Excluding these items, Adjusted EBITDA was relatively flat
  • Belgium: Rebased Adjusted EBITDA decreased 2.2% YoY in Q3, primarily due to the aforementioned revenue decline, which was partially offset by (i) lower interconnect and roaming expenses and (ii) lower costs related to outsourced labor and professional services, including staff-related expenses and other indirect costs
  • Switzerland: Rebased Adjusted EBITDA declined 9.9% YoY in Q3, mainly due to the aforementioned loss of residential cable subscription revenue, partially offset by lower programming costs
  • CEE (Poland and Slovakia): Rebased Adjusted EBITDA decreased 4.0% YoY in Q3, largely driven by an increase in programming and commercial spend

OFCF Highlights

The following table presents (i) OFCF of each of our consolidated reportable segments for the comparative periods and (ii) the percentage change from period to period on both a reported and rebased basis:

 

 

Three months ended

 

Increase/(decrease)

 

Nine months ended

 

Increase/(decrease)

 

 

September 30,

 

 

September 30,

 

OFCF

 

2020

 

2019

 

Reported %

 

Rebased %

 

2020

 

2019

 

Reported %

 

Rebased %

 

 

in millions, except % amounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.K./Ireland

 

$

304.7

 

 

$

296.0

 

 

2.9

 

 

(1.4

)

 

$

945.6

 

 

$

909.0

 

 

4.0

 

 

4.4

 

Belgium

 

244.2

 

 

242.1

 

 

0.9

 

 

(3.6

)

 

678.0

 

 

655.4

 

 

3.4

 

 

3.5

 

Switzerland

 

96.4

 

 

88.9

 

 

8.4

 

 

1.4

 

 

257.6

 

 

269.1

 

 

(4.3

)

 

(8.7

)

CEE

 

24.5

 

 

29.8

 

 

(17.8

)

 

(20.2

)

 

91.7

 

 

96.2

 

 

(4.7

)

 

(1.7

)

Central and Corporate

 

(118.3

)

 

(103.6

)

 

(14.2

)

 

(13.7

)

 

(325.0

)

 

(385.2

)

 

15.6

 

 

(3.4

)

Intersegment eliminations

 

 

 

(0.3

)

 

N.M.

 

N.M.

 

 

 

1.1

 

 

N.M.

 

N.M.

Total

 

$

551.5

 

 

$

552.9

 

 

(0.3

)

 

(5.3

)

 

$

1,647.9

 

 

$

1,545.6

 

 

6.6

 

 

1.9

 

______________________________

N.M. - Not Meaningful

Net Earnings (Loss) Attributable to Liberty Global Shareholders

  • Net earnings (loss) attributable to Liberty Global shareholders was ($1,023.1 million) and $12,847.9 million for the three months ended September 30, 2020 and 2019, respectively, and ($597.5 million) and $12,907.9 million for the nine months ended September 30, 2020 and 2019, respectively

Leverage and Liquidity

  • Total principal amount of debt and finance leases: $27.6 billion for the Full Company
  • Leverage ratios9: At September 30, 2020, our adjusted gross and net leverage ratios were 5.4x and 4.0x, respectively, on a Full Company basis
  • Average debt tenor5: Over 7 years, with ~78% not due until 2026 or thereafter on a Full Company basis
  • Borrowing costs: Blended, fully-swapped cost of debt was 4.1% for the Full Company
  • Liquidity4: $9.3 billion on a Full Company basis, including (i) $3.8 billion of cash at September 30, 2020, (ii) $3.0 billion of investments held under SMAs and (iii) $2.5 billion of aggregate unused borrowing capacity8 under our credit facilities

Forward-Looking Statements and Disclaimer

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to our strategies, future growth prospects and opportunities; expectations with respect to the announced transactions in the U.K. and Switzerland, including related regulatory matters and anticipated timing of completion, as well as anticipated benefits thereof including FMC convergence; expectations with respect to the continued success of our convergence strategy; expectations regarding our financial performance, including Rebased Adjusted EBITDA, Rebased OFCF and Adjusted FCF; expectations with respect to our share repurchase plan; the strength of our balance sheet, tenor of our third-party debt and anticipated borrowing capacity; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include events that are outside of our control, such as the continued use by subscribers and potential subscribers of our and our affiliates’ services and their willingness to upgrade to our more advanced offerings; our and our affiliates’ ability to meet challenges from competition, to manage rapid technological change or to maintain or increase rates to subscribers or to pass through increased costs to subscribers; the potential impact of the outbreak of COVID-19 on our company; the effects of changes in laws or regulation; the effects of the U.K.'s exit from the E.U.; general economic factors; our and our affiliates’ ability to obtain regulatory approval and satisfy regulatory conditions associated with acquisitions and dispositions; our and affiliates’ ability to successfully acquire and integrate new businesses and realize anticipated efficiencies from acquired businesses; the availability of attractive programming for our and our affiliates’ video services and the costs associated with such programming; our and our affiliates’ ability to achieve forecasted financial and operating targets; the outcome of any pending or threatened litigation; the ability of our operating companies and affiliates to access cash of their respective subsidiaries; the impact of our operating companies' and affiliates’ future financial performance, or market conditions generally, on the availability, terms and deployment of capital; fluctuations in currency exchange and interest rates; the ability of suppliers, vendors and contractors to timely deliver quality products, equipment, software, services and access; our and our affiliates’ ability to adequately forecast and plan future network requirements including the costs and benefits associated with network expansions; and other factors detailed from time to time in our filings with the Securities and Exchange Commission, including our most recently filed Forms 10-Q and Form 10-K/A. These forward-looking statements speak only as of the date of this release. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Share Repurchase Program

As announced today, our Board of Directors has authorized a new $1 billion share repurchase program. Under the program, Liberty Global may acquire from time to time its Class A ordinary shares, Class C ordinary shares, or any combination of Class A and Class C ordinary shares. The program may be effected through open market transactions and/or privately negotiated transactions, which may include derivative transactions. The timing of the repurchase of shares pursuant to the program will depend on a variety of factors, including market conditions and applicable law. The program may be implemented in conjunction with brokers for the Company and other financial institutions with whom the Company has relationships within certain pre-set parameters and purchases may continue during closed periods in accordance with applicable restrictions. The program may be suspended or discontinued at any time.

About Liberty Global

Liberty Global (NASDAQ: LBTYA, LBTYB and LBTYK) is one of the world’s leading converged video, broadband and communications companies, with operations in six European countries under the consumer brands Virgin Media, Telenet and UPC. We invest in the infrastructure and digital platforms that empower our customers to make the most of the digital revolution. Our substantial scale and commitment to innovation enable us to develop market-leading products delivered through next-generation networks that connect 11 million customers subscribing to 25 million TV, broadband internet and telephony services. We also serve 7 million mobile subscribers and offer WiFi service through millions of access points across our footprint.

In addition, Liberty Global owns 50% of VodafoneZiggo, a joint venture in the Netherlands with 4 million customers subscribing to 10 million fixed-line and 5 million mobile services, as well as significant investments in ITV, All3Media, ITI Neovision, Lionsgate, the Formula E racing series and several regional sports networks.


Contacts

Investor Relations
Max Adkins +44 78 1795 9705
John Rea +1 303 220 4238

Corporate Communications
Molly Bruce +1 303 220 4202
Matt Beake +44 20 8483 6428


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