Earnings call transcript Q4 2022

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Operator

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Liberty Global Fourth Quarter 2022 Investor Call. This call and the associated webcast are the property of Liberty Global and any redistribution, retransmission or rebroadcast of this call or webcast in any form without the express written consent Liberty Global is strictly prohibited.

At this time, all participants are in listen-only mode. Today's formal presentation materials can be found underneath the Investor Relations section of Liberty Global's website at libertyglobal.com. instructions given presentation, session. a formal today's will for be question-and-answer After

statements The or Commission, the of any two the Act Today's forward-looking to its Global's forward-looking detailed details the of forward-looking presentation the change Safe include include with such risks results XX-Q These from reflect fact. recent forward-looking filings any Page its or to expectations involve those differ slides statement certain XX-K regarding XXXX, of respect outlook these of company's Global Liberty prospects as including its actual including future materially is of growth implied expressed historical to company's amended. by Liberty other which in in forms Litigation Private are Exchange the information these not could Securities Harbor statements. filed statement statements may risks within Reform meaning with most statements. expectations the that disclaims cause and in and to and statements conditions that any and Securities any based. and update those obligation statements

like now Fries. the call to over to Mike turn would I

proceed. now You may

Mike Fries

call. Okay. for our Welcome, I well. joining everyone, doing hope year-end and all results you're thanks

I'll As as that, respond then bring I prepared to in we'll who usual, we key be questions. remarks and ready for have my and will get your manage some that Charlie And right will needed. to leaders

they information quite time. this working as We're do bit a off slides, good of usually contain we and

at in access some front assume of those you them So we'll you'll you've point. got or

but keep with more year-end our it us, information call, we'll this than warning, a a to Just bit so crisp. try is bear usual, there's

quarter by a our they that in with some of on and each team year. start And extremely operating year. slide the challenging begin I how executed businesses I'm saying through proud I'll my have to the of for highlights full three for

living better, getting across a region. thought rising customers And record in things Ukraine, costs, just Europe that were energy war of with really was when we crisis cost impacted hit and the inflation

these we But our metrics cash at hit forecast by and companies big a ago beat exceeded level XX the guidance despite Liberty all distributable guidance that our using million, headwinds, we FMC year flow $XXX for and Global for we established operating FX. or that's

this we were with external So a to that but on year uncertainty, still third is the public our row in deliver targets. managed faced

market, across Black not yet, operation synergies additions EBITDA strong And by board delivered perhaps financial postpaid Second, surprisingly, for us growth OX broadband and a adjustments with and very in adds. net and quarter fueled and every a QX convergence Media price the our by their figures, supported result offerings best delivered positive Virgin was largest and campaigns. double-digit we Friday

both then And innovation and in BXB, and to third, in broadly, a product these and with just revenue moment. growth network headwinds important BXC more continue addressing mobile. into our steady consistent topics benefit three which I'll smart of most as are broadband from we're we and businesses actively dig importantly, fixed our And segments, in

slides on our we year. I'll this a or the allocation we in than $X.X clear to guided of XXXX, fourth, to, XX% how framework total least and forward. then maintained see approach we more of another expand shares And bought we're And XX% on allocation. at we've billion a outstanding. back stock capital capital for a bit And going track In consistent XX% few a

generate year XG XXXX. flow billion expect in and the digital. we let our I'll cash finally, in to then, another just I'll but Charlie details despite guidance, continued investment And of highlight in that This $X.X cover upfront distributable fiber

positioned to for we'll as So and we're shareholders well forward. operationally us moving discuss a for drive a and value financially year moment strong in

Slide observation positive Opco's quick market the FMC fourth quarters. that over X schedule postpaid in mobile last first One for the is broadband Trends standard and adds five large every five Connectivity is experienced years four the net showing our time quarter. for our in over

left The which delivered VMOX, of and growth speed despite quarters living adds, postpaid broadband straight sequential and together both shows the intense U.K. top has Broadband garnered three upgrades share competition cost drove from of we did an national the the the bundle net gross with in By of in ago. broadband adds year. and year again even we BT our a best way momentum outperformed Volt of higher quarter strong than our we pressures

postpaid in trading strong is top an continues X%. it the pickup well, at to end especially churn of brand OX always what with mobile. market QX very And also below net well the adds important sector-leading the in saw for period perform

Now also with had Sunrise quarter fourth strong postpaid in broadband and Switzerland a XX,XXX adds.

offers related delivered two was we broadband strong on gigabit the Switzerland after Importantly, of in quarters into experienced last particularly and continued to performance, Black put really we Netflix new churn by mid-year market. given migration the UPC focus year. brand flagged a higher positive losses we bundle one good growth, Friday period This we've a helped a the that

nine Black its SwissSki's postpaid, in in QX adds Ziggo to a delivered After is season Friday now brand Sprinters sponsorship losses start quarters that which net and Sunrise delivered with strong Ski refresh Ziggo Vodafone of by and Now by interestingly Sunrise XX,XXX another great is supported quarter broadband underway. in-part, campaigns. supported X,XXX the fully the our off adds

lost churn, remains quarter. the at price of highly incidentally Look you at service quality KPN market Dutch now and than in important competitive becoming subs more look the When broadband with customer fiber.

the across It's mobile. some January our higher strong pricing in brand, interesting which adds than accounts, with adds of Telenet postpaid were it's of in largely finally from also KPN base the by T-Mobile broadband by the negatively impacted postpaid solid but periods loss and prior Vodafone postpaid took quarter. corporate were and up Ziggo's then performance mobile some execution supported added that And were and adds still XX,XXX X%. XX,XXX consistent bundles markets and broadband was steady, so, their really all in

across chart Opco's by standard and segment. also us, the is X revenue down growth FMC revenue for showing a broken then main slide becoming four And

So there's here. five takeaways key

you stable total with First, the revenue remained positive each resilient trends across revenue to broadly that Opco, look group. for see growth at FMC you'll if the

on and rate As But ARPUs impacted you you're only and move that's video you'll pressure lose what's revenue that consumer RGUs down we fixed well in losses whole crisis. continue negative, cost see as living consistently X%. while aware in to the of the our U.S. of now as XX% of negative negative interestingly, well of happening chart video to something is during however, X% And mix a about video is at as a voice by third this revenue. subs from

spend on moment I'll addressing Now, we're the how headwinds a slide. next FIXED in the on

modestly BXC which become grow part continue in market. story in will FIXED albeit result and embedded larger are FIXED this a larger every and to broadband revenues Now increasingly of the consumer

is postpaid and third, consumer driven the price to This of mobile which the adjustments then growth year. group. largely X% additions across across green, by is in board all X% of And function the revenue revenue course, strong is a through service growing

have mix defensive mobile almost BXB we our highly bottom make finally, a BXB, BXC to at expand and revenue remains and now BXB the increasing engine as we upside arguably X% both XX% assets with significant turnover as itself And growth X.X% a reach half pie fourth, market then XX% of across and charts our then clear, And all with diverse and revenue. comprising revenue the representing and share. to

front-book, headwinds Slide today. X both stable as you dives Belgium fixed fixed and dealing a business even we're bit up. ARPU back-book start deeper with bidding of I'll showing been by in Holland how and can slightly have the trends left, on some and dynamics. well into our rise the down, see as top price With markets consumer addressing relatively which limited

however, we living a we're then around in UK In we a video which X% and migration has in market higher then discussed related partly the in and each ARPUs we've impacted Sunrise, the UPC decline seen fixed through of managing from declining compounded ARPU fact that cost And Switzerland to to in with fairly Switzerland the by that's pressures. ARPU. start as UK, voice

are what doing So here? we

increases we're on fixed. of price taking First all,

around UK those on You what Belgium we've done. digit and outlined Holland bottom mid-single in that are and in and can see know XX% you the the left

FMC Holland. theoretical implementing we broad a number far XX By in that fixed average NPS of before and we're commercial strategy, convergence demonstrated opportunities. are helps on it Secondly, to about are households our we've real critical churn. here. NPS is cross-sell less initiatives converge. have as most base These the and talked XX% points as benefits important We've improve churn, higher which the

out increasingly TV first market We're focused video our into subscribers, markets. all just subscribers example, We've significant subscribers January as in example able also these IP streaming bundled every to for apps also the subscriptions adding video rolling losing and devices effort we're across is to about result adding bill. our launch. video a in our at integrating into add UK not actually In video now we're Netflix for invested platforms. video of on our Stream and

revenue we're cross-sell reducing things then driving lens take investments sales, our platforms consumer we growth. We've friction most progress And call self-install and tools and these streams. find our making telehealth energy. just our rolling center driving are security interactions, digital on markets, and like to in home we're reducing new business. like digital and continue rolled intend the improving advantage The revenue then are of out new and areas include this online and of in And good relationships customer or widen in cost to And more products fixed out finally, rates opportunities. to

an our network of in market, fixed business which broadband strategies a Certainly our relates X. part investment improving keep our on consumer we to update fixed significant to provide growing in Slide plans and every

broadband today with XX creative path It's speeds that ensure ready CapEx we're homes really a we in Europe, folks in clear service. we mostly as importantly, to optimizing that gigabit over structures just every remind also million And have will for creative are to the intensity. market, gigabit structures, XX leader important with

So that home then on XXXX, what footprint. the we'll million be by XX chart fiber home you across left a will shows bottom the XX% to the be

takes us in that whole that and $XX add excludes Ireland, Now fiber to to million fiber markets brings that million XX%. home percentage like another buy X Switzerland arrangements and

be many greenfield could good we by XXXX. as growth. as homes XX That's organic million So

And are right. to on the there summarized plans our get

in X build our homes CapEx JV will the by least is that with of the that at You're familiar especially added new XX% CapEx, sheet. most approach our balance and upgraded Telefónica or Again, through so off in UK. and invested in XXXX. XXXX accelerate with We being million fiber InfraVia

that undisputed of build Orange Flanders in to aware Belgium, we've summer. this close deal fiber reciprocal a that you're to announced deal in utilization In structure the Telenet and leader agreed ensures that is the of with the Fluvius, sale. And wholesale the a with the with in north XX%-plus capable entering NetCo-ServCo across we've meantime, that also access

Holland And first We with as to wholesale year. in in our in use on and hybrid announcing our agreement we're completed then approach last wholesale own XXXX fiber a after Ireland know, with whole going launch that's fiber And our network Vodafone. Switzerland, buy. a be one-gig market and to services upgrade you finally, will DOCSIS,

expect efficient in should in that to speed posted we and So on and keep market leader here remain set you a fixed sound every quality think, every have we'll of and connectivity plans the you quarter. progress we

the slide question Now We to head on hit this decided quarter. valuation to moving X.

if help purpose slide look FMC on complicated The a a here it's bit, opco. split might in really but bit simple. and focusing to and our your decipher, our a this little you off the back gap valuation like So is eyes quite stock

break So, our parts, done it side valuation the look on at left market into three one of current the as we've to way is to chart. down

ventures using the for So operating X.X and cash $XX the price FMC reported free portfolio, at assuming roughly full level, flow, around EBITDA our value is for XXXX. our actual times and implied figures and balance opcos our our XX times of cash valuation

million cash once venture is reduce well our parent. conservatively $XXX and cash yield and very XX%. the cash, cash the and at held They're market by free we've the to cap structures is are flow way, over $XX, over the ventures marked. already in tax you Interestingly, by efficient And investments returned

of target trades multiple and that price and around the in of moving of the premium to of X.X% of telcos, X.X and the an same to $XX.X Now X.X% million. on average group to premium the an high community a slide, math implies the all to of our as cash some By peer current analyst middle our between XX% X.X% an resulted free market $XX. stock as our multiple price way, FMC attributing flow EBITDA. run has That and EBITDA operating the times about $XX

cash free by flow The XX%. is $XX, way, still the around yield at at compelling

peers price be our revenue mid telco view, high-single-digits. targets, things right? includes where really the now that. analysts Europe, while would this in Market support their to regulatory with correctly cite handful relief we like agree narratives a power. rationalization sector our in So and And have pricing to of and we can tailwinds and mobile growth And

the realization of realizing and the we the peak free XX% their profile also is believe converged in CapEx right businesses, like now. But arguments inherent given from continued the on-target in sub of synergy drivers, we're now especially benefits or our period other and expectation flow we're UK a that three a Switzerland, base typically cash include and that

the is to like So big that us. doesn't $XX I a guess seem message stretch

reasons the price believe that don't what of captured market specifically premium of like. all support valuation. looks One that is in view market the quantify our we premium We analysts a drivers have a don't

target. should let do above analyst that. price, support perhaps that key price the we stock wouldn't twice the even lawyers But us do identify Our and values elements our well

multiples And in high years are receiving have exceeded were the the of To those end, been XX% six on where on six market right-hand private as you as of transactions of EBITDA multiples and side last begin most OFCF as slide. we know, the XX%. with, summarized the

into were subscale fully some not admittedly, those factor TV did cable champions. FMC of but Now synergies valuations these operations, converged

based eight we times high-quality XX You EBITDA can XX for run transactions FMC are not XX Europe. times at are operating environment, in believe today's and look you cash in your own if numbers. multiples unrealistic flow But in free businesses to -- historical to

addition, a that believe analysts we drivers are don't In other support there value a cover. that handful valuation would of premium

First, are we lengths every in gone market national that operate great to structure we've build to champions true the shaping in. country

Secondly, our networks we well as have that's of not recognized. form in upside the fiber as infrastructure embedded towers

even streams conversion. Third, will revenue beginning year, of long-term launched. cash like realize to we've result obviously the from now all gaming we peak we're benefits which only And new arguably security, at which CapEx are telehealth finally, this and in greater levels

relies derisked unique to balance We approach add to this to capital equation agile allocation a our you've the but sheet the commitment that value and leverage, creation got on buybacks combination. winning

digs last left-hand we capital that X our model bit side slide. about on this our peers. building begins point and So on levered our with equity the remuneration, us show all from framework It into Slide know shareholder which of differentiates allocation deeper a the we graphically

shares initial year. buying returning cash and flow retired billion in over years the shares exceeded you $X.X the we As as we've now XXXX six shareholders. XX% distributable of know by our XX% the averaging per of last XX% mentioned to XX% buyback in And I authorization all

committed XXXX, there. and to again, well underway we the XX% buyback remain Now we floor for are

the On into to put the we buyback try context. right-hand side,

guided three capital If we we Then billion companies course, right? you earn $X.X we which framework, cash before the billion, Of level $X.X receive to we of start balance allocation distributable investments. look cash that at with at that recaps. we principal modest our on the interest of you operating and sources our overall flow of add corporate existing our have the that includes from just cash

of bottom line proceeds. cash we finally, the in over expect assets sale venture time. investments That's from non-core then And the

business. Now we're clearly cash-generative a

invest you do we capital? prioritize that So expect networks. would First, our where we as do

we important of previous mentioned ourselves flow does and level. peak investments to are generate it capital since None XG see now the intensity. the it and our that company out levels at is as flow fiber the receive, decision. impact cash we PP&E at we us of but cash capital on funded cash a our it amount I distributable since the of therefore, OpCo at And is balance allocation right slide, of So we free mentioned level,

is this since of value. are sizable aligned allocate strategically FMC the we over of is our and far capital portfolio directed for we've good and strategic programs, XXXX, January tech transactions we buyback media that this the And our we strategy year. example From time OpCos use create largest a the allocated this in A By billion $XX again the time, assets will fiber JV building to towards acquisition to in where cash have next of or been to committed finally, even Sunrise. infrastructure. of UK then

aligned point investments thought of part make to last investing sense to more background Now going bit we this our of building how portfolio on this strategically current would of provide manage intend we it our a forward. into business capital assets, and on

at and XX side look my billion value moved of Slide then how last slide, notes see in a infrastructure the the into and fourth content on tech $X.X you portfolio If ventures principally breaks on that you'll the few down a chart modestly top that that familiar quarter. of the beneath left-hand

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is investments, your First, we've a the XX-plus today cybersecurity companies solutions, of are here these portfolio, Plume innovative of in about And we and you value. for reference. companies Three investments know that cloud-based XX% have tech five BitSight our provide of those but well five represent business. them listed

valued and $XXX these net about is five million. $XXX investment today they at in conservatively million companies are Our

to part we that's these and And with of or pipeline our the is frankly, business deals opcos quite companies FMC each of companies. our planning doing robust. is of provide investee Importantly, do currently so flywheel why

team record that is aligned an and product, of line ventures has already eight-year making bottom parent. tech track service returned to The has in $XXX the million strategically technology and our money companies

largest JV to AtlasEdge NEXFIBRE, you'll center already and million five a the infrastructure with discussed homes our in investments. data with UK. Next, going see fiber where X% our InfraVia, are with that's also three Telefónica the JV business, EQT. build shareholder we million DigitalBridge the XX/XX to seven I’ve EdgeConneX

existing strategic It's either important platforms. infrastructure using not our are our point to figures and UK like we create markets out through ventures. do which NL joint here, market also include from case own each opco in these that benefit or assets a in the In to tower position assets we these and

far to should the bullets just what do there think near-term add the We investment. said much on undervalued not a catalysts right, of we've on few we've be handful stock is sure beneficial. then And a that publicly. there's announced Vodafone provided the I'm are to and

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synergies unique or each in history areas. expertise, have of these We

word, unique we and a simply Financial, to are added a fourth put debt We've lack of existing strategic, of that feel provide we call that pillar investments for distressed potential which a to the capital or equity, in captures work. better situations or opportunity

or pillars, businesses that means businesses our investments. looking principles tailwinds both typically are investing Now, opcos scale, portfolio to opportunities. We're for and strategic This across our other the sector straightforward. perhaps provide three with growth benefits, significant first

of new refer as around extremely lastly, We're or exits intend amplify to outside or both in innovation example. capital disruptive rotation. core begun also could already like believe portfolio, what than the assets we disciplined that more interested are that either and then, there in the to position a handful monetized, our for businesses. evaluate and diversify And to We've towers be here be companies we built Ventures every and group with

those core building So the are blocks value creation. of

drive investment spins we'll our flexible to growth capital in continue cash positions growth to those may agile about, M&A and ownership in be time. in as champions businesses going strategic and FMC past, flow our these This or in we're optimize and over said Also, include things very free and First, some listings of that. markets. the like or in we've

we're surely to and third, easy, capital put we've sector And our that last remain to continue assets But strategically aligned and efficient with mission is an buying exiting of the our building, consistently program, given we in work our Secondly, to going we're as history in right? then, buyback earned going our work core are within done. our we've one investments to to feel capability over And set. here this time. about credibility opportunistic not

either. time, on and corporate cash think sitting be I on call that billion three liquidity. years' I don't you in $X of want want $X.X this don't to of billion

creation So we're position to focused a do and I in we're that. foremost first think on and great value

over Charlie, to you.

Charlie Bracken

Thanks, Mike.

and BXB our sensible the challenging environment. suffered our saw key markets. a markets strong portfolio. across pressures across saw On of revenue the macroeconomic the our growth our revenues summary price three were and page, and the and growth by in in Belgium Benelux consumer four despite next adjustments markets in in stable provided we four of UK profile revenue mobile in slight XXXX we've Fixed

growth. QX Switzerland revenues stable being and consumer migration resets pressures delivered decline, the challenges QX continued growth the fixed business UPC BXB BXB and of pricing in customers mix, growth continued subscription OX revenue ARPU across consumer wholesale in mobile as Media and revenue brand. strong in saw ARPU XXXX pressure as on to by weaker Sunrise was Virgin the by with its the mobile continued offset revenues the on offset strong

In despite delivered growth the of by in revenue We fixed partially we in July. service business, net X.X% growth slight in decline consumer to in a mobile the adjustments, QX, metal due which supported Netherlands, which implemented growth year. strong a top Belgium saw adjustment outperformance, was and price offset revenue delivered weakness and X.X% as ARPU mid-June across of continue of revenue by QX half the to line adjustment growth price a the X.X% price XXXX fixed support in October. in second the we

The EBITDA X%. continued synergies merger in in OpEx EBITDA the hit quarter. $XX price million year. impact quarter. posting growth delivered the full of the XX%, our rises next slide and This the standout from this of driven to EBITDA adjusted Media was accelerated despite by OX QX, line capture, year The sets of QX of OX, earlier out performance delivered Media cost which adjusted the in Virgin Virgin performance In by growth was

of tailwinds as to a as challenge mix. faded, QX, weaker in be continues brand. associated rotational migration from the Sunrise of X.X% result a QX, continued EBITDA rise UPC exceptional the the combined we of more the phasing churn QX growth fixed much be with synergies an delayed year. MVNO Sunrise decline by ARPU do with synergy EBITDA Versus expect fixed and saw this the prior comparative impacted the in tougher muted price growth and a versus is the to to This

saw and trends particular, this XXXX adjustments. cost continue impact growth in from QX impact which driven of EBITDA headwinds offset headwinds, numbers. slight migration decline to impact a to in inflation the expect by price the in EBITDA QX, VodafoneZiggo in We

estimated impact expect XXXX energy of €XXX We in energy our from hit in inflation with million an particular, headwinds, wages. over to cost outlook and EBITDA

growth inflation, will adjustments. reported anticipates manage from which of around business from hit EBITDA the XXXX. driven increases start The by quarter, well for as ongoing X% at wage the Telenet consecutive of as energy headwinds second XX%, price

detailed energy next slide provides The costs. on a update more our

helped the operating hedging of to percentage impact for invasion, a in hedge Before unhedged of costs were policy soften costs. to historically, And we still results policy on our of and rising and guidance basis. energy accounted XX-month those OpCos. the in typically a energy forward our the low was This costs single-digit able costs the rolling EBITDA meet impact our our XXXX absorb Ukraine

were as we of them XXXX, the the in energy as of will you in free million broadly across impact $XXX each And our slides, the XXXX, you dollar if costs invasion. our of of to flow cost significantly million been markets can highlighted $XXX have XXXX increased has XXXX. at see XXXX our hit our a XXXX add you will But from but in see to portfolio and and each $XXX around and However, to up of rates broadly million all these use hedged around resulting today's energy full We've be exchange impact around increased result a energy rates this the million XXXX, the on than around cash and costs, from $XXX a invasion. of markets. in for higher representing

and in the rolling through meantime PPA rate where fixed XX-month hedging at We're we thanks our to everyone like price we out. deals locked energy settle prices lower starts don't program, But for XXXX execute investigating to continue recent it agreements. which hedges, will longer-term else, than XXXX. declines prices are in also So we know have over

UK gives Switzerland slide Sunrise in an the the a progress the our and next OX synergies remain year Swiss our very on track both overall UK and merger strong and acquisition. The synergy in with We UK. update the with finish on resulting targets from on to the

of annualized Media synergies XX% synergies months merger. the our of on Virgin first or NPV of an the deliver OX you XXXX, remind to we OX, the and the are over the just to Now deliver expect billion at delivered XXXX. constantly million to XX of in business by of we £XXX rate track from £X.X In combined run target end XX%

are mobile expected migration continued around investment of Meanwhile £XXX with out to benefit from £XXX including cost are trends in over in to capacity cost and XXXX. the In million to commercial. to the the capture roughly envelope. labor XXXX million streams, the place synergies of support along XXXX MVNO to of in recorded to further unlocking MVNO million flow-through as with took falling halve capture XXXX, in capture £XXX peaked expected synergy of total and Cost

XX% Moving and to year to CHF target synergy capture. the of overall to our achieving of cost CHF million capture our early supporting in to as of NPV deliver to one synergies Switzerland. supported approximately MVNO a run CHF benefit XXXX XXX billion rate X.X nearly synergies cost of million capture trends represents XXXX. cost We of peak business XXX for target, the and reaffirm half including incur

aims by business to be will delivery synergies end of the target spend and the projects supported the cost synergy being million buildup DSL rate to The headcount of of XXXX synergy and areas deliver by migration run of with an the focus CHF expected XX XX% capture of key XXXX. in around these

our step capital consistent expected operations, capital QX as across guidance for and year Turning capital to saw with a our intensity key up group. we in was allocation. intensity full the

of our Virgin full coming XXXX company that with the billion million along dividends the achieved for our of distributable from at delivering year cash billion, distributable XXXX rates million of was $XXX from including cash distributable on cash share flow VodafoneZiggo. $X.X over company $XXX in flow. based around $X.X time of million the cash OX a basis guidance. for guidance from and the of flow reported FX the Media recapitalization to We $XXX full flow year, Moving On distributable our

XXXX. Finally, our for outlook

key slide, we've appreciate added view and XXXX there's drivers assets, on our I and and this financial cash distributions Now of our behind the drivers current flow understand the view of to free key some ultimately cash a the flow you but those on assumptions. help our lot

including impacting with pressures synergy Starting growth IFRS price rise an adjustments growth On we EBITDA adjusted cost inflationary expect supported revenue mid-single-digit VMOX. from our execution headwinds to inflation-linked with base basis, energy. and achieve by

of expectation are is CapEx million. around these and OpEx our year within to XXX for where XXX excluding million, which GBP of expect the Now numbers multiyear capture still cost of we GBP capture cost

We project cash billion sheet offset is and benefited X GBP billion XG property balance this also moving On XXXX. OX GBP by to lightly guide X X.X equipment guiding upgrade to the and mobile billion from in X.X Media fiber billion shareholders, but somewhat GBP of to the versus around to off distributions GBP is additions investments. around Virgin accelerating distributed

Turning to Sunrise.

to We adjusted expect low EBITDA revenue low to year with mid-single-digit single-digit the along capture. including for decline cost decline

as a lower to of the UPC synergies around to guide including navigate of XX% cost from XXXX. of continues be sales also tailwinds and brand We in equipment the to XX% migration As percentage the property to business additions and the impact capture.

sales as to million mid-single-digit spend is by Cost CHF revenue expected impacted attributed inflation OpEx. profile to to decline cost to this falling of XX% by be capture to wages. of equipment low pricing supported business million drop expected and XX to energy around a of EBITDA and headwinds €XXX is around guiding percentage adjusted XX as which is XX%. Property additions improved be an CHF be to from will million, year VodafoneZiggo and the actions to will

outlook. distributions JV is tougher Dutch is to to and impacted adjusted €XXX shareholder cash finally inflation of X%, is taxes €XXX are adjustments broadly which to IFRS and growth by million a versus by price headwinds. of guiding This cash distributions in €XXX cash EBITDA, stable XXXX. supported of on basis, wage an energy impacted of million And Telenet The to EBITDA by higher million guiding and revenue X%

outlook as equipment will sales is build. impacted for around be XX% million cash lower XXXX, CapEx are flow a free cash This and of €XXX proportion higher an year. as XG €XXX Property in versus the by flow be with on additions fiber million the delivered free to of adjusted expected

And group at of guidance finally on our in to guidance, our to commitment billion distributable FX of cash We X.X rates. regarding flow buyback reiterate in XXXX shares cash flow XXXX. outstanding XX% distributable GBP

that to operator, turn And with let's questions.

Operator

comes line the with Exane. [Operator Instructions] Sam The first from of McHugh question

proceed. now may You

Sam McHugh

question. I'm just to head the kind a wrap my question. update. cost for trying much of central and around XX very Thanks two-part Slide It's

The with changes the there's is see that first some I bit P&E just happening allocations.

about confirm Swiss in then separately the And cash that's much. like the the €XXX shift looks maybe Switzerland Just that what XXXX. the million gave Thanks burn captured in OpEx like that's Central to for guidance in think secondly, loss relative already we guidance? to in charge XXXX, should how OpCo you example, already in very

Mike Fries

Charlie?

Charlie Bracken

just I Yes our on of it sort well confirm as do Yes. we as our everyone what companies. goes understands joint venture wholly owned

agreements which actually We has been down have what really spend, over consistently years. technical the the to we service tech coming support call

level, fully it's one broadly got opco pending, them that's speaking in we've actually renegotiation at but the a in. baked with And of baked all so

around you but been and spend takes the broadly consistent number should development be then think number. on years. And €XXX you upcoming at it's going that million depending little that bit time we've running the Gives money on areas, how I to new and know assume we much a on around center as this for

Sam McHugh

Fair. Charlie. Thanks very Thanks, much.

Operator

the McHugh. Mr. line James Evercore. Ratcliffe question comes next you, Thank with from The of

proceed. now may You

James Ratcliffe

of, one Thank you. more and big Two if I sort could. One, picture specific.

customers cetera. to lower et certainly isn't well. You comparison somebody What's talked to about you're broadband seeing the NPS happy the that? probably their going they're for that as service Because scores, higher service with mobile imagine converged churn add not I

on you who about set route. do comparison broadband the can of talk customers converge specific the for what So who customers seeing sort add versus you're don't what

investment. second And Vodafone the just on

limit JVs difficult anything a facilitate yours. or You're you partner now relationships more around terms would your of a would holder the core anything meaningful of particular? in make of that that talk you Can or about Thanks. in

Mike Fries

to regularly convergence customers bit the cite too. the which [indiscernible] on a chime on case Holland, non-converged of we're in Listen is simply we in call, James. But I little let customers. comparing I figures FMC Hi, the can converged think him

that's there you're if self-selection sort could point be fair Now making one some there. of

to happy which not are you're having with well, they're not are you whereas customers. may happy likely generally you then case means buy clearly more who with become products us buy say, happier, us you not in If might more which people products,

support do points so or and no XX you're big drive to time other way that's enough works. And your to there's gap of have not. convergence premise the the churn same you a when At NPS that to it. speak converged I mean, can you're either

statistics. provide color detail is and the more around Now to that of bit endeavor but we going that a can basic forward, maybe set

stake Vodafone course Ireland. just business Beacon we're arrangement We in UK. are Vodafone. in in own in partners them through fiber a provide do access together countries. good partners the deal quite We've signed And We a On wholesale to frankly of Holland. three with we power together this the network

with are many. points touch our So Vodafone

may arrangements have we it, of and ensure I to That's that open certainly reason our see. would or not conversations all that about really all but We'll may these hurt say change It's reason think Direct dialogue. This not business going did it. did the are with them forward I we direct. there. it doesn't to

James Ratcliffe

Great. Thank you.

Mike Fries

You bet.

Operator

Mr. Ratcliffe. line comes the from The Barclays. next Thank you, with of Maurice question Patrick

proceed. now may You

Maurice Patrick

guys. question. Thanks, could I on ARPU trends. taking the Thanks Yes, for the UK ask question a if

in year. fixed the X% early increase was think despite price quarter this ARPU or I UK ARPU the about through X.X% the so put down you

but through linked baked the much would better that know of a communicated very and your to Thank book the front you do and ARPU pricing next you. to lands. I how you guidance would of be What into backward therefore is pricing wondered in Obviously around can lot flow UK, what's clearly into that's be promotional. the just thought you've helpful. curious in your thoughts to narrow? how of I curious still Just terms And increased if increase. book think to book your set back front the thoughts pricing increases

Mike Fries

Okay. the one the take I'll take first one. second you Lutz

that, we mobile pricing pricing, of the a happens to that in roughly past, more not to where and we percentage. think pricing, behave similar in I we we – the on that think I will the fixed pricing say generally be mobile said fixed get our and pricing to what And if believe of anticipate I is impact prior larger half years.

in so you might expect that's for good a larger harder. either argue, going we sure And to better, be or it's certain as increase to hey, case it's do which

to forward contracts in in put – the of other around. Cs the this And hand, we forward. you in X.X% more Ts have moving going customers a lot in go we side place the RPI manage the as tools have read business in have On would plus into particular fixed our of and

won't be do front like now decision RPI. that book you'll based back to a next we're the Lutz, rise something It making. price basis a look BTs. question? know won't be what we're is on book you making So January's year, handle will It on discretionary want it

Lutz Schüler

tools right Yeah. it on have Maybe in more is thing Mike the I would the only we pricing much said, place. add

So therefore into but form. in cohorts revenue of we way I of – right? whatever it. we which And are number, a of plan exactly also retained the have we how understand won't got. many month disclose on are how And know exactly reacted fully we much any And customers far we we so

And are optimizing been get year, have right? bill. to to certain is mid-tier keep of they referred increase therefore, landline bill simply last entire a then price using you last do customers want their their net two to you you the that get have irrespective a thing things don't One general year reaction. The year and been there or And rid the content second, price video you're during of part they right rise, their because to the want negative. optimize

for are but not giving as we of much well. revenue year, are growth piece more on Now a so an and we back overall this book confident guidance Front we book. are this guiding it

market. you see high the So now of So right. right? in general most the across is price but operators, the strategic increases still in you This acquisition see competition challenge, are you

advantage. in One, to staying £XX closer so a are it on not broadband. Now, promotions speed promotions way are dealing broadband £XX, twofold. with we more following we is we the our of £XX are offering not positive way leveraging around We're

you've last issue. are the promotions And book therefore, to £XX. less front mg, have three of selling from seen close book the months us So a XX we back more

are we our can And the second test capabilities, also is, with – ways selling. different thing we now of digital

in then it. offering of paying the length we price churn. instead of higher an So of pay within are the length But customers minimum that a end half contract so a are they also less step-up minimum there's a of contract promotion

on optimization tuned. of So there's lot and a going stay

Maurice Patrick

Great. much. so Thank you

Operator

The Patrick. the Mr. Grindle Robert comes with line Bank. you, question Deutsche next of Thank from

may You proceed. now

Robert Grindle

me. hear can you Hope, there. Hi, Yeah.

from is run to at buy? upgrade once the press being as to JV appear sell Thanks. doesn't X.X Are to get off cautious acquisitions? full the UK tilting million build, versus happened? the cable build while combination away million perhaps XXXX. and can one you rate new you're fiber quickly related in net fiber takes VMOX question you XXXX, it achieved a Are year the for new massive in to homes On the looking Perhaps, and here? out new it's how And

Mike Fries

questions Yes. And speed until point, There's of I good that there. XXXX. I a handful we've simply the would think got on say

imply not this So is frames, given would or to overnight. believe we never we've numbers happen this that -- going is time

reasonable, it machine could So, think moving, we of to get take is the but the does be a bit XX% uptick exceeded. time and

saying sprint it's not a I'm Let's see. It's marathon, a -- either. but not a it's

but to hoping strategy, right that here a We're fiber the long-term long-term think by XXXX. homes have of We strategy. is it's covered XX% by

X And that or received the million we faster providers. than pace network, Lutz for today one average is from with sense homes would the which say, gig times us. at households that sit a offering XX XXX British as it do of reaches makes average an we'll So X other speed meg,

and the So, even fiber, position. have other second Lutz, while some are the take frankly, we It's fortifying long-term not want we're you we from as position we great do Quite so foot sort in out. if, to we're of the rates. to build in leading race or network to part? already a a convert just copper

Lutz Schüler

you question, Robert. Yes. the repeat Can

So, it was again? what

Robert Grindle

homes take more tilting once are sell homes? to it passed? JV buy in you the are VMOX new the to does long build than And How off JV

Lutz Schüler

Okay.

very fiber the network are one, anchor fiber is it. Media the you building for to get and no to penetration the next experienced the first tenant know, we Virgin With media of next is also Because as the I mean there, So, now, the right? OX, there's lightening network. where on change

into selling are So we it.

altnet ramp quickly know, higher penetration you know, we any so far also a how And we that are getting And got up. to. you than to

here in expect don't the I So, changes future. any

plan is we the obviously, a Media with same. it not So, shareholder of And fiber. OX exactly Virgin then next

This But don't is altnet InfraVia. getting to are Telefonica our Liberty reason and need to. stress. perception. this the The they they penetration get Global under is is So more

is in need So according perspective, XX%, penetration to increasing. a our we and the UK the from cost million you homes wholesale pure there are fiber around altnets X.X from know numbers, all of And is XX%. capital and

So will then opportunistically, come. at we as they will take opportunities it look and the we

Operator

Thank you.

Mike Fries

Next question, operator.

Operator

The Credit next question comes with from the line Suisse. of Luis Sanchez-Lecaroz

may proceed. now You

Luis Sanchez-Lecaroz

my you I between the factoring questions. and UK rebuild then us get give for And the rollout. let question you can Thank are JV retail the Hi. you previous a new know upgrade us little And wanted from year? Thank you. if and on to business the bit can would construction you that taking areas? greenfield and you specifically in the next on looking revenues €X.X guidance, split fiber into the follow-up for from deeper the million looking

Mike Fries

I will know Charlie there and material you But a for modest is Yeah. XX/XX. Luis from said but or be the not revenue, call whether -- think out, identified don't next this is we've mean, revenues. fiber question roughly I I split we the them revenues revenues

Charlie Bracken

some number, massive a That’s modest baked the but correct answer. This numbers. not revenue our is into is there

André Krause

Yeah.

are paid. we getting So, I network building are that for right, next we fiber, mean, the

other revenue. On we hand the now wholesale And are paying we network. are for selling side, the that,

the the haven't split in we between any disclosed changes upgrade. and I is the So numbers think expansion P&L, this

I want to that. and we think do -- don't So

in in thing said saying we The activity; And more have obviously are think the much only completely more takes heavy work. have I'm than XXXX. expanding what faster is And is expand ambition faster expanded have two to XXXX, in that it I different we in lifting, than XXXX. XXXX these we is

remind is we have This pull less duct. much what the have fiber existing upgrade, listing. is through everybody to we to just to do our on And of heavy

will spending We we -- that £XXX we have per around are passed. homes guided also

the at want we commercial that our is Mike earlier has first have work core as for we And the fiber that can. explains I benefit also to really leverage made in reiterate simply much which a So, us doesn't point less. And point network time. as significantly early that too selling

have time. So we

Luis Sanchez-Lecaroz

Okay.

Mike Fries

Thanks Luis.

Next question, operator.

Luis Sanchez-Lecaroz

Thanks.

Operator

next Thank UBS. you, The comes of with Mr. the from line Lecaroz. question Polo Tang

You may now proceed.

Polo Tang

for two. taking Hi, questions. I thanks have

first The one Switzerland. on is

the Swiss maybe André. market? dynamics of a the you're And more with in So UPC competitive you the bit for issues through the talk detail facing a that retirement question Can brand? about talk in the

are in taking maybe net in case expect Alternatively driving of its Swiss are moving EBITDA broadband it's for we a should the through. maybe to that parts but time forward, where a adds declines way stable other work just of relatively going And terms the XXXX? Switzerland performance its re-pricing

second just question then UK. is about really fiber the And in wholesale

So an fiber, you're in Equinox train still could wholesaling the on to unstoppable process I is that appreciate with revenue but the you you communication that meaning chance. of Alternatively, cable had you the a And meaningful do network? VMOX from this network now Openreach be stream upgrading have no about have your going any think discussions pricing X other providers forward?

Mike Fries

work Andre, an Well, one. first, up the can answer first to let second and me the you take one

from level view, on point requires field. to certainty see like And our some of our and or to what tomorrow. any an market. going we'll time. As of in a market of long-term is Equinox make telecom over plans. a happen think extended playing to I not we're period a the happening just XX% impact mentioned, building network, would long-term It's X, reach It's we unlikely a investor

by overreaction to market us the was term, in feels felt they necessary. premature the short But an desperate bit would to say, reflecting, I for reason broadly a that to more whatever and be BT,

picture upgraded homes, we point to million to likely and homes. view, hopefully, But Equinox announced some upgrade the XX think time to forward a at the services ago, look gets next is the tomorrow after, larger we year and our from of of Ofcom that -- whether we in fiber are wholesale in or the we On providing here year which or remember a way, our process. comprehensive look hand, the other X consultation

realize not revenue. need did in spend to at the that per that, based time We say that decision upon point to £XXX was wholesale home

to In fact, either That said regardless have was X, doesn't relative It means the DOCSIS of ambition. economics makes believe don't to sound our we just opposite, wholesale that sense revenue. we which exact mean are we way. say this

clearly it Virgin next needs argument expand instance, would anchor the revenue Now JV strategic to make pursue. And beyond OX tenant. to to that its as wholesale love that in make fiber and venture it pursue joint the Media ambition particular will the needs

remain So that market. going the something how a little puts in context that move see we to here. This any Andre? and bit any is opinion, by This around one we derail of committed. a is process one isn't long-term hopefully, our operator

André Krause

year. last Also the was regards the probably has to In a Friday Black liquidity biggest sales Yes. in competitive would seen say, I QX event dynamics, lot of in market. seasonally, the

a seen promotional We we very of As also level benefiting high have from that customer perspective. such, activity. from were a

on are also is, to to prices want competitors not migrate that at pressure and the seen Sunrise not migrations that making those attention with a but levels pricing sustainable customers the you've quite and some all promotions we at is also are discount the new portfolio. prices, or front lot in but book levels that at the not only that over customers new of our really market, us, of As gained life course, we the easy looking the of at the or back customers book migrated causing of that are have the

we aggressiveness As a our already that, QX result the on reduce main of to promotional mainly started have brand. in

has so brand with protect the the maximum to first not lower mainly a But that, get, term, because actually by of used that the with a to better Flanker role contract different the on only we no of customers be needs to at the that also particular, Flanker price play discount normal want book aggressiveness half promotional and aggressive. will price. role in contract list offer brand, promotions back Our again, terms, the pay over the first addressed but longer do main brand more being

customers Now dynamics year of provide to less or direct good in terms year, will mean than and and one-third our coming customers those there all is opportunity driver total same necessarily to of fixed not if about mainly to are, sitting more are UPC our one we next or the those the cross drag right revenues. clearly of roughly for ARPU for a be products, up-sell that on next for from pricing customers think is But it of course, main you of more to two some of for more. still those products, example certain have for that where and I are customers

range would of exists While are maintain next customer the doing longer outpriced point front those is continue line there has right drag I them, for certain main on we exercise. the a And say customers on already out new and that book. price on this sitting to year. with and is segment an that to pricing the no top relations healthy order That's in product working the also maxed

actually of that forward. on to growth of to I going business top the guidance, say continue the prep capture would we EBITDA course On

So we side. investments on continue the to actually do digital OpEx

OpEx activities also to a for which that the We first only hit would but the from number full from like example I moving in Swiss only extent is have XXXX say that in year some XXXX. increase marketing cloudification CapEx in we'll And of range other, we started sponsorship, OpEx. see we will for have the coming time full do for things

of small say that relatively other customer But engines. the in really would fixed the I driver pricing All segment. growth headache major is right the

now if to look if from flanker but forward. actually are brand, can mobile, at at you we start platform get this growth you If DXD, create maintain healthy we a going that accelerating exercise you look

Mike Fries

deep in that Andre this and knowledge a the add have not manage is blip and team just to direction. in and understanding through I this. the of change a I'll confidence There's market

cash XXX skipped over his fact that which other would here hand, guidance XXXX, Andre also to XX% think point to it's to Switzerland out XXXX. the flow over XXX On up that in the free million I'm I of I to going XX% guess in guiding Charlie is slide, million

the is initially when I'm Andre made So will business working flow significant generating through is cash level, the despite acquisition. of and that kinds challenge the revenue and we flow results free sure anticipated customer free pace get had cash we at through, the for we the which is on

Polo Tang

Clear. Thanks.

Operator

from Malcolm Mr. comes you, The line the Thank question of with Tang. Steve Redburn. next

may You now proceed.

Steve Malcolm

I'll Yes. earlier X.X an And quick Good afternoon, to guys. for in one questions, a question. follow-up go UK the just

guess looking the First outside and going back at you're I moment. in UK at landed learn the that's as my hoped quite well, price I that line didn't look mobile better. the if just from fixed I you'd would moves the and the to don't a be probably price look but bit XXXX, that know rises maybe as right, price perception my enacting the size if that's wrong impression.

it's your price big very, you at you've very disposal, got said XXXX, a look As you tools more obviously, but go into rise.

would us maybe and So rise you the see price to to a could that reactions can to more more just we ARPU sort actions prevent But that following going you're bit that don't that you year would last you're instinctive take give on churn, of confidence great. the the we see be saw that those that I best reaction elaborate some guess promotional more going activity. be

give scope? can of to that shares what out exactly? sort and of your you. sort just Is were it sort then some point points you sector Vodafone Mike, the existing Thank of you telco case, Vodafone? if sort that that is And of the you the is you of media anything Was kind stocks to have on cheap. it the was guidelines reason in opportunistic. invest contiguous And touch more as just some think money thought Or to be of for there in because shareholders' create to it to investment like does sort relationship maybe you the for was is Vodafone. back coming of just said us not

Mike Fries

you start Lutz, with that? to want do

Lutz Schüler

year, mean different. is last reasons for your bit think I observation I but right a high-level So the are

simply you their ARPU So is because side right right? if second, customers price park the are fixed the a bill average for rise optimizing On the £XX pounds.

you So at mobile the the at if side. optimize side look you want spend to more household fixed

of canceling optimizing irrespective price need. This are their landline the have of rise, customers seeing. they they are so And what customers use video their content we because mobile been and and really more is picking

happening you don't with rise that. crisis. and price So these the or without the there price mobile they see would their What see side rise have longer, right? old instead mobile side the using cost living to keep phone been developments if is you -- you And on are for due

you that? months take the XX% the year earlier fixed the into rise. question, think after is landed how we of like this on is seen can well account Mike on, if something define two say price itself say I the have then Then side, and also everything you said do this that Now customers Last the bill. first rise, what you and price would you

is Ts because side, Cs. the on not and airtime overall in price embedded And rise it's of it on on much hardware, and is lower only number the the mobile the

you it. barely very or barely zero to So very reason little little see

year, are fixed to of are letters for this a ARPU one. sending right? but over -- out we we have mean does Number staggered doing a is approach. we are things And we one, of what been customers different. Now number period two not this lot in This on months a the guiding and

has we terms retention case so really hours actually benefits. we we second, is agents we the can them two last is which XX dealing how ensure and within ARPU. and of in enough always That possible calling have real-time And see are data, have the XXX% weren't And so many year. can customer delay what best One, for then customers it, what we see happening. with

We our room take for We in can you of of lot account, this content. convergence can can into We And sell a sell when there's can all in leverage customers, optimization. we sell interesting hardware. mobile. fixed

disclosing so side, not early fixed far, right? on And a year Hope, reaction on plan out. seeing have now, so ago. the as we have we landed it helps. and mobile are it we communicated higher is not but than rise. are a said I'm that on, also price And anything, I And far the with So been

Mike Fries

-- would stocks we -- Vodafone lot us. There's the to stock undervalued people to yes. the on publicly, say by Looking Vodafone, of yes, said out way. I undervalued a seems there,

year that's And we why included. it. billion Ours buying $X.X last spent

look a you But the catalysts out investment, if way. certainly, some near-term -- think it in relatively a small And we here through if position. this with we financed undervalued was see the you one that also looks play positive at how should

with as and of I current Now, we just mentioned if look future have a dialogue those with Board. touch lot very to and all around constructive that the be, CEO, whoever and of I will the with points forward Vodafone, particular necessary, a issues

that to is pages but transaction as rattle We if strategy here. even But not be was certainly we're it create not that their it So, we to and stress. not opportunistic financed. makes an engaged mentioned, doing we're in the this thought of We're was hope I influence here, activist understanding an trying what to perhaps to sense. or tension

very amounts relatively that low. in a effectively stock XX-year at was we capital could to thought small with a of or risk near We put

it. always think really that's we to be strategically we these? more to situations no. that XX of So are going the Are opportunistic aligned. will No, financially we do and But way about in think

it? for time ahead. have we’re one We Go more calling or

Steve Malcolm

Sorry, -- on you mean, was when may elaborate you be. just catalyst, say I I they what can

Mike Fries

rationalization, et to evolution, pending there. German cetera. read handful I mobile, right UK you strategy you for Vantage Spain towers the UK, in a about anything I and been publicly, hasn't the There's press. Africa, you XXX NL, consolidation, Italy, there's that talked and can't have deal, just give times a mean,

Steve Malcolm

lot. a Thanks Okay.

Mike Fries

it the if should Yes. minutes more know if have one for close You got off? it. or don’t time we Rick, passed, I I

Rick Westerman

more shut Just down. then and it take Mike one

Mike Fries

All for in more. Okay. one right. We’ll guys. Thanks hanging take

Operator

take Murdock-Smith last the Carl from with Berenberg. We'll question

now may You proceed.

Carl Murdock-Smith

for one Hi, question thanks time one. very taking last the much and for

just I'll ask one. So

X of to is committed on this a floor you've a Obviously, think, buyback year. overtime. I XX% buyback long-term powerful of one, slide the very commitments

QX of That Did on as made think years is ago first the and kind very, XXXX that commitment, commitment actually results also shown was I X long-term X.X at slide important. very you longer-term commitment at in Thanks. thinking about be to the committing And just XXXX buyback than commitments we all ongoing should a about your buyback? how future years? think rather giving

Mike Fries

providing shareholder reading good today to you I committed additional everything asking guidance, but on my we're between have said appreciate do long-term lines remuneration. Carl. you That's based that. question, We're I any much to Yeah. that to remarks, the don't not conclude in

past continue should strategy. on provide overtime that And we'll expect think I prologue. long-term to is updates you So

Carl Murdock-Smith

helps. That Okay.

great. Okay. That’s much. Thank you very

Mike Fries

it. You for long you everybody hanging got it. you Thanks in. I Thanks remarks. the enduring appreciate got

lot If blocks strong And a you're we building and about on value strong for info I still place importantly all creation. of had a talk lot the and XXXX XXXX. of most a in think very for and

have as we're I any Thanks you questions if a support. So for always around follow-up. And your everyone. appreciate

Operator

Ladies Investor Call. and gentlemen, Liberty Fourth this concludes Quarter Global's XXXX

day. a As reminder, Section of today's presentation the will There, a of website. of good Investor Liberty in also copy Have be a can find a you replay Global's materials. call available the Relations

Liberty Global (LBTYK) 23 Feb 232022 Q4 Earnings call transcript