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  "documentTitle": "Liberty Global | Results Presentation Deck | 40 slides",
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  "presentationDate": "2023-05-01 00:00:00",
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      "text": "PROGRESSING TO NATIONAL FIBER ACCESS (1): Current: 16M (HFC); 2028: 16M (HFC); 2028: 16M (HFC), 5M (FTTH), 2M (optional) for a total of 23M",
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      "text": "STRUCTURE OVERVIEW: Liberty Global 50%, Telefonica 50% -> HoldCo 50%, InfraVia 50% -> Nexfibre -> Wholesale Customers (Anchor Tenant, Other ISPs); Construction & Managed Services from Virgin Media O2 to Nexfibre",
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      "text": "DEAL RECAP: VMO2 to provide managed services to nexfibre (including construction, IT, technology and corporate services); Attractive build costs (£550-650 CPP) and strong returns with VMO2 anchor wholesale tenant",
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      "text": "NEXFIBRE ACCOUNTING TREATMENT UPDATE: During Q1 VMO2 concluded the accounting treatment of nexfibre resulting in construction revenues being reported on a gross basis; VMO2's guidance of 'Revenue Growth' excludes the expected impact of nexfibre construction revenue (expected to contribute ~5% for 2023); VMO2's guidance of 'Mid-single digit EBITDA growth' also excludes construction contribution",
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      "text": "KEY Q123 METRICS: VMO2 built 108k total FTTH homes in Q1, majority delivered to nexfibre during the quarter",
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      "text": "(1) The 16 million in current year and 2028 represents homes passed by the VMO2 JV. The additional 5-7 million in 2028 represents nexfibre partner network homes to which the VMO2 JV has access and will act as an anchor tenant.",
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      "text": "HOT TOPIC #1: VMO2 FINANCIAL IMPACT OF NEXFIBRE",
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