Liberty Broadband (LBRDA) News
Market Cap: $12.53B
Avg Volume: 104.49K
Industry: Telecommunications Services
Sector: Communication Services
Update On The Liberty Broadband Preferreds, The To-Be Charter Communications Preferreds
Liberty Broadband preferred stock, soon to be Charter Communications preferreds, offers unique and attractive features for retail investors, inherited from CGI Alaska's original issuance. The merger between Liberty Broadband and Charter Communications simplifies the financing structure, with the transaction expected to close by June 30, 2027. Charter Communications, a top-tier telco, confirms it will respect the original attractive features of the preferred stock, making it a rare find for retail investors.
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Liberty Broadband Corporation Declares Quarterly Cash Dividend on Series A Cumulative Redeemable Preferred Stock
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Broadband Corporation Declares Quarterly Cash Dividend on Series A Cumulative Redeemable Preferred Stock.
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SHAREHOLDER ALERT: Levi & Korsinsky, LLP Initiates Investigation into Liberty Broadband Corp
NEW YORK, NY / ACCESS Newswire / February 28, 2025 / The following statement is being issued by Levi & Korsinsky, LLP: To: All Persons or Entities who own Liberty Broadband Corp ("LBRDA" or the "Company") (NASDAQ:LBRDA) stock purchased prior to September 22, 2024. You are hereby notified that Levi & Korsinsky, LLP has commenced an investigation into the fairness of the merger of Liberty and Charter Communications, Inc. ("Charter"), whether the Board of LBRDA harmed stockholders by agreeing to enter into this transaction, and whether all material facts have been properly disclosed to stockholders.
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Liberty Broadband Corporation (LBRDK) Q4 2024 Earnings Call Transcript
Liberty Broadband Corporation (NASDAQ:LBRDK ) Q4 2024 Results Conference Call February 27, 2025 11:15 AM ET Company Participants Shane Kleinstein - Investor Relations Brian Wendling - Chief Financial Officer Ben Oren - Executive VP & Treasurer Ron Duncan - Co-Founder, CEO & Director Marty Patterson - Co-Head of Corporate Development Conference Call Participants Kutgun Maral - Evercore ISI Matthew Harrigan - Benchmark Operator Greetings, and welcome to the Liberty Broadband 2024 Year-end Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.
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SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Shareholders of an Investigation into Liberty Broadband Corp
NEW YORK, NY / ACCESS Newswire / February 27, 2025 / The following statement is being issued by Levi & Korsinsky, LLP: To: All Persons or Entities who own Liberty Broadband Corp ("LBRDA" or the "Company") (NASDAQ:LBRDA) stock purchased prior to September 22, 2024. You are hereby notified that Levi & Korsinsky, LLP has commenced an investigation into the fairness of the merger of Liberty and Charter Communications, Inc. ("Charter"), whether the Board of LBRDA harmed stockholders by agreeing to enter into this transaction, and whether all material facts have been properly disclosed to stockholders.
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Charter and Liberty Broadband Stockholders Approve Charter Acquisition of Liberty Broadband
STAMFORD, Conn. and ENGLEWOOD, Colo., Feb. 26, 2025 /PRNewswire/ -- Charter Communications, Inc. (NASDAQ: CHTR) (along with its subsidiaries, "Charter") and Liberty Broadband Corporation ("Liberty Broadband") (Nasdaq: LBRDA, LBRDK, LBRDP) have announced that earlier today, Charter and Liberty Broadband each held a special meeting of their respective stockholders to consider proposals related to the Agreement and Plan of Merger, dated November 12, 2024 (the "Merger Agreement"), by and among Charter, Liberty Broadband, and certain other entities, pursuant to which Charter will acquire Liberty Broadband. Based on the voting results, Charter and Liberty Broadband stockholders approved each of the proposals presented at their respective special meetings, including the proposal to approve the Merger Agreement and related transactions.
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SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Shareholders of an Investigation into Liberty Broadband Corp.
NEW YORK, NY / ACCESS Newswire / February 26, 2025 / The following statement is being issued by Levi & Korsinsky, LLP: To: All Persons or Entities who own Liberty Broadband Corp ("LBRDA" or the "Company") (NASDAQ:LBRDA) stock purchased prior to September 22, 2024. You are hereby notified that Levi & Korsinsky, LLP has commenced an investigation into the fairness of the merger of Liberty and Charter Communications, Inc. ("Charter"), whether the Board of LBRDA harmed stockholders by agreeing to enter into this transaction, and whether all material facts have been properly disclosed to stockholders.
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SHAREHOLDER ALERT: Levi & Korsinsky, LLP Informs Shareholders of an Investigation into Liberty Broadband Corp
NEW YORK, NY / ACCESS Newswire / February 25, 2025 / The following statement is being issued by Levi & Korsinsky, LLP: To: All Persons or Entities who own Liberty Broadband Corp ("LBRDA" or the "Company") (NASDAQ:LBRDA) stock purchased prior to September 22, 2024. You are hereby notified that Levi & Korsinsky, LLP has commenced an investigation into the fairness of the merger of Liberty and Charter Communications, Inc. ("Charter"), whether the Board of LBRDA harmed stockholders by agreeing to enter into this transaction, and whether all material facts have been properly disclosed to stockholders.
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Liberty Broadband Corporation Announces 2025 Virtual Annual Meeting of Stockholders
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Broadband Corporation Announces 2025 Virtual Annual Meeting of Stockholders.
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SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Investors of an Investigation into Liberty Broadband Corp
NEW YORK, NY / ACCESS Newswire / February 20, 2025 / The following statement is being issued by Levi & Korsinsky, LLP: To: All Persons or Entities who own Liberty Broadband Corp ("LBRDA" or the "Company") (NASDAQ:LBRDA) stock purchased prior to September 22, 2024. You are hereby notified that Levi & Korsinsky, LLP has commenced an investigation into the fairness of the merger of Liberty and Charter Communications, Inc. ("Charter"), whether the Board of LBRDA harmed stockholders by agreeing to enter into this transaction, and whether all material facts have been properly disclosed to stockholders.
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INVESTIGATION NOTIFICATION: Kaskela Law LLC Announces Shareholder Investigation of Liberty Broadband Corporation (NASDAQ: LBRDA) (NASDAQ: LBRDK) and Encourages Investors to Contact the Firm
PHILADELPHIA , Feb. 18, 2025 /PRNewswire/ -- Kaskela Law LLC announces that it is investigating Liberty Broadband Corporation (NASDAQ: LBRDA) (NASDAQ: LBRDK) ("Liberty Broadband") on behalf of the company's shareholders. Click here for additional information: https://kaskelalaw.com/case/liberty-broadband/ On November 13, 2024, Charter Communications ("Charter") announced that it would acquire Liberty Broadband in an all-stock transaction.
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SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Investors of an Investigation into Liberty Broadband Corp.
NEW YORK, NY / ACCESS Newswire / February 14, 2025 / The following statement is being issued by Levi & Korsinsky, LLP: To: All Persons or Entities who own Liberty Broadband Corp ("LBRDA" or the "Company") (NASDAQ:LBRDA) stock purchased prior to September 22, 2024. You are hereby notified that Levi & Korsinsky, LLP has commenced an investigation into the fairness of the merger of Liberty and Charter Communications, Inc. ("Charter"), whether the Board of LBRDA harmed stockholders by agreeing to enter into this transaction, and whether all material facts have been properly disclosed to stockholders.
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LIBERTY BROADBAND INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Liberty Broadband Corporation - LBRDA
NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Liberty Broadband Corporation (NasdaqGS: LBRDA, LBRDK, LBRDP) to Charter Communications, Inc. (NasdaqGS: CHTR). Under the terms of the proposed transaction, shareholders of Liberty will receive 0.236 of a share of Charter common stock for each share of Liberty that they own. KSF is seeking to determine whether.
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Liberty Broadband Corporation Announces Virtual Special Meeting of Stockholders to Vote on Acquisition by Charter
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Broadband Corporation Announces Virtual Special Meeting of Stockholders to Vote on Acquisition by Charter.
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LBRDA Stock Alert: Halper Sadeh LLC Is Investigating Whether the Sale of Liberty Broadband Corporation Is Fair to Shareholders
NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating whether the sale of Liberty Broadband Corporation (NASDAQ: LBRDA) to Charter Communications, Inc. for 0.236 of a share of Charter common stock per share of Liberty Broadband common stock is fair to Liberty Broadband shareholders. Halper Sadeh encourages Liberty Broadband shareholders to click here to learn more about their legal rights and options or contact Daniel Sadeh or Zachary Halper at (212) 763-006.
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Liberty Broadband Preferreds Will Become Even More Attractive Than Charter Communications Preferreds
As part of the merger of Charter Communications and Liberty Broadband, Liberty Broadband preferred stock will be replaced by new Charter Communications preferred stock by June 30, 2027. The merger is positive for Liberty Broadband preferred stockholders, with new Charter preferreds inheriting attractive features and benefiting from Charter's status as a top-tier telco. Charter preferreds will offer better market visibility, reduced risk, and a guaranteed redemption at par by March 2039.
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LBRDA Stock Alert: Halper Sadeh LLC is Investigating Whether the Sale of Liberty Broadband Corporation is Fair to Shareholders
NEW YORK, Nov. 15, 2024 (GLOBE NEWSWIRE) -- Halper Sadeh LLC, an investor rights law firm, is investigating whether the sale of Liberty Broadband Corporation (NASDAQ: LBRDA) to Charter Communications, Inc. for 0.236 of a share of Charter common stock per share of Liberty Broadband common stock is fair to Liberty Broadband shareholders.
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Liberty Broadband / Charter Communications Merger Alert: Shareholders Concerned About Proposed Deal Should Contact Julie & Holleman LLP Regarding Potential Legal Claims
NEW YORK , Nov. 13, 2024 /PRNewswire/ -- Nationally recognized shareholder rights firm Julie & Holleman LLP is investigating the proposed merger of Liberty Broadband Corporation (NASDAQ: LBRDA, LBRDK, LBRDP) and Charter Communications, Inc. (NASDAQ: CHTR) for potential breaches of fiduciary duty related to conflicts of interest. For a free, no-risk consultation, please visit https://julieholleman.com/liberty-broadband-corp/, or contact firm partner Scott Holleman by email at scott@julieholleman.com or by telephone at (929) 415-1020.
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ALERT: Rowley Law PLLC is Investigating Proposed Acquisition of Liberty Broadband Corporation
NEW YORK , Nov. 13, 2024 /PRNewswire/ -- Rowley Law PLLC is investigating potential securities law violations by Liberty Broadband Corporation (NASDAQ: LBRDA) and its board of directors concerning the proposed acquisition of the company by Charter Communications, Inc. (NASDAQ: CHTR). Stockholders will receive 0.236 shares of Charter Communications common stock for each share of Liberty Broadband stock that they hold.
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John Malone's Liberty Broadband To Be Acquired By Charter In All-Stock Deal
Charter Communications has sealed a deal to acquire John Malone's Liberty Broadband in the latest media chess move by Malone. While far from the glitzy spotlight of Warner Bros. Discovery, Formula One or other parts of Malone's investment portfolio, the broadband deal has been closely tracked as the parties negotiated in recent months.
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Charter to buy Liberty Broadband in all-stock deal
Cable operator Charter Communications has agreed to buy Liberty Broadband in an all-stock deal, the companies said on Wednesday.
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Charter to Acquire Liberty Broadband Corporation
STAMFORD, Conn. and ENGLEWOOD, Colo.
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Liberty Broadband Corporation (LBRDK) Q3 2024 Earnings Call Transcript
Liberty Broadband Corporation (NASDAQ:LBRDK ) Q3 2024 Results Conference Call November 7, 2024 11:15 AM ET Company Participants Shane Kleinstein - SVP, IR Greg Maffei - Chairman, President & CEO Brian Wendling - SVP & CFO Ron Duncan - Co-Founder, CEO & Director Pete Pounds - CFO of GCI Conference Call Participants Ben Swinburne - Morgan Stanley Kutgun Maral - Evercore ISI Barton Crockett - Rosenblatt Securities Operator Welcome to the Liberty Broadband 2024 Q3 Earnings Call. During the presentation, all participants will be in a listen-only mode.
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Liberty Broadband Stock Is Surging. A Deal With Charter Looms.
Investors appear to be betting that Liberty Broadband and Charter Communications can meet in the middle and reach a deal for the latter to buy the former.
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Liberty Broadband Stock Spikes. It May Merge With Charter.
The company submitted a counteroffer to Charter, it said Tuesday morning.
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Liberty Broadband Submits Counterproposal to Charter for Proposed Business Combination
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Broadband Submits Counterproposal to Charter for Proposed Business Combination.
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Be Quick To Buy This Rare Over 7% Yielding Liberty Broadband Preferred
Liberty Broadband preferred stock offers stable income, backed by a significant stake in Charter Communications, ensuring high safety for dividend payments. The preferred stock is trading under par, presenting a good buying opportunity. If interest rates are cut, the price can easily return to above par. The mandatory redemption at par on March 8, 2039 is an attractive characteristic that is not often encountered in preferred stock.
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Conventum - Alluvium Global Fund's Q2 2024 Buys And Sells
Conventum - Alluvium Global Fund ended the quarter with 19 holdings and 15.3% cash. The fund bought AutoNation, Ryanair, Robert Half and Liberty Broadband. The fund sold LyondellBasell, DICK'S Sporting and HCA Healthcare.
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Liberty Broadband Corporation Prices Upsized Private Offering of $800 Million of 3.125% Exchangeable Senior Debentures due 2054
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Broadband Corporation Prices Upsized Private Offering of $800 Million of 3.125% Exchangeable Senior Debentures due 2054.
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Liberty Broadband Corporation Announces Proposed Private Offering of Exchangeable Senior Debentures
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Broadband Corporation Announces Proposed Private Offering of Exchangeable Senior Debentures.
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The Fast Track: 7 Stocks That Can Double Your Money in 5 Years
Finding stocks that can double your money in a period of only five years may sound like a tall order. However, it's quite a reasonable goal, and achievable if you play your cards right (and have some luck).
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Liberty Broadband Corporation to Hold Virtual Annual Meeting of Stockholders
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Broadband Corporation to Hold Virtual Annual Meeting of Stockholders.
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Liberty Broadband Reports First Quarter 2024 Financial Results
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Broadband Reports First Quarter 2024 Financial Results.
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Liberty Broadband Corporation to Present at MoffettNathanson Media, Internet & Communications Conference
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Broadband Corporation to Present at MoffettNathanson Media, Internet & Communications Conference.
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3 Stocks to Watch From a Challenging Cable Television Industry
Zacks Cable Television industry participants like RCI, LBRDA and LBTYA are benefiting from growing demand for high-speed Internet and increased media consumption amid cord-cutting.
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Liberty Broadband Corporation Announces First Quarter Earnings Release and Conference Call
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Broadband Corporation Announces First Quarter Earnings Release and Conference Call.
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The 7 Most Deeply Undervalued Stocks on Wall Street Right Now
The stock market has clearly hit a fork in the road. On one path, we find the high-flying tech and growth stocks that have rapidly recovered or even exceeded their pre-pandemic highs.
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Liberty Broadband Reports Fourth Quarter and Year End 2023 Financial Results
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Broadband Corporation (“Liberty Broadband”) (Nasdaq: LBRDA, LBRDK, LBRDP) today reported fourth quarter and year end 2023 results.
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Liberty Broadband: Dirt Cheap After The Charter Crash
Following its Q4/23 earnings release, Charter Communications and its major shareholder Liberty Broadband crashed 16%. Since I don't believe fundamentals justify such a steep sell-off, the investment case for Liberty Broadband has become even more compelling. Liberty Broadband is virtually certain to outperform Charter over the long-term thanks to a 28% NAV discount and accretive buybacks.
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Liberty Broadband Corporation Announces Fourth Quarter Earnings Release and Conference Call
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Broadband Corporation Announces Fourth Quarter Earnings Release and Conference Call.
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Liberty Broadband Corporation (LBRDK) Q3 2023 Earnings Call Transcript
Liberty Broadband Corporation (NASDAQ:LBRDK ) Q3 2023 Earnings Conference Call November 3, 2023 11:15 AM ET Company Participants Shane Kleinstein - VP, IR Greg Maffei - President & CEO Brian Wendling - Chief Accounting & Principal Financial Officer Ron Duncan - CEO, GCI Pete Pounds - CFO, GCI Conference Call Participants Kutgun Maral - Evercore ISI Ben Swinburne - Morgan Stanley Michael Rollins - Citi Operator Welcome to the Liberty Broadband 2023 Third Quarter Earnings Call. During the presentation, all participants will be in a listen-only mode.
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Liberty Broadband Reports Third Quarter 2023 Financial Results
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Broadband Reports Third Quarter 2023 Financial Results.
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Liberty Broadband: How To Buy Charter At A 50%+ Discount
Liberty Broadband's discount to NAV has grown to over 30%, while its main asset Charter also looks undervalued. Overall, the total discount to Liberty Broadband's underlying intrinsic value likely exceeds 50%. Potential near-term catalysts for closing the discount are limited, but patient long-term investors will very likely be rewarded.
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Liberty Broadband Corporation to Present at Goldman Sachs Communacopia & Technology Conference
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Broadband Corporation to Present at Goldman Sachs Communacopia & Technology Conference.
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USDA grant award expands AIRRAQ broadband fiber project to three more rural Alaska communities
$35 million grant will deliver connectivity to Tununak, Toksook Bay and Emmonak ANCHORAGE, Alaska , Aug. 22, 2023 /PRNewswire/ -- GCI announced today that it has been awarded a $35 million grant from the U.S. Department of Agriculture Rural Development's ReConnect program to bring fiber-optic connectivity to Toksook Bay, Emmonak, and Tununak. Connectivity will be delivered to the three communities through an expansion of the AIRRAQ Network, a joint GCI-Bethel Native Corporation (BNC) project to deliver high-speed broadband service to communities in the Yukon-Kuskokwim Delta.
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Liberty Broadband Corporation (LBRDK) Q2 2023 Earnings Call Transcript
Liberty Broadband Corporation (NASDAQ:LBRDK ) Q2 2023 Earnings Conference Call August 4, 2023 11:15 AM ET Company Participants Shane Kleinstein - Vice President, Investor Relations Greg Maffei - President and CEO Brian Wendling - Chief Accounting Officer and Principal Financial Officer Ron Duncan - Chief Executive Officer, GCI Pete Pounds - Chief Financial Officer, GCI Conference Call Participants Michael Rollins - Citi Operator Welcome to the Liberty Broadband 2023 Q2 Earnings Call. During the presentation, all participants will be in a listen-only mode.
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Liberty Broadband Reports Second Quarter 2023 Financial Results
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Broadband Reports Second Quarter 2023 Financial Results.
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Liberty Broadband Corporation Announces Second Quarter Earnings Release and Conference Call and Website Postings of Upcoming Media Appearances
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Broadband Corporation Announces Second Quarter Earnings Release and Conference Call and Website Postings of Upcoming Media Appearances.
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GCI turns up the dial, launching 2.5 gig (2,500 Mbps!) internet speeds
More than 80% of Alaskans have access to GCI's fiber network that provides top speeds, affordable plans and unlimited data ANCHORAGE, Ala., May 8, 2023 /PRNewswire/ -- GCI is closing the digital divide across Alaska with new consumer plans that are often faster than those offered by Internet Service Providers in the Lower 48.
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Liberty Broadband Reports First Quarter 2023 Financial Results
ENGLEWOOD, Colo.--(BUSINESS WIRE)--LIBERTY BROADBAND REPORTS FIRST QUARTER 2023 FINANCIAL RESULTS.
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These Are the Top 10 Holdings of Robert Lynch
Robert Lynch is the Co-founder, Chief Risk Officer and Managing Partner at Aristeia Capital.
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Liberty Broadband Corporation (LBRDK) Q4 2022 Earnings Call Transcript
Liberty Broadband Corporation (NASDAQ:LBRDK ) Q4 2022 Earnings Conference Call February 17, 2023 11:00 AM ET Company Participants Shane Kleinstein - VP, IR Greg Maffei - President and Chief Executive Officer Brian Wendling - Chief Accounting & Principal Financial Officer Ben Oren - Executive Vice President & Treasurer-Liberty Media Corporation Ron Duncan - CEO, GCI Pete Pounds - CFO, GCI Conference Call Participants James Ratcliffe - Evercore ISI Doug Mitchelson - Credit Suisse Ben Swinburne - Morgan Stanley Barton Crockett - Rosenblatt Securities Michael Rollins - Citi Operator Hello and welcome to the Liberty Broadband 2022 Yearend Earnings Call. During the presentation, all participants will be in a listen-only mode.
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Liberty Broadband Reports Fourth Quarter and Year End 2022 Financial Results
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Broadband Corporation (“Liberty Broadband”) (Nasdaq: LBRDA, LBRDK, LBRDP) today reported fourth quarter and year end 2022 results.
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Liberty Broadband: Charter's Capex Plan Opens Up Risks And Possibilities
Liberty Broadband has a 26% stake in Charter Communications. The second-largest US cableco declined by double digits yesterday after its 2022 investor day. Investors were spooked by capex being revised higher for a rural buildout initiative.
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Liberty Broadband Corporation (LBRDK) Q3 2022 Earnings Call Transcript
Liberty Broadband Corporation (NASDAQ:LBRDK ) Q3 2022 Earnings Conference Call November 4, 2022 11:15 AM ET Company Participants Courtnee Chun - Chief Portfolio Officer Greg Maffei - President and Chief Executive Officer Brian Wendling - Chief Accounting & Principal Financial Officer Ben Oren - Executive Vice President & Treasurer-Liberty Media Corporation Conference Call Participants Ben Swinburne - Morgan Stanley Michael Rollins - Citi Barton Crockett - Rosenblatt Securities James Ratcliffe - Evercore ISI Doug Mitchelson - Credit Suisse Operator Welcome to the Liberty Broadband Corporation 2022 Third Quarter Earnings Call. During the presentation, all participants will be in a listen-only mode.
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Liberty Broadband Reports Third Quarter 2022 Financial Results
-Liberty Broadband Corporation (“Liberty Broadband”) (Nasdaq: LBRDA, LBRDK, LBRDP) today reported third quarter 2022 results. Headlines include
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Liberty Broadband Corporation Announces Annual Investor Meeting
ENGLEWOOD, Colo.
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Bethel Native Corporation, GCI partner to close digital divide in Western Alaska
Region receives more than $73 million for fiber broadband service through two federal grants ANCHORAGE, Alaska , Oct. 10, 2022 /PRNewswire/ -- Affordable, reliable, high-speed internet is coming to Western Alaska! Bethel Native Corporation (BNC), in partnership with GCI, Alaska's largest telecommunications company, today announced the launch of a partnership to bring fiber-optic connectivity to Alaska's Yukon-Kuskokwim Delta.
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Liberty Broadband Corporation Announces Third Quarter Earnings Release and Conference Call
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Broadband Corporation (“Liberty Broadband”) (Nasdaq: LBRDA, LBRDK, LBRDP) will host a conference call to discuss results for the third quarter of 2022 on Friday, November 4th at 11:15 a.m. E.T. Before the open of market trading that day, Liberty Broadband will issue a press release reporting such results, which can be found at https://www.libertybroadband.com/investors/news-events/press-releases. Following prepared remarks, the company will host a brief Q&A session during which management will accept questions regarding Liberty Broadband and Liberty TripAdvisor Holdings, Inc. The press release and conference call may discuss the financial performance and outlook of these companies, as well as other forward looking matters. Please call InComm Conferencing at (877) 407-3944 or +1 (412) 902-0038, passcode 13731629, at least 10 minutes prior to the call. Callers will need to be on a touch-tone telephone to ask questions. The conference administrator will provide instructions on how to use the polling feature. In addition, the conference call will be broadcast live via the Internet. All interested participants should visit the Liberty Broadband website at https://www.libertybroadband.com/investors/news-events/ir-calendar to register for the webcast. Replays of the call will also be available on the Liberty Broadband website. The conference call will be archived on the website after appropriate filings have been made with the SEC. About Liberty Broadband Corporation Liberty Broadband Corporation (Nasdaq: LBRDA, LBRDK, LBRDP) operates and owns interests in a broad range of communications businesses. Liberty Broadband’s principal assets consist of its interest in Charter Communications and its subsidiary GCI. GCI is Alaska’s largest communications provider, providing data, wireless, video, voice and managed services to consumer and business customers throughout Alaska and nationwide. GCI has delivered services over the past 40 years to some of the most remote communities and in some of the most challenging conditions in North America.
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Native Village of Port Lions awarded $29.3M federal grant to bring urban-level internet speeds to six more remote communities
The project will deliver GCI's lightning-fast 2 gig speeds, unlimited data, and affordable plans to some of the most remote and underserved communities in the nation ANCHORAGE, Alaska , Sept. 22, 2022 /PRNewswire/ -- The Native Village of Port Lions, in partnership with GCI, is the recipient of a $29.3 million grant from the National Telecommunications and Information Administration (NTIA).
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Liberty Broadband Corporation's (LBRDK) CEO Greg Maffei on Q2 2022 Results - Earnings Call Transcript
Liberty Broadband Corporation (NASDAQ:LBRDK ) Q2 2022 Earnings Conference Call August 5, 2022 11:15 AM ET Company Participants Courtnee Chun - Chief Portfolio Officer Greg Maffei - President & CEO Brian Wendling - CAO & Principal Financial Officer Ron Duncan - CEO, GCI Pete Pounds - CFO, GCI Conference Call Participants James Ratcliffe - Evercore ISI Barton Crockett - Rosenblatt Securities Michael Rollins - Citi Operator Ladies and gentlemen, thank you for standing by. Welcome to the Liberty Broadband 2022 Q2 Earnings Call.
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Liberty Broadband Reports Second Quarter 2022 Financial Results
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Broadband Corporation (“Liberty Broadband”) (Nasdaq: LBRDA, LBRDK, LBRDP) today reported second quarter 2022 results. Headlines include(1): Fair value of Charter investment was $23.5 billion as of June 30th From May 1st through July 31st Liberty Broadband received $1.1 billion of proceeds from sale of 2.2 million Charter shares to Charter Maintained fully diluted equity interest in Charter of 26%(2) Maintained fully diluted equity interest in Charter of 26%(2) From May 1st through July 31st, Liberty Broadband repurchased 9.0 million LBRDA/K shares at an average price per share of $116.40 for total cash consideration of $1.0 billion In the second quarter, GCI(3) revenue was flat at $238 million, generated $10 million in operating income and grew adjusted OIBDA(4) 1% to $90 million Share Repurchases From May 1, 2022 through July 31, 2022, Liberty Broadband repurchased approximately 6.3 million shares of Series C Liberty Broadband common stock (Nasdaq: LBRDK) at an average cost per share of $117.40 for total cash consideration of $737 million and repurchased approximately 2.7 million shares of Series A Liberty Broadband common stock (Nasdaq: LBRDA) at an average cost per share of $114.08 for total cash consideration of $310 million. The total remaining repurchase authorization for Liberty Broadband as of August 1, 2022 is approximately $700 million. Charter Ownership Under the terms of Liberty Broadband and Charter’s stockholder agreement, Liberty Broadband has sold and will continue to sell to Charter a number of shares of Class A common stock as is necessary to maintain Liberty Broadband’s percentage equity interest at 26% on a fully diluted basis. Such sales are executed by Liberty Broadband monthly based on Charter’s repurchase activity in the month prior. From May 1, 2022 through July 31, 2022, Liberty Broadband sold approximately 2.2 million shares of Charter Class A common stock to Charter for total proceeds of approximately $1.1 billion. Balance Sheet The following presentation is provided to separately identify cash and liquid investments, debt and public holdings of Liberty Broadband as of March 31, 2022 and June 30, 2022. (amounts in millions) 3/31/2022 6/30/2022 Cash and Cash Equivalents: GCI Holdings $ 111 $ 80 Corporate and Other 189 221 Total Liberty Broadband Consolidated Cash $ 300 $ 301 Fair Value of Public Holdings in Charter(a) $ 28,595 $ 23,502 Debt: Senior Notes(b) $ 600 $ 600 Senior Credit Facility 399 398 Tower Obligations and Other(c) 97 95 Total GCI Holdings Debt $ 1,096 $ 1,093 GCI Leverage(d) 2.9x 2.9x Charter Margin Loan $ 1,600 $ 1,400 1.25% Exchangeable Senior Debentures due 2050(e) 825 825 1.75% Exchangeable Senior Debentures due 2046(e) 15 15 2.75% Exchangeable Senior Debentures due 2050(e) 575 575 Total Corporate Level Debt $ 3,015 $ 2,815 Total Liberty Broadband Debt $ 4,111 $ 3,908 Fair market value adjustment and deferred loan costs (6 ) (45 ) Tower obligations and finance leases (excluded from GAAP Debt) (91 ) (90 ) Total Liberty Broadband Debt (GAAP) $ 4,014 $ 3,773 Other Financial Obligations: Indemnification Obligation(f) $ 239 $ 175 Preferred Stock(g) 180 180 a) Represents fair value of the investment in Charter as of March 31, 2022 and June 30, 2022. A portion of the Charter equity securities are considered covered shares and subject to certain contractual restrictions in accordance with the indemnification obligation, as described below. b) Principal amount of Senior Notes. c) Includes the Wells Fargo Note Payable and current and long-term obligations under finance leases and tower obligations. d) As defined in GCI's credit agreement. e) Principal amount of Senior Exchangeable Debentures exclusive of fair market value adjustments. f) Indemnity to Qurate Retail, Inc. (“Qurate Retail”), pursuant to an indemnification agreement (the "indemnification agreement"), with respect to the Liberty Interactive LLC ("LI LLC") 1.75% exchangeable debentures due 2046 (the "Charter exchangeable debentures"), as described below. g) Liquidation value of preferred stock. Preferred stock has a 7% coupon, $25/share liquidation preference plus accrued and unpaid dividends and 1/3 vote per share. The redemption date is the first business day following March 8, 2039. The preferred stock is considered a liability for GAAP purposes. Liberty Broadband cash was flat in the second quarter. The primary sources of cash were Charter share sales in the period and proceeds from the sale of Skyhook Holdings, Inc. (“Skyhook”), offset by share repurchases and debt repayment at Liberty Broadband. GCI cash decreased $31 million in the second quarter as cash from operations was more than offset by a $70 million dividend paid to Liberty Broadband and capital expenditures during the quarter. Skyhook was a wholly owned subsidiary of Liberty Broadband until its sale on May 2, 2022 for aggregate consideration of approximately $194 million, including amounts held in escrow of approximately $23 million. Liberty Broadband recognized a gain on the sale of $179 million, net of fees contingent upon closing, in the second quarter of 2022, which is recorded in Gain (loss) on dispositions, net in the accompanying condensed consolidated statement of operations. Liberty Broadband debt decreased $203 million in the second quarter due to repayment on the Charter margin loan. There is $900 million available capacity under the Charter margin loan. GCI’s credit facility has undrawn capacity of $397 million (net of letters of credit), and GCI’s leverage as defined in its credit agreement is 2.9x. Liberty Broadband has an indemnification agreement with Qurate Retail with respect to Qurate Retail’s Charter exchangeable debentures. Pursuant to the indemnification agreement, Liberty Broadband will compensate Qurate Retail for any payments made in excess of the adjusted principal amount of the LI LLC Charter exchangeable debentures to any holder that exercises its exchange right on or before the put/call date of October 5, 2023. This indemnity is supported by a negative pledge in favor of Qurate Retail on the reference shares of Class A common stock of Charter held at Liberty Broadband that underlie the LI LLC Charter exchangeable debentures. The indemnification obligation on Liberty Broadband’s balance sheet is valued based on the estimated exchange feature in the LI LLC Charter exchangeable debentures. As of June 30, 2022, a holder of the LI LLC Charter exchangeable debentures has the ability to exchange, and accordingly, the indemnification obligation is classified as a current liability. GCI Operating and Financial Results 2Q21 2Q22 % Change (amounts in millions, except operating metrics) GCI Consolidated Financial Metrics Revenue Consumer $ 120 $ 117 (3 )% Business 118 121 3 % Total revenue $ 238 $ 238 - % Operating income $ 18 $ 10 (44 )% Operating income margin (%) 7.4 % 4.2 % (320 )bps Adjusted OIBDA(a) $ 89 $ 90 1 % Adjusted OIBDA margin(a) (%) 37.3 % 37.8 % 50 bps GCI Consumer Financial Metrics Revenue Wireless $ 45 $ 47 4 % Data 53 57 8 % Other 22 13 (41 )% Total revenue $ 120 $ 117 (3 )% Operating Metrics Wireless: Revenue generating lines in service(b) 189,100 194,000 3 % Data: Revenue generating cable modem subscribers(c) 145,400 154,500 6 % GCI Business Financial Metrics Revenue Wireless $ 20 $ 13 (35 )% Data 87 97 11 % Other 11 11 - % Total revenue $ 118 $ 121 3 % a) See reconciling schedule 1. b) A revenue generating wireless line in service is defined as a wireless device with a monthly fee for services. c) A revenue generating cable modem subscriber is defined by the purchase of cable modem service regardless of the level of service purchased. Unless otherwise noted, the following discussion compares financial information for the three months ended June 30, 2022 to the same period in 2021. GCI revenue was flat in the second quarter. Consumer revenue was down 3% driven by significant declines in the lower margin video and voice products included in Other consumer revenue, partially offset by 4% and 8% growth in consumer wireless and data revenue, respectively. Business revenue was up 3% with growth in data revenue more than offsetting the impact of extending a roaming wireless contract with a large partner in the fourth quarter of 2021, which results in lower quarterly and annual revenue in 2022, but will benefit GCI from the extension of the agreement for several years as well as the continued receipt of backhaul services for GCI’s network post expiration. The previous agreement was expected to be terminated in 2022. Operating income declined in the second quarter due to a $10 million accrual for a potential litigation settlement and adjusted OIBDA grew 1% primarily due to mix shift into higher margin revenue. In the second quarter, GCI spent $55 million on capital expenditures, including accrued capital expenditures. Capital expenditure spending was related primarily to improvements to the wireless and hybrid fiber coax networks. GCI's net capital expenditures for the full year 2022 are expected to be approximately $150 million. FOOTNOTES 1) Liberty Broadband will discuss these highlights and other matters on Liberty Broadband's earnings conference call that will begin at 11:15 a.m. (E.D.T.) on August 5, 2022. For information regarding how to access the call, please see “Important Notice” later in this document. 2) Calculated pursuant to Liberty Broadband and Charter’s stockholder agreement. 3) Liberty Broadband’s principal operating asset is GCI Holdings, LLC (“GCI” or “GCI Holdings”), Alaska's largest communications provider, and also holds an interest in Charter Communications, Inc. ("Charter"). 4) For a definition of adjusted OIBDA and adjusted OIBDA margin and applicable reconciliations, see the accompanying schedules. NOTES LIBERTY BROADBAND FINANCIAL METRICS (amounts in millions) 2Q21 2Q22 Revenue GCI Holdings $ 238 $ 238 Corporate and other 4 1 Total Liberty Broadband Revenue $ 242 $ 239 Operating Income (Loss) GCI Holdings $ 18 $ 10 Corporate and other (20 ) (11 ) Total Liberty Broadband Operating Income (Loss) $ (2 ) $ (1 ) Adjusted OIBDA (Loss) GCI Holdings $ 89 $ 90 Corporate and other (14 ) (7 ) Total Liberty Broadband Adjusted OIBDA (Loss) $ 75 $ 83 Important Notice: Liberty Broadband (Nasdaq: LBRDA, LBRDK, LBRDP) will discuss Liberty Broadband’s earnings release on a conference call which will begin at 11:15 a.m. (E.D.T.) on August 5, 2022. The call can be accessed by dialing (800) 458-4121 or (323) 794-2093, passcode 5262692, at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to https://www.libertybroadband.com/investors/news-events/ir-calendar. Links to this press release and replays of the call will also be available on Liberty Broadband’s website. This press release includes certain forward-looking statements under the Private Securities Litigation Reform Act of 1995, including statements about business strategies, market potential, future financial prospects, capital expenditures, matters relating to Liberty Broadband’s equity interest in Charter and Charter’s buyback of common stock, Liberty Broadband’s participation in Charter’s buyback of common stock, indemnification by Liberty Broadband, the continuation of our stock repurchase program, benefits from extending a roaming contract, backhaul services and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, possible changes in market acceptance of new products or services, competitive issues, regulatory matters affecting our businesses, continued access to capital on terms acceptable to Liberty Broadband, changes in law and government regulations, the availability of investment opportunities, general market conditions (including as a result of COVID-19) and market conditions conducive to stock repurchases. These forward-looking statements speak only as of the date of this press release, and Liberty Broadband expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Broadband's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Liberty Broadband, including the most recent Forms 10-K and 10-Q, for additional information about Liberty Broadband and about the risks and uncertainties related to Liberty Broadband which may affect the statements made in this press release. NON-GAAP FINANCIAL MEASURES To provide investors with additional information regarding our financial results, this press release includes a presentation of adjusted OIBDA, which is a non-GAAP financial measure, for Liberty Broadband (and certain of its subsidiaries) and GCI Holdings together with a reconciliation to that entity or such businesses’ operating income, as determined under GAAP. Liberty Broadband defines adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, transaction costs, separately reported litigation settlements, restructuring, acquisition and other related costs and impairment charges. Further, this press release includes adjusted OIBDA margin which is also a non-GAAP financial measure. Liberty Broadband defines adjusted OIBDA margin as adjusted OIBDA divided by revenue. Liberty Broadband believes adjusted OIBDA is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business' performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because adjusted OIBDA is used as a measure of operating performance, Liberty Broadband views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that Liberty Broadband’s management considers in assessing the results of operations and performance of its assets. Please see the tables below for applicable reconciliations. SCHEDULE 1 The following table provides a reconciliation of GCI’s operating income to its adjusted OIBDA for the three months ended June 30, 2021 and June 30, 2022, respectively. GCI HOLDINGS ADJUSTED OIBDA RECONCILIATION (amounts in millions) 2Q21 2Q22 GCI Holdings Operating Income $ 18 $ 10 Depreciation and amortization 67 66 Stock-based compensation 4 4 Litigation settlement(a) — 10 GCI Holdings Adjusted OIBDA $ 89 $ 90 a) GCI recorded a $10 million settlement expense in June 2022 related to legal proceedings with the Department of Justice on Rural Healthcare matters that commenced in 2019. SCHEDULE 2 The following table provides a reconciliation of operating income (loss) calculated in accordance with GAAP to adjusted OIBDA for Liberty Broadband for the three months ended June 30, 2021 and June 30, 2022, respectively. LIBERTY BROADBAND ADJUSTED OIBDA RECONCILIATION (amounts in millions) 2Q21 2Q22 Liberty Broadband Operating Income (Loss) $ (2 ) $ (1 ) Depreciation and amortization 67 65 Stock-based compensation 10 9 Litigation settlement(a) — 10 Liberty Broadband Adjusted OIBDA (Loss) $ 75 $ 83 GCI Holdings $ 89 90 Corporate and other (14 ) (7 ) a) GCI recorded a $10 million settlement expense in June 2022 related to legal proceedings with the Department of Justice on Rural Healthcare matters that commenced in 2019. LIBERTY BROADBAND CORPORATION BALANCE SHEET INFORMATION (unaudited) June 30, December 31, 2022 2021 amounts in millions, except share amounts Assets Current assets: Cash and cash equivalents $ 301 191 Trade and other receivables, net of allowance for credit losses of $4 and $4, respectively 179 206 Prepaid and other current assets 71 62 Total current assets 551 459 Investment in Charter, accounted for using the equity method 12,051 13,260 Property and equipment, net 1,013 1,031 Intangible assets not subject to amortization Goodwill 755 762 Cable certificates 550 550 Other 37 37 Intangible assets subject to amortization, net 546 573 Tax sharing receivable 44 86 Other assets, net 191 210 Total assets $ 15,738 16,968 Liabilities and Equity Current liabilities: Accounts payable and accrued liabilities $ 100 99 Deferred revenue 21 25 Current portion of debt, including zero and $25 measured at fair value, respectively 3 28 Indemnification obligation 175 324 Other current liabilities 149 106 Total current liabilities 448 582 Long-term debt, net, including $1,342 and $1,403 measured at fair value, respectively 3,770 3,733 Obligations under finance leases and tower obligations, excluding current portion 88 89 Long-term deferred revenue 36 35 Deferred income tax liabilities 1,999 1,998 Preferred stock 203 203 Other liabilities 166 189 Total liabilities 6,710 6,829 Equity Series A common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 21,633,055 and 23,232,342 at June 30, 2022 and December 31, 2021, respectively — — Series B common stock, $.01 par value. Authorized 18,750,000 shares; issued and outstanding 2,328,901 and 2,544,548 at June 30, 2022 and December 31, 2021, respectively — — Series C common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 132,311,691 and 144,854,780 at June 30, 2022 and December 31, 2021, respectively 1 1 Additional paid-in capital 4,319 6,214 Accumulated other comprehensive earnings, net of taxes 30 14 Retained earnings 4,662 3,898 Total stockholders' equity 9,012 10,127 Non-controlling interests 16 12 Total equity 9,028 10,139 Commitments and contingencies Total liabilities and equity $ 15,738 16,968 LIBERTY BROADBAND CORPORATION STATEMENT OF OPERATIONS INFORMATION (unaudited) Three months ended June 30, 2022 2021 amounts in millions, except per share amounts Revenue $ 239 242 Operating costs and expenses: Operating expense (exclusive of depreciation and amortization shown separately below) 60 67 Selling, general and administrative, including stock-based compensation 105 110 Depreciation and amortization 65 67 Litigation settlement, net of recoveries 10 — 240 244 Operating income (loss) (1 ) (2 ) Other income (expense): Interest expense (including amortization of deferred loan fees) (30 ) (29 ) Share of earnings (losses) of affiliate 386 249 Gain (loss) on dilution of investment in affiliate (11 ) (15 ) Realized and unrealized gains (losses) on financial instruments, net 77 (125 ) Gain (loss) on dispositions, net 179 — Other, net (18 ) 23 Earnings (loss) before income taxes 582 101 Income tax benefit (expense) (117 ) (45 ) Net earnings (loss) 465 56 Less net earnings (loss) attributable to the non-controlling interests — — Net earnings (loss) attributable to Liberty Broadband shareholders $ 465 56 Basic net earnings (loss) attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share $ 2.89 0.30 Diluted net earnings (loss) attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share $ 2.87 0.30 LIBERTY BROADBAND CORPORATION STATEMENT OF CASH FLOWS INFORMATION (unaudited) Six months ended June 30, 2022 2021 amounts in millions Cash flows from operating activities: Net earnings (loss) $ 764 108 Adjustments to reconcile net earnings (loss) to net cash from operating activities: Depreciation and amortization 129 131 Stock-based compensation 18 20 Litigation settlement, net of recoveries 10 110 Share of (earnings) losses of affiliate, net (689 ) (438 ) (Gain) loss on dilution of investment in affiliate 67 97 Realized and unrealized (gains) losses on financial instruments, net (214 ) 26 Deferred income tax expense (benefit) 1 (18 ) (Gain) loss on dispositions, net (179 ) — Other, net (3 ) (2 ) Change in operating assets and liabilities: Current and other assets 113 137 Payables and other liabilities 1 (60 ) Net cash provided by (used in) operating activities 18 111 Cash flows from investing activities: Capital expenditures (78 ) (50 ) Cash received for Charter shares repurchased by Charter 1,806 1,762 Cash proceeds from dispositions, net 163 — Other investing activities, net 4 2 Net cash provided by (used in) investing activities 1,895 1,714 Cash flows from financing activities: Borrowings of debt 300 717 Repayment of debt, finance leases and tower obligations (203 ) (1,781 ) Repurchases of Liberty Broadband common stock (1,890 ) (1,957 ) Other financing activities, net (3 ) (2 ) Net cash provided by (used in) financing activities (1,796 ) (3,023 ) Net increase (decrease) in cash, cash equivalents and restricted cash 117 (1,198 ) Cash, cash equivalents and restricted cash, beginning of period 206 1,433 Cash, cash equivalents and restricted cash, end of period $ 323 235
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PCMag.com names GCI Alaska's fastest ISP for seventh consecutive year
GCI expects scores to increase even more as it progresses toward 10 gig internet speeds ANCHORAGE, Alaska , Aug. 3, 2022 /PRNewswire/ -- For the seventh straight year, GCI has been named Alaska's fastest internet service provider (ISP) by PCMag.com. GCI raised the bar yet again, setting a record high PCMag Speed Index (PSI) score of 176.7.
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Liberty Broadband Corporation Announces Second Quarter Earnings Release and Conference Call
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Broadband Corporation (“Liberty Broadband”) (Nasdaq: LBRDA, LBRDK, LBRDP) will host a conference call to discuss results for the second quarter of 2022 on Friday, August 5th at 11:15 a.m. E.T. Before the open of market trading that day, Liberty Broadband will issue a press release reporting such results, which can be found at https://www.libertybroadband.com/investors/news-events/press-releases. Following prepared remarks, the company will host a brief Q&A session during which management will accept questions regarding Liberty Broadband and Liberty TripAdvisor Holdings, Inc. The press release and conference call may discuss the financial performance and outlook of these companies, as well as other forward looking matters. Please call GlobalMeet at (800) 458-4121 or +1 (323) 794-2093, passcode 5262692, at least 10 minutes prior to the call. Callers will need to be on a touch-tone telephone to ask questions. The conference administrator will provide instructions on how to use the polling feature. In addition, the conference call will be broadcast live via the Internet. All interested participants should visit the Liberty Broadband website at https://www.libertybroadband.com/investors/news-events/ir-calendar to register for the webcast. Replays of the call will also be available on the Liberty Broadband website. The conference call will be archived on the website after appropriate filings have been made with the SEC. About Liberty Broadband Corporation Liberty Broadband Corporation (Nasdaq: LBRDA, LBRDK, LBRDP) operates and owns interests in a broad range of communications businesses. Liberty Broadband’s principal assets consist of its interest in Charter Communications and its subsidiary GCI. GCI is Alaska’s largest communications provider, providing data, wireless, video, voice and managed services to consumer and business customers throughout Alaska and nationwide. GCI has delivered services over the past 40 years to some of the most remote communities and in some of the most challenging conditions in North America.
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Liberty Broadband Corporation's (LBRDK) CEO Greg Maffei on Q1 2022 Results - Earnings Call Transcript
Liberty Broadband Corporation (NASDAQ:LBRDK ) Q1 2022 Earnings Conference Call May 6, 2022 11:15 AM ET Company Participants Courtnee Chun - Chief Portfolio Officer Greg Maffei - President & CEO Brian Wendling - Chief Accounting & Principal Financial Officer Ron Duncan - CEO, GCI Pete Pounds - CFO, GCI Conference Call Participants Doug Mitchelson - Credit Suisse Ben Swinburne - Morgan Stanley Barton Crockett - Rosenblatt Securities James Ratcliffe - Evercore ISI Michael Rollins - Citi Michael Bunyaner - TLF Capital Matthew Harrigan - Benchmark Operator Ladies and gentlemen, thank you for standing by. Welcome to the Liberty Broadband 2022 Q1 Earnings Call.
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Liberty Broadband Reports First Quarter 2022 Financial Results
ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Broadband Corporation (“Liberty Broadband”) (Nasdaq: LBRDA, LBRDK, LBRDP) today reported first quarter 2022 results. Headlines include(1): Fair value of Charter investment was $29 billion as of March 31st From February 1st through April 30th, Liberty Broadband received $753 million of proceeds from sale of 1.3 million Charter shares to Charter Maintained fully diluted equity interest in Charter of 26%(2) Maintained fully diluted equity interest in Charter of 26%(2) From February 1st through April 30th, Liberty Broadband repurchased 5.1 million LBRDA/K shares at an average price per share of $140.13 for total cash consideration of $719 million In the first quarter, GCI(3) revenue decreased 4% to $233 million, generated operating income of $21 million and adjusted OIBDA(4) declined 9% to $87 million Sold Skyhook subsidiary for approximately $170 million of net proceeds on May 2nd Share Repurchases From February 1, 2022 through April 30, 2022, Liberty Broadband repurchased approximately 4.7 million shares of Series C Liberty Broadband common stock (Nasdaq: LBRDK) at an average cost per share of $140.52 for total cash consideration of $660 million and repurchased approximately 430 thousand shares of Series A Liberty Broadband common stock (Nasdaq: LBRDA) at an average cost per share of $135.84 for total cash consideration of $58 million. The total remaining repurchase authorization for Liberty Broadband as of May 1, 2022 is approximately $1.7 billion. Charter Ownership Under the terms of Liberty Broadband and Charter’s stockholder agreement, Liberty Broadband has sold and will continue to sell to Charter a number of shares of Class A common stock as is necessary to maintain Liberty Broadband’s percentage equity interest at 26% on a fully diluted basis. Such sales are executed by Liberty Broadband monthly based on Charter’s repurchase activity in the month prior. From February 1, 2022 through April 30, 2022, Liberty Broadband sold approximately 1.3 million shares of Charter Class A common stock to Charter for total proceeds of approximately $753 million. Balance Sheet The following presentation is provided to separately identify cash and liquid investments, debt and public holdings of Liberty Broadband as of December 31, 2021 and March 31, 2022. (amounts in millions) 12/31/2021 3/31/2022 Cash and Cash Equivalents: GCI Holdings $ 34 $ 111 Corporate and Other 157 189 Total Liberty Broadband Consolidated Cash $ 191 $ 300 Fair Value of Public Holdings in Charter(a) $ 34,807 $ 28,595 Debt: Senior Notes(b) $ 600 $ 600 Senior Credit Facility 399 399 Tower Obligations and Other(c) 98 97 Total GCI Holdings Debt $ 1,097 $ 1,096 GCI Leverage(d) 3.0x 2.9x Charter Margin Loan $ 1,300 $ 1,600 1.25% Exchangeable Senior Debentures due 2050(e) 825 825 1.75% Exchangeable Senior Debentures due 2046(e) 15 15 2.75% Exchangeable Senior Debentures due 2050(e) 575 575 Total Corporate Level Debt $ 2,715 $ 3,015 Total Liberty Broadband Debt $ 3,812 $ 4,111 Fair market value adjustment and deferred loan costs 41 (6 ) Tower obligations and finance leases (excluded from GAAP Debt) (92 ) (91 ) Total Liberty Broadband Debt (GAAP) $ 3,761 $ 4,014 Other Financial Obligations: Indemnification Obligation(f) $ 324 $ 239 Preferred Stock(g) 179 180 a) Represents fair value of the investment in Charter as of December 31, 2021 and March 31, 2022. A portion of the Charter equity securities are considered covered shares and subject to certain contractual restrictions in accordance with the indemnification obligation, as described below. b) Principal amount of Senior Notes. c) Includes the Wells Fargo Note Payable and current and long-term obligations under finance leases and tower obligations. d) As defined in GCI's credit agreement. e) Principal amount of Senior Exchangeable Debentures exclusive of fair market value adjustments. f) Indemnity to Qurate Retail, Inc. (“Qurate Retail”), pursuant to an indemnification agreement (the "indemnification agreement"), with respect to the Liberty Interactive LLC ("LI LLC") 1.75% exchangeable debentures due 2046 (the "Charter exchangeable debentures"), as described below. g) Liquidation value of preferred stock. Preferred stock has a 7% coupon, $25/share liquidation preference plus accrued and unpaid dividends and 1/3 vote per share. The redemption date is the first business day following March 8, 2039. The preferred stock is considered a liability for GAAP purposes. Liberty Broadband cash increased $109 million in the first quarter driven by Charter share sales in the period and additional borrowing under the Charter margin loan, partially offset by share repurchases at Liberty Broadband. GCI cash grew $77 million in the first quarter primarily due to cash from operations, partially offset by capital expenditures. On May 2, 2022, Liberty Broadband sold its wholly owned subsidiary Skyhook for approximately $170 million of net proceeds. Liberty Broadband debt increased $299 million in the first quarter due to an additional draw down on the Charter margin loan. There is $700 million available capacity under the Charter margin loan. GCI’s credit facility has undrawn capacity of $397 million (net of letters of credit), and GCI’s leverage as defined in its credit agreement is 2.9x. Liberty Broadband has an indemnification agreement with Qurate Retail with respect to Qurate Retail’s Charter exchangeable debentures. Pursuant to the indemnification agreement, Liberty Broadband will compensate Qurate Retail for any payments made in excess of the adjusted principal amount of the LI LLC Charter exchangeable debentures to any holder that exercises its exchange right on or before the put/call date of October 5, 2023. This indemnity is supported by a negative pledge in favor of Qurate Retail on the reference shares of Class A common stock of Charter held at Liberty Broadband that underlie the LI LLC Charter exchangeable debentures. The indemnification obligation on Liberty Broadband’s balance sheet is valued based on the estimated exchange feature in the LI LLC Charter exchangeable debentures. As of March 31, 2022, a holder of the LI LLC Charter exchangeable debentures has the ability to exchange, and accordingly, the indemnification obligation is classified as a current liability. GCI Results Unless otherwise noted, the following discussion compares financial information for the three months ended March 31, 2022 to the same period in 2021. GCI revenue decreased 4% in the first quarter. Consumer revenue was flat driven by continued strength in demand for consumer data and wireless, offset by declines in video revenue. Business revenue declined in the first quarter primarily driven by the impact of extending a roaming wireless contract with a large partner in the fourth quarter of 2021, which results in lower quarterly and annual revenue in 2022, but GCI will benefit from the extension of the agreement for several years as well as the continued receipt of backhaul services for GCI’s network post expiration. The previous agreement was expected to be terminated in 2022. Operating income declined in the first quarter and adjusted OIBDA declined largely in line with the decrease in revenue. In the first quarter, GCI spent $28 million on capital expenditures, excluding capitalized interest. Capital expenditure spending was related primarily to improvements to the wireless and hybrid fiber coax networks. GCI's net capital expenditures for the full year 2022 are expected to be approximately $150 million. FOOTNOTES 1) Liberty Broadband will discuss these highlights and other matters on Liberty Broadband's earnings conference call that will begin at 11:15 a.m. (E.D.T.) on May 6, 2022. For information regarding how to access the call, please see “Important Notice” later in this document. 2) Calculated pursuant to Liberty Broadband and Charter’s stockholder agreement. 3) Liberty Broadband’s principal operating asset is GCI Holdings, LLC (“GCI” or “GCI Holdings”), Alaska's largest communications provider, and also holds an interest in Charter Communications, Inc. ("Charter"). 4) For a definition of adjusted OIBDA and adjusted OIBDA margin and applicable reconciliations, see the accompanying schedules. NOTES LIBERTY BROADBAND FINANCIAL METRICS (amounts in millions) 1Q21 1Q22 Revenue GCI Holdings $ 242 $ 233 Corporate and other 5 5 Total Liberty Broadband Revenue $ 247 $ 238 Operating Income (Loss) GCI Holdings $ 29 $ 21 Corporate and other(a) (130 ) (14 ) Total Liberty Broadband Operating Income (Loss) $ (101 ) $ 7 Adjusted OIBDA (Loss) GCI Holdings $ 96 $ 87 Corporate and other (13 ) (7 ) Total Liberty Broadband Adjusted OIBDA (Loss) $ 83 $ 80 a) Included in Corporate and other for the three months ended March 31, 2021 is the accrual of a one-time payment to settle litigation relating to the merger of Liberty Broadband and GCI Liberty (Hollywood Firefighters’ Pension Fund, et al. v. GCI Liberty, Inc., et al.) pursuant to an agreement in principle signed with plaintiffs’ counsel on May 5, 2021. Liberty Broadband agreed to the final settlement amounts with its insurance carriers in the third quarter of 2021. For more information, see our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022. GCI OPERATING METRICS AND FINANCIAL RESULTS 1Q21 1Q22 % Change (amounts in millions, except operating metrics) GCI Consolidated Financial Metrics Revenue Consumer $ 119 $ 119 — % Business 123 114 (7 )% Total revenue $ 242 $ 233 (4 )% Operating income $ 29 $ 21 (28 )% Operating income margin (%) 11.9% 9.0% (290 )bps Adjusted OIBDA(a) $ 96 $ 87 (9 )% Adjusted OIBDA margin(a) (%) 39.7% 37.3% (240 )bps GCI Consumer Financial Metrics Revenue Wireless $ 44 $ 46 5 % Data 52 58 12 % Other 23 15 (35 )% Total revenue $ 119 $ 119 — % Operating Metrics Wireless: Revenue generating lines in service(b) 181,000 185,900 3 % Data: Revenue generating cable modem subscribers(c) 143,900 153,600 7 % GCI Business Financial Metrics Revenue Wireless $ 20 $ 14 (30 )% Data 91 90 (1 )% Other 12 10 (17 )% Total revenue $ 123 $ 114 (7 )% a) See reconciling schedule 1. b) A revenue generating wireless line in service is defined as a wireless device with a monthly fee for services. c) A cable modem subscriber is defined by the purchase of cable modem service regardless of the level of service purchased. If one entity purchases multiple cable modem service access points, each access point is counted as a subscriber. Important Notice: Liberty Broadband (Nasdaq: LBRDA, LBRDK, LBRDP) will discuss Liberty Broadband’s earnings release on a conference call which will begin at 11:15 a.m. (E.D.T.) on May 6, 2022. The call can be accessed by dialing (800) 458-4121 or (323) 794-2093, passcode 3992653, at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to https://www.libertybroadband.com/investors/news-events/ir-calendar. Links to this press release and replays of the call will also be available on Liberty Broadband’s website. This press release includes certain forward-looking statements under the Private Securities Litigation Reform Act of 1995, including statements about business strategies, market potential, future financial prospects, capital expenditures, matters relating to Liberty Broadband’s equity interest in Charter and Charter’s buyback of common stock, Liberty Broadband’s participation in Charter’s buyback of common stock, indemnification by Liberty Broadband, the continuation of our stock repurchase program, benefits from extending a roaming contract, backhaul services and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, possible changes in market acceptance of new products or services, competitive issues, regulatory matters affecting our businesses, continued access to capital on terms acceptable to Liberty Broadband, changes in law and government regulations, the availability of investment opportunities, general market conditions (including as a result of COVID-19) and market conditions conducive to stock repurchases. These forward-looking statements speak only as of the date of this press release, and Liberty Broadband expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Broadband's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Liberty Broadband, including the most recent Forms 10-K and 10-Q, for additional information about Liberty Broadband and about the risks and uncertainties related to Liberty Broadband which may affect the statements made in this press release. NON-GAAP FINANCIAL MEASURES To provide investors with additional information regarding our financial results, this press release includes a presentation of adjusted OIBDA, which is a non-GAAP financial measure, for Liberty Broadband (and certain of its subsidiaries) and GCI Holdings together with a reconciliation to that entity or such businesses’ operating income, as determined under GAAP. Liberty Broadband defines adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, transaction costs, separately reported litigation settlements, restructuring, acquisition and other related costs and impairment charges. Further, this press release includes adjusted OIBDA margin which is also a non-GAAP financial measure. Liberty Broadband defines adjusted OIBDA margin as adjusted OIBDA divided by revenue. Liberty Broadband believes adjusted OIBDA is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business' performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because adjusted OIBDA is used as a measure of operating performance, Liberty Broadband views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that Liberty Broadband’s management considers in assessing the results of operations and performance of its assets. Please see the tables below for applicable reconciliations. SCHEDULE 1 The following table provides a reconciliation of GCI’s operating income to its adjusted OIBDA for the three months ended March 31, 2021 and March 31, 2022, respectively. GCI HOLDINGS ADJUSTED OIBDA RECONCILIATION (amounts in millions) 1Q21 1Q22 GCI Holdings Operating Income $ 29 $ 21 Depreciation and amortization 64 63 Stock-based compensation 3 3 GCI Holdings Adjusted OIBDA $ 96 $ 87 SCHEDULE 2 The following table provides a reconciliation of operating income (loss) calculated in accordance with GAAP to adjusted OIBDA for Liberty Broadband for the three months ended March 31, 2021 and March 31, 2022, respectively. LIBERTY BROADBAND ADJUSTED OIBDA RECONCILIATION (amounts in millions) 1Q21 1Q22 Liberty Broadband Operating Income (Loss) $ (101 ) $ 7 Depreciation and amortization 64 64 Stock-based compensation 10 9 Litigation settlement, net of recoveries(a) 110 — Liberty Broadband Adjusted OIBDA (Loss) $ 83 $ 80 GCI Holdings $ 96 87 Corporate and other (13 ) (7 ) a) Included in Corporate and other for the three months ended March 31, 2021 is the accrual of a one-time payment to settle litigation relating to the merger of Liberty Broadband and GCI Liberty (Hollywood Firefighters’ Pension Fund, et al. v. GCI Liberty, Inc., et al.) pursuant to an agreement in principle signed with plaintiffs’ counsel on May 5, 2021. Liberty Broadband agreed to the final settlement amounts with its insurance carriers in the third quarter of 2021. For more information, see our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022. LIBERTY BROADBAND CORPORATION BALANCE SHEET INFORMATION (unaudited) March 31, December 31, 2022 2021 amounts in millions, except share amounts Assets Current assets: Cash and cash equivalents $ 300 191 Trade and other receivables, net of allowance for credit losses of $4 and $4, respectively 169 206 Prepaid and other current assets 77 62 Total current assets 546 459 Investment in Charter, accounted for using the equity method 12,902 13,260 Property and equipment, net 1,010 1,031 Intangible assets not subject to amortization Goodwill 762 762 Cable certificates 550 550 Other 37 37 Intangible assets subject to amortization, net 559 573 Tax sharing receivable 63 86 Other assets, net 201 210 Total assets $ 16,630 16,968 Liabilities and Equity Current liabilities: Accounts payable and accrued liabilities $ 97 99 Deferred revenue 22 25 Current portion of debt, including $22 and $25 measured at fair value, respectively 25 28 Indemnification obligation 239 324 Other current liabilities 154 106 Total current liabilities 537 582 Long-term debt, net, including $1,359 and $1,403 measured at fair value, respectively 3,989 3,733 Obligations under finance leases and tower obligations, excluding current portion 88 89 Long-term deferred revenue 35 35 Deferred income tax liabilities 2,002 1,998 Preferred stock 203 203 Other liabilities 177 189 Total liabilities 7,031 6,829 Equity Series A common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 22,558,925 and 23,232,342 at March 31, 2022 and December 31, 2021, respectively — — Series B common stock, $.01 par value. Authorized 18,750,000 shares; issued and outstanding 2,544,548 and 2,544,548 at March 31, 2022 and December 31, 2021, respectively — — Series C common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 139,860,028 and 144,854,780 at March 31, 2022 and December 31, 2021, respectively 1 1 Additional paid-in capital 5,375 6,214 Accumulated other comprehensive earnings (loss), net of taxes 10 14 Retained earnings 4,197 3,898 Total stockholders' equity 9,583 10,127 Non-controlling interests 16 12 Total equity 9,599 10,139 Commitments and contingencies Total liabilities and equity $ 16,630 16,968 LIBERTY BROADBAND CORPORATION STATEMENT OF OPERATIONS INFORMATION (unaudited) Three months ended March 31, 2022 2021 amounts in millions, except per share amounts Revenue $ 238 247 Operating costs and expenses: Operating expense (exclusive of depreciation and amortization shown separately below) 66 69 Selling, general and administrative, including stock-based compensation 101 105 Depreciation and amortization 64 64 Litigation settlement, net of recoveries — 110 231 348 Operating income (loss) 7 (101 ) Other income (expense): Interest expense (including amortization of deferred loan fees) (26 ) (33 ) Share of earnings (losses) of affiliate 303 189 Gain (loss) on dilution of investment in affiliate (56 ) (82 ) Realized and unrealized gains (losses) on financial instruments, net 137 99 Other, net (21 ) (8 ) Earnings (loss) before income taxes 344 64 Income tax benefit (expense) (45 ) (12 ) Net earnings (loss) 299 52 Less net earnings (loss) attributable to the non-controlling interests — — Net earnings (loss) attributable to Liberty Broadband shareholders $ 299 52 Basic net earnings (loss) attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share $ 1.79 0.27 Diluted net earnings (loss) attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share $ 1.77 0.27 LIBERTY BROADBAND CORPORATION STATEMENT OF CASH FLOWS INFORMATION (unaudited) Three months ended March 31, 2022 2021 amounts in millions Cash flows from operating activities: Net earnings (loss) $ 299 52 Adjustments to reconcile net earnings (loss) to net cash from operating activities: Depreciation and amortization 64 64 Stock-based compensation 9 10 Litigation settlement, net of recoveries — 110 Share of (earnings) losses of affiliate, net (303 ) (189 ) (Gain) loss on dilution of investment in affiliate 56 82 Realized and unrealized (gains) losses on financial instruments, net (137 ) (99 ) Deferred income tax expense (benefit) 6 11 Other, net (1 ) (2 ) Change in operating assets and liabilities: Current and other assets 65 165 Payables and other liabilities 32 (11 ) Net cash provided by (used in) operating activities 90 193 Cash flows from investing activities: Capital expenditures (32 ) (28 ) Cash received for Charter shares repurchased by Charter 602 518 Other investing activities, net 4 — Net cash provided by (used in) investing activities 574 490 Cash flows from financing activities: Borrowings of debt 300 — Repayment of debt, finance leases and tower obligations (2 ) (183 ) Repurchases of Liberty Broadband common stock (843 ) (738 ) Other financing activities, net (3 ) (2 ) Net cash provided by (used in) financing activities (548 ) (923 ) Net increase (decrease) in cash, cash equivalents and restricted cash 116 (240 ) Cash, cash equivalents and restricted cash, beginning of period 206 1,433 Cash, cash equivalents and restricted cash, end of period $ 322 1,193
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