Liberty Broadband (LBRDP) 10-K 9 Feb 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2017	Jan. 31, 2018	Jun. 30, 2017
Entity Registrant Name	Liberty Broadband Corp
Entity Central Index Key	1,611,983
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 14.9
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Series A common stock
Entity Common Stock, Shares Outstanding		26,304,641
Series B common stock
Entity Common Stock, Shares Outstanding		2,455,179
Series C common stock
Entity Common Stock, Shares Outstanding		152,576,524

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 81,257	$ 205,728
Derivative instruments		49,019
Other current assets	2,797	3,672
Total current assets	84,054	258,419
Investment in Charter, accounted for using the equity method	11,835,613	9,315,253
Other tangible and intangible assets, net	12,073	15,803
Other assets	49	1,485
Total assets	11,931,789	9,590,960
Current liabilities:
Accounts payable and accrued liabilities	5,381	7,931
Current portion of debt		400,000
Deferred revenue and other current liabilities	5,168	4,185
Total current liabilities	10,549	412,116
Debt	497,370	198,512
Deferred income tax liabilities	932,593	504,644
Other liabilities	4,376	2,596
Total liabilities	1,444,888	1,117,868
Equity
Preferred stock
Additional paid-in capital	7,907,900	7,945,883
Accumulated other comprehensive earnings, net of taxes	8,424	7,656
Retained earnings	2,568,764	517,736
Total equity	10,486,901	8,473,092
Commitments and contingencies
Total liabilities and equity	11,931,789	9,590,960
Series A common stock
Equity
Common stock	262	262
Total equity	262	262
Series B common stock
Equity
Common stock	25	25
Total equity	25	25
Series C common stock
Equity
Common stock	1,526	1,530
Total equity	$ 1,526	$ 1,530

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Paranthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Preferred stock par value	$ 0.01	$ 0.01
Preferred stock shares authorized	50,000,000	50,000,000
Preferred shares issued	0	0
Series A common stock
Common stock par value	$ 0.01	$ 0.01
Common stock shares authorized	500,000,000	500,000,000
Common Stock, Shares, Issued	26,301,755	26,251,533
Common Stock, Shares, Outstanding	26,301,755	26,251,533
Series B common stock
Common stock par value	$ 0.01	$ 0.01
Common stock shares authorized	18,750,000	18,750,000
Common Stock, Shares, Issued	2,455,179	2,467,509
Common Stock, Shares, Outstanding	2,455,179	2,467,509
Series C common stock
Common stock par value	$ 0.01	$ 0.01
Common stock shares authorized	500,000,000	500,000,000
Common Stock, Shares, Issued	152,563,229	153,019,547
Common Stock, Shares, Outstanding	152,563,229	153,019,547

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue:
Software sales	$ 12,320	$ 28,597	$ 10,364
Service	772	1,858	76,139
Other		131	4,679
Total revenue	13,092	30,586	91,182
Operating costs and expenses
Operating, including stock-based compensation	2,582	2,798	6,096
Selling, general and administrative, including stock-based compensation	24,065	34,703	42,792
Research and development, including stock-based compensation	8,153	10,240	17,032
Gain on legal settlement			60,450
Impairment of intangible assets			20,669
Depreciation and amortization	3,770	4,005	6,088
Total operating costs and expenses	38,570	51,746	32,227
Operating income (loss)	(25,478)	(21,160)	58,955
Other income (expense):
Interest expense	(19,570)	(14,956)	(7,424)
Dividend and interest income	1,449	5,020	3,797
Share of earnings (losses) of affiliates	2,508,991	641,544	(120,962)
Gain (loss) on dilution of investment in affiliate	(17,872)	770,766	(7,198)
Realized and unrealized gains (losses) on financial instruments, net	3,098	94,122	2,619
Other, net	(18)	336	158
Net earnings (loss) before income taxes	2,450,600	1,475,672	(70,055)
Income tax benefit (expense)	(416,933)	(558,369)	19,868
Net earnings (loss) attributable to Liberty Broadband shareholders	$ 2,033,667	$ 917,303	$ (50,187)
Earnings Per Share, Basic	$ 11.19	$ 6.03	$ (0.49)
Earnings Per Share, Diluted	$ 11.10	$ 6	$ (0.49)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Condensed Consolidated Statements of Comprehensive Earnings (Loss)
Net earnings (loss)	$ 2,033,667	$ 917,303	$ (50,187)
Other comprehensive earnings (loss), net of taxes:
Unrealized holding gains (losses) arising during the period		(221)	(287)
Share of other comprehensive earnings (loss) of equity affiliate	768	811	1,274
Other		(1,839)
Other comprehensive earnings (loss), net of taxes	768	(1,249)	987
Comprehensive earnings (loss) attributable to Liberty Broadband shareholders	$ 2,034,435	$ 916,054	$ (49,200)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net earnings (loss)	$ 2,033,667	$ 917,303	$ (50,187)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization	3,770	4,005	6,088
Stock-based compensation	5,292	5,713	6,380
Impairment of intangible assets			20,669
Cash payments for stock-based compensation	(525)	(591)	(1,268)
Share of (earnings) losses of affiliate	(2,508,991)	(641,544)	120,962
(Gain) loss on dilution of investment in affiliate	17,872	(770,766)	7,198
Realized and unrealized (gains) losses on financial instruments, net	(3,098)	(94,122)	(2,619)
Deferred Income Tax Expense (Benefit)	416,838	560,778	(24,964)
Other, net	2,030	1,033	(1,440)
Changes in operating assets and liabilities:
Current and other assets	2,310	9,161	(1,238)
Payables and other liabilities	804	(2,868)	(44,292)
Net cash provided (used) by operating activities	(30,031)	(11,898)	35,289
Cash flows from investing activities:
Capital expended for property and equipment	(70)	(267)	(731)
Investments in equity method affiliates		(5,000,000)
Purchases of short term investments and other marketable securities		(155,444)	(18,032)
Sales of short term investments and other marketable securities		164,458	18,019
Other investing activities, net	14	453	(1,735)
Net cash provided (used) by investing activities	(56)	(4,990,800)	(2,479)
Cash flows from financing activities:
Cash received from rights offering			697,309
Borrowings of debt	500,000	200,000	67,995
Repayments of debt	(600,000)		(40,000)
Cash received from issuance of Series C Liberty Broadband common stock		4,400,000
Proceeds (payments) from issuances of financial instruments	(149,368)	(47,888)	30,158
Proceeds (payments) from settlements of financial instruments	155,683		(182,192)
Other financing activities, net	(699)	1,235	4,190
Net cash provided (used) by financing activities	(94,384)	4,553,347	577,460
Net increase (decrease) in cash	(124,471)	(449,351)	610,270
Cash and cash equivalents, beginning of period	205,728	655,079	44,809
Cash and cash equivalents, end of period	81,257	205,728	655,079
Supplemental Cash Flow Information [Abstract]
Cash paid for interest	17,496	13,783	7,251
Cash paid (received) for taxes	$ (1,787)	$ (9,410)	$ 5,485

Consolidated Statement of Equit

Consolidated Statement of Equity - USD ($)	Series A common stock	Series B common stock	Series C common stock	Additional Paid In Capital	Accumulated other comprehensive earnings	Retained earnings	Total
Balance at Dec. 31, 2014	$ 261,000	$ 25,000	$ 572,000	$ 2,835,373,000	$ 7,918,000	$ (349,380,000)	$ 2,494,769,000
Increase (Decrease) in Stockholders' Equity
Net earnings (loss)						(50,187,000)	(50,187,000)
Other comprehensive earnings					987,000		987,000
Stock-based compensation				5,200,000			5,200,000
Issuance of common stock upon exercise of stock options	1,000		1,000	138,000			140,000
Excess tax benefits from stock based compensation				1,217,000			1,217,000
Common stock issued pursuant to the rights offering			173,000	697,136,000			697,309,000
Stockholders' Equity, Other				(1,216,000)			(1,216,000)
Balance at Dec. 31, 2015	262,000	25,000	746,000	3,537,848,000	8,905,000	(399,567,000)	3,148,219,000
Increase (Decrease) in Stockholders' Equity
Cumulative effect of accounting change at Charter | Accounting Standards Update 2016-09						0
Net earnings (loss)						917,303,000	917,303,000
Other comprehensive earnings					(1,249,000)		(1,249,000)
Stock-based compensation				5,362,000			5,362,000
Issuance of common stock upon exercise of stock options			1,000	3,529,000			3,530,000
Issuance of common stock			783,000	4,399,217,000			4,400,000,000
Stockholders' Equity, Other				(73,000)			(73,000)
Balance at Dec. 31, 2016	262,000	25,000	1,530,000	7,945,883,000	7,656,000	517,736,000	8,473,092,000
Increase (Decrease) in Stockholders' Equity
Net earnings (loss)						2,033,667,000	2,033,667,000
Other comprehensive earnings					768,000		768,000
Stock-based compensation				5,358,000			5,358,000
Issuance of common stock upon exercise of stock options			1,000	2,456,000			2,457,000
Non-cash settlement of financial instrument			(5,000)	(45,797,000)			(45,802,000)
Balance at Dec. 31, 2017	$ 262,000	$ 25,000	$ 1,526,000	$ 7,907,900,000	$ 8,424,000	2,568,764,000	10,486,901,000
Increase (Decrease) in Stockholders' Equity
Cumulative effect of accounting change at Charter | Accounting Standards Update 2016-09						$ 17,361,000	$ 17,361,000

Basis of Presentation

Basis of Presentation	12 Months Ended
	Dec. 31, 2017
Basis of Presentation
Basis of Presentation	(1) Basis of Presentation During May 2014, the board of directors of Liberty Media Corporation and its subsidiaries (“Liberty”) authorized management to pursue a plan to spin-off to its stockholders common stock of a wholly-owned subsidiary, Liberty Broadband Corporation (“Liberty Broadband” or the “Company”), and to distribute subscription rights to acquire shares of Liberty Broadband’s common stock (the “Broadband Spin-Off”). At the time of the Broadband Spin-off, Liberty Broadband was comprised of (i) Liberty’s former interest in Charter Communications, Inc. (“Legacy Charter”), (ii) Liberty’s former wholly-owned subsidiary TruePosition, Inc. (“TruePosition”), (iii) Liberty’s former minority equity investment in Time Warner Cable, Inc. (“Time Warner Cable”), (iv) certain deferred tax liabilities, as well as liabilities related to the Time Warner Cable written call options and (v) initial indebtedness, pursuant to margin loans entered into prior to the completion of the Broadband Spin-Off. These financial statements refer to the combination of the aforementioned subsidiary, investments, and financial instruments, as “Liberty Broadband,” “the Company,” “us,” “we” and “our” in the notes to the consolidated financial statements. The Broadband Spin-Off was accounted for at historical cost due to the pro rata nature of the distribution to holders of Liberty common stock. In the Broadband Spin-Off, record holders of Liberty Series A, Series B and Series C common stock received one-fourth of a share of the corresponding series of Liberty Broadband common stock for each share of Liberty common stock held by them, with cash paid in lieu of fractional shares. In addition, following the completion of the Broadband Spin-Off, on December 10, 2014, Liberty Broadband stockholders received a subscription right to acquire one share of Series C Liberty Broadband common stock for every five shares of Liberty Broadband common stock. See note 8 for additional information related to the rights offering. Following the Broadband Spin-Off, Liberty and Liberty Broadband operate as separate, publicly traded companies, and neither has any stock ownership, beneficial or otherwise, in the other. In connection with the Broadband Spin-Off, Liberty (for accounting purposes a related party of the Company) and Liberty Broadband entered into certain agreements in order to govern certain of the ongoing relationships between the two companies after the Broadband Spin-Off and to provide for an orderly transition. These agreements include a reorganization agreement, a services agreement, a facilities sharing agreement and a tax sharing agreement. The reorganization agreement provides for, among other things, the principal corporate transactions (including the internal restructuring) required to effect the Broadband Spin-Off, certain conditions to the Broadband Spin-Off and provisions governing the relationship between Liberty Broadband and Liberty with respect to and resulting from the Broadband Spin-Off. The tax sharing agreement provides for the allocation and indemnification of tax liabilities and benefits between Liberty and Liberty Broadband and other agreements related to tax matters. Pursuant to the tax sharing agreement, Liberty Broadband has agreed to indemnify Liberty, subject to certain limited exceptions, for losses and taxes resulting from the Broadband Spin-Off to the extent such losses or taxes result primarily from, individually or in the aggregate, the breach of certain restrictive covenants made by Liberty Broadband (applicable to actions or failures to act by Liberty Broadband and its subsidiaries following the completion of the Broadband Spin-Off). Pursuant to the services agreement, Liberty provides Liberty Broadband with general and administrative services including legal, tax, accounting, treasury and investor relations support. Under the facilities sharing agreement, Liberty Broadband shares office space with Liberty and related amenities at Liberty’s corporate headquarters. Liberty Broadband will reimburse Liberty for direct, out-of-pocket expenses incurred by Liberty in providing these services which will be negotiated semi-annually. Under these various agreements, approximately $3.2 million and $3.4 million were reimbursed to Liberty for the years ended December 31, 2017 and 2016, respectively. On May 18, 2016, Time Warner Cable merged with Charter (the “Time Warner Cable Merger”). In connection with the Time Warner Cable Merger, Legacy Charter underwent a corporate reorganization, resulting in CCH I, LLC (“Charter”), a former subsidiary of Charter, becoming the new publicly traded parent company. Also on May 18, 2016, the previously announced acquisition of Bright House Networks, LLC (“Bright House”) from Advance/Newhouse Partnership (“A/N”) by Charter (the “Bright House Transaction”) was completed. In connection with the Time Warner Cable Merger and Bright House Transaction, Liberty Broadband entered into certain agreements with Legacy Charter, Charter (for accounting purposes a related party of the Company), Liberty Interactive Corporation (“Liberty Interactive,” for accounting purposes a related party of the Company) and Time Warner Cable. As a result of the Time Warner Cable Merger and Bright House Transaction (collectively, the “Transactions”), Liberty Broadband exchanged its shares of Time Warner Cable for shares of Charter and purchased additional shares of Charter. As a result, and pursuant to proxy agreements entered into with Liberty Interactive and A/N, Liberty Broadband controls 25.01% of the aggregate voting power of Charter. See note 5 for additional detail regarding these transactions and corresponding agreements. The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and represent a combination of the historical financial information of Skyhook, the Company’s interest in Charter, the Company’s former minority equity investment in Time Warner Cable and certain deferred tax liabilities. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements.

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2017
Description of Business
Description of Business	(2) Description of Business Skyhook Holding, Inc. (formerly known as TruePosition) was originally incorporated on November 24, 1992 to provide technology for locating wireless phones and other mobile devices. TruePosition offered a passive network-based location system based on its patented U-TDOA technology (“U-TDOA Service”) to provide E-9-1-1 services domestically and to enhance services in support of commercial applications and national security law enforcement worldwide. In February 2014, TruePosition acquired 100% of the outstanding common shares of Skyhook Wireless, Inc., for approximately $57.5 million in cash. Skyhook Wireless, Inc. was an alternative location services provider that offered a positioning system that used device-based measurements, as opposed to TruePosition’s network-based technology. In 2015, as a result of the loss of one of its major customers – a wireless carrier that accounted for 80% - 90% of TruePosition’s revenue – as well as changes in the regulatory environment, TruePosition ceased making further investment in its U-TDOA Service. Thereafter, in May 2016, TruePosition and Skyhook Wireless, Inc. combined operations in order to focus on the development and sale of Skyhook’s device-based location technology, and TruePosition subsequently changed its name to Skyhook Holding, Inc. Skyhook Holding, Inc. and Skyhook Wireless, Inc. are referred to collectively herein as “Skyhook.” Today, Skyhook markets and sells two primary products: (1) a location determination service called the Precision Location Solution; and (2) a location intelligence and data insights service called Geospatial Insights. Skyhook’s Precision Location Solution works by collecting nearby radio signals (such as information from Wi-Fi access points, cell towers, IP addresses and other radio beacons) that are observed by a mobile device. Skyhook’s Geospatial Insights product uses anonymized location data to analyze foot traffic patterns and better understand the real-world behavior of consumers. Skyhook’s revenue is derived from the sale and integration of its Precision Location Solution (including the licensing of software and data components that make up that solution) and the licensing of Geospatial Insights data. In addition, Skyhook earns revenue through entering into licensing agreements with companies to utilize its underlying intellectual property (including patents). Charter is the second largest cable operator in the United States and a leading broadband communications services company providing video, Internet and voice services to approximately 27.2 million residential and business customers at December 31, 2017. In addition, Charter sells video and online advertising inventory to local, regional and national advertising customers and fiber-delivered communications and managed information technology (“IT”) solutions to large enterprise customers. Charter also owns and operates regional sports networks and local sports, news and community channels and sells security and home management services in the residential marketplace. Charter’s core strategy is to deliver high quality products at highly competitive prices, combined with outstanding service. Also included in Liberty Broadband is a former investment in outstanding shares of Time Warner Cable, which was classified as available-for-sale and carried at fair value based on quoted market prices until the second quarter of 2016 when Time Warner Cable merged with Charter. Additionally, the Company historically had written call options and a cashless collar agreement on Time Warner Cable shares. See note 4 for information regarding the Time Warner Cable written call options and cashless collar agreement.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	(3) Summary of Significant Accounting Policies Cash and Cash Equivalents Cash consists of cash deposits held in global financial institutions. Cash equivalents consist of highly liquid investments with original maturities of three months or less at the time of acquisition. Cash that has restrictions upon its usage has been excluded from cash and cash equivalents. Derivative Instruments and Hedging Activities All of the Company’s derivatives, whether designated in hedging relationships or not, are recorded on the balance sheet at fair value. None of the Company’s derivatives are currently designated as hedges, as a result, changes in the fair value of the derivative are recognized in earnings. The fair value of certain of the Company’s derivative instruments are estimated using the Black Scholes Merton option-pricing model (“Black-Scholes model”). The Black-Scholes model incorporates a number of variables in determining such fair values, including expected volatility of the underlying security and an appropriate discount rate. The Company obtained volatility rates from pricing services based on the expected volatility of the underlying security over the remaining term of the derivative instrument. A discount rate was obtained at the inception of the derivative instrument and updated each reporting period, based on the Company’s estimate of the discount rate at which it could currently settle the derivative instrument. The Company considered its own credit risk as well as the credit risk of its counterparties in estimating the discount rate. Management judgment was required in estimating the Black-Scholes variables. See note 4 for further discussion of fair value of the Company’s derivative instruments. The Company had an outstanding derivative instrument classified as an asset at December 31, 2016. See note 4 for further information. Investment in Equity Method Affiliate For those investments in affiliates in which the Company has the ability to exercise significant influence, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses of the affiliate as they occur rather than as dividends or other distributions are received. Losses are limited to the extent of the Company’s investment in, advances to and commitments for the investee. The Company determines the difference between the purchase price of the investee and the underlying equity which results in an excess basis in the investment. This excess basis is allocated to the underlying assets and liabilities of the Company’s investee through a purchase accounting exercise and is allocated within memo accounts used for equity accounting purposes. Depending on the applicable underlying assets, these amounts are either amortized over the applicable useful lives or determined to be indefinite lived. Changes in the Company’s proportionate share of the underlying equity of an equity method investee, which result from the issuance of additional equity securities by such equity investee, are recognized in the statement of operations through the gain (loss) on dilution of investment in affiliate line item. We periodically evaluate our equity method investment to determine if decreases in fair value below our cost basis are other than temporary. If a decline in fair value is determined to be other than temporary, we are required to reflect such decline in our consolidated statement of operations. Other than temporary declines in fair value of our equity method investment would be included in share of earnings (losses) of affiliate in our consolidated statement of operations. The primary factors we consider in our determination of whether declines in fair value are other than temporary are the length of time that the fair value of the investment is below our carrying value; the severity of the decline; and the financial condition, operating performance and near term prospects of the investee. In addition, we consider the reason for the decline in fair value, be it general market conditions, industry specific or investee specific; analysts' ratings and estimates of 12 month share price targets for the investee; changes in stock price or valuation subsequent to the balance sheet date; and our intent and ability to hold the investment for a period of time sufficient to allow for a recovery in fair value. Fair value of our publicly traded cost and equity investments is based on the market prices of the investments at the balance sheet date. Impairments are calculated as the difference between our carrying value and our estimate of fair value. As our assessment of the fair value of our investments and any resulting impairment losses and the timing of when to recognize such charges requires a high degree of judgment and includes significant estimates and assumptions, actual results could differ materially from our estimates and assumptions. As Liberty Broadband does not control the decision making process or business management practices of our affiliate accounted for using the equity method, Liberty Broadband relies on management of its affiliate to provide it with accurate financial information prepared in accordance with GAAP that the Company uses in the application of the equity method. In addition, Liberty Broadband relies on the audit reports that are provided by the affiliate’s independent auditors on the financial statements of such affiliate. The Company is not aware, however, of any errors in or possible misstatements of the financial information provided by its equity affiliate that would have a material effect on Liberty Broadband’s consolidated financial statements. See note 5 for additional discussion regarding our investment in Charter and the Transactions that occurred during the second quarter of 2016. Other tangible and intangible assets Other tangible and intangible assets consist of long-lived assets, goodwill and other intangible assets. Intangible assets with definite useful lives and long-lived assets, including property and equipment, are carried at cost and are amortized on a straight-line basis over their estimated useful lives of three to five and a half years. The Company reviews the carrying value of long-lived assets and intangible assets with definite useful lives for impairment upon triggering events. Goodwill is reviewed annually on a qualitative basis. In January 2017, the FASB issued new accounting guidance to simplify the measurement of goodwill impairment. Under the new guidance, an entity no longer performs a hypothetical purchase price allocation to measure goodwill impairment. Instead, a goodwill impairment is measured using the difference between the carrying value and the fair value of the reporting unit. The Company early adopted this guidance during the fourth quarter of 2017 with no impact to our financial position. There was no indication of impairment of long-lived assets during the years end December 31, 2017, 2016 or 2015, and no goodwill impairment loss recorded during the years ended December 31, 2017 and 2016. In 2015, the impairment test resulted in a $20.7 million impairment loss related to Skyhook’s goodwill on its legacy U-TDOA Service. Foreign Currency Translation and Transaction Gains and Losses The functional currency of the Company is the United States (“U.S.”) dollar. Transactions denominated in currencies other than the functional currency are recorded based on exchange rates at the time such transactions arise. Subsequent changes in exchange rates result in transaction gains and losses which are reflected in the accompanying consolidated statements of operations and comprehensive earnings (loss) as unrealized (based on the applicable period end exchange rate) or realized upon settlement of the transactions. Revenue Recognition Skyhook earns revenue from the sale and integration of its Precision Location Solution (including the licensing of software and data components that make up that solution) and the licensing of Geospatial Insights data. In addition, Skyhook earns revenue from licensing its intellectual property to other enterprises. Prior to 2016, Skyhook also earned significant revenue from the sale of hardware and the licensing of associated software required to operate a passive network overlay system for generating location records for wireless devices using U-TDOA technology, and from professional and support services related thereto. These services were primarily sold to wireless carriers to provide E-9-1-1 services domestically and to enhance services in support of commercial applications, national security and law enforcement worldwide. Skyhook recognizes fees received from intellectual property licensing at the inception of a license term for perpetual licenses (or licenses with terms comprising substantially all of the remaining life of the intellectual property) when collectability of the license fee is probable and there are no ongoing performance obligations. Revenue recognition is deferred when collectability of the license fee is not considered probable, when the license term is less than substantially all of the remaining life of the intellectual property, or when there are ongoing performance obligations which are not separate elements from the license. In such circumstances, revenue may be recognized as the license fees are collected or over the license term or performance period as appropriate. Fees from the integration of Skyhook technology are accounted for consistent with the outstanding guidance for software revenue recognition. Under those policies, for revenue derived from multiple-element arrangements, if vendor specific objective evidence (“VSOE”) exists for each of the elements of the arrangement at the outset, the Company allocates the revenue to the various elements for recognition upon delivery of each element. If VSOE is not present, the revenue is deferred until the earlier of establishing sufficient VSOE for allocating revenue for recognition or delivery of all of the elements. If a multiple-element arrangement includes post-contract customer support (commonly referred to as maintenance), VSOE must exist for the maintenance in order to allocate revenue to all of the elements of the arrangement. If VSOE does not exist for the maintenance, revenue for the entire arrangement is recognized ratably over the contractual or expected term of the maintenance arrangement. Revenue from the provision of location services and through the sale of data and revenue from tangible products that contain software components and non-software components that function together to deliver the tangible products essential functionality are not under the scope of software revenue recognition guidance and are instead subject to the guidance for multiple-element arrangements. Accordingly, for multiple-element arrangements entered into or materially modified on or after January 1, 2011, the overall arrangement fee is allocated to each element (both delivered and undelivered items) based on their relative selling prices, regardless of whether those selling prices are evidenced by VSOE or third-party evidence of selling price or are based on the entity’s estimated selling price. The associated revenue for each element is recognized upon delivery assuming all other criteria for revenue recognition are met. In May 2014, the FASB issued new accounting guidance on revenue from contracts with customers. The new guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This new guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In March 2016, the FASB issued additional guidance which clarifies principal versus agent considerations, and in April 2016, the FASB issued further guidance which clarifies the identification of performance obligations and the implementation guidance for licensing. The updated guidance will replace most existing revenue recognition guidance in GAAP when it becomes effective and permits the use of either a full retrospective or modified retrospective transition method. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company has adopted this guidance under the modified retrospective transition method as of January 1, 2018. Skyhook has also adopted this guidance under the modified retrospective transition method as of January 1, 2018 and the adoption did not have a material impact on its financial position or results of operations. Additionally, Charter, which is accounted for as an equity method investment, has adopted the new guidance as of January 1, 2018 using the modified retrospective transition method and the adoption did not have a material impact on its financial position or results of operations. Research and Development Costs Research and development costs are expensed as incurred. Deferred Revenue and Deferred Costs Deferred revenue represents billings in excess of revenue previously recognized. Deferred costs represent direct costs related to installation services, hardware, and software, which, to the extent not previously recognized, are recognized as the related revenue is recognized. Skyhook recognized $35.5 million of deferred revenue during December 2015, which was attributable to prepaid transaction fees, in connection with the expiration of its largest legacy U-TDOA Service customer’s contract. Stock-Based Compensation As more fully described in note 9, Liberty Broadband has granted to its directors, employees and employees of certain of its subsidiaries options, restricted stock and stock appreciation rights (“SARs”) to purchase shares of Liberty Broadband common stock (collectively, “Awards”). Liberty Broadband measures the cost of employee services received in exchange for an Award of equity instruments (such as stock options and restricted stock) based on the grant-date fair value of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). Liberty Broadband measures the cost of employee services received in exchange for an Award of liability instruments (such as stock appreciation rights that will be settled in cash) based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date. Certain outstanding awards of Liberty were assumed by Liberty Broadband at the time of the Broadband Spin-Off. Additionally, Skyhook sponsors long-term incentive plans (“LTIPs”) which provide for the granting of phantom stock units (“PSUs”), and phantom stock appreciation rights (“PARs”) to employees, directors, and consultants of Skyhook. Skyhook measures the cost of employee services received in exchange for awards of equity instruments based on the grant-date fair value of the award and recognizes that cost ratably over the period during which the employee is required to provide service (usually the vesting period of the award). Skyhook measures the cost of employee services received in exchange for awards of liability instruments (such as PSUs and PARs that will be settled in cash) based on the current fair value of the award, and remeasures the fair value of the award at each reporting date. The consolidated statements of operations includes stock-based compensation related to Skyhook awards. In March 2016, the FASB issued new guidance which simplifies several aspects of the accounting for share-based payment award transactions, including the income tax consequences, forfeitures, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new standard is effective for the Company for fiscal years and interim periods beginning after December 15, 2016, with early application permitted. The Company adopted this guidance in the third quarter of 2016. In accordance with the new guidance, excess tax benefits and tax deficiencies are recognized as income tax benefit or expense rather than as additional paid-in capital. The Company has elected to recognize forfeitures as they occur rather than continue to estimate expected forfeitures. In addition, pursuant to the new guidance, excess tax benefits are classified as an operating activity on the consolidated statements of cash flows. The recognition of excess tax benefits and deficiencies are applied prospectively from January 1, 2016. Based on the Company’s analysis, no cumulative effect adjustment to retained earnings was necessary for tax benefits that were not previously recognized and for adjustments to compensation cost based on actual forfeitures. The presentation changes for excess tax benefits have been applied retrospectively in the consolidated statements of cash flows, resulting in the reclassification of $1.2 million of excess tax benefits for the year ended December 31, 2015, from cash flows from financing activities to cash flows from operating activities. There were no excess tax benefits reclassified for the year ended December 31, 2016. Income Taxes The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying value amounts and income tax bases of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards. The deferred tax assets and liabilities are calculated using enacted tax rates in effect for each taxing jurisdiction in which the Company operates for the year in which those temporary differences are expected to be recovered or settled. Net deferred tax assets are then reduced by a valuation allowance if the Company believes it more likely than not that such net deferred tax assets will not be realized. We consider all relevant factors when assessing the likelihood of future realization of our deferred tax assets, including our recent earnings experience by jurisdiction, expectations of future taxable income, and the carryforward periods available to us for tax reporting purposes, as well as assessing available tax planning strategies. The effect on deferred tax assets and liabilities of an enacted change in tax rates is recognized in income in the period that includes the enactment date. Due to inherent complexities arising from the nature of our businesses, future changes in income tax law, tax sharing agreements or variances between our actual and anticipated operating results, we make certain judgments and estimates. Therefore, actual income taxes could materially vary from these estimates. When the tax law requires interest to be paid on an underpayment of income taxes, the Company recognizes interest expense from the first period the interest would begin accruing according to the relevant tax law. Such interest expense is included in interest expense in the accompanying consolidated statements of operations. Any accrual of penalties related to underpayment of income taxes on uncertain tax positions is included in other income (expense) in the accompanying consolidated statements of operations. We recognize in our consolidated financial statements the impact of a tax position, if that position is more likely than not to be sustained upon an examination, based on the technical merits of the position. Certain Risks and Concentrations The Skyhook business is subject to certain risks and concentrations including dependence on relationships with its customers. Skyhook had one significant legacy U-TDOA Service customer whose contract expired on December 31, 2015. The loss of this customer had a material adverse effect on Skyhook’s business which is expected to continue unless Skyhook is able to generate significant new business to replace the financial impact of this customer. For the year ended December 31, 2015, this customer accounted for 85% of Skyhook’s total revenue. The Company’s largest customers, that accounted for greater than 10% of revenue, aggregated 57% of total revenue for the years ended December 31, 2017 and 2016. Contingent Liabilities Periodically, we review the status of all significant outstanding matters to assess any potential financial exposure. When (i) it is probable that an asset has been impaired or a liability has been incurred and (ii) the amount of the loss can be reasonably estimated, we record the estimated loss in our consolidated statements of operations. We provide disclosure in the notes to the consolidated financial statements for loss contingencies that do not meet both these conditions if there is a reasonable possibility that a loss may have been incurred that would be material to the financial statements. Significant judgment is required to determine the probability that a liability has been incurred and whether such liability is reasonably estimable. We base accruals made on the best information available at the time which can be highly subjective. The final outcome of these matters could vary significantly from the amounts included in the accompanying consolidated financial statements. Comprehensive Earnings (Loss) Comprehensive earnings (loss) consists of net earnings (loss), cumulative foreign currency translation adjustments, unrealized gains and losses on available-for-sale securities, net of tax and the Company’s share of the comprehensive earnings (loss) of our equity method affiliate. Earnings per Share (EPS) Basic earnings (loss) per common share (“EPS”) is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been converted at the beginning of the periods presented. The Company issued 85,761,332 common shares, which is the aggregate number of shares of Series A, Series B and Series C common stock outstanding upon the completion of the Broadband Spin-Off on November 4, 2014. Additionally, following the completion of the Broadband Spin-Off, Liberty Broadband distributed subscription rights, which were priced at a discount to the market value, to all holders of Liberty Broadband common stock (see further discussion in note 8). The rights offering, because of the discount, is considered a stock dividend which requires retroactive treatment for prior periods for the weighted average shares outstanding based on a factor applied determined by the fair value per share immediately prior to the rights exercise and the theoretical fair value after the rights exercise. The number of shares issued upon completion of the Broadband Spin-Off, adjusted for the rights factor, was used to determine both basic and diluted EPS for the period from January 1, 2014 through the date of the Broadband Spin-Off, as no Company equity awards were outstanding prior to the Broadband Spin-Off. In addition, the Company issued 78,250,042 shares of Series C common stock in connection with the Time Warner Cable Merger on May 18, 2016 (see further discussion in note 8). Basic EPS subsequent to the Broadband Spin-Off was computed using the weighted average number of shares outstanding (“WASO”), adjusted for the rights factor, from the date of the completion of the Broadband Spin-Off through January 9, 2015, the date on which the rights offering was fully subscribed. Basic EPS subsequent to January 9, 2015 was computed using WASO. Diluted EPS subsequent to the Broadband Spin-Off was computed using the WASO from the date of the completion of the Broadband Spin-Off through January 9, 2015, adjusted for the rights factor and potentially dilutive equity awards outstanding during the same period. Subsequent to January 9, 2015, basic EPS was computed using the WASO during the period, and diluted EPS was computed using the WASO adjusted for potentially dilutive equity awards outstanding during the period. Years ended December 31, 2017 2016 2015 number of shares in thousands Basic WASO 181,772 152,103 102,504 Potentially dilutive shares 1,374 749 494 Diluted WASO 183,146 152,852 102,998 Potential common shares excluded from diluted EPS because their inclusion would be antidilutive for the years ended December 31, 2017, 2016 and 2015 are approximately zero, 17 thousand, and 3 thousand, respectively. Reclasses and adjustments Certain prior period amounts have been reclassified for comparability with the current year presentation. Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company considers the application of the equity method of accounting for its affiliates and accounting for income taxes to be its most significant estimates.

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value	12 Months Ended
	Dec. 31, 2017
Assets and Liabilities Measured at Fair Value
Assets and Liabilities Measured at Fair Value	(4) Assets and Liabilities Measured at Fair Value For assets and liabilities required to be reported at fair value, GAAP provides a hierarchy that prioritizes inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted market prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are inputs, other than quoted market prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The Company does not have any recurring assets or liabilities measured at fair value that would be considered Level 3. The Company’s assets and liabilities measured at fair value are as follows: December 31, 2017 December 31, 2016 Quoted prices Significant Quoted prices Significant in active other in active other markets for observable markets for observable identical assets inputs identical assets inputs Description Total (Level 1) (Level 2) Total (Level 1) (Level 2) amounts in thousands Cash equivalents $ 76,304 76,304 — 198,011 198,011 — Derivative instruments (1) $ — — — 49,019 — 49,019 (1) The fair value of Level 2 derivative instruments were derived from a Black-Scholes model using observable market data as the significant inputs. The inputs used in the model during the period outstanding (exclusive of the applicable trading price of Series C Liberty Broadband common stock and the strike prices associated with the call options) were as follows: Range Volatility 21.1 % - 21.5 % Interest rate 1.0 % - 1.0 % Dividend yield 0 % - 0 % Other Financial Instruments Other financial instruments not measured at fair value on a recurring basis include trade receivables, trade payables, accrued and other current liabilities, current portion of debt and long-term debt. With the exception of long-term debt, the carrying amount approximates fair value due to the short maturity of these instruments as reported on our consolidated balance sheets. The carrying value of our long-term debt bears interest at a variable rate and therefore is also considered to approximate fair value. Realized and Unrealized Gains (Losses) on Financial Instruments Realized and unrealized gains (losses) on financial instruments are comprised of changes in the fair value of the following: Years ended December 31, 2017 2016 2015 (amounts in thousands) Time Warner Cable investment and financial instruments (1)(2)(3) $ — 92,990 2,619 Derivative instruments (4) 3,098 1,132 — $ 3,098 94,122 2,619 (1) (2) (3) As discussed in note 5, Time Warner Cable merged with Charter on May 18, 2016. Therefore the Company no longer has an investment in Time Warner Cable as of May 18, 2016, and the unrealized gain (loss) related to our investment in Time Warner Cable is recorded through this date. In connection with the merger, the Company exchanged, in a tax-free transaction, its shares of Time Warner Cable for shares of Charter Class A common stock. (4) As of December 31, 2016, the Company had an outstanding zero-strike call option on 704,908 shares of Liberty Broadband Series C common stock which expired in March 2017. The Company had an unrealized gain on the option during 2016 primarily due to an increase in the market price of Liberty Broadband Series C common stock during that period. In April 2017, the Company entered into another zero-strike call option on 600,242 shares of Liberty Broadband Series C common stock. The Company prepaid a premium of $50.0 million in April 2017. Upon expiration in June 2017, the call option was rolled into a new zero-strike call option on 600,242 shares of Liberty Broadband Series C common stock. Liberty Broadband exercised its option to settle the contract in cash in August 2017 for cash proceeds of $53.8 million. The Company realized gains on the options outstanding and settled during the current year primarily due to an increase in the market price of Liberty Broadband Series C common stock during that period.

Investment in Charter Accounted

Investment in Charter Accounted for Using the Equity Method	12 Months Ended
	Dec. 31, 2017
Investments in Affiliates Accounted for Using the Equity Method
Investments in Affiliates Accounted for Using the Equity Method	(5) Investment in Charter Accounted for Using the Equity Method Through a number of prior years’ transactions, Liberty Broadband has acquired an interest in Charter. The investment in Charter is accounted for as an equity method affiliate based on our ownership interest and the board seats held by individuals appointed by Liberty Broadband. As of December 31, 2017, the carrying value of Liberty Broadband’s ownership in Charter was approximately $11,836 million. The market value of Liberty Broadband’s ownership in Charter as of December 31, 2017 was approximately $18,166 million, which represented an approximate economic ownership of 22.7% of the outstanding equity of Charter as of that date. Pursuant to Proxy Agreements with Liberty Interactive and A/N, Liberty Broadband has an irrevocable proxy to vote certain shares of Charter common stock owned beneficially or of record by Liberty Interactive and A/N following the closing of the Time Warner Cable Merger, for a five year term subject to extension upon the mutual agreement of both parties, subject to certain limitations. As a result of the A/N Proxy and the Liberty Interactive Proxy Agreement, Liberty Broadband controls 25.01% of the aggregate voting power of Charter following the completion of the Time Warner Cable Merger and the Bright House Transaction and is Charter’s largest stockholder. Additionally, so long as the A/N Proxy is in effect, if A/N proposes to transfer common units of Charter Communications Holdings, LLC (which units are exchangeable into Charter shares and which will, under certain circumstances, result in the conversion of certain shares of Class B Common Stock into Charter shares) or Charter shares, in each case, constituting either (i) shares representing the first 7.0% of the outstanding voting power of Charter held by A/N or (ii) shares representing the last 7.0% of the outstanding voting power of New Charter held by A/N, Liberty Broadband will have a right of first refusal (“ROFR”) to purchase all or a portion of any such securities A/N proposes to transfer. The purchase price per share for any securities sold to Liberty Broadband pursuant to the ROFR will be the volume-weighted average price of Charter shares for the two trading day period before the notice of a proposed sale by A/N, payable in cash. Certain transfers are permitted to affiliates of A/N, subject to the transferee entity entering into an agreement assuming the transferor’s obligations under the A/N Proxy. During the years ended December 31, 2017, 2016 and 2015, there was a dilution loss of $18 million, a dilution gain of $771 million, and a dilution loss of $7 million, respectively, in the Company’s investment in Charter. The gain during 2016 is primarily due to the Time Warner Cable Merger. Even after considering the exchange of Time Warner Cable shares held by Liberty Broadband to shares of Charter, Liberty Broadband’s interest in Charter was diluted as a result of the conversion of outstanding Time Warner Cable shares held by third parties into shares of Charter. However, Liberty Broadband recognized a gain during the period as Liberty Broadband’s investment basis in Charter was at a price per share below the new equity issued in the Time Warner Cable Merger. This gain was partially offset by losses due to the issuance of Charter common stock from the exercise of warrants and stock options, held by outside investors (employees and other third parties), at prices below Liberty Broadband’s investment basis per share during the year. The dilution losses during the other periods presented are attributable to stock option exercises by employees and other third parties at prices below Liberty Broadband’s book basis per share. During the years ended December 31, 2017, 2016 and 2015, the Company recorded $768 thousand, $811 thousand and $1.3 million, respectively, of its share of Charter’s other comprehensive earnings, net of income taxes. Charter records gains and losses related to the fair value of its interest rate swap agreements which qualify as hedging activities in other comprehensive income. The pre-tax portion of Liberty Broadband’s share of Charter’s other comprehensive earnings was $1.2 million, $1.3 million and $2.1 million for the years ended December 31, 2017, 2016 and 2015, respectively. The excess basis has increased to $2,975 million as of December 31, 2017. Such amount has been allocated within memo accounts used for equity method accounting purposes as follows (amounts in millions): Property and equipment $ 361 Customer relationships 689 Franchise fees 1,670 Trademarks 29 Goodwill 986 Debt (98) Deferred income tax liability (662) $ 2,975 Upon acquisition, the Company ascribed remaining useful lives of 7 years and 13 years to property and equipment and customer relationships, respectively, and indefinite lives to franchise fees, trademarks and goodwill. The excess basis of outstanding debt is amortized over the contractual period using the effective interest rate method. The increase in excess basis for the year ended December 31, 2017, was primarily related to the impact of income tax rate changes on the deferred tax liability recorded within the memo accounts for Charter, as well as Charter’s share buyback program. Included in our share of earnings from Charter of $2,509 million and $642 million and losses of $121 million for the years ended December 31, 2017, 2016 and 2015, respectively, are $277 million, $42 million and $52 million, respectively, of losses, net of taxes, due to the amortization of the excess basis of our investment in Charter related to debt and intangible assets with identifiable useful lives. The excess basis amortization during the year ended December 31, 2015 was offset by the write-off of the excess basis related to debt instruments which Charter repaid during the second quarter of 2015 prior to their contractual maturity. Charter Communications, Inc. Summarized financial information for Charter is as follows: Consolidated Balance Sheets December 31, December 31, 2017 2016 amounts in millions Current assets $ 2,555 3,300 Property and equipment, net 33,888 32,963 Goodwill 29,554 29,509 Intangible assets 79,270 81,924 Other assets 1,356 1,371 Total assets $ 146,623 149,067 Current liabilities $ 11,090 9,572 Deferred income taxes 17,314 26,665 Long-term debt 68,186 59,719 Other liabilities 2,502 2,745 Equity 47,531 50,366 Total liabilities and equity $ 146,623 149,067 Consolidated Statements of Operations Years ended December 31, 2017 2016 2015 amounts in millions Revenue $ 41,581 29,003 9,754 Cost and expenses: Operating costs and expenses (excluding depreciation and amortization) 26,541 18,655 6,426 Depreciation and amortization 10,588 6,907 2,125 Other operating expenses, net 346 985 89 37,475 26,547 8,640 Operating income 4,106 2,456 1,114 Interest expense (3,090) (2,499) (1,306) Loss on extinguishment of debt (40) (111) (128) Other income (expense), net 52 974 (11) Income tax (expense) benefit 9,087 2,925 60 Net earnings (loss) 10,115 3,745 (271) Less: Net income attributable to noncontrolling interests (220) (223) — Net Income (loss) attributable to Charter shareholders $ 9,895 3,522 (271)

Debt

Debt	12 Months Ended
	Dec. 31, 2017
Debt
Debt Disclosure [Text Block]	(6) Debt Outstanding debt at December 31, 2017 and December 31, 2016 is summarized as follows: December 31, 2017 December 31, 2016 amounts in thousands 2017 Margin Loans $ 500,000 — 2014 Margin Loans — 2016 Margin Loans — 200,000 Total $ 2014 Margin Loans On October 30, 2014, in connection with and prior to the effectiveness of the Broadband Spin-Off, a wholly-owned special purpose subsidiary of the Company ("BroadbandSPV") entered into two margin loan agreements (the "2014 Margin Loan Agreements") with each of the lenders party thereto. The 2014 Margin Loan Agreements permitted BroadbandSPV, subject to certain funding conditions, to borrow term loans up to an aggregate principal amount equal to $400 million (the "2014 Margin Loans"), of which BroadbandSPV borrowed $320 million on October 31, 2014 and had $80 million available to be drawn immediately following the Broadband Spin-Off. During November 2014, subsequent to the Broadband Spin-Off, Liberty Broadband borrowed an additional $52 million to fund the exercise of the Legacy Charter warrants. During October 2015, Liberty Broadband borrowed an additional $28 million pursuant to the 2014 Margin Loan Agreements. The maximum borrowing capacity of $400 million under the 2014 Margin Loan Agreements was outstanding at December 31, 2016. The maturity date of the 2014 Margin Loans was October 30, 2017. Borrowings under the 2014 Margin Loan Agreements bore interest at the three-month LIBOR rate plus 1.55% and had an unused commitment fee of 0.25% per annum based on the average daily unused portion of the 2014 Margin Loans. Interest was payable quarterly in arrears beginning on December 31, 2014. On August 31, 2017, the outstanding borrowings of $400 million were repaid, as discussed below. 2016 Margin Loans On March 21, 2016, a wholly-owned special purpose subsidiary of the Company (“Cheetah 5”), entered into two margin loan agreements (the “2016 Margin Loan Agreements” and together with the 2014 Margin Loan Agreements, the “Margin Loan Agreements”) with each of the lenders thereto. The 2016 Margin Loan Agreements permitted Cheetah 5, subject to certain funding conditions, to borrow initial term loans up to an aggregate principal amount equal to $200 million and delayed draw loans (the “Draw Loans”) up to an aggregate principal amount equal to $100 million, for an aggregate total of $300 million (collectively the “2016 Margin Loans”). Cheetah 5 had borrowed $200 million as of December 31, 2016 and had $100 million available to be drawn until September 21, 2017. The maturity date of the 2016 Margin Loans was March 21, 2018. Borrowings under the 2016 Margin Loans bore interest at the applicable LIBOR rate plus 2.10% per annum and have an unused commitment fee of 0.5% per annum based on the average daily unused portion of the Draw Loans. Interest was payable quarterly in arrears beginning on March 31, 2016. The proceeds of the 2016 Margin Loans were used for the Company’s additional investment in Charter during May 2016 (note 5). On August 31, 2017, the outstanding borrowings of $200 million were repaid, as discussed below. 2017 Margin Loan Facility On August 31, 2017, a bankruptcy remote wholly owned subsidiary of the Company (“SPV”), entered into a multi-draw margin loan credit facility (the “2017 Margin Loan Facility” and, the credit agreement governing such facility, the “2017 Margin Loan Agreement”) with Bank of America, N.A and the lenders thereunder. SPV is permitted, subject to certain funding conditions, to borrow term loans up to an aggregate principal amount equal to $1.0 billion. SPV will also have the ability from time to time to request additional loans in an aggregate principal amount of up to $1.0 billion on an uncommitted basis subject to certain conditions. SPV had borrowed $500 million as of December 31, 2017 and had $500 million available to be drawn until August 31, 2018. The maturity date of the loans under the 2017 Margin Loan Agreement is August 30, 2019 (except for any incremental loans incurred thereunder to the extent SPV and the incremental lenders agree to a later maturity date). Accordingly, the debt is classified as noncurrent as of December 31, 2017. Borrowings under the 2017 Margin Loan Agreement bear interest at the three-month LIBOR rate plus a per annum spread of 1.5%, unless it is unlawful for the applicable lender to fund or maintain loans based on LIBOR or there are material restrictions on the applicable lender to do so, in which case borrowings under the 2017 Margin Loan Agreement will either (a) bear interest at 0.5% plus the higher of (i) the federal funds rate plus ½ of 1%, (ii) the prime rate and (iii) LIBOR plus 1% for each day during such period or (b) be prepaid. Borrowings outstanding under this margin loan bore interest at a rate of 3.19% per annum at December 31, 2017. Interest is payable quarterly in arrears beginning on September 29, 2017. SPV used available cash and a portion of the proceeds of the loans under the 2017 Margin Loan Facility to repay the Margin Loan Agreements. Borrowings may also be used for distribution as a dividend or a return of capital, for the purchase of margin stock and for general corporate purposes. The 2017 Margin Loan Agreement contains various affirmative and negative covenants that restrict the activities of SPV (and, in some cases, the Company and its subsidiaries with respect to shares of Charter owned by the Company and its subsidiaries). The 2017 Margin Loan Agreement does not include any financial covenants. The 2017 Margin Loan Agreement also contains restrictions related to additional indebtedness and events of default customary for margin loans of this type. SPV’s obligations under the 2017 Margin Loan Agreement are secured by first priority liens on a portion of the Company’s ownership interest in Charter, sufficient for SPV to meet the loan to value requirements under the 2017 Margin Loan Agreement. The 2017 Margin Loan Agreement indicates that no lender party shall have any voting rights with respect to the shares transferred, except to the extent that a lender party buys any shares in a sale or other disposition made pursuant to the terms of the loan agreements. As of December 31, 2017, 6.8 million shares of Charter with a value of $2.3 billion were pledged as collateral pursuant to the 2017 Margin Loan Agreement.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Taxes
Income Taxes	(7) Income Taxes On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to, (1) reducing the U.S. federal corporate tax rate from 35 percent to 21 percent; (2) bonus depreciation that will allow for full expensing of qualified property; (3) creating a new limitation on deductible interest expense; (4) eliminating the corporate alternative minimum tax (“AMT”) and changing how existing AMT credits can be realized; (5) changing rules related to uses and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017; and (6) limitations on the deductibility of certain executive compensation. The SEC issued guidance on accounting for the tax effects of the Tax Act. The Company must reflect the income tax effects of those aspects of the Tax Act for which the accounting is known. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements and the Tax Act provides a measurement period that should not extend beyond one year from the Tax Act enactment date. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply the tax laws that were in effect immediately before the enactment of the Tax Act. The corporate tax rate reduction was applied to our inventory of deferred tax assets and deferred tax liabilities, which resulted in the net tax benefit in the period ending December 31, 2017. We have reported provisional amounts for the income tax effects of the Tax Act for which the accounting is incomplete but a reasonable estimate could be determined. Based on a continued analysis of the estimates and further guidance and interpretations on the application of the law, additional revisions may occur throughout the allowable measurement period. Income tax benefit (expense) consists of: Years ended December 31, 2017 2016 2015 amounts in thousands Current: Federal $ (11) 1,556 (4,234) State and local (84) 853 (862) (95) 2,409 (5,096) Deferred: Federal (301,837) (493,890) 23,512 State and local (115,001) (66,888) 1,452 (416,838) (560,778) 24,964 Income tax benefit (expense) $ (416,933) (558,369) 19,868 Income tax benefit (expense) differs from the amounts computed by applying the U.S. federal income tax rate of 35% as a result of the following: Years ended December 31, 2017 2016 2014 amounts in thousands Computed expected tax benefit (expense) $ (857,710) (516,485) 24,519 State and local taxes, net of federal income taxes (74,805) (42,995) 1,786 Foreign taxes, net of foreign tax credit — (1,180) (59) Change in valuation allowance (1,208) 683 612 Dividends received deduction — 931 752 Change in tax rate - other — 45 (179) Change in tax rate - U.S. tax reform 515,773 — — Impairment of intangible assets not deductible for tax purposes — — (7,234) Derivative instrument 1,084 396 — Other (67) 236 (329) Income tax (expense) benefit $ (416,933) (558,369) 19,868 For the year ended December 31, 2017 the significant reconciling items, as noted in the table above, are the result of the effect of the change in the U.S. federal corporate tax rate from 35% to 21% on deferred taxes and the effect of state income taxes. In connection with the initial analysis of the impact of the Tax Act, the Company has recorded a discrete net tax benefit of $516 million in the period ending December 31, 2017. This net benefit primarily consists of a net benefit for the corporate rate reduction. For the year ended December 31, 2016 the significant reconciling items, as noted in the table above, are the result of the effect of state income taxes. For the year ended December 31, 2015 the significant reconciling items, as noted in the table above, are the result of the impairment to non-deductible goodwill related to Skyhook’s legacy U-TDOA Service. The tax effects of temporary differences and tax attributes that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities are presented below: December 31, 2017 2016 amounts in thousands Deferred tax assets: Net operating loss and tax credit carryforwards $ 49,555 23,017 Accrued stock-based compensation 4,275 4,812 Deferred revenue 1,805 1,721 Other 64 2,073 Total deferred tax assets 55,699 31,623 Less: valuation allowance (8,153) (6,945) Net deferred tax assets 47,546 24,678 Deferred tax liabilities: Investments (979,522) (527,151) Intangible assets (617) (2,170) Other — (1) Total deferred tax liabilities (980,139) (529,322) Net deferred tax asset (liability) $ (932,593) (504,644) The Company’s valuation allowance increased $1.2 million in 2017, which affected tax expense during the year ended December 31, 2017. At December 31, 2017, the Company had a deferred tax liability on investments of $979.5 million due to its share of earnings in its equity investment in Charter, which were partially offset by the application of the rate change of the Tax Act and, in the prior year, the result of the Transactions, as discussed in note 5. At December 31, 2017, Liberty Broadband had federal and state net operating losses (on a tax effected basis) and tax credit carryforwards for income tax purposes aggregating approximately $49.6 million. These losses and credit carryforwards are expected to be utilized prior to expiration, except for $8.2 million which based on current projections, may expire unused and accordingly are subject to a valuation allowance. The carryforwards that are expected to be utilized will begin to expire in 2021. As of December 31, 2017, the Company had not recorded tax reserves related to unrecognized tax benefits for uncertain tax positions. As of December 31, 2017, the IRS has completed its examination of Liberty Broadband’s 2015 and 2016 tax years. Liberty Broadband’s 2017 tax year is being examined as part of the IRS’s Compliance Assurance Process “CAP” program. Because Liberty Broadband’s ownership of Charter is less than the required 80%, Charter is not consolidated with Liberty Broadband for federal income tax purposes.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2017
Stockholders' Equity
Stockholders' Equity	(8) Stockholders' Equity In the Broadband Spin-Off, record holders of Liberty Series A, Series B and Series C common stock received one-fourth of a share of the corresponding series of Liberty Broadband common stock for each share of Liberty common stock held by them, with cash paid in lieu of fractional shares. This resulted in the issuance of an aggregate 85,761,332 shares of Series A, Series B and Series C common stock. In addition, following the completion of the Broadband Spin-Off, on December 10, 2014, stockholders received a subscription right to acquire one share of Liberty Broadband Series C common stock for every five shares of Liberty Broadband common stock they held as of the rights record date at a per share subscription price of $40.36, which was a 20% discount to the 20-trading day volume weighted average trading price of the Series C Liberty Broadband common stock following the completion of the Broadband Spin-Off. The rights offering was fully subscribed on January 9, 2015, with 17,277,224 shares of Series C common stock issued to those rightsholders exercising basic and, as applicable, oversubscription privileges. The subscription rights were issued to raise capital for general corporate purposes of Liberty Broadband. In connection with the Time Warner Cable Merger in May 2016, Liberty Broadband funded its purchase of shares of Charter Class A common stock using proceeds of $4.4 billion related to subscriptions for approximately 78.3 million newly issued shares of Liberty Broadband Series C common stock, par value $0.01 per share (the “Series C Shares”), at a price per share of $56.23, which was determined based upon the fair value of Liberty Broadband’s net assets on a sum-of-the parts basis at the time certain Amended and Restated Investment Agreements were executed. The purchasers of the Series C Shares were Liberty Interactive through its Liberty Ventures Group (approximately 42.7 million shares) and certain other third party investors, which all invested on substantially similar terms. One of the third party investors also held a position in Time Warner Cable and agreed to vote its Time Warner Cable shares in favor of the Time Warner Cable Merger. Each of Legacy Charter and Liberty Broadband obtained stockholder approval during September 2015 for the issuance of the Charter shares and the Series C Shares, respectively, in accordance with the rules and requirements of the Nasdaq Stock Market. The issuance of the Series C Shares was not registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act and the rules and regulations of the Securities and Exchange Commission promulgated thereunder. As a result of the issuance of the Series C Shares in connection with the Transactions, Liberty Interactive’s non-voting economic ownership in Liberty Broadband was 23.5% as of December 31, 2016. As discussed in note 4, the Company had an outstanding zero-strike call option on 704,908 Series C Shares at December 31, 2016, which expired in March 2017. The Company prepaid a premium of $47.9 million in December 2016. Liberty Broadband exercised its option to settle the contract in cash in March 2017 for cash proceeds of $50.0 million. The Company entered into another zero-strike call option on 527,156 shares of Liberty Broadband Series C common stock and prepaid a premium of $47.7 million in October 2017. Upon expiration of the contract in December 2017, the Company physically settled the contract by purchasing 527,156 shares of Liberty Broadband Series C common stock at a price of $90.54 per share. As of December 31, 2017, the Company had no zero-strike call options outstanding. The Company accounted for the zero-strike call option as a financial instrument asset due to its settlement provisions. Accordingly, changes in the fair value of the asset are included in realized and unrealized gains (losses) on financial instruments in the accompanying statement of operations. Preferred Stock Liberty Broadband's preferred stock is issuable, from time to time, with such designations, preferences and relative participating, optional or other rights, qualifications, limitations or restrictions thereof, as shall be stated and expressed in a resolution or resolutions providing for the issue of such preferred stock adopted by Liberty Broadband's board of directors. As of December 31, 2017, no shares of preferred stock were issued. Common Stock Liberty Broadband's Series A common stock has one vote per share, Liberty Broadband's Series B common stock has ten votes per share and Liberty Broadband’s Series C common stock has no votes per share (except as otherwise required by applicable law). Each share of the Series B common stock is exchangeable at the option of the holder for one share of Series A common stock. All series of our common stock participate on an equal basis with respect to dividends and distributions. As of December 31, 2017, there were 404 thousand shares of Series A and 2.4 million shares of Series C common stock reserved for issuance under exercise privileges of outstanding stock options.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2017
Stock-Based Compensation
Stock-Based Compensation	(9) Stock-Based Compensation Included in the accompanying consolidated statements of operations are the following amounts of stock-based compensation for the years ended December 31, 2017, 2016 and 2015 (amounts in thousands). December 31, 2017 2016 2015 Operating expense $ (2) — 7 Selling, general and administrative 5,114 5,555 5,978 Research and development 180 158 395 $ 5,292 5,713 6,380 Liberty Broadband - Incentive Plans Pursuant to the Liberty Broadband 2014 Omnibus Incentive Plan, as amended, the Company may grant Awards to be made in respect of a maximum of 8.4 million shares of Liberty Broadband common stock. Awards generally vest over 1-5 years and have a term of 7-10 years. Liberty Broadband issues new shares upon exercise of equity awards. Liberty Broadband – Grants of Stock Options During the years ended December 31, 2017, 2016 and 2015, Liberty Broadband granted 16 thousand, 17 thousand and 21 thousand options, respectively, to purchase shares of Series C common stock to its non-employee directors with a weighted average grant-date fair value (“GDFV”) of $22.68, $18.64 and $13.51 per share, respectively, which mainly cliff vest over a one year vesting period. There were no options to purchase shares of Series A common stock granted during the period. The Company has calculated the GDFV for all of its equity classified awards and any subsequent remeasurement of its liability classified awards using the Black-Scholes Model. The Company estimates the expected term of the Awards based on historical exercise and forfeiture data. For grants made in 2017, 2016 and 2015, the range of expected terms was 4.6 to 5.3 years. The volatility used in the calculation for Awards is based on the historical volatility of Liberty Broadband common stock and the implied volatility of publicly traded Liberty Broadband options. For grants made in 2017, 2016 and 2015, the range of volatilities was 24.4% to 28.2%. The Company uses a zero dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject option. Liberty Broadband – Outstanding Awards The following table presents the number and weighted average exercise price (“WAEP”) of Awards to purchase Liberty Broadband common stock granted to certain officers, employees and directors of the Company, as well as the weighted average remaining life and aggregate intrinsic value of the Awards. Weighted average remaining Aggregate contractual intrinsic Series A WAEP life value (in thousands) (in years) (in millions) Outstanding at January 1, 2017 454 $ 32.47 Granted — $ — Exercised (50) $ 26.85 Forfeited/Cancelled — $ — Outstanding at December 31, 2017 404 $ 33.16 2.0 $ 21 Exercisable at December 31, 2017 402 $ 33.08 2.0 $ 21 Weighted average remaining Aggregate contractual intrinsic Series C WAEP life value (in thousands) (in years) (in millions) Outstanding at January 1, 2017 2,467 $ 42.45 Granted 16 $ 85.34 Exercised (95) $ 27.08 Forfeited/Cancelled — $ — Outstanding at December 31, 2017 2,388 $ 43.35 5.2 $ 100 Exercisable at December 31, 2017 866 $ 34.34 2.1 $ 44 The Company had no outstanding Series B options during 2017. As of December 31, 2017, the total unrecognized compensation cost related to unvested Liberty Broadband Awards was approximately $10.0 million. Such amount will be recognized in the Company’s consolidated statements of operations over a weighted average period of approximately 1.5 years. As of December 31, 2017, Liberty Broadband reserved 2.8 million shares of Series A and Series C common stock for issuance under exercise privileges of outstanding stock Awards. Liberty Broadband – Exercises The aggregate intrinsic value of all options exercised during the years ended December 31, 2017, 2016 and 2015 was $8.1 million, $14.4 million and $11.2 million, respectively. Liberty Broadband – Restricted Shares The aggregate fair value of all Series A and Series C restricted shares of Liberty Broadband common stock that vested during the years ended December 31, 2017, 2016 and 2015 was $116 thousand, $674 thousand and $5.8 million, respectively. As of December 31, 2017, the Company had approximately 24,000 unvested restricted shares of Series A and Series C Liberty Broadband common stock held by certain directors, officers and employees of the Company with a weighted average GDFV of $13.43 per share. Skyhook equity incentive plans Long-Term Incentive Plans Skyhook has a long-term incentive plan which provides for the granting of PARs and PSUs to employees, directors, and consultants of Skyhook that is not significant to Liberty Broadband. As of December 31, 2017 and 2016, $1.2 million and $1.7 million, respectively, are included in other liabilities for the fair value (Level 2) of the Company's LTIP obligations.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2017
Employee Benefit Plans
Employee Benefit Plans	(10) Employee Benefit Plans Prior to January 1, 2015, Skyhook participated in Liberty’s defined-contribution plan (the “Liberty 401(k) Plan”). Employees of Skyhook participate in a separate defined-contribution plan administered by Skyhook (the “Skyhook 401(k) Plan”). The Skyhook 401(k) Plan provides for employees to make contributions by salary reductions for investment in several mutual funds and/or a self-directed brokerage account pursuant to Section 401(k) of the Internal Revenue Code. Pursuant to the existing Skyhook 401(k) Plan, Skyhook employees are eligible for 100% matching contributions for each dollar contributed up to 10%, subject to certain limitations. For the years ended December 31, 2017, 2016 and 2015, Skyhook contributed approximately $1.0 million, $0.8 million and $1.1 million respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies
Commitments and Contingencies	(11) Commitments and Contingencies Leases Skyhook leases various properties under operating leases expiring at various times through 2021. The aggregate minimum annual lease payments under the noncancelable operating leases as of December 31, 2017 are as follows (amounts in thousands): 2018 $ 445 2019 497 2020 548 2021 11 $ 1,501 Skyhook’s two principal facilities are under lease through December 2019 and January 2021, respectively. Total rental expense for the years ended December 31, 2017, 2016 and 2015 was $1.1 million, $2.4 million and $3.7 million, respectively. Litigation On May 23, 2012, Skyhook (then known as TruePosition) filed a patent infringement lawsuit in the U.S. District Court for the District of Delaware against Polaris Wireless, Inc. (“Polaris”), related to the sale by Polaris of systems used to locate mobile devices. In parallel with the lawsuit, at Polaris’s request, the U.S. Patent and Trademark Office initiated an Inter Partes Review. Both the District Court and the Patent Trial and Appeal Board ruled adversely to Skyhook and those rulings were upheld on appeal. No further appeal was taken. During the pendency of the appeal, Polaris filed a motion in the District Court for an award of approximately $3 million in attorneys’ fees and expenses incurred in defending the lawsuit. The matter was heard by the Court on October 16, 2015, wherein the court denied the Polaris motion. On September 10, 2010, Skyhook filed a patent infringement lawsuit in the U.S. District Court for the District of Massachusetts against Google, Inc. (“Google”). In March 2013, Skyhook amended its lawsuit to add additional claims. In total, at the time the case was to be tried, Skyhook alleged that Google infringed on eight Skyhook patents involving location technology and sought an injunction and/or award of damages in an amount to be determined at trial. The case had been scheduled to be tried before a jury commencing March 9, 2015. However, on March 5, 2015, the parties advised the District Court that the case has been settled and thereby dismissed the action without costs and without prejudice to the right person, upon good cause shown within 45 days, to reopen the action if settlement is not consummated. On March 27, 2015, the parties consummated a final settlement agreement and on April 24, 2015, Google paid Skyhook settlement consideration of $90 million. In return for payment of the settlement consideration, Google received dismissal of the action with prejudice, a license to the existing Skyhook patents and patent applications (and their continuations, divisionals, continuations-in-part), a three-year covenant not to sue (subject to limited exceptions) and a mutual release of claims. The settlement amount of $90 million is recorded net of approximately $29.5 million for legal fees in the statement of operations for the year ended December 31, 2015. General Litigation In the ordinary course of business, the Company and its consolidated subsidiaries are parties to legal proceedings and claims involving alleged infringement of third-party intellectual property rights, defamation, and other claims. Although it is reasonably possible that the Company may incur losses upon conclusion of such matters, an estimate of any loss or range of loss cannot be made. In the opinion of management, it is expected that amounts, if any, which may be required to satisfy such contingencies will not be material in relation to the accompanying consolidated financial statements. Off-Balance Sheet Arrangements Liberty Broadband did not have any off-balance sheet arrangements that have, or are reasonably likely to have, a current or future effect on the Company’s financial condition, results of operations, liquidity, capital expenditures or capital resources.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2017
Segment Information
Segment Information	(12) Segment Information Liberty Broadband identifies its reportable segments as (A) those consolidated companies that represent 10% or more of its consolidated annual revenue, annual Adjusted OIBDA or total assets and (B) those equity method affiliates whose share of earnings or losses represent 10% or more of Liberty Broadband’s annual pre-tax earnings (losses). Liberty Broadband evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue, Adjusted OIBDA. In addition, Liberty Broadband reviews nonfinancial measures such as subscriber growth. Liberty Broadband defines Adjusted OIBDA as revenue less cost of sales, operating expenses, and selling, general and administrative expenses (excluding stock-based compensation). Liberty Broadband believes this measure is an important indicator of the operational strength and performance of its businesses, including each business’s ability to service debt and fund capital expenditures. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. This measure of performance excludes depreciation and amortization, stock based compensation, separately reported litigation settlements and restructuring and impairment charges that are included in the measurement of operating income pursuant to GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net earnings, cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP. Liberty Broadband generally accounts for intersegment sales and transfers as if the sales or transfers were to third parties, that is, at current prices. For the year ended December 31, 2017, Liberty Broadband has identified the following consolidated company and equity method investment as its reportable segments: · Skyhook— a wholly owned subsidiary of the Company that provides the Precision Location Solution (a location determination service) and Geospatial Insights product (a location intelligence and data insights service). · Charter—an equity method investment that is one of the largest providers of cable services in the United States, offering a variety of entertainment, information and communications solutions to residential and commercial customers. Liberty Broadband’s operating segments are strategic business units that offer different products and services. They are managed separately because each segment requires different technologies, distribution channels and marketing strategies. The accounting policies of the segments that are also consolidated companies are the same as those described in the Company’s summary of significant accounting policies in the Company’s annual financial statements. For periods in which Liberty Broadband owned Charter shares and warrants, we have included amounts attributable to Charter in the tables below. Although Liberty Broadband owns less than 100% of the outstanding shares of Charter, 100% of the Charter amounts are included in the schedule below and subsequently eliminated in order to reconcile the account totals to the Liberty Broadband consolidated financial statements. Performance Measures Years ended December 31, 2017 2016 2015 Adjusted Adjusted Adjusted Revenue OIBDA Revenue OIBDA Revenue OIBDA amounts in thousands Skyhook $ 13,092 (9,496) 30,586 (2,681) 91,182 43,600 Charter 41,581,000 14,955,000 29,003,000 9,607,000 9,754,000 3,317,000 Corporate and other — (6,920) — (8,761) — (11,958) 41,594,092 14,938,584 29,033,586 9,595,558 9,845,182 3,348,642 Eliminate equity method affiliate (41,581,000) (14,955,000) (29,003,000) (9,607,000) (9,754,000) (3,317,000) Consolidated Liberty Broadband $ 13,092 (16,416) 30,586 (11,442) 91,182 31,642 Other Information December 31, 2017 December 31, 2016 Total Investments Capital Total Investments Capital assets in affiliates expenditures assets in affiliates expenditures amounts in thousands Skyhook $ 24,481 — 70 30,463 — 267 Charter 146,623,000 — 8,681,000 149,067,000 — 5,325,000 Corporate and other 11,907,308 11,835,613 — 9,560,497 9,315,253 — 158,554,789 11,835,613 8,681,070 158,657,960 9,315,253 5,325,267 Eliminate equity method affiliate (146,623,000) — (8,681,000) (149,067,000) — (5,325,000) Consolidated Liberty Broadband $ 11,931,789 11,835,613 70 9,590,960 9,315,253 267 Revenue by Geographic Area Years ended December 31, 2017 2016 2015 amounts in thousands United States $ 10,315 27,806 87,739 Other countries 2,777 2,780 3,443 $ 13,092 30,586 91,182 The following table provides a reconciliation of segment Adjusted OIBDA to Operating income (loss) and earnings (loss) from continuing operations before income taxes: Years ended December 31, 2017 2016 2015 amounts in thousands Consolidated segment Adjusted OIBDA $ (16,416) (11,442) 31,642 Stock-based compensation (5,292) (5,713) (6,380) Depreciation and amortization (3,770) (4,005) (6,088) Gain on legal settlement — — 60,450 Impairment of intangible assets — — (20,669) Operating income (loss) (25,478) (21,160) 58,955 Interest expense (19,570) (14,956) (7,424) Dividend and interest income 1,449 5,020 3,797 Share of earnings (loss) of affiliates, net 2,508,991 641,544 (120,962) Realized and unrealized gains (losses) on financial instruments, net 3,098 94,122 2,619 Gain (loss) on dilution of investment in affiliate (17,872) 770,766 (7,198) Other, net (18) 336 158 Earnings (loss) from continuing operations before income taxes $ 2,450,600 1,475,672 (70,055)

Quarterly Financial Information

Quarterly Financial Information (Unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information (Unaudited)	(13) Quarterly Financial Information (Unaudited) 1 st 2 nd 3 rd 4 th Quarter Quarter Quarter Quarter amounts in thousands 2017: Revenue $ 3,140 3,073 3,430 3,449 Operating income (loss) $ (6,362) (7,333) (5,787) (5,996) Net earnings (loss) attributable to Liberty Broadband Corporation Series A, Series B and Series C stockholders $ (14,445) (2,977) (9,864) 2,060,953 Basic earnings (loss) attributable to Liberty Broadband Corporation Series A, Series B and Series C stockholders per common share $ (0.08) (0.02) (0.05) 11.37 Diluted earnings (loss) attributable to Liberty Broadband Corporation Series A, Series B and Series C stockholders per common share $ (0.08) (0.02) (0.05) 11.28 1 st 2 nd 3 rd 4 th Quarter Quarter Quarter Quarter amounts in thousands 2016: Revenue $ 3,831 2,966 20,616 3,173 Operating income (loss) $ (9,340) (10,737) 6,624 (7,707) Net earnings (loss) attributable to Liberty Broadband Corporation Series A, Series B and Series C stockholders $ (22,241) 890,154 3,789 45,601 Basic earnings (loss) attributable to Liberty Broadband Corporation Series A, Series B and Series C stockholders per common share $ (0.22) 6.31 0.02 0.25 Diluted earnings (loss) attributable to Liberty Broadband Corporation Series A, Series B and Series C stockholders per common share $ (0.22) 6.28 0.02 0.25

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Summary of Significant Accounting Policies
Cash and Cash Equivalents	Cash and Cash Equivalents Cash consists of cash deposits held in global financial institutions. Cash equivalents consist of highly liquid investments with original maturities of three months or less at the time of acquisition. Cash that has restrictions upon its usage has been excluded from cash and cash equivalents.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities All of the Company’s derivatives, whether designated in hedging relationships or not, are recorded on the balance sheet at fair value. None of the Company’s derivatives are currently designated as hedges, as a result, changes in the fair value of the derivative are recognized in earnings. The fair value of certain of the Company’s derivative instruments are estimated using the Black Scholes Merton option-pricing model (“Black-Scholes model”). The Black-Scholes model incorporates a number of variables in determining such fair values, including expected volatility of the underlying security and an appropriate discount rate. The Company obtained volatility rates from pricing services based on the expected volatility of the underlying security over the remaining term of the derivative instrument. A discount rate was obtained at the inception of the derivative instrument and updated each reporting period, based on the Company’s estimate of the discount rate at which it could currently settle the derivative instrument. The Company considered its own credit risk as well as the credit risk of its counterparties in estimating the discount rate. Management judgment was required in estimating the Black-Scholes variables. See note 4 for further discussion of fair value of the Company’s derivative instruments. The Company had an outstanding derivative instrument classified as an asset at December 31, 2016. See note 4 for further information.
Equity Method Investments	Investment in Equity Method Affiliate For those investments in affiliates in which the Company has the ability to exercise significant influence, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses of the affiliate as they occur rather than as dividends or other distributions are received. Losses are limited to the extent of the Company’s investment in, advances to and commitments for the investee. The Company determines the difference between the purchase price of the investee and the underlying equity which results in an excess basis in the investment. This excess basis is allocated to the underlying assets and liabilities of the Company’s investee through a purchase accounting exercise and is allocated within memo accounts used for equity accounting purposes. Depending on the applicable underlying assets, these amounts are either amortized over the applicable useful lives or determined to be indefinite lived. Changes in the Company’s proportionate share of the underlying equity of an equity method investee, which result from the issuance of additional equity securities by such equity investee, are recognized in the statement of operations through the gain (loss) on dilution of investment in affiliate line item. We periodically evaluate our equity method investment to determine if decreases in fair value below our cost basis are other than temporary. If a decline in fair value is determined to be other than temporary, we are required to reflect such decline in our consolidated statement of operations. Other than temporary declines in fair value of our equity method investment would be included in share of earnings (losses) of affiliate in our consolidated statement of operations. The primary factors we consider in our determination of whether declines in fair value are other than temporary are the length of time that the fair value of the investment is below our carrying value; the severity of the decline; and the financial condition, operating performance and near term prospects of the investee. In addition, we consider the reason for the decline in fair value, be it general market conditions, industry specific or investee specific; analysts' ratings and estimates of 12 month share price targets for the investee; changes in stock price or valuation subsequent to the balance sheet date; and our intent and ability to hold the investment for a period of time sufficient to allow for a recovery in fair value. Fair value of our publicly traded cost and equity investments is based on the market prices of the investments at the balance sheet date. Impairments are calculated as the difference between our carrying value and our estimate of fair value. As our assessment of the fair value of our investments and any resulting impairment losses and the timing of when to recognize such charges requires a high degree of judgment and includes significant estimates and assumptions, actual results could differ materially from our estimates and assumptions. As Liberty Broadband does not control the decision making process or business management practices of our affiliate accounted for using the equity method, Liberty Broadband relies on management of its affiliate to provide it with accurate financial information prepared in accordance with GAAP that the Company uses in the application of the equity method. In addition, Liberty Broadband relies on the audit reports that are provided by the affiliate’s independent auditors on the financial statements of such affiliate. The Company is not aware, however, of any errors in or possible misstatements of the financial information provided by its equity affiliate that would have a material effect on Liberty Broadband’s consolidated financial statements. See note 5 for additional discussion regarding our investment in Charter and the Transactions that occurred during the second quarter of 2016.
Other tangible and intangible assets	Other tangible and intangible assets Other tangible and intangible assets consist of long-lived assets, goodwill and other intangible assets. Intangible assets with definite useful lives and long-lived assets, including property and equipment, are carried at cost and are amortized on a straight-line basis over their estimated useful lives of three to five and a half years. The Company reviews the carrying value of long-lived assets and intangible assets with definite useful lives for impairment upon triggering events. Goodwill is reviewed annually on a qualitative basis. In January 2017, the FASB issued new accounting guidance to simplify the measurement of goodwill impairment. Under the new guidance, an entity no longer performs a hypothetical purchase price allocation to measure goodwill impairment. Instead, a goodwill impairment is measured using the difference between the carrying value and the fair value of the reporting unit. The Company early adopted this guidance during the fourth quarter of 2017 with no impact to our financial position. There was no indication of impairment of long-lived assets during the years end December 31, 2017, 2016 or 2015, and no goodwill impairment loss recorded during the years ended December 31, 2017 and 2016. In 2015, the impairment test resulted in a $20.7 million impairment loss related to Skyhook’s goodwill on its legacy U-TDOA Service.
Foreign Currency Translation and Transaction Gains and Losses	Foreign Currency Translation and Transaction Gains and Losses The functional currency of the Company is the United States (“U.S.”) dollar. Transactions denominated in currencies other than the functional currency are recorded based on exchange rates at the time such transactions arise. Subsequent changes in exchange rates result in transaction gains and losses which are reflected in the accompanying consolidated statements of operations and comprehensive earnings (loss) as unrealized (based on the applicable period end exchange rate) or realized upon settlement of the transactions.
Revenue Recognition	Revenue Recognition Skyhook earns revenue from the sale and integration of its Precision Location Solution (including the licensing of software and data components that make up that solution) and the licensing of Geospatial Insights data. In addition, Skyhook earns revenue from licensing its intellectual property to other enterprises. Prior to 2016, Skyhook also earned significant revenue from the sale of hardware and the licensing of associated software required to operate a passive network overlay system for generating location records for wireless devices using U-TDOA technology, and from professional and support services related thereto. These services were primarily sold to wireless carriers to provide E-9-1-1 services domestically and to enhance services in support of commercial applications, national security and law enforcement worldwide. Skyhook recognizes fees received from intellectual property licensing at the inception of a license term for perpetual licenses (or licenses with terms comprising substantially all of the remaining life of the intellectual property) when collectability of the license fee is probable and there are no ongoing performance obligations. Revenue recognition is deferred when collectability of the license fee is not considered probable, when the license term is less than substantially all of the remaining life of the intellectual property, or when there are ongoing performance obligations which are not separate elements from the license. In such circumstances, revenue may be recognized as the license fees are collected or over the license term or performance period as appropriate. Fees from the integration of Skyhook technology are accounted for consistent with the outstanding guidance for software revenue recognition. Under those policies, for revenue derived from multiple-element arrangements, if vendor specific objective evidence (“VSOE”) exists for each of the elements of the arrangement at the outset, the Company allocates the revenue to the various elements for recognition upon delivery of each element. If VSOE is not present, the revenue is deferred until the earlier of establishing sufficient VSOE for allocating revenue for recognition or delivery of all of the elements. If a multiple-element arrangement includes post-contract customer support (commonly referred to as maintenance), VSOE must exist for the maintenance in order to allocate revenue to all of the elements of the arrangement. If VSOE does not exist for the maintenance, revenue for the entire arrangement is recognized ratably over the contractual or expected term of the maintenance arrangement. Revenue from the provision of location services and through the sale of data and revenue from tangible products that contain software components and non-software components that function together to deliver the tangible products essential functionality are not under the scope of software revenue recognition guidance and are instead subject to the guidance for multiple-element arrangements. Accordingly, for multiple-element arrangements entered into or materially modified on or after January 1, 2011, the overall arrangement fee is allocated to each element (both delivered and undelivered items) based on their relative selling prices, regardless of whether those selling prices are evidenced by VSOE or third-party evidence of selling price or are based on the entity’s estimated selling price. The associated revenue for each element is recognized upon delivery assuming all other criteria for revenue recognition are met. In May 2014, the FASB issued new accounting guidance on revenue from contracts with customers. The new guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This new guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In March 2016, the FASB issued additional guidance which clarifies principal versus agent considerations, and in April 2016, the FASB issued further guidance which clarifies the identification of performance obligations and the implementation guidance for licensing. The updated guidance will replace most existing revenue recognition guidance in GAAP when it becomes effective and permits the use of either a full retrospective or modified retrospective transition method. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company has adopted this guidance under the modified retrospective transition method as of January 1, 2018. Skyhook has also adopted this guidance under the modified retrospective transition method as of January 1, 2018 and the adoption did not have a material impact on its financial position or results of operations. Additionally, Charter, which is accounted for as an equity method investment, has adopted the new guidance as of January 1, 2018 using the modified retrospective transition method and the adoption did not have a material impact on its financial position or results of operations.
Research and Development Costs	Research and Development Costs Research and development costs are expensed as incurred.
Deferred Revenue and Deferred Costs	Deferred Revenue and Deferred Costs Deferred revenue represents billings in excess of revenue previously recognized. Deferred costs represent direct costs related to installation services, hardware, and software, which, to the extent not previously recognized, are recognized as the related revenue is recognized. Skyhook recognized $35.5 million of deferred revenue during December 2015, which was attributable to prepaid transaction fees, in connection with the expiration of its largest legacy U-TDOA Service customer’s contract.
Stock‑Based Compensation	Stock-Based Compensation As more fully described in note 9, Liberty Broadband has granted to its directors, employees and employees of certain of its subsidiaries options, restricted stock and stock appreciation rights (“SARs”) to purchase shares of Liberty Broadband common stock (collectively, “Awards”). Liberty Broadband measures the cost of employee services received in exchange for an Award of equity instruments (such as stock options and restricted stock) based on the grant-date fair value of the Award, and recognizes that cost over the period during which the employee is required to provide service (usually the vesting period of the Award). Liberty Broadband measures the cost of employee services received in exchange for an Award of liability instruments (such as stock appreciation rights that will be settled in cash) based on the current fair value of the Award, and remeasures the fair value of the Award at each reporting date. Certain outstanding awards of Liberty were assumed by Liberty Broadband at the time of the Broadband Spin-Off. Additionally, Skyhook sponsors long-term incentive plans (“LTIPs”) which provide for the granting of phantom stock units (“PSUs”), and phantom stock appreciation rights (“PARs”) to employees, directors, and consultants of Skyhook. Skyhook measures the cost of employee services received in exchange for awards of equity instruments based on the grant-date fair value of the award and recognizes that cost ratably over the period during which the employee is required to provide service (usually the vesting period of the award). Skyhook measures the cost of employee services received in exchange for awards of liability instruments (such as PSUs and PARs that will be settled in cash) based on the current fair value of the award, and remeasures the fair value of the award at each reporting date. The consolidated statements of operations includes stock-based compensation related to Skyhook awards. In March 2016, the FASB issued new guidance which simplifies several aspects of the accounting for share-based payment award transactions, including the income tax consequences, forfeitures, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new standard is effective for the Company for fiscal years and interim periods beginning after December 15, 2016, with early application permitted. The Company adopted this guidance in the third quarter of 2016. In accordance with the new guidance, excess tax benefits and tax deficiencies are recognized as income tax benefit or expense rather than as additional paid-in capital. The Company has elected to recognize forfeitures as they occur rather than continue to estimate expected forfeitures. In addition, pursuant to the new guidance, excess tax benefits are classified as an operating activity on the consolidated statements of cash flows. The recognition of excess tax benefits and deficiencies are applied prospectively from January 1, 2016. Based on the Company’s analysis, no cumulative effect adjustment to retained earnings was necessary for tax benefits that were not previously recognized and for adjustments to compensation cost based on actual forfeitures. The presentation changes for excess tax benefits have been applied retrospectively in the consolidated statements of cash flows, resulting in the reclassification of $1.2 million of excess tax benefits for the year ended December 31, 2015, from cash flows from financing activities to cash flows from operating activities. There were no excess tax benefits reclassified for the year ended December 31, 2016.
Income taxes	Income Taxes The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying value amounts and income tax bases of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards. The deferred tax assets and liabilities are calculated using enacted tax rates in effect for each taxing jurisdiction in which the Company operates for the year in which those temporary differences are expected to be recovered or settled. Net deferred tax assets are then reduced by a valuation allowance if the Company believes it more likely than not that such net deferred tax assets will not be realized. We consider all relevant factors when assessing the likelihood of future realization of our deferred tax assets, including our recent earnings experience by jurisdiction, expectations of future taxable income, and the carryforward periods available to us for tax reporting purposes, as well as assessing available tax planning strategies. The effect on deferred tax assets and liabilities of an enacted change in tax rates is recognized in income in the period that includes the enactment date. Due to inherent complexities arising from the nature of our businesses, future changes in income tax law, tax sharing agreements or variances between our actual and anticipated operating results, we make certain judgments and estimates. Therefore, actual income taxes could materially vary from these estimates. When the tax law requires interest to be paid on an underpayment of income taxes, the Company recognizes interest expense from the first period the interest would begin accruing according to the relevant tax law. Such interest expense is included in interest expense in the accompanying consolidated statements of operations. Any accrual of penalties related to underpayment of income taxes on uncertain tax positions is included in other income (expense) in the accompanying consolidated statements of operations. We recognize in our consolidated financial statements the impact of a tax position, if that position is more likely than not to be sustained upon an examination, based on the technical merits of the position.
Certain Risks and Concentrations	Certain Risks and Concentrations The Skyhook business is subject to certain risks and concentrations including dependence on relationships with its customers. Skyhook had one significant legacy U-TDOA Service customer whose contract expired on December 31, 2015. The loss of this customer had a material adverse effect on Skyhook’s business which is expected to continue unless Skyhook is able to generate significant new business to replace the financial impact of this customer. For the year ended December 31, 2015, this customer accounted for 85% of Skyhook’s total revenue. The Company’s largest customers, that accounted for greater than 10% of revenue, aggregated 57% of total revenue for the years ended December 31, 2017 and 2016.
Contingent Liabilities	Contingent Liabilities Periodically, we review the status of all significant outstanding matters to assess any potential financial exposure. When (i) it is probable that an asset has been impaired or a liability has been incurred and (ii) the amount of the loss can be reasonably estimated, we record the estimated loss in our consolidated statements of operations. We provide disclosure in the notes to the consolidated financial statements for loss contingencies that do not meet both these conditions if there is a reasonable possibility that a loss may have been incurred that would be material to the financial statements. Significant judgment is required to determine the probability that a liability has been incurred and whether such liability is reasonably estimable. We base accruals made on the best information available at the time which can be highly subjective. The final outcome of these matters could vary significantly from the amounts included in the accompanying consolidated financial statements.
Comprehensive Earnings (Loss)	Comprehensive Earnings (Loss) Comprehensive earnings (loss) consists of net earnings (loss), cumulative foreign currency translation adjustments, unrealized gains and losses on available-for-sale securities, net of tax and the Company’s share of the comprehensive earnings (loss) of our equity method affiliate.
Earnings per Share (EPS)	Earnings per Share (EPS) Basic earnings (loss) per common share (“EPS”) is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been converted at the beginning of the periods presented. The Company issued 85,761,332 common shares, which is the aggregate number of shares of Series A, Series B and Series C common stock outstanding upon the completion of the Broadband Spin-Off on November 4, 2014. Additionally, following the completion of the Broadband Spin-Off, Liberty Broadband distributed subscription rights, which were priced at a discount to the market value, to all holders of Liberty Broadband common stock (see further discussion in note 8). The rights offering, because of the discount, is considered a stock dividend which requires retroactive treatment for prior periods for the weighted average shares outstanding based on a factor applied determined by the fair value per share immediately prior to the rights exercise and the theoretical fair value after the rights exercise. The number of shares issued upon completion of the Broadband Spin-Off, adjusted for the rights factor, was used to determine both basic and diluted EPS for the period from January 1, 2014 through the date of the Broadband Spin-Off, as no Company equity awards were outstanding prior to the Broadband Spin-Off. In addition, the Company issued 78,250,042 shares of Series C common stock in connection with the Time Warner Cable Merger on May 18, 2016 (see further discussion in note 8). Basic EPS subsequent to the Broadband Spin-Off was computed using the weighted average number of shares outstanding (“WASO”), adjusted for the rights factor, from the date of the completion of the Broadband Spin-Off through January 9, 2015, the date on which the rights offering was fully subscribed. Basic EPS subsequent to January 9, 2015 was computed using WASO. Diluted EPS subsequent to the Broadband Spin-Off was computed using the WASO from the date of the completion of the Broadband Spin-Off through January 9, 2015, adjusted for the rights factor and potentially dilutive equity awards outstanding during the same period. Subsequent to January 9, 2015, basic EPS was computed using the WASO during the period, and diluted EPS was computed using the WASO adjusted for potentially dilutive equity awards outstanding during the period. Years ended December 31, 2017 2016 2015 number of shares in thousands Basic WASO 181,772 152,103 102,504 Potentially dilutive shares 1,374 749 494 Diluted WASO 183,146 152,852 102,998 Potential common shares excluded from diluted EPS because their inclusion would be antidilutive for the years ended December 31, 2017, 2016 and 2015 are approximately zero, 17 thousand, and 3 thousand, respectively.
Reclasses and adjustments	Reclasses and adjustments Certain prior period amounts have been reclassified for comparability with the current year presentation.
Estimates	Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company considers the application of the equity method of accounting for its affiliates and accounting for income taxes to be its most significant estimates

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Summary of Significant Accounting Policies
Schedule of weighted average number of shares	Years ended December 31, 2017 2016 2015 number of shares in thousands Basic WASO 181,772 152,103 102,504 Potentially dilutive shares 1,374 749 494 Diluted WASO 183,146 152,852 102,998

Assets and Liabilities Measur23

Assets and Liabilities Measured at Fair Value (Tables)	12 Months Ended
	Dec. 31, 2017
Assets and Liabilities Measured at Fair Value
Schedule of assets and liabilities measured at fair value	December 31, 2017 December 31, 2016 Quoted prices Significant Quoted prices Significant in active other in active other markets for observable markets for observable identical assets inputs identical assets inputs Description Total (Level 1) (Level 2) Total (Level 1) (Level 2) amounts in thousands Cash equivalents $ 76,304 76,304 — 198,011 198,011 — Derivative instruments (1) $ — — — 49,019 — 49,019 (1)
Schedule of fair value inputs	Range Volatility 21.1 % - 21.5 % Interest rate 1.0 % - 1.0 % Dividend yield 0 % - 0 %
Schedule of realized and unrealized gains (losses) on financial instruments	Years ended December 31, 2017 2016 2015 (amounts in thousands) Time Warner Cable investment and financial instruments (1)(2)(3) $ — 92,990 2,619 Derivative instruments (4) 3,098 1,132 — $ 3,098 94,122 2,619 (1) (2) (3) As discussed in note 5, Time Warner Cable merged with Charter on May 18, 2016. Therefore the Company no longer has an investment in Time Warner Cable as of May 18, 2016, and the unrealized gain (loss) related to our investment in Time Warner Cable is recorded through this date. In connection with the merger, the Company exchanged, in a tax-free transaction, its shares of Time Warner Cable for shares of Charter Class A common stock. (4) As of December 31, 2016, the Company had an outstanding zero-strike call option on 704,908 shares of Liberty Broadband Series C common stock which expired in March 2017. The Company had an unrealized gain on the option during 2016 primarily due to an increase in the market price of Liberty Broadband Series C common stock during that period. In April 2017, the Company entered into another zero-strike call option on 600,242 shares of Liberty Broadband Series C common stock. The Company prepaid a premium of $50.0 million in April 2017. Upon expiration in June 2017, the call option was rolled into a new zero-strike call option on 600,242 shares of Liberty Broadband Series C common stock. Liberty Broadband exercised its option to settle the contract in cash in August 2017 for cash proceeds of $53.8 million. The Company realized gains on the options outstanding and settled during the current year primarily due to an increase in the market price of Liberty Broadband Series C common stock during that period.

Investment in Charter Account24

Investment in Charter Accounted for Using the Equity Method (Tables)	12 Months Ended
	Dec. 31, 2017
Investments in Affiliates Accounted for Using the Equity Method
Schedule of allocation of excess basis within memo accounts used for equity accounting purposes	Such amount has been allocated within memo accounts used for equity method accounting purposes as follows (amounts in millions): Property and equipment $ 361 Customer relationships 689 Franchise fees 1,670 Trademarks 29 Goodwill 986 Debt (98) Deferred income tax liability (662) $ 2,975
Summary of financial information for Charter	Consolidated Balance Sheets December 31, December 31, 2017 2016 amounts in millions Current assets $ 2,555 3,300 Property and equipment, net 33,888 32,963 Goodwill 29,554 29,509 Intangible assets 79,270 81,924 Other assets 1,356 1,371 Total assets $ 146,623 149,067 Current liabilities $ 11,090 9,572 Deferred income taxes 17,314 26,665 Long-term debt 68,186 59,719 Other liabilities 2,502 2,745 Equity 47,531 50,366 Total liabilities and equity $ 146,623 149,067 Consolidated Statements of Operations Years ended December 31, 2017 2016 2015 amounts in millions Revenue $ 41,581 29,003 9,754 Cost and expenses: Operating costs and expenses (excluding depreciation and amortization) 26,541 18,655 6,426 Depreciation and amortization 10,588 6,907 2,125 Other operating expenses, net 346 985 89 37,475 26,547 8,640 Operating income 4,106 2,456 1,114 Interest expense (3,090) (2,499) (1,306) Loss on extinguishment of debt (40) (111) (128) Other income (expense), net 52 974 (11) Income tax (expense) benefit 9,087 2,925 60 Net earnings (loss) 10,115 3,745 (271) Less: Net income attributable to noncontrolling interests (220) (223) — Net Income (loss) attributable to Charter shareholders $ 9,895 3,522 (271)

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2017
Description of Business
Schedule of debt	December 31, 2017 December 31, 2016 amounts in thousands 2017 Margin Loans $ 500,000 — 2014 Margin Loans — 2016 Margin Loans — 200,000 Total $

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Taxes
Schedule of income tax expense	Years ended December 31, 2017 2016 2015 amounts in thousands Current: Federal $ (11) 1,556 (4,234) State and local (84) 853 (862) (95) 2,409 (5,096) Deferred: Federal (301,837) (493,890) 23,512 State and local (115,001) (66,888) 1,452 (416,838) (560,778) 24,964 Income tax benefit (expense) $ (416,933) (558,369) 19,868
Schedule of income tax expense reconciliation to the effective tax rate	Years ended December 31, 2017 2016 2014 amounts in thousands Computed expected tax benefit (expense) $ (857,710) (516,485) 24,519 State and local taxes, net of federal income taxes (74,805) (42,995) 1,786 Foreign taxes, net of foreign tax credit — (1,180) (59) Change in valuation allowance (1,208) 683 612 Dividends received deduction — 931 752 Change in tax rate - other — 45 (179) Change in tax rate - U.S. tax reform 515,773 — — Impairment of intangible assets not deductible for tax purposes — — (7,234) Derivative instrument 1,084 396 — Other (67) 236 (329) Income tax (expense) benefit $ (416,933) (558,369) 19,868
Schedule of deferred tax assets and liabilities	December 31, 2017 2016 amounts in thousands Deferred tax assets: Net operating loss and tax credit carryforwards $ 49,555 23,017 Accrued stock-based compensation 4,275 4,812 Deferred revenue 1,805 1,721 Other 64 2,073 Total deferred tax assets 55,699 31,623 Less: valuation allowance (8,153) (6,945) Net deferred tax assets 47,546 24,678 Deferred tax liabilities: Investments (979,522) (527,151) Intangible assets (617) (2,170) Other — (1) Total deferred tax liabilities (980,139) (529,322) Net deferred tax asset (liability) $ (932,593) (504,644)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2017
Stock-Based Compensation
Schedule of stock-based compensation expense	Included in the accompanying consolidated statements of operations are the following amounts of stock-based compensation for the years ended December 31, 2017, 2016 and 2015 (amounts in thousands). December 31, 2017 2016 2015 Operating expense $ (2) — 7 Selling, general and administrative 5,114 5,555 5,978 Research and development 180 158 395 $ 5,292 5,713 6,380
Schedule of stock awards activity	Weighted average remaining Aggregate contractual intrinsic Series A WAEP life value (in thousands) (in years) (in millions) Outstanding at January 1, 2017 454 $ 32.47 Granted — $ — Exercised (50) $ 26.85 Forfeited/Cancelled — $ — Outstanding at December 31, 2017 404 $ 33.16 2.0 $ 21 Exercisable at December 31, 2017 402 $ 33.08 2.0 $ 21 Weighted average remaining Aggregate contractual intrinsic Series C WAEP life value (in thousands) (in years) (in millions) Outstanding at January 1, 2017 2,467 $ 42.45 Granted 16 $ 85.34 Exercised (95) $ 27.08 Forfeited/Cancelled — $ — Outstanding at December 31, 2017 2,388 $ 43.35 5.2 $ 100 Exercisable at December 31, 2017 866 $ 34.34 2.1 $ 44

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies
Schedule of aggregate minimum annual lease payments	The aggregate minimum annual lease payments under the noncancelable operating leases as of December 31, 2017 are as follows (amounts in thousands): 2018 $ 445 2019 497 2020 548 2021 11 $ 1,501

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2017
Segment Information
Schedule of performance measures	Performance Measures Years ended December 31, 2017 2016 2015 Adjusted Adjusted Adjusted Revenue OIBDA Revenue OIBDA Revenue OIBDA amounts in thousands Skyhook $ 13,092 (9,496) 30,586 (2,681) 91,182 43,600 Charter 41,581,000 14,955,000 29,003,000 9,607,000 9,754,000 3,317,000 Corporate and other — (6,920) — (8,761) — (11,958) 41,594,092 14,938,584 29,033,586 9,595,558 9,845,182 3,348,642 Eliminate equity method affiliate (41,581,000) (14,955,000) (29,003,000) (9,607,000) (9,754,000) (3,317,000) Consolidated Liberty Broadband $ 13,092 (16,416) 30,586 (11,442) 91,182 31,642
Schedule of segment reporting information	Other Information December 31, 2017 December 31, 2016 Total Investments Capital Total Investments Capital assets in affiliates expenditures assets in affiliates expenditures amounts in thousands Skyhook $ 24,481 — 70 30,463 — 267 Charter 146,623,000 — 8,681,000 149,067,000 — 5,325,000 Corporate and other 11,907,308 11,835,613 — 9,560,497 9,315,253 — 158,554,789 11,835,613 8,681,070 158,657,960 9,315,253 5,325,267 Eliminate equity method affiliate (146,623,000) — (8,681,000) (149,067,000) — (5,325,000) Consolidated Liberty Broadband $ 11,931,789 11,835,613 70 9,590,960 9,315,253 267
Schedule of revenue by geographic area	Years ended December 31, 2017 2016 2015 amounts in thousands United States $ 10,315 27,806 87,739 Other countries 2,777 2,780 3,443 $ 13,092 30,586 91,182
Schedule of reconciliation of segment Adjusted OIBDA to earnings (loss) before income taxes	Years ended December 31, 2017 2016 2015 amounts in thousands Consolidated segment Adjusted OIBDA $ (16,416) (11,442) 31,642 Stock-based compensation (5,292) (5,713) (6,380) Depreciation and amortization (3,770) (4,005) (6,088) Gain on legal settlement — — 60,450 Impairment of intangible assets — — (20,669) Operating income (loss) (25,478) (21,160) 58,955 Interest expense (19,570) (14,956) (7,424) Dividend and interest income 1,449 5,020 3,797 Share of earnings (loss) of affiliates, net 2,508,991 641,544 (120,962) Realized and unrealized gains (losses) on financial instruments, net 3,098 94,122 2,619 Gain (loss) on dilution of investment in affiliate (17,872) 770,766 (7,198) Other, net (18) 336 158 Earnings (loss) from continuing operations before income taxes $ 2,450,600 1,475,672 (70,055)

Quarterly Financial Informati30

Quarterly Financial Information (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	1 st 2 nd 3 rd 4 th Quarter Quarter Quarter Quarter amounts in thousands 2017: Revenue $ 3,140 3,073 3,430 3,449 Operating income (loss) $ (6,362) (7,333) (5,787) (5,996) Net earnings (loss) attributable to Liberty Broadband Corporation Series A, Series B and Series C stockholders $ (14,445) (2,977) (9,864) 2,060,953 Basic earnings (loss) attributable to Liberty Broadband Corporation Series A, Series B and Series C stockholders per common share $ (0.08) (0.02) (0.05) 11.37 Diluted earnings (loss) attributable to Liberty Broadband Corporation Series A, Series B and Series C stockholders per common share $ (0.08) (0.02) (0.05) 11.28 1 st 2 nd 3 rd 4 th Quarter Quarter Quarter Quarter amounts in thousands 2016: Revenue $ 3,831 2,966 20,616 3,173 Operating income (loss) $ (9,340) (10,737) 6,624 (7,707) Net earnings (loss) attributable to Liberty Broadband Corporation Series A, Series B and Series C stockholders $ (22,241) 890,154 3,789 45,601 Basic earnings (loss) attributable to Liberty Broadband Corporation Series A, Series B and Series C stockholders per common share $ (0.22) 6.31 0.02 0.25 Diluted earnings (loss) attributable to Liberty Broadband Corporation Series A, Series B and Series C stockholders per common share $ (0.22) 6.28 0.02 0.25

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Millions	Dec. 10, 2014	Oct. 29, 2014	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	May 18, 2016
Broadband Spin-Off Distribution Ratio		0.25
Charter
Voting interest acquired (as a percent)					25.01%
Liberty
Related Party Transaction, Amounts of Transaction			$ 3.2	$ 3.4
Series C common stock
Subscription rights distribution ratio	0.20

Description of Business (Detail

Description of Business (Details) $ in Millions	Dec. 31, 2015	Feb. 14, 2014USD ($)	Dec. 31, 2017customeritem	Dec. 31, 2016	Dec. 31, 2015customer
Skyhook
Business Acquisition [Line Items]
Number of primary products sold | item			2
Skyhook | Skyhook
Business Acquisition [Line Items]
Voting interest acquired (as a percent)		100.00%
Cash paid for acquisition | $		$ 57.5
Charter
Business Acquisition [Line Items]
Number of business and residential customers			27,200,000
Customer concentration | Revenue | Skyhook
Business Acquisition [Line Items]
Number of major customers					1
Customer concentration | Revenue | Significant customer | Skyhook
Business Acquisition [Line Items]
Concentration risk percentage			57.00%	57.00%	85.00%
Customer concentration | Revenue | Significant customer | Skyhook | Customer relationships | Minimum
Business Acquisition [Line Items]
Concentration risk percentage	80.00%
Customer concentration | Revenue | Significant customer | Skyhook | Customer relationships | Maximum
Business Acquisition [Line Items]
Concentration risk percentage	90.00%

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Details)	Dec. 31, 2017USD ($)shares	Dec. 31, 2016shares	May 18, 2016shares	Dec. 31, 2015USD ($)shares	Jan. 09, 2015shares	Nov. 04, 2014shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)customershares	Nov. 03, 2014shares
Goodwill impairment | $							$ 0	$ 0	$ 20,700,000
Shares issued during period						85,761,332
Basic WASO							181,772,000	152,103,000	102,504,000
Potentially dilutive shares							1,374,000	749,000	494,000
Diluted WASO							183,146,000	152,852,000	102,998,000
Antidilutive shares excluded	0	17,000		3,000
Series C common stock
Shares issued during period			78,250,042		17,277,224
Accounting Standards Update 2016-09
Cumulative Effect of New Accounting Principle in Period of Adoption | $	$ 17,361,000						$ 17,361,000
Excess Tax Benefit from Share-based Compensation, Operating Activities | $								$ 0	$ 1,200,000
Accounting Standards Update 2016-09 | Retained earnings
Cumulative Effect of New Accounting Principle in Period of Adoption | $	$ 17,361,000			$ 0			$ 17,361,000		$ 0
Minimum
Property estimated useful life							3 years
Maximum
Property estimated useful life							5 years 6 months
Skyhook | Revenue | Customer concentration
Number of major customers | customer									1
Skyhook | Significant customer
Deferred revenue | $				$ 35,500,000					$ 35,500,000
Skyhook | Significant customer | Revenue | Customer concentration
Customer concentration (as a percent)							57.00%	57.00%	85.00%
Awards
Number of awards outstanding (in shares)										0

Assets and Liabilities Measur34

Assets and Liabilities Measured at Fair Value (Details)

Oct. 03, 2017USD ($)shares

Mar. 31, 2017USD ($)

Aug. 31, 2017USD ($)

Apr. 30, 2017USD ($)shares

Mar. 31, 2017USD ($)

Dec. 31, 2016USD ($)shares

Jul. 31, 2015USD ($)

Jun. 30, 2015USD ($)

Apr. 30, 2015USD ($)

Dec. 31, 2016USD ($)shares

Dec. 31, 2017USD ($)$ / item

Mar. 27, 2015USD ($)$ / itemshares

Feb. 28, 2015$ / itemshares

Dec. 31, 2014$ / itemshares

Revolving Credit Facility

Assets and Liabilities Measured at Fair Value

Maximum borrowing capacity

$ 234,000,000

Zero-strike call option

Assets and Liabilities Measured at Fair Value

Derivative underlying share amount | shares

527,156

Derivative premium paid

$ 47,700,000

$ 47,900,000

Derivative settlement proceeds

$ 50,000,000

$ 53,800,000

$ 50,000,000

Zero-strike call option | Call Option

Assets and Liabilities Measured at Fair Value

Derivative underlying share amount | shares

527,156

600,242

704,908

704,908

Derivative premium paid

$ 47,700,000

$ 50,000,000

$ 47,900,000

Derivative, Price Risk Option Strike Price | $ / item

90.54

Cashless Collar | Time Warner Cable

Assets and Liabilities Measured at Fair Value

Derivative share amount hedged | shares

1,700,000

Payments from settlements of financial instruments

$ 67,100,000

Cashless Collar | Put Option | Time Warner Cable

Assets and Liabilities Measured at Fair Value

Derivative, Price Risk Option Strike Price | $ / item

136.80

Cashless Collar | Call Option | Time Warner Cable

Assets and Liabilities Measured at Fair Value

Derivative, Price Risk Option Strike Price | $ / item

161.62

Total | Recurring

Assets and Liabilities Measured at Fair Value

Cash equivalents

198,011,000

$ 198,011,000

$ 76,304,000

Derivative Asset

49,019,000

49,019,000

Expiration Date February 2015 | Written call option | Time Warner Cable

Assets and Liabilities Measured at Fair Value

Derivative share amount hedged | shares

625,000

Derivative, Price Risk Option Strike Price | $ / item

92.02

Expiration Date February 2016 | Written call option | Time Warner Cable

Assets and Liabilities Measured at Fair Value

Derivative share amount hedged | shares

625,000

Derivative, Price Risk Option Strike Price | $ / item

100.39

Payments from settlements of financial instruments

$ 48,300,000

Expiration Date May 2015 | Written call option | Time Warner Cable

Assets and Liabilities Measured at Fair Value

Derivative share amount hedged | shares

625,000

Derivative, Price Risk Option Strike Price | $ / item

90.84

Payments from settlements of financial instruments

$ 36,700,000

Quoted prices in active markets for identical assets (Level 1) | Recurring

Assets and Liabilities Measured at Fair Value

Cash equivalents

$ 76,304,000

Quoted prices in active markets for identical assets (Level 1) | Available for sale securities | Recurring

Assets and Liabilities Measured at Fair Value

Cash equivalents

198,011,000

198,011,000

Significant other observable inputs (Level 2) | Available for sale securities | Recurring

Assets and Liabilities Measured at Fair Value

Derivative Asset

$ 49,019,000

$ 49,019,000

Minimum

Level 2 input

Volatility

21.10%

Interest rate

1.00%

Dividend yield

0.00%

Maximum

Level 2 input

Volatility

21.50%

Interest rate

1.00%

Dividend yield

0.00%

Assets and Liabilities Measur35

Assets and Liabilities Measured at Fair Value (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Realized and Unrealized Gains (Losses) on Financial Instruments
Realized and unrealized gains (losses)	$ 3,098,000	$ 94,122,000	$ 2,619,000
Zero-strike call option
Realized and Unrealized Gains (Losses) on Financial Instruments
Realized and unrealized gains (losses)	$ 3,098,000	1,132,000
Time Warner Cable | Investment and financial instruments [member]
Realized and Unrealized Gains (Losses) on Financial Instruments
Realized and unrealized gains (losses)		$ 92,990,000	$ 2,619,000

Investments in Charter Accounte

Investments in Charter Accounted for Using the Equity Method (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	May 18, 2016	Dec. 10, 2014
Investments in affiliates accounted for using the Equity Method
Cash paid to acquire equity method investments		$ 5,000,000
Charter
Investments in affiliates accounted for using the Equity Method
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity	$ 2,975,000
Amortization of Deferred Charges	$ 277,000	$ 42,000	$ 52,000
A/N | Charter
Investments in affiliates accounted for using the Equity Method
Proxy agreement term	5 years
Business Acquisition, Percentage of Voting Interests Acquired	25.01%
Trading days before proposed sale of A/N	2 days
first | A/N | Charter
Investments in affiliates accounted for using the Equity Method
Maximum percentage of New Charter shares that may be voted by proxy	7.00%
last | A/N | Charter
Investments in affiliates accounted for using the Equity Method
Maximum percentage of New Charter shares that may be voted by proxy	7.00%
Series C common stock
Investments in affiliates accounted for using the Equity Method
Share Price				$ 56.23	$ 40.36
Common stock par value	$ 0.01	$ 0.01		$ 0.01
Series A common stock
Investments in affiliates accounted for using the Equity Method
Common stock par value	$ 0.01	$ 0.01

Investments in Charter Accoun37

Investments in Charter Accounted for Using the Equity Method (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Investments in affiliates accounted for using the Equity Method
Carrying value of equity method investment	$ 11,835,613	$ 9,315,253
Excess basis allocation within memo accounts
Share of (earnings) loses of affiliates, net	2,508,991	641,544	$ (120,962)
Gain (loss) on dilution of investment in affiliate	(17,872)	770,766	(7,198)
Charter
Investments in affiliates accounted for using the Equity Method
Carrying value of equity method investment	11,836,000
Market value of equity method investment	$ 18,166,000
Ownership percentage	22.70%
Other Comprehensive Income Loss From Equity Method Investments	$ 768	811	1,300
Other Comprehensive Income Loss From Equity Method Investments Before Tax	1,200	1,300	2,100
Excess basis allocation within memo accounts
Property and equipment	361,000
Customer relationships	689,000
Franchise fees	1,670,000
Trademarks	29,000
Goodwill	986,000
Debt	(98,000)
Deferred income tax liability	(662,000)
Total	$ 2,975,000
Useful lives of property and equipment	7 years
Share of (earnings) loses of affiliates, net	$ (2,509,000)	(642,000)	121,000
Gain (loss) on dilution of investment in affiliate	$ (18,000)	$ 771,000	$ (7,000)
Charter | Customer relationships
Excess basis allocation within memo accounts
Useful lives of customer relationships	13 years

Investments in Charter Accoun38

Investments in Charter Accounted for Using the Equity Method (Details) - Charter - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Charter consolidated balance sheet
Current assets	$ 2,555	$ 3,300
Property and equipment, net	33,888	32,963
Goodwill	29,554	29,509
Intangible assets, net	79,270	81,924
Other assets	1,356	1,371
Total assets	146,623	149,067
Current liabilities	11,090	9,572
Deferred income taxes	17,314	26,665
Long-term debt	68,186	59,719
Other liabilities	2,502	2,745
Equity	47,531	50,366
Total liabilities and shareholders' equity	146,623	149,067
Charter consolidated statement of operations
Revenue	41,581	29,003	$ 9,754
Operating costs and expenses	(26,541)	(18,655)	(6,426)
Depreciation and amortization	(10,588)	(6,907)	(2,125)
Other operating expenses	(346)	(985)	(89)
Total operating costs and expenses	(37,475)	(26,547)	(8,640)
Operating income	4,106	2,456	1,114
Interest expense, net	(3,090)	(2,499)	(1,306)
Loss on extinguishment of debt	(40)	(111)	(128)
Other income (expense), net	52	974	(11)
Income tax benefit (expense), net	9,087	2,925	60
Net income (loss)	10,115	3,745	(271)
Less: Net income attributable to noncontrolling interests	(220)	(223)
Net income (loss) attributable to Charter shareholders	$ 9,895	$ 3,522	$ (271)

Debt (Details)

Debt (Details) $ in Thousands, shares in Millions

Dec. 31, 2017USD ($)shares

Aug. 31, 2017USD ($)

Oct. 31, 2014USD ($)

Oct. 30, 2014USD ($)item

Oct. 31, 2015USD ($)

Nov. 30, 2014USD ($)

Aug. 31, 2017USD ($)

Dec. 31, 2017USD ($)

Dec. 31, 2015USD ($)

Dec. 31, 2016USD ($)

Mar. 21, 2016USD ($)

Mar. 27, 2015USD ($)

Debt disclosures

Current portion of debt

$ 400,000

Total Long-term and Short-term debt

$ 500,000

$ 500,000

600,000

Long-term Debt

$ 497,370

497,370

198,512

Repayments of debt

600,000

$ 40,000

Margin Loan Agreements | Charter

Debt disclosures

Number of common shares pledged as collateral | shares

6.8

Value of pledged collateral

$ 2,300,000

2,300,000

Margin Loan Agreements | LIBOR

Debt disclosures

Interest rate basis

three-month LIBOR

2014 Margin Loan Agreement

Debt disclosures

Maximum borrowing capacity

400,000

Proceeds From Issuance Of Secured Debt

$ 28,000

$ 52,000

2014 Margin Loan Agreement | Three-month LIBOR

Debt disclosures

Basis spread on variable rate

1.55%

2014 Margin Loan Agreement | Term loan

Debt disclosures

Unused commitment fee percentage

0.25%

Revolving Credit Facility

Debt disclosures

Maximum borrowing capacity

$ 234,000

BroadbandSPV | 2014 Margin Loan Agreement

Debt disclosures

Current portion of debt

400,000

Number of debt agreements | item

2

Maximum borrowing capacity

$ 400,000

Remaining borrowing capacity

$ 80,000

Proceeds From Issuance Of Secured Debt

$ 320,000

Repayments of debt

$ 400,000

Cheetah 5 | 2016 Margin Loan Agreement

Debt disclosures

Long-term Debt, Gross

200,000

Maximum borrowing capacity

$ 300,000

Repayments of debt

200,000

Cheetah 5 | 2016 Margin Loan Agreement | LIBOR

Debt disclosures

Interest rate basis

LIBOR

Basis spread on variable rate

2.10%

Cheetah 5 | 2016 Margin Loan Agreement | Term loan

Debt disclosures

Maximum borrowing capacity

200,000

Line of Credit, Current

200,000

Cheetah 5 | 2016 Margin Loan Agreement | Draw loan

Debt disclosures

Maximum borrowing capacity

$ 100,000

Unused commitment fee percentage

0.50%

Remaining borrowing capacity

$ 100,000

SPV | 2017 Margin Loan Agreement

Debt disclosures

Long-term Debt, Gross

500,000

500,000

Maximum borrowing capacity

1,000,000

$ 1,000,000

Additional allowed borrowing capacity

$ 1,000,000

$ 1,000,000

Remaining borrowing capacity

$ 500,000

$ 500,000

Basis spread on variable rate

0.50%

Debt Instrument, Interest Rate, Effective Percentage

3.19%

3.19%

SPV | 2017 Margin Loan Agreement | LIBOR

Debt disclosures

Interest rate basis

LIBOR

Basis spread on variable rate

1.00%

SPV | 2017 Margin Loan Agreement | Three-month LIBOR

Debt disclosures

Interest rate basis

three-month LIBOR

Basis spread on variable rate

1.50%

SPV | 2017 Margin Loan Agreement | Federal Funds Rate

Debt disclosures

Basis spread on variable rate

0.50%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current:
Federal			$ (11)	$ 1,556	$ (4,234)
State and local			(84)	853	(862)
Total current income tax expense			(95)	2,409	(5,096)
Deferred:
Federal			(301,837)	(493,890)	23,512
State and local			(115,001)	(66,888)	1,452
Total deferred income tax expense			(416,838)	(560,778)	24,964
Income tax benefit (expense)			$ (416,933)	(558,369)	19,868
Differences between provision for income taxes and income tax expense computed by applying federal rates
US federal income tax rate	21.00%	35.00%	35.00%
Computed expected tax benefits (expense)			$ (857,710)	(516,485)	24,519
State and local taxes, net of federal income taxes			(74,805)	(42,995)	1,786
Foreign taxes, net of foreign tax credits				(1,180)	(59)
Change in valuation allowance			(1,208)	683	612
Dividends received deduction				931	752
Change in tax rate - other				45	(179)
Change in tax rate - U.S. tax reform			515,773
Impairment of intangible assets not deductible for tax purposes					(7,234)
Derivative instruments			1,084	396
Other			(67)	236	(329)
Income tax benefit (expense)			(416,933)	(558,369)	19,868
Increase (decrease) in valuation allowance			1,200
Deferred tax assets:
Net operating loss and tax credit carryforwards		$ 49,555	49,555	23,017
Accrued stock-based compensation		4,275	4,275	4,812
Deferred revenue		1,805	1,805	1,721
Other		64	64	2,073
Total deferred tax assets		55,699	55,699	31,623
Less: valuation allowance		(8,153)	(8,153)	(6,945)
Net deferred tax assets		47,546	47,546	24,678
Deferred tax liabilities:
Investments		(979,522)	(979,522)	(527,151)
Intangible assets		(617)	(617)	(2,170)
Other				(1)
Total deferred tax liabilities		(980,139)	(980,139)	(529,322)
Net deferred tax liability		$ (932,593)	(932,593)	(504,644)
Forecast
Differences between provision for income taxes and income tax expense computed by applying federal rates
US federal income tax rate	21.00%
Continuing operations
Deferred:
Total deferred income tax expense			$ (416,838)	$ (560,778)	$ 24,964

Income Taxes (Details)41

Income Taxes (Details) $ in Millions	Dec. 31, 2017USD ($)
Income Taxes
Tax credit carryforward after tax	$ 49.6
Operating loss carryforwards expected to be unutilized	$ 8.2

Stockholders' Equity (Details)

Stockholders' Equity (Details) $ / shares in Units, $ in Millions	Oct. 03, 2017USD ($)shares	Mar. 31, 2017USD ($)	Dec. 31, 2016$ / sharesshares	May 18, 2016USD ($)$ / sharesshares	Jan. 09, 2015shares	Dec. 10, 2014$ / shares	Nov. 04, 2014shares	Oct. 29, 2014	Aug. 31, 2017USD ($)	Apr. 30, 2017USD ($)shares	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)$ / sharesshares	May 31, 2016shares	Dec. 31, 2017Voteitem$ / shares$ / itemshares
Broadband Spin-Off Distribution Ratio								0.25
Shares issued during period							85,761,332
Common Stock, Capital Shares Reserved for Future Issuance														2,800,000
Zero-strike call option
Derivative underlying share amount	527,156
Derivative premium paid | $	$ 47.7											$ 47.9
Derivative settlement proceeds | $		$ 50							$ 53.8		$ 50
Liberty Interactive
Number of shares purchased													42,700,000
Non-voting economic ownership percentage			23.50%
Series A common stock
Common Stock, Par or Stated Value Per Share | $ / shares			$ 0.01									$ 0.01		$ 0.01
Number Of Votes | Vote														1
Common Stock, Capital Shares Reserved for Future Issuance														404,000
Series B common stock
Common Stock, Par or Stated Value Per Share | $ / shares			0.01									0.01		$ 0.01
Number Of Votes | Vote														10
Common Stock Shares Received In Exchange For One Share Of Series B | item														1
Series C common stock
Subscription Rights Distribution Ratio						0.20
Proceeds from Issuance of Common Stock | $				$ 4,400
Shares issued during period				78,250,042	17,277,224
Common Stock, Par or Stated Value Per Share | $ / shares			$ 0.01	$ 0.01								$ 0.01		$ 0.01
Purchase price (in dollars per share) | $ / shares				$ 56.23		$ 40.36
Discount percentage for holders to acquire shares enabled by subscription rights						20.00%
Number of trading days of volume weighted average trading price used for calculating discount for holders to acquire shares enabled by subscription rights						20 days
Number Of Votes | Vote														0
Common Stock, Capital Shares Reserved for Future Issuance														2,400,000
Series C common stock | Zero-strike call option
Derivative underlying share amount			704,908									704,908
Call Option | Zero-strike call option
Derivative underlying share amount	527,156		704,908							600,242		704,908
Derivative, Price Risk Option Strike Price | $ / item														90.54
Derivative premium paid | $	$ 47.7									$ 50		$ 47.9

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Stock Based Compensation
Allocated Share-based Compensation Expense		$ 5,292	$ 5,713	$ 6,380
Options
Common Stock, Capital Shares Reserved for Future Issuance	2,800,000	2,800,000
Series A common stock
Options
Common Stock, Capital Shares Reserved for Future Issuance	404,000	404,000
Series C common stock
Options
Common Stock, Capital Shares Reserved for Future Issuance	2,400,000	2,400,000
2014 Plan
Stock Based Compensation
Number of authorized shares	8,400,000	8,400,000
Fair value assumptions
Dividend rate		0.00%	0.00%	0.00%
2014 Plan | Awards
Options
Unrecognized compensation cost options	$ 10,000	$ 10,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		1 year 6 months
2014 Plan | Awards | Series A common stock
Options
Outstanding beginning balance (in shares)		454,000
Exercised (in shares)		(50,000)
Outstanding ending balance (in shares)	404,000	404,000	454,000
Number of awards exercisable (in shares)	402,000	402,000
WAEP Outstanding beginning balance (in dollars per share)		$ 32.47
WAEP options exercised (in dollars per share)		26.85
WAEP Outstanding ending balance (in dollars per share)	$ 33.16	33.16	$ 32.47
WAEP options exercisable (in dollars per share)	$ 33.08	$ 33.08
Weighted average remaining contractual life outstanding	2 years
Weighted average remaining contractual life exercisable	2 years
Aggregate intrinsic value outstanding	$ 21,000	$ 21,000
Aggregate intrinsic value exercisable	$ 21,000	$ 21,000
2014 Plan | Awards | Series C common stock
Options
Outstanding beginning balance (in shares)		2,467,000
Options granted (in shares)		16,000
Exercised (in shares)		(95,000)
Outstanding ending balance (in shares)	2,388,000	2,388,000	2,467,000
Number of awards exercisable (in shares)	866,000	866,000
WAEP Outstanding beginning balance (in dollars per share)		$ 42.45
WAEP Options granted (in dollars per share)		85.34
WAEP options exercised (in dollars per share)		27.08
WAEP Outstanding ending balance (in dollars per share)	$ 43.35	43.35	$ 42.45
WAEP options exercisable (in dollars per share)	$ 34.34	$ 34.34
Weighted average remaining contractual life outstanding	5 years 2 months 12 days
Weighted average remaining contractual life exercisable	2 years 1 month 6 days
Aggregate intrinsic value outstanding	$ 100,000	$ 100,000
Aggregate intrinsic value exercisable	$ 44,000	44,000
2014 Plan | Options
Options
Aggregate intrinsic value exercises		$ 8,100	$ 14,400	$ 11,200
2014 Plan | Options | Series A common stock
Options
Options granted (in shares)		0	0	0
2014 Plan | Options | Series B common stock
Options
Outstanding ending balance (in shares)	0	0
2014 Plan | Options | Series C common stock
Stock Based Compensation
Vesting period		1 year
Weighted average grant date fair value (in dollars per share)	$ 22.68	$ 22.68	$ 18.64	$ 13.51
Options
Options granted (in shares)		16,000	17,000	21,000
2014 Plan | Minimum
Stock Based Compensation
Vesting period		1 year
Term of awards		7 years
2014 Plan | Minimum | Options
Stock Based Compensation
Term of awards		4 years 7 months 6 days	4 years 7 months 6 days	4 years 7 months 6 days
Fair value assumptions
Volatility rate		24.40%	24.40%	24.40%
2014 Plan | Maximum
Stock Based Compensation
Vesting period		5 years
Term of awards		10 years
2014 Plan | Maximum | Options
Stock Based Compensation
Term of awards		5 years 3 months 18 days	5 years 3 months 18 days	5 years 3 months 18 days
Fair value assumptions
Volatility rate		28.20%	28.20%	28.20%
Operating expense
Stock Based Compensation
Allocated Share-based Compensation Expense		$ (2)		$ 7
Selling, general and administrative
Stock Based Compensation
Allocated Share-based Compensation Expense		5,114	$ 5,555	5,978
Research and development
Stock Based Compensation
Allocated Share-based Compensation Expense		$ 180	$ 158	$ 395

Stock-Based Compensation (Det44

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Nov. 03, 2014
Awards
Stock Based Compensation
Number of awards outstanding (in shares)				0
2014 Plan
Fair value assumptions
Dividend rate	0.00%	0.00%	0.00%
2014 Plan | Restricted Stock
Stock Based Compensation
Fair value of shares vested	$ 116	$ 674	$ 5,800
Number of awards outstanding unvested (in shares)	24,000
Weighted average grant date fair value awards outstanding unvested (in dollars per share)	$ 13.43
2014 Plan | Minimum
Stock Based Compensation
Vesting period	1 year
Term of awards	7 years
2014 Plan | Minimum | Options
Stock Based Compensation
Term of awards	4 years 7 months 6 days	4 years 7 months 6 days	4 years 7 months 6 days
Fair value assumptions
Volatility rate	24.40%	24.40%	24.40%
2014 Plan | Maximum
Stock Based Compensation
Vesting period	5 years
Term of awards	10 years
2014 Plan | Maximum | Options
Stock Based Compensation
Term of awards	5 years 3 months 18 days	5 years 3 months 18 days	5 years 3 months 18 days
Fair value assumptions
Volatility rate	28.20%	28.20%	28.20%
LTIPs | Skyhook | PARs and PSUs | Significant other observable inputs (Level 2) | Other liabilities
Stock Based Compensation
Deferred compensation	$ 1,200	$ 1,700

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Employer cash contribution		$ 1	$ 0.8	$ 1.1
Skyhook | Liberty 401k Plan
Company matching contribution (as a percent)		100.00%
Employee salary eligible for matching contributions (as a percent)	10.00%

Commitments and Contingencies46

Commitments and Contingencies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)facility	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Minimum annual lease payments
2,018	$ 445
2,019	497
2,020	548
2,021	11
Total	1,501
Skyhook
Minimum annual lease payments
Rental expense	$ 1,100	$ 2,400	$ 3,700
Number of facilities | facility	2

Commitments and Contingencies47

Commitments and Contingencies (Details) - Skyhook $ in Millions	Mar. 27, 2015USD ($)	Mar. 05, 2015	Oct. 15, 2015USD ($)	Dec. 31, 2015USD ($)	Sep. 10, 2010item
Patent infringement lawsuit
General Litigation
Number of claims | item					8
Number of days before action is reopened		45 days
Litigation settlement amount	$ 90
Covenant not to sue period	3 years
Legal Fees				$ 29.5
Polaris patent infringement lawsuit
General Litigation
Loss Contingency, Damages Sought, Value			$ 3

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment information
Revenue	$ 3,449	$ 3,430	$ 3,073	$ 3,140	$ 3,173	$ 20,616	$ 2,966	$ 3,831	$ 13,092	$ 30,586	$ 91,182
Adjusted OIBDA									(16,416)	(11,442)	31,642
Total assets	11,931,789				9,590,960				11,931,789	9,590,960
Investments in affiliates	11,835,613				9,315,253				11,835,613	9,315,253
Capital expenditures									$ 70	267
Charter
Segment information
Financial results included in the disclosure (as a percent)									100.00%
Operating segments
Segment information
Revenue									$ 41,594,092	29,033,586	9,845,182
Adjusted OIBDA									14,938,584	9,595,558	3,348,642
Total assets	158,554,789				158,657,960				158,554,789	158,657,960
Investments in affiliates	11,835,613				9,315,253				11,835,613	9,315,253
Capital expenditures									8,681,070	5,325,267
Operating segments | Skyhook
Segment information
Revenue									13,092	30,586	91,182
Adjusted OIBDA									(9,496)	(2,681)	43,600
Total assets	24,481				30,463				24,481	30,463
Capital expenditures									70	267
Operating segments | Charter
Segment information
Revenue									41,581,000	29,003,000	9,754,000
Adjusted OIBDA									14,955,000	9,607,000	3,317,000
Total assets	146,623,000				149,067,000				146,623,000	149,067,000
Capital expenditures									8,681,000	5,325,000
Corporate and other
Segment information
Adjusted OIBDA									(6,920)	(8,761)	(11,958)
Total assets	11,907,308				9,560,497				11,907,308	9,560,497
Investments in affiliates	11,835,613				9,315,253				11,835,613	9,315,253
Eliminate equity method affiliate
Segment information
Revenue									(41,581,000)	(29,003,000)	(9,754,000)
Adjusted OIBDA									(14,955,000)	(9,607,000)	(3,317,000)
Total assets	$ (146,623,000)				$ (149,067,000)				(146,623,000)	(149,067,000)
Capital expenditures									(8,681,000)	(5,325,000)
United States
Segment information
Revenue									10,315	27,806	87,739
Other countries
Segment information
Revenue									$ 2,777	$ 2,780	$ 3,443

Segment Information (Details)49

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of segment Adjusted OIBDA to earnings (loss) before income taxes
Combined segment Adjusted OIBDA									$ (16,416)	$ (11,442)	$ 31,642
Stock-based compensation									(5,292)	(5,713)	(6,380)
Depreciation and amortization									(3,770)	(4,005)	(6,088)
Net gain on legal settlement											60,450
Impairment of intangible assets											(20,669)
Operating income (loss)	$ (5,996)	$ (5,787)	$ (7,333)	$ (6,362)	$ (7,707)	$ 6,624	$ (10,737)	$ (9,340)	(25,478)	(21,160)	58,955
Interest expense									(19,570)	(14,956)	(7,424)
Dividend and interest income									1,449	5,020	3,797
Share of (earnings) loses of affiliates, net									2,508,991	641,544	(120,962)
Realized and unrealized gains (losses) on financial instruments, net									3,098	94,122	2,619
Gain (loss) on dilution of investment in affiliate									(17,872)	770,766	(7,198)
Other, net									(18)	336	158
Net earnings (loss) before income taxes									$ 2,450,600	$ 1,475,672	$ (70,055)

Quarterly Financial Informati50

Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 3,449	$ 3,430	$ 3,073	$ 3,140	$ 3,173	$ 20,616	$ 2,966	$ 3,831	$ 13,092	$ 30,586	$ 91,182
Operating Income (Loss)	(5,996)	(5,787)	(7,333)	(6,362)	(7,707)	6,624	(10,737)	(9,340)	(25,478)	(21,160)	58,955
Net Income (Loss) Available to Common Stockholders, Basic	$ 2,060,953	$ (9,864)	$ (2,977)	$ (14,445)	$ 45,601	$ 3,789	$ 890,154	$ (22,241)	$ 2,033,667	$ 917,303	$ (50,187)
Earnings Per Share, Basic	$ 11.37	$ (0.05)	$ (0.02)	$ (0.08)	$ 0.25	$ 0.02	$ 6.31	$ (0.22)	$ 11.19	$ 6.03	$ (0.49)
Earnings Per Share, Diluted	$ 11.28	$ (0.05)	$ (0.02)	$ (0.08)	$ 0.25	$ 0.02	$ 6.28	$ (0.22)	$ 11.10	$ 6	$ (0.49)