Liberty Broadband (LBRDK) 10-Q 2 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 30, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-36713
Entity Registrant Name	LIBERTY BROADBAND CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-1211994
Entity Address, Address Line One	12300 Liberty Boulevard
Entity Address, City or Town	Englewood
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80112
City Area Code	720
Local Phone Number	875-5700
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001611983
Amendment Flag	false
Series A common stock
Document Information [Line Items]
Title of 12(b) Security	Series A common stock
Trading Symbol	LBRDA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		18,221,602
Series B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,037,259
Series C common stock
Document Information [Line Items]
Title of 12(b) Security	Series C common stock
Trading Symbol	LBRDK
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		125,938,350
Series A Cumulative Redeemable Preferred Stock.
Document Information [Line Items]
Title of 12(b) Security	Series A Cumulative Redeemable preferred stock
Trading Symbol	LBRDP
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 169	$ 375
Trade and other receivables, net of allowance for credit losses of $4 and $4, respectively	194	201
Prepaid and other current assets	91	84
Total current assets	454	660
Property and equipment, net	1,012	1,011
Intangible assets not subject to amortization
Goodwill	755	755
Intangible assets subject to amortization, net (note 5)	506	516
Other assets, net	206	180
Total assets	15,129	15,142
Current liabilities:
Accounts payable and accrued liabilities	86	92
Deferred revenue	21	20
Current portion of debt, including $2 and $1,373 measured at fair value, respectively (note 6)	5	1,376
Indemnification obligation (note 3)	29	50
Other current liabilities	152	137
Total current liabilities	293	1,675
Long-term debt, net, including $1,251 and zero measured at fair value, respectively (note 6)	3,674	2,425
Obligations under tower obligations and finance leases, excluding current portion	85	86
Long-term deferred revenue	62	63
Deferred income tax liabilities	2,074	2,040
Preferred stock (note 7)	202	202
Other liabilities	155	150
Total liabilities	6,545	6,641
Equity
Additional paid-in capital	3,282	3,318
Accumulated other comprehensive earnings (loss), net of taxes	59	9
Retained earnings	5,224	5,155
Total stockholders' equity	8,566	8,483
Non-controlling interests	18	18
Total equity	8,584	8,501
Commitments and contingencies (note 9)
Total liabilities and equity	15,129	15,142
Cable certificates
Intangible assets not subject to amortization
Indefinite-lived intangibles	550	550
Other amortizable intangible assets
Intangible assets not subject to amortization
Indefinite-lived intangibles	37	37
Series A common stock
Equity
Common stock
Series B common stock
Equity
Common stock
Series C common stock
Equity
Common stock	1	1
Charter.
Current assets:
Investment in Charter, accounted for using the equity method (note 4)	$ 11,609	$ 11,433

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Allowance for credit losses	$ 4	$ 4
Short-term debt, measured at fair value	2	1,373
Long-term debt, measured at fair value	$ 1,251	$ 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	18,221,602	18,528,468
Common Stock, Shares, Outstanding	18,221,602	18,528,468
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	2,037,259	2,106,636
Common Stock, Shares, Outstanding	2,037,259	2,106,636
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	125,938,456	125,962,296
Common Stock, Shares, Outstanding	125,938,456	125,962,296

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
Revenue	$ 246	$ 238
Revenue, Product and Service [Extensible List]	us-gaap:ServiceMember	us-gaap:ServiceMember
Operating costs and expenses:
Operating expense (exclusive of depreciation and amortization shown separately below)	$ 62	$ 66
Selling, general and administrative, including stock-based compensation (note 8)	110	101
Depreciation and amortization	58	64
Total operating costs and expenses	230	231
Operating income (loss)	16	7
Other income (expense):
Interest expense (including amortization of deferred loan fees)	(45)	(26)
Share of earnings (losses) of affiliate (note 4)	248	303
Gain (loss) on dilution of investment in affiliate (note 4)	(27)	(56)
Realized and unrealized gains (losses) on financial instruments, net (note 3)	(114)	137
Other, net	14	(21)
Earnings (loss) before income taxes	92	344
Income tax benefit (expense)	(23)	(45)
Net earnings (loss)	69	299
Net earnings (loss) attributable to Liberty Broadband shareholders	$ 69	$ 299
Basic net earnings (loss) attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share (note 2)	$ 0.47	$ 1.79
Diluted net earnings (loss) attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share (note 2)	$ 0.47	$ 1.77

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Condensed Consolidated Statements of Comprehensive Earnings (Loss)
Net earnings (loss)	$ 69	$ 299
Other comprehensive earnings (loss), net of taxes:
Credit risk on fair value debt instruments gains (loss)	50	(4)
Other comprehensive earnings (loss), net of taxes	50	(4)
Comprehensive earnings (loss)	119	295
Comprehensive earnings (loss) attributable to Liberty Broadband shareholders	$ 119	$ 295

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net earnings (loss)	$ 69	$ 299
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation and amortization	58	64
Stock-based compensation	8	9
Share of (earnings) losses of affiliate, net	(248)	(303)
(Gain) loss on dilution of investment in affiliate	27	56
Realized and unrealized (gains) losses on financial instruments, net	114	(137)
Deferred income tax expense (benefit)	22	6
Other, net	(1)	(1)
Changes in operating assets and liabilities:
Current and other assets	(6)	65
Payables and other liabilities	(2)	32
Net cash provided by (used in) operating activities	41	90
Cash flows from investing activities:
Capital expenditures	(54)	(32)
Cash received for Charter shares repurchased by Charter	42	602
Other investing activities, net		4
Net cash provided by (used in) investing activities	(12)	574
Cash flows from financing activities:
Borrowings of debt	1,248	300
Repayments of debt, tower obligations and finance leases	(1,416)	(2)
Repurchases of Liberty Broadband common stock	(40)	(843)
Indemnification payment to Qurate Retail	(24)
Other financing activities, net	(3)	(3)
Net cash provided by (used in) financing activities	(235)	(548)
Net increase (decrease) in cash, cash equivalents and restricted cash	(206)	116
Cash, cash equivalents and restricted cash, beginning of period	400	206
Cash, cash equivalents and restricted cash, end of period	$ 194	$ 322

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Cash and cash equivalents	$ 169	$ 375
Total cash and cash equivalents and restricted cash at end of period	194	400
Other Noncurrent Assets
Restricted cash	1	1
Other current assets
Restricted cash	$ 24	$ 24

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Series C common stock Common stock	Additional paid-in capital	Accumulated other comprehensive earnings	Retained earnings	Noncontrolling interest in equity of subsidiaries	Total
Balance at Dec. 31, 2021	$ 1	$ 6,214	$ 14	$ 3,898	$ 12	$ 10,139
Increase (Decrease) in Stockholders' Equity
Net earnings (loss)				299		299
Other comprehensive earnings (loss), net of taxes			(4)			(4)
Stock-based compensation		9				9
Withholding taxes on net share settlements of stock-based compensation		(3)				(3)
Liberty Broadband stock repurchases		(843)				(843)
Noncontrolling interest activity at Charter and other		(2)			4	2
Balance at Mar. 31, 2022	1	5,375	10	4,197	16	9,599
Balance at Dec. 31, 2022	1	3,318	9	5,155	18	8,501
Increase (Decrease) in Stockholders' Equity
Net earnings (loss)				69		69
Other comprehensive earnings (loss), net of taxes			50			50
Stock-based compensation		8				8
Issuance of common stock upon exercise of stock options		1				1
Withholding taxes on net share settlements of stock-based compensation		(2)				(2)
Liberty Broadband stock repurchases		(40)				(40)
Noncontrolling interest activity at Charter and other		(3)				(3)
Balance at Mar. 31, 2023	$ 1	$ 3,282	$ 59	$ 5,224	$ 18	$ 8,584

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Basis of Presentation
Basis of Presentation	(1) Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Liberty Broadband Corporation and its controlled subsidiaries (collectively, "Liberty Broadband," the "Company," “us,” “we,” or “our” unless the context otherwise requires). Liberty Broadband Corporation is primarily comprised of GCI Holdings, LLC (“GCI Holdings” or “GCI”), a wholly owned subsidiary, and an equity method investment in Charter Communications, Inc. (“Charter”). On December 18, 2020, GCI Liberty, Inc. (“GCI Liberty”) was merged with Liberty Broadband (the “Combination”) and Liberty Broadband acquired GCI Holdings. The accompanying (a) condensed consolidated balance sheet as of December 31, 2022, which has been derived from audited financial statements, and (b) interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for such periods have been included. The results of operations for any interim period are not necessarily indicative of results for the full year. Additionally, certain prior period amounts have been reclassified for comparability with current period presentation. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in Liberty Broadband's Annual Report on Form 10-K for the year ended December 31, 2022. All significant intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements. 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 (i) the application of the equity method of accounting for its affiliate, (ii) non-recurring fair value measurements of non-financial instruments and (iii) accounting for income taxes to be its most significant estimates . Through a number of prior years’ transactions, including the Combination, Liberty Broadband has acquired an interest in Charter. The investment in Charter is accounted for using the equity method. Liberty Broadband does not control the decision making process or business management practices of this affiliate. Accordingly, Liberty Broadband relies on the management of this 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 audit reports that are provided by the affiliate's independent auditor 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 condensed consolidated financial statements. Skyhook Holdings, Inc. (“Skyhook”) was a wholly owned subsidiary of Liberty Broadband until its sale on May 2, 2022 for aggregate consideration of approximately $194 million, including amounts held in escrow of approximately $23 million. Liberty Broadband recognized a gain on the sale of $179 million, net of closing fees, in the second quarter of 2022. Skyhook is included in Corporate and other through April 30, 2022 and is not presented as a discontinued operation as the sale did not represent a strategic shift that had a major effect on Liberty Broadband’s operations and financial results. Included in Revenue in the accompanying condensed consolidated statements of operations is $5 million for the three months ended March 31, 2022, related to Skyhook. Included in Net earnings (loss) in the accompanying condensed consolidated statement of operations are earnings of $3 million for the three months ended March 31, 2022, related to Skyhook. As described in note 4, we are currently participating in Charter’s share buyback program in order to maintain our fully diluted ownership percentage of 26% . The primary use of those proceeds has been to repurchase Liberty Broadband Series A and Series C common stock pursuant to our authorized share repurchase programs. In addition, some of the proceeds were used for debt repayments. During the three months ended March 31, 2023, we repurchased 459 thousand shares of Liberty Broadband Series A and Series C common stock for a total purchase price of $40 million. During the three months ended March 31, 2022, we repurchased 5.7 million shares of Liberty Broadband Series A and Series C common stock for a total purchase price of $843 million. As of March 31, 2023, the amount remaining under the authorized repurchase program is approximately $1,962 million. Exchange Agreement with Chairman On June 13, 2022, Liberty Broadband entered into an Exchange Agreement with its Chairman of the board of directors, John C. Malone, and a revocable trust of which Mr. Malone is the sole trustee and beneficiary (the “JM Trust”) (the “Exchange Agreement”). Under the Exchange Agreement, the JM trust exchanged 215,647 shares of Liberty Broadband Series B common stock for the same number of Liberty Broadband Series C common stock on June 13, 2022, and exchanged 211,255 shares of Liberty Broadband Series B common stock for the same number of Liberty Broadband Series C common stock on July 19, 2022. Additionally, the JM Trust exchanged 54,247 shares of Liberty Broadband Series B common stock for the same number of Liberty Broadband Series C common stock on January 23, 2023. Spin-Off Arrangements 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, and to distribute subscription rights to acquire shares of Liberty Broadband’s common stock (the “Broadband Spin-Off”). 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 and to provide for an orderly transition, including a services agreement and a facilities sharing agreement. Under the facilities sharing agreement, Liberty Broadband shares office space with Liberty and related amenities at Liberty’s corporate headquarters. Liberty Broadband reimburses Liberty for direct, out-of-pocket expenses incurred by Liberty in providing these services which are negotiated semi-annually. Pursuant to the services agreement, Liberty provides Liberty Broadband with general and administrative services including legal, tax, accounting, treasury and investor relations support. In December 2019, the Company entered into an amendment to the services agreement with Liberty in connection with Liberty’s entry into a new employment arrangement with Gregory B. Maffei, the Company’s President and Chief Executive Officer. Under the amended services agreement, components of his compensation would either be paid directly to him by each of the Company, Liberty TripAdvisor Holdings, Inc. and Qurate Retail, Inc. (“Qurate Retail”) (collectively, the “Service Companies”) or reimbursed to Liberty, in each case, based on allocations among Liberty and the Service Companies set forth in the amended services agreement, currently set at 23% for the Company but subject to adjustment on an annual basis upon the occurrence of certain events. Additionally, in connection with a prior transaction, GCI Liberty and Qurate Retail (for accounting purposes a related party of the Company) entered into a tax sharing agreement, which was assumed by Liberty Broadband as a result of the Combination. The tax sharing agreement provides for the allocation and indemnification of tax liabilities and benefits between Qurate Retail and Liberty Broadband and other agreements related to tax matters. Under these various agreements, amounts reimbursable to Liberty were approximately $2 million and $3 million for the three months ended March 31, 2023 and 2022, respectively. Liberty Broadband had a tax sharing receivable with Qurate Retail of $15 million and $7 million as of March 31, 2023 and December 31, 2022, respectively, of which $1 million was in Other current assets as of both March 31, 2023 and December 31, 2022, with the remaining receivable in Other assets, net.

Earnings Attributable to Libert

Earnings Attributable to Liberty Broadband Stockholders Per Common Share	3 Months Ended
	Mar. 31, 2023
Earnings Attributable to Liberty Broadband Stockholders Per Common Share
Earnings Attributable to Liberty Broadband Stockholders Per Common Share	(2) Earnings Attributable to Liberty Broadband Stockholders Per Common Share Basic earnings (loss) per common share (“EPS”) is computed by dividing net earnings (loss) attributable to Liberty Broadband shareholders by the weighted average number of common shares outstanding (“WASO”) 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. Excluded from diluted EPS for the three months ended March 31, 2023 and 2022 are 2 million and 1 million potential common shares, respectively, because their inclusion would have been antidilutive. ​ ​ ​ ​ ​ ​ ​ ​ ​ Liberty Broadband Common Stock ​ ​ ​ Three months ​ Three months ​ ​ ended ​ ended ​ ​ ​ March 31, 2023 ​ March 31, 2022 ​ ​ (numbers of shares in millions) ​ Basic WASO 146 167 ​ Potentially dilutive shares (1) 1 2 ​ Diluted WASO 147 169 ​ (1) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive.

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value	3 Months Ended
	Mar. 31, 2023
Assets and Liabilities Measured at Fair Value
Assets and Liabilities Measured at Fair Value	(3) 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ ​ ​ ​ ​ 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 millions Cash equivalents ​ $ 109 ​ 109 ​ — ​ 288 ​ 288 ​ — ​ Indemnification obligation ​ $ 29 ​ — ​ 29 ​ 50 ​ — ​ 50 ​ Exchangeable senior debentures ​ $ 1,253 ​ — ​ 1,253 ​ 1,373 ​ — ​ 1,373 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023. Such amount will equal the difference between the exchange value and par value of the LI LLC 1.75% Exchangeable Debentures at the time the exchange occurs. The indemnification obligation recorded in the condensed consolidated balance sheets as of March 31, 2023 represents the fair value of the estimated exchange feature included in the LI LLC 1.75% Exchangeable Debentures primarily based on observable market data as significant inputs (Level 2). As of March 31, 2023, a holder of the LI LLC 1.75% Exchangeable Debentures has the ability to put their debentures on October 5, 2023, and, accordingly, such indemnification obligation is included as a current liability in the Company’s condensed consolidated balance sheets. During the three months ended March 31, 2023, indemnification payments of $24 million were made by Liberty Broadband to Qurate Retail in connection with exchanges of $157 million of the LI LLC 1.75% Exchangeable Debentures that settled in the quarter. 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 (with the exception of the 1.25% Debentures, and the 2.75% Debentures and 1.75% Debentures prior to their redemption in the first quarter of 2023 (defined in note 6)) and long-term debt (with the exception of the 3.125% Debentures (as defined in note 6)). 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 condensed consolidated balance sheets. The carrying value of the Margin Loan Facility, the Senior Credit Facility and the Wells Fargo Note Payable (each as defined in note 6) all bear interest at a variable rate and therefore are also considered to approximate fair value. Realized and Unrealized Gains (Losses) on Financial Instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ ​ 2023 ​ 2022 ​ ​ amounts in millions Indemnification obligation ​ $ (3) ​ 85 ​ Exchangeable senior debentures (1) ​ ​ (111) ​ 52 ​ ​ ​ $ (114) ​ 137 ​ (1) The Company has elected to account for its exchangeable senior debentures using the fair value option. Changes in the fair value of the exchangeable senior debentures recognized in the condensed consolidated statements of operations are primarily due to market factors driven by changes in the fair value of the underlying shares into which the debt is exchangeable. The Company isolates the portion of the unrealized gain (loss) attributable to the change in the instrument specific credit risk and recognizes such amount in other comprehensive income. The change in the fair value of the exchangeable senior debentures attributable to changes in the instrument specific credit risk before tax was a gain of $64 million and a loss of $6 million for the three months ended March 31, 2023 and 2022, respectively . The cumulative change was a gain of $64 million as of March 31, 2023.

Investment in Charter Accounted

Investment in Charter Accounted for Using the Equity Method	3 Months Ended
	Mar. 31, 2023
Investment in Charter Accounted for Using the Equity Method
Investment in Charter Accounted for Using the Equity Method	(4) Investment in Charter Accounted for Using the Equity Method Through a number of prior years’ transactions and the Combination, Liberty Broadband has acquired an interest in Charter. The investment in Charter is accounted for as an equity method affiliate based on our voting and ownership interest and the board seats held by individuals appointed by Liberty Broadband. As of March 31, 2023, the carrying and market value of Liberty Broadband’s ownership in Charter was approximately $11.6 billion and $16.8 billion, respectively. We own an approximate 31.3% economic ownership interest in Charter, based on shares of Charter’s Class A common stock issued and outstanding as of March 31, 2023. Upon the closing of the Time Warner Cable merger, the Second Amended and Restated Stockholders Agreement, dated as of May 23, 2015, by and among Charter, Liberty Broadband and Advance/Newhouse Partnership, as amended (the “Stockholders Agreement”), became fully effective. Pursuant to the Stockholders Agreement, Liberty Broadband’s equity ownership in Charter (on a fully diluted basis) is capped at the greater of 26% or the voting cap (“Equity Cap”). As of March 31, 2023, due to Liberty Broadband’s voting interest exceeding the current voting cap of 25.01%, our voting control of the aggregate voting power of Charter is 25.01%. Under the Stockholders Agreement, Liberty Broadband has agreed to vote (subject to certain exceptions) all voting securities beneficially owned by it, or over which it has voting discretion or control that are in excess of the voting cap, in the same proportion as all other votes cast by public stockholders of Charter with respect to the applicable matter. In February 2021, Liberty Broadband was notified that its ownership interest, on a fully diluted basis, had exceeded the Equity Cap set forth in the Stockholders Agreement. On February 23, 2021, Charter and Liberty Broadband entered into a letter agreement . Pursuant to this letter agreement, following any month during which Charter purchases, redeems or buys back shares of its Class A common stock, and prior to certain meetings of Charter’s stockholders, Liberty Broadband will be obligated to sell to Charter, and Charter will be obligated to purchase, such number of shares of Class A common stock as is necessary (if any) to reduce Liberty Broadband’s percentage equity interest, on a fully diluted basis, to the Equity Cap (such transaction, a “Charter Repurchase”). The per share sale price for each share of Charter will be equal to the volume weighted average price paid by Charter in its repurchases, redemptions and buybacks of its common stock (subject to certain exceptions) during the month prior to the Charter Repurchase (or, if applicable, during the relevant period prior to the relevant meeting of Charter stockholders). Under the terms of the letter agreement, Liberty Broadband sold 120,149 and shares of Charter Class A common stock to Charter for $42 million and $602 million during the three months ended March 31, 2023 and 2022, respectively, to maintain our fully diluted ownership percentage at 26% . Investment in Charter The excess basis in our investment in Charter is allocated within memo accounts used for equity method accounting purposes as follows (amounts in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ ​ 2023 ​ 2022 ​ Property and equipment $ 499 ​ 524 ​ Customer relationships ​ 2,200 ​ 2,230 ​ Franchise fees ​ 3,838 ​ 3,809 ​ Trademarks ​ 29 ​ 29 ​ Goodwill ​ 4,013 ​ 3,975 ​ Debt ​ (407) ​ (450) ​ Deferred income tax liability ​ (1,509) ​ (1,505) ​ ​ ​ $ 8,663 ​ 8,612 ​ ​ Property and equipment and customer relationships have weighted average remaining useful lives of approximately 4 years and 8 years, respectively, and franchise fees, trademarks and goodwill have indefinite lives. The excess basis of outstanding debt is amortized over the contractual period using the straight-line method. The increase in excess basis for the three months ended March 31, 2023 was primarily due to Charter’s share buyback program. The Company’s share of earnings (losses) of affiliate line item in the accompanying condensed consolidated statements of operations includes expenses of $69 million and $67 million, net of related taxes, for the three months ended March 31, 2023 and 2022, respectively, due to the amortization of the excess basis related to assets with identifiable useful lives and debt. The Company had dilution losses of $27 and $56 million during the three months ended March 31, 2023 and 2022, respectively. The dilution losses for the periods presented were primarily attributable to stock option exercises by employees and other third parties, partially offset by a gain on dilution related to Charter’s repurchase of Liberty Broadband’s Charter shares during both the three months ended March 31, 2023 and 2022. Summarized unaudited financial information for Charter is as follows: Charter condensed consolidated balance sheets ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ ​ amounts in millions ​ Current assets ​ $ 4,067 ​ 4,017 ​ Property and equipment, net ​ 36,602 ​ 36,039 ​ Goodwill ​ 29,563 ​ 29,563 ​ Intangible assets, net ​ 69,845 ​ 70,135 ​ Other assets ​ 4,793 ​ 4,769 ​ Total assets ​ $ 144,870 ​ 144,523 ​ Current liabilities ​ $ 12,242 ​ 12,065 ​ Deferred income taxes ​ 19,030 ​ 19,058 ​ Long-term debt ​ 95,973 ​ 96,093 ​ Other liabilities ​ 4,723 ​ 4,758 ​ Equity ​ 12,902 ​ 12,549 ​ Total liabilities and shareholders’ equity ​ $ 144,870 ​ 144,523 ​ Charter condensed consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ ​ ​ 2023 ​ 2022 ​ ​ amounts in millions ​ Revenue ​ $ 13,653 ​ 13,200 ​ Cost and expenses: ​ ​ ​ ​ ​ ​ Operating costs and expenses (excluding depreciation and amortization) ​ 8,511 ​ 8,134 ​ Depreciation and amortization ​ 2,206 ​ 2,294 ​ Other operating expenses, net ​ 10 ​ 1 ​ ​ ​ ​ 10,727 ​ 10,429 ​ Operating income ​ ​ 2,926 ​ 2,771 ​ Interest expense, net ​ (1,265) ​ (1,060) ​ Other income (expense), net ​ ​ (104) ​ 23 ​ Income tax (expense) benefit ​ (374) ​ (345) ​ Net income (loss) ​ ​ 1,183 ​ 1,389 ​ Less: Net income attributable to noncontrolling interests ​ ​ (162) ​ (186) ​ Net income (loss) attributable to Charter shareholders ​ $ 1,021 ​ 1,203 ​ ​

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2023
Intangible Assets
Intangible Assets	(5 Intangible Assets Intangible Assets Subject to Amortization, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 ​ ​ Gross ​ ​ ​ Net ​ Gross ​ ​ ​ Net ​ ​ ​ carrying ​ Accumulated ​ carrying ​ carrying ​ Accumulated ​ carrying ​ amount amortization amount amount amortization amount ​ ​ amounts in millions Customer relationships ​ $ 515 ​ (101) ​ 414 ​ 515 ​ (91) ​ 424 ​ Other amortizable intangible assets ​ 153 ​ (61) ​ 92 ​ 147 ​ (55) ​ 92 ​ Total ​ $ 668 ​ (162) ​ 506 ​ 662 ​ (146) ​ 516 ​ ​ ​ ​ ​ ​ ​ ​ Remainder of 2023 ​ $ 47 ​ 2024 ​ $ 57 ​ 2025 ​ $ 52 ​ 2026 ​ $ 49 ​ 2027 ​ $ 48 ​ ​

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt
Debt	(6) Debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ ​ ​ principal ​ Carrying value ​ ​ March 31, ​ March 31, ​ December 31, ​ 2023 2023 2022 ​ amounts in millions ​ Margin Loan Facility ​ $ 1,400 ​ 1,400 1,400 ​ 3.125% Exchangeable Senior Debentures due 2053 ​ ​ 1,265 ​ ​ 1,251 ​ — ​ 1.25% Exchangeable Senior Debentures due 2050 ​ ​ 2 ​ ​ 2 ​ 798 ​ 2.75% Exchangeable Senior Debentures due 2050 ​ — ​ — 560 ​ 1.75% Exchangeable Senior Debentures due 2046 ​ ​ — ​ ​ — ​ 15 ​ Senior notes ​ 600 ​ 626 628 ​ Senior credit facility ​ 396 ​ 396 397 ​ Wells Fargo note payable ​ 5 ​ 5 5 ​ Deferred financing costs ​ ​ ​ (1) (2) ​ Total debt ​ $ 3,668 ​ 3,679 3,801 ​ Debt classified as current ​ ​ ​ (5) (1,376) ​ Total long-term debt ​ ​ ​ ​ $ 3,674 2,425 ​ ​ Margin Loan Facility On November 8, 2022, a bankruptcy remote wholly owned subsidiary of the Company (“ ”) entered into Amendment No. 6 to Margin Loan Agreement (the “ ”), which amends SPV’s margin loan agreement, dated as of August 31, 2017 (as amended by the Sixth Amendment, the “ ”), with a group of lenders. The Margin Loan Agreement provides for (x) a term loan credit facility in an aggregate principal amount of $1.15 billion (the “ ” and proceeds of such facility, the “ ”), (y) a revolving credit facility in an aggregate principal amount of $1.15 billion (the “ ” and proceeds of such facility, the “ ”; the Revolving Loans, collectively with the Term Loans, the “ ”) and (z) an uncommitted incremental term loan facility in an aggregate principal amount of up to $200 million (collectively, the “Margin Loan Facility”). No additional borrowings under the Margin Loan Agreement were made in connection with the Sixth Amendment. SPV’s obligations under the Margin Loan Facility are secured by shares of Charter owned by SPV. Effective on October 3, 2022, pursuant to Amendment No. 5 to Margin Loan Agreement, an additional 6 million shares of Charter were voluntarily pledged as collateral, which improved the loan to value ratio. Outstanding borrowings under the Margin Loan Agreement were $1.4 billion as of both March 31, 2023 and December 31, 2022. As of March 31, 2023, SPV was permitted to borrow an additional $900 million under the Margin Loan Agreement, subject to certain funding conditions, which may be drawn until five The 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 Margin Loan Agreement does not include any financial covenants. The Margin Loan Agreement does contain restrictions related to additional indebtedness and events of default customary for margin loans of this type. SPV’s obligations under the 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 Margin Loan Agreement. The Margin Loan Agreement indicates that no lender party shall have any voting rights with respect to the shares pledged as collateral, 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 agreement. Exchangeable Senior Debentures On February 28, 2023, the Company closed a private offering of $1,265 million aggregate original principal amount of its 3.125% Exchangeable Senior Debentures due 2053 (the “ 3.125% Debentures”), including debentures with an aggregate original principal amount of $165 million issued pursuant to the exercise of an option granted to the initial purchasers. Upon an exchange of the 3.125% Debentures, the Company, at its election, may deliver shares of Charter Class A common stock, the value thereof in cash, or any combination of shares of Charter Class A common stock and cash. Initially, 1.8901 shares of Charter Class A common stock are attributable to each $1,000 original principal amount of 3.125% Debentures, representing an initial exchange price of approximately $529.07 for each share of Charter Class A common stock. A total of 2,390,977 shares of Charter Class A common stock are attributable to the 3.125% Debentures. Interest is payable quarterly on March 31, June 30, September 30 and December 31 of each year, commencing June 30, 2023. The 3.125% Debentures may be redeemed by the Company, in whole or in part, on or after April 6, 2026. Holders of the 3.125% Debentures also have the right to require the Company to purchase their 3.125% Debentures on April 6, 2026. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the 3.125% Debentures plus accrued and unpaid interest to the redemption date, plus any final period distribution. As of March 31, 2023, a holder of the 3.125% Debentures does not have the ability to exchange their debentures and, accordingly, the 3.125% Debentures have been classified as long-term debt within the condensed consolidated balance sheet as of March 31, 2023. The Company used the net proceeds of the offering, together with existing cash on hand, to repurchase all of the outstanding 1.75% exchangeable senior debentures due 2046 (the “ 1.75% Debentures”), all of the outstanding 2.75% Exchangeable Senior Debentures due 2050 (the “ 2.75% Debentures”) and a significant portion of the outstanding 1.25% Exchangeable Senior Debentures due 2050 (the “ 1.25% Debentures”). Upon exchange of the remaining portion of the 1.25% Debentures, pursuant to a supplemental indenture entered into in February 2023, the Company will deliver solely cash to satisfy its exchange obligations. The Company has elected to account for all of its exchangeable senior debentures at fair value in its condensed consolidated financial statements. Accordingly, changes in the fair value of these instruments are recognized in unrealized gains (losses) in the accompanying condensed consolidated statements of operations. See note 3 for information related to unrealized gains (losses) on debt measured at fair value. The Company reviews the terms of all the debentures on a quarterly basis to determine whether an event has occurred to require current classification on the condensed consolidated balance sheets. Senior Notes In connection with the closing of the Combination on December 18, 2020, GCI, LLC became an indirect wholly owned subsidiary of the Company. GCI, LLC is the issuer of $600 million aggregate principal amount of 4.75% senior notes due 2028 (the “Senior Notes”). The Senior Notes were issued by GCI, LLC on October 7, 2020 and are unsecured. Interest on the Senior Notes is payable semi-annually in arrears. The Senior Notes are redeemable at the Company’s option, in whole or in part, at a redemption price defined in the indenture, and accrued and unpaid interest (if any) to the date of redemption. The Senior Notes are stated net of an aggregate unamortized premium of $26 million at March 31, 2023. Such premium is being amortized to interest expense in the accompanying condensed consolidated statements of operations. Senior Credit Facility In connection with the closing of the Combination on December 18, 2020, GCI, LLC became an indirect wholly owned subsidiary of the Company. GCI, LLC is the borrower under the Senior Credit Facility (as defined below). On October 15, 2021, GCI, LLC entered into an Eighth Amended and Restated Credit Agreement (the “Senior Credit Facility”), which includes a $550 million revolving credit facility, with a $25 million sublimit for standby letters of credit, that matures on October 15, 2026 and a $250 million Term Loan A (the “Term Loan A”) that matures on October 15, 2027. The revolving credit facility borrowings under the Senior Credit Facility that are alternate base rate loans bear interest at a per annum rate equal to the alternate base rate plus a margin that varies between 0.50% and 1.75% depending on GCI, LLC’s total leverage ratio. The revolving credit facility borrowings under the Senior Credit Facility that are LIBOR loans bear interest at a per annum rate equal to the applicable LIBOR plus a margin that varies between 1.50% and 2.75% depending on GCI, LLC’s total leverage ratio. Term Loan A borrowings that are alternate base rate loans bear interest at a per annum rate equal to the alternate base rate plus a margin that varies between 1.00% and 2.25% depending on GCI, LLC’s total leverage ratio. Term Loan A borrowings that are LIBOR loans bear interest at a per annum rate equal to the applicable LIBOR plus a margin that varies between 2.00% and 3.25% depending on GCI, LLC’s total leverage ratio. Principal payments are due quarterly on the Term Loan A equal to 0.25% of the original principal amount, which may step up to 1.25% of the original principal amount of the Term Loan A depending on GCI, LLC’s secured leverage ratio. Each loan may be prepaid at any time and from time to time without penalty other than customary breakage costs. Any amounts prepaid on the revolving credit facility may be reborrowed. The Senior Credit Facility also provides for customary LIBOR replacement provisions. GCI, LLC’s First Lien Leverage Ratio (as defined in the Senior Credit Facility) may not exceed 4.00 to 1.00. The terms of the Senior Credit Facility include customary representations and warranties, customary affirmative and negative covenants and customary events of default. At any time after the occurrence of an event of default under the Senior Credit Facility, the lenders may, among other options, declare any amounts outstanding under the Senior Credit Facility immediately due and payable and terminate any commitment to make further loans under the Senior Credit Facility. The obligations under the Senior Credit Facility are secured by a security interest on substantially all of the assets of GCI, LLC and the subsidiary guarantors, as defined in the Senior Credit Facility, and on the stock of GCI Holdings. As of March 31, 2023, there was $246 million outstanding under the Term Loan A, $150 million outstanding under the revolving portion of the Senior Credit Facility and $3 million in letters of credit under the Senior Credit Facility, leaving $397 million available for borrowing. Wells Fargo Note Payable In connection with the closing of the Combination on December 18, 2020, the Company assumed GCI Holdings’ outstanding $6 million under its Wells Fargo Note Payable (as defined below). Outstanding borrowings on the Wells Fargo Note Payable were $5 million as of both March 31, 2023 and December 31, 2022. GCI Holdings issued a note to Wells Fargo that matures on July 15, 2029 and is payable in monthly installments of principal and interest (the "Wells Fargo Note Payable"). The interest rate is variable at one month LIBOR plus 2.25%. The note also provides for customary LIBOR replacement provisions. The note is subject to similar affirmative and negative covenants as the Senior Credit Facility. The obligations under the note are secured by a security interest and lien on the building purchased with the note. Debt Covenants GCI, LLC is subject to covenants and restrictions under its Senior Notes and Senior Credit Facility. The Company and GCI, LLC are in compliance with all debt maintenance covenants as of March 31, 2023. Fair Value of Debt The fair value of the Senior Notes was $522 million at March 31, 2023 (Level 2). Due to the variable rate nature of the Margin Loan, Senior Credit Facility and Wells Fargo Note Payable, the Company believes that the carrying amount approximates fair value at March 31, 2023.

Preferred Stock

Preferred Stock	3 Months Ended
	Mar. 31, 2023
Preferred Stock.
Preferred Stock	(7) 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. Liberty Broadband Series A Cumulative Redeemable Preferred Stock (“Liberty Broadband Preferred Stock”) was issued as a result of the Combination on December 18, 2020. Each share of Series A Cumulative Redeemable Preferred Stock of GCI Liberty outstanding immediately prior to the closing of the Combination was converted into one share of newly issued Liberty Broadband Preferred Stock. The Company is required to redeem all outstanding shares of Liberty Broadband Preferred Stock out of funds legally available, at the liquidation price plus all unpaid dividends (whether or not declared) accrued from the most recent dividend payment date through the redemption date, on the first business day following March 8, 2039. There were 7,300,000 shares of Liberty Broadband Preferred Stock authorized and 7,183,812 shares issued and outstanding one-third The liquidation price is measured per share and shall mean the sum of (i) $25, plus (ii) an amount equal to all unpaid dividends (whether or not declared) accrued with respect to such share have been added to and then remain part of the liquidation price as of such date. The fair value of Liberty Broadband Preferred Stock of $203 million was recorded at the time of the Combination. The fair value of Liberty Broadband Preferred Stock as of March 31, 2023 was $164 million (Level 1). The holders of shares of Liberty Broadband Preferred Stock are entitled to receive, when and as declared by the Liberty Broadband board of directors, out of legally available funds, preferential dividends that accrue and cumulate as provided in the certificate of designations for the Liberty Broadband Preferred Stock. Dividends on each share of Liberty Broadband Preferred Stock accrue on a daily basis at a rate of 7.00% per annum of the liquidation price. Accrued dividends are payable quarterly on each dividend payment date, which is January 15, April 15, July 15, and October 15 of each year, commencing January 15, 2021. If Liberty Broadband fails to pay cash dividends on the Liberty Broadband Preferred Stock in full for any four consecutive or non-consecutive dividend periods then the dividend rate shall increase by 2.00% per annum of the liquidation price until cured. On March 10, 2023, the Company announced that its board of directors had declared a quarterly cash dividend of approximately $0.44 per share of Liberty Broadband Preferred Stock which was paid on April 17, 2023 to shareholders of record of the Liberty Broadband Preferred Stock at the close of business on March 31, 2023.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2023
Stock-Based Compensation
Stock-Based Compensation	(8) Stock-Based Compensation Liberty Broadband grants, to certain of its directors, employees and employees of its subsidiaries, restricted stock units and stock options to purchase shares of its common stock (collectively, "Awards"). The Company measures the cost of employee services received in exchange for an equity classified Award (such as stock options and restricted stock) based on the grant-date fair value (“GDFV”) 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). The Company measures the cost of employee services received in exchange for a liability classified Award based on the current fair value of the Award, and re-measures the fair value of the Award at each reporting date. Included in Selling, general and administrative expenses in the accompanying condensed consolidated statements of operations are $8 million and $9 million of stock-based compensation during the three months ended March 31, 2023 and 2022, respectively. Liberty Broadband – Grants During the three months ended March 31, 2023, Liberty Broadband granted 129 thousand options to purchase shares of Liberty Broadband Series C common stock to our CEO in connection with his employment agreement. Such options had a GDFV of $27.83 per share and vest on December 29, 2023. There were no options to purchase shares of Liberty Broadband Series A or Series B The Company has calculated the GDFV for all of its equity classified options and any subsequent re-measurement of its liability classified options using the Black-Scholes Model. The Company estimates the expected term of the options based on historical exercise and forfeiture data. The volatility used in the calculation for options is based on the historical volatility of Liberty Broadband common stock. The Company uses a zero dividend rate and the risk-free rate for Treasury Bonds with a term similar to that of the subject options. Liberty Broadband – Outstanding Awards The following table presents the number and weighted average exercise price (“WAEP”) of options 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 options. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ remaining ​ Aggregate ​ ​ ​ ​ ​ ​ ​ contractual ​ intrinsic ​ ​ Series C ​ WAEP ​ life ​ value ​ ​ (in thousands) ​ ​ ​ ​ (in years) ​ (in millions) Outstanding at January 1, 2023 3,602 ​ $ 98.62 ​ ​ ​ ​ ​ Granted 129 ​ $ 80.19 ​ ​ ​ ​ ​ Exercised (24) ​ $ 67.24 ​ ​ ​ ​ ​ Forfeited/Cancelled ​ (29) ​ $ 96.49 ​ ​ ​ ​ ​ ​ Outstanding at March 31, 2023 3,678 ​ $ 98.19 3.3 ​ $ 51 ​ Exercisable at March 31, 2023 2,382 ​ $ 77.46 2.6 ​ $ 51 ​ ​ As of March 31, 2023, there were no outstanding options to purchase shares of Liberty Broadband Series A common stock. During the three months ended March 31, 2023, Liberty Broadband had 69 thousand Liberty Broadband Series B options with a WAEP of $97.21 that were forfeited. As of March 31, 2023, 246 thousand Liberty Broadband Series B options remained outstanding and exercisable at a WAEP of $95.98 and a weighted average remaining contractual life of 1.5 years. As of March 31, 2023, the total unrecognized compensation cost related to unvested Awards was approximately $45 million. Such amount will be recognized in the Company's condensed consolidated statements of operations over a weighted average period of approximately 1.4 years. As of March 31, 2023, Liberty Broadband reserved 3.9 million shares of Liberty Broadband Series B and Series C common stock for issuance under exercise privileges of outstanding stock options.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies
Commitments and Contingencies	(9) Commitments and Contingencies General Litigation The Company has contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business. Although it is reasonably possible 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 condensed consolidated financial statements.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Information
Segment Information	(10) 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 (as defined below) 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 and Adjusted OIBDA. In addition, Liberty Broadband reviews nonfinancial measures such as subscriber growth. For the three months ended March 31, 2023, Liberty Broadband has identified the following consolidated company and equity method investment as its reportable segments: ● GCI Holdings – a wholly owned subsidiary of the Company that provides a full range of data, wireless, video, voice, and managed services to residential, businesses, governmental entities, and educational and medical institutions primarily in Alaska. ● 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 segment that is also a consolidated company are the same as those described in the Company’s summary of significant accounting policies in the Company’s annual financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022. 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 tables below and subsequently eliminated in order to reconcile the account totals to the Liberty Broadband condensed consolidated financial statements. Performance Measures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ ​ 2023 2022 ​ ​ ​ amounts in millions ​ GCI Holdings ​ ​ ​ Consumer Revenue ​ ​ ​ Data ​ $ 59 ​ 58 ​ Wireless ​ ​ 35 ​ 34 ​ Other ​ 12 ​ 14 ​ Business Revenue ​ ​ ​ ​ ​ Data ​ 105 ​ 89 ​ Wireless ​ 11 ​ 13 ​ Other ​ 5 ​ 6 ​ Lease, grant, and revenue from subsidies ​ 19 ​ 19 ​ Total GCI Holdings ​ ​ 246 ​ 233 ​ Corporate and other ​ ​ — ​ 5 ​ Total ​ $ 246 238 ​ ​ generally pay for services in advance of the performance obligation and therefore these prepayments are recorded as deferred revenue. The deferred revenue is recognized as revenue in the accompanying condensed consolidated statements of operations as the services are provided. Changes in the contract liability balance for the Company during the three months ended March 31, 2023 were not materially impacted by other factors. The Company expects to recognize revenue in the future related to performance obligations that are unsatisfied (or partially unsatisfied) of approximately $162 million in the remainder of 2023 2024 2025 2026 2027 For segment reporting purposes, Liberty Broadband defines Adjusted OIBDA as revenue less 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 by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. This measure of performance excludes depreciation and amortization, stock-based compensation, transaction costs, 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ ​ 2023 ​ 2022 ​ ​ ​ amounts in millions ​ GCI Holdings $ 90 87 ​ Charter ​ 5,340 ​ 5,212 ​ Corporate and other ​ (8) ​ (7) ​ ​ ​ 5,422 ​ 5,292 ​ Eliminate equity method affiliate ​ (5,340) ​ (5,212) ​ Consolidated Liberty Broadband ​ $ 82 ​ 80 ​ ​ Other Information ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ Total ​ Investments ​ Capital ​ ​ assets ​ in affiliate ​ expenditures ​ ​ amounts in millions GCI Holdings ​ $ 3,361 ​ — ​ 54 ​ Charter ​ 144,870 — 2,464 ​ Corporate and other ​ 11,768 11,609 — ​ ​ ​ 159,999 11,609 2,518 ​ Eliminate equity method affiliate ​ (144,870) — (2,464) ​ Consolidated Liberty Broadband ​ $ 15,129 11,609 54 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ ​ 2023 ​ 2022 ​ ​ ​ amounts in millions Adjusted OIBDA $ 82 80 ​ Stock-based compensation ​ (8) ​ (9) ​ Depreciation and amortization ​ (58) ​ (64) ​ Operating income (loss) ​ ​ 16 ​ 7 ​ Interest expense ​ ​ (45) ​ (26) ​ Share of earnings (loss) of affiliate, net ​ 248 ​ 303 ​ Gain (loss) on dilution of investment in affiliate ​ (27) ​ (56) ​ Realized and unrealized gains (losses) on financial instruments, net ​ (114) ​ 137 ​ Other, net ​ 14 ​ (21) ​ Earnings (loss) before income taxes ​ $ 92 ​ 344 ​ ​

Earnings Attributable to Libe_2

Earnings Attributable to Liberty Broadband Stockholders Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Attributable to Liberty Broadband Stockholders Per Common Share
Schedule of weighted average number of shares	​ ​ ​ ​ ​ ​ ​ ​ ​ Liberty Broadband Common Stock ​ ​ ​ Three months ​ Three months ​ ​ ended ​ ended ​ ​ ​ March 31, 2023 ​ March 31, 2022 ​ ​ (numbers of shares in millions) ​ Basic WASO 146 167 ​ Potentially dilutive shares (1) 1 2 ​ Diluted WASO 147 169 ​ (1) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive.

Assets and Liabilities Measur_2

Assets and Liabilities Measured at Fair Value (Tables)	3 Months Ended
	Mar. 31, 2023
Assets and Liabilities Measured at Fair Value
Schedule of assets and liabilities measured at fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ ​ ​ ​ ​ 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 millions Cash equivalents ​ $ 109 ​ 109 ​ — ​ 288 ​ 288 ​ — ​ Indemnification obligation ​ $ 29 ​ — ​ 29 ​ 50 ​ — ​ 50 ​ Exchangeable senior debentures ​ $ 1,253 ​ — ​ 1,253 ​ 1,373 ​ — ​ 1,373 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of realized and unrealized gains (losses) on financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ ​ 2023 ​ 2022 ​ ​ amounts in millions Indemnification obligation ​ $ (3) ​ 85 ​ Exchangeable senior debentures (1) ​ ​ (111) ​ 52 ​ ​ ​ $ (114) ​ 137 ​ (1) The Company has elected to account for its exchangeable senior debentures using the fair value option. Changes in the fair value of the exchangeable senior debentures recognized in the condensed consolidated statements of operations are primarily due to market factors driven by changes in the fair value of the underlying shares into which the debt is exchangeable. The Company isolates the portion of the unrealized gain (loss) attributable to the change in the instrument specific credit risk and recognizes such amount in other comprehensive income. The change in the fair value of the exchangeable senior debentures attributable to changes in the instrument specific credit risk before tax was a gain of $64 million and a loss of $6 million for the three months ended March 31, 2023 and 2022, respectively . The cumulative change was a gain of $64 million as of March 31, 2023.

Investment in Charter Account_2

Investment in Charter Accounted for Using the Equity Method (Tables)	3 Months Ended
	Mar. 31, 2023
Investment in Charter Accounted for Using the Equity Method
Schedule of allocation of excess basis within memo accounts used for equity accounting purposes	The excess basis in our investment in Charter is allocated within memo accounts used for equity method accounting purposes as follows (amounts in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ ​ ​ 2023 ​ 2022 ​ Property and equipment $ 499 ​ 524 ​ Customer relationships ​ 2,200 ​ 2,230 ​ Franchise fees ​ 3,838 ​ 3,809 ​ Trademarks ​ 29 ​ 29 ​ Goodwill ​ 4,013 ​ 3,975 ​ Debt ​ (407) ​ (450) ​ Deferred income tax liability ​ (1,509) ​ (1,505) ​ ​ ​ $ 8,663 ​ 8,612 ​ ​
Summary of financial information for Charter	Charter condensed consolidated balance sheets ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ ​ amounts in millions ​ Current assets ​ $ 4,067 ​ 4,017 ​ Property and equipment, net ​ 36,602 ​ 36,039 ​ Goodwill ​ 29,563 ​ 29,563 ​ Intangible assets, net ​ 69,845 ​ 70,135 ​ Other assets ​ 4,793 ​ 4,769 ​ Total assets ​ $ 144,870 ​ 144,523 ​ Current liabilities ​ $ 12,242 ​ 12,065 ​ Deferred income taxes ​ 19,030 ​ 19,058 ​ Long-term debt ​ 95,973 ​ 96,093 ​ Other liabilities ​ 4,723 ​ 4,758 ​ Equity ​ 12,902 ​ 12,549 ​ Total liabilities and shareholders’ equity ​ $ 144,870 ​ 144,523 ​ Charter condensed consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ ​ ​ 2023 ​ 2022 ​ ​ amounts in millions ​ Revenue ​ $ 13,653 ​ 13,200 ​ Cost and expenses: ​ ​ ​ ​ ​ ​ Operating costs and expenses (excluding depreciation and amortization) ​ 8,511 ​ 8,134 ​ Depreciation and amortization ​ 2,206 ​ 2,294 ​ Other operating expenses, net ​ 10 ​ 1 ​ ​ ​ ​ 10,727 ​ 10,429 ​ Operating income ​ ​ 2,926 ​ 2,771 ​ Interest expense, net ​ (1,265) ​ (1,060) ​ Other income (expense), net ​ ​ (104) ​ 23 ​ Income tax (expense) benefit ​ (374) ​ (345) ​ Net income (loss) ​ ​ 1,183 ​ 1,389 ​ Less: Net income attributable to noncontrolling interests ​ ​ (162) ​ (186) ​ Net income (loss) attributable to Charter shareholders ​ $ 1,021 ​ 1,203 ​

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Intangible Assets
Schedule of Intangible Assets Subject to Amortization, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 ​ ​ Gross ​ ​ ​ Net ​ Gross ​ ​ ​ Net ​ ​ ​ carrying ​ Accumulated ​ carrying ​ carrying ​ Accumulated ​ carrying ​ amount amortization amount amount amortization amount ​ ​ amounts in millions Customer relationships ​ $ 515 ​ (101) ​ 414 ​ 515 ​ (91) ​ 424 ​ Other amortizable intangible assets ​ 153 ​ (61) ​ 92 ​ 147 ​ (55) ​ 92 ​ Total ​ $ 668 ​ (162) ​ 506 ​ 662 ​ (146) ​ 516 ​
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Amortization expense for amortizable intangible assets for each of the five succeeding fiscal years is estimated to be (amounts in millions): ​ ​ ​ ​ ​ ​ Remainder of 2023 ​ $ 47 ​ 2024 ​ $ 57 ​ 2025 ​ $ 52 ​ 2026 ​ $ 49 ​ 2027 ​ $ 48 ​

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ ​ ​ principal ​ Carrying value ​ ​ March 31, ​ March 31, ​ December 31, ​ 2023 2023 2022 ​ amounts in millions ​ Margin Loan Facility ​ $ 1,400 ​ 1,400 1,400 ​ 3.125% Exchangeable Senior Debentures due 2053 ​ ​ 1,265 ​ ​ 1,251 ​ — ​ 1.25% Exchangeable Senior Debentures due 2050 ​ ​ 2 ​ ​ 2 ​ 798 ​ 2.75% Exchangeable Senior Debentures due 2050 ​ — ​ — 560 ​ 1.75% Exchangeable Senior Debentures due 2046 ​ ​ — ​ ​ — ​ 15 ​ Senior notes ​ 600 ​ 626 628 ​ Senior credit facility ​ 396 ​ 396 397 ​ Wells Fargo note payable ​ 5 ​ 5 5 ​ Deferred financing costs ​ ​ ​ (1) (2) ​ Total debt ​ $ 3,668 ​ 3,679 3,801 ​ Debt classified as current ​ ​ ​ (5) (1,376) ​ Total long-term debt ​ ​ ​ ​ $ 3,674 2,425 ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Series C common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of stock awards activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ average ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ remaining ​ Aggregate ​ ​ ​ ​ ​ ​ ​ contractual ​ intrinsic ​ ​ Series C ​ WAEP ​ life ​ value ​ ​ (in thousands) ​ ​ ​ ​ (in years) ​ (in millions) Outstanding at January 1, 2023 3,602 ​ $ 98.62 ​ ​ ​ ​ ​ Granted 129 ​ $ 80.19 ​ ​ ​ ​ ​ Exercised (24) ​ $ 67.24 ​ ​ ​ ​ ​ Forfeited/Cancelled ​ (29) ​ $ 96.49 ​ ​ ​ ​ ​ ​ Outstanding at March 31, 2023 3,678 ​ $ 98.19 3.3 ​ $ 51 ​ Exercisable at March 31, 2023 2,382 ​ $ 77.46 2.6 ​ $ 51 ​

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Information
Schedule of performance measures	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ ​ 2023 2022 ​ ​ ​ amounts in millions ​ GCI Holdings ​ ​ ​ Consumer Revenue ​ ​ ​ Data ​ $ 59 ​ 58 ​ Wireless ​ ​ 35 ​ 34 ​ Other ​ 12 ​ 14 ​ Business Revenue ​ ​ ​ ​ ​ Data ​ 105 ​ 89 ​ Wireless ​ 11 ​ 13 ​ Other ​ 5 ​ 6 ​ Lease, grant, and revenue from subsidies ​ 19 ​ 19 ​ Total GCI Holdings ​ ​ 246 ​ 233 ​ Corporate and other ​ ​ — ​ 5 ​ Total ​ $ 246 238 ​
Schedule of segment reporting information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ March 31, ​ ​ ​ 2023 ​ 2022 ​ ​ ​ amounts in millions ​ GCI Holdings $ 90 87 ​ Charter ​ 5,340 ​ 5,212 ​ Corporate and other ​ (8) ​ (7) ​ ​ ​ 5,422 ​ 5,292 ​ Eliminate equity method affiliate ​ (5,340) ​ (5,212) ​ Consolidated Liberty Broadband ​ $ 82 ​ 80 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ Total ​ Investments ​ Capital ​ ​ assets ​ in affiliate ​ expenditures ​ ​ amounts in millions GCI Holdings ​ $ 3,361 ​ — ​ 54 ​ Charter ​ 144,870 — 2,464 ​ Corporate and other ​ 11,768 11,609 — ​ ​ ​ 159,999 11,609 2,518 ​ Eliminate equity method affiliate ​ (144,870) — (2,464) ​ Consolidated Liberty Broadband ​ $ 15,129 11,609 54 ​
Schedule of reconciliation of segment Adjusted OIBDA to earnings (loss) before income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ ​ 2023 ​ 2022 ​ ​ ​ amounts in millions Adjusted OIBDA $ 82 80 ​ Stock-based compensation ​ (8) ​ (9) ​ Depreciation and amortization ​ (58) ​ (64) ​ Operating income (loss) ​ ​ 16 ​ 7 ​ Interest expense ​ ​ (45) ​ (26) ​ Share of earnings (loss) of affiliate, net ​ 248 ​ 303 ​ Gain (loss) on dilution of investment in affiliate ​ (27) ​ (56) ​ Realized and unrealized gains (losses) on financial instruments, net ​ (114) ​ 137 ​ Other, net ​ 14 ​ (21) ​ Earnings (loss) before income taxes ​ $ 92 ​ 344 ​

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Millions		3 Months Ended		12 Months Ended
	May 02, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Liberty
Reimbursable amount		$ 2	$ 3
Qurate Retail
Tax sharing receivable		15		$ 7
Qurate Retail | Other current assets
Tax sharing receivable		$ 1		$ 1
CEO | Liberty
CEO compensation allocation percentage				23%
Charter.
Fully Diluted Ownership Percentage		26%
Skyhook
Sales on proceeds	$ 194
Skyhook | Disposal Group
Escrow amount	23
Gain (loss) on dispositions, net (note 1)	$ 179
Disposal group revenue			5
Disposal group net income (loss)			$ 3

Basis of Presentation - Exchang

Basis of Presentation - Exchange Agreement with Chairman (Details) - USD ($) $ in Millions				3 Months Ended
	Jan. 23, 2023	Jul. 19, 2022	Jun. 13, 2022	Mar. 31, 2023	Mar. 31, 2022
Series B common stock
Shares converted	54,247	211,255	215,647
Common Class A And C
Remaining authorized repurchase amount				$ 1,962
Number of shares repurchased				459,000	5,700,000
Value of stock repurchased				$ 40	$ 843

Earnings Attributable to Libe_3

Earnings Attributable to Liberty Broadband Stockholders Per Common Share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Attributable to Liberty Broadband Stockholders Per Common Share
Antidilutive shares	2	1
Basic WASO	146	167
Potentially dilutive shares	1	2
Diluted WASO	147	169

Assets and Liabilities Measur_3

Assets and Liabilities Measured at Fair Value - Schedule of Assets and Liabilities (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	$ 109	$ 288
Indemnification obligation	29	50
Exchangeable senior debentures	1,253	1,373
Quoted prices in active markets for identical assets (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	109	288
Significant other observable inputs (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Indemnification obligation	29	50
Exchangeable senior debentures	$ 1,253	$ 1,373

Assets and Liabilities Measur_4

Assets and Liabilities Measured at Fair Value - Schedule of Realized and Unrealized Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and unrealized gains (losses) on financial instruments, net (note 3)	$ (114)	$ 137
Indemnification Obligation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and unrealized gains (losses) on financial instruments, net (note 3)	(3)	85
Exchangeable senior debentures
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Realized and unrealized gains (losses) on financial instruments, net (note 3)	$ (111)	$ 52

Assets and Liabilities Measur_5

Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Feb. 28, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Indemnification payment	$ 24
1.75% Exchangeable Senior Debentures due 2046
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate (as a percent)	1.75%			1.75%
1.25% Exchangeable Senior Debentures due 2050
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate (as a percent)	1.25%			1.25%
2.75% Exchangeable Senior Debentures due 2050
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate (as a percent)	2.75%			2.75%
3.125% Exchangeable Senior Debentures due 2053
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate (as a percent)	3.125%		3.125%
Exchangeable senior debentures
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Change in fair value	$ 64	$ (6)
Cumulative change	$ 64
Exchangeable senior debentures | 1.75% Exchangeable Senior Debentures due 2046 | Indemnification obligation | LI LLC
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Interest rate (as a percent)	1.75%
Indemnification payment	$ 24
Debt exchanged	$ 157

Investment in Affiliates Accoun

Investment in Affiliates Accounted for Using the Equity Method (Details) - Charter. - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Investments in affiliates accounted for using the Equity Method
Carrying value of equity method investment	$ 11,609		$ 11,433
Market value of equity method investment	$ 16,800
Ownership capped percentage	25.01%
Fully diluted ownership percentage	26%
Ownership percentage	31.30%
Voting interest cap	25.01%
Series A common stock
Investments in affiliates accounted for using the Equity Method
Equity investment shares sold	120,149	970,241
Proceeds from sale of equity method investments	$ 42	$ 602

Investments in Affiliates Accou

Investments in Affiliates Accounted for Using the Equity Method - Excess Basis Allocation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Excess basis allocation within memo accounts
Loss on dilution of investment in affiliate	$ (27)	$ (56)
Charter.
Excess basis allocation within memo accounts
Property and equipment	499		$ 524
Customer relationships	2,200		2,230
Franchise fees	3,838		3,809
Trademarks	29		29
Goodwill	4,013		3,975
Debt	(407)		(450)
Deferred income tax liability	(1,509)		(1,505)
Total	8,663		$ 8,612
Amortization of Deferred Charges	69	67
Loss on dilution of investment in affiliate	$ (27)	$ (56)
Charter. | Customer relationships
Excess basis allocation within memo accounts
Remaining useful lives of customer relationships	8 years
Charter. | Property, Plant and Equipment
Excess basis allocation within memo accounts
Remaining useful lives of property and equipment	4 years

Investment in Affiliates Acco_2

Investment in Affiliates Accounted for Using the Equity Method -Summarized Financial Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Investments in affiliates accounted for using the Equity Method
Current assets	$ 454		$ 660
Property and equipment, net	1,012		1,011
Goodwill	755		755
Other assets	206		180
Total assets	15,129		15,142
Current liabilities	293		1,675
Deferred income taxes	2,074		2,040
Long-term debt	3,679		3,801
Other liabilities	155		150
Equity	8,566		8,483
Total liabilities and equity	15,129		15,142
Operating costs and expenses (excluding depreciation and amortization)	62	$ 66
Depreciation and amortization	58	64
Total operating costs and expenses	230	231
Operating income (loss)	16	7
Other income (expense), net	14	(21)
Income tax benefit (expense)	(23)	(45)
Net earnings (loss)	69	299
Net earnings (loss) attributable to Liberty Broadband shareholders	69	299
Charter.
Investments in affiliates accounted for using the Equity Method
Current assets	4,067		4,017
Property and equipment, net	36,602		36,039
Goodwill	29,563		29,563
Intangible assets, net	69,845		70,135
Other assets	4,793		4,769
Total assets	144,870		144,523
Current liabilities	12,242		12,065
Deferred income taxes	19,030		19,058
Long-term debt	95,973		96,093
Other liabilities	4,723		4,758
Equity	12,902		12,549
Total liabilities and equity	144,870		$ 144,523
Revenue	13,653	13,200
Operating costs and expenses (excluding depreciation and amortization)	8,511	8,134
Depreciation and amortization	2,206	2,294
Other operating expenses, net	10	1
Total operating costs and expenses	10,727	10,429
Operating income (loss)	2,926	2,771
Interest expense, net	(1,265)	(1,060)
Other income (expense), net	(104)	23
Income tax benefit (expense)	(374)	(345)
Net earnings (loss)	1,183	1,389
Less: Net income attributable to noncontrolling interests	(162)	(186)
Net earnings (loss) attributable to Liberty Broadband shareholders	$ 1,021	$ 1,203

Intangible Assets - Intangible

Intangible Assets - Intangible Assets Subject to Amortization, net (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 668	$ 662
Accumulated Amortization	(162)	(146)
Net carrying amount	506	516
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	515	515
Accumulated Amortization	(101)	(91)
Net carrying amount	414	424
Other amortizable intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	153	147
Accumulated Amortization	(61)	(55)
Net carrying amount	$ 92	$ 92

Intangible Assets - Future Amor

Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Intangible Assets
Amortization expense	$ 16	$ 17
Years ending December 31,
Remainder of 2023	47
2024	57
2025	52
2026	49
2027	$ 48

Debt - Summary of Debt (Details

Debt - Summary of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Feb. 28, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Outstanding principal	$ 3,668
Deferred financing costs	(1)		$ (2)
Total	3,679		3,801
Debt classified as current	(5)		(1,376)
Total long-term debt	3,674		2,425
3.125% Exchangeable Senior Debentures due 2053
Debt Instrument [Line Items]
Outstanding principal	1,265
Carrying value	$ 1,251
Interest rate (as a percent)	3.125%	3.125%
2.75% Exchangeable Senior Debentures due 2050
Debt Instrument [Line Items]
Carrying value			$ 560
Interest rate (as a percent)	2.75%		2.75%
1.25% Exchangeable Senior Debentures due 2050
Debt Instrument [Line Items]
Outstanding principal	$ 2
Carrying value	$ 2		$ 798
Interest rate (as a percent)	1.25%		1.25%
1.75% Exchangeable Senior Debentures due 2046
Debt Instrument [Line Items]
Carrying value			$ 15
Interest rate (as a percent)	1.75%		1.75%
Senior notes
Debt Instrument [Line Items]
Outstanding principal	$ 600
Carrying value	626		$ 628
Line of credit
Debt Instrument [Line Items]
Outstanding principal	396
Carrying value	396		397
Wells Fargo note payable
Debt Instrument [Line Items]
Outstanding principal	5
Carrying value	5		5
SPV | Margin Loan Facility
Debt Instrument [Line Items]
Outstanding principal	1,400
Carrying value	$ 1,400		$ 1,400

Debt (Details)

Debt (Details) - USD ($)		3 Months Ended
	Feb. 28, 2023	Mar. 31, 2023	Dec. 31, 2022	Nov. 08, 2022	Oct. 03, 2022
3.125% Exchangeable Senior Debentures due 2053
Debt disclosures
Carrying value		$ 1,251,000,000
Principal amount	$ 1,265,000,000
Interest rate (as a percent)	3.125%	3.125%
Shares attributable to debentures per $1,000 original principal amount of Debentures	1.8901
Total shares attributable to debentures	2,390,977
Debt instrument, face amount per debenture	$ 1,000
Exchange price of shares attributable to debentures	$ 529.07
Percentage of redemption and purchase price	100%
Exchangeable Senior Debentures Option
Debt disclosures
Principal amount	$ 165,000,000
2.75% Exchangeable Senior Debentures due 2050
Debt disclosures
Carrying value			$ 560,000,000
Interest rate (as a percent)		2.75%	2.75%
1.25% Exchangeable Senior Debentures due 2050
Debt disclosures
Carrying value		$ 2,000,000	$ 798,000,000
Interest rate (as a percent)		1.25%	1.25%
1.75% Exchangeable Senior Debentures due 2046
Debt disclosures
Carrying value			$ 15,000,000
Interest rate (as a percent)		1.75%	1.75%
Line of credit
Debt disclosures
Carrying value		$ 396,000,000	$ 397,000,000
SPV | Margin Loan Facility
Debt disclosures
Carrying value		$ 1,400,000,000	$ 1,400,000,000
Number of business days prior to the maturity date		5 days
Remaining borrowing capacity		$ 900,000,000
SPV | Margin Loan Facility | Charter. | Asset Pledged as Collateral
Debt disclosures
Shares owned		37,300,000
Additional shares pledged as collateral					6,000,000
Value of pledged collateral		$ 13,300,000,000
SPV | Margin Loan Facility | Three-month LIBOR
Debt disclosures
Interest rate basis		three-month LIBOR
Basis spread on variable rate		1.50%
SPV | Term loan
Debt disclosures
Carrying value				$ 1,150,000,000
SPV | Revolving Credit Facility
Debt disclosures
Maximum borrowing capacity				1,150,000,000
SPV | Uncommitted Incremental Term Loan Facility
Debt disclosures
Maximum borrowing capacity				$ 200,000,000

Debt - Senior Notes and Senior

Debt - Senior Notes and Senior Credit Facility (Details) - USD ($) $ in Millions	Oct. 15, 2021	Dec. 18, 2020	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Outstanding principal			$ 3,668
Fair value of debt			2	$ 1,373
Fair value of debt			1,251	0
Term Loan A | GCI, LLC
Debt Instrument [Line Items]
Principal amount	$ 250
Senior Notes
Debt Instrument [Line Items]
Fair value of debt			522
Senior Notes | GCI Liberty Inc
Debt Instrument [Line Items]
Outstanding principal		$ 600
Interest rate (as a percent)		4.75%
Aggregate unamortized premium			26
Line of credit
Debt Instrument [Line Items]
Outstanding principal			396
Line of credit | GCI, LLC
Debt Instrument [Line Items]
Amount available for borrowing			397
Line of credit | Revolving Credit Facility | GCI, LLC
Debt Instrument [Line Items]
Outstanding principal			150
Line of credit | Revolving Credit Facility | Alternate base rate | GCI, LLC
Debt Instrument [Line Items]
Interest rate basis	alternate base rate
Line of credit | Revolving Credit Facility | Alternate base rate | Minimum | GCI, LLC
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Line of credit | Revolving Credit Facility | Alternate base rate | Maximum | GCI, LLC
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Line of credit | Standby Letters of Credit | GCI, LLC
Debt Instrument [Line Items]
Outstanding principal			3
Line of credit | Term Loan A | GCI, LLC
Debt Instrument [Line Items]
Outstanding principal			246
Percentage of original principal amount	0.25%
Change in percentage of original principal amount	1.25%
Line of credit | Term Loan A | Minimum | GCI, LLC
Debt Instrument [Line Items]
Basis spread on variable rate	2%
Line of credit | Term Loan A | Maximum | GCI, LLC
Debt Instrument [Line Items]
Basis spread on variable rate	3.25%
Line of credit | Term Loan A | LIBOR | GCI, LLC
Debt Instrument [Line Items]
Interest rate basis	LIBOR
Line of credit | Term Loan A | Alternate base rate | Minimum | GCI, LLC
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Line of credit | Term Loan A | Alternate base rate | Maximum | GCI, LLC
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Senior Credit Facility | GCI, LLC
Debt Instrument [Line Items]
First lien leverage ratio	4
Revolving Credit Facility | GCI, LLC
Debt Instrument [Line Items]
Principal amount	$ 550
Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Standby Letters of Credit | GCI, LLC
Debt Instrument [Line Items]
Principal amount	$ 25
Wells Fargo Notes Payable | GCI Liberty Inc
Debt Instrument [Line Items]
Outstanding principal		$ 6	$ 5	$ 5
Wells Fargo Notes Payable | LIBOR | GCI Liberty Inc
Debt Instrument [Line Items]
Interest rate basis		LIBOR
Basis spread on variable rate		2.25%

Preferred Stock (Details)

Preferred Stock (Details) $ / shares in Units, $ in Millions			3 Months Ended
	Mar. 10, 2023 $ / shares	Dec. 18, 2020 USD ($) period $ / shares	Mar. 31, 2023 USD ($) Vote / shares shares
Preferred stock vote per share | Vote / shares			0.33
Preferred stock, additional shares authorized			42,700,000
Liquidation price per share | $ / shares		$ 25
Preferred stock fair value | $		$ 203	$ 164
Dividend rate		7%
Failure to pay cash dividends, number of periods | period		4
Potential increase in dividend rate, over four dividend periods		2%
Preferred stock, dividends declared per share | $ / shares	$ 0.44
Series A Cumulative Redeemable Preferred Stock.
Preferred stock, shares authorized			7,300,000
Preferred shares, shares issued			7,183,812
Preferred shares, shares outstanding			7,183,812
GCI Liberty Inc
Preferred stock distribution ratio		1

Stock-Based Compensation - Comp

Stock-Based Compensation - Compensation expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock-Based Compensation
Stock-based compensation	$ 8	$ 9

Stock-Based Compensation - Ince

Stock-Based Compensation - Incentive Plans and Grants of Stock Awards (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Fair value assumptions
Dividend rate	0%
Options | Series A common stock
Stock Based Compensation
Options granted (in shares)	0
Options | Series B common stock
Stock Based Compensation
Options granted (in shares)	0
Options | Series C common stock
Stock Based Compensation
Options granted (in shares)	129,000
Options | CEO | Series C common stock
Stock Based Compensation
Options granted (in shares)	129,000
Options grant date fair value | $ / shares	$ 27.83

Stock-Based Compensation - Outs

Stock-Based Compensation - Outstanding Awards and Exercises (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Awards | Common Class A, Class B And Class C
Compensation cost not yet recognized
Shares reserved for future issuance upon exercise of stock options	3,900,000
Options
Compensation cost not yet recognized
Unrecognized compensation cost options | $	$ 45
Period over which unrecognized compensation cost will be recognized	1 year 4 months 24 days
Options | Series A common stock
Options
Options granted (in shares)	0
Outstanding ending balance (in shares)	0
Options | Series B common stock
Options
Options granted (in shares)	0
Forfeited/Cancelled (in shares)	(69,000)
Outstanding ending balance (in shares)	246,000
WAEP
WAEP options forfeited/cancelled (in dollars per share) | $ / shares	$ 97.21
WAEP Outstanding ending balance (in dollars per share) | $ / shares	$ 95.98
Options additional disclosures
Weighted average remaining contractual life outstanding	1 year 6 months
Options | Series C common stock
Options
Outstanding beginning balance (in shares)	3,602,000
Options granted (in shares)	129,000
Exercised (in shares)	(24,000)
Forfeited/Cancelled (in shares)	(29,000)
Outstanding ending balance (in shares)	3,678,000
Number of awards exercisable (in shares)	2,382,000
WAEP
WAEP Outstanding beginning balance (in dollars per share) | $ / shares	$ 98.62
WAEP Options granted (in dollars per share) | $ / shares	80.19
WAEP options exercised (in dollars per share) | $ / shares	67.24
WAEP options forfeited/cancelled (in dollars per share) | $ / shares	96.49
WAEP Outstanding ending balance (in dollars per share) | $ / shares	98.19
WAEP options exercisable (in dollars per share) | $ / shares	$ 77.46
Options additional disclosures
Weighted average remaining contractual life outstanding	3 years 3 months 18 days
Weighted average remaining contractual life exercisable	2 years 7 months 6 days
Aggregate intrinsic value outstanding | $	$ 51
Aggregate intrinsic value exercisable | $	$ 51
Options | CEO | Series C common stock
Options
Options granted (in shares)	129,000

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment information
Gross receivables	$ 184		$ 189
Deferred revenue	35		33
Revenue	246	$ 238
Adjusted OIBDA	82	80
Total assets	15,129		$ 15,142
Investments in affiliates	11,609
Capital expenditures	$ 54
Charter
Segment information
Financial results included in the disclosure (as a percent)	100%
Operating segments | GCI Holdings
Segment information
Revenue	$ 246	233
Adjusted OIBDA	90	87
Total assets	3,361
Capital expenditures	54
Operating segments | GCI Holdings | Lease, grant, and revenue from subsidies
Segment information
Revenue	19	19
Operating segments | GCI Holdings | Consumer Revenue | Wireless
Segment information
Revenue	35	34
Operating segments | GCI Holdings | Consumer Revenue | Data
Segment information
Revenue	59	58
Operating segments | GCI Holdings | Consumer Revenue | Other revenue
Segment information
Revenue	12	14
Operating segments | GCI Holdings | Business Revenue | Wireless
Segment information
Revenue	11	13
Operating segments | GCI Holdings | Business Revenue | Data
Segment information
Revenue	105	89
Operating segments | GCI Holdings | Business Revenue | Other revenue
Segment information
Revenue	5	6
Operating segments | Charter
Segment information
Revenue	13,653	13,200
Adjusted OIBDA	5,340	5,212
Total assets	144,870
Capital expenditures	2,464
Corporate and other
Segment information
Revenue		5
Adjusted OIBDA	(8)	(7)
Total assets	11,768
Investments in affiliates	11,609
Operating Segments and Corporate and Other
Segment information
Adjusted OIBDA	5,422	5,292
Total assets	159,999
Investments in affiliates	11,609
Capital expenditures	2,518
Eliminate equity method affiliate
Segment information
Adjusted OIBDA	(5,340)	$ (5,212)
Total assets	(144,870)
Capital expenditures	$ (2,464)

Segment Information - Performan

Segment Information - Performance Obligations (Details) $ in Millions	Mar. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 162
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 92
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 65
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 36
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 42
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year

Segment Information - Reconcili

Segment Information - Reconciliation Of Segment Adjusted OIBDA (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reconciliation of consolidated segment Adjusted OIBDA to earnings (loss) before income taxes
Adjusted OIBDA	$ 82	$ 80
Stock-based compensation	(8)	(9)
Depreciation and amortization	(58)	(64)
Operating income (loss)	16	7
Interest expense	(45)	(26)
Share of earnings (loss) of affiliates, net	248	303
Gain (loss) on dilution of investment in affiliate	(27)	(56)
Realized and unrealized gains (losses) on financial instruments, net	(114)	137
Other, net	14	(21)
Earnings (loss) before income taxes	$ 92	$ 344