LTRPA - Earnings call transcript Q2 2021 | Liberty TripAdvisor Holdings, Inc.

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Operator

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Liberty Broadband 2021 Quarter 2 Earnings Call.

During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. reminder, X]. is a XX recorded, As [August (sic) Instructions] this being conference August [Operator like turn now Portfolio I’d to Officer. Chun, to Chief Courtnee the conference over Please ahead. go

Courtnee Chun

Thank you.

financial any on to call in like of number herein meaning Securities statement of to including results Litigation to XXXX. any uncertainties, revisions everyone or reflect TripAdvisor’s Before with contained could circumstances within of Private statement to Broadband those Act risks events is Liberty On discuss change begin, call, forward-looking regard forward-looking or which statements and change any conditions expectations we’d we that non-GAAP thereto, Liberty will we mentioned a this Actual or includes Reform differ certain today’s certain the due Liberty date Forms Broadband SEC. such Broadband remind earnings which recent based. the Broadband, Liberty events, any in or in call, and or definitions comparable required website. disclaim OIBDA. XX-K or metrics, to expressly adjusted with speak filed preliminary by any and GAAP TripAdvisor Liberty and the undertaking and most issued disseminate These only XX-Q Liberty TripAdvisor release found as including of Information on with Liberty statements the updates forward-looking reconciliations, be the and can regarding Schedules along X, including note is X available any press Liberty obligation today, of and and materially the for Broadband’s this measures

Maffei. call CEO, over like to the Liberty Greg Now I’d and to turn President

Greg Maffei

have the earlier questions. available questions Principal Duncan, Broadband’s morning. will call, our Brian of Ron CEO to and we listeners. TripAdvisor, call earnings this Liberty be to who the Also related answer Financial we of during Chief to Accounting Courtnee, Pete CFO you, their GCI will GCI, speaking Pounds, hosted Today, answer all also and Thank on good Officer, will Q&A, Wendling. Officer morning the Liberty also and

So Broadband numbers with at let start Liberty me the itself.

over ownership our at per July XX, of of holding we We – $X.XX repurchase X continue Charter’s held diluted $XXX.XX. to period an XX%. attractive additional billion share compared participate of approximately the very $X.X the shares We May is per price use From for million a same plus proceeds. X.X buyback, price for LBRD close per to fully LBRDK billion share versus at at received average share. of This $X.X look-through $X.XX yesterday’s to Charter these approximately proceeds cash in through

Liberty Charter, share per have same performance the attractive is before, we strong see our play almost to LBRD year-to-date, over plus growth compared in XX% very of said a leverage can XX% repurchases Charter’s on accreted our that Charter Broadband our As and period. in you results, NAV

LBRD we increased As billion. Broadband after-tax we the Charter repurchases – exceed also purchases buyback or Liberty basis Board on share expect quarter, proceeds to our Notably, mentioned the an match sales. at $X.X annual last authorization the to from

X.X%, lines up of quarter of had itself, lines EBITDA had Adjusted for million mobile, In XXX,XXX, Residential second compared growth X double-digit added impacts. Charter. a total pre-COVID. is another quarter, three net Charter year’s only offering was last of service. years with broadband adds X% great and up COVID Charter quarter the XXXX, to after was turning another strong new of at the up still to and results. approaching So revenue the which quarter meaningfully consecutive XX.X%, over XXX,XXX We fourth of adjusting EBITDA

XXXX were participating most and was advertising pandemic. market, affected XX% recovery We been up and Notably, are segments revenue seeing have a is the Charter advertising XXXX. of nice rebound that the a over that in in the X% by over –

recovery commercial continued a growth in with see X.X%. revenue strong also of We

results. to by as continue quarter million discipline revenue in remain So in up travel cost XX% of the to to of quarter TripAdvisor, to hotel majority approximately monthly has pandemic. to continued positive with as percent the hotel during TRIP, in in XXXX with The the to savings recovery leisure XX% from with a $XX April travel was throughout $XX our shoppers were trend positively even EBITDA revenues million XX% me, revenue U.S. the of been excuse turned revenue XX% auction our of is during quarter, driven Consolidated the The our the up up June. place has from a picked me up, monthly more expected well over comparable building quarter. fixed This in first and Europe tools let growing second trending quarter. back. – And of revenue reaching in turn as XXXX XXXX it pandemic, cost resumes. as levels recently of second XXXX. from lead be the TripAdvisor. the Liberty relevant in revenue levels, revenues as first percent consolidated XXXX to that, nearly reaching XXXX

We to dining. our subscription customers, through We’ve trip.com we partnerships including major rental Flight We TripAdvisor OTA Dollar into the TripAdvisor enhance TRIP partnering group, are and customers, car flight and in differentiating the and new to proposition, expanded we’ve to with June, the continue offerings a discounts all service. in redesigned Hertz app, Plus benefits Club. Plus adding through first rolled and out invest in experiences U.S. value entered

it discuss to expect And I’ll should offering OTA financials. the Brian the further TripAdvisor will turn hotel You that, to partnerships. we enhance Plus direct to through supply continue over at with and

Brian Wendling

$X.X billion, At of consolidated Charter we At had GCI. X, August which at million, Liberty end, of Charter’s the of $XX includes billion Broadband billion. on at closing end, of Liberty a million amount $XX which our yesterday, of GCI. shares as principal was debt on held total the Thank of cash and had $XXX debt Broadband price quarter includes $X.X you, that value cash based cash The of Greg. quarter equivalents investment

additional above we paid and In has amendment, years undrawn XXXX. million indemnification margin connection the of points pricing on maturity, loan, results margin repaid that margin as line times the was amended the down $XXX GCI Charter obligation Leverage capacity an driven credit X.X strong GCI During $XX quarter, loan, revolver. and exclude May quarter undrawn on the loan in preferred million capacity. $X.XX of by basis to end. delever, under leaving continued by Note the its defined as billion to with extending the amounts XX credit. agreement stock. its $XXX our million of reducing and the two we

well GCI quarter. Operationally, by as grew $XX and Greg. it Revenue that, adjusted added continued and second year. consumer back OIBDA a GCI for grew XX% business at had XX,XXX to demand I’ll X% great data wireless to strong GCI. consumer Looking million, revenue-generating over driven modem subscribers and cable over nearly With subscribers consumer revenue-generating turn data. XX,XXX the past over wireless as

Greg Maffei

our be Brian. save Investor The in Meeting XX. date. be will Thanks, November on full Please New Center offered the will news, Thursday, An and person experience held York the virtually. exciting Times at

with all the I’d in And details against Additional provided We COVID-XX. And for that, open continued soon. questions. Liberty fully like Liberty be interest TripAdvisor. vaccinated be please your attendees note to that must line and appreciate Broadband will Operator?

Operator

go the Evercore ISI. take Instructions] question Thank you. Ratcliffe from ahead. at first James Please [Operator now We’ll

James Ratcliffe

for One Greg, it talk that Charter GCI. like what risks the Can Ron and for – about the people, what businesses? and both – infrastructure I Thanks. regarding to with could. comes the if Thanks. and looks question be regarding two opportunities bill you what two

Greg Maffei

I’ll first. Ron, you let go

Ron Duncan

Greg. Thanks, I appreciate that.

have substantial the category. that in infrastructure air up fit the think we would of bill locations exactly is will how right Obviously, I in the lot market it now the terms up number unserved of in a on impact here. a

facilities under come So they for where eligible GCI. how also if some because building trying together. group And tribal would out a coming expand likely time. are in. There opportunities under operators is bethel risks broadband There’s to start-up for with program coverage, we’ve There some our are we’re a long fiber funding be to one area working we see some together could out that to the put the to now could there the upside for figure been be to proposal. something are some

I disruption think, it the when market think compete sections just risk our that frames. some clearly a with of time challenges anticipated pour people does but it’s I network, of but in money for to for the us, you disruptions. that of marketplace, Also, real terms some overbuilding, hard into much not necessarily fast create

a I think a realistic technology, determined particularly in once for terms lot the they available final of available what of of build requirements workforce, but be are there’s the equipment, terms not bill. version available to anticipate more in

Greg Maffei

funded. doing think for I have agree Yes. in Ron’s markets, competition the And comments, being you increased certain I’d with Charter, potential money

think that thinking whether going can we’ll they rush counties of it’s that or will be can, whether on thinking to be there broadband see. they there’s some actually enter business, I the But impact probably talent. a entities, municipalities states

terms expecting get or As out, overbuilds. people could means, been some frames Ron bill and that markets. have out, muni going all are hire you impact metric, bill that – only, of seeing and pick for to potential details as in that to XXX have Ron trying far want, done, us been, you’ll on be of The whatever in still money lot an the there’s impact encouraging XXX have could going time of pouring pointed installers a fiber either out, points to worse worked things in cases, is our to rightly be secondary the to

terms radical would fairly things in mutated have All liked. of of most are those what appears the elements

TBD in of it’s probably as a not could lot but all, it would have bad I as all been. a say So things, on

James Ratcliffe

you. Thank

Operator

take question ahead. Please Benchmark. now will Matthew from We go next Harrigan the of

Matthew Harrigan

from on you. very member, given gig AR. prism Formula perspective broad the X, your really EA the your justify to on TMT, Thank apps former What’s full Xbox, demand mean, realizing broadband, Greg, go Board it’s the latent But gaming server. the not a to just I of potential. ways a terms it marketing feels overall, Thanks. but proposition, there’s in nice like just creating

Greg Maffei

to understand, think gaming going there’s I’m around networks Is gets as Matthew. making sure that… higher? faster I opportunities get I real-time demand further be and Do

Matthew Harrigan

gaming really not kind over for ventures where with entrants terms of of as Yes, gaming, do full deals in gig where starting justifies of I comes up faster market a or your the just paying off broadband, which just right for mean becoming I or a I but start-ups up mean transit, low just even consumers in subset think AR, that. everything you mean, – ponying and in Derek all and lot is now? latency and

Greg Maffei

they There’s very need customers Well, probably pandemic who not it them. consuming much think Zoom, the develop be that that much a Ergen it, are as really best. apps like and Zoom. like you network, that BlueJeans WebEx has appreciate of would out to to case, this, can the treated gig truly who I world probably you’re things very who see somewhat will don’t whether high. that And as pointed require those certainly return build right afford a Microsoft buying and Charlie more who we have about there platforms need available. are and has we it and have Teams, are consumedly want will the articulate continue be the in demand people way say I for certainly people build the that they build gig. platforms has a I become cavalierly more path important The is But is but demand that suspect that It you’ll been or – up there’ll or bandwidth

case speed. the of examples low power, mentioned network processing But with a I But we chip experience. I Microsoft, certainly up years I which and where dreams, it at new like them as build latency spec of clearly know pushing where the today, the which and with You power. would spent certainly fill Intel also them I from things is new like think benefit a I come. wouldn’t a we’ve there we software, requirements I all utilize come that would going all will more say gaming do build they think lot breadth to as others around like, the of seen increased all are today. could things, pandemic mentioned, the of

Matthew Harrigan

Greg. Thanks,

Greg Maffei

questions. we have other Operator, I believe no

next the limit, our thank TripAdvisor interest to listening And not Broadband. appreciate earlier, forward continued in with Thank quarter, in Liberty you seeing So if speaking Liberty is November. look again and you if your audience, you, operator. that we’ll and

Operator

Thank That participation. concludes for today’s call. you your

may You now disconnect.

Liberty TripAdvisor (LTRPA) 7 Aug 212021 Q2 Earnings call transcript