LTRPA - Earnings call 4 2021 | Liberty TripAdvisor Holdings, Inc.

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Liberty Broadband 2021 Q4 earnings call. [Operator Instructions] As a reminder, this conference is being recorded, February 25. I would now like to turn the conference over to Courtnee Chun, Chief Portfolio Officer. Please go ahead.

Courtnee Ulrich

Thank you, and good morning.

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

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

Gregory Maffei

available be questions Liberty also and available Brian Liberty also you, answer Also Chief on Wendling. Courtnee. will GCI; of CEO call, Officer have will Duncan, Q&A, of we questions. CFO answer to Pete GCI, Broadband's Thank and Good speaking be during Financial Ron morning. Today to Accounting to we TripAdvisor. related Pounds, Principal will Officer, the

sell the from of billion Broadband. We proceeds starting into of $X.X through from of Charter. And with to first, November January XXst XXXX, So received X, XXXX, Charter's we continue did buyback. Liberty

note I shares LBRDK Charter selling the the such [ per that at January that which LRBDK a Over on under Charter's time billion cushion of we no and of about in LRBDA one $XXX.XX, and $X.X same LBRDA underlying time that share the price buyback fully would of repurchased ] (sic) ownership is sufficient an price period, we that look-through month $XXX. for diluted Liberty in we had had into -- cap had that XX% January. average

were pairs is ongoing business. very exciting of to efficient our prior environment, of at adds a quarter, pricing were adds across of lines the In best quarter last the strong bought and Charter cash in in cash lines that free quarter CBRS the up deployment Despite with which additional net XXXX, marketplace, of spectrum the broadband opportunity. This which was to broadband move initial capital the revenue mobile new industry full net and residential additions the net postpaid to share was in XX% Revenue in cost adds year we This had year, net billion well low hybrid mobile a up MNO XXXX, XX% we flow, date and mobile Charter leverage of about X.X mobile, Charter's the quarter over and million XXX,XXX asset Charter mobile growth a fourth huge the total up the mobile Looking and fourth quarter as flow solid Charter million. Charter XXX,XXX is territory. There quarter structure generated all-time X.X% for are product. year. of opportunity our the in and and for Charter growth. fourth means go-to-market X.X added $X.X Charter. will in and broadband the growth resonating cell with over radios. alone, begin bringing business, all -- We was improving SMB, adding year, great additions had of phone well. structure optimistic small low also XXXX. our obviously EBITDA another X.X% generated churn an new

Let TripAdvisor. recovery slowed trends in are travel And continued headwinds the but now were to that through me turn though receding. note those December, Omicron XXXX, by

reached business expect to on billion We is E&D platform return its in in portfolio. product, revenue strongest which & the much technology geographic its will and to turn segment, of leisure In areas will Dining the level investing, XX% later opinions brand supply, Experiences we're reviews reach. in expanding long-term value this well one fourth the trip and and travel success. for balancing on to investment in Trip reached recovery from efforts and across appropriate XXXX both position XXXX the and as and the on quarter, by growth in as levels year, continue invest ever, we benefit its advanced portfolio the of international the and had planning. TripAdvisor's travel XXXX over Trip X this quarter. is the strong of

Viator, asset. segment, We file are also and our value the evaluating ways for to a did specifically we sub-IPO of crystallize E&D of that

of with hand, the I get gradually. we we in over see. the it traction the believe also the discuss current saw will other in Plus well intended that more now more subscription to Brian our rescaling investment And in didn't a we the search progressing that On opportunity We CEO detail. me growth exciting but the sizes is focus potential recognize XXXX. would are turn financials in that, with Trip appropriate to candidates. And that with let note that business several

Brian Wendling

end, Liberty principal of you, close of amount as yesterday's million GCI. Broadband at quarter our billion. Charter investment of billion. $XX $XX had Liberty quarter Thank of of cash includes equivalents At which The of total Broadband $XXX cash million, value and $X.X was end, cash had debt consolidated Greg. At

at broadband, repaid share Charter when the the had sales. given repurchases from we share obligation quarter, drawn exclude the Charter in the preferred our and received margin proceeds above in which stock. timing to the under Note part differences loan, in the million fund amounts During indemnification QX $XXX we we

GCI the solid flow a company. Looking continue year GCI, cash great delever. generated at to XXXX for free was and

capacity year. full year, has declined down the solid approximately Leverage GCI end October, the year, GCI's from was receivables, CapEx million save its as in last million is interest the defined RHC-related full refinancing expense million For which its debt moderate will year. in $XXX of OIBDA in credit $X due Xx reductions agreement which turn revolver. at growth, and in to of per And the undrawn under $XXX a net

company's capacity OIBDA number, grew demand. grew adjusted the driven OIBDA revenue adjusted growth call back X,XXX slightly wireless year, Adjusted turn It million, But XXXX. customers. by fiber improved to fourth the driven Harbor. With several GCI XX%. in to is multiyear consumer backhaul data X% and satellite and primarily full the declined For X%. Dutch This the by revenue In was OIBDA build declined will the to out quarter, for $XXX modem highest-ever advertising the The revised network, as contract extension of be the effects over QX. consumer well political of into fourth headwind of in over Greg. now. Operationally, added extension from over the progress terms the revenue wireless and expires network roaming the large the increased entered continued year cable the by years on was as accounting the were provides absence that, of importantly, headwind a XG quarter. The GCI XX,XXX new the services a in and contract in NPV-positive even GCI's wireless this to subscribers contract network the a agreement X%, that once I'll for

Gregory Maffei

we to your for Liberty audience, Thank our continued TripAdvisor look questions. the appreciate line XXXX Broadband you, with Brian. like I'd both review. And to operator, Liberty interest that, open forward in listening And to and and

Operator

And Instructions] Citi. with comes Rollins question our first [Operator Michael from

Michael Rollins

I at Broadband into to decided when on estimated level, get to And which Charter. below or trading to factors, NAV balancing Liberty ownership the XX% was was your curious it at. several Charter's seemed that you're you participate specifically, stay at discount buyback you like including to thoughts

change? in, hold would that about As Charter Charter on shares? And your shares your more rather have you to have come selling into Charter of value, considerations buyback in

Gregory Maffei

you remained because discount Thank the I the calculus the for has constant. think has Michael. No, don't question, relatively really changed

pay to more buying through the opportunity broadband Broadband made Charter and Charter Liberty has the remained by the relationship and only attractively buy rate has and shares modest whole opportunity constant discounted therefore, relatively relatively our So even yet tax between is, more a attractive. The underlying priced.

we're more about buyback and own about So our Charter's yet buyback. enthused enthused

Operator

with Ratcliffe next ISI. question from Evercore James comes Our

James Ratcliffe

Two, if could. I

you First just the mentioned Greg, of impact. tax all,

should be at thinking forward? what forward, talk drag Charter a that sort you the have tax revised sort to should deal about secondly, little roaming about bit for sales Going of and we we could if the impact what of GCI, of stock? And be going expecting your

Gregory Maffei

Ron first, second. or touch Pete address let I'll and So the on the then

For we're a looking X% over drag going XXXX, time. I think to X% or a drag at up lumping X% like

So we're but do to we'll about want is out okay this we some go so you that run change, to to want to see. this for are roaming? do of to going At basis, is year. Ron, going relationship you your going point, chat -- --

Ronald Duncan

were way really might over that large But the an the jump life seeing net primarily coming positive lower under there down effect a doesn't as a Brian, And is accounting the effect long out is termination. Brian that contract got the contract goes it an you're treated. too to multiyear present in revenues far. revenues recognized they an the number an accounting is a expected for to before at substantial The seeing is the the an contract. The under And roaming company. and which years period, in we the of the arrangement of further future. with value, wrong, the deal of immediate accounting drags equally want them negotiated had of required good term upfront actually the if take extension you you're NPV, revenues. And which up amortize future contract contract We from I of Sure. change in mentioned, on in the what customer with over extension, on and the contract effects the what optional cash

Brian Wendling

No, you Well got it. said.

Operator

Swinburne And our Morgan from Ben Stanley. comes with question last

Benjamin Swinburne

about do Greg, which you follow might talk to regulatory environment an so size noticed. I tougher that's more another after gets between Charter on thing the up your was you've I you used last price, I'm Altice's talk wanted to that's which think -- just of has anything but there consolidation, becomes think to time much that then gotten the there and point answer. curious, opportunity your be if several basis sure Altice, And about. over we has you harder? maybe cable share been quarters think about just changed Again, as

Gregory Maffei

going so was Charter's I be So to in pretty for at ] think forward Charter, felt feeling way. opportunity And sometimes were about -- Altice's who the my are about that's have going Altice's much the Charter success ceased, cable, pretty friends the positive. [ versus been good method the way questions all

I own. think Charter plan of a its got has great

rightly issues. You some the point regulatory out of

Suddenlink territories particularly out on and to they'll to the sell what There might look think I pretty make those all you don't sellers the I attractive, decisions and going certainly Altice happy they're company regulatory think assets with balance. point about Who growth that be been attempting But were territories, controlled, has, rumors are is some the is would be knows. But Charter at any but do. so have rightly that they sold. I private they that that. challenges. of has effectively of appear to Charter plan those that -- think Obviously, the be it their go

So...

Benjamin Swinburne

Yes.

federal view? would of sounds or both York So New it tough state thinking point be or either you're from like a

Gregory Maffei

Don't think there? you living so,

Benjamin Swinburne

point hadn't Yes, the just -- tax I made. And do. then you basis just I thought about

help is -- could of you've as about with to at it's enough so cover way in the us help simple complicated original your once probably Charter to can relationship? -- if that, there. think than and basis changes the that, there us Or just about more treatment -- think so Charter is shares change looking stock any the back sold So things as but what sort you and have it tax to math you

Gregory Maffei

-- roughly Ben, roughly That's that's a calculation. correct

both to that, we today. it Liberty way quarter, to And not you. if a to thank you think in Again, you I sooner. next That's of it. Thank think And your with our continued we're listeners questioners. for Liberty I thank all about hope and see done. for and operator, think good you that's TripAdvisor interest Broadband. And

Operator

again, for Thank that conference. you. does Once thank today's conclude We your you participation.

disconnect. now may You

Liberty TripAdvisor (LTRPA) 25 Feb 222021 Q4 Earnings call transcript