LTRPA - Earnings call 2 2022 | Liberty TripAdvisor Holdings, Inc.

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Liberty Broadband 2022 Q2 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded, August 5. I would now like to turn the conference over to Courtnee Chun, Chief Portfolio Officer. Please go ahead.

Courtnee Ulrich

you. Thank

XXXX. we'd statements everyone the the and to within Litigation Forms Act by begin, includes this Private filed a to results XX-K in Reform forward-looking or TripAdvisor the and Liberty SEC. certain the of those number like of we materially Broadband uncertainties, that remind with call Securities could risks Before differ events including due mentioned Actual Liberty meaning recent of most

as only Liberty events, to speak or expectations statements on the TripAdvisor which date disclaim conditions and or reflect forward-looking These any herein based. in change or any Liberty such updates contained call, this of statement with Liberty disseminate Broadband expressly forward-looking or of revisions to TripAdvisor's any Liberty thereto and is undertaking any Broadband's in obligation or statements regard circumstances any to change any

discuss Broadband, metrics, Information financial note as call, website. non-GAAP measures in available well and we today's and with Schedules the Liberty for release along releases the periods, are will regarding prior reconciliations required press be today definitions issued X for including On the found can and earnings as Liberty OIBDA. preliminary certain comparable on adjusted X, which including earnings GAAP Broadband's

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

Gregory Maffei

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

LBRD X% been July, NAV X Charter. at We at an the look-through of per From compared billion. on Liberty period to were a buybacks $XXX.XX. May per to at to Ks. X.X spread the capitalizing price average share million million As X% XXst these first shares we of additive for on X per Charter cost bought of Broadband about A this Charter, includes This and looking These share we Liberty share at the repurchases our $X LBRD a Broadband. repurchased on shares between have the So over And $XXX about share.

Over $X.X the same period, back of we sales proceeds Charter Charter. share billion cash received from to

recent itself, revenue disconnected if Looking adjusted XX% up with remain excuse a EBITDA were by me. at wireless challenged of Connectivity XX%. broadband Program. results than more That Charter promotion Affordable XX,XXX in does we've the activity players. certain environment Organic The increased it had quarter low from X% exclude financial XX,XXX, and was relatively up not move fixed XX%, market customers in was a and the in memory strong investment disappointing with you

lines. rapid the clip revenue revenue of Charter up at a want very to is continues real mobile profit XXX,XXX a revenue. new over we Spectrum X% year-over-year and XX% now stages. expand to Mobile total wireless mobile opportunity, with has reiterate and remain early and in I represents

with its comfortable position our in far of vast As the strategic majority very -- Liberty technical we Charter and itself, feels as edge markets.

versus as further optimistic solidify and opportunity We opportunity, is value we rural competitors. growth believe still extend will revenue are the competitive a the will help including builds, and broadband outlook, which on advantage mobile as new our well proposition a

up the morning hotel with in by especially end XXXX on the Goldberg, welcoming earnings started U.S., Trip, for has Turning who levels the recovery quarter. July. new the Consolidated results Matt We have which had call And reached the to auction. the Xst CEO of this rate of TripAdvisors. the the our European caught

the in the attractive in exceeding relatively unit XXXX EBITDA ability we believe marketing the both and revenue the in build believe very basis reached are quarter, low recovery repeat the a levels. strongest Viator large of Viator to appealing. the revenue economics which off business breakeven are seeing and We're We TheFork, second costs.

brand We and on marketing Viator. for as are strategies new retention focused as well customer acquisition

TheFork We the growth with its eased, booking returning announced track are our dining the also respective which our maturity and to X will European profile better reporting of areas. results, restrictions this allow have above to restaurants. the performance progress better levels. diners across segments, our new XXXX exceeded of and TripAdvisor investors Consistent growth reflect stages businesses. believe

let financials more over it to me discuss to detail. turn in Brian And that, the with

Brian Wendling

Thank you, Greg.

yesterday's million $XXX Charter At value quarter investment held $XX directly includes on as of shares million, at Liberty end, cash approximately equivalents GCI. our and based Broadband cash which cash The our of had consolidated held X of in and million sold at of X, price close held Charter we August million, consideration $XX May On which for escrow. share our aggregate $XX was of that's subsidiary, billion. $XXX Skyhook, cash includes of

billion. We loan the Qurate repaid margin our Charter quarter and a million. quarter on debt million obligation of preferred the Broadband At exclude amount end, is during amounts to Liberty $XXX $X.X above total had indemnification and available of capacity our $XXX principal the Note stock.

an cash results, Now a $XXX its dividend generated million to CapEx end, and during capacity had hand. the The operations a looking second good solid GCI quarter. revolver. under on has free Liberty quarter offset for down cash million broadband additional to by million undrawn with was GCI its end, and paid agreement Cash company cash $XX quarter Broadband quarter. credit at at to million GCI X.Xx using was defined from $XX quarter of the $XX as strong flow. Leverage Subsequent GCI's in

was quarter of in mix revenue. second due up higher-margin Revenue the million better was a $X adjusted to flat, OIBDA

new which and OIBDA but of agreement periods. the quarter to negative adjusted are seeing in effects XXXX create of noted year-end, roaming we prior in does As fourth a is effective term, the long at revenue positive comparisons some XXXX

flow. of new free decline agreement our video in our our were and impact offerings growth or revenue significantly consumer broadband revenue. well data impacts by as video to continues in impact as our offset cash Additionally, This business meaningfully roaming not and wireless the business does business margin which shrink, but the

and has our adds GCI X,XXX We gains revenue-generating expecting is to the revenue-generating added launch the the announced its year, and including of last modem the customers, deployment X-gig fiber country. project in across over Internet Last broadband believe are speeds of residential cable has year. and XX,XXX-mile communities directly attributable in this X-gig fiber of wireless fiber to many will Alaska. subs company GCI of remote Alaska. Over arrived second in these sub completed XXX-plus speeds end of of the most quarter XXX X,XXX speeds these bring journey AU-Aleutians communities year. the from on Alaska The the in the by the miles that for subsea week, some Germany X-gig to

with I'll back call to the And Greg. that, over turn

Gregory Maffei

York. Brian. November you, to will New XX remind of in hope Annual date, Day will see I save some Investor We additional know, our be to Thank of soon. there. details be Thursday, you want the who you may Please many not provided

appreciate your operator, Liberty I'd And and continued also floor Broadband open in Liberty interest like the We questions. TripAdvisor. to for with that,

Operator

with question and take we'll Evercore Instructions] from Ratcliffe James first ahead go And ISI. our [Operator

James Ratcliffe

and on significant it give M&A of us regulatory you're a cable antitrust attention And about one strategic sense terms a now what a the there related, seems time, financial for Can be of interest if read in the the fixed lot XX you M&A at to seeing and or at also seeing Greg, in as investors for X moment. for in relevant environment right general. your competitor consolidation? cable the Is and I looks opportunity GCI? for of lower and the in Ron, assets Ron, a among of also increase discussion same recently greater the like on what environment cable Greg wireless could. in one's potential uncertainty

Gregory Maffei

thank So go I'll James. first. you,

could the I think series be think run basis consistent, customer our on scale that bring our a has value a don't more them level. perspective of be to on efficient of I to our price add nationwide that's of in at and assets are in changed. to There attractive effective terms touch, been more ability consolidators a ability right Charter's we consistent. synergies, ability

I buyer. were more if that think some prices make the potentially a would cash opportunity we obviously of come which down, a have interesting

FCC. The deal. lot regulatory really you're any we have you the stuff of talking I that's something a the unclear, DOJ, But in defend on of very what to It's FTC scale about what's at there. on been out think look and a obviously, environment and believe there's of going is between we could -- changes

but It's one see. with discuss, to optimistic rumored. we hard we'll which publicly certainty, or do have getting a comfortable I'm transaction could predict been So to Ron? --

Ronald Duncan

the is in to the doesn't network most no, Alaska. answer to is short provider wireless own the wireless Alaska. who and is fixed T-Mobile, roam its probably They And principal you. lower us facilities X our reasons. on Alaska for is Thank in aggressive XX operate in relevant fixed

So competition states. The the there's use in Alaska C-band for C-band important T-Mobile. not C-band spectrum not Verizon, Alaska. auction we satellite no have long-haul retail in other did because principal direct still competitor And from cover connectivity the does

FCC wireless that some it wireless to the auction. are to make in frequency, competitors. access So wave C-band C-band locations enough access. And nearly which excluded the Alaska They does for is millimeter from in in using Alaska wave, doing but fixed millimeter is dense Verizon are the principal any fixed significant

that on front we and don't So expect anything haven't to. seen

Operator

to on next question move Barton And we'll ahead from with Securities. our Rosenblatt go and Crockett

Barton Crockett

characterize Seems wanted I and think you're of It your kind into that just that the and reason where thinking how Liberty be kind at of any desirable not that, They're the a ask still wondering bigger to pattern Greg, what happy be to what potential pretty question, or just you think merits a your but stock possibility about current equilibrium pretty combination is now. buying seems could Is like but perspective settled you're the we've stock like perspective would you some and kind about of evergreen some point? of from pat. there might buying remains back. Charter sitting the a of about Broadband Charter? interesting. this steady back, I'm

Gregory Maffei

is right equilibrium the for attractive I us. that think you're

to share the because per discount, taking continue taxes. -- our that at NAV We faster net rate advantage even of Charter a increase of than of

being role our of and governance and side and the our also the our on We involvement by oversight like business better there. understanding

positive. it's I So a think

know. Don't -- condition? Will forever we're something flexible on it to something that. Not we but always a change, remain we today not contemplating be are

you of was advantage earlier historically be actions take Expedia, have GCI DIRECTV. time, lot we call, taken the it were transaction, to it I a the whether when thought right we think on the

So never say never.

Barton Crockett

reorganization about so think the also some even of your might issue barn cable button that hot about be of potential perspective competitive of hear Is is that don't And and that for Okay. I'd the with another wireless I'm mergers could, I curious And note would come talk more and then to left over the question. that in once something the large telecom space about day just done ask companies much a an companies an companies these days. The involve kind industry, that back? was as are what We I horse really that and and if about potential companies that in that industrial Or other. time? -- Is for of Charter companies, contemplated? what you scenarios. evolution kind that cable and as each not telecom do

Gregory Maffei

Yes.

to wireless, or if wireless have logic have I in we case don't convergence very broadband wireless which making think we territories offer if is is the broadband in look One down on would player. broadband, of the combine? merged us own some -- be we the Could the wireless issues you been to the unattractiveness at for the bought national a difficulty of attractive. our and we're road where were relative there be national the progress

our like broadband in broadband. like hand wireless, in extending hand we capabilities. our We our So

prospects, somewhere that bought both Not our to in Maybe their solves that's we Really, people on cable combination road problem. broadband say attractive about and assets good wireless. and isn't combinations change the feel converged in the there very might there that imagining where -- our for But us. footprint together. been down have

Operator

And go and Citi. our last ahead take question Michael we'll from Rollins with

Michael Rollins

topics. Two

made the and thought you when in Charter's opening majority vast that about you're position. comfortable a in comments Greg, markets first, of The your strategic you comment technical the

switching you experience. characteristics markets if curious state systems I'm you what the And could of more would then ACP of be be which ACP. or share Just Ron, in wouldn't to the about comfortable? gears the curious

program the what before instruct terms Is toolbox able you risk being period a haven't could try be of of maybe just in customers does help it your that to to And as in recession getting and customers had some? easier during tougher you qualify? this how this something to for for tool you have

Gregory Maffei

go Yes. I'll first.

not misheard we where happy I edge our have Yes, Obviously, I and or technologies that's the articulate share that. -- think think places and do our competition? better. gain other the -- I against you most I enough that was we maybe like me. position more is DSL is less like What strategic better where feel and technical I'm fiber

I think fiber. Ron? against prefer against I we compete competing obviously, competitors. well But non-fiber

Ronald Duncan

right. All

the On done, been Greg? -- ACP, has you ACP I'm were the sorry,

Gregory Maffei

Yes, ahead. Go Ron. I Thank was. you,

Ronald Duncan

Okay.

we subsidy the ACP rest industry. in very, in one prior tool broadband of GCI. grow checking, been I good of to has broadband Just to I in customers continue is been program, the -- last cut success that have spite from have the want protection reasons the We very to powerful would a the traditionally our the program growth quarter the you a don't off. it's subs spite think one in ACP of emergency slowdown quarter. of for down this And did of transferring

whole that as would land. is tribal as note Alaska I a denoted

for has marketplace, and tool qualify we've converting $XX wireless subsidy important $XX us, marketed the the including of a very ACP lifeline customers lifeline into program. subsidy It ACP. very, the the instead to we wireline So aggressively our our over -- on for been

wireless side. it's us So and benefit broadband a on for the both

because offset that there's ACP, And for the in ones a I typically by broad very and to effects recessionary is eligible probably the a environment. of churn are material covered a swath think any that customers or it they're difficult most economic would

as been particular it's the it see component months. a And our consumer last key X the we on a for strength. side marketing of So program

Michael Rollins

have the specific Is Liberty that follow-up. tax implications other any should of? one for just GCI be legislation mindful Broadband investors either And proposed or

Gregory Maffei

have wants I don't Tim or believe so, who Albert there or anything? we add but do to

Brian Wendling

not they're nothing -- but in of. that the No, we're not room, aware that

Gregory Maffei

Yes. Yes.

much see interest next was of November great I Liberty your not again, many our very very you sooner. much, in for think hope that your with and have speak hope We to Thank in Thank TripAdvisor. our of you at and you summer. quarter, rest to And last question. Liberty if Investor Broadband Day. continued a you

Operator

for that does call. that, And Thank today's with conclude you your participation.

disconnect. now may You

Liberty TripAdvisor (LTRPA) 5 Aug 222022 Q2 Earnings call transcript