LTRPA - Earnings call 3 2022 | Liberty TripAdvisor Holdings, Inc.

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Operator

Welcome to Liberty Broadband Corporation 2022 Third Quarter Earnings Call. [Operator Instructions] As a reminder, this conference will be recorded November 4.

I would now like to turn the call over to Courtnee Chun, Chief -- sorry, Portfolio Officer. Please go ahead.

Courtnee Ulrich

Thank you.

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 due Actual TripAdvisor SEC. to uncertainties, events with those the XX-Q the XX-K in recent mentioned could Broadband filed or differ by including a of Liberty risks results number and forms and most materially and Liberty

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

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

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

Gregory Maffei

note has Also, yet available the answer Liberty third to its TripAdvisor, and and good Accounting please GCI, and to Pounds, respectively, Principal be answer that besides speaking CFO on Financial not results. we myself, Q&A, on Brian morning the Pete questions will also TripAdvisor Courtnee, you, be Chief the Officer, Thank will Ron call on Liberty of have to do during we reported all to call. CEO; quarter Duncan, available Broadband's Today will Wendling. also related questions. but

some of be our So limited. may answers

August the per Charter ] for million Liberty a through first of the about million, Broadband Liberty $XXX.XX X.X share. $XXX of In through price X end to shares October, repurchased period of [ Turning to Broadband. lift

we in received note it period, from same authorization shares $X.XX the sales. of also Xst of which as proceeds November. billion on August, of Charter has $XXX Over repurchase million we now our the I'd increased remaining

end an did retain did of from back to our pull some quarter, with near-term the We to this LBRD our of our of the buyback. intent cash address Towards portion on sales the liabilities. Charter some of we flow some

for large Looking improvement results a the were net and consensus. third broadband X%, again which That's Revenue we at was strong. Charter its added sequential XX,XXX a beat and quarter, and up residential operating adds. meaningful

broadband also and in nearly a lines, we move XXX,XXX even low added Importantly, low mobile incremental environment.

Mobile revenue at was the excited about up Liberty We with net in overall mobile the million end mobile mobile the total bundling adds. quarter, of XX%. had X.X mobile at Charter third remain those lines. gains share opportunity of meaningful At and of and very value the Charter

October, at In converged a month. compelling $XX.XX is this Charter priced -- broadband think $X.XX mobile differentiated with per launched to take offer WiFi We market Spectrum One. to

and growth this megabits mobile XXX we broadband lines, drive to and You broadband get mobile continue of do and expect will pull-through. speeds accelerate

Charter its we a builds. through to it's continues believe remains new very economic also footprint This expand opportunity. attractive priority, a and

on and the subsidy pleased in progress RDOF the pipeline. the We additional with opportunities are early

continue for Winfrey, will also look Tom I do when XX Chris to which December with our X. much want years, forward past rather -- he to becomes over on and very CEO he thank start accelerate to we his leadership on partnership when the having

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

Brian Wendling

close in which The of as Charter shares you, of on November our yesterday's At and cash million. of our was includes million Thank held Liberty equivalents quarter GCI. Broadband at based from Charter million, $XX.X Greg. end, cash of X consolidated cash value had investment share $XXX price $XX

importantly subsequent quarter had end, of our We opportunistically margin total At of amended of ratio pledging Both loans billion. amount million. of the preferred is Charter Available principal under an loan-to-value $X.X improving there. Charter shares amounts and the and margin terms Liberty the alone increased our capacity quarter end, X Charter and stock. the providing exclude to obligation flexibility million Broadband $XXX a above debt indemnification additional

Revenue Looking million million. at adjusted a third was was OIBDA had solid we up GCI, $X and $X quarter. up

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

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

cable Over to many deployment our to the X-gig GCI speeds customers, added of of the in -- communities are its which year, revenue-generating launch last GCI wireless continuing over in Alaska year. across X,XXX Alaska. of end expecting revenue-generating offering, the and is subscribers on X,XXX expand attributable X-gig to has by

is and members and golden spike the of as completed certain U.S. in monumental the this Alaska supplies of GCI railroad the fiber to our XXXXs. team, connecting For Dutch that as late relations investor final transcontinental Harbor the

$XXX and capacity under during quarter program impacted. Leverage GCI also X.Xx OIBDA quarter at RHC's to the were accounts has and GCI in year strong with by seasonal normal as fiscal credit quarter CapEx revolver. its undrawn offset the its RHC was million Broadband. the of down in Liberty Cash adjusted quarter at from receivable $XX increase $XX defined million was a million during the of end, dividend for agreement

to that, I'll Greg back for it over comments. turn With closing

Gregory Maffei

you on our Thursday, Thank seeing New you, to November Brian. York. Day forward do We look many of XX Investor Annual in at

information annual and will I Q&A website. Malone session. hosting on available our is Additional be John our

and appreciate We can investor@libertymedia.com. Broadband your If in e-mail continued you'd in advance, questions interest Liberty submit like TripAdvisor. to you Liberty

line the operator, And questions. for let's with that, open

Operator

Ben question from Morgan first Our is Stanley. Swinburne with Instructions] [Operator

Benjamin Swinburne

wanted In converged investments. think, for Charter enthusiasm, Europe, Greg, higher bit And relevant convergence and time. a had wireless I cable. a ask to also to lots been that's I a and a for place despite tough about of, they've but GCI of little level long your fixed

than maybe U.S. pressure discounting. own results. great because led it's pricing the into cable convergence to rather European of you've turns not but cable, seen You'd element convergence hasn't certainly, when convergence And

big in clearly debate or particular, in there's bad. So that's they're the with to in here. be Charter, going And whether market a leaning good

impact obviously outlook in than I'm a model So where wondering you whether think in the for of on the U.S. the MVNO be business. and if model talk it's been in about low-margin you business, the it's your Charter, a better can convergence just countries been particular, could cable other States

Gregory Maffei

Yes.

be great as lessons, and obviously Europe, and not Look, much which think may the a where taken question, has not In that I I see Europe, U.S. that think closely stock percent. you've some Ben. seen more market fiber in -- overbuilding watched complete. market you convergence

with, You've X pricing and with seen to percentage to fiber lower of then seen a attractive begin converged. bigger pay starting you've PTTs the as declining begin with rates the definitely the bottom, race building, rates less the to a and

I think different. the a U.S. is little model

relatively believe, the multiples companies, than competitors, achieved are the they which positioned are Europe. is already mistake. in here The think I mobile better a as same have basically I We cable

is First, the broadband distributed. market more

where grades think, DSL secure we the competition handle, many I of opportunity and like. many we're or more got, were from to positions to competition cases gain You've players than in with able lower still share

is -- the a economics in for clearly, get that think mobile is sufficient have are opportunity a us many pursue the than who volume. markets harder also in longer, now have the operators and road to to trying I and cases, everywhere nation is there broadband attractive them MVNO that where that it are owner in the complete for into

not do So are can that is where MVNO MVNO we don't attractive in can we relationship, can volume. out where that we markets build insufficient owner build there need out relationship. need more get our to economics to than leverage We but --

operators you surely what add as rate, more business margin most once far than to mobile I we one into position there'll the you I to to secure big business easily for United mobile to that's Ben, twice a a is But already the those better come to have States. opportunity our opportunities remind mobile that have you broadband as remind the relationship, importantly, broadband future here a opportunity continue know, I'll the think I do that And and make think than very perpetual a better rebid us. and we've in the be more business.

So differences too. analogies are key there but are I think interesting, the some

Benjamin Swinburne

got You've think you as of Yes. the out follow-up, kind No, U.S.? makes in And companies lot do that just convergence-driven there. a all we'll see of big consolidation sense. strategically, a

need But is more obviously regulatory the know fiber for wireless-only at same they vice thoughts one. the time, So I'll may maybe on have or those if fiber that, more don't and versa. I question then and you shut want up. major a players,

Gregory Maffei

operators on mobile locally, nationally, is depending regionally of that operate the operators challenges operate operators, cable one generally generally Well, and fiber your or perspective.

operator rather than broadband they sees to national and So footprint the the regional that compared she appeal fiber, for operator operator to the a footprint can there's probably the mismatch get having more the of where a he sometimes the mobile appeal where there's have. or broadband mobile case the

there. So a bit there's mismatch of a little

Operator

is Michael with Rollins question from Citi. next Our

Michael Rollins

curious Just for update. an

Charter think into As relationship. participate right the you on that the -- repurchase selling where you at set ownership share it's are given continuing the price limits currently the look your and revisit time if under Charter is in to agreement to the thoughts that is, program

Gregory Maffei

position tax -- have have first discounted the we we a than getting -- our with I'll the the drag less NAV. today where proceeds and on we're good is pretty that start

or case got Charter. So about that the had relationship ahead we've repurchasing that with to are changes, different proceeds the stock by it's various least want we been how our Might actually the game caps times. at think revisit of we from

But in I be at happy think future. our moment, pretty hand. that's considered with the we're something to the

Michael Rollins

NAV any that currently to you're on? is and And are course speed the close there beyond new on how that that thoughts current discount

Gregory Maffei

Yes.

think We several earnings options there our variations the hand on had like call I this. I that. This got to is are today. third do there we've out right now. that

of feel to shares at our to a we're they that we benefit repurchase created the entities opportunities time surely that that this between mergers created Charter is we exists that do like potential opportunity over gone discount. continued we and we asset and continuing But as road rush. repurchase right from when even the Broadband. we're that that Charter, or and history Liberty time somewhere We and thought stock for have participation and we'll own continued relationship in feeling feel was backs out Our no our benefit down generally from

Michael Rollins

finally Broadband in just follow form of your of come And earlier views is a to capital there any invest made, intent own? given you that what as additional with some cable on you use to to, where up interest and values are currently comments Or you down franchises? cable Liberty to

Gregory Maffei

cable fit no there's to lot it's going But we doesn't, another relative transactions. a enormous bring but But attractively got some does maybe into to could be reason putting bring better it, reason because that you -- GCI to of I can would a buy of we're wouldn't bring. synergies reality an the consolidation say, benefits and to the what can we another other franchise. to say we logic is Charter synergies, it enormous We There first imagine to because those some way to Charter other to did to potential the you there's with lot want look going table pursue Charter acquisition and plays quite to table." this had "Hey, has may it. at imagine any they're

Operator

is with next Barton Crockett question Our Securities. Rosenblatt from

Barton Crockett

past, Or deals. with so particularly increase attractive of the top kind been way buying been equity come your you which about current investments environment of setup in kind for in values, Greg, where have about, has things, have probably making currents, The market swoop got curious was guys right? values that because if the some opportunities? I thoughts a -- to the we've able of on up has historic stock's down, now attractive not because cost Maybe private curious is are the so approaching cost might interest that capital in conversely, rates do some a situation gone seems much of right things where and this like capital. the of I'm cost you it's see really of

Just landscape your would about be thought the there interesting.

Gregory Maffei

Barton, you. thank

right. we You're times generous I in past, I from to think say that's profited -- do but and the those

And line. invest think the fears, to others want where I some of of we've bottom certainly, opportunities because You seen have the that.

want finance, some certain finance deals you may the cases, things some cost raised suggest discounts those which of of point into making that the of capital just take in that really, buy some equity in be that making cases, -- availability Your kinds structures in may financing, of complete hard to debt you hards, or and may of advantage existing want do about cost entirely the already are the do financed. to to increased of

and capability experience an have rather. to doing We capacity either or do both of

trying where People are how But I thing. where seeking are pricing, they to push landscape around than has slower obligations capital need would expectations expectations financing to, don't have much issue. where to financing. one changed the note have they and seller not seek forced the about who The more are generally come debt that sellers buyers' they're only to,

-- long hold face of a that they can reality opportunities how breadth arise see sellers their changed marketplace. we'll how as what the So and

Barton Crockett

makes point, the Liberty opportunities mindset yet follow to streets when your mean to that that's for start we present. Is across up that just And might ready coming. sense in on structures an eyes marginally something environment I where blood fear for is your point? resources does this to this if on but entering this that sellers' at argue or that be it be don't see the

Gregory Maffei

Yes.

or not The that you and I having say think higher is and it risk look be opportunities more is created capital by dear. it of may the having better.

fair I would mindset. a that's yes, say So

Operator

with Ratcliffe Evercore Our ISI. is James from next question

James Ratcliffe

think specific sort reached with Liberty broadband what Malone you general. a should buy on Dr. on buyback As, of mentioned K that. we obligations, given if a getting loan from else or you keep drives any be Was but that? the the to period. mix the a On be in A it cable and color color state will on I thinking else? give a One one versus something I or deal his And high more about quarter back anything too know more near-term margin you relatedly, Broadband, ownership little in

to on secondly, the of whether to us, operators consumer respond say, competitor. thoughts and kind to going on sort just -- ARPU going more value to of if to going to aggressively we're cable customers. scorched than And cable go be lose overbuilders, do rather of it's there's should and how protect competition, earth And from a not go a transfer the to or

Gregory Maffei

So sounds on questions. the like X --

has The on that out the buy is now Ks. first That's one be vote comment our the tended on And As the pointed versus relationship Ben I'll Dr. an less to We where As. rightly focus. issue. Oren have the low-cost Malone let maturities. security, you we which the of with

Ben Oren

Yes.

scale the And As buyback so also respect again and to the quarterly -- Ks, quite and of is large. with our

from we we the are dollar benefit a cater to more have risk despite liquidity. do the the perspective, And we liquidity there. that do fact [ is As ] we where So sensitive destroying somewhat buy to there to price

why to want that's the we emphasis last in sensitive that, to did Ks. you be on So an see quarter and

we to exchangeables, Really, is respect very has With to loan, the in very, tremendous our there lenders. maturities. and significant the support of feel our from debt group only ability margin comfortable refinance which which

a, pretty the X-year ability and is so call of convertible market, also in type is extend to our And great. to X- general, Margin loan that it, maturity.

to us each to extend get as for closer look you'll so And obligations maturities. those of we

I'd actually And addressing to better. likely how the environment cable competes, say get is

amount quarters. a them capital environment last But several fiber you've have don't even where capital they where market for been the get lot over still a You've because consistent, capacity. gain seen the capacity. are quite an of seen bit think I think debt that's many of actually I them have growing infinite fixed seeking And little more overbuilders of wireless will equity either a or using share difficult.

competing own builds, rural And and things being like for its competition and also supplied. labor Charter is components both that we're doing the are that

is that not tighter, likely to market So looser. get

and better high-end sides, good. theoretical of of fiber. So low is both think, both fiber overbuilders the The end I with make those, all the on market not actually a condition history

me John can't there wide probably far overbuilders mean all That any. look talked many of find has have and history how screw to up have to about they that successful predates been, and Malone about doesn't to you'd your market. us

how And so is aggressive I markets. think to in strategy. those consumers probably is And being think in aware value effectively offering of the to well better I Charter compete

versus which fiber which aerial It's of the thing, fruit both places more far one low-hanging for say fiber markets, that goes in where the DSL probably overbuilders there and also while also -- is more a probably go density fruit fruit. cables. buried competition. with it they aerial the is terms versus I'd low-hanging of And higher things. It's and attack several is after low-hanging

So it's I well well terms be in think risk of what near fiber risk a will but growing think for don't always that leakage, pretty some I and there, the probably the there in It's all is. portends Charter term. as

Operator

Our final question Suisse. Doug Mitchelson from with is Credit

Douglas Mitchelson

Round Greg. X

smart pretty is technology. Liberty -- So in pretty typically

that get actually flow-through? year, buyback that for assume upgrades? stock you Liberty Or we strategy Just level as does Cable compete the out next of fiber decides all impacted if that strategy simple pull And think about it Charter at in DOCSIS Broadband? with just investment can cycle impact your aggressive as your more is it's curious but for that, with buildouts, your it a confidence does through then forward get lowers to rural Broadband capacity, plant about Liberty go built I think further footprint. network X.X. an how And as

Gregory Maffei

the So I'll second take first.

buy on involved. lower rate. the It's they all board probably means what their of looks which rural less I attractive that how out it at there alternatives -- think analysis. these builds, full the looked finance of opportunities. We're and has on rates return just back your I'm the a committee right has fully think we have looked -- do are at many buybacks, we they're of analysis I the at at and

behind certainly cost actually or And cap our rightly that. we're So pressure our as it off you cap -- rather. ownership noted, some takes

therefore, capacity. it's going will is DOCSIS have as think because alternatively, effective well-tested and very there's lunch, of eat I I'm in everybody I fiber. is they're those no to us. or be make Therefore, that X.X, nobody than our to saying fiber for laugh and wrong I think strategy, both fronts. have far they it the on bear room to less our bears going needs think case us FWA lunch, needs I substantial I the As Obviously, a think to eat are, been but overstating capacity, look bull

well in X.X split to with is technological all And eventually think competitive positioned, be confident and where Cable very markets. of DOCSIS Charter headed. is both direction in sorts the I we're high

done. So I you with our we're think that, operator, to audience. Thank listening

said, I on hope York. to not, New couple we a in not weeks speak to I call, you hope see in if the As And very much. next of many you to Thank of if you soon.

Operator

conclude does This conference. today's

lines You you thank time, and this participation. may your disconnect your at for

Liberty TripAdvisor (LTRPA) 4 Nov 222022 Q3 Earnings call transcript