LTRPA - Earnings call 3 2023 | Liberty TripAdvisor Holdings, Inc.

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Operator

Welcome to the Liberty Broadband 2023 Third Quarter Earnings Call.

[Operator Instructions]

As a reminder, this conference will be recorded November 3. I would now like to turn the call over to Shane Kleinstein, Vice President, Investor Relations. Please go ahead.

Shane Kleinstein

you. Thank

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

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

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

to Now I'd Greg introduce Maffei, like Liberty's CEO. President and

Gregory Maffei

and Shane, all. you, to Thank morning good

third we'll note during to yet available Liberty GCI to Chief Broadband's TripAdvisor. questions has have Accounting Q&A, Liberty call, answer be Financial results. questions. their also be management will Wendling. related But the Officer, available Principal we reported please not on Brian speaking to quarter Today, and answer TripAdvisor will Also

able not on to obviously the current will quarter. comment we be So

deployed Broadband. selling We average million charter We an cost $XX.X Liberty in we into of million into with October. the proceeds, Broadband Liberty at resume and beginning buyback after-tax So proceeds we rest year. with per throughout received $XX Charter buyback substantial we will the the anticipate continue shares received K of that the buyback majority LTRP.A $XX.XX and of from we share. the of did to

looking results despite a net did XX at solid Charter And the operating added Charter. report broadband now Charter tougher and Exchange. Disney adds. market and financial

We attractive continue penetration in cohorts, that strength already in demand XXX,XXX services, net reinforces was upon. this those rural XX customer to those quarter. months rural third case we does use Mobile investment XX,XXX during There adds charter are the think the the with an we net rural those continue. capital achieving markets. for We also adds subsidized opportunity, underwritten quarter, and mobile third the from after well and broadband benefit high allocation. expansion XX% lines which were added We is believe of of above both into mobile

X quarter Spectrum We lines pricing begin to the of roll benefit begin see and on will to begin see fourth paid to those into as we during quarter. in the These closer will free lines fourth convert pricing opportunities off the those.

resolution seen beneficial agreement with as model we you conversions the last those heard going both forward. provide partners good both provider, network as over-the-top a does our forward be and to that's together and work parties all path parties for for and linear with a carriage think a we successful could have have trial low for from cohorts. we've churn did Disney, from new week, And may management our is a We on and believe

a also that went Zumo month I'd ago. note live

Charter Zumo across DTC access discovery linear think both to convenient with allows excellent and for we a it. search The Comcast, content distribution both which could platform, and of We're video and be excited Our interface. unified winner.

in across our made are we and that shareholders. investments will this was upgrading and that establishing will our opportunities and Finally, drive heading be confident network and investment Charter results the foundation is an year initiatives both long-term for 'XX which forward, expanding investment. attractive there with of for believe been all important growth pleased has ongoing excellent these progress We these are the

Let me TripAdvisor. to turn Liberty

As not to about But feel strategic -- that. did XXth. results, the on I'm requirements. I business to in going hasn't due their we some of move OTC do reported trading so comment Liberty third with noted, listing was quarter NASDAQ a This to noncompliance on direction. October TripAdvisor good TripAdvisor compliance the

we to do We was did alternatives believe of action and range Liberty course this or of or the have business Trip's best an change will OTC impact not transitioning look at anticipate operations strategy. the and

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

Brian Wendling

and Liberty end, quarter At $XX includes at cash cash of of Greg. $XX Broadband consolidated equivalents GCI. had you, cash Thank million million. This

As of be And the the preferred and at Charter indemnification indemnification will After our had LLC quarter remaining LI $XX.X debt total Charter remaining of stock obligation. of November billion. made excludes Retail. quarter curate billion. final Note, X, principal to Broadband will Liberty amount the this investment was be payment $X.X redeemed, end, of the end, a and a debentures exchangeable value

relatively declines OIBDA GCI. voice margins. business Revenue video at flat. impact and in the for X% Looking data and was does -- not significantly revenue lower revenue and revenue not which in was sales Strength was quarter year-over-year, but handset down adjusted impacts offset by

break savings been news. converged GCI's flagship good which offering, wireless aggregate, combines and a also and North fiber mobile impact a adjusted video bundle break on the customers The since fully nearly plus on significant its and June revenue had approximately and X-month customers. product Internet in affected fiber both customers. consumers the of $X their data XX% lower negatively GCI's revenue, also been Slope negatively churn churn data, with than is business product offering the break in have as who Alaska. and million, impacted that to Western with The modest We by and provided wireless OIBDA. the impacted provides services impact GCI's fiber has has consumer benefits moving has which ARPU, GCI repaired, successful GCI but to This stand-alone GCI in impacted

GCI We margins the expect upgrade over increase on time products customers to as expects their services. and

revenue and $XX GCI. XXX modem credit million the I'll has in X,XXX is Greg. last revenue-generating the undrawn was to Liberty take and has Over And Leverage defined from received Year-to-date, subscribers cable Xx GCI year, capacity dividends in agreement of million has that, end, with at GCI its wireless customers. X,XXX Broadband quarter added over it on revolver.

Gregory Maffei

our Thanks, X, Brian. to at New November We seeing you week Thursday, look Investor on of Day many forward York. in next Annual

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

Broadband interest to would you that, advance, submit Liberty in you e-mail appreciate in investorday@libertymedia.com. And with I and the TripAdvisor. line like Liberty If for can We open operator, questions your would continued questions.

Operator

Instructions] [Operator

question Evercore Maral from comes first with Our Kutgun ISI.

Unknown Analyst

to Broadband help have it widened Great. sense to it's or Has A to historically flexibility at and quite to company that The makes cash fund maybe up discount to some Charter. one buybacks these GCI. get high levering to familiar our repurchases, approach changed whether pursue more whether on exploring recently opportunities levels. Liberty seems meaningfully or to related with outlook the

Gregory Maffei

strategy while share I that unfortunate think the attractive. the repurchase more widening much actually of does make discount our

said, maintain cash the received prudent levels, a We our particularly careful I Charter utilizing the of as on being for, from cost. are also buybacks, balance given debt but increased vast trying majority for to

maintain and loans, is on While so the underlying reality expensive up, to more we have margin gone have that's those. very attractive rates pricing our

at play looking trying also But other that capture something. we're more alternatives advantage discount So all or made alternatives we'll That's keep to for expensive in debt to to mind. are of we look and probably carefully. certainly third-party that it them how at that through those

Operator

Ben from with comes question Swinburne Stanley. next Our Morgan

Benjamin Swinburne

do cetera, I obviously, capital thinking Broadband has there of see Thanks. take ask But of that asset with because, -- cheaper fiber about gone broadband, we How the cable Greg. vehicle to lot we cost And ground. of should funded sort lot operators, were that's we a be for advantage gone of as the of acquisitions? debt fiber or compete cable up. on businesses on Liberty et a

fiber Liberty thought of we market. private sort be that Some out stuff like even might come didn't that you think on cable might that follow-up had I assets charter of then just I might or assets a looking the to telecom market And front. equity might know should at other picking come small. thinking we up be if there about vehicles to And of if assets or

Gregory Maffei

Yes.

may at as primary like be at. GCI, achieve And look situations Charter could an we cable. vehicle Obviously, it our something. look we're it look, in special there think, would are special that up that other for was thought attractive, investment where I situations there come we

time, looking I We on. would say I execute should guess are we all the but

these expansion very create probably an we the prior more the the cost opportunities. And of question, note, in is that's correct. would seen so capital about that a we're I it's going to a they discount. what point we up attractive saw of opportunity think a hurt means charter buy discount, even -- asset do us, very than we've attractive others at which we Your But on as is also have hurt

as alternative suddenly, that So attractive gets well. more

to also factors. I'm got going doing all telling you're saying not it, weigh So those bar -- you various not higher. I'm I'm but we aren't

Benjamin Swinburne

get capacity, sense. more else makes their near buy back to week things which the know last the all your then CapEx I I you there's as be cash of the And already. told Charter, lowers going in which guess all one lowers That you you they it... if to Yes. those interestingly, us buyback at is stock. term, look know equal

Gregory Maffei

I'm the on actually committee. on finance the board

aware the I So of factors. am

Benjamin Swinburne

Of course.

the can when arguably you question case, on of put and as value comfortable than you more is on a As much group. have, double gas the as as because for going strategy long-term why sound with the the so benefit you right Charter? I foot broader as -- overstated, discount are that of your comfortable but money you to going kind creation the I'm is guess you this is quickly that the can in for spend your

Gregory Maffei

cheaper Yes. at because many historical has levels. the Charter And tension has as it further know, cheaper. Broadband I attractive. agree, more is than Liberty gotten buyback there's you And been there

worthwhile. the look with the that, do I And opportunity we these But I opportunity are can of strategic we we further not not play also value off business. rural all with and a is And we around these. split, at also, that that now the economic be think, opportunity putting economic programs, the high -- we at not were look opportunity, how longer continue more only subsidized done creating they're moat and only but particularly may that's there. probably think is longer to that

take those So attractive continue and and and opportunities, also will advantage try of economic to are discount. yield we important those the

be to investment least are the going against we're attractive X at available to long-term trying opportunities, of when. ones sets growth, So which those all and weigh there are

Operator

from our comes And with last question Citi. Michael Rollins

Michael Rollins

if could. I Two,

share of gets out see to the at some incremental First, time Last benefited front. a the GCI, the has from Congress. benefited then can that on funding how business on be how comment whether over from could that you logical in and Liberty just ACP terms the Greg, playing business that it and Charter. you customers that and made you broader And strategic quarter, point Broadband of combine

what on be Just function? logical catalyst to terms and And that? curious on your in make that latest of thoughts timing the would

Gregory Maffei

handle Pete want, then Liberty shot. ACP with a and and Broadband, Brian either combining or Charter. don't they take I'll second on first, on Ron can I'll comment question the I But let if or

shot? in we've well Examples that Expedia, them merge holding very we of would we've gone we would be way, the I cases more based for that today. these written at it SiriusXM. advantage be point, some is close could GCI day road entities been what's think but pursued the should or independent and been be think of cases, be repurchase also, in think do DIRECTV, day think on that will merge on trading. But and down very want logical do and like to have Charter, somewhere or we we gap the to beneficial share don't we've you many that Ron, their Lamda that Expedia probably beneficial come and between ACP, the you companies things underlying done on look, the in is and growth clearly -- our We along proposed between a LSXM and taking come asset. history, why take closed when that in Liberty Pete these and On path example certainly cases, had some

Peter Pounds

Yes. Yes, Ron, ahead. you are there? go

Gregory Maffei

Ron search. get to had him he going step unless it We're chooses let pass in. to

preempt. to Pete, to once So we'll let you Ron go, decides unless

Peter Pounds

Sure. Yes.

very program, as good of helping has I all aspect ACT kind longevity, people what there's of been upheaval for lower-income us this reduction program, think far going get to but of in. as difficult see, pan forward. been bad beneficial the connectivity revenue as small debt how it's eliminated program broadband to program very coming thousand been is has as out it's as the it very, have But predict some that far that customers. a that good our we'll a will to helpful several relatively

Gregory Maffei

far would what of if program will Yes, a that, I dysfunction in popularity as that but there's can going we is Washington. in just of on forward, timeframe tell, in also as then a add, of funded Washington as clearly, lot I as far this and there lot get obviously what

hard to how that So guess out. plays

audience, are in listening thank and TripAdvisor. speaking operator, Liberty with think the done. that, for we if -- We done look we our Broadband To Liberty you quarter for New see today. Operator, don't with you I forward York. in interest I to next with you And think your questions that's we're

Operator

that you. today's Thank good And call. disconnect. Have parties day. a may All concludes

Liberty TripAdvisor (LTRPA) 3 Nov 232023 Q3 Earnings call transcript