LTRPA - Earnings call transcript Q3 2024 | Liberty TripAdvisor Holdings, Inc.

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Operator

Welcome to the Liberty Broadband 2024 Q3 Earnings Call. [Operator Instructions] As a reminder, this conference will be recorded today, November 7, 2024. I would now like to turn the call over to Shane Kleinstein, SVP, Investor Relations. Please go ahead.

Shane Kleinstein

Thank you, and good morning.

Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. statement filed could uncertainties, due the any SEC. These including Forms Broadband and TripAdvisor updates adjusted TripAdvisor's which undertaking events, results of a to most Liberty revisions financial forward-looking thereto or contained or to and and this XX-K today's and for forward-looking Broadband or call, as Liberty Liberty obligation herein risks those circumstances XX-Q date any Broadband, statements any events any or speak or any based. On differ non-GAAP is expectations measures with disclaim of Liberty call, in to change materially number recent on Liberty only Actual TripAdvisor OIBDA. disseminate statement Liberty the conditions the or in of reflect will by to expressly we certain mentioned Liberty in regard and including such any Broadband change with discuss GAAP required release prior issued X, are well regarding in Liberty's which press can earnings metrics, and on Information earnings releases the as along website. be X available reconciliations, comparable definitions including today notes Schedules with periods, the found in preliminary for and as

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

Gregory Maffei

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

interim. on XXrd that -- a Broadband, we of with September. with Liberty certainty enhanced and and the recall, partnership provide clarity our continue would regard transaction. the were the Liberty strong both to with shareholders a Charter liquidity, structure, provide Broadband filed beginning the corporate noted dual discussing Charter XXD a proposed The to on of So may future It the sets combination of trading in SEC with rationalize the all-stock transaction SEC you

only if in agreed upon. considerably I now will terms tightened transaction discount that potential the any filing be on since has when the definitive mid-teens. and LBRD is and updates provided that NAV would the note Additional are

ongoing between its pause and buyback, Charter Given Liberty resulted during amount to Broadband, a Liberty from limited proceeds Charter discussions Charter of did the in which Broadband period. sales

loss experienced Charter. financial now Looking have loss, strong They growth results broadband would net ACP. the quarter. Charter of growth third accelerating been broadband at in impact -- and subscriber experienced a the XXX,XXX XXX,XXX absent

disruption growth will growth is think and strong X.X% X.X%, month well ACP October million cash prior X.X% adjusted its Free also target. last benefit billion of trend. Mobile with and was over of ], net XX% up [ very an well was net They Plus be prior recent driven impact. Charter the year, actions ad I anticipate is residential Charter flow program. Anytime the adds, X by revised cycle. mobile mobile to during the continued X.XXx, revenue in ARPU managing the was Unlimited tier, meaningful perform was EBITDA Upgrade of the the to due below puts of leverage $X.X I base that which ARPU slightly lines. and over political note was their and uptake from which growing plus which the would was quarter. cost up versus acceleration the experienced the XXX,XXX

free limited flow by All of repurchase and these share were activity. driven cash high generation

and committee. Trip LTRIP. are progressing Turning special rationalization remain on Discussions their focused We our capital briefly the of with to structure.

ongoing this discussions on quarter with LTRIP. given Trip they their not did shares As call, mentioned the repurchase

at only update what upon we this conclusion, definitive a limited are an provide We will can this such reach comment when transaction to on time. discussions

at to users present the not Liberty's looking Given was day, summaries hotel discussions, to in travel the active TripAdvisor increase be the TripAdvisor team some its I for year-to-date. app app. AI-powered return engagement in at since growth on attendance. Investor elected will, XX% directly some The unique product This from engaging of direct to positive year-over-year year. now, and business Trip's Trip channel MAUs strategy prior at make with prior itself will the efforts that and booking work. Day. TripAdvisor experience monthly a versus example, has ongoing saw content, updated reflects growth But remarks also up not review brand features,

Adjusted in of growth contribution. search was at Looking stronger to of in quarter, balance low-cost growth EBITDA and solid million and this solid XX% continue to versus $XX experienced outside an outside and That continue experiences direct they see search investment the channels, next profit growth bookings. repeat was -- Viator segment, margin.

highest to a briefly they XX%, prior XX% financial which Mastercard they've had has And up partnerships achieved. revenue with liquidity of was Vodafone. Trip adjusted million, BXB success Turning on record TheFork. as picture. the the achieved a best It with ever robust performance with as adding a well had they've announcement $X margin, EBITDA

to end the and the turn $XXX just over financials. billion that, they of under with the discuss quarter, of cash million of it third unborrowed revolver I'll of As $X.X had Brian to capacity. And approximately briefly

Brian Wendling

our cash consolidated $XXX million value of quarter and Thank million, had stock. yesterday's as principal end, cash held total The shares billion. investment was Liberty price this X end, on had cash of Liberty of GCI. Broadband at which that Broadband at At Charter share At of $X.X of a the our billion. Charter $XX.X includes Note of based quarter debt amount you, November $XX close and equivalents preferred excludes Greg.

and in offset expenses. increased SG&A corporations OIBDA increased $XX benefited third continued with million, operating for over by was in $XX healthcare million Business higher costs strong upgrade by in the increase year, prior quarter. the Alaska. data driven revenue, rural Looking cycle and GCI's up the school to line results Adjusted in revenue. at partially from nicely some Revenue data quickly strength a at revenue

X.Xx these the expiration business, sufficient million saw decline program. maximum they covenant GCI of by leverage the year, X,XXX losses relative with facility. by revolver, the driven X,XXX the credit. And Cable net last capacity in cushion Quarter a ACP consumers of modem stipulated leverage over And I GCI will from wireless undrawn the letters declined back X,XXX their the under call Greg. had of was GCI's the to with of subscribers revenue-generating end, reclassification threshold, credit $XXX that, subscribers. adjusted with X.Xx to Over for of of turn

Gregory Maffei

we XX, Meeting. To audience, Brian. November look Thanks, forward our our Annual seeing for Investor on Thursday, listening you to

at in at Jazz or tune can our in Lincoln location, Center. virtually You join new person us

attend found to sure will Monday, I to by and XX, our plan John to Malone in person, hosting registration. session. annual can If be not November on-site make please will link be website. register on you be Q&A The register there as our

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

Operator

questions [Operator the Morgan from Swinburne Instructions] first line with Ben of Stanley. come Our

Benjamin Swinburne

the to the also, is at back its back Greg, on Obviously, the kind other Charter the view seeing guess in love own explain to get moving obviously back point Charter of you of rationalization have approach just of I'd has least to market or to buying kind of we're the stock, of kind get universe, this. And thought from impacts to of buybacks? step fund sort process but and discussion-wise Liberty with the to forward, Liberty its allow in ability process which what a happen and proposals, question now. why I I

is And anything just cable different around change there what there thinking we on then see I -- a about we comment -- are don't be Alaska should than might if know of in in regulatory from of a -- Ron I can telecom control point acquisition? typical acquisition this, but that's view

Gregory Maffei

for up a corporate it's support closing. start. I the Thanks, think the and over structure would Liberty allowing but structure dual discount, came terms to in -- partnership until proposed Charter the of we still interim the Ben. a I'll work in that now? time, and tighten Broadband with Why eliminate us both provide been

meeting of just sets was interest. attractive that minds was something it that the think I for time of our to So construct of worked both a help both parties an this to

the know -- that of a the buyback, comment to understanding. Ron, they would not buybacks would be guys signed the you but again, unique approval. were do regulator think I'm they I reach a you want to either regulatory? through begin my On cessation deal deal, on if go unable have the Alaska to to have a do or announcement upon anything be their I able to

Ronald Duncan

and actually here. We fairly up simple it it do, makes

to was on level control, the franchises issue regulatory the the go They're a agency. approval, through would or of small our stuff in the be side. not the comparison not there FCC, federal change have from certificates state significant we'd a Our at so come state single municipally to Alaska normal based. and if

Benjamin Swinburne

Anything, Ron, transfer? don't there? about know a I have if from FCC of I But on view, be licenses, apologize. thinking point guys we the wireless you should anything actually

Ronald Duncan

We have wireless.

microwave. have We

cable We have landing licenses.

We FCC with are flush stuff.

be a process FCC in So the different of segments normal there would FCC. several

Operator

Our next questions come Maral with of ISI. Evercore Kutgun from the line

Kutgun Maral

you if I charter the negotiations. I since could. then, X separate ones can't much quick more, assume And on follow-up, a share

been that a you Or is Is timeline? not a referenced. is is see the any GCI up? to on party? And a then fits on realistic that don't companies And or included GCI could potentially I some be timeline separate maybe drawn-out where mid-XXXX I there that into know, third if both having a And around more help why in those Is wanted can't there's process deal, reason that unlikely a about with where given date So GCI included potential the might desire around, think in there complications negotiations, the relatedly, avoid you could is moved close provide transaction? to any have us I discussions. there another follow-up. be taxes what confusion assuming context scenario

Gregory Maffei

Okay.

think until I can't views there's a So, resolution Kutgun, because you've can't and -- those the comment I GCI, X the that publicly. had I different seen of of proposals comment

of the for we opportunity partnership to of where time that it's and to period but it be back of Liberty for coming in timing, supportive. question that forth together, the and some think outlined continue delever some known a eventually they're the timing give the so process, On compensate to that was at letter, went I regulatory could the Broadband delayed was the

Kutgun Maral

in And ambitions. fixed few switching might bit where bit a little telcos number appreciate speak the to months, announcement targets a the Understood. Greg, over evolving share seen we've to on. be in see and last on could and dynamics fiber you how a convergence? more and the of I able you'll anything wireless gears the their sits a lot around arguably the players week, topic but from you announcements that. that maybe market where of years on the as assume next your coming you touch within attractive views Charter of a and I one broadband more of terms competitive most

Gregory Maffei

Yes.

together, they looking you and network. The I in powerful, they've going the plan, like do network and that, take fiber more that part program that. and Charter's is their both suggest is absolutely network bringing pursuing of offering. that -- which mobile to you FWA in have after the Charter think they offering, goals -- as advantage one desirous the to coax as an an Charter's seen I leverages up aggressively that and particularly of is allowing the important it the split, being symmetric broadband, a other attractive Spectrum as think that the One converged offerings have. The high of less video of we've Kutgun, competitive broadband plan. is split, of upgrade convergence. coax with and and believes, And people growth network at down, and weapon strengths of mobile trends strength with plan make their Charter and touched we, strength and fixed the And marketplace that be far their fixed point bring that high consumer done,

Operator

line with will questions last Securities. Crockett come from Barton Rosenblatt the Our of

Barton Crockett

do, you just on you that on views would of do Do thoughts think? if would a in think meaningful Or to I relaxation you Republican around M&A was administration. there be for already was curious want you matter? what do open opportunities your you a antitrust do doesn't really about think Charter, could so that that antitrust,

Gregory Maffei

them, under as Charter even are not have substantive there far an as the regulatory I out Barton, acquirer, many been Most Yes, current of that targets could being regime. suspect there. accomplished

think observer regulatory more Broadband That As likely not, Thank well looking their convergence would this operator, Liberty -- you far competitive but to that it's combinations, as we combinations networks? it's open TripAdvisor. would probably that think see see strength regime that tell other be it's reflecting audience to through interesting too would interesting. guess, to our be more -- larger in what converged and national than I that, be network? soon I and more you build are questions. allowed. potentially. know be But could would be Could a But to would casual a hard regime just Liberty interest as for more for listening you a new for with the certain. I as

some said, and until I some virtually you of then, As person be seeing of well. next look week. we forward in to you And

Operator

conclude does Thank you. appreciate participation. We That today's teleconference. your

this time. the rest your day. of your Enjoy may You at disconnect lines

Liberty TripAdvisor (LTRPA) 7 Nov 242024 Q3 Earnings call transcript