LBRDA - Earnings call 2 2021 | Liberty Broadband Corporation

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Operator

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Liberty Broadband 2021 Quarter 2 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded, August 10 (sic) [ August 6 ], and I'd now like to turn the conference over to Courtnee Chun, Chief Portfolio Officer. Please go ahead.

Courtnee Ulrich

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

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

Gregory Maffei

and Q&A, during to GCI, will Duncan, related the Broadband's Accounting of Also Officer Pete Chief our Courtnee, CEO be and their call available listeners. Financial of we Pounds, questions earnings earlier Liberty this have answer Liberty the answer Brian morning. Today, will good Ron TripAdvisor, to Wendling. hosted who all CFO questions. also GCI you, morning to call, and Thank also speaking on will the we Officer, Principal

Liberty the So numbers Broadband me let with itself. start at

the these for same This $X.XX in over LBRDK price X July $X.XX used continue billion price share Charter's approximately at of plus $X.X From at of an LBRD X.X a yesterday's fully share compared we XX%. holding million per additional average shares May of -- repurchase approximately ownership to proceeds. held Charter XX, close received through per We the billion period for proceeds look-through at cash buyback, per to share. our is to attractive versus $X.X $XXX.XX. very diluted participate of We

said LBRD As see levered over Charter's share on almost repurchases to XX% Charter a we very year-to-date, Broadband growth can period. of results, Liberty NAV our Charter, our have performance play strong before, in compared is attractive plus you our that accreted and in same XX% the per

expect exceed to on we -- to the an tax match increased sales. repurchases Notably, $X.X at authorization also our proceeds billion. Liberty basis Broadband Charter quarter, last purchases LBRD mentioned share Board we buyback annual or As the the after from

and to X after is of X quarter, broadband total X.X%, adjusting revenue up XX.X%, fourth up offering second In mobile, turning growth So lines added EBITDA results. XXX,XXX XXXX, another the quarter and We adds with years XXX,XXX, of which Charter itself, pre-COVID. strong for double-digit approaching Charter to Residential COVID the of the year's Adjusted compared consecutive at lines another meaningfully still impacts. was up over last X% had Charter. great had of quarter service. EBITDA was only quarter new of net a million

advertising participating XXXX We was over XX% revenue of are the by seeing a most Notably, the segments that pandemic. nice recovery been X% market, over affected in rebound were XXXX. advertising a and in that is have the -- and Charter up

of with revenue continued strong We also commercial recovery see growth in X.X%. a

shoppers has nearly levels our and picked to the auction second the let quarter. positively hotel So The hotel trending XX% with from XX% to reaching over me of in revenue up back. XXXX reaching throughout it first quarter XXXX with comparable quarter. that, travel continues approximately levels, lead Liberty TripAdvisor. And at Europe turn is leisure TripAdvisor, with up U.S. recently the

excuse growing revenues to in XXXX EBITDA as April of of first revenue results. XX% consolidated $XX me, to million to Consolidated the monthly from up, quarter, from trend positive percent as June. monthly in XXXX our million turned a a second XX% up revenue -- in revenues percent continues quarter $XX of

This of building pandemic, by more XXXX relevant was in tools remain that as in well to instituted the XXXX. TRIP, the savings be driven resumes. our cost fixed during The expected pandemic. as to were discipline during has the were recovery been revenue as cost place travel even the majority

partnerships app, expanded We've the TRIP U.S. subscription in We and are to rolled TripAdvisor we dining. June, differentiating discounts with in group, we've Hertz invest experiences including a to the Club. customers, first trip.com major TripAdvisor enhance rental into out all benefits to car Plus offerings the new partnering through continue flight redesigned adding through Flight proposition, entered value and Plus in Dollar We our and OTA and service. customers,

at we the turn Brian discuss Plus through OTA offering expect partnerships. financials. I'll to should hotel that, the continue TripAdvisor direct with to enhance over And will supply You and to it further

Brian Wendling

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

the margin to pricing reducing the During extending we points X basis XXXX. years loan, Charter our by and quarter, XX amended May maturity,

$X.XX $XXX undrawn leaving the with margin loan, capacity. repaid under million connection loan of billion amendment, margin the In we

paid end. strong its by undrawn the the in an preferred as line down on indemnification as credit. results Leverage Note on driven of that exclude defined delever, to the above revolver. additional agreement capacity continued and X.Xx GCI $XX and million was $XXX GCI credit has million stock. of amounts its obligation quarter

by second for modem XX,XXX demand and great subscribers subscribers and Operationally, data. consumer XX,XXX over grew business had the $XX XX% Revenue revenue-generating X% quarter. continued and million, strong grew GCI wireless well OIBDA past GCI. as nearly data consumer over a cable wireless at added revenue-generating year. adjusted Looking driven consumer GCI as to

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

Gregory Maffei

exciting in Brian. be our An full experience at Investor the will the New Please held person date. offered The Thursday, will Times Meeting and XX. on be save news, November Thanks, virtually. York Center

against Additional note be must please be soon. details fully attendees will And all provided COVID-XX. that in-person vaccinated

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

Operator

at [Operator now We'll first ISI. Instructions] Evercore question from James Ratcliffe take the

James Ratcliffe

Can about the if to the regarding talk the -- businesses? Greg, people, opportunities -- X could. regarding looks infrastructure with risks like Charter for X what what for question what One I that GCI. it and be comes and both and bill Ron you

Gregory Maffei

Ron, I'll first. you go let

Ronald Duncan

appreciate Greg. Thanks, I that.

up lot will I exactly up market impact of category. the fit the have how number the terms Obviously, a think would a air in right in is in that substantial of it on we Bill now Infrastructure here. unserved the locations

be So funding GCI. some a There for eligible under are proposal. the upside they would opportunities for

be come see working if could one to some some And the operators we're risks Bethel put is are with some broadband figure our been where area now group together coverage, trying how the in. because There's fiber out to start-up program long also together. likely for that under building there There to expand coming we've time. to something a out facilities Tribal to could are we

money compete you hard fast think our sections create I into clearly that pour disruption it's some but necessarily much for for with but overbuilding, risk just that people of when network, to not marketplace, of does market the it us, a disruptions.

terms in of frames. I real the Also, some anticipated challenges think, time

-- equipment, a terms requirements determined more the final available of realistic technology, the available but what of lot bill. think to I are anticipate be available they particularly there's in not for workforce, of terms once in a the version build

Gregory Maffei

the with competition have Yes. think comments, doing funded. And money agree Charter, I'd in markets, potential I you Ron's increased certain being for

I see. think of whether thinking thinking or that to rush can we'll be there's enter actually going counties they can, states broadband whether the they that municipalities business, entities, it's a

probably But there be on will some impact talent.

you'll money whatever that expecting time to -- to done, some us secondary an going that hire and on impact installers impact are that things want, all to cases, or pouring the is in seeing trying in out, means, pointed of have be frames pick Ron get of markets. lot you a As going people our

to either muni overbuilds. bill and details there's rightly The as the bill be still XXX out, XXX potential worse worked out, for to have been have in terms far could symmetric, fiber only, points Ron been, could of encouraging

mutated have liked. All appears elements radical of what things would are fairly most in the of those terms

all, in probably not could have TBD all but of a it's things, on a say it bad as as lot been. would So I

Operator

next of the take Benchmark. Harrigan from We'll Matthew now question

Matthew Harrigan

to just Board gaming EA it perspective former the from given really What's very realizing ways the terms justify proposition, potential. on broad Formula the mean, creating like marketing go to TMT, nice the of But on prism feels in X, I Greg, Xbox, gig full there's apps but AR. broadband, overall, it's not a your just your a demand sliver. member, laying

Gregory Maffei

Do think Is demand going networks around gets and get there's further I'm making higher? faster I sure I understand, be opportunities that... real-time Matthew. as to gaming

Matthew Harrigan

starting up for right think you I gaming terms paying low and just comes a mean and the full consumers that. is [ hub ventures just in of and mean, or trans broadband, even really start-ups in over do entrants gaming, ponying where which mean AR, lot in gig just all your Not but -- [indiscernible] now? deals latency subset of Yes. I with or of justifies kind up a everything where for ] as I becoming off faster market

Gregory Maffei

to is say it Well, who can need pandemic who not the much we much you're that the high. things are gig probably for right really the want out have has afford people need customers pointed best. like very are certainly that demand but buying very and it, certainly a But don't would I probably demand that there gig. appreciate There's who a

has available. like to Microsoft will people BlueJeans and will The those platforms become that truly about, Charlie Zoom, the whether -- of been path continue as cavalierly there'll as Zoom. -- has treated a be require who the or they articulate platforms it way and that you have that build case, that suspect them. It consuming return bandwidth they world you'll Ergen I are network, build up be somewhat the more important develop build And I we in consume apps and or more see Teams, WebEx think is

certainly would with which of come as with Intel You I others spent experience. and power, utilize years new software, a Microsoft, power. at of chip that would mentioned lot build we up new processing a where breadth more

requirements the pushing like spec "Field network is examples today. think of all also gaming I I I wouldn't going increased speed. know a think benefit all things all But come." around them will the build of to are there pandemic mentioned, them we've they case of low as latency I and Dreams, things, do seen clearly it like, we from I the But today, like certainly which could say where the

we Operator, no have believe questions. I other

in So you, interest listening Liberty if with that audience, appreciate to thank Liberty and again we'll look you continued limit, if TripAdvisor Thank your forward earlier, speaking and the not November. you next operator. our is quarter, seeing And in Broadband.

Operator

That you concludes your for call. participation. Thank today's

You now may disconnect.

Liberty Broadband (LBRDK) 6 Aug 212021 Q2 Earnings call transcript