LBRDA - Earnings call 2 2023 | Liberty Broadband Corporation

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Operator

Welcome to the Liberty Broadband 2023 Q2 earnings call. [Operator Instructions] As a reminder, this conference will be recorded August 4. I would now like to turn the call over to Shane Kleinstein, Vice President, Investor Relations. Please go ahead.

Shane Kleinstein

Thank you, and good morning.

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

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

Gregory Maffei

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

the of We awards cap at So remain diluted issuance buybacks lighter Charter. XX% with ownership starting equity and their annual Broadband. fully Liberty to due under

we've conversion adds all adds once the they not from proceeds net at plan buyback. Charter, substantially resume of industry using XX%. resume sales have is adds subscribers our from operating it, from and and much. all with sales net and strong after-tax but top of its XXX,XXX progress. we strategy, X/X in buyback is going their with XX,XXX customer well strategy successful and the they've due management income impacting financial in modest subsidized better to approved in employee the is retention XXXX world which line, our video impacting investments made builds. We system, and The all initiatives are XX% cable do total the since We and we with undertaken results, looking net pressures XXXX to adds really that. wireless as at of now quarter pressure easing in coming into growth January. to the broadband rural investment about The LBRDK Charter the wireless sold the added. back about subsidized cost half is Charter, net broadband the That We is do One. LBRDA buybacks on see on their well of yields, is Spectrum executing Charter EBITDA XX,XXX of remains expansion did as growth. our not expect Charter progress service. an postpaid pacing pillars and total retention of year There expected reaccelerate world pleased was benefiting

evolution receiving network well. now are passings of our track are rural XXX,XXX for track XX% on constructed advanced and WiFi on XXXX, plans physical are as upgrade in product. We and our the customers

XX% revenue the experiences travel by the will Turning will to strength year-over-year. Recent has TripAdvisor. and long-term Viator was of trends benefit growth and continue. led We continued to business believe up be experiences.

to value the recently, recently costs. Viator. There corporate we to and functions. evaluate brand acquisition in announced metasearch we entirely carefully which time. core and channel, managing targeted we awareness are the and continue will building most on continue cost -- And focused through TripAdvisor are better believe highlight doable a working ways the is challenges profitability customer We while of growing to Viator cost-efficient reductions at over increase of are the TripAdvisor

deeper We travelers in initiatives investing and monetization are strategic schemes. to our engagement build with diversify

initiatives for are built user-generated have we with upgraded that, that the engagement AI, details. plus AI both I'll drive our and leveraging augmenting using content, our Brian membership editorial underway it We content AI, with are leveraging as trips And trip increased have we well. data both offering we proprietary tools planning on to and sign-in. And over turn other to --

Brian Wendling

Greg. you, Thank

look quick end, at quarter equivalents cash which GCI. of a at million, cash $XX had take consolidated sheet. balance million Broadband includes Liberty At Broadband's Let's of cash and $XX

obligation end our the amount was to of Broadband value that $X.X remaining of $XX.X had end, at day, principal and indemnification of billion. yesterday, and billion, the the preferred investment total Charter of stock excludes of Note Qurate. the quarter Liberty As debt this a

buybacks diluted have Charter's January. to XX% for As some resume into Charter of sales to year ownership stockholders since expect our we mentioned, maintain do our sold fully Greg this share not at to We point agreement.

X%. Taking free which grew customers. up was in inflationary buyback in driven strength by less revenue GCI. Adjusted particularly a labor million, our in due had offset respectively. and declines impact RHC does school personnel-related solid meaningful and continued than This Revenue we leakage quick data would activity, business, lower expect future tax flow. growth Charter continued $X second not the video primarily have margin look compared estimated sales $X were at pressures, partially and to by of a revenue less OIBDA X% year sales, million on range expenses. quarter. but to due our OIBDA and impacts to previously or cash a on Revenue to GCI adjusted to this However, was

the year, wireless cable has X,XXX Over X,XXX revenue-generating customers. GCI and last modem revenue-generating subscribers added

quarter $XX and anticipate paid dividend dividends Liberty allowed year. distributions Year-to-date, will received cash GCI. and just end litigation dividends X as hand, on this quick Leverage GCI million to million Solid has has undrawn Broadband as up paid Broadband has a then update continue $XX to quarter be $XXX a settlement performance million to credit to under X.XXx additional Subsequent we GCI in using revolver. And Broadband. end, in its GCI capacity matters. of agreement making from Liberty it's defined of on was

XXXX Broadband the both over to during that these During that, additionally, to and with be settlement call on million $XX related the our accrued the filed paid which turn the RHC second to Greg. resolving settlement back XX-Q, shortly. And More second inquiry quarter, accrued program. quarter, the will $XX lawsuit. previously a in DOJ regarding is previously million available GCI the And information FCC Liberty paid the matters I'll long-standing

Gregory Maffei

Broadband Liberty Liberty Brian. TripAdvisor. our you, And your to Thank audience, continued interest we appreciate listening and in

Annual Our New soon. see We in there. hope you Day And of questions. provided to be to Please November will York City. the save that, Thursday, be for like will operator, line Investor many date, the we'd with details X additional open

Operator

with [Operator question from Michael Rollins Instructions] first Citi. Our comes

Michael Rollins

you on Charter any the to curious the own? on the GCI new the and assets the that side, the to Liberty discount other of opportunity value Broadband Just perspectives Broadband stake the and NAV relative other of assets, close for some Liberty

Gregory Maffei

be going maintain Yes. smallest trying from Thank always interested able to the with and possible, you flows to to will but we in we discount the for repurchase it. cash advantage we generated that going try believe the an Look, are we are with we Charter the And shares presented us, when attractive to of at rate. to take question. are discount, be

combine more narrows and how that the but I term, no we will long Broadband believe current Liberty probably or we it as when no point see to we'll some have have Over plan most Charter, logical questions. at becomes intent. Operator, at

thanks Thank your Liberty interest audience. TripAdvisor. Liberty hope if Appreciate with listening not So quarter, to in see Broadband you. to sooner. again, our and you next We that,

Operator

All Thank you. disconnect. parties may

Liberty Broadband (LBRDK) 4 Aug 232023 Q2 Earnings call transcript