LBRDA - Earnings call 3 2023 | Liberty Broadband Corporation

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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

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

note 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 in Information definitions X found the releases and regarding adjusted including

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

Gregory Maffei

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

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

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

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

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

does Mobile during added We lines quarter. XXX,XXX third strength the mobile also continue.

on to see those pricing in paid One These pricing convert cohorts. begin begin heard management will to We to the churn during week, we've roll we those. trial quarter. benefit see Spectrum fourth last closer you our lines on and begin lines And from low conversions quarter off free will from opportunities of fourth the as those into may the as have seen

winner. allows the distribution live it. new a partners all Zomo believe going and month We're excellent The to is a path unified be platform, for note our together parties access content with forward. both for linear also as to We with can a does parties did think went discovery convenient excited both Charter could of and Comcast, which across and ago, I'd agreement provider, linear work provide video and over-the-top search interface. network DTC we that and Zomo a both we a we good with for Disney, for resolution have carriage beneficial successful and and be that's think our a both forward model

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

Let me Liberty turn to TripAdvisor.

hasn't As do range going not on We I best good did OTC anticipate strategy. was their noncompliance strategic the due third direction. -- noted, business alternatives with Liberty OTC of quarter business and I'm or TripAdvisor the move the transitioning compliance an did we of about will have change NASDAQ some trading do Trip's this TripAdvisor reported the that. believe on to This Liberty XX. so impact October and But of look comment requirements. results, or was listing a to we at course to to not feel action, operations in

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

Brian Wendling

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

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

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

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

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

GCI the X,XXX Over on end, of GCI year, revenue-generating as $XXX in agreement subscribers undrawn dividends has has revenue-generating at credit received in has Xx from million its wireless Year-to-date, last quarter Broadband and was million its added customers. defined Liberty and modem revolver. GCI. capacity Leverage X,XXX $XX cable

over And to with call turn I'll Greg. back the

Gregory Maffei

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

can investorday@libertymedia.com. the available Malone hosting operator, I for I We would line questions. John like your is website. would continued questions our Liberty Broadband advance, will e-mail you Q&A, information in Additional if on in submit with be and our you interest appreciate and open annual Liberty that, to TripAdvisor. And

Operator

Instructions] Our [Operator question comes Evercore Maral ISI. first with from Kutgun

Kutgun Maral

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

Gregory Maffei

the for Thank you question.

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

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

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

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

Operator

comes Swinburne Our with Stanley. Morgan next question Ben from

Benjamin Swinburne

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

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

Gregory Maffei

Yes.

So question. the Ben, thanks for

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

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

going hurt Charter an we've asset these have But discount. correct, is Your point to don't very and which than us, more I of expansion we're create about discount, capital the a up the attractive what of note, in seen a in a that's the they that attractive others would it we opportunities. prior even is at so we very we buy hurt saw as probably question, means opportunity -- think cost

I'm aren't Ad that you, doing so various I'm but more all you're factors. not alternative well, bar -- suddenly, gets to higher. also saying telling got the weigh as going attractive So those I'm it, we not

Benjamin Swinburne

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

Gregory Maffei

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

I factors. So of am aware these

Benjamin Swinburne

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

Gregory Maffei

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

strategic all opportunity not is the that they're do economic were that, we how the done the of and subsidized can at these continue rural there. is particularly look that opportunity opportunity programs, to longer play longer these. we be -- think that's probably we worthwhile. value look And may at I now, we But that and with off

high around putting a think, also but an with we not moat also, And are further creating business. opportunity split, more I only the

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

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

Operator

Michael our last with question from And Rollins comes Citi.

Michael Rollins

if Two, I could.

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

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

Gregory Maffei

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

trading. way, the LSXM would we certainly between taking think close SiriusXM. their the some Examples closed of what's that Media that very companies cases in But asset. you we've and in be we've proposed these we've have -- like Liberty had been or beneficial advantage think holding very many share at growth and look, that Liberty them merge some Expedia also, along in been example and repurchase cases, point, in between well be of done and the Expedia, and written things underlying I DIRECTV, gone gap

that That the when is clearly why entities. we the more and path think could be should down beneficial day be logical don't road ACP a on do today. day these Pete somewhere we to to on Charter, our will but want Street, based is do we you to and Ron, GCI or think probably for on take shot? independent, it come that would We pursued merge On come

Brian Wendling

Yes.

there? are I think Ron, you

Gregory Maffei

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

preempt. So he we'll decides let Pete, you unless go, Ron wants that to

Ronald Duncan

Yes.

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

Gregory Maffei

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

hard out. So to plays how guess that

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

Operator

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

Liberty Broadband (LBRDP) 3 Nov 232023 Q3 Earnings call transcript