Liberty Broadband Corporation (LBRDK) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 2, 2023 4:30 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Welcome to the Liberty Broadband 2023 Q1 Earnings Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference will be recorded on May 2nd.

I would now like to turn the conference over to Shane Kleinstein, Vice President, Investor Relations. Please go ahead.

Shane Kleinstein

Thank you and good afternoon. 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. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in most recent Forms 10-K and 10-Q filed by Liberty Broadband and Liberty TripAdvisor with the SEC.

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

On today’s call, we will discuss certain non-GAAP financial measures for Liberty Broadband, including adjusted OIBDA. Information regarding the comparable GAAP metrics, along with required definitions and reconciliations, including preliminary note and Schedules 1 and 2 can be found in the earnings press release issued today, as well as earnings releases for prior periods, which are available on Liberty Broadband’s website.

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

Greg Maffei

Thank you Shane and good afternoon to all. Today speaking on the call, we will also have Liberty Broadband’s Chief Accounting and Principal Financial Officer, Brian Wendling, Ron Duncan, CEO of GCI, and Pete Pounds, CFO of GCI, will also be available to answer questions.

I’d note also during the Q&A, we will be happy to answer questions related to Liberty TripAdvisor, but note, Liberty TripAdvisor has not yet reported its Q1 results, so we will be unable to comment on the current quarter. So beginning with Liberty Broadband, in the first quarter, we issued $1.3 billion of a 3.125% charter exchangeable, and we used the proceeds and some cash we had on hand to repurchase $1.4 billion of charter’s exchangeable debt that was due this year.