Liberty Broadband Corporation's (LBRDK) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

May 6, 2022 11:15 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Liberty Broadband 2022 Q1 Earnings Call. During the presentation, all participants will be in a listen-only mode. [Operator Instructions]. As a reminder, this conference is being recorded, May 6.

I would now like to turn the conference over to Courtnee Chun, Chief Portfolio Officer. Please go ahead.

Courtnee Chun

Good morning. Thank you.

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 the most recent Forms 10-K 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 Liberty President and CEO, Greg Maffei.

Greg Maffei

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

So beginning with Liberty Broadband, from the first of February through the end of April, we repurchased 5.1 million Liberty Broadband shares for $718 million. Over the same period, we received $753 million of proceeds from Charter share sales. This reflects two months of share sales as noted last quarter because we did not participate in the Charter buyback in February. The average look-through price to Charter on these repurchases was $451 per share.