Liberty Broadband Corporation's (LBRDK) Q2 2022 Earnings Call Transcript

For the period ending June 30, 2022

August 5, 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 Q2 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 is being recorded, August 5.

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

Courtnee Chun

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 Greg Maffei, Liberty's President and CEO.

Greg Maffei

Thank you, Courtnee. Good morning. Today, speaking on the call, we will also have Liberty Broadband's Chief Accounting Officer and Principal Financial Officer, Brian Wendling; 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 able to answer questions related to Liberty TripAdvisor.

So looking first in Liberty Broadband, from May 1st to the 31st of July, we repurchased 9 million LBRD shares for $1 billion. This includes 2.7 LBRDA shares at an average cost per share of $114.08. We were capitalizing on the spread between the A's and K's. These Liberty Broadband buybacks have been additive to our NAV above 3% per share over this period compared to Charter of 1% per share and we bought at a look-through price on Charter, these were purchases about $373 a share on Charter. Over the same period we received $1.1 billion of cash proceeds from Charter share sales back to Charter.