Liberty Broadband Corporation (LBRDK) Q4 2022 Earnings Call Transcript

For the period ending December 31, 2022

February 17, 2023 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello and welcome to the Liberty Broadband 2022 Yearend 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, February 17.

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

Shane Kleinstein

Good morning. 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 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 introduce Greg Maffei, Liberty's President and CEO.

Greg Maffei

Good morning. Thank you, Shane. Today speaking on the call, we will 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. Also during Q&A, we will answer questions -- we'll be available to answers questions related to Liberty TripAdvisor.

Let me start with Liberty Broadband. As we mentioned in the last call in September, we began retaining approximately 50% of the cash flow from the charter sales to address our near-term liabilities. We have approximately $1.5 billion related to the charter exchangeables that is due by October based on current prices.

Therefore, from about the first of November to the end of January, we repurchased -- we received $291 million of proceeds from Charter sales and spent only $177 million on Liberty Broadband repurchases. The look through price to charter on those repurchases was about $272 versus the current charter of just under $400 [ph] this year. There's a slight mismatch on the timing of the proceeds when they come and when we spend them, and that may account for that being slightly more than 50%.