Liberty Broadband Corporation (LBRDK) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

August 4, 2023 11:15 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Welcome to the Liberty Broadband 2023 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 will be recorded August 4th. I would now like to turn the call over to Shane Kleinstein, Vice President, Investor Relations. Please go ahead.

Shane Kleinstein

Thank you and good morning. Before we begin, we would 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 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 statement 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 notes in 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

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

So starting with Liberty Broadband. We remain under the 26% fully diluted ownership cap due to lighter buybacks and their annual issuance of equity awards at Charter. We have not sold into the buyback since January.

We do plan to resume LBRDA and K buybacks using substantially all of our after-tax proceeds from Charter sales once they resume their buyback. Charter, looking at it, strong operating results, 77,000 broadband net adds and 648,000 wireless net adds benefiting from the conversion strategy of Spectrum One.