Liberty Broadband Reports Second Quarter 2024 Financial Results
Liberty Broadband reported Q2 2024 results, highlighting key financial metrics and operations. The fair value of its Charter investment was $13.7 billion as of June 30th. The company issued $860 million in exchangeable senior debentures and used the proceeds to repay debt and repurchase debentures. GCI revenue remained flat at $246 million, with operating income of $30 million and a 7% decrease in Adjusted OIBDA to $86 million. Liberty Broadband maintained a 26% fully diluted equity interest in Charter and received $74 million from selling 270,000 Charter shares. The company's total debt decreased to $3.726 billion, and it has a remaining share repurchase authorization of approximately $1.7 billion.
Liberty Broadband ha riportato i risultati del Q2 2024, evidenziando i principali indicatori finanziari e operativi. Il valore equo del suo investimento in Charter era di 13,7 miliardi di dollari al 30 giugno. L'azienda ha emesso 860 milioni di dollari in obbligazioni convertibili senior e ha utilizzato i proventi per ripagare debiti e riacquistare obbligazioni. I ricavi di GCI sono rimasti stabili a 246 milioni di dollari, con un utile operativo di 30 milioni di dollari e una diminuzione del 7% dell'OIBDA rettificato a 86 milioni di dollari. Liberty Broadband ha mantenuto una partecipazione azionaria totalmente diluita del 26% in Charter e ha ricevuto 74 milioni di dollari dalla vendita di 270.000 azioni di Charter. Il debito totale dell'azienda è diminuito a 3,726 miliardi di dollari, e ha un'autorizzazione rimanente per il riacquisto di azioni di circa 1,7 miliardi di dollari.
Liberty Broadband anunció los resultados del segundo trimestre de 2024, destacando los principales indicadores financieros y operativos. El valor razonable de su inversión en Charter era de 13.7 mil millones de dólares a fecha del 30 de junio. La compañía emitió 860 millones de dólares en bonificaciones senior convertibles y utilizó los ingresos para pagar deudas y recomprar bonificaciones. Los ingresos de GCI se mantuvieron estables en 246 millones de dólares, con un ingreso operativo de 30 millones de dólares y una disminución del 7% en el OIBDA ajustado a 86 millones de dólares. Liberty Broadband mantuvo un interés accionarial completamente diluido del 26% en Charter y recibió 74 millones de dólares por la venta de 270,000 acciones de Charter. La deuda total de la empresa disminuyó a 3.726 mil millones de dólares, y tiene una autorización restante para la recompra de acciones de aproximadamente 1.7 mil millones de dólares.
리버티 브로드밴드는 2024년 2분기 실적을 발표하며 주요 재무 지표 및 운영 내용을 강조했습니다. 6월 30일 기준으로 Charter 투자 공정 가치는 137억 달러였습니다. 회사는 8억 6천만 달러의 전환 가능 선순위 채권을 발행하고, 그 수익을 사용해 부채를 상환하고 채권을 재매입했습니다. GCI 매출은 2억 4천 6백만 달러로 변동이 없었고, 운영 이익은 3천만 달러였으며, 조정 OIBDA는 8천 6백만 달러로 7% 감소했습니다. 리버티 브로드밴드는 Charter에 대해 26%의 완전 희석 후 지분을 유지하며, 270,000주의 Charter 주식 판매로 7천 4백만 달러를 받았습니다. 회사의 총 부채는 37억 2천 6백만 달러로 감소했으며, 약 17억 달러의 잔여 주식 매입 승인 권한이 있습니다.
Liberty Broadband a annoncé ses résultats pour le deuxième trimestre 2024, mettant en avant des indicateurs financiers clés et ses opérations. La juste valeur de son investissement dans Charter était de 13,7 milliards de dollars au 30 juin. L'entreprise a émis 860 millions de dollars d'obligations senior échangeables et a utilisé le produit pour rembourser des dettes et racheter des obligations. Les revenus de GCI sont restés stables à 246 millions de dollars, avec un revenu d'exploitation de 30 millions de dollars et une diminution de 7 % de l'OIBDA ajusté à 86 millions de dollars. Liberty Broadband a maintenu une participation en actions totalement diluée de 26% dans Charter et a reçu 74 millions de dollars de la vente de 270 000 actions Charter. La dette totale de l'entreprise a diminué à 3,726 milliards de dollars, et elle dispose d'une autorisation restante de rachat d'actions d'environ 1,7 milliard de dollars.
Liberty Broadband berichtete über die Ergebnisse des zweiten Quartals 2024 und hob dabei die wichtigsten finanziellen Kennzahlen und Betriebsabläufe hervor. Der faire Wert seiner Charter-Investition betrug zum 30. Juni 13,7 Milliarden Dollar. Das Unternehmen gab 860 Millionen Dollar in wandelbaren Senioranleihen aus und verwendete die Erlöse, um Schulden zu tilgen und Anleihen zurückzukaufen. Die Einnahmen von GCI blieben mit 246 Millionen Dollar stabil, bei einem Betriebsgewinn von 30 Millionen Dollar und einem Rückgang des bereinigten OIBDA um 7% auf 86 Millionen Dollar. Liberty Broadband hielt ein vollständig verwässertes Eigenkapitalinteresse von 26% an Charter und erhielt 74 Millionen Dollar aus dem Verkauf von 270.000 Charter-Aktien. Die Gesamtschulden des Unternehmens sanken auf 3,726 Milliarden Dollar, und es hat eine verbleibende Genehmigung zum Rückkauf von Aktien in Höhe von etwa 1,7 Milliarden Dollar.
- Issued $860 million in exchangeable senior debentures, using proceeds to repay debt and repurchase debentures
- Maintained 26% fully diluted equity interest in Charter
- Received $74 million from selling 270,000 Charter shares
- Total debt decreased to $3.726 billion
- Remaining share repurchase authorization of $1.7 billion
- GCI's Adjusted OIBDA decreased 7% to $86 million
- Operating income decreased from $32 million to $30 million
- GCI's leverage increased from 2.8x to 3.2x
Insights
Liberty Broadband's Q2 2024 results reveal a mixed financial picture. The fair value of their Charter investment increased to
The company's debt management strategy is noteworthy. They issued
Investors should monitor GCI's increasing leverage (now at 3.2x) and declining margins, which could impact future performance and financial flexibility. The continued investment in rural Alaska networks (
Liberty Broadband's results highlight the challenges facing the telecom industry. GCI's flat revenue and declining profitability reflect ongoing pressures in both consumer and business segments. The slight growth in data revenue is offset by declines in wireless, indicating a shift in consumer preferences and competitive pressures.
The company's focus on rural Alaska expansion is strategic, potentially tapping into underserved markets. However, the
The maintenance of a
Liberty Broadband's Q2 results present a complex investment case. The company's primary value driver remains its Charter stake, now valued at
However, the operational performance of GCI is concerning. The flat revenue and declining Adjusted OIBDA suggest challenges in organic growth and profitability. The increased leverage (3.2x) also raises questions about financial flexibility and future capital allocation decisions.
The company's debt management appears prudent, with refinancing activities potentially improving the debt profile. The substantial share repurchase authorization of
Investors should weigh the stability and potential upside of the Charter investment against the operational challenges at GCI. The rural Alaska expansion strategy could provide growth opportunities but requires careful execution and patience.
Headlines include(1):
-
Fair value of Charter investment was
$13.7 billion -
Issued
$860 million 3.125% exchangeable senior debentures due 2054 on July 2nd-
Used net proceeds to repay
$540 million $300 million 3.125% exchangeable senior debentures due 2053
-
Used net proceeds to repay
-
From May 1, 2024 through July 31, 2024, Liberty Broadband received
$74 million -
Maintained fully diluted equity interest in Charter of
26% (2)
-
Maintained fully diluted equity interest in Charter of
-
In the second quarter, GCI(3) revenue was flat at
$246 million $30 million 7% to$86 million
Share Repurchases
There were no repurchases of Liberty Broadband’s common stock (Nasdaq: LBRDA, LBRDK) from May 1, 2024 through July 31, 2024. The total remaining repurchase authorization for Liberty Broadband as of August 1, 2024 is approximately
Charter Ownership
Under the terms of Liberty Broadband and Charter’s stockholder agreement, Liberty Broadband has sold and will continue to sell to Charter a number of shares of Charter Class A common stock as is necessary to maintain Liberty Broadband’s percentage equity interest at
From May 1, 2024 through July 31, 2024, Liberty Broadband sold 270 thousand shares of Charter Class A common stock to Charter for total proceeds of
Balance Sheet
The following presentation is provided to separately identify cash and liquid investments, debt and public holdings of Liberty Broadband as of March 31, 2024 and June 30, 2024.
(amounts in millions) |
|
3/31/2024 |
|
|
6/30/2024 |
|
||
Cash and Cash Equivalents: |
|
|
|
|
|
|
||
GCI Holdings |
|
$ |
70 |
|
|
$ |
47 |
|
Corporate and Other |
|
|
38 |
|
|
|
26 |
|
Total Liberty Broadband Consolidated Cash |
|
$ |
108 |
|
|
$ |
73 |
|
|
|
|
|
|
|
|
||
Fair Value of Public Holdings in Charter(a) |
|
$ |
13,385 |
|
|
$ |
13,730 |
|
|
|
|
|
|
|
|
||
Debt: |
|
|
|
|
|
|
||
Senior Notes(b) |
|
$ |
600 |
|
|
$ |
600 |
|
Senior Credit Facility |
|
|
334 |
|
|
|
443 |
|
Tower Obligations and Other(c) |
|
|
90 |
|
|
|
88 |
|
Total GCI Holdings Debt |
|
$ |
1,024 |
|
|
$ |
1,131 |
|
GCI Leverage(d) |
|
|
2.8x |
|
|
3.2x |
||
|
|
|
|
|
|
|
||
Charter Margin Loan |
|
$ |
1,480 |
|
|
$ |
1,330 |
|
|
|
|
1,265 |
|
|
|
1,265 |
|
Total Corporate Level Debt |
|
$ |
2,745 |
|
|
$ |
2,595 |
|
|
|
|
|
|
|
|
||
Total Liberty Broadband Debt |
|
$ |
3,769 |
|
|
$ |
3,726 |
|
Fair market value adjustment and deferred loan costs |
|
|
(45 |
) |
|
|
(33 |
) |
Tower obligations and finance leases (excluded from GAAP Debt) |
|
|
(85 |
) |
|
|
(84 |
) |
Total Liberty Broadband Debt (GAAP) |
|
$ |
3,639 |
|
|
$ |
3,609 |
|
|
|
|
|
|
|
|
||
Other Financial Obligations: |
|
|
|
|
|
|
||
Preferred Stock(f) |
|
|
180 |
|
|
|
180 |
|
____________________ |
||
a) |
Represents fair value of the investment in Charter as of March 31, 2024 and June 30, 2024. |
|
b) |
Principal amount of Senior Notes. |
|
c) |
Includes the Wells Fargo Note Payable and current and long-term obligations under tower obligations and finance leases. |
|
d) |
As defined in GCI's credit agreement. |
|
e) |
Principal amount of Exchangeable Senior Debentures exclusive of fair market value adjustments. |
|
f) |
Liquidation value of preferred stock. Preferred stock has a |
|
Liberty Broadband cash decreased
Liberty Broadband debt decreased
On July 2, 2024, Liberty Broadband closed a private offering of
GCI Operating and Financial Results
|
|
|
2Q23 |
|
|
|
2Q24 |
|
|
|
% Change |
|
(amounts in millions, except operating metrics) |
|
|
|
|
|
|
|
|
|
|||
GCI Consolidated Financial Metrics |
|
|
|
|
|
|
|
|
|
|||
Revenue |
|
|
|
|
|
|
|
|
|
|||
Consumer |
|
$ |
117 |
|
|
$ |
117 |
|
|
|
— |
% |
Business |
|
|
128 |
|
|
|
129 |
|
|
|
1 |
% |
Total revenue |
|
$ |
245 |
|
|
$ |
246 |
|
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|||
Operating income |
|
$ |
32 |
|
|
$ |
30 |
|
|
|
(6 |
)% |
Operating income margin (%) |
|
|
13.1 |
% |
|
|
12.2 |
% |
|
|
(90)bps |
|
|
|
|
|
|
|
|
|
|
|
|||
Adjusted OIBDA(a) |
|
$ |
92 |
|
|
$ |
86 |
|
|
|
(7 |
)% |
Adjusted OIBDA margin(a) (%) |
|
|
37.6 |
% |
|
|
35.0 |
% |
|
|
(260)bps |
|
|
|
|
|
|
|
|
|
|
|
|||
GCI Consumer |
|
|
|
|
|
|
|
|
|
|||
Financial Metrics |
|
|
|
|
|
|
|
|
|
|||
Revenue |
|
|
|
|
|
|
|
|
|
|||
Data |
|
$ |
59 |
|
|
$ |
60 |
|
|
|
2 |
% |
Wireless |
|
|
48 |
|
|
|
47 |
|
|
|
(2 |
)% |
Other |
|
|
10 |
|
|
|
10 |
|
|
|
— |
% |
Total revenue |
|
$ |
117 |
|
|
$ |
117 |
|
|
|
— |
% |
Operating Metrics |
|
|
|
|
|
|
|
|
|
|||
Data: |
|
|
|
|
|
|
|
|
|
|||
Cable modem subscribers(b) |
|
|
159,600 |
|
|
|
158,000 |
|
|
|
(1 |
)% |
Wireless: |
|
|
|
|
|
|
|
|
|
|||
Lines in service(c) |
|
|
201,100 |
|
|
|
201,900 |
|
|
|
— |
% |
|
|
|
|
|
|
|
|
|
|
|||
GCI Business |
|
|
|
|
|
|
|
|
|
|||
Financial Metrics |
|
|
|
|
|
|
|
|
|
|||
Revenue |
|
|
|
|
|
|
|
|
|
|||
Data |
|
$ |
106 |
|
|
$ |
109 |
|
|
|
3 |
% |
Wireless |
|
|
13 |
|
|
|
12 |
|
|
|
(8 |
)% |
Other |
|
|
9 |
|
|
|
8 |
|
|
|
(11 |
)% |
Total revenue |
|
$ |
128 |
|
|
$ |
129 |
|
|
|
1 |
% |
____________________ |
||
a) |
See reconciling schedule 1. |
|
b) |
A cable modem subscriber is defined by the purchase of cable modem service regardless of the level of service purchased. If one entity purchases multiple cable modem service access points, each access point is counted as a subscriber. Data cable modem subscribers as of June 30, 2024 include 900 subscribers that were reclassified from GCI Business to GCI Consumer subscribers in the first quarter of 2024 and are not new additions. |
|
c) |
A wireless line in service is defined as a wireless device with a monthly fee for services. Wireless lines in service as of June 30, 2024 include 1,800 lines that were reclassified from GCI Business to GCI Consumer lines in the first quarter of 2024 and are not new additions. |
|
Unless otherwise noted, the following discussion compares financial information for the three months ended June 30, 2024 to the same period in 2023.
GCI revenue was flat in the second quarter. Consumer revenue was flat as growth in data was offset by declines in wireless revenue. Business revenue increased
Operating income and Adjusted OIBDA decreased
In the second quarter, GCI spent
FOOTNOTES |
||
1) |
Liberty Broadband will discuss these highlights and other matters on Liberty Broadband's earnings conference call that will begin at 11:15 a.m. (E.T.) on August 8, 2024. For information regarding how to access the call, please see “Important Notice” later in this document. |
|
2) |
Calculated pursuant to the stockholder agreement between Liberty Broadband and Charter Communications, Inc. ("Charter"). |
|
3) |
Liberty Broadband’s principal operating asset is GCI Holdings, LLC (“GCI” or “GCI Holdings”), |
|
4) |
For a definition of Adjusted OIBDA and Adjusted OIBDA margin and applicable reconciliations, see the accompanying schedules. |
|
NOTES
LIBERTY BROADBAND FINANCIAL METRICS
(amounts in millions) |
|
2Q23 |
|
|
2Q24 |
|
||
Revenue |
|
|
|
|
|
|
||
GCI Holdings |
|
$ |
245 |
|
|
$ |
246 |
|
Corporate and other |
|
|
— |
|
|
|
— |
|
Total Liberty Broadband Revenue |
|
$ |
245 |
|
|
$ |
246 |
|
|
|
|
|
|
|
|
||
Operating Income |
|
|
|
|
|
|
||
GCI Holdings |
|
$ |
32 |
|
|
$ |
30 |
|
Corporate and other |
|
|
(9 |
) |
|
|
(9 |
) |
Total Liberty Broadband Operating Income |
|
$ |
23 |
|
|
$ |
21 |
|
|
|
|
|
|
|
|
||
Adjusted OIBDA |
|
|
|
|
|
|
||
GCI Holdings |
|
$ |
92 |
|
|
$ |
86 |
|
Corporate and other |
|
|
(5 |
) |
|
|
(6 |
) |
Total Liberty Broadband Adjusted OIBDA |
|
$ |
87 |
|
|
$ |
80 |
|
Important Notice: Liberty Broadband (Nasdaq: LBRDA, LBRDK, LBRDP) will discuss Liberty Broadband’s earnings release on a conference call which will begin at 11:15 a.m. (E.T.) on August 8, 2024. The call can be accessed by dialing (877) 407-3944 or (412) 902-0038, passcode 13742821, at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to https://www.libertybroadband.com/investors/news-events/ir-calendar. Links to this press release and replays of the call will also be available on Liberty Broadband’s website.
This press release includes certain forward-looking statements under the Private Securities Litigation Reform Act of 1995, including statements about business strategies, market potential, future financial prospects, capital expenditures, matters relating to Liberty Broadband’s equity interest in Charter and Charter’s buyback of common stock, Liberty Broadband’s participation in Charter’s buyback of common stock, the continuation of our stock repurchase program and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, possible changes in market acceptance of new products or services, competitive issues, regulatory matters affecting our businesses, continued access to capital on terms acceptable to Liberty Broadband, changes in law and government regulations, the availability of investment opportunities, general market conditions (including as a result of inflationary pressures) and market conditions conducive to stock repurchases. These forward-looking statements speak only as of the date of this press release, and Liberty Broadband expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Broadband's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Liberty Broadband, including the most recent Forms 10-K and 10-Q, for additional information about Liberty Broadband and about the risks and uncertainties related to Liberty Broadband which may affect the statements made in this press release.
NON-GAAP FINANCIAL MEASURES
To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for Liberty Broadband (and certain of its subsidiaries) and GCI Holdings together with a reconciliation to that entity or such businesses’ operating income, as determined under GAAP. Liberty Broadband defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, transaction costs, separately reported litigation settlements, restructuring and impairment charges. Further, this press release includes Adjusted OIBDA margin which is also a non-GAAP financial measure. Liberty Broadband defines Adjusted OIBDA margin as Adjusted OIBDA divided by revenue.
Liberty Broadband believes Adjusted OIBDA is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business' performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because Adjusted OIBDA is used as a measure of operating performance, Liberty Broadband views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that Liberty Broadband’s management considers in assessing the results of operations and performance of its assets. Please see the tables below for applicable reconciliations.
SCHEDULE 1
The following table provides a reconciliation of GCI’s operating income to its Adjusted OIBDA for the three months ended June 30, 2023 and June 30, 2024.
GCI HOLDINGS ADJUSTED OIBDA RECONCILIATION
(amounts in millions) |
|
2Q23 |
|
|
2Q24 |
|
||
GCI Holdings Operating Income |
|
$ |
32 |
|
$ |
30 |
|
|
Depreciation and amortization |
|
|
56 |
|
|
52 |
|
|
Stock-based compensation |
|
|
4 |
|
|
4 |
|
|
GCI Holdings Adjusted OIBDA |
|
$ |
92 |
|
$ |
86 |
|
|
SCHEDULE 2
The following table provides a reconciliation of operating income (loss) calculated in accordance with GAAP to Adjusted OIBDA for Liberty Broadband for the three months ended June 30, 2023 and June 30, 2024.
LIBERTY BROADBAND ADJUSTED OIBDA RECONCILIATION
(amounts in millions) |
|
2Q23 |
|
|
2Q24 |
|
||
Liberty Broadband Operating Income |
|
$ |
23 |
|
|
$ |
21 |
|
Depreciation and amortization |
|
|
56 |
|
|
|
52 |
|
Stock-based compensation |
|
|
8 |
|
|
|
7 |
|
Liberty Broadband Adjusted OIBDA |
|
$ |
87 |
|
|
$ |
80 |
|
GCI Holdings |
|
$ |
92 |
|
|
$ |
86 |
|
Corporate and other |
|
|
(5 |
) |
|
|
(6 |
) |
LIBERTY BROADBAND CORPORATION |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION |
|||||||
(unaudited) |
|||||||
|
|
|
|
|
|
||
|
|
June 30, |
|
December 31, |
|||
|
|
2024 |
|
2023 |
|||
|
|
amounts in millions, |
|||||
|
|
except share amounts |
|||||
Assets |
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
73 |
|
158 |
||
Trade and other receivables, net of allowance for credit losses of |
|
|
176 |
|
|
178 |
|
Prepaid and other current assets |
|
|
60 |
|
|
94 |
|
Total current assets |
|
|
309 |
|
|
430 |
|
Investment in Charter, accounted for using the equity method |
|
|
12,535 |
|
|
12,116 |
|
Property and equipment, net |
|
|
1,109 |
|
|
1,053 |
|
Intangible assets not subject to amortization |
|
|
|
|
|
||
Goodwill |
|
|
755 |
|
|
755 |
|
Cable certificates |
|
|
550 |
|
|
550 |
|
Other |
|
|
41 |
|
|
40 |
|
Intangible assets subject to amortization, net |
|
|
436 |
|
|
461 |
|
Other assets, net |
|
|
224 |
|
|
236 |
|
Total assets |
|
$ |
15,959 |
|
|
15,641 |
|
|
|
|
|
|
|
||
Liabilities and Equity |
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
||
Accounts payable and accrued liabilities |
|
$ |
101 |
|
|
86 |
|
Deferred revenue |
|
|
30 |
|
|
30 |
|
Current portion of debt |
|
|
3 |
|
|
3 |
|
Other current liabilities |
|
|
50 |
|
|
59 |
|
Total current liabilities |
|
|
184 |
|
|
178 |
|
Long-term debt, net, including |
|
|
3,606 |
|
|
3,733 |
|
Obligations under tower obligations and finance leases, excluding current portion |
|
|
81 |
|
|
83 |
|
Long-term deferred revenue |
|
|
76 |
|
|
65 |
|
Deferred income tax liabilities |
|
|
2,311 |
|
|
2,216 |
|
Preferred stock |
|
|
201 |
|
|
202 |
|
Other liabilities |
|
|
139 |
|
|
141 |
|
Total liabilities |
|
|
6,598 |
|
|
6,618 |
|
Equity |
|
|
|
|
|
||
Series A common stock, |
|
|
— |
|
|
— |
|
Series B common stock, |
|
|
— |
|
|
— |
|
Series C common stock, |
|
|
1 |
|
|
1 |
|
Additional paid-in capital |
|
|
3,023 |
|
|
3,107 |
|
Accumulated other comprehensive earnings (loss), net of taxes |
|
|
40 |
|
|
52 |
|
Retained earnings |
|
|
6,279 |
|
|
5,843 |
|
Total stockholders' equity |
|
|
9,343 |
|
|
9,003 |
|
Non-controlling interests |
|
|
18 |
|
|
20 |
|
Total equity |
|
|
9,361 |
|
|
9,023 |
|
Commitments and contingencies |
|
|
|
|
|
||
Total liabilities and equity |
|
$ |
15,959 |
|
|
15,641 |
|
LIBERTY BROADBAND CORPORATION |
|||||||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS INFORMATION |
|||||||
(unaudited) |
|||||||
|
|
|
|
|
|
||
|
|
Three months ended |
|||||
|
|
June 30, |
|||||
|
|
2024 |
|
2023 |
|||
|
|
amounts in millions, |
|||||
|
|
except per share amounts |
|||||
Revenue |
|
$ |
246 |
|
|
245 |
|
Operating costs and expenses: |
|
|
|
|
|
||
Operating expense (exclusive of depreciation and amortization shown separately below) |
|
|
62 |
|
|
59 |
|
Selling, general and administrative, including stock-based compensation |
|
|
111 |
|
|
107 |
|
Depreciation and amortization |
|
|
52 |
|
|
56 |
|
|
|
|
225 |
|
|
222 |
|
Operating income (loss) |
|
|
21 |
|
|
23 |
|
Other income (expense): |
|
|
|
|
|
||
Interest expense (including amortization of deferred loan fees) |
|
|
(52 |
) |
|
(52 |
) |
Share of earnings (losses) of affiliate |
|
|
297 |
|
|
318 |
|
Gain (loss) on dilution of investment in affiliate |
|
|
(4 |
) |
|
(5 |
) |
Realized and unrealized gains (losses) on financial instruments, net |
|
|
(17 |
) |
|
40 |
|
Other, net |
|
|
8 |
|
|
2 |
|
Earnings (loss) before income taxes |
|
|
253 |
|
|
326 |
|
Income tax benefit (expense) |
|
|
(58 |
) |
|
(74 |
) |
Net earnings (loss) |
|
|
195 |
|
|
252 |
|
Less net earnings (loss) attributable to the non-controlling interests |
|
|
— |
|
|
— |
|
Net earnings (loss) attributable to Liberty Broadband shareholders |
|
$ |
195 |
|
|
252 |
|
Basic net earnings (loss) attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share |
|
$ |
1.36 |
|
|
1.73 |
|
Diluted net earnings (loss) attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share |
|
$ |
1.36 |
|
|
1.71 |
|
LIBERTY BROADBAND CORPORATION |
|||||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION |
|||||||
(unaudited) |
|||||||
|
|
|
|
|
|
||
|
|
Six months ended |
|||||
|
|
June 30, |
|||||
|
|
2024 |
|
2023 |
|||
|
|
amounts in millions |
|||||
Cash flows from operating activities: |
|
|
|
|
|
||
Net earnings (loss) |
|
$ |
436 |
|
|
321 |
|
Adjustments to reconcile net earnings (loss) to net cash from operating activities: |
|
|
|
|
|
||
Depreciation and amortization |
|
|
102 |
|
|
114 |
|
Stock-based compensation |
|
|
14 |
|
|
16 |
|
Share of (earnings) losses of affiliate, net |
|
|
(577 |
) |
|
(566 |
) |
(Gain) loss on dilution of investment in affiliate |
|
|
32 |
|
|
32 |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
(59 |
) |
|
74 |
|
Deferred income tax expense (benefit) |
|
|
101 |
|
|
95 |
|
Other, net |
|
|
(2 |
) |
|
(2 |
) |
Change in operating assets and liabilities: |
|
|
|
|
|
||
Current and other assets |
|
|
57 |
|
|
(40 |
) |
Payables and other liabilities |
|
|
(25 |
) |
|
(99 |
) |
Net cash provided by (used in) operating activities |
|
|
79 |
|
|
(55 |
) |
Cash flows from investing activities: |
|
|
|
|
|
||
Capital expenditures |
|
|
(123 |
) |
|
(97 |
) |
Grant proceeds received for capital expenditures |
|
|
19 |
|
|
2 |
|
Cash received for Charter shares repurchased by Charter |
|
|
116 |
|
|
42 |
|
Cash released from escrow related to dispositions |
|
|
— |
|
|
23 |
|
Purchases of investments |
|
|
— |
|
|
(53 |
) |
Other investing activities, net |
|
|
(16 |
) |
|
2 |
|
Net cash provided by (used in) investing activities |
|
|
(4 |
) |
|
(81 |
) |
Cash flows from financing activities: |
|
|
|
|
|
||
Borrowings of debt |
|
|
266 |
|
|
1,451 |
|
Repayments of debt, tower obligations and finance leases |
|
|
(348 |
) |
|
(1,545 |
) |
Repurchases of Liberty Broadband common stock |
|
|
(89 |
) |
|
(40 |
) |
Indemnification payment to Qurate Retail |
|
|
— |
|
|
(25 |
) |
Other financing activities, net |
|
|
(1 |
) |
|
(2 |
) |
Net cash provided by (used in) financing activities |
|
|
(172 |
) |
|
(161 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
(97 |
) |
|
(297 |
) |
Cash, cash equivalents and restricted cash, beginning of period |
|
|
176 |
|
|
400 |
|
Cash, cash equivalents and restricted cash, end of period |
|
$ |
79 |
|
|
103 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807993177/en/
Shane Kleinstein (720) 875-5432
Source: Liberty Broadband Corporation
FAQ
What was Liberty Broadband's (LBRDA) fair value of Charter investment as of June 30, 2024?
How much did Liberty Broadband (LBRDA) receive from selling Charter shares in Q2 2024?
What was GCI's revenue and operating income for Q2 2024?
How much debt did Liberty Broadband (LBRDA) have as of June 30, 2024?
