Liberty Broadband Corporation · Q1 2023 earnings

Briefing

Liberty Broadband reported an increase in GCI revenue and operating income, while also repurchasing shares and managing debt obligations.

Liberty Broadband reported first quarter 2023 results, featuring a 6% increase in GCI revenue to $246 million and operating income growth of 38% to $29 million. The company repurchased shares and managed debt, issuing $1.3 billion in debentures while repurchasing $1.4 billion in near-term liabilities. The fair value of Charter investment was $16.8 billion as of March 31st.

• Fair value of Charter investment was $16.8 billion as of March 31st.
• Issued $1.3 billion aggregate principal amount of 3.125% exchangeable senior debentures due 2053 and used net proceeds and cash on hand to repurchase $1.4 billion of near-term liabilities.
• Liberty Broadband did not sell Charter shares to Charter from February 1st through April 30th as its fully diluted equity interest in Charter remained below 26%.
• From February 1st through April 30th, Liberty Broadband repurchased 137 thousand LBRDA/K shares at an average price per share of $92.84 for total cash consideration of $13 million.

Headline financials

Revenue & EPS history

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, indemnification by Liberty Broadband, the continuation of our stock repurchase program and other matters that are not historical facts.