Group 1: Liberty Broadband Overview - Liberty Broadband is part of a portfolio of companies focused on Telecoms and Media, controlled by John Malone and associates, which includes Liberty Latin America, Liberty Tripadvisor Holdings, and Charter Communications [3][4] - The company aims to provide shareholder returns primarily through capital gains rather than dividends, making its preferred stock a rare fixed income security within the Liberty family [3][4] - Liberty Broadband has a significant stake in Charter Communications, which is crucial for generating cash to pay dividends on its preferred stock [4][5] Group 2: Relationship with Charter Communications - Liberty Broadband was formed in 2020 through a stock-for-stock merger with GCI Liberty, resulting in a simplified structure with a 26% stake in Charter Communications [4][5] - The preferred stock of Liberty Broadband was initially issued by GCI Liberty and has now been integrated into Liberty Broadband's balance sheet, enhancing its safety [5][6] - Liberty Broadband generates cash by selling shares of Charter back to the company, maintaining its 26% ownership while receiving funds to cover dividends and other expenses [5][6] Group 3: Stock Classes and Characteristics - Liberty Broadband has multiple classes of stock, including A, B, C, and preferred stock, allowing for uneven distribution of voting power among executives [6][7] - As of year-end 2023, there are approximately 7.2 million preferred shares outstanding, with an annual dividend payment totaling about $12.6 million [5][8] - The preferred stock is currently trading below par at $23.80, with a yield of 7.35%, and has a mandatory redemption feature at par on March 8, 2039 [10][11] Group 4: Investment Thesis - The Liberty Broadband preferred stock is characterized by its safety, high yield, and mandatory redemption, making it an attractive investment option for those seeking fixed income in the telecom sector [9][11] - The company’s total interest payments, including those on preferred stock, were just over $200 million in 2023, which is manageable given the cash inflow from Charter Communications [10][11] - Investors are encouraged to consider purchasing the preferred stock soon, as anticipated interest rate cuts may increase its price above par [11]

Financial Performance - GCI's revenue for Q2 2024 was flat at $246 million, with operating income decreasing to $30 million, down 6% from Q2 2023[1][9] - Adjusted OIBDA for GCI decreased by 7% to $86 million in Q2 2024, with a margin of 35.0%, down from 37.6% in Q2 2023[1][8] - Liberty Broadband reported revenue of $246 million for Q2 2024, a slight increase from $245 million in Q2 2023, representing a 0.4% growth[22] - Adjusted OIBDA for Liberty Broadband decreased to $80 million in Q2 2024 from $87 million in Q2 2023, reflecting a decline of approximately 8.0%[19] - Operating income for Liberty Broadband was $21 million in Q2 2024, down from $23 million in Q2 2023, indicating a decrease of about 8.7%[22] - Net earnings attributable to Liberty Broadband shareholders were $195 million in Q2 2024, compared to $252 million in Q2 2023, a decline of approximately 22.6%[22] - The company reported a basic net earnings per share of $1.36 for Q2 2024, down from $1.73 in Q2 2023, a decline of approximately 21.4%[22] - Net earnings for the six months ended June 30, 2024, increased to $436 million, up from $321 million in the same period of 2023, representing a 36% increase[24] Capital Expenditures and Investments - GCI's capital expenditures for Q2 2024 totaled $58 million, primarily for improvements to wireless and data networks in rural Alaska[1][10] - The company expects net capital expenditures for the full year 2024 to be approximately $200 million, focusing on high-return investments in connectivity[1][10] - Capital expenditures rose to $123 million, up from $97 million in the previous year, indicating a 27% increase[24] Debt and Liabilities - Liberty Broadband issued $860 million in 3.125% exchangeable senior debentures due 2054, using proceeds to repay $540 million of the Charter margin loan and repurchase $300 million of debentures due 2053[1][7] - Liberty Broadband's total debt decreased by $43 million to $3.726 billion as of June 30, 2024, following debt repayments and adjustments[1][7] - GCI's leverage ratio increased to 3.2x as of June 30, 2024, compared to 2.8x in the previous quarter[1][5] - Liberty Broadband's long-term debt, net, was $3,606 million as of June 30, 2024, compared to $3,733 million at the end of 2023, a decrease of about 3.4%[21] - Borrowings of debt amounted to $266 million, a decrease from $1,451 million in the previous year[24] - Repayments of debt, tower obligations, and finance leases totaled $348 million, down from $1,545 million in the same period last year[24] Cash and Assets - The company’s cash and cash equivalents decreased to $73 million as of June 30, 2024, down from $158 million at the end of 2023, a reduction of about 53.8%[21] - Total assets increased to $15,959 million as of June 30, 2024, compared to $15,641 million at the end of 2023, reflecting a growth of approximately 2.0%[21] - Liberty Broadband's total liabilities decreased slightly to $6,598 million as of June 30, 2024, from $6,618 million at the end of 2023, a reduction of about 0.3%[21] - The net increase in cash, cash equivalents, and restricted cash was a decrease of $97 million, compared to a decrease of $297 million in the prior year[24] - Cash, cash equivalents, and restricted cash at the end of the period stood at $79 million, down from $103 million at the end of the previous year[24] Shareholder and Affiliate Information - Liberty Broadband maintained a fully diluted equity interest of 26% in Charter after selling 270,000 shares for $74 million from May 1 to July 31, 2024[1][3] - Cash received for Charter shares repurchased by Charter was $116 million, significantly higher than $42 million in the same period last year[24] - The share of losses from affiliates was $(577) million, slightly higher than $(566) million in the same period last year[24] - The deferred income tax expense increased to $101 million from $95 million in the previous year[24]

Financial Performance - GCI Holdings reported revenue of $246 million for Q2 2024, a slight increase from $245 million in Q2 2023, with total revenue for the first half of 2024 remaining flat at $491 million[107]. - Operating income for GCI Holdings decreased to $30 million in Q2 2024 from $32 million in Q2 2023, while it increased to $67 million for the first half of 2024 compared to $61 million in the same period last year[109]. - Adjusted OIBDA for GCI Holdings was $86 million in Q2 2024, down from $92 million in Q2 2023, with a total of $176 million for the first half of 2024 compared to $182 million in the prior year[110]. - Charter's revenue increased by $26 million and $52 million for the three and six months ended June 30, 2024, respectively, driven by growth in residential mobile service, residential Internet, and enterprise revenue[118]. - Net income for the three months ended June 30, 2024, was $1,423 million, compared to $1,413 million for the same period in 2023, while net income for the six months ended June 30, 2024, was $2,703 million, compared to $2,596 million in 2023[118]. - Cash provided by operating activities increased to $79 million for the six months ended June 30, 2024, compared to a cash outflow of $55 million in the prior year[130]. - Capital expenditures for the six months ended June 30, 2024, were $123 million, compared to $97 million in the prior year[131]. - Other expenses, net increased by $30 million and $66 million for the three and six months ended June 30, 2024, respectively, compared to the prior year[121]. - Consumer data revenue increased by $2 million for the six months ended June 30, 2024, driven by higher recurring monthly charges from subscribers[139]. - Business data revenue increased by $5 million for the six months ended June 30, 2024, primarily due to increased sales to health care customers[141]. Customer Dynamics - Charter lost 149,000 Internet customers in Q2 2024 but added 557,000 mobile lines, indicating challenges in customer retention due to the end of the FCC's Affordable Connectivity Program[103]. - Charter's mobile line growth was supported by new offerings such as the Spectrum One package and the Anytime Upgrade program, enhancing customer experience and retention[104]. - As of June 30, 2024, the company had 158,000 cable modem subscribers, a decrease from 159,600 in the prior year[137]. Economic and Market Conditions - The Alaska economy, which GCI Holdings is heavily reliant on, faces recessionary pressures due to volatility in oil prices and inflation, potentially impacting demand for GCI's services[100]. - GCI Holdings is monitoring inflation-sensitive costs closely, which could affect its ability to maintain margins if costs continue to rise[101]. - Changes in Universal Service Fund programs, including the RHC Program, could materially impact GCI Holdings' revenue and financial position[102]. Operating Expenses - Operating expenses, excluding stock-based compensation, increased by $20 million for the three months ended June 30, 2024, but decreased by $149 million for the six months ended June 30, 2024, compared to the prior year[119]. - Operating expenses increased by $3 million for both the three and six months ended June 30, 2024, primarily due to higher distribution costs[142]. - Selling, general and administrative expenses rose by $4 million and $3 million for the three and six months ended June 30, 2024, respectively, mainly due to increased labor costs[143]. Debt and Financing - As of June 30, 2024, the company had $1.15 billion available for borrowing under its Margin Loan Agreement[135]. - The company closed a private offering of $860 million of its 3.125% Exchangeable Senior Debentures due 2054 on July 2, 2024[135]. - The company expects to use approximately $80 million for net capital expenditures and $100 million for interest payments on outstanding debt for the remainder of 2024[134]. - The company is in compliance with all debt maintenance covenants as of June 30, 2024[135]. Tax and Interest - Interest expense remained flat for the three months ended June 30, 2024, but increased by $6 million for the six months ended June 30, 2024, compared to the prior year[115]. - The effective income tax rate for the three and six months ended June 30, 2024, was 23% and 22%, respectively, consistent with the prior year[126].

Share Repurchase and Debt Management - Liberty Broadband repurchased 103 thousand shares of Series C common stock at an average cost of $79.88, totaling $8.2 million, with a remaining repurchase authorization of approximately $1.7 billion as of April 30, 2024[2]. - Liberty Broadband's total cash decreased by $50 million in Q1 2024, primarily due to share repurchases and investing activities[8]. - Liberty Broadband's total debt decreased by $41 million in Q1 2024, with GCI's leverage defined in its credit agreement at 2.8x[9]. - Liberty Broadband's long-term debt decreased from $3,733 million in 2023 to $3,636 million in 2024, a decline of 2.6%[30]. Financial Performance - GCI's total revenue for Q1 2024 was $245 million, flat compared to Q1 2023, with operating income increasing by 28% to $37 million[10]. - GCI's Adjusted OIBDA remained flat at $90 million, with an Adjusted OIBDA margin of 36.7% in Q1 2024[10]. - Liberty Broadband's total operating income increased from $16 million in Q1 2023 to $28 million in Q1 2024[19]. - Liberty Broadband's adjusted OIBDA increased from $82 million in Q1 2023 to $85 million in Q1 2024, reflecting a growth of 3.7%[28]. - The company's operating income rose significantly from $16 million in Q1 2023 to $28 million in Q1 2024, marking a 75% increase[31]. - Net earnings attributable to Liberty Broadband shareholders surged from $69 million in Q1 2023 to $241 million in Q1 2024, representing a substantial increase of 248%[31]. Asset Management - The fair value of Liberty Broadband's investment in Charter was $13.4 billion as of March 31, 2024, with no shares sold to Charter during the period due to maintaining a fully diluted equity interest below 26%[3]. - The fair value of public holdings in Charter decreased from $17.984 billion as of December 31, 2023, to $13.385 billion as of March 31, 2024[6]. - Total assets increased slightly from $15,641 million in 2023 to $15,740 million in 2024, a growth of 0.6%[30]. - Cash and cash equivalents decreased from $158 million in Q1 2023 to $108 million in Q1 2024, a decline of 31.6%[30]. - The company reported a decrease in total current assets from $430 million in 2023 to $350 million in 2024, a reduction of 18.6%[30]. Capital Expenditures and Operating Activities - GCI's capital expenditures for Q1 2024 were $46 million, with an expected total of approximately $200 million for the full year, focusing on network improvements in rural Alaska[15]. - Capital expenditures increased from $54 million in Q1 2023 to $61 million in Q1 2024, an increase of 13%[32]. - The net cash provided by operating activities rose from $41 million in Q1 2023 to $52 million in Q1 2024, an increase of 26.8%[32]. Revenue Breakdown - GCI's consumer revenue declined by 1% to $117 million, driven by decreases in video revenue, while business revenue remained flat at $128 million[13]. - Liberty Broadband experienced a decrease in selling, general and administrative expenses from $110 million in Q1 2023 to $105 million in Q1 2024, a reduction of 4.5%[31].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-36713 LIBERTY BROADBAND CORPORATION (Exact name of Registrant as specified in its charter) State of Delaware 47-1211994 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-36713 LIBERTY BROADBAND CORPORATION (Exact name of Registrant as specified in its charter) State of Delaware (State or other ...

Liberty Broadband Corporation (NASDAQ:LBRDK) Q4 2023 Earnings Conference Call February 16, 2024 11:00 AM ET Company Participants Greg Maffei - President, Chief Executive Officer Brian Wendling - Chief Accounting Officer, Principal Financial Officer Ron Duncan - Chief Executive Officer, GCI Pete Pounds - Senior Vice President, Chief Financial Officer, GCI Shane Kleinstein - Senior Vice President, Investor Relations Conference Call Participants Michael Rollins - Citi Barton Crockett - Rosenblatt Securities Be ...

Liberty Broadband Corporation (NASDAQ:LBRDK) Q3 2023 Earnings Conference Call November 3, 2023 11:15 AM ET Company Participants Shane Kleinstein - VP, IR Greg Maffei - President & CEO Brian Wendling - Chief Accounting & Principal Financial Officer Ron Duncan - CEO, GCI Pete Pounds - CFO, GCI Conference Call Participants Kutgun Maral - Evercore ISI Ben Swinburne - Morgan Stanley Michael Rollins - Citi Operator Welcome to the Liberty Broadband 2023 Third Quarter Earnings Call. During the presentation, all par ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-36713 (Exact name of Registrant as specified in its charter) State of Delaware 47-1211994 (State or other jurisdicti ...

Liberty Broadband Corporation (NASDAQ:LBRDK) Q2 2023 Earnings Conference Call August 4, 2023 11:15 AM ET Company Participants Shane Kleinstein - Vice President, Investor Relations Greg Maffei - President and CEO Brian Wendling - Chief Accounting Officer and Principal Financial Officer Ron Duncan - Chief Executive Officer, GCI Pete Pounds - Chief Financial Officer, GCI Conference Call Participants Michael Rollins - Citi Operator Welcome to the Liberty Broadband 2023 Q2 Earnings Call. During the presentation, ...