Financial Performance - GCI Holdings reported revenue of $262 million for Q3 2024, an increase of $22 million compared to Q3 2023, and $753 million for the nine months ended September 30, 2024, up from $731 million in the same period last year [123][124]. - Operating income for GCI Holdings increased to $42 million in Q3 2024 from $30 million in Q3 2023, and for the nine months, it rose to $109 million from $91 million [123][125]. - Adjusted OIBDA for GCI Holdings was $100 million in Q3 2024, up from $89 million in Q3 2023, and $276 million for the nine months, compared to $271 million in the prior year [123][127]. - Charter's revenue increased by $211 million and $263 million for the three and nine months ended September 30, 2024, respectively, driven by growth in mobile lines, average revenue per customer, and advertising sales [135]. - Operating income for the three months ended September 30, 2024, was $3,335 million, an increase from $3,126 million in the prior year, while for the nine months, it rose to $9,729 million from $9,292 million [135]. - Net income for the three months ended September 30, 2024, was $1,474 million, compared to $1,436 million in the prior year, while for the nine months, it increased to $4,177 million from $4,032 million [135]. - Total revenue for the nine months ended September 30, 2024, was $753 million, an increase from $731 million in 2023, with adjusted OIBDA rising to $276 million from $271 million [161][162]. Customer Trends - Charter lost 110,000 Internet customers in Q3 2024 but added 545,000 mobile lines, indicating a shift in customer demand [117]. - Charter's mobile line growth was supported by new offerings such as Spectrum One and Anytime Upgrade, enhancing customer retention and service flexibility [118]. - Consumer data revenue increased by $2 million and $4 million for the three and nine months ended September 30, 2024, respectively, driven by higher recurring monthly charges [164]. - Business data revenue rose by $20 million and $25 million for the three and nine months ended September 30, 2024, respectively, primarily due to increased sales to healthcare and education customers [167]. Operating Expenses - Operating expenses increased by $5 million and $8 million for the three and nine months ended September 30, 2024, respectively, mainly due to higher distribution costs [170]. - Selling, general, and administrative expenses rose by $6 million and $9 million for the three and nine months ended September 30, 2024, respectively, primarily due to increased labor-related costs [171]. - Other expenses, net increased by $134 million and $200 million for the three and nine months ended September 30, 2024, respectively, primarily due to increased interest expense and losses on financial instruments [140]. Debt and Liquidity - As of September 30, 2024, GCI Holdings had variable rate debt of $427 million with a weighted average interest rate of 7.0% and fixed rate debt of $600 million with a weighted average interest rate of 4.8% [177]. - The company expects corporate cash and other available sources of liquidity to cover corporate expenses for the foreseeable future [156]. - GCI Holdings is in compliance with all debt maintenance covenants as of September 30, 2024 [157]. Economic and Regulatory Environment - The Alaska economy's dependence on the oil industry poses risks to GCI Holdings, particularly in the face of potential recessionary pressures and inflation [111]. - GCI Holdings is closely monitoring inflation-sensitive costs, which could impact margins if not offset by pricing adjustments or cost reductions [113]. - The company continues to face uncertainties related to regulatory changes affecting USF programs, which could materially impact revenue and accounts receivable [114]. Cash Flow and Investments - Cash flow from operating activities provided $103 million for the nine months ended September 30, 2024, compared to a use of $46 million in the prior year, driven by increased operating income [152]. - For the nine months ended September 30, 2024, net cash flows from investing activities included capital expenditures of $183 million, compared to $149 million in 2023, with a net outflow offset by the sale of Charter Class A common stock for $226 million in 2024 and $42 million in 2023 [153]. - During the same period, net cash flows used in financing activities were approximately $300 million for repurchasing 3.125% Debentures due 2053 and net repayments of approximately $670 million on the Margin Loan Agreement, partially offset by the issuance of $860 million in 3.125% Exchangeable Senior Debentures due 2054 [154]. Interest and Tax - Interest expense decreased by $8 million and $2 million during the three and nine months ended September 30, 2024, respectively, due to lower amounts outstanding on the Margin Loan Facility and lower interest rates [131]. - The effective income tax rate for the three and nine months ended September 30, 2024, was 22%, consistent with the prior year for the three months and slightly lower than 23% for the nine months [145].

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].

Financial Performance - GCI Holdings reported revenue of $245 million for Q1 2024, a decrease of $1 million compared to Q1 2023[129] - Consolidated operating income improved by $12 million to $28 million for Q1 2024, with GCI Holdings' operating income increasing by $8 million[131] - Adjusted OIBDA for Q1 2024 was $85 million, up $3 million from $82 million in Q1 2023[135] - GCI Holdings' Adjusted OIBDA remained stable at $90 million for Q1 2024 compared to Q1 2023[130] - GCI Holdings' total revenue was $245 million for the three months ended March 31, 2024, slightly down from $246 million in the prior year[165] - GCI Holdings' consumer data revenue increased by $1 million to $60 million for the three months ended March 31, 2024, compared to $59 million in the prior year[165] - GCI Holdings' operating income improved to $37 million for the three months ended March 31, 2024, up from $29 million in the prior year[164] - Charter's revenue increased by $26 million to $13,679 million for the three months ended March 31, 2024, compared to $13,653 million in the prior year, driven by growth in residential mobile service and Internet revenue[141] - Adjusted OIBDA rose by $195 million to $5,535 million for the three months ended March 31, 2024, compared to $5,340 million in the prior year[143] - Net income increased by $97 million to $1,280 million for the three months ended March 31, 2024, compared to $1,183 million in the prior year[141] Operating Expenses - Operating expenses, excluding stock-based compensation, decreased by $169 million to $8,144 million for the three months ended March 31, 2024, compared to $8,313 million in the prior year, primarily due to lower programming costs[142] - Other expenses, net increased by $36 million to $1,405 million for the three months ended March 31, 2024, primarily due to increased interest expense[144] - Income tax expense rose by $72 million to $446 million for the three months ended March 31, 2024, compared to $374 million in the prior year, driven by higher pretax income[145] - Operating expenses remained flat for the three months ended March 31, 2024, compared to the prior year period[170] - Selling, general and administrative expenses decreased by $1 million for the three months ended March 31, 2024, primarily due to reduced lease expenses from modifications made in 2023[170] - Depreciation and amortization decreased by $8 million for the three months ended March 31, 2024, as certain fixed and intangible assets became fully depreciated during 2023[172] Debt and Interest - Interest expense increased by $6 million to $51 million in Q1 2024 due to higher interest rates and increased amounts on the Margin Loan Facility[138] - As of March 31, 2024, variable rate debt amounted to $1,819 million with a weighted average interest rate of 7.3%[175] - Fixed rate debt totaled $1,865 million with a weighted average interest rate of 4.8%[175] - The company is exposed to market risk from adverse changes in stock prices and interest rates, which could impact future earnings[173] - Interest rate risk is managed by maintaining a mix of fixed and variable rate debt, with strategies including issuing fixed rate debt and entering into interest rate swap arrangements[174] Market and Economic Conditions - Charter lost 72,000 Internet customers in Q1 2024 but added 486,000 mobile lines, attributed to the Spectrum One offering[124] - Charter expects government subsidies for 5.0 million ACP customers to run out in May 2024, potentially impacting customer net gains and revenue[125] - The Alaska economy's dependence on the oil industry poses risks to GCI Holdings' business amid potential recessionary pressures[119] - Charter's network evolution initiative is progressing, with upgrades to deliver symmetrical and multi-gigabit speeds across its footprint[126] - Charter spent $427 million on its subsidized rural construction initiative in Q1 2024, activating approximately 73,000 subsidized rural passings[126] Cash and Investments - Liberty Broadband had a cash and cash equivalents balance of $108 million as of March 31, 2024[155] - The investment in Charter, an equity method affiliate, is publicly traded and subject to market risk not reflected in the financial statements[175]

Ownership and Investments - Liberty Broadband owns approximately 46.3 million shares of Charter Class A common stock, representing an approximate 31.9% economic ownership interest in Charter's issued and outstanding shares [418]. Financial Performance - Revenue for Charter increased by $585 million to $54,607 million for the year ended December 31, 2023, primarily driven by growth in residential Internet revenue and mobile device sales [465]. - Operating income for Charter improved by $597 million to $12,559 million for the year ended December 31, 2023, compared to the previous year [465]. - Adjusted OIBDA for Charter increased by $612 million to $21,947 million for the year ended December 31, 2023 [469]. - GCI Holdings reported total revenue of $981 million for the year ended December 31, 2023, an increase of 1.2% compared to $969 million in 2022 [514]. - Operating income increased significantly to $117 million in 2023, compared to $54 million in 2022 [514]. - Net earnings decreased to $688 million in 2023 from $1.3 billion in 2022, reflecting fluctuations in revenue and expenses [479]. Customer Growth and Services - Charter serves more than 32 million customers across 41 states, providing a full range of broadband services [418]. - Charter added 2,474,000 mobile lines and 155,000 Internet customers during the year ended December 31, 2023 [446]. - GCI Holdings' cable modem subscribers reached 159,700 as of December 31, 2023, up from 157,200 in 2022 [512]. - Wireless lines in service increased to 197,300 in 2023, compared to 191,100 in 2022 [512]. Expenses and Liabilities - Operating expenses, excluding stock-based compensation, decreased by $27 million to $32,660 million for the year ended December 31, 2023 [466]. - Other expenses increased by $1.2 billion in 2023 compared to 2022, primarily due to higher interest expenses and increased pension costs [470]. - GCI Holdings recorded an estimated liability of $27 million related to compliance issues with the Rural Health Care Program, including a $15 million settlement expense in 2022 [438]. - GCI Holdings entered into a settlement agreement with the FCC and DOJ, resulting in a total cash payment of $41 million in 2023 [441]. Cash Flow and Financial Position - Cash flow from operating activities improved to $16 million in 2023 from $(56) million in 2022, driven by increased operating income [483]. - Cash balance as of December 31, 2023, was $158 million [482]. - Net cash used in financing activities was $(390) million in 2023, primarily for repurchasing exchangeable senior debentures [487]. - Total material cash requirements amount to $6.163 billion, with $3.724 billion in debt due [491]. Market and Economic Conditions - The company faces challenges from inflationary pressures, particularly in materials and labor costs, which could impact margins [426]. - GCI Holdings' business growth is heavily influenced by economic conditions in Alaska, particularly the oil industry [422]. - The company has experienced a reduction in support payments from the Rural Health Care Program by approximately $28 million due to FCC rate adjustments [428]. Other Financial Metrics - Interest expense increased by $73 million to $206 million during the year ended December 31, 2023, due to higher interest rates on variable rate debt [460]. - Share of earnings from affiliates decreased by $171 million to $1,155 million during the year ended December 31, 2023 [463]. - Income tax expense remained constant at $1.6 billion for both 2023 and 2022 [471]. - Realized and unrealized losses on financial instruments totaled $(101) million in 2023, a decrease from $334 million in 2022, mainly due to market factors [473]. - Selling, general and administrative expenses increased by $14 million to $375 million in 2023, mainly due to higher labor costs and software contracts [522]. - Depreciation and amortization expenses decreased by $32 million to $230 million in 2023, attributed to certain assets becoming fully depreciated [524]. - The loss on dilution of investment in affiliates decreased by $3 million in 2023 compared to 2022, attributed to fewer stock options exercised [472].

Financial Data and Key Metrics Changes - Liberty Broadband reported consolidated cash and cash equivalents of $158 million, including $79 million at GCI, and a total principal amount of debt of $3.8 billion, excluding preferred stock [19] - The value of the Charter investment was $13.5 billion based on shares held as of February 1 [19] - GCI's revenue and adjusted OIBDA grew 1% to $931 million and $361 million respectively for the full year [23] Business Line Data and Key Metrics Changes - GCI added 1,400 consumer cable modem subscribers and 4,800 consumer wireless customers in 2023 [24] - GCI's revenue in Q4 was flat, and adjusted OIBDA decreased by 1%, primarily due to increased costs in SG&A [23] Market Data and Key Metrics Changes - Charter added 2.5 million mobile line net ads during 2023, representing nearly 50% growth over the prior year [12] - The rural expansion at Charter exceeded penetration, ARPU, and ROI targets, with network upgrades at about $100 per passing [13] Company Strategy and Development Direction - Liberty Broadband plans to resume buybacks of LBRD shares once it exceeds the 26% ownership cap [5] - The company is optimistic about strategic investments made by Charter, which are expected to generate excellent returns and accelerate growth [6] Management's Comments on Operating Environment and Future Outlook - Management acknowledged near-term headwinds impacting broadband unit growth due to increased competition and the delayed impact from the Disney dispute [10] - There is a belief that bandwidth demands will continue to increase, favoring higher speeds and impacting fixed wireless operators negatively over time [11] Other Important Information - Liberty TripAdvisor had strong operating results in 2023, with Q4 revenue up 10% year-over-year and improved marketing efficiencies [15] - The diversification of revenue at TripAdvisor has significantly increased, with Viator and TheFork accounting for nearly 50% of 2023 revenue [16] Q&A Session Summary Question: Expectations on the ACP program and implications for GCI and Charter - Management expressed uncertainty about the renewal of the ACP program but noted significant support among congressmen, suggesting a positive outlook [31] - GCI expects minimal impact from ACP discontinuance, with a slight increase in bad debt anticipated [35] Question: Long-term interest in Charter and share buyback strategy - Management indicated that current pricing does not change the interest in selling shares into Charter's buyback, as they prefer to use proceeds for LBRD repurchases [38] Question: Antitrust implications of new streaming bundles - Management acknowledged uncertainty regarding antitrust implications but viewed potential opportunities in distributing new bundles positively [44] Question: CapEx comparison and tax rate guidance - Management confirmed that the $200 million CapEx for 2024 is comparable to the $216 million spent in 2023 [51] Question: Fixed wireless competitiveness over time - Management believes fixed wireless will become less competitive as bandwidth demands grow, with T-Mobile already increasing prices for FWA [74]

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 ...