Revenue and Growth - Liberty Broadband's total revenue for 2024 increased by 4% to $1.016 billion, compared to $981 million in 2023[21] - GCI's revenue growth in the fourth quarter of 2024 was 5%, with business revenue increasing by 10% driven by upgrades in schools and healthcare[16] - Liberty Broadband's revenue for the year ended December 31, 2024, was $1,016 million, an increase from $981 million in 2023, representing a growth of 3.6%[33] Operating Income and Earnings - GCI's operating income for 2024 rose by 23% to $144 million, up from $117 million in 2023[21] - Operating income for Liberty Broadband increased to $92 million in 2024 from $73 million in 2023, reflecting a growth of 25.7%[33] - Liberty Broadband's net earnings attributable to shareholders rose to $869 million in 2024, compared to $688 million in 2023, marking a significant increase of 26.3%[33] Adjusted OIBDA - GCI's adjusted OIBDA for 2024 was flat at $362 million compared to $361 million in 2023[21] - Adjusted OIBDA for Liberty Broadband in 2024 was $327 million, slightly down from $337 million in 2023, indicating a decrease of 3%[29] - GCI Holdings' Adjusted OIBDA for 2024 was $362 million, marginally up from $361 million in 2023, showing a growth of 0.3%[27] Investments and Fair Value - The fair value of Liberty Broadband's investment in Charter was reported at $15.5 billion as of December 31, 2024[4] - The company received $205 million from the sale of 541,000 Charter shares between November 1, 2024, and January 31, 2025[5] Capital Expenditures and Debt - GCI's capital expenditures for 2024 were $193 million, with an expected increase to approximately $250 million in 2025 for network improvements[18] - Liberty Broadband's total debt increased by $17 million in the fourth quarter of 2024, primarily due to additional borrowing under the GCI senior credit facility[11] - Liberty Broadband's long-term debt increased slightly to $3,753 million in 2024 from $3,733 million in 2023, an increase of 0.5%[31] Assets and Liabilities - Total assets for Liberty Broadband increased to $16,687 million as of December 31, 2024, up from $15,641 million in 2023, a growth of 6.7%[31] - Cash and cash equivalents at the end of 2024 were $229 million, up from $176 million at the end of 2023, representing a 30.1% increase[35] - The company reported a decrease in total current liabilities from $200 million in 2023 to $178 million in 2024, a reduction of 11%[31] Future Plans - Liberty Broadband expects to spin off its GCI business in the summer of 2025[4] - The merger with Charter is expected to close on June 30, 2027, pending the completion of the GCI spin-off[6] Stock Repurchase - The company’s stock repurchase program continued, with $89 million spent on repurchases in 2024, down from $227 million in 2023[35]

Ownership and Control - Liberty Broadband controls 25.01% of the aggregate voting power of Charter Communications, Inc.[457] - As of December 31, 2024, Liberty Broadband owned approximately 45.3 million shares of Charter Class A common stock, representing an approximate 31.9% economic ownership interest in Charter[467] Financial Performance - GCI Holdings reported a revenue increase of $35 million for the year ended December 31, 2024, reaching $1,016 million compared to $981 million in 2023[508] - Operating income for GCI Holdings increased by $27 million to $144 million for the year ended December 31, 2024, compared to $117 million in 2023[510] - Adjusted OIBDA for GCI Holdings was $362 million for the year ended December 31, 2024, slightly up from $361 million in 2023[508] - Charter's revenue increased by $478 million to $55,085 million in 2024, primarily due to growth in mobile lines and advertising sales[522] - Charter's Adjusted OIBDA increased by $495 million to $22,442 million in 2024 compared to 2023[524] - GCI Holdings reported total revenue of $1,016 million for the year ended December 31, 2024, an increase from $981 million in 2023[570] Debt and Financing - As of November 12, 2024, Liberty Broadband had existing debt of $2.6 billion, which will be repaid or assumed by Charter prior to the closing of the Combination[463] - Net cash used in financing activities was $181 million in 2024, primarily for the repurchase of approximately $300 million in debentures and net repayments of $670 million on the Margin Loan Agreement[542] - Total material cash requirements amount to $6,445 million, with $3,666 million in debt due, and $2,138 million for interest expense and preferred stock dividends[547] - As of December 31, 2024, GCI Holdings had $451 million in variable rate debt with a weighted average interest rate of 6.3% and $600 million in fixed rate debt with a weighted average interest rate of 4.8%[583] Operational Changes and Strategies - The Combination is expected to close on June 30, 2027, subject to customary closing conditions and the divestiture of GCI business[462] - Liberty Broadband will divest the GCI business prior to the closing of the Combination, which is expected to be taxable to Liberty Broadband and its stockholders[460] - Charter lost 508,000 Internet customers in 2024, attributed to the end of the FCC's Affordable Connectivity Program and competitive pressures[500] - Charter added 2,117,000 mobile lines in 2024, benefiting from its pricing and packaging strategy[500] - The company plans to exit the video business in 2025, subject to regulatory approvals[572][576] Compliance and Legal Matters - GCI Holdings recognized an estimated liability of $27 million related to RHC Program compliance issues, including a $15 million settlement expense recorded in 2022[489] - The company entered into a final settlement agreement with the FCC and DOJ, resulting in a total cash payment of $41 million in 2023[492] - GCI Holdings is unable to estimate the potential outcome of ongoing compliance issues identified in the third quarter of 2022[491] Revenue Streams - GCI Holdings earns revenue from monthly fees for data, wireless, video, voice, and managed services, as well as universal service subsidies from the FCC[469] - Consumer data revenue increased by $5 million to $238 million in 2024, driven by higher recurring monthly charges from subscribers[570] - Business data revenue increased by $42 million for the year ended December 31, 2024, driven by increased sales to health care and education customers[573] - Consumer other revenue decreased by $2 million for the year ended December 31, 2024, compared to 2023, primarily due to a decline in video subscribers[572] - Business other revenue decreased by $5 million for the year ended December 31, 2024, primarily due to decreased local and long-distance voice revenue[574] Expenses and Costs - Operating expenses for GCI Holdings were $257 million in 2024, compared to $245 million in 2023[569] - Operating expenses increased by $12 million for the year ended December 31, 2024, mainly due to higher distribution costs[577] - Selling, general and administrative expenses increased by $22 million for the year ended December 31, 2024, primarily due to increased labor-related costs[578] - Stock-based compensation decreased by $3 million for the year ended December 31, 2024, due to lower value of new awards granted[579] - Depreciation and amortization decreased by $23 million for the year ended December 31, 2024, as certain assets became fully depreciated[580] Cash Flow and Liquidity - Net cash provided by operating activities increased to $104 million in 2024 from $16 million in 2023, driven by timing differences in working capital[538] - Liberty Broadband had a cash and cash equivalents balance of $163 million as of December 31, 2024[537] - The company expects corporate cash and other available sources of liquidity to cover corporate expenses for the foreseeable future[544] Market Risks - The Alaska economy's dependence on the oil industry and state spending poses risks to GCI Holdings' business, particularly in the event of a recession[474]

Financial Data and Key Metrics Changes - Liberty Broadband achieved record revenue exceeding $1 billion for GCI in 2024, with a 5% increase in Q4 and a 4% increase for the full year, driven by data revenue strength [11][12] - Adjusted OIBDA decreased by 4% in Q4 but increased by $1 million to $362 million for the full year, as revenue growth was offset by higher SG&A expenses [12][13] - Liberty Broadband had consolidated cash and restricted cash of $229 million at quarter end, including $75 million at GCI [16] Business Line Data and Key Metrics Changes - GCI's business data revenue benefited from a strong upgrade cycle in schools and healthcare corporations in rural Alaska [12] - GCI Consumer experienced a decline of 300 revenue-generating wireless subscribers and a loss of 4,900 cable modem subscribers, primarily due to the expiration of the ACP program [13] Market Data and Key Metrics Changes - GCI competes primarily with AT&T and Verizon in the wireless market, with AT&T holding a majority share [30] - The market is stable, with GCI maintaining a flat subscriber base in urban areas, while rural areas have seen competition from Starlink due to service disruptions [34][35] Company Strategy and Development Direction - Liberty Broadband plans to spin off GCI prior to the transaction close with Charter, which is expected to provide incremental value to shareholders [9][10] - GCI's capital expenditures for 2024 were $193 million, with expectations of approximately $250 million for 2025, focusing on rural connectivity projects [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future partnership with Charter and the potential for government funding to support broadband build-outs [8][37] - The competitive landscape is evolving, with Starlink emerging as a competitor in rural areas, but management believes GCI is well-positioned to address these challenges [36][45] Other Important Information - Liberty Broadband's total principal amount of debt was $3.7 billion at quarter end, excluding preferred stock [18] - The spin-off of GCI is expected to be completed in late Q2 or early Q3 of the current year [20] Q&A Session Summary Question: Update on GCI Liberty and competitive backdrop - Management discussed the competitive landscape, noting stability in the Alaska market and the impact of Starlink in rural areas due to service disruptions [30][34] Question: Timing of the spin-off and closing with Charter - Management expects the GCI spin-off to close in late Q2 or early Q3, with potential for an accelerated timeline if mutually agreed with Charter [26][28] Question: Government subsidies for broadband build-outs - Management highlighted the importance of government subsidies for capital and operating expenses, with a significant amount expected to flow to Alaska [37][38] Question: Health care subsidies and economic outlook - Management acknowledged the material impact of health care subsidies on results and expressed confidence in GCI's ability to withstand economic fluctuations [49][44]

Group 1 - Liberty Broadband Corporation is currently under investigation for securities fraud, which raises concerns among investors [1] - The Schall Law Firm is urging impacted investors to reach out for potential legal action [1]

Group 1 - The Schall Law Firm is inviting shareholders of Liberty Broadband Corporation who have incurred losses to participate in an inquiry regarding potential violations of securities laws [1] - The inquiry is focused on assessing whether Liberty Broadband Corporation engaged in any unlawful activities that may have affected shareholder value [1] - This action indicates a growing concern among investors about the company's compliance with securities regulations [1]

Group 1 - The Schall Law Firm is investigating claims on behalf of investors in Liberty Broadband Corporation for potential breaches of fiduciary duty by its directors and management [1] - The investigation aims to determine if the Liberty Broadband board has breached its fiduciary duties to shareholders [1] Group 2 - Shareholders are encouraged to participate in the investigation and can contact the Schall Law Firm for a free discussion of their rights [2]

Core Viewpoint - Charter Communications and Liberty Broadband have announced a long-anticipated merger, which is expected to create significant synergies in the TMT (Technology, Media, and Telecommunications) sector [1]. Company Summary - The merger between Charter Communications and Liberty Broadband has been expected for a considerable time by investors and stakeholders, indicating strong market anticipation and potential for growth [1].

Core Viewpoint - Halper Sadeh LLC is investigating the fairness of the sale of Liberty Broadband Corporation to Charter Communications, focusing on whether the transaction provides adequate value to Liberty Broadband shareholders [1][3]. Group 1: Investigation Details - The investigation examines if Liberty Broadband and its board violated federal securities laws or breached fiduciary duties by not securing the best possible consideration for shareholders [3]. - Concerns include whether Charter is underpaying for Liberty Broadband and if all material information necessary for shareholders to assess the merger was disclosed [3]. Group 2: Legal Actions - Halper Sadeh LLC may seek increased consideration for Liberty Broadband shareholders, additional disclosures, and other forms of relief related to the proposed transaction [4]. - The firm operates on a contingent fee basis, meaning shareholders would not incur out-of-pocket legal fees or expenses [4].

Financial Data and Key Metrics Changes - Liberty Broadband reported consolidated cash and cash equivalents of $168 million, including $47 million at GCI, and a total principal amount of debt of $3.7 billion, excluding preferred stock [17] - The value of the Charter investment was $18.6 billion based on shares held as of November 1 and the closing price [17] - Charter experienced revenue growth of 1.6% and adjusted EBITDA growth of 3.6% during the quarter, with residential ARPU up 1.8% [10] Business Line Data and Key Metrics Changes - GCI's revenue increased by $22 million year-over-year, driven by strong data revenue, while adjusted OIBDA rose to $11 million [18] - Viator's adjusted EBITDA was $30 million with an 11% margin, showing solid growth outside of search and direct channels [14] - TheFork achieved record financial performance with revenue up 17% and adjusted EBITDA of $5 million, marking a 10% margin [15] Market Data and Key Metrics Changes - Charter experienced a net loss of 110,000 broadband subscribers, which would have been growth without the impact of the ACP [9] - Mobile services added 545,000 net subscribers, bringing the total to over 9 million lines, with ARPU growth driven by the Unlimited Plus tier [11] Company Strategy and Development Direction - Liberty Broadband is discussing a proposed all-stock transaction with Charter to rationalize the dual corporate structure and enhance trading liquidity [7] - Charter is focusing on convergence through its mobile offerings and broadband upgrades, aiming to leverage its coax and fiber network strengths [34][35] Management's Comments on Operating Environment and Future Outlook - Management noted that discussions with Charter are aimed at eliminating the NAV discount and providing clarity to shareholders [8] - The management anticipates that October will be the last month of significant impact from the ACP on Charter's subscriber growth [9] Other Important Information - Liberty Broadband's discussions with TripAdvisor are ongoing, with a focus on capital structure rationalization [12] - TripAdvisor reported a positive growth in MAUs year-over-year, with a 30% increase in direct channel monthly active users [13] Q&A Session Summary Question: Why is Liberty Broadband moving forward with Charter discussions now? - Management explained that the proposed structure benefits both parties by tightening the discount and eliminating the dual corporate structure over time [25] Question: What needs to happen for Charter to resume stock buybacks? - Management indicated that buybacks could resume upon the announcement of a signed deal or if discussions fail [26] Question: How does Alaska's regulatory environment affect potential transactions? - Management noted that Alaska's regulatory approval process is simpler compared to federal processes, making it less of an issue [27] Question: What is the timeline for the potential transaction involving GCI? - Management stated that the timeline was designed to accommodate regulatory processes and allow for deleveraging [32] Question: How does the broadband market and competitive dynamics look moving forward? - Management highlighted Charter's aggressive pursuit of convergence and the importance of their upgraded broadband offerings [34] Question: What are the implications of a potential relaxation of antitrust views? - Management suggested that while there are limited targets for acquisition, a new regulatory regime could open up more opportunities for M&A [37]

Financial Performance - Liberty Broadband reported revenue of $262 million for the three months ended September 30, 2024, compared to $240 million for the same period in 2023, representing an increase of approximately 9.2%[26]. - Adjusted OIBDA for Liberty Broadband was $93 million in Q3 2024, up from $85 million in Q3 2023, reflecting a growth of about 9.4%[22]. - The operating income for Liberty Broadband increased to $30 million in Q3 2024 from $21 million in Q3 2023, marking a rise of approximately 42.9%[26]. - Net earnings attributable to Liberty Broadband shareholders were $142 million in Q3 2024, down from $162 million in Q3 2023, indicating a decrease of about 12.3%[26]. - GCI's revenue increased by 9% year-over-year to $262 million in Q3 2024, with operating income rising 40% to $42 million[10]. - Adjusted OIBDA for GCI grew 12% to $100 million, reflecting a margin increase of 110 basis points to 38.2%[10]. - Consumer revenue for GCI increased by 2% to $116 million, while business revenue surged 16% to $146 million[10]. Cash and Debt Management - Total cash for Liberty Broadband increased by $95 million in Q3 2024, primarily due to proceeds from Charter share sales[7]. - Liberty Broadband's total debt remained relatively flat at $3.725 billion as of September 30, 2024[8]. - GCI's leverage ratio was reported at 3.1x as of September 30, 2024, with undrawn capacity of $367 million in its credit facility[8]. - Cash and cash equivalents at Liberty Broadband were $168 million as of September 30, 2024, compared to $158 million at the end of 2023, reflecting an increase of about 6.3%[24]. - Liberty Broadband's long-term debt was $3.709 billion as of September 30, 2024, slightly down from $3.733 billion at the end of 2023[24]. Investments and Shareholder Returns - Liberty Broadband reported a fair value of its investment in Charter at $14.8 billion as of September 30, 2024[1]. - Liberty Broadband received $74 million from the sale of 225,000 Charter shares, maintaining a 26% fully diluted equity interest in Charter[1][3]. - Liberty Broadband has approximately $1.7 billion remaining in its stock repurchase authorization as of October 31, 2024[2]. - Liberty Broadband's stock repurchases amounted to $89 million in the nine months ended September 30, 2024, compared to $40 million in the same period of 2023[28]. Asset Growth - The total assets of Liberty Broadband increased to $16.303 billion as of September 30, 2024, compared to $15.641 billion at the end of 2023, showing a growth of approximately 4.2%[24]. - The company’s equity increased to $9.538 billion as of September 30, 2024, from $9.023 billion at the end of 2023, representing a growth of approximately 5.7%[24]. Capital Expenditures - GCI's capital expenditures for Q3 2024 were $39 million, with full-year expectations around $200 million focused on network improvements in rural Alaska[12]. Operating Activities - The company reported a net cash provided by operating activities of $103 million for the nine months ended September 30, 2024, compared to a net cash used of $46 million for the same period in 2023[28].