Liberty Broadband(US:LBRDA)2024-08-08 17:51Financial 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]