Financial Performance - Liberty Broadband reported a 9% increase in GCI revenue for Q1 2025, totaling $266 million, with operating income rising 51% to $56 million[12]. - Adjusted OIBDA for GCI increased 23% to $111 million, with an Adjusted OIBDA margin improvement of 500 basis points to 41.7%[12]. - Liberty Broadband's revenue increased to $266 million in Q1 2025, up from $245 million in Q1 2024, representing an 8.57% growth[28]. - Adjusted OIBDA for Liberty Broadband rose to $99 million in Q1 2025, compared to $85 million in Q1 2024, reflecting a 16.47% increase[26]. - GCI Holdings' operating income improved to $56 million in Q1 2025, up from $37 million in Q1 2024, marking a 51.35% increase[24]. - Net earnings attributable to Liberty Broadband shareholders were $268 million in Q1 2025, compared to $241 million in Q1 2024, an increase of 11.29%[28]. - Liberty Broadband's operating income for Q1 2025 was $43 million, compared to $28 million in Q1 2024, reflecting a 53.57% increase[28]. Cash and Investments - Liberty Broadband's cash and restricted cash increased by $336 million in Q1 2025, primarily due to proceeds from Charter share sales[8]. - The fair value of Liberty Broadband's investment in Charter was $16.4 billion as of March 31, 2025[4]. - Cash and cash equivalents rose to $565 million at the end of Q1 2025, up from $229 million at the beginning of the period, indicating a significant increase in liquidity[29]. - Liberty Broadband's total current assets increased to $797 million as of March 31, 2025, compared to $423 million at the end of 2024, a substantial growth of 88.66%[27]. Debt and Leverage - Liberty Broadband's total debt increased slightly to $3.748 billion as of March 31, 2025, with GCI's leverage ratio improving to 2.8x[7]. - The company’s long-term debt decreased to $3,443 million as of March 31, 2025, down from $3,753 million at the end of 2024, a reduction of 8.26%[27]. - Liberty Broadband issued a redemption notice for $860 million of its 3.125% exchangeable senior debentures due 2054, expecting to cash settle by May 2025[4]. Operational Highlights - GCI's consumer revenue grew by 3%, driven by rural wireless growth, while business revenue increased by 13% due to upgrades in schools and healthcare[15]. - GCI's capital expenditures for 2025 are expected to be approximately $250 million, focusing on network improvements in rural Alaska[17]. - GCI's operating expenses decreased due to lower distribution costs, partially offset by increased selling, general, and administrative expenses[16]. - The company reported a decrease in stock-based compensation from $7 million in Q1 2024 to $3 million in Q1 2025[29]. Acquisition - Liberty Broadband entered into a definitive agreement to be acquired by Charter, with shareholders receiving 0.236 shares of Charter for each share of Liberty Broadband[2].
Liberty Broadband(LBRDK) - 2025 Q1 - Quarterly Results