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].
Liberty Broadband(LBRDA) - 2024 Q1 - Quarterly Results