Business
Liberty Broadband Reports First Quarter 2021 Financial Results
ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Liberty Broadband Corporation (“Liberty Broadband”) (Nasdaq: LBRDA, LBRDK, LBRDP) today reported first quarter 2021
About this update from Liberty Broadband Corporation
[{"type":"text","content":" ENGLEWOOD, Colo.--(BUSINESS WIRE)--\nLiberty Broadband Corporation (“Liberty Broadband”) (Nasdaq: LBRDA, LBRDK, LBRDP) today reported first quarter 2021 results. Headlines include (1):\n\n\nFair value of Charter investment was $36 billion as of March 31st\n\n\nFrom March 1st through April 30th, Liberty Broadband received $978 million of proceeds from sale of 1.6 million Charter shares to Charter\n\n\nMaintained fully diluted equity interest in Charter of 26% (2)\n\n\n\n\nFrom February 1st through April 30th, Liberty Broadband repurchased 6.1 million LBRDK shares at an average price per share of $152.30 and total cash consideration of $923 million\n\n\nIn the first quarter, GCI (3) grew revenue 5% to $242 million, generated operating income of $29 million and increased adjusted OIBDA(4) 11% to $96 million\n\n\nGCI received $175 million of Rural Healthcare proceeds and repaid $180 million under its revolving credit facility\n\n\n“This was our first quarter participating in Charter’s buyback, which provided almost $1 billion in proceeds through April. We used all of these funds to repurchase Liberty Broadband shares at a meaningful net asset discount, generating substantial value for our shareholders,” said Greg Maffei, Liberty Broadband President and CEO. “Despite fears of a pull forward in broadband demand during the pandemic, Charter achieved strong data subscriber growth and turned in a great first quarter.”\n\nShare Repurchases\n\nFrom February 1, 2021 through April 30, 2021, Liberty Broadband repurchased approximately 6.1 million Series C Liberty Broadband common stock (Nasdaq: LBRDK) at an average cost per share of $152.30 for total cash consideration of $923 million. The total remaining repurchase authorization for Liberty Broadband as of May 1, 2021 is approximately $1.7 billion.\n\nCharter Ownership\n\nUnder the terms of Liberty Broadband and Charter’s stockholder agreement, Liberty Broadband has sold and will continue to sell to Charter a number of shares of Class A common stock as is necessary to reduce Liberty Broadband’s percentage equity interest to 26% on a fully diluted basis. Such sales are executed by Liberty Broadband monthly based on Charter’s repurchase activity in the month prior.\n\nIn the first quarter, Liberty Broadband sold 834,576 shares of Charter Class A common stock to Charter for total proceeds of a...