Business
Liberty Broadband Reports First Quarter 2022 Financial Results
ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Liberty Broadband Corporation (“Liberty Broadband”) (Nasdaq: LBRDA, LBRDK, LBRDP) today reported first quarter 2022
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 2022 results. Headlines include(1):\n\n\nFair value of Charter investment was $29 billion as of March 31st\n\n\nFrom February 1st through April 30th, Liberty Broadband received $753 million of proceeds from sale of 1.3 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 5.1 million LBRDA/K shares at an average price per share of $140.13 for total cash consideration of $719 million\n\n\nIn the first quarter, GCI(3) revenue decreased 4% to $233 million, generated operating income of $21 million and adjusted OIBDA(4) declined 9% to $87 million\n\n\nSold Skyhook subsidiary for approximately $170 million of net proceeds on May 2nd\n\n\nShare Repurchases\n\nFrom February 1, 2022 through April 30, 2022, Liberty Broadband repurchased approximately 4.7 million shares of Series C Liberty Broadband common stock (Nasdaq: LBRDK) at an average cost per share of $140.52 for total cash consideration of $660 million and repurchased approximately 430 thousand shares of Series A Liberty Broadband common stock (Nasdaq: LBRDA) at an average cost per share of $135.84 for total cash consideration of $58 million. The total remaining repurchase authorization for Liberty Broadband as of May 1, 2022 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 maintain Liberty Broadband’s percentage equity interest at 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\nFrom February 1, 2022 through April 30, 2022, Liberty Broadband sold approximately 1.3 million shares of Charter Class A common stock to Charter for total proceeds of approximately $753 million.\n\nBalance Sheet\n\nThe following presentation is provided to separately identify cash and liquid investments, debt and public holdings of Liberty Broadband as of December 31, 2021 and March 31, 2022.\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n...