Business
Liberty Broadband Reports First Quarter 2023 Financial Results
ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Liberty Broadband Corporation (“Liberty Broadband”) (Nasdaq: LBRDA, LBRDK, LBRDP) today reported first quarter 2023
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 2023 results.\n\n\nHeadlines include(1):\n\n\n\nFair value of Charter investment was $16.8 billion as of March 31st\n\n\n\nIssued $1.3 billion aggregate principal amount of 3.125% exchangeable senior debentures due 2053 and used net proceeds and cash on hand to repurchase $1.4 billion of near-term liabilities\n\n\n\nLiberty Broadband did not sell Charter shares to Charter from February 1st through April 30th as its fully diluted equity interest in Charter remained below 26%(2)\n\n\n\nFrom February 1st through April 30th, Liberty Broadband repurchased 137 thousand LBRDA/K shares at an average price per share of $92.84 for total cash consideration of $13 million\n\n\n\nIn the first quarter, GCI(3) increased revenue 6% to $246 million, generated $29 million in operating income and grew Adjusted OIBDA(4) 3% to $90 million\n\n\n\nShare Repurchases\n\n\nFrom February 1, 2023 through April 30, 2023, Liberty Broadband repurchased 99 thousand shares of Series C Liberty Broadband common stock (Nasdaq: LBRDK) at an average cost per share of $92.82 for total cash consideration of $9 million and repurchased 38 thousand shares of Series A Liberty Broadband common stock (Nasdaq: LBRDA) at an average cost per share of $92.88 for total cash consideration of $4 million. The total remaining repurchase authorization for Liberty Broadband as of May 1, 2023 is approximately $2.0 billion.\n\n\nCharter Ownership\n\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\n\nFrom February 1, 2023 through April 30, 2023, Liberty Broadband did not sell any Charter shares to Charter as its fully diluted equity interest in Charter for the period was below 26%.\n\n\nBalance Sheet\n\n\nThe following presentation is provided to separately identify cash and liquid investments, debt and public holdings of Liberty Broadband as of December 31, 2022 and March 31, 2023.\n\n\n\n\...