Liberty Broadband Reports First Quarter 2024 Financial Results

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 2024 results.\n\n\nHeadlines include(1):\n\n\n\nFair value of Charter investment was $13.4 billion as of March 31st\n\n\n\nLiberty Broadband did not sell Charter shares to Charter from February 1, 2024 through April 30, 2024 as its fully diluted equity interest in Charter remained below 26%(2)\n\n\n\nFrom February 1, 2024 through April 30, 2024, Liberty Broadband repurchased 103 thousand LBRDK shares at an average price per share of $79.88 for total cash consideration of $8.2 million\n\n\n\nIn the first quarter, GCI(3) revenue was flat at $245 million, generated $37 million in operating income and Adjusted OIBDA(4) was flat at $90 million\n\n\n\nShare Repurchases\n\n\nFrom February 1, 2024 through April 30, 2024, Liberty Broadband repurchased 103 thousand shares of Series C Liberty Broadband common stock (Nasdaq: LBRDK) at an average cost per share of $79.88 for total cash consideration of $8.2 million. The total remaining repurchase authorization for Liberty Broadband as of April 30, 2024 is approximately $1.7 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 Charter Class A common stock as is necessary to maintain Liberty Broadband’s percentage equity interest at 26%(2) 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, 2024 through April 30, 2024, Liberty Broadband did not sell Charter shares to Charter as its fully diluted equity interest in Charter remained below 26%(2).\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, 2023 and March 31, 2024.\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n(amounts in millions)\n\n\n\n\n\n\n \n\n\n\n\n\n\n12/31/2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n3/31/2024\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nCash and Cash Equivalents:\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\...

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