Business
Liberty Broadband Reports Fourth Quarter and Year End 2022 Financial Results
ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Liberty Broadband Corporation (“Liberty Broadband”) (Nasdaq: LBRDA, LBRDK, LBRDP) today reported fourth quarter and year
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 fourth quarter and year end 2022 results.\n\nHeadlines include (1):\n\n\nFair value of Charter investment was $16.0 billion as of December 31, 2022\n\n\nFrom November 1, 2022 through January 31, 2023, Liberty Broadband received $291 million of proceeds from sale of 868 thousand Charter shares to Charter\n\n\nMaintained fully diluted equity interest in Charter of 26%(2)\n\n\n\n\nFrom November 1, 2022 through January 31, 2023, Liberty Broadband repurchased 2.1 million LBRDA/K shares at an average price per share of $84.79 for total cash consideration of $177 million\n\n\nFor the full year, GCI(3) generated revenue of $969 million and operating income of $54 million, and grew Adjusted OIBDA(4) 1% to a record $358 million\n\n\n“Charter’s strategic investments in an upgraded network and expanded footprint will provide both attractive returns and enhanced position with its competitively-priced converged product offering. We are pleased to welcome Chris Winfrey’s leadership and believe these initiatives will drive value for customers and shareholders,” said Greg Maffei, Liberty Broadband President & CEO. “Despite facing tough revenue comparisons due to a change to one of its roaming agreements, GCI posted solid financial results in 2022 and is continuing to expand its high speed connectivity to the most remote areas in Alaska.”\n\nShare Repurchases\n\nFrom November 1, 2022 through January 31, 2023, Liberty Broadband repurchased 1.5 million shares of Series C Liberty Broadband common stock (Nasdaq: LBRDK) at an average cost per share of $84.55 for total cash consideration of $123 million and repurchased 631 thousand shares of Series A Liberty Broadband common stock (Nasdaq: LBRDA) at an average cost per share of $85.33 for total cash consideration of $54 million. The total remaining repurchase authorization for Liberty Broadband as of February 1, 2023 is approximately $2.0 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 ...