Liberty Broadband Reports Second Quarter 2023 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 second quarter 2023 results.\n\n\nHeadlines include(1):\n\n\n\nFair value of Charter investment was $17.3 billion as of June 30th\n\n\n\nLiberty Broadband did not sell Charter shares to Charter from May 1st through July 31st as its fully diluted equity interest in Charter remained below 26%(2)\n\n\n\nLiberty Broadband received a $25 million dividend from GCI subsequent to quarter-end on July 5th; $65 million received year-to-date\n\n\n\nIn the second quarter, GCI(3) increased revenue 3% to $245 million, generated $32 million in operating income and grew Adjusted OIBDA(4) 2% to $92 million\n\n\n\nShare Repurchases\n\n\nThere were no repurchases of Liberty Broadband’s common stock (Nasdaq: LBRDA, LBRDK) from May 1, 2023 through July 31, 2023. The total remaining repurchase authorization for Liberty Broadband as of August 1, 2023 is approximately $2.0 billion.\n\n\nCharter Ownership\n\n\nUnder the terms of Liberty Broadband and Charter’s stockholder agreement, Liberty Broadband has sold and will continue to sell to Charter a number of shares of Class A common stock as is necessary to maintain Liberty Broadband’s percentage equity interest at 26% on a fully diluted basis. Such sales are executed by Liberty Broadband monthly based on Charter’s repurchase activity in the month prior.\n\n\nFrom May 1, 2023 through July 31, 2023, Liberty Broadband did not sell any Charter shares to Charter as its fully diluted equity interest in Charter for the period was below 26%.\n\n\nBalance Sheet\n\n\nThe following presentation is provided to separately identify cash and liquid investments, debt and public holdings of Liberty Broadband as of March 31, 2023 and June 30, 2023.\n\n\n\n\n(amounts in millions)\n\n\n\n\n\n\n\n3/31/2023\n\n\n\n\n\n\n\n\n6/30/2023\n\n\n\n\n\n\n\n\n\nCash and Cash Equivalents:\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n\nGCI Holdings\n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n59\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n60\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nCorporate and Other\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n110\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n21\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nTotal Liberty Broadband Consolidated Cash\n\n\n\n\n\n\n\n$\n\n\n\n\n\n\n169\n...

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