Liberty Broadband Reports Second 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 second quarter 2024 results.\n\n\nHeadlines include(1):\n\n\n\nFair value of Charter investment was $13.7 billion as of June 30th\n\n\n\nIssued $860 million aggregate principal amount of 3.125% exchangeable senior debentures due 2054 on July 2nd\n\n\nUsed net proceeds to repay $540 million under Charter margin loan and repurchase $300 million principal amount of 3.125% exchangeable senior debentures due 2053\n\n\n\n\n\n\nFrom May 1, 2024 through July 31, 2024, Liberty Broadband received $74 million of proceeds from sale of 270 thousand Charter shares to Charter\n\n\nMaintained fully diluted equity interest in Charter of 26%(2)\n\n\n\n\n\n\nIn the second quarter, GCI(3) revenue was flat at $246 million, generated $30 million in operating income and Adjusted OIBDA(4) decreased 7% to $86 million\n\n\n\nShare Repurchases\n\n\nThere were no repurchases of Liberty Broadband’s common stock (Nasdaq: LBRDA, LBRDK) from May 1, 2024 through July 31, 2024. The total remaining repurchase authorization for Liberty Broadband as of August 1, 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 May 1, 2024 through July 31, 2024, Liberty Broadband sold 270 thousand shares of Charter Class A common stock to Charter for total proceeds of $74 million.\n\n\nBalance Sheet\n\n\nThe following presentation is provided to separately identify cash and liquid investments, debt and public holdings of Liberty Broadband as of March 31, 2024 and June 30, 2024.\n\n\n\n\n(amounts in millions)\n\n\n\n\n\n\n \n\n\n\n\n\n\n3/31/2024\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n6/30/2024\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nCash and Cash Equivalents:\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nGCI Holdings\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n70\n\n...

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