Business
Liberty Broadband Reports Third Quarter 2021 Financial Results
ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Liberty Broadband Corporation (“Liberty Broadband”) (Nasdaq: LBRDA, LBRDK, LBRDP) today reported third quarter 2021
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 third quarter 2021 results. Headlines include(1):\n\n\nFair value of Charter investment was $40 billion as of September 30th\n\n\nFrom August 1st through October 31st, Liberty Broadband received $1.2 billion of proceeds from sale of 1.5 million Charter shares to Charter\n\n\nMaintained fully diluted equity interest in Charter of 26%(2)\n\n\n\n\nFrom August 1st through October 31st, Liberty Broadband repurchased 5.3 million LBRDA/K shares at an average price per share of $177.50 and total cash consideration of $935 million\n\n\nIn the third quarter, GCI(3) grew revenue 1% to $246 million, generated operating income of $16 million and adjusted OIBDA(4) declined 3% to $89 million\n\n\nGCI amended its credit facility on October 15th, extending the maturity to October 2026\n\n\nShare Repurchases\n\nFrom August 1, 2021 through October 31, 2021, Liberty Broadband repurchased approximately 3.9 million shares of Series C Liberty Broadband common stock (Nasdaq: LBRDK) at an average cost per share of $178.79 for total cash consideration of $692 million and repurchased approximately 1.4 million shares of Series A Liberty Broadband common stock (Nasdaq: LBRDA) at an average cost per share of $173.92 for total cash consideration of $243 million. The total remaining repurchase authorization for Liberty Broadband as of November 1, 2021 is approximately $1.6 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 executed by Liberty Broadband monthly based on Charter’s repurchase activity in the month prior.\n\nFrom August 1, 2021 through October 31, 2021, Liberty Broadband sold 1.5 million shares of Charter Class A common stock to Charter for total proceeds of approximately $1.2 billion.\n\nBalance Sheet\n\nThe following presentation is provided to separately identify cash and liquid investments, debt and public holdings of Liberty Broadband as of June 30, 2021 and September 30, 2021.\n\n\n\n(amounts in millions)\n\n\n\n\n6/30/2021\n\n\...