Liberty Broadband Reports First Quarter 2024 Financial Results

About this update from Liberty Broadband Corporation

ENGLEWOOD, Colo.--(BUSINESS WIRE)-- Liberty Broadband Corporation (“Liberty Broadband”) (Nasdaq: LBRDA, LBRDK, LBRDP) today reported first quarter 2024 results. Headlines include(1): Fair value of Charter investment was $13.4 billion as of March 31st Liberty 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) From 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 In 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 Share Repurchases From 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. Charter Ownership Under 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. From 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). Balance Sheet The 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. (amounts in millions) 12/31/2023 3/31/2024 Cash and Cash Equivalents: GCI Holdings $ 79 $ 70 Corporate and Other 79 38 Total Liberty Broadband Consolidated Cash $ 158 $ 108 Fair Value of Public Holdings in Charter(a) $ 17,984 $ 13,385 Debt: Senior Notes(b) $ 600 $ 600 Senior Credit Facility 394 334 Tower Obligations and Other(c) 91 90 Total GCI Holdings Debt $ 1,085 $ 1,024 GCI Leverage(d) 2.9x 2.8x Charter Margin Loan $ 1,460 $ 1,480 3.125% Exchangeable S...

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