Liberty Broadband Corporation Q2 FY2024 earnings call

• Liberty Broadband: Issued exchangeables to manage debt, Charter had strong results despite ACP impact, mobile business profitable. - Liberty TripAdvisor: Evaluating strategic alternatives, TripAdvisor's Hotel Meta faced pressure but strategy progress seen, Viator and TheFork contributed to profit mix. - GCI: Revenue and adjusted OIBDA details, distribution to Liberty Broadband and leverage/capacity status.

Liberty Broadband: In July, the company issued $860 million of 3.125% Charter exchangeables. Proceeds were used to repay $540 million under the Charter Margin loan and repurchase $300 million of existing exchangeables, with the margin loan maturity extended to 2027. Charter had a net subscriber loss of 149,000 broadband subs in the quarter, but broadband trends improved, EBITDA grew 2.6% y-o-y with 100 basis point margin improvement, mobile achieved profitability with 557 mobile line net additions. GCI: Revenue was up $1 million y-o-y driven by data sales, but adjusted OIBDA decreased $6 million due to higher operating costs and SG&A expenses. At quarter end, GCI distributed $150 million to Liberty Broadband, had leverage at 3.2x with $347 million of undrawn capacity under the revolver.

• Charter expects continued EBITDA growth in the back half of the year with AC impact in Q3 and Q4. - GCI's leverage at 3.2x with sufficient cushion relative to covenant threshold, undrawn capacity under revolver.

• Market competition risks affecting Charter and GCI. - Debt-related risks such as interest rate changes or market conditions impacting debt management.

Q: Regarding GCI's wireless business and AI phone cycles, A: Ron Duncan noted GCI needs to match device subsidies to stay competitive, evaluating AI phone cycle impact for potential share gain.

Q: About T-Mobile's actions and Charter's competition, A: Greg Maffei said T-Mobile's actions validate Charter's fixed line strategy as mobile alone is less attractive.

Q: About Liberty TripAdvisor's Series A preferred stock, A: Greg Maffei stated there are active discussions between Certares, TripAdvisor, and Liberty Broadband regarding the Series A preferred stock