Liberty Broadband Corporation Q3 FY2024 earnings call

• Liberty Broadband filed 13D on SEC re proposed all-stock transaction with Charter. - Charter had strong Q3 subscriber and financial results. - LTRIP had MAU growth and Viator/TheFork performance. - GCI had revenue and adjusted OIBDA, subscriber trends. - Upcoming Annual Investor Meeting on November 14.

Liberty Broadband: Discussed proposed all-stock transaction with Charter. Charter: Strong Q3 with 110,000 broadband net loss (excluding ACP), 1.6% revenue growth, 3.6% adjusted EBITDA growth, residential ARPU up 1.8%, mobile had 545,000 net adds, base over 9 million lines, free cash flow $1.6B (+48% y/y), net leverage 4.22x. LTRIP: MAUs returned to y/y growth, direct channel MAUs up 30%, Viator adjusted EBITDA $30M (11% margin), TheFork had 17% revenue growth, adjusted EBITDA $5M (10% margin). GCI: Revenue up $22M, adjusted OIBDA $11M, cable modem subscribers declined by 3,800 (3,400 ACP-related), leverage 3.1x, $367M undrawn revolver capacity.

• Ongoing discussions on potential transaction with Charter and LTRIP. - Timeline for potential transaction related to regulatory process and deleveraging.

• Risks from Forms 10-K and 10-Q. - Regulatory risks related to potential transactions, including FCC approval for GCI.

Q: Ben Swinburne on Charter proposals, why now, buyback, Alaska regulation A: Greg Maffei noted proposed transaction to rationalize structure, Charter buyback pause, Ron Duncan commented on Alaska regulatory being manageable Q: Kutgun Maral on GCI in Charter discussions, timeline A: Greg Maffei couldn't comment on GCI inclusion, timeline related to regulatory process and deleveraging Q: Barton Crockett on antitrust in Republican administration A: Greg Maffei said current regime likely allows most M&A, new regime might be more open to converged network combinations