Liberty Broadband Corporation Q3 FY2024 earnings call

• Liberty Broadband and Charter were discussing a proposed all-stock transaction to rationalize structure, enhance liquidity, and continue partnership. • Charter had strong subscriber results and financial growth in Q3. • LTRIP segments had varied performance with TripAdvisor MAUs growing, Viator and TheFork showing positive financials. • GCI reported Q3 financial results including revenue and adjusted OIBDA figures. • Upcoming Annual Investor Meeting on Nov 14 at Jazz at Lincoln Center, with registration required by Nov 11.

Liberty Broadband: Charter had strong Q3 results with 110,000 broadband net loss (absent ACP impact), 1.6% revenue growth, 3.6% adjusted EBITDA growth, residential ARPU up 1.8%, mobile with 545,000 net adds (base over 9 million lines). LTRIP: TripAdvisor MAUs returned to year-over-year growth, direct channel monthly active users up 30%; Viator adjusted EBITDA $30 million (11% margin); TheFork had best financial performance with 17% revenue growth, 10% adjusted EBITDA margin. GCI: Revenue up $22 million, adjusted OIBDA $11 million, cable modem subscribers declined by 3,800 (3,400 due to ACP expiration), leverage 3.1x, $367 million undrawn revolver capacity.

• Annual Investor Meeting scheduled for Nov 14; register by Nov 11. • Timeline for potential Charter transaction mentioned with mid-2027 close, tied to regulatory process and partnership continuation.

• Uncertainties around potential Charter transaction. • Regulatory approvals in Alaska and FCC could pose challenges.

Q: Ben Swinburne on Charter approach, why now, buyback, Alaska regs A: Greg Maffei discussed the rationale for the potential transaction and buyback timeline, Ron Duncan commented on Alaska regulatory approval being relatively simple.

Q: Kutgun Maral on GCI in Charter discussions, timeline A: Greg Maffei stated he couldn't comment on GCI's inclusion in the transaction and provided context on the mid-2027 close timeline.

Q: Barton Crockett on antitrust in Republican admin A: Greg Maffei discussed potential impacts of antitrust relaxation on M&A around Charter but noted uncertainties.