The following is a summary of the Liberty Broadband Corporation (LBRDK) Q1 2024 Earnings Call Transcript:
Financial Performance:
Liberty Broadband ended the quarter with consolidated cash and cash equivalents of $108 million and a total principal amount of debt of $3.8 billion excluding preferred stock. The reported value of their Charter investment was $12.3 billion.
GCI's first-quarter revenue and adjusted OIBDA remained the same year-over-year, with growth in data revenue being countered by declines in other revenue. The company managed to settle $60 million of their revolving credit facility during this period which resulted in a proforma leverage post-dividend payout of approximately 3.2 times.
Business Progress:
Liberty Broadband is planning to get back to participating in Charter's buybacks and it's expected the majority of the proceeds will continue to fund future LBRD purchases. As part of their financial strategy, more emphasis is expected to shift towards debt reduction, implying a possible decrease in buybacks in the short-term.
Conversely, Charter faced increased competition resulting in a net subscriber loss of 72,000 in Q1. However, efficient expense management led to solid EBITDA growth of 2.8%.
Charter's mobile segment successfully crossed the 8 million total mobile lines mark with accelerated service revenue growth of 38% year-over-year. To maintain this momentum, they have strategies focusing on customer retention and managing churn in their internet segment consistently.
Liberty Broadband is deliberatively reviewing strategic alternatives with TripAdvisor's Special Committee but has refrained from providing further updates until formal documents are finalized or discussions conclude.
More details: Liberty Broadband-C IR
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