The following is a summary of the Liberty Broadband Corporation (LBRDK) Q4 2023 Earnings Call Transcript:
Financial Performance:
Liberty Broadband generated a revenue of $385 million from Charter sales from November 1st to the end of January.
The company spent $255 million on LBRD repurchases.
TripAdvisor's Q4 revenue grew 10%, surpassing expectations, with its Viator and TheFork brands together composing nearly 50% of 2023 revenue.
The company reported consolidated cash and cash equivalents of $158 million and a total principal amount of debt of $3.8 billion. The value of their Charter investment stood at $13.5 billion.
GCI, a subsidiary, generated strong free cash flow and had record revenues and adjusted OIBDA for 2023. Revenue and adjusted OIBDA grew 1% to reach $931 million and $361 million, respectively.
GCI added 1,400 consumer cable modem subscribers and 4,800 consumer wireless customers in 2023. It paid down an incremental $40 million under its revolving credit facility after year end.
Business Progress:
Charter added 2.5 million mobile line net ads in 2023, growing nearly 50% over the prior year. It faced increased competition in fixed wireless during 2023 but expects to benefit from future increases in consumer demand for bandwidth.
Liberty Broadband plans to resume LBRD buyback once it exceeds the fully diluted ownership cap of 26% and has been authorized by the board to engage in acquisition discussions for Liberty TripAdvisor.
TripAdvisor reached breakeven profitability ahead of schedule and is focused on long-term strategic opportunities driven by AI.
GCI is planning high returning investments in middle and last mile connectivity and network expansion in rural Alaska with an expected spending of approximately $200 million in net capital expenditures for 2024.
Liberty Broadband sees growth opportunities in the wireless segment as their GCI+ offering is less expensive than competitors, which should help them gain more wireless customers.
The discontinuance of ACP at GCI is expected to have a minimal impact on Liberty Broadband.
More details: Liberty Broadband-C IR
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