Liberty TripAdvisor (LTRPA) 2 May 232023 Q1 Earnings call transcript

Welcome to the Liberty Broadband 2023 Q1 Earnings Call. [Operator Instructions].

As a reminder, this conference will be recorded on May 2. I would now like to turn the conference over to Shane Kleinstein, Vice President, Investor Relations. Please go ahead.

afternoon. good and you, Thank

the events Before by including we call of everyone this recent and of XXXX. to Private due XX-K differ to Forms a Broadband mentioned we'd certain forward-looking in SEC. and like number Liberty Actual of includes Act meaning and Litigation remind results statements TripAdvisor could Securities materially Liberty uncertainties, that with risks Reform begin, filed or those within the most XX-Q the the

These or expressly statements of to statements conditions Broadband to change events, Liberty date any obligation forward-looking revisions any or reflect only speak the Broadband circumstances undertaking or of Liberty as Liberty on and thereto to and statement in this change any any contained disseminate or is based. which in disclaim call, TripAdvisor's any herein or such regard updates expectations Liberty forward-looking TripAdvisor with any

we discuss periods, with for today's are today required On along can issued notes available financial reconciliations, Information including definitions metrics, as the adjusted well Broadband's in releases measures Broadband, earnings and Liberty in Liberty and press including earnings will the GAAP be X, prior X OIBDA. website. as release preliminary call, regarding comparable schedules for certain found on non-GAAP which

like I'd CEO. Maffei, to and Now turn President the Greg call to Liberty's over

the to TripAdvisor. Broadband's has all. to note, Pounds, questions quarter. also afternoon we reported will CEO we and will available QX not on Accounting Liberty related results, be Pete GCI; comment speaking Liberty the -- I'd questions. Duncan, good to happy be Q&A, on Financial rather have Wendling; GCI, to and answer to CFO unable and Today Officer, the Shane, will also yet will you, so current its Chief TripAdvisor of during answer Ron But Thank Liberty be note also Principal of we Brian call,

billion to Note on in debt of Charter's Charter not the used of issued are and under had exchangeable first ownership billion by and a January, grants, $X.X since year. the we we annual driven proceeds with quarter, $X.X cap, this the hand Charter X/X% XX% any exchangeable, diluted compensation repurchase this we was we Liberty any early So Broadband, that beginning that stock Charter's back X cash year, stock have due fully the bought of back. since we also some

We sold January. have buyback not into any the since

Charter we into sales our the company. anticipate resume by pursuant Charter's due to though agreement, lighter stockholder to expect year this We do to investments at buyback buybacks

also those With addressed, the and share plan our liabilities after-tax of buybacks our the Charter proceeds is near-term LBRAK from to using sales. resume LBRDA majority

and We the Charter sequential a environment, And strength. paid, the looking a area be be solid XX,XXX EBITDA broadband of an I'd free drive continued quarter, expect margin new through with and tailwind improvement good Spectrum Internet these in quarter, the will to current One we them operating added beginning in itself, improvement is in One Spectrum the was fourth subs growth we had given associated Mobile converted market. note, that and QX. at lines results. to to continues to growth. resonating

to continues year. in lines did mobile quarter the quarter. of double to we first in adds the versus XX% total first Cable quarter, -- what that mobile and be XXX,XXX adds XX% increase added we nearly last mobile estimated in So share fourth is

a was reported good up heightened have period X.X% and investment. We of X.X%, during was up Revenue overall results. financial EBITDA

from up was X%, revenue Broadband X%. ARPU and was growth. customer both Broadband benefiting up alone ARPU

his that convergence. on Charter rural the on upgrade, that have progress initiative key and with pleased and mobile Chris the network build are is including We the team at investments some made, of underway

to results discuss Brian And with in over detail. more that, I'd the like it financial to to turn

you, Charter cash of in GCI. equivalents $XX directly $XXX Thank end, which The million at million, At X Broadband held had had share quarter billion. includes at price cash quarter shares of based At end, Charter Broadband and principal $X.X Liberty $XX.X held investment and Liberty of today's our billion. on cash was a value consolidated close Greg. amount of our of as May total debt

Note, and indemnification obligation. this stock excludes preferred remaining

sales proceeds we As as fully in stockholder our through required do Greg to sales XX. mentioned, our We to April from have the in share to February our resume agreement did of not from maintain diluted XX%. X percentage Charter share expect period Charter ownership

Charter sales our annual to guidance X% the XX% XXXX, in tax range. share year full remains the on For

GCI Looking had quarter. at GCI. a good first

its the allowed end. Broadband paid or revolver. we'd defined its in be to and $XX during to expect agreement, the has up this performance spend Liberty quarter And was quarter, as dividends in Leverage, capacity -- additional year. undrawn of under X.XXx dividends million million has credit Solid of X.XX% $XXX as company to GCI

and lapping impact but grew benefits million, Revenue flow. recognized significantly by million The of a year Adjusted couple OIBDA revenue revenue, in in meaningfully result by a free taxes. our less $X RHC pressures, in additional to impacts up declines inflationary sales, which primarily as customers, continued property business, $XX bad led primarily cash partially labor, respectively. and last of not was than was were video offset OIBDA and school debt data our does adjusted primarily growth revenue, and and onetime which

the last customers. X,XXX subscribers nearly revenue-generating has GCI and cable wireless Over year, modem X,XXX nearly added

to that, I'll over the Greg. back with And call turn

listening operator, to we continued your line with the Thanks, appreciate Brian. To questions. for in Liberty like Liberty and the interest open that, Broadband And audience, I'd TripAdvisor.

comes with Our Rosenblatt Crockett from question Instructions] Barton Securities. first [Operator

with and empty kind and you, get one, question push your of think, is GCI, about also one calories of Charter of which on extension to that curious, has adding Greg, just been into with for the subject Greg, Okay. I I'm low kind maybe back of essentially pricing? making And substance of the they forth terms and by and some buy in Charter the really, that really, or free T-Mobile. view the subscribers and are push to implication obviously the mobile, promotional And they're bringing is, substance

this Do if you drive are elements growth? does And growth, that to it they up is there there think are of Or EBITDA it EBITDA GCI that something Alaska? extensible some drive can are empty that in calories?

on I'll then let GCI. take for and the first part Ron Charter, comment about and implications the talk

great So is I thanks, Bart, strategy. this Look, for think the question. a

are we're many, in kicking we subsidizing the devices, not unlike expect in, but low that will margin think I quarter. for lines us really we cost mostly fourth relatively are add substantial still subsidizing that

every broadband continue think will and reduced for our probably churn. contribute broaden every every to potential They relationship out certainly our are I growth of And contributing to to EBITDA customer. a client, our win it's and to household, of our some us

I great So a we're it's and fully strategy, behind think Ron? it.

Thank you.

network reseller. we're Our Charter's own not mobile situation mobile different operator. is We're a because our than a little

So our But are economics drive and EBITDA sooner. help bundling us different heavy. a and little bundling, we we're are

almost We It's of of our data we on customers what customers to wireless substantial consumer. and have XX% our XX% almost the savings plan. a our call very GCI+

the wireless for churn. also very half us, both less stand-alone It's than that's product data We're churn experiencing reduces customers it churn. and beneficial bundled or and materially for

And churn. very, inoculant for powerful good it's generator. EBITDA very us, against So a a it's

wired So the we're on the enthusiastic very, data. wireless combination very of the and

then That's I can... if helpful. And

if Bart, note more I I thing, one go. could would also

I be mobile purchased space to build As down One we out will customers is benefits are another in is continue this to to build to a And enhance we X whom scale, of out as group substantial for the subscribers, the happen CBRS subsequent MVNO. markets opportunity of attractive the going negotiate line. think margins. to that the that and a we with utilize spectrum most opportunity

strategy. So I like the

about then of There's terms I of curious if but what kind wondering could are Alaska be is in think Okay. seeing just feeling That's consumer people I ask I many Alaska, on don't was as so comment out the an macro there? great. and was you curious, often just backdrop, indicator, I'd about how the you there? questions And

to to indicator economy not I'm a in in as slightly of last be residents good pandemic. still losing So because still and here adding struggling Bad our since we're fine. and is the seems countercyclical, the the below terms state. doing we well But tell, can it's very consumer, has up very we come as but of year, up nation debt tend far the be sure

we're for employees, We still spend. hard them. tight in People don't see robust finding the and the markets the most less consumers We're a XX. than of probably money have have in time Lower business, seem our to signs slowing down of any to

comes question ISI. next with Evercore Ratcliffe James Our from

seeing have it's point eased if Charter all, the been on ownership of moot because doing XX%, that could. the whether to still the appealing late buyback leakage just update buybacks and that's prospect where and But what of a below of are? Greg, update secondly, using being other Two, first any And but buybacks? for you're from the off, tax listing any I the cap? fund on thoughts prospects on

the James. for Thanks Yes. question,

I to is increase which long-term don't think shareholder, members, view to our a now company, cap, statement as is is there's and settlement think with lifting issues, -- believe would. first us that. think I I'm the the openness a in misspeaking I point only on had that about discussions more shareholder independent Liberty and the positive some speak having and On management would that I some Board Chris' substantial it shareholder post a that there belief that we're

buyback shareholders, non-Liberty in the be of a to marketplace. more devoted the having positive other would And shareholders

it's good, months, to members, you're probably on to I as address. issue And quarter, had, certainly something it's positive certainly plan this next reasons So complete same. why independent note I I've right not feels with we we we're lots think believe said, do though it'd the Chris less I an be of that. coming think some but of and Board discussions

the Albert let discuss situation. I'll tax leakage

With sort tax buybacks. We're of not leakages, of to stop any experiencing Yes. we'll also respect that. any

it could tax For the the X% be I range think with year, XX% to a to rate. respect in

be absence lower time. end, going given it's I repurchases to to towards think of the this at the tend

Benchmark Matthew Our next Harrigan question Company. comes from with

to say have a I point? tax Section revenue. question, Washington Treasury implement at are quasi that in can difficult the but do policy might the interpretations the certainly you less it make least, get government IRS to mean dysfunction know politicized, there transaction but for concerns Blackletter a any about looking XXX law, and or particular nonetheless, of is on and I in Investor some More the Day that

one as let I'll this go on well. Albert

sort We've that would in perspective any not anything impact seen transactions pursuing. a we've -- -- be of we anything would from that legislative we think

questions. to speak hope last We next listening sooner. operator, you. Thank right, if audience. you again I that's with thank All not the of believe to you our our quarter,

That today's concludes teleconference.

participation. your for You your may you lines this disconnect at Thank time.