Liberty TripAdvisor (LTRPA) 4 Aug 232023 Q2 Earnings call transcript

Welcome to the Liberty Broadband 2023 Q2 Earnings Call. [Operator Instructions] As a reminder, this conference will be recorded, August 4. I would now like to turn the call over to Shane Kleinstein, Vice President, Investor Relations. Please go ahead.

Thank you, and good morning.

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

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

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

and introduce CEO. I'd Liberty's Now like Greg Maffei, to President

and to answer Thank available will we answer Pounds, will Principal be Chief GCI; TripAdvisor. during the Accounting Duncan, CFO available Good Financial Ron also Today Officer of Also to will to Officer, call, you, Pete questions Shane. Liberty have the speaking of be on CEO and morning. GCI, we Liberty Broadband's questions. Brian related Q&A, Wendling;

and at cap diluted under remain of equity Liberty due awards So the Charter. Broadband. We issuance starting to buybacks lighter annual fully ownership their XX% with

proceeds We to the Charter K sold from buyback. buyback LBRDA after-tax sales substantially all since into and not of they have their once do our plan resume January. buybacks using resume We

The is XX%. broadband conversion was expansion results, subsidized now at of world pacing it, of and Spectrum at these Charter looking operating cable added. from coming That our Charter with the XXX,XXX One. total going wireless adds well strong rural of world postpaid net all strategy adds builds. is X/X the net and subsidized benefiting about total net industry in XX,XXX XX,XXX broadband about adds XX% Charter, wireless net from is subscribers adds

expect video modest but do its to as income impacting easing XXXX really which we've the progress yields, pressures as expected the [ and on is year, pressure financial sales and We that. top ] back Charter customer XXXX all with remains the pleased employee in they've is an our investments better growth. cost growth the quarter There approved of their did initiatives retention due made in is progress. successful see investment reaccelerate The line, we in strategy, half with and are undertaken system, pillars and service. on well of much. not management we retention impacting executing to EBITDA

receiving now We track are physical are constructed advanced the XX% are rural in on and and product. XXX,XXX network evolution Wi-Fi well. of our our passings track upgrade XXXX, as on for plans customers

travel by led long-term to continued strength Turning of TripAdvisor. growth Recent experiences trends We believe continue. the has in the will and be benefit to experiences. business will

revenue was XX% year-over-year. up Viator

profitability doable channel, to growing building on acquisition we the believe increase customer for we cost-efficient continue However, over which and are focused will time. awareness Viator entirely and a brand is

and carefully in corporate evaluate metasearch the through to while the Viator. And TripAdvisor better managing are challenges we announced functions. value are ways targeted to cost reductions of the TripAdvisor most costs. we -- recently, continue There recently working highlight core

engagement diversify with to strategic in our monetization investing build are initiatives deeper schemes. and travelers We

AI. We leveraging are

both with membership editorial we and planning engagement upgraded that initiatives Trip AI proprietary content Trip's increased our to are tools and data AI, on offering other drive we using content, And underway sign-in. as well. plus have have user-generated augmenting leveraging built We our

I'll that, turn with details. to it And over Brian for the

Thank you, Greg.

Let's Liberty had which cash $XX cash and At includes cash end, take $XX million Broadband look Broadband's equivalents of at quarter consolidated GCI. balance a sheet. of to million, quick

As of the the Charter our yesterday, of billion. $XX.X the value end of investment day, was

And the end, stock at debt total $X.X Liberty indemnification quarter preferred remaining and billion. this to that a [indiscernible]. obligation of of had Broadband principal amount Note excludes

expect sales mentioned, this year have Charter Charter's not at agreement. to January. some of maintain to we XX% Greg do into for to our share As since buybacks stockholders sold our diluted ownership We point resume fully

to lower year a and up GCI quarter. by were to data million $X and this a $X due previously on was million, Revenue our Taking X% sales, estimated and X%. quick Revenue to look had activity, adjusted second expect future less respectively. we GCI. would of compared to the sales continued leakage in particularly at school customers. solid tax However, OIBDA buyback Charter driven range strength growth RHC

by offset declines or in cash partially a was not but on which video flow. This impacts our business, impact margin revenue have does free continued meaningful

due OIBDA expenses. GCI X,XXX revenue-generating added year, in X,XXX inflationary than customers. cable has modem subscribers revenue-generating wireless revenue primarily last grew to pressures, Over Adjusted less and personnel-related labor and

a to and paid end, on Broadband. Broadband Liberty Solid making performance million to dividends has GCI paid hand, year. will to up Subsequent additional quarter GCI allowed anticipate continue $XX Liberty be cash dividend this we using distributions to

update received in X.XXx $XXX a Year-to-date, million agreement in revolver. X as from matters. defined end Leverage $XX undrawn litigation GCI has its of and million and then capacity its as Broadband has just was credit quick dividends on settlement quarter under of And GCI.

the GCI and second long-standing settlement regarding FCC accrued resolving $XX that inquiry to previously RHC the million program. the During DOJ quarter, paid the

to quarter, over Greg. which back Liberty paid related filed available lawsuit. Broadband in these that, settlement our both during matters accrued previously And a the with be on the XX-Q, additionally, second million information More And $XX the turn will XXXX shortly. to I'll call is

and Liberty Brian. Thank your we And Liberty audience, appreciate listening our you, interest to TripAdvisor. continued Broadband in

Thursday, hope of many will Investor New like in line save you be provided open with details there. City. Day questions. November And date. see we'd X the additional Please The to to York soon. that, the for Annual operator, will be Our We

[Operator Instructions] Our Rollins from first with Citi. Michael question comes

Just for Broadband the side, own? and stake new the you assets, Broadband on discount opportunity to some the other the and Liberty the Liberty assets the the of NAV other close of Charter curious on any perspectives to that value relative -- GCI

to Yes. cash be that the flows rate. interested going to Thank from of possible. for presented to with be But trying the to the it. going maintain And generated Look, and attractive take are always the able with smallest we to you advantage shares at are an we are we'll believe in discount, try we we Charter discount when question. repurchase us,

we'll we plan at see Liberty I becomes we have and term, it current Charter, long when the believe some logical how narrows no no as Broadband most probably but will that or Over to combine point have at intent. Operator, questions. more

Broadband you. our your not see hope next So in listening TripAdvisor. again, Liberty Appreciate audience. Liberty and with to We sooner. that, to if interest Thank thanks you quarter,

you, parties. Thank all

You may disconnect.