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    Liberty Broadband Reports Fourth Quarter and Year End 2024 Financial Results

    2/27/25 8:15:00 AM ET
    $LBRDA
    $LBRDK
    Cable & Other Pay Television Services
    Telecommunications
    Cable & Other Pay Television Services
    Telecommunications
    Get the next $LBRDA alert in real time by email

    Liberty Broadband Corporation ("Liberty Broadband") (NASDAQ:LBRDA, LBRDK, LBRDP)) today reported fourth quarter and year end 2024 results.

    Headlines include (1):

    • On November 12, 2024, Liberty Broadband entered into a definitive agreement to be acquired by Charter
      • Transaction was approved at Liberty Broadband's special meeting of shareholders on February 26, 2025 and is expected to close on June 30, 2027, unless otherwise agreed
      • Liberty Broadband expects to spin off its GCI business in the summer of 2025
    • Fair value of Charter investment was $15.5 billion as of December 31, 2024
    • From November 1, 2024 through January 31, 2025, Liberty Broadband received $205 million of proceeds from sale of 541 thousand Charter shares to Charter
    • For the full year, GCI(2) grew revenue 4% to $1.0 billion, generated operating income of $144 million and Adjusted OIBDA(3) of $362 million

    "Our merger with Charter is progressing well, including getting the requisite shareholder approval yesterday, and we are actively working towards spinning off GCI this year," said John Malone, Liberty Broadband Chairman & CEO. "This transaction generates significant value for shareholders and we are enthusiastic supporters of Charter and their management team. We look forward to our continued partnership through the expected close date in 2027."

    Corporate Updates

    On November 12, 2024, Liberty Broadband entered into a definitive agreement to be acquired by Charter. Holders of Liberty Broadband common stock will receive 0.236 of a share of Charter common stock per share of Liberty Broadband common stock held.

    In each month until the completion of the proposed combination of Charter and Liberty Broadband, Charter will repurchase $100 million of its Class A common stock from Liberty Broadband, subject to certain timing adjustments, and, if necessary, will repurchase a greater amount or provide loans to Liberty Broadband, with such proceeds to be used by Liberty Broadband to satisfy certain of its debt obligations, provided that Charter's share repurchases do not reduce Liberty Broadband's ownership below 25.25%.

    From November 1, 2024 through January 31, 2025, Liberty Broadband sold 541 thousand shares of Charter Class A common stock to Charter for total proceeds of $205 million. Such proceeds are to be used for debt service at Liberty Broadband within six months of receipt.

    The transaction with Charter is expected to close on June 30, 2027 unless otherwise agreed, subject to the completion of the GCI spin-off and other customary closing conditions.

    Share Repurchases

    There were no repurchases of Liberty Broadband's common stock (NASDAQ:LBRDA, LBRDK)) from November 1, 2024 through January 31, 2025. The total remaining repurchase authorization for Liberty Broadband as of January 31, 2025 is approximately $1.7 billion, though repurchases of Liberty Broadband's common stock are restricted by the merger agreement with Charter.

    Balance Sheet

    The following presentation is provided to separately identify cash and liquid investments, debt and public holdings of Liberty Broadband as of September 30, 2024 and December 31, 2024.

    (amounts in millions)

     

    9/30/2024

     

    12/31/2024

     

    Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents(a):

     

     

     

     

     

     

     

    GCI Holdings

     

    $

    53

     

     

    $

    75

     

     

    Corporate and Other

     

     

    121

     

     

     

    154

     

     

    Total Liberty Broadband Consolidated Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

     

    $

    174

     

     

    $

    229

     

     

     

     

     

     

     

     

     

     

    Fair Value of Public Holdings in Charter(b)

     

    $

    14,769

     

     

    $

    15,524

     

     

     

     

     

     

     

     

     

     

    Debt:

     

     

     

     

     

     

     

    Senior Notes(c)

     

    $

    600

     

     

    $

    600

     

     

    Senior Credit Facility

     

     

    423

     

     

     

    447

     

     

    Tower Obligations and Other(d)

     

     

    87

     

     

     

    80

     

     

    Total GCI Holdings Debt

     

    $

    1,110

     

     

    $

    1,127

     

     

    GCI Leverage(e)

     

     

    3.1x

     

     

    3.1x

     

     

     

     

     

     

     

     

     

    Charter Margin Loan

     

    $

    790

     

     

    $

    790

     

     

    3.125% Exchangeable Senior Debentures due 2053(f)

     

     

    965

     

     

     

    965

     

     

    3.125% Exchangeable Senior Debentures due 2054(f)

     

     

    860

     

     

     

    860

     

     

    Total Corporate Level Debt

     

    $

    2,615

     

     

    $

    2,615

     

     

     

     

     

     

     

     

     

     

    Total Liberty Broadband Debt

     

    $

    3,725

     

     

    $

    3,742

     

     

    Fair market value adjustment and deferred loan costs

     

     

    70

     

     

     

    90

     

     

    Tower obligations and finance leases (excluded from GAAP Debt)

     

     

    (83

    )

     

     

    (76

    )

     

    Total Liberty Broadband Debt (GAAP)

     

    $

    3,712

     

     

    $

    3,756

     

     

     

     

     

     

     

     

     

     

    Other Financial Obligations:

     

     

     

     

     

     

     

    Preferred Stock(g)

     

    $

    180

     

     

     

    180

     

     

    a)

    Includes $6 million of restricted cash at GCI as of September 30, 2024 and $1 million of restricted cash at GCI and $65 million of restricted cash at Liberty Broadband as of December 31, 2024. Liberty Broadband restricted cash consists of proceeds from Charter share sales to be used towards debt service.

    b)

    Represents fair value of the investment in Charter as of September 30, 2024 and December 31, 2024.

    c)

    Principal amount of Senior Notes.

    d)

    Includes the Wells Fargo Note Payable and current and long-term obligations under tower obligations and finance leases.

    e)

    As defined in GCI's credit agreement.

    f)

    Principal amount of Exchangeable Debentures exclusive of fair market value adjustments.

    g)

    Liquidation value of preferred stock. Preferred stock has a 7% coupon, $25/share liquidation preference plus accrued and unpaid dividends and 1/3 vote per share. The redemption date is the first business day following March 8, 2039. The preferred stock is considered a liability for GAAP purposes.

    Liberty Broadband cash and restricted cash increased $55 million in the fourth quarter primarily due to proceeds from Charter share sales. GCI cash and restricted cash increased $22 million in the fourth quarter due to net debt borrowing and cash from operations, partially offset by capital expenditures.

    Liberty Broadband debt increased by $17 million in the fourth quarter primarily due to additional borrowing under the GCI senior credit facility. There is $1,150 million of available capacity under the Charter margin loan. GCI's credit facility has undrawn capacity of $342 million (net of letters of credit), and GCI's leverage as defined in its credit agreement is 3.1x.

    GCI Operating and Financial Results

     

     

    4Q23

     

    4Q24

     

    % Change

     

    2023

     

    2024

     

    % Change

     

    (amounts in millions, except operating metrics)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    GCI Consolidated Financial Metrics

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revenue

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Consumer

     

    $

    119

     

    $

    119

     

    -

    %

    $

    468

     

    $

    469

     

    -

    %

    Business

     

     

    131

     

     

    144

     

    10

    %

     

    513

     

     

    547

     

    7

    %

    Total revenue

     

    $

    250

     

    $

    263

     

    5

    %

    $

    981

     

    $

    1,016

     

    4

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating income

     

    $

    26

     

    $

    35

     

    35

    %

    $

    117

     

    $

    144

     

    23

    %

    Operating income margin (%)

     

     

    10.4%

     

     

    13.3%

     

    290

    bps

     

    11.9%

     

     

    14.2%

     

    230

    bps

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted OIBDA(a)

     

    $

    90

     

    $

    86

     

    (4)

    %

    $

    361

     

    $

    362

     

    -

    %

    Adjusted OIBDA margin(a) (%)

     

     

    36.0%

     

     

    32.7%

     

    (330)

    bps

     

    36.8%

     

     

    35.6%

     

    (120)

    bps

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    GCI Consumer

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Financial Metrics

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revenue

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Data

     

    $

    58

     

    $

    59

     

    2

    %

    $

    233

     

    $

    238

     

    2

    %

    Wireless

     

     

    51

     

     

    50

     

    (2)

    %

     

    193

     

     

    191

     

    (1)

    %

    Other

     

     

    10

     

     

    10

     

    -

    %

     

    42

     

     

    40

     

    (5)

    %

    Total revenue

     

    $

    119

     

    $

    119

     

    -

    %

    $

    468

     

    $

    469

     

    -

    %

    Operating Metrics

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Data:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Cable modem subscribers(b)

     

     

     

     

     

     

     

     

     

     

    159,700

     

     

    155,700

     

    (3)

    %

    Wireless:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Lines in service(c)

     

     

     

     

     

     

     

     

     

     

    197,300

     

     

    198,800

     

    1

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    GCI Business

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Financial Metrics

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Revenue

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Data

     

    $

    110

     

    $

    127

     

    15

    %

    $

    427

     

    $

    469

     

    10

    %

    Wireless

     

     

    12

     

     

    11

     

    (8)

    %

     

    50

     

     

    47

     

    (6)

    %

    Other

     

     

    9

     

     

    6

     

    (33)

    %

     

    36

     

     

    31

     

    (14)

    %

    Total revenue

     

    $

    131

     

    $

    144

     

    10

    %

    $

    513

     

    $

    547

     

    7

    %

    a)

    See reconciling schedule 1.

    b)

    A cable modem subscriber is defined by the purchase of cable modem service regardless of the level of service purchased. If one entity purchases multiple cable modem service access points, each access point is counted as a subscriber. Data cable modem subscribers as of December 31, 2024 include 900 subscribers that were reclassified from GCI Business to GCI Consumer subscribers in the first quarter of 2024 and are not new additions.

    c)

    A wireless line in service is defined as a wireless device with a monthly fee for services. Wireless lines in service as of December 31, 2024 include 1,800 lines that were reclassified from GCI Business to GCI Consumer lines in the first quarter of 2024 and are not new additions.

    Unless otherwise noted, the following discussion compares financial information for the three and twelve months ended December 31, 2023 and December 31, 2024.

    GCI revenue increased 5% in the fourth quarter and 4% for the full year. Consumer revenue was flat in both the fourth quarter and for the full year, as growth in data revenue was offset by declines in wireless and other revenue. Business revenue increased 10% in the fourth quarter and 7% for the full year driven by a strong upgrade cycle in schools and healthcare corporations in remote Alaska.

    Operating income increased in the fourth quarter and the full year primarily driven by lower depreciation expense as certain assets became fully depreciated in 2023. Adjusted OIBDA decreased 4% in the fourth quarter and was flat for the full year as the shift to higher-margin business data revenue was primarily offset by increased selling, general and administrative expense due to increased salaries and headcount.

    In 2024, GCI spent $193 million, net, on capital expenditures. Capital expenditure spending was primarily related to improvements to the wireless and data networks, particularly in rural Alaska. GCI's net capital expenditures for 2025 are expected to be approximately $250 million related to additional investments in middle and last mile connectivity, with continued network expansion in GCI's most important markets in rural Alaska including the Bethel and AU-Aleutians fiber projects. A significant portion of the increased capital expenditures in 2025 are related to fulfilling the build-out requirements of the Alaska Plan.

    FOOTNOTES

    1)

    Liberty Broadband will discuss these highlights and other matters on Liberty Broadband's earnings conference call that will begin at 11:15 a.m. (E.T.) on February 27, 2025. For information regarding how to access the call, please see "Important Notice" later in this document.

    2)

    Liberty Broadband's principal operating asset is GCI Holdings, LLC ("GCI" or "GCI Holdings"), Alaska's largest communications provider, and it also holds an interest in Charter.

    3)

    For a definition of Adjusted OIBDA and Adjusted OIBDA margin and applicable reconciliations, see the accompanying schedules.

    NOTES

    LIBERTY BROADBAND FINANCIAL METRICS

    (amounts in millions)

     

    4Q23

     

    4Q24

     

     

    2023

     

     

    2024

     

    Revenue

     

     

     

     

     

     

     

     

     

     

     

    GCI Holdings

     

    $

    250

     

    $

    263

     

     

    $

    981

     

     

    $

    1,016

     

    Corporate and other

     

     

    -

     

     

    -

     

     

     

    -

     

     

     

    -

     

    Total Liberty Broadband Revenue

     

    $

    250

     

    $

    263

     

     

    $

    981

     

     

    $

    1,016

     

     

     

     

     

     

     

     

     

     

     

     

     

    Operating Income (Loss)

     

     

     

     

     

     

     

     

     

     

     

    GCI Holdings

     

    $

    26

     

     

    $

    35

     

     

    $

    117

     

     

    $

    144

     

    Corporate and other

     

     

    (13

    )

     

     

    (22

    )

     

     

    (44

    )

     

     

    (52

    )

    Total Liberty Broadband Operating Income (Loss)

     

    $

    13

     

    $

    13

     

     

    $

    73

     

     

    $

    92

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted OIBDA

     

     

     

     

     

     

     

     

     

     

     

    GCI Holdings

     

    $

    90

     

    $

    86

     

     

    $

    361

     

     

    $

    362

     

    Corporate and other

     

     

    (7

    )

     

     

    (17

    )

     

     

    (24

    )

     

     

    (35

    )

    Total Liberty Broadband Adjusted OIBDA

     

    $

    83

     

    $

    69

     

     

    $

    337

     

     

    $

    327

     

    Important Notice: Liberty Broadband (NASDAQ:LBRDA, LBRDK, LBRDP)) will discuss Liberty Broadband's earnings release on a conference call which will begin at 11:15 a.m. (E.T.) on February 27, 2025. The call can be accessed by dialing (877) 407-3944 or (412) 902-0038, passcode 13749591, at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to https://www.libertybroadband.com/investors/news-events/ir-calendar. Links to this press release and replays of the call will also be available on Liberty Broadband's website.

    This press release includes certain forward-looking statements under the Private Securities Litigation Reform Act of 1995, including statements about business strategies, market potential, future financial prospects, capital expenditures, matters relating to Liberty Broadband's equity interest in Charter and Charter's buyback of common stock, Liberty Broadband's participation in Charter's buyback of common stock, the continuation of our stock repurchase program, expectations regarding Liberty Broadband's combination with Charter and divesture of its GCI business and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, possible changes in market acceptance of new products or services, competitive issues, regulatory matters affecting our businesses, continued access to capital on terms acceptable to Liberty Broadband, changes in law and government regulations, the availability of investment opportunities, general market conditions (including as a result of inflationary pressures), the satisfaction of all conditions to the combination with Charter and market conditions conducive to stock repurchases. These forward-looking statements speak only as of the date of this press release, and Liberty Broadband expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Broadband's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Liberty Broadband, including the most recent Form 10-K, for additional information about Liberty Broadband and about the risks and uncertainties related to Liberty Broadband which may affect the statements made in this press release.

    NON-GAAP FINANCIAL MEASURES

    To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for Liberty Broadband (and certain of its subsidiaries) and GCI Holdings together with a reconciliation to that entity or such businesses' operating income, as determined under GAAP. Liberty Broadband defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, and impairment charges. Further, this press release includes Adjusted OIBDA margin which is also a non-GAAP financial measure. Liberty Broadband defines Adjusted OIBDA margin as Adjusted OIBDA divided by revenue.

    Liberty Broadband believes Adjusted OIBDA is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business' performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because Adjusted OIBDA is used as a measure of operating performance, Liberty Broadband views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that Liberty Broadband's management considers in assessing the results of operations and performance of its assets. Please see the tables below for applicable reconciliations.

    SCHEDULE 1

    The following table provides a reconciliation of GCI's operating income to its Adjusted OIBDA for the three and twelve months ended December 31, 2023 and December 31, 2024.

    GCI HOLDINGS ADJUSTED OIBDA RECONCILIATION

    (amounts in millions)

     

    4Q23

     

    4Q24

     

    2023

     

    2024

    GCI Holdings Operating Income

     

    $

    26

     

    $

    35

     

    $

    117

     

    $

    144

    Depreciation and amortization

     

     

    61

     

     

    50

     

     

    230

     

     

    207

    Stock-based compensation

     

     

    3

     

     

    1

     

     

    14

     

     

    11

    GCI Holdings Adjusted OIBDA

     

    $

    90

     

    $

    86

     

    $

    361

     

    $

    362

    SCHEDULE 2

    The following table provides a reconciliation of operating income (loss) calculated in accordance with GAAP to Adjusted OIBDA for Liberty Broadband for the three and twelve months ended December 31, 2023 and December 31, 2024.

    LIBERTY BROADBAND ADJUSTED OIBDA RECONCILIATION

    (amounts in millions)

     

    4Q23

     

     

    4Q24

     

     

    2023

     

     

    2024

     

    Liberty Broadband Operating Income (Loss)

     

    $

    13

     

     

    $

    13

     

     

    $

    73

     

     

    $

    92

     

    Depreciation and amortization

     

     

    61

     

     

     

    50

     

     

     

    230

     

     

     

    207

     

    Stock-based compensation

     

     

    9

     

     

     

    6

     

     

     

    34

     

     

     

    28

     

    Liberty Broadband Adjusted OIBDA (Loss)

     

    $

    83

     

     

    $

    69

     

     

    $

    337

     

     

    $

    327

     

    GCI Holdings

     

    $

    90

     

     

     

    86

     

     

    $

    361

     

     

     

    362

     

    Corporate and other

     

     

    (7

    )

     

     

    (17

    )

     

     

    (24

    )

     

     

    (35

    )

     

    LIBERTY BROADBAND CORPORATION

    BALANCE SHEET INFORMATION

    (unaudited)

     

     

    December 31,

     

    December 31,

     

     

    2024

     

    2023

     

     

    amounts in millions,

     

     

    except share amounts

    Assets

     

     

     

     

     

    Current assets:

     

     

     

     

     

    Cash and cash equivalents

     

    $

    163

     

    158

    Trade and other receivables, net

     

     

    195

     

    178

    Prepaid and other current assets

     

     

    65

     

    94

    Total current assets

     

     

    423

     

    430

    Investment in Charter, accounted for using the equity method

     

     

    13,057

     

    12,116

    Property and equipment, net

     

     

    1,150

     

    1,053

    Intangible assets not subject to amortization

     

     

     

     

     

    Goodwill

     

     

    755

     

    755

    Cable certificates

     

     

    550

     

    550

    Other

     

     

    41

     

    40

    Intangible assets subject to amortization, net

     

     

    411

     

    461

    Other assets, net

     

     

    300

     

    236

    Total assets

     

    $

    16,687

     

    15,641

     

     

     

     

     

     

    Liabilities and Equity

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

    Accounts payable and accrued liabilities

     

    $

    112

     

    86

    Deferred revenue

     

     

    21

     

    30

    Current portion of debt

     

     

    3

     

    3

    Other current liabilities

     

     

    64

     

    59

    Total current liabilities

     

     

    200

     

    178

    Long-term debt, net, including $1,897 and $1,255 measured at fair value, respectively

     

     

    3,753

     

    3,733

    Obligations under tower obligations and finance leases, excluding current portion

     

     

    72

     

    83

    Long-term deferred revenue

     

     

    113

     

    65

    Deferred income tax liabilities

     

     

    2,388

     

    2,216

    Preferred stock

     

     

    201

     

    202

    Other liabilities

     

     

    152

     

    141

    Total liabilities

     

     

    6,879

     

    6,618

    Equity

     

     

     

     

     

    Series A common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 18,251,013 and 18,233,573 at December 31, 2024 and 2023 respectively

     

     

    —

     

    —

    Series B common stock, $.01 par value. Authorized 18,750,000 shares; issued and outstanding 2,007,705 and 2,025,232 at December 31, 2024 and 2023, respectively

     

     

    —

     

    —

    Series C common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 123,022,488 and 123,704,814 at December 31, 2024 and 2023, respectively

     

     

    1

     

    1

    Additional paid-in capital

     

     

    3,007

     

    3,107

    Accumulated other comprehensive earnings (loss), net of taxes

     

     

    73

     

    52

    Retained earnings

     

     

    6,712

     

    5,843

    Total stockholders' equity

     

     

    9,793

     

    9,003

    Non-controlling interests

     

     

    15

     

    20

    Total equity

     

     

    9,808

     

    9,023

    Commitments and contingencies

     

     

     

     

     

    Total liabilities and equity

     

    $

    16,687

     

    15,641

     

    LIBERTY BROADBAND CORPORATION

    STATEMENT OF OPERATIONS INFORMATION

    (unaudited)

     

     

    Years ended

     

     

    December 31,

     

     

    2024

     

    2023

     

     

    amounts in millions,

     

     

    except per share amounts

     

     

     

     

     

     

    Revenue

     

    $

    1,016

     

     

    981

     

    Operating costs and expenses:

     

     

     

     

     

    Operating expense (exclusive of depreciation and amortization shown separately below)

     

     

    257

     

     

    245

     

    Selling, general and administrative, including stock-based compensation

     

     

    460

     

     

    433

     

    Depreciation and amortization

     

     

    207

     

     

    230

     

     

     

     

    924

     

     

    908

     

    Operating income (loss)

     

     

    92

     

     

    73

     

    Other income (expense):

     

     

     

     

     

    Interest expense (including amortization of deferred loan fees)

     

     

    (194

    )

     

    (206

    )

    Share of earnings (losses) of affiliate

     

     

    1,323

     

     

    1,155

     

    Gain (loss) on dilution of investment in affiliate

     

     

    (32

    )

     

    (60

    )

    Realized and unrealized gains (losses) on financial instruments, net

     

     

    (125

    )

     

    (101

    )

    Other, net

     

     

    18

     

     

    27

     

    Earnings (loss) before income taxes

     

     

    1,082

     

     

    888

     

    Income tax benefit (expense)

     

     

    (213

    )

     

    (200

    )

    Net earnings (loss)

     

     

    869

     

     

    688

     

    Less net earnings (loss) attributable to the non-controlling interests

     

     

    —

     

     

    —

     

    Net earnings (loss) attributable to Liberty Broadband shareholders

     

    $

    869

     

     

    688

     

    Basic net earnings (loss) attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share

     

    $

    6.08

     

     

    4.71

     

    Diluted net earnings (loss) attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share

     

    $

    6.08

     

     

    4.68

     

     

    LIBERTY BROADBAND CORPORATION

    STATEMENT OF CASH FLOWS INFORMATION

    (unaudited)

     

     

    Years ended

     

     

     

    December 31,

     

     

     

    2024

     

    2023

     

     

     

    amounts in millions

     

    Cash flows from operating activities:

     

     

     

     

     

     

    Net earnings (loss)

     

    $

    869

     

     

    688

     

     

    Adjustments to reconcile net earnings (loss) to net cash from operating activities:

     

     

     

     

     

     

    Depreciation and amortization

     

     

    207

     

     

    230

     

     

    Stock-based compensation

     

     

    28

     

     

    34

     

     

    Share of (earnings) losses of affiliate, net

     

     

    (1,323

    )

     

    (1,155

    )

     

    (Gain) loss on dilution of investment in affiliate

     

     

    32

     

     

    60

     

     

    Realized and unrealized (gains) losses on financial instruments, net

     

     

    125

     

     

    101

     

     

    Deferred income tax expense (benefit)

     

     

    170

     

     

    168

     

     

    Other, net

     

     

    (4

    )

     

    (4

    )

     

    Change in operating assets and liabilities:

     

     

     

     

     

     

    Current and other assets

     

     

    43

     

     

    20

     

     

    Payables and other liabilities

     

     

    (43

    )

     

    (126

    )

     

    Net cash provided by (used in) operating activities

     

     

    104

     

     

    16

     

     

    Cash flows from investing activities:

     

     

     

     

     

     

    Capital expenditures

     

     

    (247

    )

     

    (222

    )

     

    Grant proceeds received for capital expenditures

     

     

    54

     

     

    6

     

     

    Cash received for Charter shares repurchased by Charter

     

     

    335

     

     

    394

     

     

    Cash released from escrow related to dispositions

     

     

    —

     

     

    23

     

     

    Purchase of investments

     

     

    —

     

     

    (53

    )

     

    Other investing activities, net

     

     

    (12

    )

     

    2

     

     

    Net cash provided by (used in) investing activities

     

     

    130

     

     

    150

     

     

    Cash flows from financing activities:

     

     

     

     

     

     

    Borrowings of debt

     

     

    1,139

     

     

    1,501

     

     

    Repayments of debt, tower obligations and finance leases

     

     

    (1,201

    )

     

    (1,616

    )

     

    Repurchases of Liberty Broadband common stock

     

     

    (89

    )

     

    (227

    )

     

    Indemnification payment to QVC Group

     

     

    —

     

     

    (45

    )

     

    Other financing activities, net

     

     

    (30

    )

     

    (3

    )

     

    Net cash provided by (used in) financing activities

     

     

    (181

    )

     

    (390

    )

     

    Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents

     

     

    53

     

     

    (224

    )

     

    Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period

     

     

    176

     

     

    400

     

     

    Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period

     

    $

    229

     

     

    176

     

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250226708304/en/

    Shane Kleinstein (720) 875-5432

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