Liberty Broadband Corporation

Ladies and gentlemen, thank you for standing by. Welcome to the Liberty Broadband 2022 Q2 earnings call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question and answer session. At that time, if you have a question, please press star, then one on your telephone. As a reminder, this conference is being recorded August 5th. I would now like to turn the conference over to Courtney Chun, Chief Portfolio Officer. Please go ahead.

Thank you. Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent forms 10-K filed by Liberty Broadband and Liberty Trip Advisor with the SEC. These forward-looking statements speak only as of the date of this call, and Liberty Broadband and Liberty Trip Advisor expressly disclaim any obligation of undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Broadband or Liberty Trip Advisor's expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based. On today's call, we will discuss certain non-GAAP financial measures for Liberty Broadband, including adjusted OIBDA. Information regarding the comparable gap metrics, along with the required definitions and reconciliations, including preliminary note and Schedules 1 and 2, can be found in the earnings press release issued today, as well as earnings releases for prior periods, which are available on Liberty Broadband's website. Now I'd like to turn the call over to Greg Maffei, Liberty's President and CEO.

Thank you, Courtney. Good morning. Today, speaking in the call, we will also have Liberty's Broadband's Chief Accounting Officer and Principal Financial Officer, Brian Wendling. Ron Duncan, CEO of GCI, and Pete Pound, CFO of GCI, will be available to answer questions. Also during Q&A, we'll be able to answer questions related to Liberty Trip Advisory. So looking first at Liberty Broadband, from May 1st to the 31st of July, we repurchased 9 million LBRD shares for $1 billion. This includes 2.7 LBRDA shares at an average cost per share of $114.08, We were capitalizing on the spread between the A's and the K's. These Liberty broadband buybacks have been additive to our NAV about 3% per share over this period compared to charter at 1% per share. And we bought at a look through price on charter. These were purchases of about $373 a share on charter. Over the same period, we received $1.1 billion of cash proceeds from charter share sales back to charter. Looking at charter itself, it was a strong quarter of financial results with revenue up 6% and adjusted EBITDA up 10%. Organic broadbands were a relatively disappointing 38% if you exclude the 59,000 customers disconnected from the affordable connectivity program. That was 38,000, not 38%, excuse me. The market environment does remain more challenged than we've had in recent memory with low move activity and increased investment and promotion in fixed wireless by certain players. Spectrum Mobile continues to expand at a rapid clip with 344,000 new wireless lines. Mobile revenue is now up 40% year over year and represents over 5% of total charter revenue. I want to reiterate, mobile has a real revenue and profit opportunity, and we remain in the very early stages. As far as charter itself, Liberty feels very comfortable with its strategic position and technical edge in the vast majority of our markets. We are still optimistic on the broadband outlook, including new world builds, which will extend the growth opportunity. And we believe mobile is a competitive advantage as well as a revenue opportunity and will help further solidify our value proposition versus competitors. Turning to Trip Advisors. We had our earnings call this morning for Trip, which welcoming Matt Goldberg, the new CEO, who started on the 1st of July. Consolidated results have reached the 2019 levels by the end of the quarter, and the European recovery rate has caught up with the U.S., especially in the hotel auction. We're seeing the strongest recovery in Viator and The Fork, which are both exceeding the 2019 revenue levels. Viator EBITDA reached break-even in the second quarter, and we believe the attractive unit economics of the business are very appealing. We believe in the ability to build a large repeat revenue basis off relatively low marketing costs. We are focused on new customer acquisition and retention strategies as well as brand marketing for Viator. The fork also exceeded its 2019 booking levels. European dining restrictions have eased and diners are returning to restaurants. Consistent with the above results, TripAdvisor announced new reporting segments which better reflect the growth profile and maturity stages of our respective three businesses. We believe this will allow investors to better track the progress of our performance across our growth areas. And with that, let me turn it over to Brian to discuss the financials in more detail.