Liberty Broadband Corporation

Welcome to Liberty Broadband Corporation 2022 Third Quarter Earning 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 1 on your telephone. As a reminder, this conference will be recorded November 4th. I would now like to turn the call over to Courtney Chung, Chief Performance Sorry, 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 and 10-Q filed by Liberty Broadband and Liberty Trip Advisor with the SEC. These forward-looking statements speak only as to the date of this call, and Liberty Broadband and Liberty Trip Advisor expressly disclaim any obligation or 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 OIDDA. Information regarding the comparable gap metrics, along with required definitions and reconciliations, including preliminary notes and schedules one and two, 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 Liberty President and CEO, Greg Macei.

Thank you, Courtney, and good morning to all on the call. Today, speaking on the call besides myself, we'll also have Liberty Broadband's Chief Accounting and Principal Financial Officer Brian Wendling, Ron Duncan, CEO, and Pete Pounds, CFO of GCI, respectively, will also be available to answer questions. Also, during the Q&A, we will be available to answer questions related to Liberty TripAdvisor, but please do note that TripAdvisor has not yet reported on its third quarter results, so some of our answers may be limited. Turning first to Liberty Broadband, From the period of August 1st to the end of October, Liberty Broadband repurchased 5.5 million shares for $550 million, a look-through price to charter of about $319.76 per share. Over the same period, we received $616 million of proceeds from charter share sales. I note we also increased our repurchase authorization in August which now has $2.15 billion remaining on it as of the 1st of November. Towards the end of the quarter, we did pull back on some of our LBRD buyback. We did this with an intent to retain some portion of the cash flow from our charter sales to address some of our near-term liabilities. Looking at charter and its operating results for the third quarter, which were strong, revenue was up 3%, and we added $61,000 residential broadband net ads. That's a large sequential improvement and a meaningful beat against consensus. Importantly, we also added nearly 400,000 mobile lines, even in a low move and low incremental broadband environment. Mobile revenue was up 40%. At the end of the third quarter, Charter had 4.7 million total mobile lines. We at Liberty and those at Charter remain very excited about the value of bundling mobile and the mobile opportunity overall with meaningful gains and share of mobile net ads. In October, Charter launched Spectrum One. We think this is a differentiated, converged offer to take to market with compelling broadband, Wi-Fi, and mobile priced at $49.99 per month. You get 300 megabits of broadband speeds and mobile lines, and we do expect this will continue to accelerate mobile growth and drive broadband pull-through. Charter continues to also expand its footprint through new bills. This remains a priority, and we believe it's a very attractive economic opportunity. We are pleased with the early progress on RDOF and the additional subsidy opportunities in the pipeline. I do want to thank Tom for his leadership over the past 10 years, and we very much also look forward to having him continue on our partnership with Chris Winfrey, which will start when he becomes CEO on December 1st. And with that, let me turn it over to Brian to discuss the financials in some more detail.