In the STATEMENT OF OPERATIONS INFORMATION table, it should read
Twelve months ended December 31 (instead of Three months
ended).
The updated release reads:
LIBERTY BROADBAND REPORTS FOURTH QUARTER AND
YEAR END 2020 FINANCIAL RESULTS
Liberty Broadband Corporation (“Liberty Broadband”) (Nasdaq:
LBRDA, LBRDK, LBRDP) today reported fourth quarter and year end
2020 results.
Highlights include (1):
- Completed acquisition of GCI Liberty on December 18th
- Fair value of Charter investment was $39 billion as of December
31st
- Beginning March 2021, Liberty Broadband expects to participate
in Charter’s buyback to maintain fully diluted equity interest in
Charter of 26%(2) (the “Equity Cap”)
- Liberty Broadband’s Board of Directors increased remaining
repurchase authorization to approximately $2.5 billion
- From December 18th through January 31st, Liberty Broadband
repurchased 1.8 million LBRDK shares at an average price per share
of $154.87 and total cash consideration of $272 million
- For the full fourth quarter, GCI(3) grew revenue 12% to $251
million, generated operating income of $20 million and increased
Adjusted OIBDA(4) 20% to $89 million
- Subsequent to year end, GCI received $174 million of Rural
Healthcare proceeds and repaid $180 million under its revolving
credit facility
“We were pleased to complete the acquisition of GCI Liberty in
December,” said Greg Maffei, Liberty Broadband President and CEO.
“Since the shareholder vote, we have been active in the market and
bought back nearly 2 million shares of Liberty Broadband for $272
million. We exceeded our equity ownership cap in Charter in the
first quarter and will start participating in their buyback, which
will provide a substantial stream of capital to Liberty Broadband.
As a result, our Board recently increased our repurchase
authorization to approximately $2.5 billion.”
Discussion of Results
On December 18, 2020, Liberty Broadband merged with GCI Liberty
(the “Combination”). Prior to the Combination, GCI Liberty
consisted of a wholly owned subsidiary, GCI, an equity method
investment in Liberty Broadband, an investment in Charter and other
assets and liabilities. Following the Combination, Liberty
Broadband is comprised of two operating businesses, GCI and Skyhook
Holding, Inc. (“Skyhook”), as well as an equity method investment
in Charter Communications, Inc. (“Charter”).
In connection with the closing of the Combination, Liberty
Broadband issued net shares of (i) 18.6 million Series C common
stock (net of the approximately 42.7 million shares previously held
by GCI Liberty and retired by Liberty Broadband) and (ii) 98
thousand Series B common stock. Liberty Broadband assumed the
assets and liabilities of GCI Liberty. Except as otherwise noted,
the financial information presented in this earnings release
represents the historical consolidated financial information of
Skyhook, Liberty Broadband’s interest in Charter and, as of
December 18, 2020, GCI Holdings, as well as certain other assets
and liabilities.
Balance Sheet
The following presentation is provided to separately identify
cash and liquid investments, debt and public holdings of Liberty
Broadband as of December 31, 2020.
(amounts in millions)
12/31/2020
Cash and Cash Equivalents:
GCI Holdings
$
32
Corporate and Other
1,386
Total Liberty Broadband Consolidated
Cash
$
1,418
Fair Value of Public Holdings in
Charter(a)
$
39,340
Debt:
Senior Notes(b)
$
600
Senior Credit Facility
704
Finance Leases and Other(c)
105
Total GCI Holdings Debt
$
1,409
GCI Leverage(d)
4.0x
Charter Margin Loan
$
2,000
1.25% Exchangeable Senior Debentures due
2050(e)
825
1.75% Exchangeable Senior Debentures due
2046(e)
15
2.75% Exchangeable Senior Debentures due
2050(e)
575
Total Corporate Level Debt
$
3,415
Total Liberty Broadband Debt
$
4,824
Fair market value adjustment and deferred
loan costs
91
Finance leases and tower obligations
(excluded from GAAP Debt)
(99
)
Total Liberty Broadband Debt
(GAAP)
$
4,816
Other Financial Obligations:
Indemnification Obligation(f)
$
345
Preferred Stock(g)
178
a)
Represents fair value of the investment in
Charter as of December 31, 2020. A portion of the Charter equity
securities are considered covered shares and subject to certain
contractual restrictions in accordance with the indemnification
obligation, as described below.
b)
Principal amount of Senior Notes.
c)
Includes the Wells Fargo Note Payable and
current and long-term obligations under finance leases and tower
obligations.
d)
As defined in GCI's credit agreement.
e)
Principal amount of Senior Exchangeable
Debentures with no reduction for the fair market value
adjustment.
f)
Indemnity to Qurate Retail, pursuant to an
indemnification agreement (the "indemnification agreement"), with
respect to the Liberty Interactive LLC ("LI LLC") 1.75%
exchangeable debentures due 2046 (the "Charter exchangeable
debentures"), as described below.
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.
GCI Fourth Quarter Capital Markets
Activity
The following capital markets activity occurred at GCI prior to
the completion of the Combination and is being provided for
informational purposes. GCI cash decreased $73 million in the
fourth quarter as cash from operations was more than offset by
GCI’s debt restructuring activity, interest expense and capital
expenditures.
On October 7, 2020, GCI, LLC (a wholly owned subsidiary of
Liberty Broadband post Combination) issued $600 million of 4.750%
senior notes due 2028. The net proceeds of the offering, together
with cash on hand and incremental borrowings under GCI’s senior
credit facility, were used to fund the redemption of all $450
million of GCI, LLC’s 6.875% senior notes due 2025 and all $325
million of GCI, LLC’s 6.625% senior notes due 2024 on October 14,
2020 and October 23, 2020, respectively.
On October 15, 2020, GCI, LLC amended its senior credit
facility, which consisted of a $241 million term loan B and a $550
million revolving credit facility. The amendment, among other
things, extended the maturity of the senior credit facility from
December 27, 2023 to October 15, 2025 (provided that the term loan
B is refinanced or repaid in full by April 15, 2025) and increased
the aggregate principal amount of the term loan B to $400
million.
In November 2020, GCI Liberty sold its stake in LendingTree,
Inc. for $1.0 billion of gross proceeds. Net proceeds after taxes
were approximately $900 million. The tax liability on the sale was
partially offset by tax loss carryforwards and the tax loss
incurred upon the repurchase of a portion of the 1.75% exchangeable
senior debentures due 2046.
Subsequent to year end, GCI collected $174 million in accounts
receivable relating to services provided to its Rural Healthcare
(“RHC”) customers for the funding years that ended on June 30, 2019
and June 30, 2020. These proceeds were used, along with cash on
hand, to repay $180 million under GCI’s revolving credit facility.
GCI also completed an internal restructuring whereby GCI, LLC
transferred the subsidiary that holds the Charter shares to the
Liberty Broadband parent entity. Following the aforementioned
repayment, total capacity under the senior credit facility is $550
million, of which undrawn capacity is $421 million (net of letters
of credit), and GCI’s leverage as defined in its credit agreement
is 3.5x.
Liberty Broadband Fourth Quarter Capital
Markets Activity
On November 19, 2020, Liberty Broadband issued $825 million of
1.25% exchangeable senior debentures due 2050. Initially, 1.11
shares of Charter Class A common stock are attributable to each
$1,000 original principal amount of the debentures, representing an
initial exchange price of approximately $900.00 for each share of
Charter Class A common stock. A total of 916,657 shares of Charter
Class A common stock are attributable to the debentures. Net
proceeds were used for general corporate purposes, including
repurchases of shares of Liberty Broadband common stock.
Following the Combination, the total capacity under Liberty
Broadband’s margin loan facility is $2.3 billion, of which
approximately $2.0 billion is drawn as of December 31, 2020. The
maturity date on the margin loan facility is August 24, 2022. As of
December 31, 2020, 12.3 million shares of Charter with a value of
$8.1 billion were pledged as collateral under the margin loan
facility.
Liberty Broadband has an indemnification agreement with Qurate
Retail that was assumed in the Combination and previously held by
GCI Liberty with respect to Qurate Retail’s Charter exchangeable
debentures. Pursuant to the indemnification agreement, Liberty
Broadband will compensate Qurate Retail for any payments made in
excess of the adjusted principal amount of the LI LLC Charter
exchangeable debentures to any holder that exercises its exchange
right on or before the put/call date of October 5, 2023. This
indemnity is supported by a negative pledge in favor of Qurate
Retail on the reference shares of Class A common stock of Charter
held at Liberty Broadband that underlie the LI LLC Charter
exchangeable debentures. The indemnification obligation on Liberty
Broadband’s balance sheet is valued based on the estimated exchange
feature in the LI LLC Charter exchangeable debentures. As of
December 31, 2020, a holder of the LI LLC Charter exchangeable
debentures has the ability to exchange, and accordingly, the
indemnification obligation is classified as a current
liability.
GCI Results
As GCI’s results are only included in Liberty Broadband’s
results for 13 days following the Combination, we believe a
discussion of GCI’s results for a comparative two year period
promotes a better understanding of GCI’s operations. For comparison
and discussion purposes, the following information presents actual
historical results of GCI for the quarters and years ended December
31, 2019 and 2020, exclusive of the effects of acquisition
accounting. In future periods the most significant effect of
acquisition accounting is an expected increase to depreciation and
amortization of approximately ten to fifteen percent as compared to
prior years as a result of an increase in fair values of
depreciable or amortizable assets. This historical financial
information of GCI can be found in historical filings of GCI
Liberty, Inc. with the exception of the fourth quarter of 2020. The
financial information below is presented voluntarily and does not
purport to represent what the results of operations of GCI would
have been if it were a wholly owned subsidiary of Liberty Broadband
for the periods presented or to project the results of operations
of GCI for any future periods.
GCI finished 2020 with outstanding financial results. In the
fourth quarter and full year, revenue grew 12% and 9%,
respectively, primarily due to robust demand for data in both
business and consumer customers. Operating income improved and
Adjusted OIBDA grew 20% in the fourth quarter and 34% for the full
year driven by the revenue growth as well as reductions in bad debt
and healthcare expenses.
In 2020, GCI spent $132 million on capital expenditures,
excluding capitalized interest. Capital expenditure spending was
related primarily to improvements to the wireless and hybrid fiber
coax networks. GCI's capital expenditures for 2021 are expected to
be in line with 2020.
Rural Healthcare Update
As of December 31, 2020, GCI had net accounts receivable from
the RHC program of $237 million, which is included within Trade and
other receivables in the consolidated balance sheet. Subsequent to
year end, GCI received approximately $174 million in payments
relating to services provided to its RHC customers for the funding
years that ended on June 30, 2019 and June 30, 2020. GCI is
currently working with the FCC on RHC rates and payments for the
funding year that ends June 30, 2021. On January 19, 2021, the
Wireline Competition Bureau of the FCC issued an order which
provides rate certainty to Alaska providers for funding years
ending June 30, 2022 and June 30, 2023 by requiring them to use
previously approved rates from the FCC, in lieu of the FCC’s new
rate database, which we expect will provide increased certainty for
the RHC business in the aforementioned funding years.
FOOTNOTES
1)
Liberty Broadband’s President and CEO,
Greg Maffei, will discuss these highlights and other matters on
Liberty Broadband's earnings conference call which will begin at
11:15 a.m. (E.S.T.) on February 26, 2021. For information regarding
how to access the call, please see “Important Notice” later in this
document.
2)
Calculated pursuant to Liberty Broadband
and Charter’s stockholder agreement.
3)
Liberty Broadband’s principal operating
asset is GCI Holdings, LLC (“GCI” or “GCI Holdings”), Alaska's
largest communications provider. Other assets include its interests
in Charter Communications, Inc. ("Charter") and subsidiary Skyhook.
GCI revenue, operating income and adjusted OIBDA presented for the
full fourth quarter of 2020 does not reflect the effects of
acquisition accounting. Acquisition accounting would result in
immaterial differences with respect to revenue. See “GCI Results”
in this earnings release for more information regarding the impact
of acquisition accounting on operating income and adjusted
OIBDA.
4)
For a definition of adjusted OIBDA and
adjusted OIBDA margin and applicable reconciliations, see the
accompanying schedules.
NOTES
LIBERTY BROADBAND
GAAP FINANCIAL METRICS
(amounts in millions)
4Q19
4Q20
2019
2020
Revenue
GCI Holdings
$
N/A
$
33,670
$
N/A
$
33,670
Skyhook
3,941
4,599
14,859
17,036
Total Liberty Broadband Revenue
$
3,941
$
38,269
$
14,859
$
50,706
Operating Income (Loss)
GCI Holdings
$
N/A
$
(4,934
)
$
N/A
$
(4,934
)
Skyhook
(2,139
)
(1,027
)
(6,875
)
(4,549
)
Corporate and other
(6,183
)
(20,259
)
(22,402
)
(50,172
)
Total Liberty Broadband Operating
Income (Loss)
$
(8,322
)
$
(26,220
)
$
(29,277
)
$
(59,655
)
Adjusted OIBDA
GCI Holdings
$
N/A
$
9,509
$
N/A
$
9,509
Skyhook
(1,530
)
(1,260
)
(4,704
)
(3,689
)
Corporate and other
(3,484
)
(7,292
)
(12,187
)
(19,965
)
Total Liberty Broadband Adjusted
OIBDA
$
(5,014
)
$
957
$
(16,891
)
$
(14,145
)
HISTORICAL GCI
OPERATING METRICS AND FINANCIAL RESULTS
4Q19
4Q20
% Change
2019
2020
% Change
(amounts in thousands, except operating
metrics)
GCI Consolidated Financial
Metrics
Revenue
Consumer
$
114,595
$
124,497
9
%
$
438,475
$
465,705
6
%
Business
109,849
126,209
15
%
431,187
483,409
12
%
Total revenue
$
224,444
$
250,706
12
%
$
869,662
$
949,114
9
%
Operating income (loss)
$
(155,325
)
$
20,568
NM
$
(182,841
)
$
86,608
NM
Operating income margin (%)
(69.2
)%
8.2
%
NM
(21.0
)%
9.1
%
NM
Adjusted OIBDA(a)
$
74,326
$
89,307
20
%
$
256,878
$
345,364
34
%
Adjusted OIBDA margin(a) (%)
33.1
%
35.6
%
250
bps
29.5
%
36.4
%
690
bps
GCI Consumer
Financial Metrics
Revenue
Wireless
$
46,335
$
44,241
(5
)%
$
168,086
$
171,090
2
%
Data
43,777
50,589
16
%
169,332
188,151
11
%
Video
20,678
26,182
27
%
83,946
91,336
9
%
Voice
3,805
3,485
(8
)%
17,111
15,128
(12
)%
Total revenue
$
114,595
$
124,497
9
%
$
438,475
$
465,705
6
%
Operating Metrics
Wireless:
Revenue generating lines in service(b)
176,200
176,900
-
%
Non-revenue generating lines in
service(c)
6,100
2,200
(64
)%
Wireless lines in service
182,300
179,100
(2
)%
Data:
Revenue generating cable modem
subscribers(d)
127,000
140,600
11
%
Basic subscribers
81,200
74,300
(8
)%
Homes passed
253,400
253,400
-
%
Voice - Total access lines in
service(e)
39,900
36,600
(8
)%
GCI Business
Financial Metrics
Revenue
Wireless
$
21,727
$
23,497
8
%
$
92,603
$
88,461
(4
)%
Data
73,043
90,943
25
%
277,519
339,290
22
%
Video
4,242
949
(78
)%
16,170
11,675
(28
)%
Voice
10,837
10,820
-
%
44,895
43,983
(2
)%
Total revenue
$
109,849
$
126,209
15
%
$
431,187
$
483,409
12
%
Operating Metrics
Wireless - Revenue generating lines in
service(b)
20,500
25,200
23
%
Data - Revenue generating cable modem
subscribers(d)
8,800
13,800
57
%
Voice - Total access lines in
service(e)
34,500
33,100
(4
)%
a)
See reconciling schedule 1.
b)
A revenue generating wireless line in
service is defined as a wireless device with a monthly fee for
services.
c)
A non-revenue generating wireless line in
service is defined as a data-only line with no monthly fee for
services.
d)
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.
e)
A local access line in service is defined
as a revenue generating circuit or channel connecting a customer to
the public switched telephone network.
Important Notice: Liberty Broadband (Nasdaq: LBRDA,
LBRDK, LBRDP) President and CEO, Greg Maffei, will discuss Liberty
Broadband’s earnings release on a conference call which will begin
at 11:15 a.m. (E.S.T.) on February 26, 2021. The call can be
accessed by dialing (888) 204-4368 or (323) 994-2093, passcode
5840623, 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
www.libertybroadband.com/events. 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, matters relating to the Universal Service
Administrative Company and Rural Health Care program,
indemnification by Liberty Broadband, the continuation of our stock
repurchase program 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 COVID-19) 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, transaction costs,
separately reported litigation settlements, restructuring,
acquisition and other related costs 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
loss to its Adjusted OIBDA for the three and twelve months ended
December 31, 2019 and December 31, 2020.
GCI HOLDINGS
ADJUSTED OIBDA RECONCILIATION
(amounts in thousands)
4Q19
4Q20
2019
2020
GCI Holdings
Operating Income (loss)
$
(155,325
)
$
20,568
$
(182,841
)
$
86,608
Depreciation and amortization
65,616
65,982
263,508
249,170
Stock-based compensation
2,967
2,757
14,907
9,586
Impairment of intangibles and long-lived
assets
167,062
—
167,062
—
Insurance proceeds and restructuring,
net
(5,994
)
—
(5,758
)
—
Adjusted OIBDA
$
74,326
$
89,307
$
256,878
$
345,364
SCHEDULE 2
The following table provides a reconciliation of operating loss
calculated in accordance with GAAP to Adjusted OIBDA for Liberty
Broadband for the three and twelve months ended December 31, 2019
and December 31, 2020, respectively.
LIBERTY BROADBAND
ADJUSTED OIBDA RECONCILIATION
(amounts in thousands)
4Q19
4Q20
2019
2020
Liberty
Broadband
Liberty Broadband Operating Income
(Loss)
$
(8,322
)
$
(26,220
)
$
(29,277
)
$
(59,655
)
Stock-based compensation
2,841
3,398
10,511
9,134
Depreciation and amortization
467
14,186
1,875
15,227
Transaction costs
—
9,593
—
21,149
Consolidated Liberty Broadband Adjusted
OIBDA
$
(5,014
)
$
957
$
(16,891
)
$
(14,145
)
GCI Holdings
$
—
9,509
$
—
9,509
Skyhook
(1,530
)
(1,260
)
(4,704
)
(3,689
)
Corporate and other
(3,484
)
(7,292
)
(12,187
)
(19,965
)
LIBERTY BROADBAND CORPORATION
AND SUBSIDIARIES BALANCE SHEET INFORMATION (unaudited)
December 31,
December 31,
2020
2019
amounts in thousands,
except share amounts
Assets
Current assets:
Cash and cash equivalents
$
1,417,802
49,724
Trade and other receivables, net of
allowance for doubtful accounts of $10 and $20, respectively
349,256
1,216
Other current assets
79,453
1,193
Total current assets
1,846,511
52,133
Investment in Charter, accounted for using
the equity method
16,178,939
12,194,674
Property and equipment, net
1,098,512
532
Intangible assets not subject to
amortization
Goodwill
745,577
6,497
Cable certificates
560,000
—
Other
21,500
—
Intangible assets subject to amortization,
net
674,049
888
Tax sharing receivable
94,549
—
Other assets, net
151,487
1,618
Total assets
$
21,371,124
12,256,342
Liabilities and Equity
Current liabilities:
Accounts payable and accrued
liabilities
$
97,933
6,107
Deferred revenue
24,926
4,840
Current portion of debt, including $26,350
and $0 measured at fair value, respectively
31,026
—
Indemnification obligation
344,643
—
Other current liabilities
113,234
1,192
Total current liabilities
611,762
12,139
Long-term debt, net, including $1,445,775
and $0 measured at fair value, respectively
4,785,207
572,944
Obligations under finance leases and tower
obligations, excluding current portion
92,840
—
Long-term deferred revenue
39,649
1,807
Deferred income tax liabilities
1,977,643
999,757
Preferred stock
202,917
—
Other liabilities
146,687
1,749
Total liabilities
7,856,705
1,588,396
Equity
Stockholders’ equity:
Series A common stock, $.01 par value.
Authorized 500,000,000 shares; issued and outstanding 26,495,249
and 26,493,197 at December 31, 2020 and 2019 respectively
265
265
Series B common stock, $.01 par value.
Authorized 18,750,000 shares; issued and outstanding 2,549,470 and
2,451,920 at December 31, 2020 and 2019, respectively
25
25
Series C common stock, $.01 par value.
Authorized 500,000,000 shares; issued and outstanding 167,480,926
and 152,956,316 at December 31, 2020 and 2019, respectively
1,675
1,529
Additional paid-in capital
10,319,754
7,890,084
Accumulated other comprehensive earnings
(loss), net of taxes
15,436
8,158
Retained earnings
3,165,504
2,767,885
Total stockholders' equity
13,502,659
10,667,946
Non-controlling interests
11,760
—
Total equity
13,514,419
10,667,946
Commitments and contingencies
Total liabilities and equity
$
21,371,124
12,256,342
LIBERTY BROADBAND CORPORATION
AND SUBSIDIARIES STATEMENT OF OPERATIONS INFORMATION
(unaudited)
Twelve months ended
December 31,
2020
2019
amounts in thousands, except
per share amounts
Skyhook revenue
$
17,036
14,859
GCI Holding revenue
33,670
—
Total revenue
50,706
14,859
Operating costs and expenses:
Operating, including stock-based
compensation
20,443
9,450
Selling, general and administrative,
including stock-based compensation and transaction costs
74,691
32,811
Depreciation and amortization expense
15,227
1,875
110,361
44,136
Operating income (loss)
(59,655
)
(29,277
)
Other income (expense):
Interest expense (including amortization
of deferred loan fees)
(28,158
)
(25,166
)
Share of earnings (losses) of affiliates,
net
713,329
286,401
Gain (loss) on dilution of investment in
affiliate
(183,575
)
(79,329
)
Realized and unrealized gains (losses) on
financial instruments, net
(83,070
)
1,170
Other, net
2,294
1,359
Earnings (loss) before income taxes
361,165
155,158
Income tax (expense) benefit
36,443
(37,942
)
Net earnings (loss)
397,608
117,216
Less net earnings (loss) attributable to
the non-controlling interests
(11
)
—
Net earnings (loss) attributable to
Liberty Broadband shareholders
$
397,619
117,216
Basic net earnings (loss) attributable to
Series A, Series B and Series C Liberty Broadband shareholders per
common share
$
2.18
0.65
Diluted net earnings (loss) attributable
to Series A, Series B and Series C Liberty Broadband shareholders
per common share
$
2.17
0.64
LIBERTY BROADBAND CORPORATION
AND SUBSIDIARIES STATEMENT OF CASH FLOWS INFORMATION
(unaudited)
Year ended
December 31,
2020
2019
amounts in thousands
Cash flows from operating activities:
Net earnings (loss)
$
397,608
117,216
Adjustments to reconcile net earnings
(loss) to net cash from operating activities:
Depreciation and amortization
15,227
1,875
Stock-based compensation expense
9,134
10,511
Share of (earnings) losses of affiliates,
net
(713,329
)
(286,401
)
(Gain) loss on dilution of investment in
affiliate
183,575
79,329
Realized and unrealized (gains) losses on
financial instruments, net
83,070
(1,170
)
Deferred income tax expense (benefit)
(36,456
)
37,940
Other, net
903
1,471
Change in operating assets and
liabilities:
Current and other assets
(13,926
)
(820
)
Payables and other liabilities
(21,548
)
2,486
Net cash provided (used) by operating
activities
(95,742
)
(37,563
)
Cash flows from investing activities:
GCI Liberty, Inc. cash acquired in
consolidation
592,240
—
Capital expended for property and
equipment
(1,818
)
(500
)
Exercise of preemptive right to purchase
Charter shares
(14,910
)
—
Net cash provided (used) by investing
activities
575,512
(500
)
Cash flows from financing activities:
Borrowings of debt
2,825,000
50,000
Repayment of debt, finance leases and
tower obligations
(1,301,419
)
—
Repurchases of Liberty Broadband common
stock
(596,679
)
—
Proceeds (payments) from issuances of
financial instruments
—
(46,330
)
Proceeds (payments) from settlements of
financial instruments
—
47,500
Payment to former parent under tax sharing
agreement related to net settlement of Awards
—
(49,718
)
Other financing activities, net
(23,104
)
3,232
Net cash provided (used) by financing
activities
903,798
4,684
Net increase (decrease) in cash, cash
equivalents and restricted cash
1,383,568
(33,379
)
Cash, cash equivalents and restricted cash
at beginning of period
49,724
83,103
Cash, cash equivalents and restricted cash
at end of period
$
1,433,292
49,724
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210226005142/en/
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