Liberty Broadband Q4 2023 Earnings Report
Key Takeaways
Liberty Broadband reported fourth quarter and year-end 2023 results, with a fair value of Charter investment at $18.0 billion as of December 31, 2023. GCI's revenue remained flat in Q4 but grew 1% for the full year. Liberty Broadband repurchased 3.2 million LBRDK shares from November 1, 2023, through January 31, 2024, for $255 million.
Fair value of Charter investment reached $18.0 billion by the end of 2023.
Liberty Broadband executed strategic sale of Charter shares, generating $385 million in proceeds.
Share repurchase program continued with 3.2 million LBRDK shares bought back for $255 million.
GCI's revenue remained flat in Q4 but grew 1% for the full year.
Liberty Broadband
Liberty Broadband
Liberty Broadband Revenue by Segment
Forward Guidance
GCI’s net capital expenditures for 2024 are expected to be approximately $200 million related to additional high-returning 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.
Positive Outlook
- Liberty Broadband maintained a fully diluted equity interest in Charter of 26%.
- GCI produced another year of solid financial results.
- GCI continues to expand and upgrade its fiber network across Alaska.
- Liberty Broadband cash increased $70 million in the fourth quarter as proceeds from Charter share sales more than offset share repurchases in the period and debt reduction.
- GCI cash increased $41 million in the fourth quarter as cash from operations more than offset capital expenditures.
Challenges Ahead
- Challenging environment impacted Charter.
- Adjusted OIBDA decreased 1% in the fourth quarter.
- Total Liberty Broadband debt increased to $3,810.
- Consumer revenue decreased 3% for GCI
- Other revenue decreased 23% for GCI Consumer