From February 1, 2024 through April 30, 2024, Liberty Broadband did not sell Charter shares to Charter as its fully diluted equity interest in Charter remained below 26%⁽²⁾.

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, 2023 and March 31, 2024.


(amounts in millions)	12/31/2023		3/31/2024
Cash and Cash Equivalents:
GCI Holdings	$	79	$	70
Corporate and Other		79		38
Total Liberty Broadband Consolidated Cash	$	158	$	108

Fair Value of Public Holdings in Charter^(a)	$	17,984	$	13,385

Debt:
Senior Notes^(b)	$	600	$	600
Senior Credit Facility		394		334
Tower Obligations and Other^(c)		91		90
Total GCI Holdings Debt	$	1,085	$	1,024
GCI Leverage^(d)		2.9x		2.8x

Charter Margin Loan	$	1,460	$	1,480
3.125% Exchangeable Senior Debentures due 2053^(e)		1,265		1,265
Total Corporate Level Debt	$	2,725	$	2,745

Total Liberty Broadband Debt	$	3,810	$	3,769
Fair market value adjustment and deferred loan costs		12		(45)
Tower obligations and finance leases (excluded from GAAP Debt)		(86)		(85)
Total Liberty Broadband Debt (GAAP)	$	3,736	$	3,639

Other Financial Obligations:
Preferred Stock^(f)		180		180

a)	Represents fair value of the investment in Charter as of December 31, 2023 and March 31, 2024.

b)	Principal amount of Senior Notes.

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

d)	As defined in GCI's credit agreement.

e)	Principal amount of Exchangeable Senior Debentures exclusive of fair market value adjustments.

Liquidation value of preferred stock. Preferred stock has a 7% coupon, $25 per 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 decreased $50 million in the first quarter primarily due to proceeds from Charter share sales and borrowing under the Charter margin loan being more than offset by share repurchases and other investing activities. GCI cash decreased $9 million in the first quarter as cash from operations was more than offset by debt repayment and capital expenditures (net of grant proceeds) during the period.

GCI Operating and Financial Results


		1Q23		1Q24	% Change
(amounts in millions, except operating metrics)
GCI Consolidated Financial Metrics
Revenue
Consumer	$	118	$	117	(1)	%
Business		128		128	—	%
Total revenue	$	246	$	245	—	%

Operating income	$	29	$	37	28	%
Operating income margin (%)		11.8%		15.1%	330	bps

Adjusted OIBDA^(a)	$	90	$	90	—	%
Adjusted OIBDA margin^(a) (%)		36.6%		36.7%	10	bps

GCI Consumer
Financial Metrics
Revenue
Data	$	59	$	60	2	%
Wireless		47		47	—	%
Other		12		10	(17)	%
Total revenue	$	118	$	117	(1)	%
Operating Metrics
Data:
Cable modem subscribers^(b)		159,100		159,800	—	%
Wireless:
Lines in service^(c)		193,700		199,000	3	%

GCI Business
Financial Metrics
Revenue
Data	$	106	$	108	2	%
Wireless		13		12	(8)	%
Other		9		8	(11)	%
Total revenue	$	128	$	128	—	%

a)	See reconciling schedule 1.

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 March 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 March 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 months ended March 31, 2024 to the same period in 2023.

GCI revenue was flat in the first quarter. Consumer revenue was down 1% driven by declines in video revenue, partially offset by demand for consumer data. Business revenue was flat as growth in data was offset by declines in wireless and other revenues.

NOTES

LIBERTY BROADBAND FINANCIAL METRICS


(amounts in millions)	1Q23		1Q24
Revenue
GCI Holdings	$	246	$	245
Corporate and other		—		—
Total Liberty Broadband Revenue	$	246	$	245

Operating Income
GCI Holdings	$	29	$	37
Corporate and other		(13)		(9)
Total Liberty Broadband Operating Income	$	16	$	28

Adjusted OIBDA
GCI Holdings	$	90	$	90
Corporate and other		(8)		(5)
Total Liberty Broadband Adjusted OIBDA	$	82	$	85

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 May 8, 2024. The call can be accessed by dialing (877) 407-3944 or (412) 902-0038, passcode 13742820, 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 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) 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 Forms 10-K and 10-Q, 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 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 months ended March 31, 2023 and March 31, 2024.

GCI HOLDINGS ADJUSTED OIBDA RECONCILIATION


(amounts in millions)	1Q23		1Q24
GCI Holdings Operating Income	$	29	$	37
Depreciation and amortization		58		50
Stock-based compensation		3		3
GCI Holdings Adjusted OIBDA	$	90	$	90

LIBERTY BROADBAND CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION

(unaudited)


	March 31,		December 31,
	2024		2023

	amounts in millions,
	except share amounts
Assets
Current assets:
Cash and cash equivalents	$	108	158
Trade and other receivables, net of allowance for credit losses of $5 and $5, respectively		186	178
Prepaid and other current assets		56	94
Total current assets		350	430
Investment in Charter, accounted for using the equity method		12,281	12,116
Property and equipment, net		1,078	1,053
Intangible assets not subject to amortization
Goodwill		755	755
Cable certificates		550	550
Other		40	40
Intangible assets subject to amortization, net		449	461
Other assets, net		237	236
Total assets	$	15,740	15,641

Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities	$	94	86
Deferred revenue		29	30
Current portion of debt		3	3
Other current liabilities		67	59
Total current liabilities		193	178
Long-term debt, net, including $1,200 and $1,255 measured at fair value, respectively		3,636	3,733
Obligations under tower obligations and finance leases, excluding current portion		81	83
Long-term deferred revenue		77	65
Deferred income tax liabilities		2,255	2,216
Preferred stock		201	202
Other liabilities		139	141
Total liabilities		6,582	6,618
Equity
Series A common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 18,235,286 and 18,233,573 at March 31, 2024 and December 31, 2023, respectively		—	—
Series B common stock, $.01 par value. Authorized 18,750,000 shares; issued and outstanding 2,023,432 and 2,025,232 at March 31, 2024 and December 31, 2023, respectively		—	—
Series C common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 122,589,251 and 123,704,814 at March 31, 2024 and December 31, 2023, respectively		1	1
Additional paid-in capital		3,018	3,107
Accumulated other comprehensive earnings (loss), net of taxes		35	52
Retained earnings		6,084	5,843
Total stockholders' equity		9,138	9,003
Non-controlling interests		20	20
Total equity		9,158	9,023
Commitments and contingencies
Total liabilities and equity	$	15,740	15,641

LIBERTY BROADBAND CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS INFORMATION

(unaudited)


	Three months ended
	March 31,
	2024		2023

	amounts in millions,
	except per share amounts
Revenue	$	245	246
Operating costs and expenses:
Operating expense (exclusive of depreciation and amortization shown separately below)		62	62
Selling, general and administrative, including stock-based compensation		105	110
Depreciation and amortization		50	58
		217	230
Operating income (loss)		28	16
Other income (expense):
Interest expense (including amortization of deferred loan fees)		(51)	(45)
Share of earnings (losses) of affiliate		280	248
Gain (loss) on dilution of investment in affiliate		(28)	(27)
Realized and unrealized gains (losses) on financial instruments, net		76	(114)
Other, net		4	14
Earnings (loss) before income taxes		309	92
Income tax benefit (expense)		(68)	(23)
Net earnings (loss)		241	69
Less net earnings (loss) attributable to the non-controlling interests		—	—
Net earnings (loss) attributable to Liberty Broadband shareholders	$	241	69
Basic net earnings (loss) attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share	$	1.69	0.47
Diluted net earnings (loss) attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share	$	1.69	0.47

LIBERTY BROADBAND CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION

(unaudited)


	Three months ended
	March 31,
	2024		2023

	amounts in millions
Cash flows from operating activities:
Net earnings (loss)	$	241	69
Adjustments to reconcile net earnings (loss) to net cash from operating activities:
Depreciation and amortization		50	58
Stock-based compensation		7	8
Share of (earnings) losses of affiliate, net		(280)	(248)
(Gain) loss on dilution of investment in affiliate		28	27
Realized and unrealized (gains) losses on financial instruments, net		(76)	114
Deferred income tax expense (benefit)		44	22
Other, net		(1)	(1)
Change in operating assets and liabilities:
Current and other assets		39	(6)
Payables and other liabilities		—	(2)
Net cash provided by (used in) operating activities		52	41
Cash flows from investing activities:
Capital expenditures		(61)	(54)
Grant proceeds received for capital expenditures		15	—
Cash received for Charter shares repurchased by Charter		81	42
Other investing activities, net		(17)	—
Net cash provided by (used in) investing activities		18	(12)
Cash flows from financing activities:
Borrowings of debt		20	1,248
Repayments of debt, tower obligations and finance leases		(62)	(1,416)
Repurchases of Liberty Broadband common stock		(89)	(40)
Indemnification payment to Qurate Retail		—	(24)
Other financing activities, net		(1)	(3)
Net cash provided by (used in) financing activities		(132)	(235)
Net increase (decrease) in cash, cash equivalents and restricted cash		(62)	(206)
Cash, cash equivalents and restricted cash, beginning of period		176	400
Cash, cash equivalents and restricted cash, end of period	$	114	194