\nLiberty Broadband Reports First Quarter 2023 Financial Results\n\n

\n \n

\n\n \n \n

ENGLEWOOD, Colo.--(BUSINESS WIRE)--Liberty Broadband Corporation (“Liberty Broadband”) (Nasdaq: LBRDA, LBRDK, LBRDP) today reported first quarter 2023 results.\n\n

\nHeadlines include⁽¹⁾:\n\n

\nFair value of Charter investment was $16.8 billion as of March 31^st\n\n
\nIssued $1.3 billion aggregate principal amount of 3.125% exchangeable senior debentures due 2053 and used net proceeds and cash on hand to repurchase $1.4 billion of near-term liabilities\n\n
\nLiberty Broadband did not sell Charter shares to Charter from February 1^st through April 30^th as its fully diluted equity interest in Charter remained below 26%⁽²⁾\n\n
\nFrom February 1^st through April 30^th, Liberty Broadband repurchased 137 thousand LBRDA/K shares at an average price per share of $92.84 for total cash consideration of $13 million\n\n
\nIn the first quarter, GCI⁽³⁾ increased revenue 6% to $246 million, generated $29 million in operating income and grew Adjusted OIBDA⁽⁴⁾ 3% to $90 million\n\n

\nShare Repurchases\n\n

\nFrom February 1, 2023 through April 30, 2023, Liberty Broadband repurchased 99 thousand shares of Series C Liberty Broadband common stock (Nasdaq: LBRDK) at an average cost per share of $92.82 for total cash consideration of $9 million and repurchased 38 thousand shares of Series A Liberty Broadband common stock (Nasdaq: LBRDA) at an average cost per share of $92.88 for total cash consideration of $4 million. The total remaining repurchase authorization for Liberty Broadband as of May 1, 2023 is approximately $2.0 billion.\n\n

\nCharter Ownership\n\n

\nUnder the terms of Liberty Broadband and Charter’s stockholder agreement, Liberty Broadband has sold and will continue to sell to Charter a number of shares of Class A common stock as is necessary to maintain Liberty Broadband’s percentage equity interest at 26% on a fully diluted basis. Such sales are executed by Liberty Broadband monthly based on Charter’s repurchase activity in the month prior.\n\n

\nFrom February 1, 2023 through April 30, 2023, Liberty Broadband did not sell any Charter shares to Charter as its fully diluted equity interest in Charter for the period was below 26%.\n\n

\nBalance Sheet\n\n

\nThe following presentation is provided to separately identify cash and liquid investments, debt and public holdings of Liberty Broadband as of December 31, 2022 and March 31, 2023.\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n(amounts in millions)\n\n \n\n	\n \n\n \n\n	\n12/31/2022\n\n \n\n	\n \n\n \n\n	\n3/31/2023\n\n \n\n
\nCash and Cash Equivalents:\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nGCI Holdings\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n85\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n59\n\n \n\n	\n \n\n \n\n
\nCorporate and Other\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n290\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n110\n\n \n\n	\n \n\n \n\n
\nTotal Liberty Broadband Consolidated Cash\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n375\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n169\n\n \n\n	\n \n\n \n\n
\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nFair Value of Public Holdings in Charter^(a)\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n16,012\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n16,843\n\n \n\n	\n \n\n \n\n
\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nDebt:\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nSenior Notes^(b)\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n600\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n600\n\n \n\n	\n \n\n \n\n
\nSenior Credit Facility\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n397\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n396\n\n \n\n	\n \n\n \n\n
\nTower Obligations and Other^(c)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n94\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n93\n\n \n\n	\n \n\n \n\n
\nTotal GCI Holdings Debt\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n1,091\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n1,089\n\n \n\n	\n \n\n \n\n
\nGCI Leverage^(d)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n2.8x\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n2.9x\n\n \n\n	\n \n\n \n\n
\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nCharter Margin Loan\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n1,400\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n1,400\n\n \n\n	\n \n\n \n\n
\n3.125% Exchangeable Senior Debentures due 2053^(e)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n—\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n1,265\n\n \n\n	\n \n\n \n\n
\n1.25% Exchangeable Senior Debentures due 2050^(e)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n825\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n2\n\n \n\n	\n \n\n \n\n
\n1.75% Exchangeable Senior Debentures due 2046^(e)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n15\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n—\n\n \n\n	\n \n\n \n\n
\n2.75% Exchangeable Senior Debentures due 2050^(e)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n575\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n—\n\n \n\n	\n \n\n \n\n
\nTotal Corporate Level Debt\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n2,815\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n2,667\n\n \n\n	\n \n\n \n\n
\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nTotal Liberty Broadband Debt\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n3,906\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n3,756\n\n \n\n	\n \n\n \n\n
\nFair market value adjustment and deferred loan costs\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(16\n\n \n\n	\n)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n11\n\n \n\n	\n \n\n \n\n
\nTower obligations and finance leases (excluded from GAAP Debt)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(89\n\n \n\n	\n)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(88\n\n \n\n	\n)\n\n \n\n
\nTotal Liberty Broadband Debt (GAAP)\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n3,801\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n3,679\n\n \n\n	\n \n\n \n\n
\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nOther Financial Obligations:\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nIndemnification Obligation^(f)\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n50\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n29\n\n \n\n	\n \n\n \n\n
\nPreferred Stock^(g)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n180\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n180\n\n \n\n	\n \n\n \n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

____________________
\na)\n\n \n\n	\n	\nRepresents fair value of the investment in Charter as of December 31, 2022 and March 31, 2023. 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.\n\n \n\n
\nb)\n\n \n\n	\n	\nPrincipal amount of Senior Notes.\n\n \n\n
\nc)\n\n \n\n	\n	\nIncludes the Wells Fargo Note Payable and current and long-term obligations under tower obligations and finance leases.\n\n \n\n
\nd)\n\n \n\n	\n	\nAs defined in GCI's credit agreement.\n\n \n\n
\ne)\n\n \n\n	\n	\nPrincipal amount of Senior Exchangeable Debentures exclusive of fair market value adjustments.\n\n \n\n
f)	\n	\nIndemnity to Qurate Retail, Inc. (“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 \"LI LLC Charter exchangeable debentures\"), as described below. LI LLC is a wholly owned subsidiary of Qurate Retail.\n\n \n\n
\ng)\n\n \n\n	\n	\nLiquidation 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.\n\n \n\n

\nLiberty Broadband cash decreased $206 million in the first quarter due to repurchases of the 1.75%, 2.75% and 1.25% debentures (described below), partially offset by proceeds from the issuance of $1,265 million principal amount of 3.125% exchangeable senior debentures due 2053. GCI cash decreased $26 million in the first quarter as cash from operations was more than offset by a $40 million dividend paid to Liberty Broadband and capital expenditures during the quarter.\n\n

\nLiberty Broadband debt decreased $150 million in the first quarter due to the repurchases of (i) $15 million aggregate principal of all outstanding 1.75% exchangeable senior debentures due 2046, (ii) $575 million aggregate principal of all outstanding 2.75% exchangeable senior debentures due 2050 and (iii) $823 million aggregate principal of almost all outstanding 1.25% exchangeable senior debentures due 2050. There is $900 million of available capacity under the Charter margin loan. GCI’s credit facility has undrawn capacity of $397 million (net of letters of credit), and GCI’s leverage as defined in its credit agreement is 2.9x.\n\n

\nLiberty Broadband has an indemnification agreement with Qurate Retail with respect to the LI LLC Charter exchangeable debentures. Pursuant to the indemnification agreement, Liberty Broadband will be required to indemnify LI LLC for any payments made to a holder of such debentures that exercises its exchange right on or before the put/call date of October 5, 2023 in excess of the sum of the adjusted principal amount of such debentures plus certain estimated tax benefits to Qurate Retail, if any, resulting from the exchange. 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 March 31, 2023, holders of the LI LLC Charter exchangeable debentures have the ability to put their debentures on October 5, 2023, and accordingly, the indemnification obligation is classified as a current liability. During the three months ended March 31, 2023, indemnification payments of $24 million were made by Liberty Broadband to Qurate Retail in connection with exchanges of $157 million of the LI LLC Charter exchangeable debentures that settled in the quarter.\n\n

\nGCI Operating and Financial Results\n\n \n\n
\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n1Q22\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n1Q23\n\n \n\n	\n \n\n \n\n	\n% Change\n\n \n\n
\n(amounts in millions, except operating metrics)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nGCI Consolidated Financial Metrics\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nRevenue\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nConsumer\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n119\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n118\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(1\n\n \n\n	\n)%\n\n \n\n
\nBusiness\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n114\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n128\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n12\n\n \n\n	\n%\n\n \n\n
\nTotal revenue\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n233\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n246\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n6\n\n \n\n	\n%\n\n \n\n
\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nOperating income\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n21\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n29\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n38\n\n \n\n	\n%\n\n \n\n
\nOperating income margin (%)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n9.0\n\n \n\n	\n%\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n11.8\n\n \n\n	\n%\n\n \n\n	\n \n\n \n\n	\n280\n\n \n\n	\nbps\n\n \n\n
\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nAdjusted OIBDA^(a)\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n87\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n90\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n3\n\n \n\n	\n%\n\n \n\n
\nAdjusted OIBDA margin^(a) (%)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n37.3\n\n \n\n	\n%\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n36.6\n\n \n\n	\n%\n\n \n\n	\n \n\n \n\n	\n(70\n\n \n\n	\n)bps\n\n \n\n
\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nGCI Consumer\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nFinancial Metrics\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nRevenue\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nData\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n58\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n59\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n2\n\n \n\n	\n%\n\n \n\n
\nWireless\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n46\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n47\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n2\n\n \n\n	\n%\n\n \n\n
\nOther\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n15\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n12\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(20\n\n \n\n	\n)%\n\n \n\n
\nTotal revenue\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n119\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n118\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(1\n\n \n\n	\n)%\n\n \n\n
\nOperating Metrics\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nData:\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nCable modem subscribers^(b)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n153,600\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n159,100\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n4\n\n \n\n	\n%\n\n \n\n
\nWireless:\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nLines in service^(c)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n185,900\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n193,700\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n4\n\n \n\n	\n%\n\n \n\n
\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nGCI Business\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nFinancial Metrics\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nRevenue\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nData\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n90\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n106\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n18\n\n \n\n	\n%\n\n \n\n
\nWireless\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n14\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n13\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(7\n\n \n\n	\n)%\n\n \n\n
\nOther\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n10\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n9\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(10\n\n \n\n	\n)%\n\n \n\n
\nTotal revenue\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n114\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n128\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n12\n\n \n\n	\n%\n\n \n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

____________________
\na)\n\n \n\n	\n	\nSee reconciling schedule 1.\n\n \n\n
\nb)\n\n \n\n	\n	\nA 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, 2023 include 1,100 subscribers that were reclassified from GCI Business to GCI Consumer subscribers in the first quarter of 2023 and are not new additions.\n\n \n\n
\nc)\n\n \n\n	\n	\nA wireless line in service is defined as a wireless device with a monthly fee for services. Wireless lines in service as of March 31, 2023 include 1,400 lines that were reclassified from GCI Business to GCI Consumer lines in the first quarter of 2023 and are not new additions.\n\n \n\n

\nUnless otherwise noted, the following discussion compares financial information for the three months ended March 31, 2023 to the same period in 2022.\n\n

\nGCI revenue increased 6% in the first quarter. Consumer revenue was down 1% driven by declines in video revenue that offset demand for consumer data and wireless. Business revenue increased 12% with strength in data primarily driven by sales to rural health care and schools due to service upgrades as well as new customer growth.\n\n

\nOperating income increased by $8 million in the first quarter and Adjusted OIBDA increased $3 million due to higher revenue, partially offset by increased labor related costs and comparisons against certain one-time benefits recognized in the prior year period.\n\n

\nIn the first quarter, GCI spent $54 million on net capital expenditures. Capital expenditure spending was related primarily to improvements to the wireless and hybrid fiber coax networks. GCI's net capital expenditures for the full year 2023 are expected to be approximately $185 million related to increased investment in middle mile and last mile data connectivity, including network expansion in rural Alaska.\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\nFOOTNOTES\n\n \n\n
\n1)\n\n \n\n	\n	\nLiberty Broadband will discuss these highlights and other matters on Liberty Broadband's earnings conference call that will begin at 4:30 p.m. (E.T.) on May 2, 2023. For information regarding how to access the call, please see “Important Notice” later in this document.\n\n \n\n
\n2)\n\n \n\n	\n	\nCalculated pursuant to the stockholder agreement between Liberty Broadband and Charter Communications, Inc. (\"Charter\").\n\n \n\n
\n3)\n\n \n\n	\n	\nLiberty Broadband’s principal operating asset is GCI Holdings, LLC (“GCI” or “GCI Holdings”), Alaska's largest communications provider. Liberty Broadband also holds an interest in Charter.\n\n \n\n
\n4)\n\n \n\n	\n	\nFor a definition of Adjusted OIBDA and Adjusted OIBDA margin and applicable reconciliations, see the accompanying schedules.\n\n \n\n

\nNOTES\n\n

\nLIBERTY BROADBAND FINANCIAL METRICS\n\n \n\n
\n	\n	\n	\n	\n	\n
\n(amounts in millions)\n\n \n\n	\n \n\n \n\n	\n1Q22\n\n \n\n	\n \n\n \n\n	\n1Q23\n\n \n\n
\nRevenue\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nGCI Holdings\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n233\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n246\n\n \n\n	\n \n\n \n\n
\nCorporate and other^(a)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n5\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n—\n\n \n\n	\n \n\n \n\n
\nTotal Liberty Broadband Revenue\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n238\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n246\n\n \n\n	\n \n\n \n\n
\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nOperating Income (Loss)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nGCI Holdings\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n21\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n29\n\n \n\n	\n \n\n \n\n
\nCorporate and other^(a)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(14\n\n \n\n	\n)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(13\n\n \n\n	\n)\n\n \n\n
\nTotal Liberty Broadband Operating Income (Loss)\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n7\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n16\n\n \n\n	\n \n\n \n\n
\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nAdjusted OIBDA (Loss)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nGCI Holdings\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n87\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n90\n\n \n\n	\n \n\n \n\n
\nCorporate and other^(a)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(7\n\n \n\n	\n)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(8\n\n \n\n	\n)\n\n \n\n
\nTotal Liberty Broadband Adjusted OIBDA (Loss)\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n80\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n82\n\n \n\n	\n \n\n \n\n

\n\n\n\n\n\n\n\n\n\n

____________________
\na)\n\n \n\n	\n	\nCorporate and other included Skyhook Holdings, Inc. until its sale on May 2, 2022\n\n \n\n

\nImportant Notice: Liberty Broadband (Nasdaq: LBRDA, LBRDK, LBRDP) will discuss Liberty Broadband’s earnings release on a conference call which will begin at 4:30 p.m. (E.T.) on May 2, 2023. The call can be accessed by dialing (877) 407-3944 or (412) 902-0038, passcode 13736369, 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.\n\n

\nThis 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, 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 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.\n\n

\nNON-GAAP FINANCIAL MEASURES\n\n

\nTo 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.\n\n

\nLiberty 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.\n\n

\nSCHEDULE 1\n\n

\nThe following table provides a reconciliation of GCI’s operating income to its Adjusted OIBDA for the three months ended March 31, 2022 and March 31, 2023.\n\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\nGCI HOLDINGS ADJUSTED OIBDA RECONCILIATION\n\n \n\n

\n(amounts in millions)\n\n \n\n	\n \n\n \n\n	\n1Q22\n\n \n\n	\n \n\n \n\n	\n1Q23\n\n \n\n
\nGCI Holdings Operating Income\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n21\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n29\n\n \n\n
\nDepreciation and amortization\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n63\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n58\n\n \n\n
\nStock-based compensation\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n3\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n3\n\n \n\n
\nGCI Holdings Adjusted OIBDA\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n87\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n90\n\n \n\n

\nSCHEDULE 2\n\n

\nThe following table provides a reconciliation of operating income (loss) calculated in accordance with GAAP to Adjusted OIBDA for Liberty Broadband for the three months ended March 31, 2022 and March 31, 2023.\n\n

\nLIBERTY BROADBAND ADJUSTED OIBDA RECONCILIATION\n\n \n\n

\n(amounts in millions)\n\n \n\n	\n \n\n \n\n	\n1Q22\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n1Q23\n\n \n\n
\nLiberty Broadband Operating Income (Loss)\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n7\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n16\n\n \n\n
\nDepreciation and amortization\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n64\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n58\n\n \n\n
\nStock-based compensation\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n9\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n8\n\n \n\n
\nLiberty Broadband Adjusted OIBDA (Loss)\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n80\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n82\n\n \n\n
\nGCI Holdings\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n87\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n90\n\n \n\n
\nCorporate and other\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(7\n\n \n\n	\n)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(8)\n\n \n\n

\nLIBERTY BROADBAND CORPORATION\n\n \n\n
\nBALANCE SHEET INFORMATION\n\n \n\n
\n(unaudited)\n\n \n\n

\n \n\n \n\n	\n \n\n \n\n	\nMarch 31,\n\n \n\n	\n \n\n \n\n	\nDecember 31,\n\n \n\n
\n \n\n \n\n	\n \n\n \n\n	\n2023\n\n \n\n	\n \n\n \n\n	\n2022\n\n \n\n
\n \n\n \n\n	\n \n\n \n\n	\namounts in millions,\n\n \n\n
\n \n\n \n\n	\n \n\n \n\n	\nexcept share amounts\n\n \n\n
\nAssets\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nCurrent assets:\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nCash and cash equivalents\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n169\n\n \n\n	\n \n\n \n\n	\n375\n\n \n\n
\nTrade and other receivables, net of allowance for credit losses of $4 and $4, respectively\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n194\n\n \n\n	\n \n\n \n\n	\n201\n\n \n\n
\nPrepaid and other current assets\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n91\n\n \n\n	\n \n\n \n\n	\n84\n\n \n\n
\nTotal current assets\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n454\n\n \n\n	\n \n\n \n\n	\n660\n\n \n\n
\nInvestment in Charter, accounted for using the equity method\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n11,609\n\n \n\n	\n \n\n \n\n	\n11,433\n\n \n\n
\nProperty and equipment, net\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n1,012\n\n \n\n	\n \n\n \n\n	\n1,011\n\n \n\n
\nIntangible assets not subject to amortization\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nGoodwill\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n755\n\n \n\n	\n \n\n \n\n	\n755\n\n \n\n
\nCable certificates\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n550\n\n \n\n	\n \n\n \n\n	\n550\n\n \n\n
\nOther\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n37\n\n \n\n	\n \n\n \n\n	\n37\n\n \n\n
\nIntangible assets subject to amortization, net\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n506\n\n \n\n	\n \n\n \n\n	\n516\n\n \n\n
\nOther assets, net\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n206\n\n \n\n	\n \n\n \n\n	\n180\n\n \n\n
\nTotal assets\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n15,129\n\n \n\n	\n \n\n \n\n	\n15,142\n\n \n\n
\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nLiabilities and Equity\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nCurrent liabilities:\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nAccounts payable and accrued liabilities\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n86\n\n \n\n	\n \n\n \n\n	\n92\n\n \n\n
\nDeferred revenue\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n21\n\n \n\n	\n \n\n \n\n	\n20\n\n \n\n
\nCurrent portion of debt, including $2 and $1,373 measured at fair value, respectively\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n5\n\n \n\n	\n \n\n \n\n	\n1,376\n\n \n\n
\nIndemnification obligation\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n29\n\n \n\n	\n \n\n \n\n	\n50\n\n \n\n
\nOther current liabilities\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n152\n\n \n\n	\n \n\n \n\n	\n137\n\n \n\n
\nTotal current liabilities\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n293\n\n \n\n	\n \n\n \n\n	\n1,675\n\n \n\n
\nLong-term debt, net, including $1,251 and zero measured at fair value, respectively\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n3,674\n\n \n\n	\n \n\n \n\n	\n2,425\n\n \n\n
\nObligations under tower obligations and finance leases, excluding current portion\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n85\n\n \n\n	\n \n\n \n\n	\n86\n\n \n\n
\nLong-term deferred revenue\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n62\n\n \n\n	\n \n\n \n\n	\n63\n\n \n\n
\nDeferred income tax liabilities\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n2,074\n\n \n\n	\n \n\n \n\n	\n2,040\n\n \n\n
\nPreferred stock\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n202\n\n \n\n	\n \n\n \n\n	\n202\n\n \n\n
\nOther liabilities\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n155\n\n \n\n	\n \n\n \n\n	\n150\n\n \n\n
\nTotal liabilities\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n6,545\n\n \n\n	\n \n\n \n\n	\n6,641\n\n \n\n
\nEquity\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nSeries A common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 18,221,602 and 18,528,468 at March 31, 2023 and December 31, 2022, respectively\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n—\n\n \n\n	\n \n\n \n\n	\n—\n\n \n\n
\nSeries B common stock, $.01 par value. Authorized 18,750,000 shares; issued and outstanding 2,037,259 and 2,106,636 at March 31, 2023 and December 31, 2022, respectively\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n—\n\n \n\n	\n \n\n \n\n	\n—\n\n \n\n
\nSeries C common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 125,938,456 and 125,962,296 at March 31, 2023 and December 31, 2022, respectively\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n1\n\n \n\n	\n \n\n \n\n	\n1\n\n \n\n
\nAdditional paid-in capital\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n3,282\n\n \n\n	\n \n\n \n\n	\n3,318\n\n \n\n
\nAccumulated other comprehensive earnings (loss), net of taxes\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n59\n\n \n\n	\n \n\n \n\n	\n9\n\n \n\n
\nRetained earnings\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n5,224\n\n \n\n	\n \n\n \n\n	\n5,155\n\n \n\n
\nTotal stockholders' equity\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n8,566\n\n \n\n	\n \n\n \n\n	\n8,483\n\n \n\n
\nNon-controlling interests\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n18\n\n \n\n	\n \n\n \n\n	\n18\n\n \n\n
\nTotal equity\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n8,584\n\n \n\n	\n \n\n \n\n	\n8,501\n\n \n\n
\nCommitments and contingencies\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nTotal liabilities and equity\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n15,129\n\n \n\n	\n \n\n \n\n	\n15,142\n\n \n\n

\nLIBERTY BROADBAND CORPORATION\n\n \n\n
\nSTATEMENT OF OPERATIONS INFORMATION\n\n \n\n
\n(unaudited)\n\n \n\n

\n \n\n \n\n	\n \n\n \n\n	\nThree months ended\n\n \n\n
\n \n\n \n\n	\n \n\n \n\n	\nMarch 31,\n\n \n\n
\n \n\n \n\n	\n \n\n \n\n	\n2023\n\n \n\n	\n \n\n \n\n	\n2022\n\n \n\n
\n \n\n \n\n	\n \n\n \n\n	\namounts in millions,\n except per share amounts\n\n \n\n
\nRevenue\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n246\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n238\n\n \n\n	\n \n\n \n\n
\nOperating costs and expenses:\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nOperating expense (exclusive of depreciation and amortization shown separately below)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n62\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n66\n\n \n\n	\n \n\n \n\n
\nSelling, general and administrative, including stock-based compensation\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n110\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n101\n\n \n\n	\n \n\n \n\n
\nDepreciation and amortization\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n58\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n64\n\n \n\n	\n \n\n \n\n
\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n230\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n231\n\n \n\n	\n \n\n \n\n
\nOperating income (loss)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n16\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n7\n\n \n\n	\n \n\n \n\n
\nOther income (expense):\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nInterest expense (including amortization of deferred loan fees)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(45\n\n \n\n	\n)\n\n \n\n	\n \n\n \n\n	\n(26\n\n \n\n	\n)\n\n \n\n
\nShare of earnings (losses) of affiliate\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n248\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n303\n\n \n\n	\n \n\n \n\n
\nGain (loss) on dilution of investment in affiliate\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(27\n\n \n\n	\n)\n\n \n\n	\n \n\n \n\n	\n(56\n\n \n\n	\n)\n\n \n\n
\nRealized and unrealized gains (losses) on financial instruments, net\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(114\n\n \n\n	\n)\n\n \n\n	\n \n\n \n\n	\n137\n\n \n\n	\n \n\n \n\n
\nOther, net\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n14\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(21\n\n \n\n	\n)\n\n \n\n
\nEarnings (loss) before income taxes\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n92\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n344\n\n \n\n	\n \n\n \n\n
\nIncome tax benefit (expense)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(23\n\n \n\n	\n)\n\n \n\n	\n \n\n \n\n	\n(45\n\n \n\n	\n)\n\n \n\n
\nNet earnings (loss)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n69\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n299\n\n \n\n	\n \n\n \n\n
\nLess net earnings (loss) attributable to the non-controlling interests\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n—\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n—\n\n \n\n	\n \n\n \n\n
\nNet earnings (loss) attributable to Liberty Broadband shareholders\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n69\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n299\n\n \n\n	\n \n\n \n\n
\nBasic net earnings (loss) attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n0.47\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n1.79\n\n \n\n	\n \n\n \n\n
\nDiluted net earnings (loss) attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n0.47\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n1.77\n\n \n\n	\n \n\n \n\n

\nLIBERTY BROADBAND CORPORATION\n\n \n\n
\nSTATEMENT OF CASH FLOWS INFORMATION\n\n \n\n
\n(unaudited)\n\n \n\n

\n \n\n \n\n	\n \n\n \n\n	\nThree months ended\n\n \n\n
\n \n\n \n\n	\n \n\n \n\n	\nMarch 31,\n\n \n\n
\n \n\n \n\n	\n \n\n \n\n	\n2023\n\n \n\n	\n \n\n \n\n	\n2022\n\n \n\n
\n \n\n \n\n	\n \n\n \n\n	\namounts in millions\n\n \n\n
\nCash flows from operating activities:\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nNet earnings (loss)\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n69\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n299\n\n \n\n	\n \n\n \n\n
\nAdjustments to reconcile net earnings (loss) to net cash from operating activities:\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nDepreciation and amortization\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n58\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n64\n\n \n\n	\n \n\n \n\n
\nStock-based compensation\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n8\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n9\n\n \n\n	\n \n\n \n\n
\nShare of (earnings) losses of affiliate, net\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(248\n\n \n\n	\n)\n\n \n\n	\n \n\n \n\n	\n(303\n\n \n\n	\n)\n\n \n\n
\n(Gain) loss on dilution of investment in affiliate\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n27\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n56\n\n \n\n	\n \n\n \n\n
\nRealized and unrealized (gains) losses on financial instruments, net\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n114\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(137\n\n \n\n	\n)\n\n \n\n
\nDeferred income tax expense (benefit)\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n22\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n6\n\n \n\n	\n \n\n \n\n
\nOther, net\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(1\n\n \n\n	\n)\n\n \n\n	\n \n\n \n\n	\n(1\n\n \n\n	\n)\n\n \n\n
\nChange in operating assets and liabilities:\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nCurrent and other assets\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(6\n\n \n\n	\n)\n\n \n\n	\n \n\n \n\n	\n65\n\n \n\n	\n \n\n \n\n
\nPayables and other liabilities\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(2\n\n \n\n	\n)\n\n \n\n	\n \n\n \n\n	\n32\n\n \n\n	\n \n\n \n\n
\nNet cash provided by (used in) operating activities\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n41\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n90\n\n \n\n	\n \n\n \n\n
\nCash flows from investing activities:\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nCapital expenditures\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(54\n\n \n\n	\n)\n\n \n\n	\n \n\n \n\n	\n(32\n\n \n\n	\n)\n\n \n\n
\nCash received for Charter shares repurchased by Charter\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n42\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n602\n\n \n\n	\n \n\n \n\n
\nOther investing activities, net\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n—\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n4\n\n \n\n	\n \n\n \n\n
\nNet cash provided by (used in) investing activities\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(12\n\n \n\n	\n)\n\n \n\n	\n \n\n \n\n	\n574\n\n \n\n	\n \n\n \n\n
\nCash flows from financing activities:\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n \n\n \n\n
\nBorrowings of debt\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n1,248\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n300\n\n \n\n	\n \n\n \n\n
\nRepayments of debt, tower obligations and finance leases\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(1,416\n\n \n\n	\n)\n\n \n\n	\n \n\n \n\n	\n(2\n\n \n\n	\n)\n\n \n\n
\nRepurchases of Liberty Broadband common stock\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(40\n\n \n\n	\n)\n\n \n\n	\n \n\n \n\n	\n(843\n\n \n\n	\n)\n\n \n\n
\nIndemnification payment to Qurate Retail\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(24\n\n \n\n	\n)\n\n \n\n	\n \n\n \n\n	\n—\n\n \n\n	\n \n\n \n\n
\nOther financing activities, net\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(3\n\n \n\n	\n)\n\n \n\n	\n \n\n \n\n	\n(3\n\n \n\n	\n)\n\n \n\n
\nNet cash provided by (used in) financing activities\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(235\n\n \n\n	\n)\n\n \n\n	\n \n\n \n\n	\n(548\n\n \n\n	\n)\n\n \n\n
\nNet increase (decrease) in cash, cash equivalents and restricted cash\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n(206\n\n \n\n	\n)\n\n \n\n	\n \n\n \n\n	\n116\n\n \n\n	\n \n\n \n\n
\nCash, cash equivalents and restricted cash, beginning of period\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n400\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n206\n\n \n\n	\n \n\n \n\n
\nCash, cash equivalents and restricted cash, end of period\n\n \n\n	\n \n\n \n\n	\n$\n\n \n\n	\n194\n\n \n\n	\n \n\n \n\n	\n \n\n \n\n	\n322\n\n \n\n	\n \n\n \n\n