Liberty Broadband Corporation reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant revenue growth and profitability improvements compared to the previous fiscal period.
For the three months ended September 30, 2024, Liberty Broadband generated revenue of $262 million, an increase from $240 million in the same period of 2023. For the nine months, revenue rose to $753 million from $731 million year-over-year. Operating income also saw a notable increase, reaching $30 million for the third quarter, up from $21 million in 2023, and $79 million for the nine months, compared to $60 million in the prior year. However, net earnings for the third quarter decreased to $142 million from $162 million in 2023, while net earnings for the nine months increased to $578 million from $483 million.
The company’s investment in Charter Communications, accounted for using the equity method, rose to $12.76 billion as of September 30, 2024, from $12.12 billion at the end of 2023. Liberty Broadband maintained a 26% ownership stake in Charter, which is subject to a stockholders agreement limiting voting control to 25.01%.
Liberty Broadband's total assets increased to $16.30 billion as of September 30, 2024, up from $15.64 billion at the end of 2023. Total liabilities also rose to $6.77 billion from $6.62 billion, while total stockholders' equity increased to $9.52 billion from $9.00 billion.
In terms of cash flow, the company reported net cash provided by operating activities of $103 million for the nine months ended September 30, 2024, a significant improvement from a net cash outflow of $(46) million in the same period of 2023. Cash and cash equivalents at the end of the period stood at $168 million, compared to $176 million at the beginning of the period.
Strategically, Liberty Broadband participated in Charter's share buyback program, repurchasing 1.1 million shares of Series C common stock for $89 million during the nine months ended September 30, 2024, compared to 459,000 shares for $40 million in the same period of 2023. The company also engaged in a private offering of $860 million in exchangeable senior debentures due 2054, which will be used to repurchase existing debt.
The company faces challenges, including the impact of the end of the FCC’s Affordable Connectivity Program, which has disrupted customer retention efforts for Charter and GCI Holdings, its primary subsidiary. GCI Holdings reported revenue of $262 million for the third quarter, up from $240 million in 2023, driven by increased business data revenue. However, the company is also exposed to risks related to economic conditions in Alaska, where GCI operates, and potential regulatory changes affecting its revenue streams.
About Liberty Broadband Corp
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