Q3 2023 Liberty TripAdvisor Holdings Inc Earnings Call
Speaker 1: Welcome to the Liberty broadband 2023 third quarter earnings call.
Welcome to the Liberty broadband 2023 third quarter earnings call.
Speaker 1: During the presentation, all participants will be in a listen only mode. Afterwards, we will conduct...
During the presentation, all participants will be in a listen only mode.
Afterwards, we will conduct a question and answer session at that time. If you have a question. Please press star one on your telephone as a reminder, this conference will be recorded in November 3rd.
Speaker 1: At that time, if you have a question, please press star 1 on your telephone. As a reminder, this conference will be recorded.
Speaker 1: I would now like to turn the call over to Shane Kleinstein, Vice President, Investor Relations. Please go.
I would now like to turn the call over to Shane clients <unk>, Vice President Investor Relations. Please go ahead.
Speaker 2: Thank you. Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the private security's litigation reform act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties, including the mention in the most recent forms 10K and 10Q filed by Liberty Broadband and Liberty TripAdvisor with the SEC.
Thank you before we begin we'd like to remind everyone that this call includes certain forward looking statements within the meaning of the private Securities Litigation Reform Act of 1995 actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent Form 10-K, and 10-Q filed by Liberty broadband and Liberty Tripadvisor with the SEC.
Speaker 2: These four-looking statements speak only as of the date of this call, and Liberty Broadband and Liberty Trip Advisor expressly to explain any obligation or undertaking to disseminate any updates or visions to any four-looking statement contained herein to reflect any change in Liberty Broadband or Liberty Trip Advisor's expectations with regard there to or any change in events, conditions, or circumstances on which any such statement is based.
These forward looking statements speak only as of the date of this call and Liberty broadband and Liberty Tripadvisor expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward looking statement contained herein to reflect any change in liberty broadband or liberty tripadvisor its expectations with regard there to or any change in events conditions.
Or circumstances on which any such statement is based.
Speaker 2: On today's call, we will discuss certain non- GAAP financial measures for Liberty Broadband, including adjusted OIPDOT. Information regarding the comparable gap metrics, along with required definitions and reconciliation, including preliminary note and scheduled one and two, can be found in the earnings press release issue today, as well as earnings releases for prior periods, which are available on Liberty Broadband's website. Now I'd like to introduce Greg Mase, Liberty's President and CEO . Thank you, Shane and Goodmond.
On today's call, we will discuss certain non-GAAP financial measures for Liberty broadband, including adjusted OIBDA information regarding the comparable GAAP metrics, along with required definitions and reconciliations.
Putting preliminary note and schedules one and two can be found in the earnings press release issued today as well as earnings releases from prior periods, which are available on Liberty broadband website now I would like to introduce Greg Mustang, Liberty's President and CEO.
Thank you Shane and good morning to all.
Speaker 3: Today speaking on the call we will also have Liberty Broadband's Chief Accounting and Principal Financial Officer Brian Wendling. GCI Management will be...
Today speaking on the call. We will also have Liberty's Liberty broadband chief accounting and principal financial Officer, Brian Wendling.
GCI management will be available to answer questions also during Q&A, we will be available.
Speaker 3: Also during Q&A, we will be available to answer questions related to Liberty TripAdvisor. Please note, TripAdvisor has not yet reported their third quarter results.
To answer questions related to Liberty Tripadvisor, but please note tripadvisor has not yet reported their third quarter results. So we will obviously not be able to comment on the cross border.
Speaker 3: So we will obviously not be able to comment on the current quarter. So beginning with Liberty broadband.
So beginning with Liberty broadband.
Speaker 3: We did resume selling into the chartered buyback in October .
We did resume selling into the charter buyback in October.
Speaker 3: We received 48 million of proceeds and we deployed 13.1 million into Liberty broadband buyback at an average cost of $88.18 per share.
We received 48 million of proceeds and we deployed $13 1 million into Liberty broadband buyback at an average cost of $88 18 per share.
Speaker 3: We anticipate that we will continue to buy back LBRDA and K shares with the substantial majority of the ACT-Attacks proceeds we receive from charter throughout the rest.
We anticipate that we will continue to buyback L. B R. D. A N K shares with the substantial majority of the after tax proceeds we received from charter throughout the rest of the year.
Speaker 3: and now looking at Charter. Charter did report solid operating and financial results despite a tougher market and the Disney exchange. Charter added 63 broadband net ads.
Now looking at charter Charter did report solid operating and financial results, Despite a tougher market and the Disney our exchange.
Charter added 63 broadband net adds we continue to benefit from rural expansion with 31000.
Speaker 3: We continue to benefit from rural expansion with 31,000 subsidized rural net ads in the third quarter. And we are already achieving 50% penetration after 12 months of those net ads into customer cohorts, well above the case that those were underwritten.
Subsidizes Rural net ads in the third quarter.
And we are already achieving 50% penetration.
After 12 months of those net adds into customer cohorts well above the case that those were underwritten apart.
Speaker 3: We believe this reinforces the rural investment opportunity, which we think is an attractive use of capital allocation.
We believe this reinforces the rural investment opportunity, which we think is an attractive use of capital allocation.
Speaker 3: There was high demand, four charter services, both broadband and mobile in those markets.
There are there was high demand for charter services, both broadband and mobile in those markets.
Speaker 3: Mobile strength does also continue. We added 594,000 mobile lines during the third quarter. We will begin to see the benefit of those in the fourth quarter as, expect from one.
Mobile strength does also continue we added 594000 mobile lines during the third quarter.
We will begin to see the benefit of those in the fourth quarter as spectrum one.
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Speaker 3: pricing opportunities roll off and we begin to see closer pricing on this.
Pricing.
Opportunities roll off and we begin to see closer pricing on those these free lines will begin to convert.
Speaker 3: These free lines will begin to convert into paid lines during the fourth quarter. And as you may have heard from management last week, we've seen low churn on those conversions from our trial cohort.
And to paint lines during the fourth quarter.
And as you may have heard from management last week, we've seen low churn on those conversions from our trial cohorts.
Speaker 3: We did have a successful resolution with Disney and we believe the new agreement is beneficial for both parties and does provide a path forward for both linear and over the top to work together with our
We did have a successful resolution with Disney and we believe the new agreement is beneficial for both parties and does provide a path forward for both linear and over the top to work together with our.
Our network partners as a carriage provider and that's the model we think it can be good for all parties going forward I'd.
Speaker 3: our network partners as a carriage provider, and that's a model we think could be good for all parties going forward. I'd also note that Zumo went live a month ago. Our video platform will help which allows convenient access to both linear and DTC content with unified search and excellent discovery interface. We're excited for it. The distribution of Zumo across both charter and Comcast, we think could be a winner.
I'd also note that zummo went live a month ago.
Our video platform, which allows convenient access to both linear and DT.
D Tc content with unified search and excellent discovery interface, we're excited for it.
<unk> assume all across both charter and Comcast, we think could be a winner.
Speaker 3: Finally, 23 has been an important year of investment. We believe this investment is excellent in establishing the foundation for our on-growing growth and their opportunities, which will be attractive, headed for both upgrading and expanding our network. And we are pleased with the progress that was made across all these initiatives and confident that these investments will drive long term results for charter share.
Finally 20.
23 has been an important year of investment. We believe this investment is excellent and establishing the foundation for our ongoing growth and there are opportunities, which would be attractive heading for both upgrading and expanding our network and we are pleased with the progress that was made across all the new initiatives and confident that these wins.
Estimates will drive long term results for charter shareholders.
Speaker 3: Let me turn to Liberty Trip Advisor. As I noted, Trip Advisor hasn't reported their third quarter's oath, so I'm not going to comment on that. But we do feel good about the business in a strategic direction.
Let me turn to Liberty Tripadvisor as I noted Tripadvisor hasn't reported their third quarter results I'm not going to comment on that but we do feel good about the business and our strategic direction.
Speaker 3: Liberty TripAdvisor did move to OTC trading on October 30th. This was due to compliance. Noncompliance was some of the NASDAQ listing requirements.
Liberty Tripadvisor did move to OTC trading on October 30th.
This was due to compliance noncompliance with some of the NASDAQ listing requirements are.
Speaker 3: We did look at the range of alternatives and believe transition to OTC was the best course of action and we do not anticipate this will have an impact or change Liberty Trips business operations or strategy. And with that, let me turn it over to Brian to discuss.
We did look at a range of alternatives and believe transitioning to OTC was the best course of action and we do not anticipate this will have an impact or change liberty trips business operations or strategy and with that let me turn it over to Brian to discuss the financials. Thank you Greg at quarter end Liberty broadband has some.
Speaker 3: Thank you, Greg. At quarter-end Liberty broadband had consolidated cash and cash equivalence of $88 million. This includes $38 million of cash at GCI. As of November 2nd, the value of our charter investment was 19.4 billion.
Solid dated cash and cash equivalents of $88 million.
This includes $38 million of cash at GCI.
As of November 2nd the value of our charter investment was $19 4 billion.
Speaker 4: And a quarter-an Liberty broadband had total principal amount of debt of 3.9 billion. Note this excludes, it perverts the preferred stock and the remaining indemnification.
And at quarter end Liberty broadband had total principal amount of debt of $3 9 million note. This excludes preferred the preferred stock and the remaining indemnification obligation.
Speaker 4: After quarter end, the remaining LI-LLC Charter exchangeable debentures will be redeemed and a final indemnification payment will be made to curate.
After quarter end, the remaining L. I L. L. C charter exchangeable debentures will be redeemed in our final indemnification payment will be made to curate retail.
Speaker 4: Looking at GCI, revenue was down 3% for the quarter and adjusted the way that it was relatively flat. Strength in business data revenue was offset by declines in video and voice revenue and lower handset sales year over year, which impacts revenue but not significantly impact March.
Looking at GCI revenue was down 3% for the quarter and adjusted OIBDA was relatively flat a straw.
Strength in business data revenue was offset by declines in video and voice revenue and lower handset sales year over year, which impacts revenue, but not does not significantly impact margins. We also had the impact of a three month fiber break in June that effect that you see ice data video and wireless services provided on the <unk>.
Speaker 4: We also had the impact of a three-month fiber break in June that affected GCI's data, video, and wireless services provided on the North Slope and Western Alaska.
Slope in Western Alaska, the fiber break impacted both consumer and business revenue.
Speaker 4: The fiber break impacted both consumer and business revenue and in the aggregate negatively impacted revenue by approximately $5 million with a modest impact on adjusted work.
And in the aggregate negatively impacted revenue by approximately $5 million with a modest impact on adjusted OIBDA.
Speaker 4: The fiber break has been fully repaired, which is good news. GCI has also been successful in moving customers to its converged GCI plus product offering, which combines GCI's flagship data product with their wireless offering and provides significant savings to the customers.
The fiber break has since been fully repaired which is good news.
GCI has also been successful in moving cost consumers to its converged GCI plus product offering which combines GCI as flagship data product with their wireless offering and provides significant savings to the customers. This has negatively impacted GCI is our food, but benefits churn as GPI customers, who bundle internet and more.
Speaker 4: This has negatively impacted GCI's R-POO, but benefits churn as GPI customers who bundle internet and mobile have nearly 50% lower churn than standalone customers.
We'll have nearly 50% lower churn than standalone customers.
Speaker 4: We expect and GCI expects margins on the products to increase over time. As customers upgrade their service.
We expect to GCI expects margins on the products to increase over time as customers upgrade their services.
Speaker 4: Over the last year, GCI had that at 3,800 revenue generating wireless subscribers and 2,100 revenue generating cable motors.
Over the last year GCI has added 3800 revenue generating wireless subscribers in 'twenty 100 revenue generating cable modem customers.
Speaker 4: Year to date, the rebroad ban has received 65 million indivitance from GCR.
Year to date Liberty broadband has received 65 million in dividends from GCI.
Speaker 4: Leverage is defined in its credit agreement, was three times at quarter-end, and GCI has 397 million of undrawn capacity on its revolver. And with that, I'll turn the call back over to Greg.
Leverage as defined in its credit agreement was three times at quarter end and GCI has $397 million of Undrawn capacity on its revolver and with that I'll turn the call back over to Greg. Thanks, Brian.
Speaker 3: We look forward to seeing many of you next week at our annual investor day on Thursday, November 9th in New York. Additional information is available on our website. John Malone and I will be hosting our annual Q&A session. If you would like to submit questions in advance, you can email investordayatlibertimedia.com.
We look forward to seeing many of you next week at our annual Investor Day on Thursday November 9th in New York Additional information is available on our website, John Malone and I will be hosting our annual Q&A session. If you would like to submit questions. In advance you can email investor day at Liberty Media Dot com.
Speaker 3: We appreciate your continued interest in Liberty Broadband and Liberty Trip Advisor. And with that operator, I would open the line for questions.
We appreciate your continued interest in Liberty broadband and Liberty Tripadvisor.
With that operator, I would open the line for questions.
Thank you.
Speaker 1: We'll now conduct our question and answer session. If you would like to ask a question, please press star one on your telephone key pass.
We'll now conduct a question and answer session.
I would like to ask a question. Please press star one on your telephone keypad.
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Speaker 1: Our first question comes from Kutgun Moral with Evercore ISI. Please see your question.
Our first question comes from could good morale with Evercore ISI. Please state your question.
Speaker 5: Great, thanks for taking the question. A familiar one really, the charter. The discount seems to have recently widened quite meaningfully to historically high levels. Has that changed your approach or outlook on bybacks at Liberty Broadband? And whether it makes sense to maybe pursue opportunities to get more cash to the company to help fund these repurchases, whether it's levering up or exploring some flexibility with GCI. Thank you.
Great. Thanks for taking the question a familiar one relates to charter at a discount seems to have recently widened quite meaningfully to historically high levels. How does that change your approach or outlook on buybacks that liberty broadband whether it makes sense to maybe pursue opportunities to get more cash.
The company to help fund these repurchases, whether it's levering up work split exploring some flexibility with G. C. I. Thank you.
Thank you for the question.
Speaker 3: I think the widening of this count while unfortunate actually does make our strategy of share of purchase that much more attractive.
I think the widening of the discount while unfortunate actually does make our strategy of share repurchase that much more attractive.
Speaker 3: We are trying to maintain a careful balance of utilizing our cash received from Charter for, as I said, the vast majority for buybacks, but also being prudent on debt levels, particularly given the increased cost.
We are trying to maintain a careful balance.
Utilizing our cash received from charter for as I said, the vast majority for buybacks, but also being prudent on debt levels, particularly.
Given the increased cost well, we have very attractive pricing on our margin loans to reality as underlying rates have gone up and so that is more expensive to maintain those so we're trying to keep play that carefully. That's also made it probably more expensive to look at other alternatives for how to capture that advantage.
Speaker 3: But we have very attractive pricing on our margin loans. The reality is underlying rate to gone up.
Speaker 3: so that's more expensive to maintain those. So we're trying to play that carefully. That's also made it probably more expensive to look at other alternatives for...
It just kept your third party data or something but we what we are looking at all those alternatives and we'll certainly keep them in line.
Thank you.
Thank you. Our next question comes from Ben Swinburne with Morgan Stanley. Please state your question.
Speaker 1: Thanks Greg. Should we be thinking about Liberty Broadbin as a vehicle for cable or fiber asset acquisitions? And I asked that because obviously we see the cost the capital has gone up, but there were a lot of businesses funded on cheaper debt to compete with.
Thanks.
Right.
How do we should we be thinking about liberty broadband as a vehicle for you know sort of cable or fiber asset acquisitions, and I ask that because yeah. Obviously, we see the cost of capital has gone up but.
Yeah. There were a lot of business is funded on cheaper debt you know to compete with.
Speaker 6: cable operators, et cetera, take advantage of broadness on a fiber that's gone on the ground. Sometimes stuff might come to market, and I didn't know if you thought we should be thinking about liberty, like we might think of other, or private equity vehicles out there that might be looking at picking up fiber assets or telecom assets or cable assets, and might come to market in an even of small, and then I decided to follow up on the charter front.
Cable operators et cetera. It took advantage of Brian there's a lot of fiber, it's going on the ground some of that stuff might come to market and I didn't know if he thought we should be thinking about liberty you know like we might think about their oh sort of private equity vehicles out there that might be looking at picking up fiber assets or telecom assets or our cable assets when they come to market and even if it's small.
And then I just had a follow up on the charter for them.
Speaker 3: Yeah, so Ben, thanks for the question. I think look, we're...
So Ben Thanks for the question I think look we're.
Speaker 3: Look at Charter as our primary vehicle for an investment in cable. Obviously there are special situations like GCI where we thought it was attractive. It could achieve something. And there may be other special situations that come up that we would look at. We are looking all the time, but I guess I should say we would execute.
Look at charter as our primary vehicle for an investment in cable obviously, there are special situations like GCI, where we thought it was attractive to achieve something and there may be other special situations that come up that we would look at are we are looking all the time, but I guess I should say, we would execute on.
Speaker 3: Your point about the cost of capital going up is correct. And that's hurt others probably more than even it's hurt us. So they do create these opportunities. But I would note, as we saw in the prior question, we've also seen a expansion of the discount, which means that we're...
Your point about the cost of capital going up is correct and that's hurt others, probably more than even it's hurt us there do create these opportunities, but I would note as we saw on the prior question. We've also seen a expansion of the discount which means that where.
Speaker 3: We have a very attractive opportunity to buy what we think is a very attractive asset in charter at a discount. So, you know, suddenly that alternative gets more attractive as well. So you're going to weigh all those various factors. Yeah. Thanks. And I'm not telling you we ain't doing it, but I'm not telling. I'm also saying the bar got higher.
We have a very attractive opportunity to buy what we think is a very attractive asset and charter at a discount. So it suddenly that alternative gets more attractive as well. So you are going to weigh all those various factors mhm yeah.
Thanks.
I'm not telling you we are doing it but I'm not telling I'm also saying the bar got higher.
Speaker 7: Yeah, that makes sense. And then, you know, interestingly, if you look at Charger.
Yeah.
And then you know interestingly if you look at charter.
Speaker 7: One of the things they told us last week is it's gonna be more catbacks in the near term, which all of us equal lowers their buyback capacity, which lowers the cash you get to buy back. I know you know all this, you're ready. Yeah. I guess as an incident. I'm actually on the board of the finance committee, so I am aware of these factors. No, of course. Yeah, that's for the broader group.
One of the things they told US last week as it can be more capex you know in the near term, which all else equal lowers their buyback capacity, which lowers the cash you get to buyback your stock I know you know all this erratic [laughter] I I guess I guess as it as it is and I'm actually on the board and the Finance Committee. So I am aware of the fact that sort of thing.
Of course, yeah.
For the broader the broader group.
Speaker 7: The, you know, I guess the question is why are you so comfortable because you sound more than comfortable?
The I guess the question is why are you so comfortable because you sound more than comfortable.
Speaker 6: That this is the right strategy to put your foot on the gas and it's kind of over-stated, but it's spent as much money as you can, as quickly as you can.
That this is the right strategy that says you know put your foot on the gas when it was kind of a I'm going to overstate it but spend as much money as we can as quickly as you can.
Speaker 6: or the benefit of the long-term value creation when you have, you know, in your case, a double discount arguably going on with...
For the benefit of the long term value creation. When you have you know in your case, the double discount arguably going on with the charter.
Speaker 3: Yeah, and I would agree there's tension there, because...
Yeah, and I would I agree there's tension there because.
Speaker 3: The buyback has gotten more attractive Charter is cheaper than it has been at many historical levels and as you know Liberty Broadband further cheap.
The buyback is gotten more attractive charter is cheaper than it has been at many historical levels and as you know liberty broadband further cheaper.
Speaker 3: I think we look at the longer strategic value and the longer economic opportunity that's there. And we probably were not, you know, we can continue to play all of these, but we do look as the opportunity that may be done with these rural programs, particularly how they're subsidized, that that opportunity is now, and that is worthwhile. And we are also, I think, with high split, not only
I think we look at the longer strategic value and the longer economic opportunity.
That's there and we probably were not you know we can continue to play off all of these but we do look as the opportunity that may be done with these world programs, particularly how theyre subsidized that that opportunity is now.
And that is worthwhile and we are also I think with high split not only.
Speaker 3: not only creating more economic opportunity, but also putting up further mode around the business. So those are important and those yield attractive economic opportunities. And we will continue to try and also take advantage of the discount. So there are three sets at least of attractive investment opportunities and we're trying to wave it to all those against the long-term growth and which ones are going to be available when.
Not only creating more economic Tony but also putting up further moat around the business. So those are important.
And those yields at attractive economic opportunities and we will continue to try and also take advantage of the discount. So there are you know three sets at least of attractive investment opportunities and we're trying to weigh but you all those against the long term growth, the and which ones are going to be available when.
Okay fair enough. Thank you.
Yeah.
Speaker 1: Thank you, and our last question comes from Michael Rollins with City.
Thank you and our last question comes from Michael Rollins with Citi. Please state your question.
Speaker 5: Thanks and good morning. Two if I could first on GCI. Can you share how the business has...
Thanks, and good morning, I too am I correct first on GCI can you share how the business has a benefit within the customers that the business had benefited from E. C. P and how you see that playing out over time in terms of whether that.
Speaker 5: The customers of the business have been updated from ACP.
Speaker 5: and how you see that playing out over time in terms of whether that gets incremental funding from Congress. And then just on the broader strategic front, you know, last quarter.
Gets incremental funding from Congress and then I.
Just on the broader strategic front last quarter, Greg you made a comment that it could be larger call at some point to combine liberty broadband and charter just curious in your latest thoughts on that and what would be the catalyst to make that logical in terms of the.
Speaker 5: Greg, you made a comment that it could be logical at some point to combine Liberty broadband and charter. Just curious in your latest thoughts on that. And what would be the catalyst to make that logical in terms of timing and function? Thanks.
Timing and function. Thanks.
Speaker 3: I'll handle the second question first, and I'll let either Ron or Pete comment on ACP or if they don't want Brian and I can take a shot. But on Liberty Broadband, combining with Charter, I think you look, we've had these holding companies.
I'll handle the second question first and then I'll, let either Ron or Pete comment on ACP or if they didnt want Brian and I could take a shot but on liberty broadband combining with charter I think you look we've had these holding companies.
Speaker 3: that we think have done very well and been very beneficial in some cases taken advantage of things like share repurchase.
We think have done very well and been very beneficial in some cases, taking advantage of things like share repurchase or written growth in the underlying asset but in many cases. We've also at some point merge them in and close the gap between their trading examples of that would be close example would be.
Speaker 3: or written growth in the underlying asset, but in many cases, we've also, at some point, merged them in and closed the gap between their trading.
Speaker 3: examples of that would be closed example, be limited and direct TV, liberty, expedia and expedia. Certainly cases we've gone that along the way, what's been proposed between LSXM and serious XM.
<unk> and Directv Liberty Expedia and Expedia.
Certainly cases, we've gone that along the way what's been proposed between L. S X M N and and Sirius XM, we do that when we think.
Speaker 3: We do that when we think the logical path is pursued on why we should be independent, and it would be more beneficial to merge these entities.
The logical path is pursued on why we should be independent and it would be more beneficial to merge these entities that they could clearly come somewhere down the road for charter probably will come based on our history, but we don't think that day is today.
Speaker 3: That day could clearly come somewhere down the road for charter probably will come based on our history, but we don't think that day is today
Speaker 3: on GCI and on ACP to Pete or Ron, do you want to take a shot?
On GCI and on ACP to Pete or Ron do you want to take a shot.
Yeah, I think Ronny there yeah.
Speaker 3: yeah i'll go ahead i'm not a search we're gonna let it get a pass unless he chooses to uh... uh... to step into we'll let you go beat unless ron decides to want to pre-empt
Yeah. I'll go ahead go ahead research, we're gonna, let them get a pass unless he chooses to to to step in so well, let you go Pete unless Ron decides that he wants to preempt.
Speaker 8: Yeah, I think what the ACT program's been a good program, helping lower income people get good broadband connectivity. It has been helpful for us as far as bad debt reduction as it's eliminated that aspect of revenue coming in.
Yeah, I think look the ACP program when a good program are helping lower income people get good broadband connectivity.
Has been helpful for us as far as bad debt reduction as it's eliminated.
That aspect our revenue was coming in.
Speaker 8: The longevity will have to see there's kind of some upheaval that is very, very difficult to predict how that will all pan out as far as this program going forward. But it's been a relatively small program but very beneficial to several thousand of our customers.
The longevity, we'll have to see.
There's there's kind of some upheaval that is very very difficult to predict how.
How how that will all pan out as far as this program going forward, but it's been a a relatively small program, but very beneficial to our several thousand of our customers.
Speaker 3: Yeah, I would just add, if I, then on that, that as far as going forward, clearly if there's a lot of popularity in this program in Washington, as far as we can tell, but there also is obviously a lot of dysfunction of what will get funded and what time frame in Washington. So hard to guess how that plays out.
Yeah, I would just add if I then on that debt.
As far as going forward clearly theres a lot of popularity in this program in Washington as far as we can tell are but Theyre also has obviously a lot of dysfunction of what will get funded and what time frame in Washington, So hard to guess how that plays out.
Thanks.
Speaker 3: Thank you, operator. I think that's, we are done with the questions for the day to our listening audience. Thank you for your interest in Liberty Broadband and Liberty Trip Advisor. We look forward to speaking with you next quarter if we don't see you in New York.
Thank you operator, I think that's a we are done with the questions for the day to our listening audience. Thank you for your interest in Liberty broadband and Liberty Tripadvisor, We look forward to speaking with you next.
Next quarter, if we don't see you in New York.
With that operator, I think we're done.
Speaker 1: Thank you and I conclude today's call while part of me disconnect having
Thank you and that concludes today's calls all parties may disconnect have a good day.