Q2 2024 Liberty Broadband Corp Earnings Call

August 8, 2024

Conference is being recorded today August eight 2024, I would now like to turn the call over to Claire Adams Senior manager of Investor Relations. Please go ahead.

Speaker Change: Good morning, 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 Change: 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 statements contained herein to reflect any change in liberty broadband or liberty tripadvisor expectations with regard there to or any change in events conditions or circumstances on which any such statements.

Welcome to the Liberty broadband 2024, Q2 earnings call. 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 keypad. As a reminder, this conference is being recorded today August.

2024, I would now like to turn the call over to Claire Adams Senior manager of Investor Relations. Please go ahead.

Speaker Change: <unk>.

Speaker Change: 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, including preliminary note and scheduled one and two can be found in the earnings press release issued today as well as the earnings releases for prior periods, which are available on Liberty broadband website.

Good morning, before we begin we'd like to remind everyone that this constitutes forward looking statements within the meaning of the private Securities Litigation Reform Act of 99.

Claire: Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent Forms 10-K and 10-Q filed by Liberty Broadband and Liberty Trip Advisor with the FBI. These forward-looking statements speak only as of the date of this call, and Liberty Broadband and Liberty Trip Advisor 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's or Liberty Trip Advisor's expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.

Claire: Advanced results can differ materially due to a number of risks and uncertainties, including those mentioned in the most recent Form 10K and 10K, held by Liberty Broadband and Liberty These forward-looking statements speak only as of the date of this call, and Liberty Broadband and Liberty Trip Advisor 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's or Liberty On today's call, we will discuss certain non-GAAP financial measures for Liberty Broadband, including adjusted oil deficits.

Actual events or results could differ materially due to a number of risks and uncertainties.

Speaker Change: The most recent Form 10-K, 10-Q, Liberty broadband maybe cherrypick neither with accuracy.

Speaker Change: Now I'd like to introduce Greg Maffei, Liberty's, President and CEO.

Thank you Claire.

Speaker Change: All our listeners.

Claire: These forward looking statements speak only as of the data just call Liberty broadband and Liberty Tripadvisor expressly disclaim any obligation or undertaking.

Speaker Change: Today speaking on the call, we will have liberty broadband as chief accounting and principal financial Officer, Brian Wendling.

Claire: Any updates or revisions to any forward looking statement contained herein to reflect any change in liberty broadband or liberty tripadvisor in expectations with regard thereto or any change in events conditions or circumstances in which any such statements.

Speaker Change: Ron Duncan CEO of GCI and Pete pounds, all of GCI will also be available to answer questions and.

Speaker Change: And during Q&A, we will answer questions. If there are already related to Liberty Tripadvisor.

Claire: On today's call, we will discuss certain non-GAAP financial measures for Liberty Broadband, including adjusted ODSP. Information regarding the comparable GAAP metrics, along with the required definitions and reconciliations, including Preliminary Note and Schedules 1 and 2, can be found in the earnings press release issued today, as well as earnings releases for prior periods, which are available on Liberty Broadband's website. Now, I'd like to introduce Greg Maffei, Liberties President and CEO.

Claire: 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, including preliminary note and schedules behind you 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.

Speaker Change: Beginning first with Liberty broadband.

Speaker Change: In July we issued $860 million of the $3 eight charter exchangeable, we used the proceeds from that offering to repay $540 million under our charter margin loan and repurchased $300 million of our existing three and an eighth examples.

Claire: Information regarding the Comparable Gap Metrics along with the required definitions and reconciliations, including Preliminary Note and Schedules 1 and 2, can be found in the Earnings Press Release issued today, as well as earnings releases for prior periods, which are available on Liberty Broadband's website. Now, I'd like to introduce Greg Maffei, Liberty Broadband President and CEO.

Speaker Change: We've also extended the margin loan maturity to 2027.

Claire: Now I'd like to introduce Greg Maffei, Liberty's, President and CEO.

Greg Maffei: Thank you, Claire. Good morning to all our listeners. Today speaking on the call, we will have Liberty Broadband's Chief Accounting and Principal Financial Officer, Brian Wendling. Ron Duncan, CEO of GCI, and Pete Pound, CFO of GCI, will also be available to answer questions. And during Q&A, we will answer questions even if they aren't even related to Liberty Trip Advice.

Greg Maffei: Thank you Claire and good morning to all.

Our 2020.

Greg Maffei: Thank you, Claire. Good morning to all our listeners. Today speaking on the call, we will have Liberty Broadband's Chief Accounting and Principal Financial Officer, Brian Wendling. Ron Duncan, CEO of GCI, and Pete Pound, CFO of GCI, will also be available to answer questions, and during Q&A, we will answer questions if there are any related to Liberty Trip Advice. So, beginning first with Liberty Broadband, in July, we issued $860 million in a 308 charter exchangeable.

Speaker Change: <unk> debt maturities are now spread through 2020.

Speaker Change: All of our listeners.

Speaker Change: Today speaking on the call, we will have Liberty broadband chief accounting and principal financial Officer, Brian Wendling Ron.

Speaker Change: As a result of these actions we expect substantial savings.

Greg Maffei: Ron Duncan CEO of GCI, and Pete pounds CFO of GCI will also be available to answer questions and during Q&A, we will answer questions there already related to Liberty Tripadvisor.

We resumed our sales at Liberty broadband into charters buyback in June.

Speaker Change: With the proceeds we will continue to take a prudent approach about retiring debt and that is our current focus we will also about valuate those <unk> buybacks as cash builds from charter to share repurchases.

Greg Maffei: So beginning first with Liberty Broadband, [inaudible] In July, we issued $860 million of a 308 charter exchangeable. We used the proceeds from that offering to repay $540 million under our Charter Margin Loan and repurchase $300 million of our existing 3-1-8 Exchange Loans. We've also extended the margin loan maturity to 2027, and our 2020 six debt maturities are now spread through 2020. As a result of these actions, we

Greg Maffei: We used the proceeds from that offering to repay $540 million under our Charter Margin Loan and repurchase $300 million of our existing 3-1-8 exchange. We've also extended the margin loan maturity to 2027, and our 2020 six debt maturities are now spread through 2020. As a result of these actions, we expect.

Greg Maffei: Beginning first with Liberty broadband.

Greg Maffei: In July we issued $860 million of the 308 charter exchangeable, we used the proceeds from that offering to repay $540 million under our charter margin loan and repurchased $300 million of our existing three and an eighth exchangeable.

Charlie looking at charter of the underlying company.

Speaker Change: They had well received strong results in the quarter against the competitive backdrop and the exploration of the ECP program. They reported a net subscriber loss of 149000 broadband subs.

Greg Maffei: We also extended the margin long maturity to 2027.

Greg Maffei: And our 2020.

Greg Maffei: <unk> debt maturities are now spread through 2020.

Speaker Change: But the majority of those were due to ACP.

Speaker Change: The broadband trends did improve throughout the quarter with the lowest net loss in June.

Greg Maffei: As a result of these actions we expect substantial savings.

Greg Maffei: We resumed our sales at Liberty Broadband into charters back in June. With the proceeds, we will continue to take a prudent approach to retiring debt, and that is our current focus. We will also evaluate those LBRD buybacks as cash bills from charter share repurchases. Charter, the underlying company, received well received strong results in the quarter against the competitive backdrop and the exploration of the ACP program. They reported a net subscriber loss of 149,000 broadband subscribers, but the majority of those were due to ACP. The broadband trend did improve throughout the quarter with the lowest net loss in years.

Brian Wendling: We resumed our sales at Liberty Broadband into charters back in June. With the proceeds, we will continue to take a prudent approach to retiring debt, and that is our current focus. We will also evaluate those LBRD buybacks as cash bills from charter share repurchase, Uh... Charter. Looking at the Charter of the underlying company, they had well received strong results in the quarter against a competitive backdrop and the expiration of the ACP program.

Greg Maffei: We resumed our sales at Liberty broadband into charters buyback in June.

Charter reported solid EBITDA growth of two 6% versus the prior year and 100 basis point margin improvement.

Brian Wendling: With the proceeds we will continue to take a prudent approach about retiring debt and that is our current focus we will also about valuate those <unk> buybacks as cash bills.

Speaker Change: Management did a great job of expense management, working with the growing realisation impacts of that in the second quarter. They continue to manage the cost structure without sacrificing growth.

Brian Wendling: Charter's share repurchases.

Mobile achieved profitability for the first time, an important milestone that reinforces the value of the mobile offering.

Brian Wendling: Chart looking to charter the underlying company.

Brian Wendling: Well received strong results in the quarter against the competitive backdrop and the exploration of the ACP program.

Speaker Change: Charter reported 557 mobile blind net additions.

Brian Wendling: They reported a net subscriber loss of 149,000 broadband subscribers, but the majority of those were due to ACP. The broadband trend did improve throughout the quarter with the lowest net loss in years. Mobile achieved its profitability for the first time, an important milestone that reinforces the value of the mobile offering. Charter reported 557 mobile customers lying at addition.

Speaker Change: We reported a net subscriber loss of 149000 broadband subs.

Speaker Change: Anytime upgrade program is driving <unk> as customers increasingly chose.

Brian Wendling: But the majority of those were due to ACP.

Speaker Change: Unlimited plus plan.

Brian Wendling: On the broadband trends did improve throughout the quarter with the lowest net loss in June.

Speaker Change: Phone buyout program for multiline households to move more easily to spectrum mobile is also being very effective.

Greg Maffei: Charter reported solid inhibited growth of 2.6% versus the prior year and 100 basis point margin improvement. Management did a great job of expense management working with growing realization impacts of that in the second quarter. They continue to manage the cost structure without sacrificing. Mobile achieved its profitability for the first time, an important milestone that reinforces the value of the mobile offering. Charter reported 557 mobile line net additions.

Brian Wendling: Charter reported solid EBITDA growth of two 6% versus the prior year and 100 basis point margin improvement.

We expect continued EBITDA growth the back half of the year, we will see the impact mostly in the third quarter and some in the fourth.

Speaker Change: But believe charter was managing that transaction effectively.

Speaker Change: The cost initiatives continue to support the hardest highest margins to date and we do expect to see political spending ramp through the year. We also expect to see continued strong mobile performance.

Brian Wendling: Mobile achieved profitability for the first time, an important milestone that reinforces the value of the mobile offering.

Brian Wendling: Charter reported 557 mobile line net additions.

Speaker Change: Charter reduce leverage during the quarter to 432 times.

Brian Wendling: The Anytime Upgrade Program is driving ARPU as customers increasingly choose it. The Unlimited Plus Plan, a phone buyout program for multi-line households to move more easily to Spectrum Mobile, is also being very effective. We expect continued EBITDA growth in the back half of the year. We will see the AC impact mostly in the third quarter and some in the fourth, but believe Charter is managing that transition effectively. The cost initiatives continue to support the highest margins to date, and we do expect to see political spending ramp up over the year.

Greg Maffei: The Anytime Upgrade program is driving RPU as customers increasingly choose the Unlimited Plus Plan, a phone buyout program for multi-line households to move more easily to Spectrum Mobile, is also being very effective. We expect continued EBITDA growth in the back half of the year. We will see the AC impact mostly in the third quarter and some in the fourth, but believe Charter is managing that transition effectively. The cost initiatives continue to support the highest margins to date, and we do expect to see political spending ramp up through the year. We also expect to see continued strong mobile performance. Charter reduced leverage during the quarter to 4.32 times.

Speaker Change: Charter expected to continue to move closer to the middle of the target of the four to four five times leverage range throughout the year.

Brian Wendling: Anytime upgrade program is driving <unk> as customers increasingly chose.

Brian Wendling: Unlimited plus plan.

Speaker Change: Turning now to Liberty trip.

Brian Wendling: Phone buyout program for multiline households to move more easily to spectrum mobile is also being very effective.

Speaker Change: We continue to evaluate strategic alternatives with Tripadvisor Special Committee and.

Speaker Change: And we will not be able to comment further until or unless a definitive documents are executed.

Brian Wendling: We expect continued EBITDA growth the back half of the year.

Brian Wendling: We will see the impact mostly in the third quarter and some in the fourth.

Discussions terminate.

Speaker Change: Looking at Tripadvisor itself.

Brian Wendling: But believe charter was managing that transaction effectively.

Speaker Change: During the quarter itself continued pressure on hotel meta in brand Tripadvisor from both SCO and SCM structural challenges with weaker demand and increased competition.

Brian Wendling: The cost initiatives continue to support the hardest highest margins to date and we do expect to see political spending ramp to the year. We also expect to see continued strong mobile performance.

Speaker Change: However.

Brian Wendling: We also expect to see continued strong mobile performance. Charter reduced leverage during the quarter to 4.32 times. Charter expects to continue to move closer to the middle of the target of the 4 to 4.5 times leverage range throughout. Turning now to Liberty Trip.

Speaker Change: Positive early results from strategy work launched last year are beginning to take hold we have seen a growing share of app users and direct channel activity, where theres more monetization opportunity available member.

Brian Wendling: Charter reduce leverage during the quarter to $4 three two times.

Greg Maffei: The Charter expects to continue to move closer to the middle of the target of the 4 to 4.5 times leverage range throughout. Turning now to Liberty Trip. We continue to evaluate strategic alternatives with TripAdvisor's special committee. We will not be able to comment further until or unless definitive documents are executed or discussions take place looking at TripAdvisor itself. During the quarter, it felt continued pressure on hotel medit in the brand Trip Advisor from both SCO and SCM's structural challenges with weaker demand and increased competition. However, positive early revolts from strategy work launched last year are beginning to take hold.

Brian Wendling: Charter expects to continue to move closer to the middle of the target of the four to four and a half times leverage range throughout the year.

Speaker Change: Members using trips planning tool have a 15 times higher <unk> than the platform wide average.

Brian Wendling: Turning now to Liberty trip.

Brian Wendling: We continue to evaluate strategic alternatives with TripAdvisor's special committee, looking at TripAdvisor itself. During the quarter, TripAdvisor felt continued pressure on Hotel Meta and Brand TripAdvisor from both SEO and SEM structural challenges with weaker demand and increased competition. Early positive revolts from strategy work launched last year are beginning to take hold. We've seen a growing share of app users and direct channel activity where there's more monetization opportunities available. For example, AI-powered review summaries and hotel booking directly into the app and user upgrades are much more effective and better monetization opportunities for us.

Speaker Change: The strategy is designed to mix drive mix shift over time from legacy offerings to focus on member value differentiate.

Speaker Change: We continue to evaluate strategic alternatives with Tripadvisor Special Committee and.

Brian Wendling: And we will not be able to comment further until or unless a definitive documents are executed.

Speaker Change: Differentiate app experience and engaging product features for example, AI powered review summaries and hotel booking directly into the App.

Brian Wendling: Discussions terminated.

Brian Wendling: Looking at Tripadvisor itself.

Brian Wendling: During the quarter and felt continued pressure on hotel meta in brand Tripadvisor from both SCO and SCM structural challenges with weaker demand and increased competition.

Speaker Change: End user upgrades.

Speaker Change: Are much more effective and better monetization opportunities for us.

Speaker Change: Looking at the other businesses within <unk> in the fourth both increase their competition.

Brian Wendling: However.

Brian Wendling: Positive early results from our strategy work launched last year are beginning to take hold and we've seen a growing share of app users and direct channel activity, where theres more monetization opportunity available members using trips planning tool.

Speaker Change: Contribution rather to the profit mix.

Speaker Change: <unk> saw a doubling of active bookers, who log into the app, which led to higher conversion better repeat rates and GDP growth.

Greg Maffei: We've seen a growing share of app users and direct channel activity where there's more monetization opportunity available. For example, members using TRIPS Planning Tool have a 15 times higher ARPU than the platform-wide average, strategies designed to drive a makeshift over time from legacy offerings to focus on member value, a differentiated app experience, and an engaging product vision. For example, AI-powered review summaries and hotel booking directly into the app and user upgrades are much more effective and better monetization opportunities for us.

Speaker Change: So with that I'll turn it over to Brian to discuss the financials.

Brian Wendling: 15 times higher ARPA and the platform wide average.

Greg at quarter end Liberty broadband had consolidated cash and cash equivalents of $73 million, which includes $47 million of cash at GCI.

Brian Wendling: The strategy is designed to mix drive mix shift over time from legacy offerings to focus on member value.

Brian Wendling: French native App experience and engaging product features for example, AI powered review summaries and hotel booking directly into the App.

Brian Wendling: Value of our charter investment based on our shareholder shares held as of August 1st in charter share price as of yesterday's close was $16 2 billion.

Brian Wendling: And user upgrades.

Speaker Change: And at quarter end Liberty broadband had a total principal amount of debt of $3 7 billion, including the debt at GCI.

Brian Wendling: Are much more effective and better monetization opportunities for us.

Greg Maffei: Looking at the other businesses within TRIP, Viator and The Fork both increased their contribution to the profit mix. Viator saw a doubling of active bookers who logged into the app, which led to higher conversion, better repeat rates, and GBV growth.

Speaker Change: Looking at the other businesses within tripped viator and afford both increase their competition.

This excludes the preferred stock.

Speaker Change: Looking quickly at GCI revenue was up $1 million over the prior year driven by continued strength in data sales.

Speaker Change: Contribution rather to the profit mix.

Brian Wendling: Buyer tourists saw a doubling of active bookers, who log into the app, which led to higher conversion and repeat rates and GDP growth.

Speaker Change: Particular, particularly to our rural healthcare in school customers, partially offset by declines in wireless and other revenue adjust.

Greg Maffei: So with that, I'll turn it over to you.

Brian Wendling: So with that I'll turn it over to Brian to discuss our financials.

Speaker Change: Adjusted OIBDA decreased $6 million due to higher operating costs as well as increased SG&A expense from labor related costs and increased professional service fees.

Brian Wendling: Thank you, Greg. At quarter-end, Liberty Broadband had consolidated cash and cash equivalents of $73 million, which included $47 million of cash at GPI. The value of our charter investment based on our shares held as of August 1st and the charter share price as of yesterday's close was $16.2 billion, and at quarter end, Liberty Broadband had a total principal amount of debt of $3.7 billion, including the debt at GCI. Note that this excludes the preferred stock.

Brian Wendling: Greg at quarter end Liberty broadband had consolidated cash and cash equivalents of $73 million, which includes $47 million of cash at GCI.

Speaker Change: Over the last year adjusted for the reclassification from GCI business GCI consumer saw a decline of about 1000 revenue generating wireless subs.

Brian Wendling: The value of our charter investment based on our shares held as of August 1st and the charter share price as of yesterday's close was $16.2 billion. Looking quickly at GCI, revenue is up $ million over the prior year, driven by continued strength in data sales, particularly to our rural health care and school customers, partially offset by declines in wireless and other revenue. Adjusted OEBDA decreased $6 million due to higher operating costs as well as increased SG&A expense from labor-related costs and increased professional services over the last year, adjusted for the reclassification from GCI Business. At quarter end, GCI's leverage was at 3.2 times with sufficient cushion in relation to the 6.5 times maximum net leverage covenant threshold stipulated in the credit facility.

Brian Wendling: <unk> of our charter investment based on our shareholder shares held as of August 1st in charter share price as of yesterday's close was $16 2 billion.

Speaker Change: Cable modem subscribers declined by 2500, mostly driven by.

Brian Wendling: And at quarter end Liberty broadband had a total principal amount of debt of $3 7 billion, including the debt at GCI.

Speaker Change: The exploration of the ACP program.

Speaker Change: During the quarter GCI distributed $150 million of Liberty broadband funded with cash on hand, and drawing under its revolver. These proceeds were used to pay down the charter margin loan and we are therefore net debt neutral to liberty broadband.

Brian Wendling: This excludes the preferred stock.

Brian Wendling: Looking quickly at GCI, revenue is up a million over the prior year, driven by continued strength in data sales, particularly to our rural health care and school customers, partially offset by declines in wireless and other revenues. However, adjusted OEBDA decreased $6 million due to higher operating costs as well as increased SG&A expense from labor-related costs and increased professional service. Over the last year, adjusted for the reclassification from GCI Business, DCI consumers saw a decline of 1,000 revenue-generating wireless subs, and cable modem subscribers declined by 2,500, mostly driven by the expiration of the ACP program.

Brian Wendling: Looking quickly at GCI revenue was up 1 million over the prior year driven by continued strength in data sales.

Brian Wendling: Particular, particularly to our rural health care and school customers, partially offset by declines in wireless and other revenue adjust.

Speaker Change: At quarter end GCI as leverage was at three two times with sufficient cushion in relation to the six five times maximum net leverage covenant threshold stipulated in the credit facility.

Brian Wendling: Adjusted OIBDA decreased $6 million due to higher operating costs as well as increased SG&A expense from labor related costs and increased professional service fees.

Speaker Change: We had $347 million of Undrawn capacity under the GCI revolver net of letters of credit.

Brian Wendling: Over the last year adjusted for the reclassification from GCI business GCI consumer saw a decline of about 1000 revenue generating wireless subs.

With that I'll turn the call back over to Greg Thanks, Brian.

Speaker Change: Our annual Investor Day will be Thursday November 14th in New York.

Brian Wendling: Cable modem subscribers declined by 2500, mostly driven by.

Nope, we moved to a new location see you at the jazz at Lincoln Center stage.

Brian Wendling: The exploration of the ACP program.

Speaker Change: Save the date and additional details will be forthcoming soon we hope to see many of you there and with that operator open the line for questions.

Brian Wendling: During the quarter, GCI distributed $150 million to Liberty Broadband, funded with cash on hand and drawing under its revolver. These proceeds were used to pay down the Charter Margin Loan and were therefore net debt neutral to Liberty Broadband. At quarter end, GCI's leverage was at 3.2 times with sufficient cushion in relation to the 6.5 times maximum net leverage covenant threshold stipulated in the credit facility, and we had 347 million of undrawn capacity. CCI revolver, net of letters of credit. With that, I'll turn the call back over to Greg.

Brian Wendling: During the quarter GCI distributed $150 million of Liberty broadband funded with cash on hand, and drawing under its revolver. These proceeds were used to pay down to charter margin loan and we're therefore net net neutral to liberty broadband.

Speaker Change: Thank you at this time well be conducting a question and answer session. If you'd like to ask a question. Please press star one on your telephone keypad.

Brian Wendling: At quarter end GCI as leverage was at three two times with sufficient cushion in relation to the $6 five times maximum net leverage covenant threshold stipulated in our credit facility.

Speaker Change: Confirmation tone will indicate your line is in the question queue.

Speaker Change: Press Star two if you would like to remove your question from the queue for participants using speaker equipment and may be necessary to pick up your handset before pressing the star keys.

Brian Wendling: We had $347 million of Undrawn capacity under the GCI revolver net of letters of credit.

Speaker Change: Our first questions come from the line of Barton Crockett with Rosenblatt Securities. Please proceed with your question.

Brian Wendling: With that, I'll turn the call back over to Greg. Thanks, Brian.

Brian Wendling: With that I'll turn the call back over to Greg Thanks, Brian.

Speaker Change: Okay. Thank you for taking my questions.

Greg Maffei: Our annual investor day will be Thursday, November 14th in New York. Note that we moved to a new location. Additional details will be forthcoming soon. We hope to see many of you there. And with that, Operator, I'll open the line for questions.

Greg Maffei: Our annual investor day will be Thursday, November 14th in New York. Note we moved to a new location. See you at the Jazz at Lincoln Center on that date. Additional details will be forthcoming soon. We hope to see many of you there. And with that, Operator, I'll open the line for questions.

Greg Maffei: Our annual Investor Day will be Thursday November 14th in New York.

Speaker Change: There were a couple of things I was kind of interested in.

Speaker Change: Nope, we moved to new location see you at jazz at Lincoln Center.

Speaker Change: We can address them here one is.

Speaker Change: I'm curious about.

Speaker Change: The wireless business at GCI, and then perhaps a longer term thought for charter.

Greg Maffei: To date additional details will be forthcoming soon we hope to see many of you there and with that operator I'll open the line for questions.

Speaker Change: So my question is this.

Speaker Change: To what degree if GCI really focused on subsidizing kind of.

Operator: Thank you. At this time, we will be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the list. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the start key. Our first questions come from the line of Barton Crockett with Rosenblatt Securities. Please proceed with your questions.

Speaker Change: Thank you at this time well be conducting a question and answer session. If you'd like to ask a question. Please press star one on your telephone keypad, a confirmation tone will indicate your line is in the question queue.

Barton Crockett: Okay, thank you for taking my questions. There were a couple of things I was kind of interested in seeing which address them here.

Speaker Change: Device purchases.

Speaker Change: Just update us on that as we go into what may be a bigger kind of upgrade cycle with the AI presence on the iPhone <unk>.

Speaker Change: You May press Star two if you would like to remove your question from Mchugh.

Speaker Change: And.

Speaker Change: And also if you have any thoughts about what you expect there in terms of the size of that size.

Operator: Participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

Speaker Change: Cycle for GCI, and then for charter and I guess over to Greg.

Speaker Change: Our first questions come from the line of Barton Crockett with Rosenblatt Securities. Please proceed with your questions.

Speaker Change: Just more broadly I mean, obviously charter is not doing the device subsidies at the level that the major wireless carriers are today.

Barton: Okay, thank you for taking my questions. There were a couple of things I was kind of interested in seeing if we could address them here. One is, I'm curious about the wireless business at GCI and then perhaps a longer term thought for Charter. So my question is this, to what degree is GCI really focused on subsidizing the kind of device purchases? Just update us on that as we go into what may be a bigger kind of upgrade cycle with the AI presence on the iPhone 16.

Barton Crockett: One is I'm curious about the wireless business at GCI and then perhaps a longer term thought for charter. So my question is this: to what degree is GCI really focused on subsidizing the kind of device purchases? Just update us on that as we go into what may be a bigger kind of upgrade cycle with the AI presence on the iPhone 16. And also, if you have any thoughts about what you expect there in terms of the size of that cycle for GCI and then for Charter, and I guess that's over to Greg.

Speaker Change: Okay. Thank you for taking my questions.

Barton: There were a couple of things I was kind of interested and see how we can address them here. One is I'm curious about the the wireless business at G. C. I and then perhaps a longer term thought for charter.

Speaker Change: But one could imagine over time as the charter and the cable appears get bigger in wireless that they all want to compete in more kind of toe to toe on that basis and I was just wondering Greg if you agree that thats going to be the general direction and if so any.

Barton: So my question is.

Barton: To what degree is G. C. I you know, we're really focused on subsidizing kind of device purchases.

Speaker Change: Thoughts about how the road there might progress slowly quickly any steps that could kind of transition you transitioned you over there.

Barton: Just update us on that as we go into what may be a bigger kind of upgrade cycle with the AI presence on the iPhone 16.

Speaker Change: Thanks Barton.

Speaker Change: Ron do you want to take the the GCI wireless part of that.

Barton: And also, if you have any thoughts about what you expect there in terms of the size of that cycle for GCI. And then for Charter, and I guess this is over to Greg, just more broadly, I mean, obviously, Charter's not doing the device subsidies at the level that the major wireless carriers are today. But one could imagine over time as Charter and the cable peers get bigger and wireless, that they will want to compete in more kinds of toe-to-toe on that basis.

Speaker Change: And are you now and also if you have any thoughts about what you expect there in terms of the size of that cycle for GCI and then you know for chartered I guess over to Greg.

Sure I can do that and obviously Bard, Michigan J.

Ron Duncan: <unk> mobile network, operator, and BMO like charters. So we have a different cost structure, we've got a much higher.

Speaker Change: Gross margin and EBITDA percentage, because we own the network, we're not paying somebody else for it and we've also got a much higher market share at this point than charter does.

Speaker Change: Just more broadly I mean, obviously charter is not doing their device subsidies you know at the level that the major wireless carriers are today.

Barton: But one could imagine over time as the charter on the cable peers get bigger in wireless that they all want to compete in more kind of toe to toe on that basis and I was just wondering you know Greg if you agree that that's going to be the general direction and if so any thoughts about how the road there might progress slowly quickly any steps that could kind.

Speaker Change: Probably 40% of the <unk>.

Speaker Change: <unk> mobile market overall, and that's one of our two core businesses, along with consumer businesses, along with consumer data.

Barton: And I was just wondering, Greg, if you agree that that's going to be the general direction, and if so, any thoughts about how the road there might progress slowly or quickly, any steps that could kind of transition you over there?

Speaker Change: As such we pretty much have to match or at least be competitive with the majors and our principal competitors AT&T Verizon is not a material player in the market up there. So we're pretty much up to match AT&T device subsidies in order to avoid losing subs to them when there is a risk.

Speaker Change: Transition, you're either transitioning you over there.

Greg Maffei: Thanks, Barton. Ron, do you want to take the GCI wireless part of that?

Barton: Thanks Barton.

Speaker Change: Ron do you want to take the the GCI wireless part of that.

Ron Duncan: Sure, I can do that, and obviously, Barton, as you know, GCI is a mobile network operator, not an MVNO-like charter, so we have a different cost structure. We've got a much higher gross margin and EBITDA percentage because we own the network; we're not paying somebody else for it. And we've also got a much higher market share at this point than Charter does, probably 40% of the Alaska mobile market overall, and it's one of our two core businesses for consumer businesses, along with consumer data.

Ron Duncan: Sure, I can do that, and obviously, Barton. As you know, GCI is a mobile network operator, not an MBNO like Charter, so we have a different cost structure. We've got a much higher gross margin and EBITDA percentage because we own the network; we're not paying somebody else for it. And we've also got a much higher market share at this point than Charter does, probably 40% of the Alaska mobile market overall. And it's one of our two core businesses for consumer businesses, along with consumer data. As such, we pretty much have to match or at least be competitive with the majors.

Ron: Sure I can do that then obviously Barton as you know [noise] G. C is the mobile network, operator, not a and B I know like charters. So we have a different cost structure, we've got a much higher.

Speaker Change: Fresh cycle.

The last couple of years, we've extended the device subsidies from two year contracts to three year contracts, that's given us a little lower turnover and a little more stability.

Ron Duncan: Gross margin and EBITDA percentage, because we own the network, we're not paying somebody else for it.

Speaker Change: Valuation right now, but we think.

Ron Duncan: We've also got a much higher market share at this point than charter does where.

Speaker Change: If there is an accelerated device cycle.

Ron Duncan: Probably 40% of the Alaska mobile market overall, and that's one of our two core businesses, along with for consumer and businesses along with consumer data.

Speaker Change: This fall as a result of AI features particularly in the Apple phones. It may be an opportunity to grab some more share we've got a better network.

Ron Duncan: As such, we pretty much have to match or at least be competitive with the majors, and our principal competitor is AT&T. Verizon is not a material player in the market up there. So we pretty much have to match AT&T device subsidies in order to avoid losing subscribers to them when there's a refresh cycle. In the last couple of years, we've extended the device subsidies from two-year contracts to three-year contracts. That's given us a little lower turnover and a little more stability.

Ron Duncan: As such we pretty much tapped the match or at least be competitive with the majors and our principal competitors AT&T Verizon is not a material player in the market up there. So we pretty much have to match a T. N T device subsidies in order to avoid losing subs to them when there's a refresh.

Speaker Change: Rich and most of Alaska than AT&T does people choose us for that reason and we're trying to figure out whether enhancing device subsidies a little bit would allow us to gain more share if we werent relatively competitive with AT&T, we keep low margin those low cost portion of the customer base, but we wouldn't.

Ron Duncan: And our principal competitor is AT&T. Verizon is not a material player in the market up there. So we pretty much have to match AT&T device subsidies in order to avoid losing subscribers to them when there's a refresh cycle. In the last couple of years, we've extended the device subsidies from two-year contracts to three-year contracts. That's given us a little lower turnover and a little more stability.

Ron Duncan: Cash cycle in the last couple of years, we've extended the device subsidies from two year contracts to three year contracts, that's giving us a little lower turnover and a little more stability.

Speaker Change: We're able to maintain the 40% statewide market share.

Speaker Change: Back to you.

Speaker Change: Thanks, Ron So I think as you rightly know charter has not had to offer the kind of subsidies for handsets that many other competitors in the mobile space I think thats largely because of the attractive pricing of the spectrum plus offering, particularly obviously the year free line, but even post that.

Ron Duncan: We're evaluating right now, but we think that if there's an accelerated device cycle this fall as a result of AI features, particularly in Apple phones, it may be an opportunity to grab some more share. We've got a better network in Anchorage and in most of Alaska than AT&T does, and people choose us for that reason, and we're trying to figure out whether enhancing device subsidies a little bit would allow us to gain more share. If we weren't relatively competitive with AT&T, we'd keep the low margin of the low-cost portion of the customer base, but we wouldn't be able to maintain the 40% statewide market share.

Ron Duncan: We're evaluating right now, but we think that if there's an accelerated device cycle this fall as a result of AI features, particularly in Apple phones, it may be an opportunity to grab some more share. We've got a better network in Anchorage and in most of Alaska than AT&T does. People choose us for that reason, and we're trying to figure out whether enhancing device subsidies a little bit would allow us to gain more share. If we weren't relatively competitive with AT&T, we'd keep the low margin or the low cost portion of the customer base, but we wouldn't be able to maintain the 40% statewide market share.

Ron Duncan: We're evaluating right now, but we think that if there is an accelerated device cycle.

Ron Duncan: This fall as a result of AI features particularly in the Apple phones. It may be an opportunity to grab some more share we've got a better network and acreage and most of Alaska that AT&T does people choose us for that reason and we were trying to figure out whether enhancing device subsidies a little bit would allow us to gain more.

Speaker Change: Our relative savings of being a charter subscriber and having spectrum plus for your mobile as well as very attractive compared to the alternatives. So I don't see charter.

Ron Duncan: Sure. If we were relatively competitive with AT&T, we'd keep the low margin those are low cost portion of the customer base, but we wouldn't be able to maintain the 40% statewide market share Greg back to you.

Speaker Change: Predict how the market will go entirely but I don't see charter offering are needing to offer the kind of subsidies that other people have because of the attractiveness of the combined offering.

Speaker Change: Okay. Thank you.

Greg Maffei: Greg, back to you. Thanks, Ron. So I think

Greg Maffei: Thanks Ron. So, as you rightly know, Charter has not had to offer the kind of subsidies for handsets that many other competitors in the mobile space have had to offer. I think that's largely because of the attractive pricing of the Spectrum Plus offering, particularly the year-free line, but even after that, the relative savings of being a Charter subscriber and having Spectrum Plus for your mobile as well are very attractive compared to the alternative.

Speaker Change: Thank you our next questions come from the line of Ben Swinburne with Morgan Stanley. Please proceed with your questions.

Greg Maffei: Greg, back to you. Thanks, Ron. So I think

Speaker Change: Thanks, Brian So I think as you rightly know charter has not had to offer the kind of subsidies for handsets that many other competitors in the mobile space.

Speaker Change: Greg I wanted to get your thoughts just generally on some of the action, we're seeing competitively in telecom in the U S, particularly T Mobile's acquisition.

Greg Maffei: I think that's largely because of the attractive pricing of the spectrum plus offering, particularly obviously in a year free line, but even post that.

Speaker Change: Our JV I guess, I should say with luminous and and and Metro net.

Greg Maffei: The relative savings of being a charter subscriber and having spectrum plus.

Speaker Change: How that impacts sort of your perspective on charter both when we think about kind of private and public market multiples, which obviously are pretty far apart right now.

Speaker Change: <unk> as well as very attractive compared to the alternatives. So I don't see charter you cant predict how the market will go entirely but I don't see charter offering that are needing to offer the kind of subsidies that other people have because of the attractiveness of the combined offering.

Speaker Change: And this just competitively whether you think the level of fiber and converged competition is something that is going to be potentially a headwind for charter over time. Thanks. So much.

Greg Maffei: So I don't see Charter... can't predict how the market will go entirely, but I don't see Charter offering or needing to offer the kind of subsidies that other people have because of the attractiveness of the combined offer.

Greg Maffei: So I don't see Charter... Can't project how the market will go entirely, but I don't see Charter offering or needing to offer the kind of subsidies that other people have because they attract and just combine it all.

Speaker Change: Yes.

Speaker Change: For the question Ben.

Greg Maffei: Okay. Thank you.

Greg Maffei: Yeah.

Ben Swenberg: Thank you. Our next questions come from the line of Ben Swenberg with Morgan Stanley. Please proceed with your questions.

Operator: Thank you. Our next questions come from the line of Ben Swinburne with Morgan Stanley. Please proceed with your questions.

Speaker Change: I think the actions of T mobile and <unk>.

Speaker Change: Thank you our next questions come from the line of Ben Swinburne with Morgan Stanley. Please proceed with your questions.

Speaker Change: Really of many of the mobile players.

Speaker Change: Talking about offering fiber increased fiber activity.

Ben Swinburne: Greg, I wanted to get your thoughts just generally on some of the action we're seeing competitively in telecom in the U.S., particularly T-Mobile's acquisition of, or JV, I guess I should say, with Loomis and Metronet and how that impacts sort of your perspective on charter, both when we think about kind of private and public market multiples, which are obviously pretty far apart right now, and this just competitively, whether, you know Thanks so much.

Ben Swenberg: Greg, I wanted to get your thoughts just generally on some of the action we're seeing competitively in telecom in the U.S., particularly T-Mobile's acquisition of, or JV, I guess I should say, with Loomis and Metronet, and how that impacts sort of your perspective on charter, both when we think about kind of private and public market multiples, which are obviously pretty far apart right now, and this just competitively, whether, you Thanks so much.

Ben Swinburne: Greg I wanted to get your thoughts just generally on some of the action, we're seeing competitively in telecom in the U S, particularly T. Mobile's acquisition of our JV, I guess, I should say with Loomis and and and Metronet and how that impacts sort of your perspective on charter are.

Speaker Change: <unk> is a validation of the need for.

Speaker Change: Fixed lines and that mobile alone is a less attractive proposition.

Speaker Change: And the combined offering.

Speaker Change: Charter has.

Speaker Change: With its broadband network and its empty and our relationship is very attractive.

Ben Swinburne: Both when we think about kind of private and public market multiples, which obviously are pretty far apart right now.

Speaker Change: When you look at these things that they're doing they're mostly kind of around the edges are not big time entrants and in general we've seen less activity in fiber.

Ben Swinburne: And there's just competitively whether you think the level of fiber and converged competition is something that is going to be potentially a headwind for charter over time. Thanks. So much.

Speaker Change: Build outs, whether it's because.

Speaker Change: The easy pickings are done or because some of the players who were more levered players have slowed down or just competitive with the markets. We've not seen big upticks, but we are seeing though is.

Greg Maffei: Thanks for the question, Ben. I think the actions of T-Mobile and, really, many of the mobile players, talking about offering increased fiber activity, is a validation of the need for fixed lines and that mobile alone is a less attractive proposition, and the combined offering that Charter has, with its broadband network and its MVNO relationship, is very attractive. They're doing, they're mostly kind of around the edges; they're not big-time entrants.

Greg Maffei: Thanks for the question, Ben. I think the actions of T-Mobile and the combined offering that Charter has, with its broadband network and its MVNO relationship, is very attractive. When you look at these things that they're doing, they're mostly kind of around the edges. They're not big-time entrants, and in general, we've seen less activity in fiber build-outs, whether it's because, you know, the easy pickings are done or because some of the players who were more levered players have slowed down or just become competitive in the markets. We've not seen any big upticks.

Ben Swinburne: Yep.

Speaker Change: For the question Ben.

Greg Maffei: I think the actions of T mobile and really of many of the mobile players.

Interest from those players are being a broadband of having a broadband fixed line. So I think it's a validation of charter strategy.

Greg Maffei: Talking about offering fiber increased fiber activity.

Speaker Change: <unk> is a validation of the need for.

Speaker Change: To be first and foremost a fixed line provider and then off that <unk>, which is very attractive and it's a much more nibble around the edges for people like T Mo with the JV there.

Speaker Change: Fixed lines and that mobile alone is a less attractive proposition.

Greg Maffei: And the combined offering that.

Speaker Change: Charter has.

Greg Maffei: With its broadband network and its after you know relationship is very attractive.

Speaker Change: We're doing.

Makes sense and I just had one follow up to run since he mentioned that I was going to ask anyway.

Greg Maffei: So when you look at these things that they're doing they're mostly kind of around the edges are not big time entrance and in general we've seen less activity in fiber.

Speaker Change: Your view on sort of the iPhone cycles Thats. Another big debate do you think this is something consumers are gonna be eager to to to acquire or are you taking sort of the opposite that maybe the market's a little ahead of itself on optimism here.

Greg Maffei: And in general, we've seen less activity in fiber build outs, whether it's because the easy pickings are done, or because some of the players who were more levered players have slowed down, or due to the competitive markets, we've not seen big uptakes. What we are seeing, though, is interest from those players in being a broadband player, of having a broadband fixed line. So I think it's a validation of Charter's strategy to be first and foremost a fixed line provider and then, off that, MP&O, which is very attractive, and it's a much more nibble around the edges for people like TMO with the JV that they're doing.

Greg Maffei: Build outs, whether it's because.

Greg Maffei: The pickings are done or because some of the players who were more levered players have slowed down or just competitiveness. The markets, we've not seen big upticks, but we are seeing though is.

Speaker Change: Alright.

Speaker Change: It's probably more optimism that is merited, but we're expecting a bigger than usual upgrade cycle.

Greg Maffei: Interest from those players of being a broad band of having a broadband fixed line. So I think it's a validation of charter strategy.

Speaker Change: Time around in part because there really haven't been that many earthshaking changes to the iOS app in the last several cycles. So the difference between 12 and 15 wasn't all that significant and we've definitely seen reduced upgrades. So as I said, we've seen her.

Greg Maffei: To be first and foremost a fixed line provider and then you're off that M. P. You know, which is very attractive and it's a much more nibble around the edges for people like T Mo with a JV there that they're doing.

Ben Swinburne: Makes sense. And I just had one follow-up question for Ron. Since he mentioned it, I was going to ask anyway, what's your view on sort of the AI phone cycles? That's another big debate. Do you think this is something consumers are going to be eager to acquire, or are you taking sort of the opposite, that maybe the market's a little ahead of itself on optimism here?

Speaker Change: Makes sense.

Speaker Change: I just had one follow up to Ron since he mentioned that I was going to ask anyway.

Speaker Change: Average.

Speaker Change: Michael our average turnover in the customer go from two years, so something close to three years.

Ben Swinburne: What's your view on sort of the iPhone cycles. That's another big debate do you think this is something consumers are gonna be eager to to to acquire or are you taking sort of the opposite that maybe the market's a little ahead of itself on optimism here.

Speaker Change: I think there is enough buzz around the AI that regardless of how.

Speaker Change: Good the product really is more people will try at this time, whether it's a 50% increase over last time I don't.

Ron Duncan: I think there's probably more optimism than is merited, but we're expecting a bigger than usual upgrade cycle this time around, in part because there really haven't been that many earth-shaking changes to the iOS app in the last several cycles, so the difference between a 12 and a 15 wasn't all that significant, and we've definitely seen reduced upgrades. As I said, we've seen our average cycle, our average turnover on a customer go from two years to something close to three years. I think there's enough buzz around the AI that regardless of how good it is.

Ben Swinburne: Alright.

Speaker Change: We're trying to assess that and prepare for how much inventory but.

Ron Duncan: There's probably more optimism than is merited, but were expecting a bigger than usual upgrade cycle. This time around in part because there really haven't been that many earthshaking changes to the iOS app in the last several cycles. So.

Speaker Change: I definitely think the ear.

Speaker Change: Even if it's not real buzz will create more consumer interest and more people make Troy.

Last time being the <unk> upgrade cycles that you're referring to.

Speaker Change: Yeah.

Speaker Change: Got it thanks a lot.

Speaker Change: Thank you our final question will come from the line of Alex Nord Hagan with Sally as any asset management. Please proceed with your questions.

Ron Duncan: It's between 12, and 15 wasn't all that significant and we've definitely seen reduced upgrades as I said, we've seen her.

Speaker Change: Great. Thank you very much for taking my questions today I have a question specifically regarding notice tripadvisor.

Ben Swinburne: Rich.

Ron Duncan: Cycle, our average turnover on the customer go from two years to something close to three years.

Ron Duncan: I think theres enough buzz around the AI that regardless of how.

Speaker Change: That's.

Speaker Change: With respect to the series a preferred stock.

Ron Duncan: Good the product really is more people will try at this time, whether it's a 50% increase over last time I don't know, where we're trying to assess that and prepare for how much inventory but are.

Speaker Change: The current expectation that this instrument will simply just remain outstanding past the end of March next year.

Speaker Change: Our crew.

Speaker Change: Its dividend.

Ron Duncan: I definitely think the ear.

The penalty rates of 12% versus the current eight thank you.

Ron Duncan: Even if it's not real the bus will create more consumer interest and more people may try it.

Speaker Change: Yes, I think.

Ron Duncan: Last time being the 5G upgrade cycle that you're referring to.

Ron Duncan: Last time being the 5G upgrade cycles that you're referring to.

Ron Duncan: Last time being the five G upgrade cycles that you're referring to yeah.

Speaker Change: Whereas we've said we're in discussions with.

Ben Swenberg: Yeah, yeah. Got it.

Speaker Change: Tripadvisor and with sartorius about transactions that might arise.

Ron Duncan: Yeah, Yeah got it thanks a lot.

Ben Swenberg: Thanks a lot.

Ron Duncan: Yeah.

Alex Nordhagen: Thank you. Our final questions will come from the line of Alex Nordhagen with Ballyasny Asset Management. Please proceed with your question.

Speaker Change: Thank you our final questions will come from the line of Alex Nord Hagan with Sally as any asset management. Please proceed with your questions.

Speaker Change: I can't comment on whether that will be the result, like all I can tell you is is that.

Speaker Change: There are active discussions between sartorius tripadvisor on ourselves.

Alex Nordhagen: Great. Thank you very much for taking my question today. I have a question specifically regarding Liberty Trip Advisor, and that's with respect to the Series A Precise Dock. Is the current expectation that this instrument will simply just remain outstanding past the end of March next year and accrue its dividend at the penalty rate of 12% versus the current 8%? Thank you.

Unidentified Speaker: Great. Thank you very much for taking my question today. I have a question specifically regarding Liberty Trip Advisor, and that's with respect to the Series A preferred stock. Is the current expectation that this instrument will simply just remain outstanding past the end of March next year and accrue its dividend at the penalty rate of 12% versus the current 8%? Thank you.

Speaker Change: Great. Thank you very much for taking my questions today I have a question specifically regarding noted tripadvisor.

Speaker Change: Okay, great. Thank you and just a follow up if I may.

Speaker Change: And that's.

Speaker Change: With respect to the series a preferred stock.

Speaker Change: <unk> would you like to share that opinion some asset.

Speaker Change: The current expectation that this instrument will simply just remain outstanding past the end of March next year and our crew.

Speaker Change: <unk> tripadvisor that kind of holding structure of the trade shows.

Speaker Change: <unk> weighs on Tripadvisor stock.

Speaker Change: Its dividend.

Unidentified Speaker: The penalty rate of 12% versus the current eight thank you.

Speaker Change: I would I think at this point the potential issues around Liberty tripadvisor or probably a cloud on the Tripadvisor stock Thats, probably a fair statement yes.

Greg Maffei: Yeah, I think, uh... We're, as we've said, in discussions with TripAdvisor and with Sertari's about transactions that might arise, so I can't comment on whether that will be the result. All I can tell you is that there are active discussions between Sertari's, TripAdvisor, and ourselves.

Speaker Change: Yeah I think.

Speaker Change: As we've said we're in discussions with.

Speaker Change: Tripadvisor and with us or Torrey about transactions that might arise so it's.

Speaker Change: Alright, thanks, very much Greg I appreciate it thank you.

Thank you to our listening audience for your interest in Liberty broadband and Liberty Tripadvisor.

Speaker Change: I can't comment on whether that will be the result, like all I can tell you is is that.

Speaker Change: We hope to speak with you next quarter, if not sooner.

Speaker Change: There are active discussions between sartorius tripadvisor and ourselves.

Speaker Change: Thank you. This does conclude today's teleconference. We appreciate your participation you may disconnect. Your lines at this time enjoy the rest of your day.

Alex Nordhagen: Okay, great. Thank you. And just to follow up, if I may, would you like to share the opinion somehow that just the Liberty TripAdvisor kind of holding structure of the trip shares weighs on TripAdvisor stock?

Unidentified Speaker: Okay, great. Thank you and just a follow up.

Speaker Change: <unk> would you like to share that opinion somehow.

Speaker Change: Liberty Tripadvisor that kind of holding structure okay.

Speaker Change: Says weighs on Tripadvisor stock.

Unidentified Speaker: Yeah.

Greg Maffei: I think at this point, the potential issues around Liberty TripAdvisor are probably a cloud on the TripAdvisor stock. That's probably a fair statement.

Speaker Change: I would I think at this point the potential issues around Liberty tripadvisor or probably a cloud on the Tripadvisor stock that's probably a fair statement yes.

Alex Nordhagen: All right. Thanks very much. I appreciate it. Thank you.

Speaker Change: Alright, thanks, very much Greg I appreciate it thank you.

Unidentified Speaker: Thank you to our listening audience for your interest in Liberty Broadband and Liberty Trip Advisor. We hope to speak with you next quarter, if not sooner.

Greg Maffei: Thank you to our listening audience for your interest in Liberty Broadband and Liberty Trip Advisor. We hope to speak with you next quarter, if not sooner.

Speaker Change: Thank you to our listening audience for your interest in Liberty broadband and Liberty Tripadvisor we.

Unidentified Speaker: We hope to speak with you next quarter, if not sooner.

Operator: Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

Operator: Thank you. This does include today's teleconference. We appreciate your participation. Or, you may just appreciate your time.

Speaker Change: Thank you. This does conclude today's teleconference. We appreciate your participation you may disconnect. Your lines at this time enjoy the rest of your day.

Operator: Okay.

Operator: [music].

Operator: Okay.

Operator: Yeah.

Operator: Okay.

Operator: Hum.

Operator: [music].

Ron Duncan: I just had one follow-up question for Ron since he mentioned it. I was going to ask anyway. What's your view on sort of the AI phone cycles? That's another big debate. Do you think this is something consumers are going to be eager to acquire, or are you taking sort of the opposite that maybe the market's overestimating itself on optimism here?

Barton Crockett: Just more broadly, I mean obviously Charter is not doing the device subsidies at the level that the major wireless carriers are today, but one could imagine over time as Charter and the cable peers get bigger and wireless, that they all want to compete in more kind of toe to toe on that basis. And I was just wondering, you know, Greg, if you agree that that's going to be the general direction and, if so, any thoughts about how the road there might progress slowly and quickly, any steps that could kind of transition you and transition you over there.

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