Q3 2024 Liberty TripAdvisor Holdings Inc Earnings Call - Q&A
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Operator: Welcome to the Liberty Broadband 2024 Q3 earnings call. During the presentation, all participants will be in a listen-only mode. Afterward, we will conduct a question-and-answer session. At that time, if you have a question, please press star 1 on your touch-tone phone.
Speaker Change: Welcome to the Liberty broadband 2024, Q3 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 touch Johnstown as a reminder, this conference won't be court, we being recorded today November 7th 2024.
Operator: As a reminder, this conference will be recorded today, November 7, 2024.
Shane Kleinstein: I would now like to turn the call over to Shane Kleinstein, SVP, Investor Relations. Please go ahead.
Speaker Change: I would now like to turn the call over to Shane Crunchy SVP Investor Relations. Please go ahead.
Speaker Change: Thank you and 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, and 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 Tripadvisor with the SEC.
Shane Kleinstein: Thank you and 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 the most recent forms 10k and 10q, followed by Liberty Broadband and Liberty Tripadvisor with the SEC.
Shane Kleinstein: 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's expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based. On today's call, we will discuss certain non-GAAP financial measures for Liberty Broadband, including adjusted OEBDA.
Speaker Change: 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 statements contained herein to reflect any change in liberty broadband or liberty tripadvisor its expectations with regard thereto or any change in events conditions or circumstances.
Speaker Change: Any such statement is based.
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 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's website now I'd like to turn the.
Shane Kleinstein: Information regarding the comparable GAAP metrics, along with required definitions and reconciliations, including preliminary notes in 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's website.
Greg Maffei: Now I'd like to turn the call over to Greg Maffei, Liberty's President and CEO. Today, speaking on the call, we will have Liberty Broadband's Chief Accounting and Principal Financial Officer, Brian Wendland. Ron Duncan, CEO of GCI, and Pete Pounds, CFO of GCI, will also be available to answer questions. Also during Q&A, we will be available to answer questions related to Liberty Tripadvisor.
Speaker Change: Call over to Greg My favorite Liberty's, President and CEO.
Greg My: Thank you Shane.
Speaker Change: Today speaking on the call, we will have Liberty broadband chief accounting and principal financial Officer, Brian Wendling.
Speaker Change: Ron Duncan CEO of GCI, and Pete pounds of seats CFO of GCI will also be available to answer questions.
Speaker Change: Also during Q&A.
Speaker Change: It will be available to answer questions related to Liberty Tripadvisor.
Greg Maffei: So beginning with Liberty Broadband. You may recall we filed a 13-D with the SEC on the 23rd of September. It noted that Liberty Broadband and Charter were discussing a proposed all-stock transaction. The combination would... rationalize the dual corporate structure, provide enhanced trading liquidity. provide clarity to both sets of shareholders with regard to the certainty of a future transaction and continue our strong partnership with Charter in the interim.
Speaker Change: So beginning with Liberty broadband.
Speaker Change: You May recall, we filed a 13D on the SEC with the SEC on the 23rd of September.
Speaker Change: It noted that Liberty broadband and charter we're discussing a proposed all stock transaction.
Speaker Change: The combination would.
Speaker Change: Rationalize the dual corporate structure.
Speaker Change: Abide enhanced trading liquidity.
Speaker Change: Provide clarity to both sets of shareholders with regards to certainty of a future transaction and continue our strong partnership with charter in the interim.
Speaker Change: Additional updates on any potential transaction will only be provided.
Greg Maffei: Additional updates on any potential transaction will only be provided if and when definitive terms are agreed upon. I would note that the LBRD NAV discount has tightened considerably, and since that filing is now in the mid-teens. giving ongoing discussions between Charter and Liberty Broadband. Charter did pause... its buyback, which resulted in a limited amount of proceeds to Liberty Broadband from charter sales during the period.
Speaker Change: If and when did definitive terms are agreed upon.
Speaker Change: I would note that the L. B R. D. NAV discount has tightened considerably and since that filing is now in the mid teens.
Speaker Change: Giving ongoing discussions between charter and Liberty broadband charter did pause.
Speaker Change: Its buyback, which resulted in a limited amount of proceeds to Liberty broadband charter sales during the period.
Greg Maffei: Looking now at charter Charter experienced strong subscriber results and accelerating financial growth in the third quarter. they experienced a 110,000 broadband loss, 110,000 broadband net loss, would have been growth absent the impact of ACP. I think Charter is managing its ACP disruption well and I anticipate October will be the last month of meaningful growth. Charter also experienced revenue growth of 1.6% and adjusted EBITDA growth of 3.6% during the quarter. They benefit from prior cost actions and the strong political ad cycle. I would note that residential ARPU was up 1.8%, which is an acceleration versus the Mobile continued to perform very well with 545,000 mobile net ads, which puts their base over 9 million lines.
Speaker Change: Looking now at charter.
Speaker Change: Charter experienced strong subscriber results and accelerating financial growth in the third quarter.
Speaker Change: They experienced a 110000.
Speaker Change: <unk> 110000 broadband net loss.
Speaker Change: It would have been growth absent the absent the impact of ACP I think charter is managing its ACP disruption well and anticipate October would be the last month of meaningful impact.
Speaker Change: Charter also experienced revenue growth of one 6% adjusted EBITDA growth of three 6% during the quarter.
Speaker Change: They benefit from prior cost actions and the strong political ad cycle.
Speaker Change: I would note that resident residential <unk> was up one 8%, which is an acceleration versus the recent trend.
Speaker Change: Mobile continued to perform very well with 545000 mobile net adds which puts their base over 9 million lines.
Greg Maffei: ARPU was growing in mobile due to the uptake of the Unlimited Plus tier. plus was driven by the Anytime Upgrade Program. Free cash flow was 1.6%, which was up 48% over the prior year. And net leverage was 4.22 times, slightly below the revised target. All of these were driven by high free cash flow generation and limited share repurchase activity.
Speaker Change: <unk> was growing in mobile due to the uptake of the unlimited plus here.
Speaker Change: It was driven by the anytime upgrade program.
Speaker Change: Our free cash flow was one 6%, which was up 48% over the prior year and net leverage was $4 two two times slightly below the revised target.
Speaker Change: All of these were driven by high free cash flow generation and limited share repurchase activity.
Speaker Change: Turning briefly to L trip discussions are progressing with trip and their special Committee remain focused on the rationalization of our capital structure.
Greg Maffei: Turning briefly to L-TRIP, discussions are progressing with TRIP and their special committee. We remain focused on the rationalization of our capital structure. As Tripp mentioned on their call, they did not repurchase shares this quarter given the ongoing discussions with L-Trip.
Speaker Change: As Chuck mentioned on their call. They did not repurchase shares this quarter given the ongoing discussions with L trip.
Greg Maffei: We will provide an update on this transaction only when such discussions reach a definitive conclusion. Our limited what we can comment upon at this time.
Speaker Change: We will provide an update on this transaction only when such discussions reach a definitive conclusion or limited what we can comment upon at this time.
Greg Maffei: Given discussions, TripAdvisor has also elected not to present at Liberties Investors. I will at that day make some remarks in the business since the trip team will not be attending. But looking at TripAdvisor itself now, Brand TripAdvisor saw positive growth from some of its prized strategy work. MAUs returned to year-over-year growth year-to-date. The direct channel monthly active users was up 30% versus the prior year. This reflects Trip's ongoing efforts to increase engagement with updated app experience and engaging product features, for example, unique travel content, AI-powered review summaries, and hotel booking directly.
Speaker Change: Given discussions Tripadvisor has also elected not to present at Liberty's Investor day.
Speaker Change: I will make some remarks on the business since the trip Tmall not attendance.
Speaker Change: But looking at Tripadvisor itself now brand Tripadvisor saw positive growth from some of its pricing strategy work meus returned to year over year growth year to date are the direct channel monthly active users was up 30% versus the prior year. This reflects trips ongoing efforts to increase engagement with updated app experience and engaging.
Speaker Change: Product features for example, you need.
Speaker Change: Travel content AI powered review summaries and hotel booking directly in the App.
Speaker Change: Looking at these next segment via tour experiences continue to balance growth and.
Greg Maffei: Looking at these next segment, Viator Experiences, continue to balance growth and investment versus profit contribution. Adjusted EBITDA was $30 million in the quarter. 11 percent margin. That was solid growth outside of search, experienced solid growth outside of search in direct and low-cost channels. And they continue to see stronger repeat bookings.
Speaker Change: Investment versus profit contribution adjusted EBITDA was $30 million in the quarter.
Speaker Change: 11% margin.
Speaker Change: That was solid growth outside of search experienced solid growth outside of search and direct and low cost channels and they continue to see stronger repeat bookings.
Speaker Change: Turning briefly to afford it was the best financial performance they had on record.
Greg Maffei: Turning briefly to the Fork, it was the best finance performance they had on record, with revenue up 17%, adjusted EBITDA of $5 million, which achieved a 10% margin, the highest they've ever achieved. And they've had success adding B2B partnerships with MasterCard, as well as a prior announcement with Vodafone.
Speaker Change: With revenue up 17% adjusted EBITDA of $5 million, which achieved a 10% margin highest they've ever achieved.
Speaker Change: And they've had success, adding PDP partnerships with Mastercard as well as a prior announcement of with Vodafone.
Speaker Change: Trip has a robust liquidity picture as of the end of the third quarter, we had approximately $1 1 billion of cash and just under $500 million of unbarred revolver capacity.
Brian Wendland: Trip has a robust liquidity picture. As of the end of the third quarter, they had approximately $1.1 billion of cash and just under $500 million of unborrowed revolver capacity.
Brian Wendland: With that, I'll turn it over to Brian briefly to discuss. Thank you, Greg. At quarter end, Liberty Broadband had consolidated cash and cash equivalents of $168 million, which includes $47 million of cash at GCI. The value of our charter investment based on our shares held as of November 1st and charter share price at yesterday's close was $18.6 billion. At quarter end, Liberty Broadband had a total principal amount of debt of $3.7 billion.
Speaker Change: And with that I'll turn it over to Bryan briefly to discuss the financials.
Greg My: Greg at quarter end Liberty broadband had consolidated cash and cash equivalents of $168 million, which includes $47 million of cash at GCI.
Greg My: All of our charter investment based on our shares held as of November 1st in charter share price at yesterday's close was $18 6 billion.
Speaker Change: At quarter end Liberty broadband had a total principal amount of debt of $3 7 billion note that this excludes the preferred stock.
Brian Wendland: excludes the preferred stock. Looking quickly at GCI's results for the third quarter, revenue was up nicely at a $22 million increase over the prior year, driven by continued strength in data revenue. Business data revenue benefited from a strong upgrade cycle in school and healthcare corporations in rural Alaska. Adjusted OEBDA increased to $11 million in line with the increased revenue, partially offset by some higher operating costs. Over the last year, adjusted for the reclassification from GCI Business, GCI Consumer saw a decline of 1,800 revenue-generating wireless subscribers. Cable modem subscribers declined by 3,800, with 3,400 of these losses driven by the expiration Quarter-end, GCI's leverage was 3.1 times, with sufficient cushion relative to the 6.5 times maximum leverage covenant threshold stipulated in the credit facility.
Speaker Change: Looking quickly at Gci's results for the third quarter revenue was up nicely at 20 $22 million increase over the prior year driven by continued strength in data revenue.
Speaker Change: Business data revenue benefited from a strong upgrade cycle in school and health care corporations in rural Alaska.
Speaker Change: Adjusted OIBDA increased $11 million in line with the increased revenue, partially offset by some higher operating costs and SG&A expenses.
Speaker Change: Over the last year adjusted for the reclassification from GCI business GCI consumer saw a decline of 1800 revenue generating wireless subscribers cable modem subscribers declined by 3800 with 3400 of these losses driven by the expiration of the ACP program.
Speaker Change: Quarter end Gci's leverage was three one times with sufficient cushion relative to the $6 five times maximum leverage covenant threshold stipulated in the credit facility.
Brian Wendland: and they had $367 million of undrawn capacity under their revolver net of letters of credit.
Speaker Change: And they had $367 million of Undrawn capacity under the revolver net of letters of credit.
Greg Maffei: And with that, I will turn the call back over to Greg. Thanks, Brian.
Speaker Change: And with that I will turn the call back over to Greg. Thanks, Brian.
Greg Maffei: To our listening audience, we look forward to seeing you on Thursday, November 14th for our annual investor meeting. You can tune in virtually or join us in person at our new location, Jazz at Lincoln Center. If you plan to attend in person, please make sure to register by Monday, November 11th, as there will not be on-site registration. The link to register can be found on our website.
Greg My: Our listening audience, we look forward to seeing you on Thursday November 14th for our annual Investor meeting you can tune in virtually or join us in person at our new location jazz at Lincoln Center.
Greg My: If you plan to attend in person. Please make sure to register by Monday November 11th says there will not be onsite registration.
Speaker Change: The link to register it can be found on our website.
Greg Maffei: John and Malone and I will be hosting our annual Q&A session. If you'd like to submit questions in advance, you can email investorday at libertymedia.com. We appreciate your continued interest in Liberty Broadband and Liberty Tripadvisor.
Speaker Change: John Malone, and I will be hosting our annual Q&A session, if you'd like to submit questions. In advance you can email investor day at Liberty Media Dot com.
Speaker Change: We appreciate your continued interest in Liberty broadband and Liberty Tripadvisor.
Operator: And operator, with that, I'd like to open the line for questions. Thank you. As a reminder, 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.
Speaker Change: And operator with that I'd like to open the line for questions.
Speaker Change: Thank you as a reminder, if you would 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.
Speaker Change: Our first questions come from the line of Ben Swinburne with Morgan Stanley. Please proceed with your questions.
Ben Swinburne: Our first questions come from the line of Ben Swinburne with Morgan Stanley. Please proceed with your question.
Speaker Change: Okay.
Greg Maffei: Hey, Greg. On the charter approach or proposals, I guess the question I have is sort of why now? Obviously, we're seeing other kind of rationalization in the liberty universe, but I'd love to just get you to kind of step back and explain the thought process of moving forward, at least discussion wise with this.
Speaker Change: Hey, Greg I'm on the charter approach or proposals I guess the question I have is sort of why now obviously, we're seeing.
Speaker Change: They're kind of rationalization in the Liberty.
Speaker Change: Universe, but I'd love to just get you just got to step back and explain the thought process is moving forward at least discussion wise with this and also what kind of has to happen.
Greg Maffei: And also what kind of has to happen from a process point of view to allow charter to get back in the market, buying back stock, which obviously impacts liberty and its ability to fund its own buybacks.
Speaker Change: From a process point of view to allow charter to get back in the market buying back stock, which obviously impacts liberty and its ability to.
Speaker Change: Fund its own buybacks.
Greg Maffei: And then I just want I don't know if Ron can comment on this, but but are there is there anything we should be thinking about from a regulatory point of view around change of control in Alaska that's that's different than what we might see in a typical you know, cable acquisition, telecom acquisition.
Speaker Change: And then I was just I don't know if Ron can comment on this but are there is there anything we should be thinking about from a regulatory point of view around change of control in Alaska. That's that's different than what we might see in a typical cable acquisition telecom acquisition. Thanks a lot.
Greg Maffei: Thanks.
Speaker Change: Thanks, Ben I'll start why now I think.
Greg Maffei: I'll start. We came up with a, it's been proposed a structure that would work for both Charter and Liberty Broadband in terms of allowing us to tighten the discount, eliminate the dual corporate structure over time, but still provide support and a partnership in the interim until the closing. So I think it was just a meeting of the minds that this was an attractive time for both parties to construct something that worked to help both of our sets of interests.
Speaker Change: We came up with it it's been proposed to structure that would work for both.
Speaker Change: Charter and Liberty broadband in terms of allowing us to tighten the discount eliminate the dual corporate structure over time, but still provide support and partnership in the interim until the closing so I think it was just a meeting of the minds that this was a an attractive time for both parties to construct something that worked.
Speaker Change: To eliminate to help both of our sets of interests.
Greg Maffei: On the buyback, I think, you know, upon either the announcement of a signed deal or the cessation if they were unable to reach a deal, they would be able to begin their buybacks again. But I'm not the, that would be my understanding.
Speaker Change: On the buyback.
Speaker Change: I think you know upon either the announcement of a of a signed deal or the cessation. If they were unable to reach a deal.
Speaker Change: They would be able to begin their buybacks again, but I would I'm not the that would be my understanding.
Speaker Change: Got it.
Ron Duncan: Ron, do you want to comment on anything on Alaska Regulatory? I know you guys do have a unique regulator to go through approval. We do, and it actually makes it fairly simple up here. Our franchises and our certificates come from a single state agency. They're not municipally based. Alaska regulatory approval, if there was a change of control, would be. small in comparison to the normal stuff we'd have to go through at the federal level of the FCC. So not a significant issue on the state side.
Speaker Change: Ron do you want to comment on anything on Alaska regulatory I know you guys do have a unique.
Speaker Change: Regulator to it has to go through approval.
Speaker Change: We do and it actually makes it fairly simple up here are.
Speaker Change: Franchises and our certificates come from single State agency, they're not municipally base.
Speaker Change: I'll ask you a regulatory approval if there was a change of control would be small.
Speaker Change: It's small in comparison to the normal stuff, we'd have to go through at the federal level in the U F C C.
Speaker Change: Not not a significant issue on the state side.
Ron Duncan: Anything, Ron, on the transfer? I actually don't know if you guys have FCC licenses, I apologize, but from a wireless point of view, anything we should be thinking about there? We have wireless, we have microwave, we have cable landing licenses, we are flush with FCC stuff so there would be a normal FCC process in several different segments of the FCC.
Speaker Change: Anything Ron on the transfer I actually don't know if you guys have FCC licenses I apologize, but from a wireless point of view anything we should be thinking about there.
Speaker Change: We have wireless we have microwave we have cable landing licenses, we have flushed with F. C C.
Speaker Change: Stuff. So there would be a normal FCC process in several different segments yep, Okay got it thanks a lot.
Greg Maffei: Okay, got it.
Ben Swinburne: Thanks a lot. Thank you.
Speaker Change: Yeah.
Speaker Change: Thank you our next questions come from the line of tuck on morale with Evercore ISI. Please proceed with your question.
Cut Gun Morale: Our next questions come from the line of Cut Gun Morale with Evercore ISI. Please proceed with your question.
Speaker Change: Good afternoon, and thanks for taking the questions two quick ones on the charter negotiations and then since I assume you can't share much more a separate follow up if I could so on the negotiations I wanted to see if you could help us think about where you see I fits into those discussions is there a realistic scenario, where do you see I is not included in it.
Cut Gun Morale: Good afternoon and thanks for taking the questions. Two quick ones on the charter negotiations and then since I assume you can't share much more, a separate follow-up if I could. So on the negotiations, I wanted to see if you could help us think about where GCI fits into those discussions. Is there a realistic scenario where GCI is not included in a potential transaction or is that unlikely given what might be a desire to potentially avoid complications around, I don't know, maybe taxes or having a separate drawn-out process with another third party?
Speaker Change: Tensile transaction or is that unlikely given what might be a desire to potentially avoid complications around I don't know maybe taxes or having a separate drawn out process with another third party at Relatedly, you know theres been some confusion around the mid 2027 close timeline that both companies referenced is there any more context, you could provide on that timeline.
Greg Maffei: And relatedly, there's been some confusion around the mid-2027 closed timeline that both companies referenced. Is there any more context you could provide on that timeline? And assuming GCI is included in the deal, is there any reason why that date can't be moved up?
Speaker Change: And assuming GCI is included in the deal is there any reason why that can't be moved up and then I have a follow up.
Cut Gun Morale: And then I have a follow-up.
Speaker Change: Okay. So quick on the I think I cant comment because you've seen that the the two proposals had different views of GCI and I cant comment until there's a resolution of those publicly on the question of the timing I think that was outlined in the some of the the letter so that went back and forth.
Greg Maffei: Okay, so quick on the, I think I can't comment because you've seen that the two proposals had differing views of GCI, and I can't comment until there's a resolution of those publicly. On the question of the timing, I think it was outlined in some of the letter that went back and forth that the delayed timing was to compensate for the regulatory process, give some opportunity to de-lever at Liberty Broadband, and to continue the partnership for a period of time where it's known that they'll eventually come together, but we can be supportive. Understood.
Speaker Change: Was that the delayed timing was to accompany compensate for the regulatory process give some opportunity to delever at Liberty broadband and to continue the partnership for a period of time, where it's known that there eventually come together, but we could be supportive.
Speaker Change: Okay.
Speaker Change: Understood I appreciate that and maybe switching gears a bit to a topic, where you might be able to speak a little bit more on you know Greg we've seen a number of announcements and targets over the last few months be announced from the telcos around their fiber and fixed wireless ambitions I assume you'll share a lot more of your views next week, but anything you could touch on in terms of how you see the broadband market.
Cut Gun Morale: I appreciate that.
Cut Gun Morale: And maybe switching gears a bit to a topic where you might be able to speak a little bit more on. You know, Greg, we've seen a number of announcements and targets over the last few months be announced from the telcos around their fiber and fixed wireless ambitions.
Greg Maffei: I assume you'll share a lot more of your views next week, but anything you could touch on in terms of how you see the broadband market and competitive dynamics evolving in the coming years and where Charter sits within that as arguably one of the most attractive plays on convergence. Thanks. Yeah, I think you touched on the point as far as convergence. Charters pursuing aggressively with their mobile offering, Spectrum 1 and the other offerings like that that they've done, which bring both broadband video. Mobile together Bringing that converged network is absolutely one of Charter's goals to take advantage of the strength of network They have the upgrade program that they have with the high split.
Speaker Change: And competitive dynamics evolving in the coming years, and where charter sits within that is arguably one of the most attractive plays on convergence. Thanks.
Greg My: Yeah, I I think you touched on you touched on the point that as far as convergence.
Speaker Change: Yes.
Speaker Change: Charter is pursuing it aggressively with their mobile offering spectrum, one and the other offerings like that that they've done which bring both broadband and video and.
Speaker Change: Mobile together.
Speaker Change: Bringing that converged network is absolutely one of charter schools to take advantage of the strength in network. They have the upgrade program that they have with <unk>.
Speaker Change: The high split.
Speaker Change: Allowing symmetric.
Greg Maffei: Allowing symmetric broadband up and down is an important part of that, and I think it leverages Charter's strengths and the strength of their coax network and coax and fiber network. The trends in the marketplace suggest that we've seen less growth in FWA and more people looking at fixed plant and being desirous of fixed plant, and Charter believes, as do we, that their plant, particularly after that high split, is going to be able to grow.
Speaker Change: Broadband up and down.
Speaker Change: It is an important part of that and I think it leverages charter strengths and the strength of their coax network and coax and fiber network the.
Speaker Change: Uh huh.
Speaker Change: The trends in the marketplace suggests that we've seen less growth in F. W. A and more people looking at fixed plant and being desirous of fixed plant and charter believes is the way that their plan, particularly after the high split is going to be a powerful competitive weapon, making it an attractive consumer offering.
Cut Gun Morale: Powerful competitive weapon make a attractive consumer Thank you so much.
Speaker Change: Great. Thank you so much.
Speaker Change: Thank you our last question will come from the line of Barton Crockett with Rosenblatt Securities. Please proceed with your questions.
Cut Gun Morale: Thank you.
Barton Crockett: Our last questions will come from the line of Barton Crockett with Rosenblatt Securities.
Barton Crockett: Please proceed with your questions. Hi, thanks for taking the questions. Um, I was curious about your thoughts on just, um, antitrust, you know, in a Republican administration.
Speaker Change: Hi, Thanks for taking the questions I was curious about your thoughts on just antitrust.
Speaker Change: A Republican administration.
Greg Maffei: Uh, do you think, uh, if there was a relaxation of, um, views on antitrust, um, would that open opportunities that would be meaningful for MNA around charter, do you think, or, you know, do you think you could already do what you want to do so that doesn't really matter?
Speaker Change: What do you think if there was a relaxation of views on antitrust.
Speaker Change: Would that open opportunities that would be meaningful for M&A.
Speaker Change: Around charter do you think or you know do you think you can already do what you want to do so that doesn't really matter.
Speaker Change: Yeah, Barton I as far as you know.
Greg Maffei: Yeah, Barton, as far as, you know... Charter being inquired, there are not that many. substantive targets out there. Most of them, I suspect, could have been accomplished even under the current regulations. As far as, you know, other larger combinations. I think it's too soon to tell what would be allowed.
Speaker Change: Charter being an acquirer there are not that many subsequent targets out there most of them I suspect could've been accomplished even under the current regulatory regime.
Speaker Change: As far as other larger combinations.
Speaker Change: I think it's too soon to tell.
Speaker Change: Well what would be allowed.
Greg Maffei: But, you know, could you see more convergence to build national networks? I think that would be a competitive strength, that would be interesting. Could you see more combination? reflecting that converged network, that would be interesting as well potentially. But probably it's more likely than not, just looking as a casual observer, that a new regulatory regime would be more open to that, but it's hard to know for sure.
Speaker Change: But you know could you see more convergence up to build national networks, I think that'd be a competitive strength would be interesting because you see more combinations.
Speaker Change: Reflecting that converged network.
Speaker Change: That would be interesting as well potentially but you know it.
Speaker Change: Probably it's.
Speaker Change: It's more likely than not just looking at you know what.
Speaker Change: <unk> observed that this that.
Speaker Change: This machine a new regulatory regime would be more open to that but it's hard to know for certain.
Speaker Change: Okay. That's it thank you.
Barton Crockett: Okay, that's it. Thank you.
Barton Crockett: Thank you Barton.
Greg Maffei: I guess, Operator, we are through with the questions. Thank you for our listening audience for their interest in Liberty Broadband and Liberty Tripadvisor. As I said, we look forward to seeing some of you in person and some of you virtually next week.
Speaker Change: I guess operator, we are through with the questions. Thank you for our listening audience for their interest in Liberty broadband and Liberty Tripadvisor as I said, we look forward to seeing some of you in person and somebody can virtually next week and until then be well.
Operator: Until then, be well. Thank you.
Speaker Change: Thank you that does conclude today's teleconference. We appreciate your participation you may disconnect. Your lines at this time enjoy the rest of your day.
Operator: That does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time.
Operator: Enjoy the rest of your day.
Speaker Change: [music].