Liberty TripAdvisor Holdings, Inc.

Liberty Broadband said consolidated cash and cash equivalents were $108 million at quarter end, including $70 million of cash at GCI. It had $3.8 billion of total principal debt outstanding, excluding preferred stock. The value of its Charter investment was $12.3 billion based on shares held as of May 1 and Charter’s share price at yesterday’s close. At GCI, revenue and adjusted OIBDA were flat in the first quarter; data revenue grew while other revenue, mainly video, declined. GCI paid down its revolver by $60 million during the quarter and ended with leverage of 2.8x and $457 million of undrawn revolver capacity net of letters of credit. Subsequent to quarter-end, GCI distributed $150 million to Liberty Broadband, which was used to pay down the Charter margin loan and was net debt neutral to Liberty Broadband. Pro forma for that dividend, GCI leverage was just under 3.2x with $327 million of undrawn revolver capacity. Management did not give quantified next-quarter or full-year guidance for Liberty Broadband itself, but said Charter expects to keep EBITDA growing through the year despite industry pressures, and expects leverage to move toward the midpoint of its 4.0x to 4.5x target range while maintaining buybacks.

Greg Maffei said the company is staying under its 26% fully diluted ownership cap for now because of Charter compensation grants, but expects to resume share sales into Charter’s buyback this summer. He said the near-term priority will likely shift more toward debt reduction rather than just repurchases, given higher interest rates and market sensitivity to leverage. On Charter, he emphasized that management remains confident in EBITDA growth, mobile momentum, and the ability to manage through broadband industry headwinds.

Brian Wendling focused on balance-sheet metrics and GCI’s operating performance. He reported $108 million of consolidated cash, $3.8 billion of debt, and a $12.3 billion Charter stake value, then walked through GCI’s flat revenue and adjusted OIBDA, $60 million of revolver paydown, 2.8x leverage, and liquidity of $457 million undrawn. He also noted the post-quarter $150 million distribution from GCI, which was used to reduce the Charter margin loan and left Liberty Broadband net debt neutral, with GCI pro forma leverage just under 3.2x and $327 million of undrawn capacity.

Analysts pressed on whether Congress might still extend the ACP program and whether Charter should prioritize deleveraging over buybacks. Maffei said there is some bipartisan support for ACP extension but procedural hurdles mean it cannot be counted on, and he acknowledged that both Charter and Liberty Broadband are planning to reduce leverage in the near term. On Charter’s footprint expansion and mobile strategy, he said the company is being more thoughtful about expansion and is already the most aggressive cable operator in mobile, so there may be limited room to accelerate further.