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10-Q Filing

LIBERTY BROADBAND CORP CIK: 1611983 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001558370-22-007589
Period End Date 20220331
Filing Date 20220506
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance lbrda-20220331x10q_htm.xml
Balance Sheet 70 line items
Line Item Tag Value Unit Period
Allowance for credit losses AllowanceForDoubtfulAccountsReceivable $4.00M USD Point-in-time
Allowance for credit losses AllowanceForDoubtfulAccountsReceivable $4.00M USD Point-in-time
Short-term debt, measured at fair value ShorttermDebtFairValue $25.00M USD Point-in-time
Short-term debt, measured at fair value ShorttermDebtFairValue $22.00M USD Point-in-time
Long-term debt, measured at fair value LongTermDebtFairValue $1.40B USD Point-in-time
Long-term debt, measured at fair value LongTermDebtFairValue $1.36B USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $300.00M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $191.00M USD Point-in-time
Trade and other receivables, net of allowance for credit losses of $4 and $4, respectively AccountsAndOtherReceivablesNetCurrent $169.00M USD Point-in-time
Trade and other receivables, net of allowance for credit losses of $4 and $4, respectively AccountsAndOtherReceivablesNetCurrent $206.00M USD Point-in-time
Prepaid and other current assets PrepaidExpenseAndOtherAssetsCurrent $77.00M USD Point-in-time
Prepaid and other current assets PrepaidExpenseAndOtherAssetsCurrent $62.00M USD Point-in-time
Total current assets AssetsCurrent $459.00M USD Point-in-time
Total current assets AssetsCurrent $546.00M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization $1.01B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization $1.03B USD Point-in-time
Goodwill Goodwill $762.00M USD Point-in-time
Goodwill Goodwill $762.00M USD Point-in-time
Intangible assets subject to amortization, net (note 5) FiniteLivedIntangibleAssetsNet $559.00M USD Point-in-time
Intangible assets subject to amortization, net (note 5) FiniteLivedIntangibleAssetsNet $573.00M USD Point-in-time
Tax sharing receivable TaxSharingReceivableNoncurrent $63.00M USD Point-in-time
Tax sharing receivable TaxSharingReceivableNoncurrent $86.00M USD Point-in-time
Other assets, net OtherAssetsNoncurrent $210.00M USD Point-in-time
Other assets, net OtherAssetsNoncurrent $201.00M USD Point-in-time
Total assets Assets $16.63B USD Point-in-time
Total assets Assets $16.97B USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrent $97.00M USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrent $99.00M USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $22.00M USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $25.00M USD Point-in-time
Current portion of debt, including $22 and $25 measured at fair value, respectively (note 6) DebtCurrent $28.00M USD Point-in-time
Current portion of debt, including $22 and $25 measured at fair value, respectively (note 6) DebtCurrent $25.00M USD Point-in-time
Indemnification obligation (note 3) IndemnificationObligationCurrent $239.00M USD Point-in-time
Indemnification obligation (note 3) IndemnificationObligationCurrent $324.00M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $154.00M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $106.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $582.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $537.00M USD Point-in-time
Long-term debt, net, including $1,359 and $1,403 measured at fair value, respectively (note 6) LongTermDebtNoncurrent $3.99B USD Point-in-time
Long-term debt, net, including $1,359 and $1,403 measured at fair value, respectively (note 6) LongTermDebtNoncurrent $3.73B USD Point-in-time
Obligations under finance leases and tower obligations, excluding current portion FinanceLeaseAndTowerObligationNoncurrent $89.00M USD Point-in-time
Obligations under finance leases and tower obligations, excluding current portion FinanceLeaseAndTowerObligationNoncurrent $88.00M USD Point-in-time
Long-term deferred revenue ContractWithCustomerLiabilityNoncurrent $35.00M USD Point-in-time
Long-term deferred revenue ContractWithCustomerLiabilityNoncurrent $35.00M USD Point-in-time
Deferred income tax liabilities DeferredIncomeTaxLiabilitiesNet $2.00B USD Point-in-time
Deferred income tax liabilities DeferredIncomeTaxLiabilitiesNet $2.00B USD Point-in-time
Preferred stock (note 7) SharesSubjectToMandatoryRedemptionSettlementTermsAmountNoncurrent $203.00M USD Point-in-time
Preferred stock (note 7) SharesSubjectToMandatoryRedemptionSettlementTermsAmountNoncurrent $203.00M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $189.00M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $177.00M USD Point-in-time
Total liabilities Liabilities $7.03B USD Point-in-time
Total liabilities Liabilities $6.83B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $5.38B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $6.21B USD Point-in-time
Accumulated other comprehensive earnings, net of taxes AccumulatedOtherComprehensiveIncomeLossNetOfTax $10.00M USD Point-in-time
Accumulated other comprehensive earnings, net of taxes AccumulatedOtherComprehensiveIncomeLossNetOfTax $14.00M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $3.90B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $4.20B USD Point-in-time
Total stockholders' equity StockholdersEquity $10.13B USD Point-in-time
Total stockholders' equity StockholdersEquity $9.58B USD Point-in-time
Non-controlling interests MinorityInterest $12.00M USD Point-in-time
Non-controlling interests MinorityInterest $16.00M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $12.81B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $9.60B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $10.14B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $13.52B USD Point-in-time
Commitments and contingencies (note 9) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (note 9) CommitmentsAndContingencies - USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $16.97B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $16.63B USD Point-in-time
Income Statement 35 line items
Line Item Tag Value Unit Period
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $247.00M USD 1 Quarter
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $238.00M USD 1 Quarter
Operating expense (exclusive of depreciation and amortization shown separately below) OtherCostAndExpenseOperating $66.00M USD 1 Quarter
Operating expense (exclusive of depreciation and amortization shown separately below) OtherCostAndExpenseOperating $69.00M USD 1 Quarter
Selling, general and administrative, including stock-based compensation (note 8) SellingGeneralAndAdministrativeExpense $101.00M USD 1 Quarter
Selling, general and administrative, including stock-based compensation (note 8) SellingGeneralAndAdministrativeExpense $105.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $64.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $64.00M USD 1 Quarter
Litigation settlement, net of recoveries (note 9) LitigationSettlementExpense $110.00M USD 1 Quarter
Total operating costs and expenses CostsAndExpenses $348.00M USD 1 Quarter
Total operating costs and expenses CostsAndExpenses $231.00M USD 1 Quarter
Operating income (loss) OperatingIncomeLoss $7.00M USD 1 Quarter
Operating income (loss) OperatingIncomeLoss $-101.00M USD 1 Quarter
Interest expense (including amortization of deferred loan fees) InterestExpense $33.00M USD 1 Quarter
Interest expense (including amortization of deferred loan fees) InterestExpense $26.00M USD 1 Quarter
Share of earnings (losses) of affiliate (note 4) IncomeLossFromEquityMethodInvestments $189.00M USD 1 Quarter
Share of earnings (losses) of affiliate (note 4) IncomeLossFromEquityMethodInvestments $303.00M USD 1 Quarter
Gain (loss) on dilution of investment in affiliate (note 4) GainLossOnSaleOfPreviouslyUnissuedStockBySubsidiaryOrEquityInvesteeNonoperatingIncome $-82.00M USD 1 Quarter
Gain (loss) on dilution of investment in affiliate (note 4) GainLossOnSaleOfPreviouslyUnissuedStockBySubsidiaryOrEquityInvesteeNonoperatingIncome $-56.00M USD 1 Quarter
Realized and unrealized gains (losses) on financial instruments, net (note 3) GainLossOnInvestments $137.00M USD 1 Quarter
Realized and unrealized gains (losses) on financial instruments, net (note 3) GainLossOnInvestments $99.00M USD 1 Quarter
Other, net OtherNonoperatingIncomeExpense $-8.00M USD 1 Quarter
Other, net OtherNonoperatingIncomeExpense $-21.00M USD 1 Quarter
Earnings (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $344.00M USD 1 Quarter
Earnings (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $64.00M USD 1 Quarter
Income tax benefit (expense) IncomeTaxExpenseBenefit $12.00M USD 1 Quarter
Income tax benefit (expense) IncomeTaxExpenseBenefit $45.00M USD 1 Quarter
Net earnings (loss) ProfitLoss $52.00M USD 1 Quarter
Net earnings (loss) ProfitLoss $299.00M USD 1 Quarter
Net earnings (loss) attributable to Liberty Broadband shareholders NetIncomeLoss $52.00M USD 1 Quarter
Net earnings (loss) attributable to Liberty Broadband shareholders NetIncomeLoss $299.00M USD 1 Quarter
Basic earnings (loss) attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share (note 2) EarningsPerShareBasic $1.79 USD 1 Quarter
Basic earnings (loss) attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share (note 2) EarningsPerShareBasic $0.27 USD 1 Quarter
Diluted net earnings (loss) attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share (note 2) EarningsPerShareDiluted $1.77 USD 1 Quarter
Diluted net earnings (loss) attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share (note 2) EarningsPerShareDiluted $0.27 USD 1 Quarter
Cash Flow Statement 57 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $300.00M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $191.00M USD Point-in-time
Restricted cash included in other current assets RestrictedCashAndCashEquivalents $22.00M USD Point-in-time
Restricted cash included in other current assets RestrictedCashAndCashEquivalents $15.00M USD Point-in-time
Net earnings (loss) ProfitLoss $52.00M USD 1 Quarter
Net earnings (loss) ProfitLoss $299.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $64.00M USD 1 Quarter
Total cash and cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $206.00M USD Point-in-time
Depreciation and amortization DepreciationDepletionAndAmortization $64.00M USD 1 Quarter
Total cash and cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $322.00M USD Point-in-time
Total cash and cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.19B USD Point-in-time
Total cash and cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.43B USD Point-in-time
Stock-based compensation ShareBasedCompensation $10.00M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $9.00M USD 1 Quarter
Litigation settlement, net of recoveries LitigationSettlementExpense $110.00M USD 1 Quarter
Share of (earnings) losses of affiliate, net IncomeLossFromEquityMethodInvestments $189.00M USD 1 Quarter
Share of (earnings) losses of affiliate, net IncomeLossFromEquityMethodInvestments $303.00M USD 1 Quarter
(Gain) loss on dilution of investment in affiliate GainLossOnSaleOfPreviouslyUnissuedStockBySubsidiaryOrEquityInvesteeNonoperatingIncome $-56.00M USD 1 Quarter
(Gain) loss on dilution of investment in affiliate GainLossOnSaleOfPreviouslyUnissuedStockBySubsidiaryOrEquityInvesteeNonoperatingIncome $-82.00M USD 1 Quarter
Realized and unrealized (gains) losses on financial instruments, net GainLossOnInvestments $137.00M USD 1 Quarter
Realized and unrealized (gains) losses on financial instruments, net GainLossOnInvestments $99.00M USD 1 Quarter
Deferred income tax expense (benefit) DeferredIncomeTaxExpenseBenefit $6.00M USD 1 Quarter
Deferred income tax expense (benefit) DeferredIncomeTaxExpenseBenefit $11.00M USD 1 Quarter
Other, net OtherNoncashIncomeExpense $2.00M USD 1 Quarter
Other, net OtherNoncashIncomeExpense $1.00M USD 1 Quarter
Current and other assets IncreaseDecreaseInOperatingAssets $-165.00M USD 1 Quarter
Current and other assets IncreaseDecreaseInOperatingAssets $-65.00M USD 1 Quarter
Payables and other liabilities IncreaseDecreaseInOperatingLiabilities $-11.00M USD 1 Quarter
Payables and other liabilities IncreaseDecreaseInOperatingLiabilities $32.00M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $90.00M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $193.00M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $32.00M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $28.00M USD 1 Quarter
Cash received for Charter shares repurchased by Charter ProceedsFromSaleAndMaturityOfMarketableSecurities $518.00M USD 1 Quarter
Cash received for Charter shares repurchased by Charter ProceedsFromSaleAndMaturityOfMarketableSecurities $602.00M USD 1 Quarter
Other investing activities, net PaymentsForProceedsFromOtherInvestingActivities $-4.00M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $574.00M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $490.00M USD 1 Quarter
Borrowings of debt ProceedsFromIssuanceOfLongTermDebt $300.00M USD 1 Quarter
Repayments of debt, finance leases and tower obligations RepaymentOfDebtFinanceLeaseObligationAndSaleLeaseBackObligation $183.00M USD 1 Quarter
Repayments of debt, finance leases and tower obligations RepaymentOfDebtFinanceLeaseObligationAndSaleLeaseBackObligation $2.00M USD 1 Quarter
Repurchases of Liberty Broadband common stock PaymentsForRepurchaseOfCommonStock $843.00M USD 1 Quarter
Repurchases of Liberty Broadband common stock PaymentsForRepurchaseOfCommonStock $738.00M USD 1 Quarter
Other financing activities, net ProceedsFromPaymentsForOtherFinancingActivities $-2.00M USD 1 Quarter
Other financing activities, net ProceedsFromPaymentsForOtherFinancingActivities $-3.00M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-923.00M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-548.00M USD 1 Quarter
Net increase (decrease) in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $116.00M USD 1 Quarter
Net increase (decrease) in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $-240.00M USD 1 Quarter
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.43B USD Point-in-time
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $206.00M USD Point-in-time
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $322.00M USD Point-in-time
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.19B USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $322.00M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.19B USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $206.00M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.43B USD Point-in-time
Stockholders Equity 19 line items
Line Item Tag Value Unit Period
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $12.81B USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $9.60B USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $10.14B USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $13.52B USD Point-in-time
Net earnings (loss) ProfitLoss $52.00M USD 1 Quarter
Net earnings (loss) ProfitLoss $299.00M USD 1 Quarter
Other comprehensive earnings (loss), net of taxes OtherComprehensiveIncomeLossNetOfTax $-4.00M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $9.00M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $10.00M USD 1 Quarter
Withholding taxes on net share settlements of stock-based compensation AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $3.00M USD 1 Quarter
Withholding taxes on net share settlements of stock-based compensation AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $3.00M USD 1 Quarter
Liberty Broadband stock repurchases StockRepurchasedDuringPeriodValue $843.00M USD 1 Quarter
Liberty Broadband stock repurchases StockRepurchasedDuringPeriodValue $738.00M USD 1 Quarter
Noncontrolling interest activity at Charter and other NoncontrollingInterestActivityInSubsidiary $-26.00M USD 1 Quarter
Noncontrolling interest activity at Charter and other NoncontrollingInterestActivityInSubsidiary $2.00M USD 1 Quarter
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $12.81B USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $9.60B USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $10.14B USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $13.52B USD Point-in-time
Comprehensive Income 8 line items
Line Item Tag Value Unit Period
Net earnings (loss) ProfitLoss $52.00M USD 1 Quarter
Net earnings (loss) ProfitLoss $299.00M USD 1 Quarter
Comprehensive earnings (loss) attributable to debt credit risk adjustments OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodAfterTax $-4.00M USD 1 Quarter
Other comprehensive earnings (loss), net of taxes OtherComprehensiveIncomeLossNetOfTax $-4.00M USD 1 Quarter
Comprehensive earnings (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $52.00M USD 1 Quarter
Comprehensive earnings (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $295.00M USD 1 Quarter
Comprehensive earnings (loss) attributable to Liberty Broadband shareholders ComprehensiveIncomeNetOfTax $295.00M USD 1 Quarter
Comprehensive earnings (loss) attributable to Liberty Broadband shareholders ComprehensiveIncomeNetOfTax $52.00M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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