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10-Q Filing

LIBERTY BROADBAND CORP CIK: 1611983 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001558370-23-007686
Period End Date 20230331
Filing Date 20230502
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance lbrda-20230331x10q_htm.xml
Balance Sheet 68 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 $2.00M USD Point-in-time
Short-term debt, measured at fair value ShorttermDebtFairValue $1.37B USD Point-in-time
Long-term debt, measured at fair value LongTermDebtFairValue $1.25B USD Point-in-time
Long-term debt, measured at fair value LongTermDebtFairValue - USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $375.00M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $169.00M USD Point-in-time
Trade and other receivables, net of allowance for credit losses of $4 and $4, respectively AccountsAndOtherReceivablesNetCurrent $194.00M USD Point-in-time
Trade and other receivables, net of allowance for credit losses of $4 and $4, respectively AccountsAndOtherReceivablesNetCurrent $201.00M USD Point-in-time
Prepaid and other current assets PrepaidExpenseAndOtherAssetsCurrent $84.00M USD Point-in-time
Prepaid and other current assets PrepaidExpenseAndOtherAssetsCurrent $91.00M USD Point-in-time
Total current assets AssetsCurrent $454.00M USD Point-in-time
Total current assets AssetsCurrent $660.00M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization $1.01B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization $1.01B USD Point-in-time
Goodwill Goodwill $755.00M USD Point-in-time
Goodwill Goodwill $755.00M USD Point-in-time
Intangible assets subject to amortization, net (note 5) FiniteLivedIntangibleAssetsNet $506.00M USD Point-in-time
Intangible assets subject to amortization, net (note 5) FiniteLivedIntangibleAssetsNet $516.00M USD Point-in-time
Other assets, net OtherAssetsNoncurrent $206.00M USD Point-in-time
Other assets, net OtherAssetsNoncurrent $180.00M USD Point-in-time
Total assets Assets $15.13B USD Point-in-time
Total assets Assets $15.14B USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrent $86.00M USD Point-in-time
Accounts payable and accrued liabilities AccountsPayableAndAccruedLiabilitiesCurrent $92.00M USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $20.00M USD Point-in-time
Deferred revenue ContractWithCustomerLiabilityCurrent $21.00M USD Point-in-time
Current portion of debt, including $2 and $1,373 measured at fair value, respectively (note 6) DebtCurrent $1.38B USD Point-in-time
Current portion of debt, including $2 and $1,373 measured at fair value, respectively (note 6) DebtCurrent $5.00M USD Point-in-time
Indemnification obligation (note 3) IndemnificationObligationCurrent $29.00M USD Point-in-time
Indemnification obligation (note 3) IndemnificationObligationCurrent $50.00M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $152.00M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $137.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $293.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $1.68B USD Point-in-time
Long-term debt, net, including $1,251 and zero measured at fair value, respectively (note 6) LongTermDebtNoncurrent $2.42B USD Point-in-time
Long-term debt, net, including $1,251 and zero measured at fair value, respectively (note 6) LongTermDebtNoncurrent $3.67B USD Point-in-time
Obligations under tower obligations and finance leases, excluding current portion FinanceLeaseAndTowerObligationNoncurrent $86.00M USD Point-in-time
Obligations under tower obligations and finance leases, excluding current portion FinanceLeaseAndTowerObligationNoncurrent $85.00M USD Point-in-time
Long-term deferred revenue ContractWithCustomerLiabilityNoncurrent $63.00M USD Point-in-time
Long-term deferred revenue ContractWithCustomerLiabilityNoncurrent $62.00M USD Point-in-time
Deferred income tax liabilities DeferredIncomeTaxLiabilitiesNet $2.07B USD Point-in-time
Deferred income tax liabilities DeferredIncomeTaxLiabilitiesNet $2.04B USD Point-in-time
Preferred stock (note 7) SharesSubjectToMandatoryRedemptionSettlementTermsAmountNoncurrent $202.00M USD Point-in-time
Preferred stock (note 7) SharesSubjectToMandatoryRedemptionSettlementTermsAmountNoncurrent $202.00M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $150.00M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $155.00M USD Point-in-time
Total liabilities Liabilities $6.54B USD Point-in-time
Total liabilities Liabilities $6.64B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $3.28B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $3.32B USD Point-in-time
Accumulated other comprehensive earnings (loss), net of taxes AccumulatedOtherComprehensiveIncomeLossNetOfTax $9.00M USD Point-in-time
Accumulated other comprehensive earnings (loss), net of taxes AccumulatedOtherComprehensiveIncomeLossNetOfTax $59.00M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $5.22B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $5.16B USD Point-in-time
Total stockholders' equity StockholdersEquity $8.48B USD Point-in-time
Total stockholders' equity StockholdersEquity $8.57B USD Point-in-time
Non-controlling interests MinorityInterest $18.00M USD Point-in-time
Non-controlling interests MinorityInterest $18.00M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $9.60B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $8.50B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $10.14B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $8.58B 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 $15.14B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $15.13B USD Point-in-time
Income Statement 34 line items
Line Item Tag Value Unit Period
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $238.00M USD 1 Quarter
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $246.00M USD 1 Quarter
Operating expense (exclusive of depreciation and amortization shown separately below) OtherCostAndExpenseOperating $62.00M USD 1 Quarter
Operating expense (exclusive of depreciation and amortization shown separately below) OtherCostAndExpenseOperating $66.00M 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 $110.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $64.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $58.00M USD 1 Quarter
Total operating costs and expenses CostsAndExpenses $231.00M USD 1 Quarter
Total operating costs and expenses CostsAndExpenses $230.00M USD 1 Quarter
Operating income (loss) OperatingIncomeLoss $7.00M USD 1 Quarter
Operating income (loss) OperatingIncomeLoss $16.00M USD 1 Quarter
Interest expense (including amortization of deferred loan fees) InterestExpense $45.00M 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 $248.00M 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 $-56.00M USD 1 Quarter
Gain (loss) on dilution of investment in affiliate (note 4) GainLossOnSaleOfPreviouslyUnissuedStockBySubsidiaryOrEquityInvesteeNonoperatingIncome $-27.00M USD 1 Quarter
Realized and unrealized gains (losses) on financial instruments, net (note 3) GainLossOnInvestments $-114.00M USD 1 Quarter
Realized and unrealized gains (losses) on financial instruments, net (note 3) GainLossOnInvestments $137.00M USD 1 Quarter
Other, net OtherNonoperatingIncomeExpense $-21.00M USD 1 Quarter
Other, net OtherNonoperatingIncomeExpense $14.00M USD 1 Quarter
Earnings (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $92.00M USD 1 Quarter
Earnings (loss) before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $344.00M USD 1 Quarter
Income tax benefit (expense) IncomeTaxExpenseBenefit $45.00M USD 1 Quarter
Income tax benefit (expense) IncomeTaxExpenseBenefit $23.00M USD 1 Quarter
Net earnings (loss) ProfitLoss $299.00M USD 1 Quarter
Net earnings (loss) ProfitLoss $69.00M USD 1 Quarter
Net earnings (loss) attributable to Liberty Broadband shareholders NetIncomeLoss $69.00M USD 1 Quarter
Net earnings (loss) attributable to Liberty Broadband shareholders NetIncomeLoss $299.00M USD 1 Quarter
Basic net 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 net earnings (loss) attributable to Series A, Series B and Series C Liberty Broadband shareholders per common share (note 2) EarningsPerShareBasic $0.47 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 $0.47 USD 1 Quarter
Cash Flow Statement 56 line items
Line Item Tag Value Unit Period
Net earnings (loss) ProfitLoss $299.00M USD 1 Quarter
Net earnings (loss) ProfitLoss $69.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $64.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $58.00M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $9.00M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $8.00M USD 1 Quarter
Share of (earnings) losses of affiliate, net IncomeLossFromEquityMethodInvestments $248.00M USD 1 Quarter
Share of (earnings) losses of affiliate, net IncomeLossFromEquityMethodInvestments $303.00M USD 1 Quarter
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $375.00M USD Point-in-time
(Gain) loss on dilution of investment in affiliate GainLossOnSaleOfPreviouslyUnissuedStockBySubsidiaryOrEquityInvesteeNonoperatingIncome $-27.00M USD 1 Quarter
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $169.00M USD Point-in-time
(Gain) loss on dilution of investment in affiliate GainLossOnSaleOfPreviouslyUnissuedStockBySubsidiaryOrEquityInvesteeNonoperatingIncome $-56.00M 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 $-114.00M USD 1 Quarter
Total cash and cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $400.00M USD Point-in-time
Deferred income tax expense (benefit) DeferredIncomeTaxExpenseBenefit $22.00M USD 1 Quarter
Total cash and cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $322.00M USD Point-in-time
Deferred income tax expense (benefit) DeferredIncomeTaxExpenseBenefit $6.00M USD 1 Quarter
Total cash and cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $206.00M USD Point-in-time
Total cash and cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $194.00M USD Point-in-time
Other, net OtherNoncashIncomeExpense $1.00M USD 1 Quarter
Other, net OtherNoncashIncomeExpense $1.00M USD 1 Quarter
Current and other assets IncreaseDecreaseInOperatingAssets $-65.00M USD 1 Quarter
Current and other assets IncreaseDecreaseInOperatingAssets $6.00M USD 1 Quarter
Payables and other liabilities IncreaseDecreaseInOperatingLiabilities $32.00M USD 1 Quarter
Payables and other liabilities IncreaseDecreaseInOperatingLiabilities $-2.00M 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 $41.00M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $32.00M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $54.00M USD 1 Quarter
Cash received for Charter shares repurchased by Charter ProceedsFromSaleAndMaturityOfMarketableSecurities $42.00M 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 $-12.00M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $574.00M USD 1 Quarter
Borrowings of debt ProceedsFromIssuanceOfLongTermDebt $1.25B USD 1 Quarter
Borrowings of debt ProceedsFromIssuanceOfLongTermDebt $300.00M USD 1 Quarter
Repayments of debt, tower obligations and finance leases RepaymentOfDebtFinanceLeaseObligationAndSaleLeaseBackObligation $2.00M USD 1 Quarter
Repayments of debt, tower obligations and finance leases RepaymentOfDebtFinanceLeaseObligationAndSaleLeaseBackObligation $1.42B USD 1 Quarter
Repurchases of Liberty Broadband common stock PaymentsForRepurchaseOfCommonStock $843.00M USD 1 Quarter
Repurchases of Liberty Broadband common stock PaymentsForRepurchaseOfCommonStock $40.00M USD 1 Quarter
Indemnification payment to Qurate Retail PaymentForIndemnification $24.00M USD 1 Quarter
Other financing activities, net ProceedsFromPaymentsForOtherFinancingActivities $-3.00M USD 1 Quarter
Other financing activities, net ProceedsFromPaymentsForOtherFinancingActivities $-3.00M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-548.00M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $-235.00M USD 1 Quarter
Net increase (decrease) in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $-206.00M USD 1 Quarter
Net increase (decrease) in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $116.00M USD 1 Quarter
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $400.00M 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 $206.00M USD Point-in-time
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $194.00M 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 $206.00M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $400.00M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $194.00M USD Point-in-time
Stockholders Equity 21 line items
Line Item Tag Value Unit Period
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $9.60B USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $8.50B USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $10.14B USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $8.58B USD Point-in-time
Net earnings (loss) ProfitLoss $299.00M USD 1 Quarter
Net earnings (loss) ProfitLoss $69.00M USD 1 Quarter
Other comprehensive earnings (loss), net of taxes OtherComprehensiveIncomeLossNetOfTax $50.00M 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 $8.00M USD 1 Quarter
Issuance of common stock upon exercise of stock options StockIssuedDuringPeriodValueStockOptionsExercised $1.00M USD 1 Quarter
Withholding taxes on net share settlements of stock-based compensation AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $2.00M USD 1 Quarter
Withholding taxes on net share settlements of stock-based compensation AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $3.00M USD 1 Quarter
Liberty Broadband stock repurchases StockRepurchasedDuringPeriodValue $40.00M USD 1 Quarter
Liberty Broadband stock repurchases StockRepurchasedDuringPeriodValue $843.00M USD 1 Quarter
Noncontrolling interest activity at Charter and other NoncontrollingInterestActivityInSubsidiary $2.00M USD 1 Quarter
Noncontrolling interest activity at Charter and other NoncontrollingInterestActivityInSubsidiary $-3.00M USD 1 Quarter
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $9.60B USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $8.50B USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $10.14B USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $8.58B USD Point-in-time
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net earnings (loss) ProfitLoss $299.00M USD 1 Quarter
Net earnings (loss) ProfitLoss $69.00M USD 1 Quarter
Credit risk on fair value debt instruments gains (loss) OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodAfterTax $50.00M USD 1 Quarter
Credit risk on fair value debt instruments gains (loss) OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodAfterTax $-4.00M USD 1 Quarter
Other comprehensive earnings (loss), net of taxes OtherComprehensiveIncomeLossNetOfTax $50.00M USD 1 Quarter
Other comprehensive earnings (loss), net of taxes OtherComprehensiveIncomeLossNetOfTax $-4.00M USD 1 Quarter
Comprehensive earnings (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $295.00M USD 1 Quarter
Comprehensive earnings (loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $119.00M 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 $119.00M USD 1 Quarter

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

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