Liberty Broadband Reports Fourth Quarter and Year End 2020 Financial Results
Summary
We exceeded our equity ownership cap in Charter in the first quarter and will start participating in their buyback, which will provide a substantial stream of capital to Liberty Broadband. On October 7, 2020, GCI, LLC (a wholly owned subsidiary of Liberty Broadband post Combination) issued $600 million of 4.750% senior notes due 2028. For comparison and discussion purposes, the following information presents actual historical results of GCI for the quarters and years ended December 31, 2019 and 2020, exclusive of the effects of acquisition accounting. In the fourth quarter and full year, revenue grew 12% and 9%, respectively, primarily due to robust demand for data in both business and consumer customers. Operating income improved and Adjusted OIBDA grew 20% in the fourth quarter and 34% for the full year driven by the revenue growth as well as reductions in bad debt and healthcare expenses.