Liberty Broadband (LBRDA) Investor Day 2024 summary

Strategic and structural changes

• Announced the split-off of Liberty Live Group, creating two asset-backed public companies and ending the tracking stock era, with the split-off expected in the second half of 2025.

• Liberty Broadband and Charter Communications to merge in an all-stock transaction, with LBRD shareholders receiving 0.236 Charter shares per LBRD share and a taxable spin-off of GCI prior to closing.

• The merger aims to rationalize the dual corporate structure, enhance trading liquidity, and reduce the LBRD NAV discount.

• GCI will be divested before the merger, with its shares distributed to LBRD shareholders; Charter will bear the corporate tax liability, subject to a cap.

• Leadership transition: Greg Maffei will step down as CEO at year-end after 19 years, with board realignment to focus on motorsports and diversified asset growth.

Business performance and financial guidance

• Formula 1 achieved record revenue and adjusted EBITDA in 2023, with continued growth in 2024; contracted revenue at $13.1 billion, up from $11 billion last year.

• MotoGP posted 36% revenue growth from 2021 to 2023, with 47% EBITDA growth and expanding margins; 2025 calendar will feature 22 races.

• Live Nation saw revenue up 4% and AOI up 14% in a light stadium year, with 2025 expected to be a record year based on ticket sales and venue expansion.

• Qurate Retail delivered over $500 million in cumulative gross EBITDA from Project Athens, with a double-digit margin and a focus shifting to top-line and customer file growth.

• GCI's financials show stable revenue and OIBDA, with recent growth in business data driven by rural healthcare and school sales.

Growth initiatives and future plans

• Formula 1 continues to expand its fan base, with U.S. engagement at record highs and a younger, more diverse demographic; digital and social platforms are key growth drivers.

• Sponsorship revenue for F1 has grown 16% CAGR since 2019, with new global partners and expanded inventory through new race formats and content.

• MotoGP acquisition is expected to close by year-end, with plans to leverage Liberty’s brand-building and marketing expertise to accelerate fan and commercial growth, especially in the U.S.

• Quint is scaling as a one-stop shop for premium event experiences, with significant growth in F1 and MotoGP hospitality and plans to expand into concerts and festivals.

• QVC Group is rebranding as a live social shopping company, investing in social and streaming platforms, AI-driven content, and creator partnerships to reach new audiences and drive $1.5 billion in run-rate revenue from these channels within three years.