Liberty Broadband Corp (LBRDA) 2024 Q1 法說會逐字稿

Welcome to Liberty Broadband 2024 Q1 Earnings Call. (Operator Instructions) As a reminder, this conference will be recorded, May 8.

歡迎參加 Liberty Broadband 2024 年第一季財報電話會議。 （操作員說明）謹此提醒，本次會議將於 5 月 8 日進行錄音。

I would now like to turn the call over to Clare Adams, Senior Manager, Investor Relations. Please go ahead.

我現在想將電話轉給投資者關係高級經理克萊爾亞當斯 (Clare Adams)。請繼續。

Good morning. Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent Forms 10-K and 10-Q filed by Liberty Broadband and Liberty TripAdvisor with the SEC. These forward-looking statements speak only as of the date of this call, and Liberty Broadband and Liberty TripAdvisor expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in Liberty Broadband or Liberty TripAdvisor's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

早安.在開始之前，我們想提醒大家，本次電話會議包含1995 年《私人證券訴訟改革法案》含義內的某些前瞻性陳述。包括Liberty Broadband 和 Liberty TripAdvisor 向 SEC 提交的最新 10-K 和 10-Q 表格中提到的內容。這些前瞻性陳述僅代表本次電話會議之日的情況，Liberty Broadband 和Liberty TripAdvisor 明確表示不承擔任何義務或承諾傳播本文中包含的任何前瞻性陳述的任何更新或修訂，以反映Liberty Broadband 或Liberty 的任何變更TripAdvisor 對此的期望或任何此類聲明所依據的事件、條件或情況的任何變更。

On today's call, we will discuss certain non-GAAP financial measures for Liberty Broadband, including adjusted OIBDA. Information regarding the comparable GAAP metrics, along with the required definitions and reconciliations, including preliminary notes in Schedules 1 and 2, can be found in the earnings press release issued today as well as earnings releases for prior periods, which are available on Liberty Broadband's website.

在今天的電話會議上，我們將討論 Liberty Broadband 的某些非 GAAP 財務指標，包括調整後的 OIBDA。有關可比較GAAP 指標的信息，以及所需的定義和調節，包括附表1 和附表2 中的初步說明，可以在今天發布的收益新聞稿以及前期收益發布中找到，這些信息可在Liberty Broadband 網站上找到。

Now I'd like to introduce Greg Maffei, Liberty's President and CEO.

現在我想介紹一下 Liberty 總裁兼執行長 Greg Maffei。

Thank you, Clare, and good morning to all. Today speaking on the call, we will have Liberty Broadband's Chief Accounting and Principal Financial Officer, Brian Wendling; Ron Duncan, CEO of GCI; and Pete Pounds, CFO of GCI, will also be available to answer questions. Also during Q&A, we will be available to answer questions related to Liberty TripAdvisor.

謝謝你，克萊爾，祝大家早安。今天，Liberty Broadband 的首席會計兼財務長 Brian Wendling 將在電話會議上發言。羅恩鄧肯 (Ron Duncan)，GCI 執行長； GCI 財務長 Pete Pounds 也將出席並回答問題。此外，在問答期間，我們也將回答與 Liberty TripAdvisor 相關的問題。

So beginning with Liberty Broadband. Similar to last year, early in the year, we remain under the 26% fully diluted ownership cap, largely due to Charter's annual compensation grants. We do expect to resume sales into Charter's buyback this summer, and we also expect that the majority of proceeds, which have historically gone to LBRD purchases will continue somewhere going in the future and we will evaluate the best uses we receive proceeds. But I do expect in the near term, we will have a greater focus on debt reduction. So you might see some of us have a reduced pace of buyback in the near term.

所以從自由寬頻開始。與去年類似，今年年初，我們仍保持在 26% 的完全稀釋所有權上限之下，這主要歸功於 Charter 的年度薪酬補助。我們確實預計今年夏天將恢復銷售到 Charter 的回購中，我們也預計歷史上用於 LBRD 購買的大部分收益將在未來繼續使用，我們將評估我們收到的收益的最佳用途。但我確實預計，在短期內，我們將更加關注債務削減。因此，您可能會看到我們中的一些人短期內回購的步伐有所放緩。

Looking at Charter itself, Internet adds have been challenged across the industry with lower growth across the board in the first quarter. Charter experienced a 72,000 subscriber net loss, largely from continued elevated competition, early headwinds from the upcoming ACP expiration and reduce move activity given, among other things, historically high interest rates, mortgage rates. The churn does remain at historically low levels and the company did experience solid EBITDA growth at 2.8% in the first quarter. We are comfortable management can achieve EBITDA growth throughout the year while investing in the business and despite facing industry pressures, and they'll achieve that largely due to expense management, which is working quite well.

從Charter本身來看，整個產業的網路存取都面臨挑戰，第一季的成長全面放緩。 Charter 經歷了 72,000 名訂戶淨損失，主要是由於競爭持續加劇、即將到來的 ACP 到期帶來的早期不利因素以及考慮到利率和抵押貸款利率處於歷史高位等原因而導致的搬遷活動減少。客戶流失率確實保持在歷史低位，而且公司第一季 EBITDA 確實實現了 2.8% 的穩健成長。我們相信，儘管面臨產業壓力，管理層在投資業務的同時仍能全年實現 EBITDA 成長，而他們之所以能實現這一目標，很大程度上要歸功於運作良好的費用管理。

Mobile, bright spot continues to perform nicely. Charter surpassed 8 million total mobile lines, and mobile service revenue accelerated 38% versus the prior year. We're quite pleased with the Spectrum One performance, and we're seeing improving mobile EBITDA as the promotional lines continue to roll off and the business achieves economies of scale. The anytime upgrade program is going to expand our market opportunity, and we do see increased stickiness with customers, Internet churn is down versus the prior year. As many of you know, unfortunately, the ACP program was not renewed. In light of that, Charter is offering a range of options to retain ACP customers, including the Spectrum Internet Assist program, the Internet 100 product and a retention offer of free mobile for 1 year. Looking briefly at the balance sheet at Charter, we do expect leverage will move toward the midpoint of the 4 to 4.5 leverage target while maintaining the buyback this year.

移動方面，亮點繼續表現出色。 Charter行動線路總數超過800萬條，行動服務收入較前一年成長38%。我們對 Spectrum One 的表現非常滿意，隨著促銷產品線的不斷推出以及業務實現規模經濟，我們看到行動 EBITDA 不斷提高。隨時升級計劃將擴大我們的市場機會，我們確實看到客戶黏性增加，網路流失率與前一年相比有所下降。不幸的是，正如你們許多人所知，ACP 計劃沒有續簽。有鑑於此，Charter 提供一系列選項來留住 ACP 客戶，包括 Spectrum Internet Assist 計劃、Internet 100 產品以及 1 年免費手機保留優惠。簡單看一下 Charter 的資產負債表，我們確實預期槓桿率將向 4 至 4.5 槓桿目標的中點移動，同時維持今年的回購。

Turning briefly at L-TRIP. Many of you may have seen that we filed a 13D this morning, which outlined the ceased transaction discussions with third parties. We do continue to discuss strategic alternatives with TripAdvisor Special Committee. We will not be able to comment further on this unless definitive documents are executed or discussions terminate. Looking at TripAdvisor itself. TripAdvisor had a good start to the first quarter, but it did also offer more muted guidance on its call this morning. Travel and experiences remain high priorities for consumers despite geopolitical activity and inflationary pressures. At brand TripAdvisor, Hotel Meta performance was driven by sustained pricing strength offset by lower click volumes. Trip's AI tool is continuing to scale very well and the addition of bookable experiences embedded in itineraries is generating 50% higher average revenue per user. Viator itself saw record app downloads, conversion growth and app bookings.

在 L-TRIP 處短暫轉彎。你們中的許多人可能已經看到我們今天早上提交了 13D，其中概述了與第三方停止的交易討論。我們確實會繼續與 TripAdvisor 特別委員會討論策略替代方案。除非執行最終文件或討論終止，否則我們將無法對此發表進一步評論。看看 TripAdvisor 本身。 TripAdvisor 第一季開局良好，但在今天早上的電話會議上也提供了更低調的指導。儘管存在地緣政治活動和通膨壓力，旅行和體驗仍然是消費者的首要任務。在 TripAdvisor 品牌中，Hotel Meta 的業績是由持續的定價優勢推動的，而點擊量的下降抵消了這一優勢。 Trip 的人工智慧工具正在繼續良好地擴展，並且嵌入行程中的可預訂體驗的增加使每個用戶的平均收入提高了 50%。 Viator 本身的應用程式下載量、轉換率成長和應用程式預訂量均創歷史新高。

So with that, I'll turn it over to Brian to discuss the financials.

因此，我將把它交給布萊恩討論財務問題。

Thank you, Greg. At quarter end, Liberty Broadband had consolidated cash and cash equivalents of $108 million, which includes $70 million of cash at GCI. The value of our charter investment based on our shares held as of May 1 and Charter share price at yesterday's close was $12.3 billion. At quarter end, Liberty Broadband had a total principal amount of debt of $3.8 billion. Note, this excludes the preferred stock. Looking quickly at GCI. GCI's revenue and adjusted OIBDA were flat in the first quarter. Growth in data revenue in both business and consumer side, what was offset by declines in other revenue. The decline in the other revenue was primarily driven by declines in video revenue. We'd note though that the video business does not generate -- does not meaningfully impact margins or free cash flow.

謝謝你，格雷格。截至季末，Liberty Broadband 的合併現金和現金等價物為 1.08 億美元，其中包括 GCI 的 7,000 萬美元現金。根據我們截至 5 月 1 日持有的股票和昨天收盤時的 Charter 股價，我們的 Charter 投資價值為 123 億美元。截至季末，Liberty Broadband 的債務本金總額為 38 億美元。請注意，這不包括優先股。快速瀏覽 GCI。 GCI 第一季的營收和調整後的 OIBDA 持平。企業和消費者方面的數據收入均成長，但被其他收入的下降所抵銷。其他收入的下降主要是由影片收入下降所致。但我們要指出的是，視訊業務不會產生——不會對利潤率或自由現金流產生有意義的影響。

Over the last year, adjusted for the reclassification from GCI business, GCI consumers added 3,500 revenue-generating wireless subs and saw a small decline of 200 cable modem customers. GCI paid down its revolver by $60 million during the quarter using strong cash from operations. At quarter end, leverage as defined by its credit agreement was 2.8x. And GCI's credit facility had $457 million of undrawn capacity, net of letters of credit. Subsequent to quarter end, GCI distributed $150 million to Liberty Broadband funded with cash on hand and drawing under its revolver. These proceeds were used to pay down the Charter margin loan and were therefore net debt neutral to Liberty Broadband. Pro forma for the dividend payment, GCI's leverage was just under 3.2x with $327 million of undrawn capacity under its revolver net of letters of credit.

去年，根據 GCI 業務的重新分類進行調整後，GCI 消費者增加了 3,500 個創收無線用戶，並小幅下降了 200 個電纜數據機客戶。 GCI 在本季利用強勁的營運現金償還了 6,000 萬美元的左輪手槍債務。截至季末，其信貸協議定義的槓桿率為 2.8 倍。 GCI 的信貸額度未提取信用狀的能力為 4.57 億美元。季度末後，GCI 向 Liberty Broadband 分配了 1.5 億美元，資金來源為手頭現金和左輪手槍提款。這些收益用於償還 Charter 保證金貸款，因此對 Liberty Broadband 而言淨債務呈中性。就股息支付而言，GCI 的槓桿率略低於 3.2 倍，其循環淨額未提取信用證的能力為 3.27 億美元。

And with that, I'll turn the call back over to Greg.

然後，我會將電話轉回給格雷格。

Thanks, Brian. And to the listening audience, we appreciate your continued interest in Liberty Broadband and Liberty TripAdvisor. And with that, operator, I'd like to open the call for questions.

謝謝，布萊恩。對於聽眾，我們感謝您對 Liberty Broadband 和 Liberty TripAdvisor 的持續關注。接線員，我想開始提問。

(Operator Instructions) Our first question today comes from Ben Swinburne of Morgan Stanley.

（操作員指令）我們今天的第一個問題來自摩根士丹利的本·斯溫伯恩（Ben Swinburne）。

Greg, a couple of questions on Charter. Yesterday, there was a bipartisan group of senators introduced some -- an ACP Extension Act in the Senate, obviously. I don't know if you didn't mention anything in your prepared remarks on this front, but I'm curious if you have any -- if there's any ray of hope here that there might be a kick save last minute on ACP. And then similarly, on Charter, you could probably make an argument. I don't know if you would agree, probably not, given the Liberty lens that maybe deleveraging would be better for the equity value than buying back stock here. I'm just curious what your position is on that when you think about interest rates and kind of what the credit markets look like right now relative to the stock price and the company's free cash flow generation.

格雷格，有幾個關於憲章的問題。昨天，兩黨參議員小組在參議院提出了一些法案——顯然是《ACP 延期法案》。我不知道你在這方面準備好的發言中是否沒有提及任何內容，但我很好奇你是否有任何提及——是否有任何一線希望，認為 ACP 可能會在最後一刻得到拯救。同樣，在憲章上，你可能會提出爭論。我不知道你是否會同意，可能不會，因為從自由視角來看，去槓桿化可能比回購股票對股票價值更好。我只是好奇當你考慮利率以及信貸市場目前相對於股價和公司自由現金流的情況時，你的立場是什麼。

I have to say I only just heard a little bit about the (inaudible) on the ACP extension. Don't know much to comment beyond it. I think there's always hope, but there is certainly a -- while there is some consensus both among Republicans and Democrats for extending it, there also seems to be many procedural issues that are -- why it might get tied up and therefore, we can't certainly count on it.

我不得不說我只是聽說了一點關於 ACP 擴展的（聽不清楚）。除此之外不知道太多評論。我認為總是有希望的，但肯定有一個——雖然共和黨人和民主黨人都就延長期限達成了一些共識，但似乎也存在許多程序性問題——為什麼它可能會被捆綁起來，因此，我們可以當然不能指望它。

On the leverage question, I think, Ben, you may have noticed that both our comments that in the near term, we expect to use more of the cash flow we get from Charter through buybacks to reduce our debt at Liberty Broadband. And I think you may have heard also that Charter expect to take its leverage level down from the closer to 4, 4.5 to the middle of that 4 to 4.5 range. So I think they have heard you, at least to the degree that while I think the company can support these levels of debt, both companies, we feel just to show the marketplace that we're responsive and the higher cost of interest, we're going to do some work at both sites to reduce the overall leverage.

關於槓桿問題，我想，本，你可能已經注意到我們的評論，即在短期內，我們希望利用透過回購從 Charter 獲得的更多現金流來減少我們在 Liberty Broadband 的債務。我想您可能也聽說過 Charter 預計將其槓桿水平從接近 4、4.5 的水平下調至 4 至 4.5 範圍的中間水平。因此，我認為他們已經聽到了你的聲音，至少在某種程度上，雖然我認為公司可以支持這些水平的債務，但兩家公司，我們只是想向市場展示我們的響應能力和更高的利息成本，我們'我們將在兩個地點做一些工作來降低整體槓桿率。

The next question comes from Jeff Wlodarczak of Pivotal Research Group.

下一個問題來自 Pivotal 研究小組的 Jeff Wlodarczak。

I'll also focus on Charter. Charter's EBITDA valuation is about as cheap as it's ever been. It's a discount to the telcos or most of the telcos. Just wondering if your thoughts, Greg, on the idea that maybe Charter should think about slowing down its footprint expansion and freeing up cash to do larger share repurchases? And then assuming ACP does happen, how successful do you think Charter is going to be with the tools that it has in not seeing some sort of ARPU hit in the second and third quarter and keeping most of those subs.

我還將重點關注憲章。 Charter 的 EBITDA 估值與以往一樣便宜。這是電信公司或大多數電信公司的折扣。格雷格，只是想知道您是否認為查特應該考慮放慢其足跡擴張並釋放現金以進行更大規模的股票回購？然後，假設 ACP 確實發生，您認為 Charter 將利用其擁有的工具在第二季度和第三季度沒有看到某種 ARPU 受到影響並保留大部分潛艇方面取得多大成功。

Thanks for the question, Jeff. The -- I think on the question of slowdown, look, these are attractive opportunities that they have under beat and other programs, but they are being more thoughtful about them given the alternatives and given the general move towards the market wishing to see free cash flow versus line extension. So I think there are -- Chris and team have rightly had a very thoughtful, balanced approach. On ACP, I think there are a bunch of programs which are attractive and we should be able to do things to mitigate the loss. I do not think they anticipate -- big declines in ASP or average revenue per customer given what we have and how many customers we have and what those programs are likely to achieve.

謝謝你的提問，傑夫。我認為在經濟放緩的問題上，這些都是他們在擊敗和其他計劃中所擁有的有吸引力的機會，但考慮到替代方案以及考慮到希望看到自由現金的市場普遍走向，他們對這些機會更加深思熟慮流量與線路延伸。所以我認為克里斯和團隊正確地採取了非常深思熟慮、平衡的方法。在 ACP 上，我認為有很多有吸引力的計劃，我們應該能夠採取措施來減輕損失。我認為他們沒有預料到——考慮到我們擁有的資源、我們擁有的客戶數量以及這些計劃可能實現的目標，ASP 或每位客戶的平均收入將大幅下降。

The next question comes from Barton Crockett of Rosenblatt Securities.

下一個問題來自羅森布拉特證券公司的巴頓克羅克特。

Okay. I also wanted to ask you, Greg, for thoughts on a cable question, which is the growth of mobile seems to be kind of the bright spot in the industry right now with headwinds on broadband and pay TV at the moment. And there's certainly been some great arguments put up by Charter about the success of some of the buy 1 get 1 free programs and the conversion on that. So Greg, I'm just wondering from your perspective, given that mobile is a great growth story, but it's still pretty small, not material, not really moving the needle in terms of investor sentiment. Do you think that there's an opportunity to invest more in mobile to move quicker to make it more material to pursue that future where your cable companies are the dominant kind of mobile providers like they were with plain old fashion telephone in years past. Do you think there's scope to do that? Just your thoughts there would be interesting.

好的。格雷格，我還想請教您對有線電視問題的看法，即行動裝置的成長似乎是目前該行業的亮點，而目前寬頻和付費電視面臨著阻力。對於某些買一送一免費計劃的成功及其轉化，Charter 提出了一些很好的論點。所以格雷格，我只是想從你的角度來看，考慮到行動領域是一個偉大的成長故事，但它仍然很小，不是實質的，並沒有真正改變投資者的情緒。您是否認為有機會在行動裝置上進行更多投資，以加快行動速度，從而為追求未來提供更多物質，您的有線電視公司將成為行動提供商的主導類型，就像過去幾年的普通老式電話一樣。您認為有這樣做的空間嗎？只要你的想法就會很有趣。

Thanks for the question, Barton. Look, I think you're right to note that mobile has been a bright spot. And Charter really has been the most aggressive pursuer that in the space among the cable companies. So I'm not sure how much more they can put their foot on the gas. The -- I think just in general, there's reduced activity coming into stores. All of that -- it's just there's been a slower process. So they're probably getting as much out of mobile as they can right now. And they are continuing to push that product, Charter, and I do see future success. I remain quite bullish on their growth in mobile and how long they'll be able to continue to take share.

謝謝你的提問，巴頓。聽著，我認為你指出行動裝置一直是亮點是正確的。在有線電視公司中，查特確實是該領域最積極的追求者。所以我不確定他們還能加大力度多少。我認為總的來說，進入商店的活動減少了。所有這一切——只是過程變慢了。因此，他們現在可能會盡可能地利用行動裝置。他們正在繼續推廣該產品，Charter，我確實看到了未來的成功。我仍然非常看好他們在行動領域的成長以及他們能夠繼續佔據市場份額多久。

Okay. And then if I could switch gears and just ask on Liberty Broadband, given kind of the depressed valuations for cable assets all over the place, is there an opportunity for Liberty Broadband to look at rolling up other cable companies generally, is there some opportunity there? Is the door really closed on that thought at this moment?

好的。然後，如果我可以換個話題，問一下自由寬頻，考慮到各地有線電視資產的估值都低迷，自由寬頻是否有機會考慮收購其他有線電視公司，是否有機會？此時此刻，這個想法的大門真的關閉了嗎？

Barton, I don't think the door is closed, but in general, given the synergies that Charter has I think in most cases, we'd be better off trying to pursue it with Charter or through Charter than doing it directly. But I -- you can't say never. There could be one that makes more sense for us for one reason or another or Charter's appetite is less likely. But in general, I think we're quite aligned that it's an attractive opportunity, but there are an enormous number that are available now that would be appealing even given Charter's synergies.

巴頓，我不認為大門已經關閉，但總的來說，考慮到憲章在大多數情況下所具有的協同作用，我們最好嘗試與憲章或透過憲章來實現這一目標，而不是直接這樣做。但我——你不能說永遠不會。出於某種原因，可能會有對我們更有意義的方案，或者查特的胃口不大可能。但總的來說，我認為我們非常一致認為這是一個有吸引力的機會，但即使考慮到憲章的協同效應，現在有大量可用的機會也將很有吸引力。

The next question is from Michael Rollins of Citi.

下一個問題來自花旗銀行的麥可‧羅林斯。

Just on Liberty Broadband, another question regarding just the broader NAV discount that you're currently assessing. What do you think the factors are that are driving that discount? And can you discuss the way the Board is prioritizing the possibility of shrinking that discount and the methods that you want to use to do that.

就自由寬頻而言，另一個問題是關於您目前正在評估的更廣泛的淨值折扣。您認為推動折扣的因素是什麼？您能否討論董事會如何優先考慮縮小折扣的可能性以及您想要使用的方法。

Yes. I think we've talked about how these discounts have risen in the past. There are fewer peers, there are fewer funds which arbitrage the opportunity. There's more higher cost to borrow on some of those things. We've talked about all that. We're really not the key market participants to judge, but that's what we here. On what we're doing, generally, what we do is we advantage of the discount by doing share repurchase at the discounted number and we find that attractive. Obviously, that's slow a little bit with the pace of Charter's buyback itself. And that's our primary fuel for doing incremental buyback, though we do get free cash flow on GCI also. The ultimate mitigation of that usually comes in the form of what we've done with LSXM and SXM or what we did with Liberty Expedia and Expedia or what we did with Elmedia and DIRECTV, where we eventually somehow spin and combine it or if it's already spun, combine our holdco with the opco and end up with a fully valued stock. So that's the ultimate resolution. And in the interim, the primary means is share repurchase to try and take advantage of it.

是的。我想我們已經討論過這些折扣過去是如何增加的。同行越來越少，套利機會的基金也越來越少。其中一些東西的借貸成本更高。我們已經討論過所有這些。我們確實不是做出判斷的主要市場參與者，但這就是我們在這裡的情況。就我們正在做的事情而言，一般來說，我們所做的是透過以折扣價回購股票來利用折扣，我們發現這很有吸引力。顯然，這與查特回購本身的步伐相比有點慢。這是我們進行增量回購的主要動力，儘管我們也從 GCI 上獲得了自由現金流。最終的緩解措施通常是我們對LSXM 和SXM 所做的事情，或者我們對Liberty Expedia 和Expedia 所做的事情，或者我們對Elmedia 和DIRECTV 所做的事情，我們最終會以某種方式旋轉和組合它，或者如果它已經旋轉，將我們的holdco與opco結合起來，最終得到一支完全估值的股票。所以這就是最終的解決方案。在此期間，主要手段是股票回購，以嘗試利用這一機會。

And in terms of that resolution, is there a significant amount of OpEx synergy or other considerations in the case of Liberty Broadband that investors should be mindful of?

就該決議而言，對於 Liberty Broadband 而言，投資者是否應該注意大量的營運支出綜效或其他考量？

Well, Liberty Broadband has some corporate overhead, which would be eliminated in any kind of a transaction. And there, I suspect, would be synergies between GCI and Charter and GCI's ability to do more effective purchases of programming, more effective purchases of any network elements that would probably be more efficient than GCI can do on a stand-alone basis. So yes, there are probably some synergies there.

嗯，自由寬帶有一些公司管理費用，這在任何類型的交易中都可以消除。我懷疑，GCI 和 Charter 之間將會產生協同效應，GCI 能夠更有效地購買節目、更有效地購買任何網絡元素，這可能比 GCI 單獨進行的效率更高。所以，是的，那裡可能存在一些協同效應。

Our last question today comes from Jeff Bronchick of Cove Street Capital.

今天我們的最後一個問題來自 Cove Street Capital 的 Jeff Bronchick。

I'm going to talk about Trips. And my quick question would be to you is, do you think -- have the negotiation taken a, what I call, a Paramount like situation where really the interest is in buying the L-TRIP for control and that's meeting resistance from taking up all shareholders? Or is that not relevant?

我要談談旅行。我想問你的問題是，你認為談判是否會採取一種我所說的類似派拉蒙的情況，真正的興趣在於購買 L-TRIP 以獲得控制權，而這會遇到阻止所有收購的阻力股東？還是這不相關？

I don't know enough about Paramount what's going on or not going on there. I only read what I read. So I can't make the analogy or not. I can say is as we had productive discussions with the special committee. We continue to have those discussions. And I don't think there is tension about any kind of Liberty Trip premium versus Trip. I don't think we've seen that tension in the discussions. And afraid, I really can't comment further than that.

我對派拉蒙那裡正在發生或沒有發生的事情了解不夠。我只讀我讀過的內容。所以我不能做這樣的類比。我可以這麼說，因為我們與特別委員會進行了富有成效的討論。我們將繼續進行這些討論。我不認為 Liberty Trip 保費與 Trip 之間存在任何緊張關係。我認為我們在討論中沒有看到這種緊張氣氛。恐怕，我真的無法發表更多評論。

Paramount, where, obviously, someone would like to buy the Redstone stake and I have to offer all other shareholders anything would be my reference.

派拉蒙，顯然有人想買紅石股份，而我必須向所有其他股東提供任何東西作為我的參考。

In general, I mean, just level -- one last point, we have worked hard to try and make sure that we treat all shareholders fairly and not disadvantaged. And I certainly haven't sought some big premium from (inaudible) position, we thought to try and make this the best possible transaction for all shareholders.

總的來說，我的意思是，最後一點，我們努力確保我們公平對待所有股東，而不是處於不利地位。我當然沒有從（聽不清楚）的位置尋求一些大的溢價，我們認為嘗試使這對所有股東來說是最好的交易。

With that, operator, I think we're done. And thank you to our listening audience once again, and thank you for your interest in Liberty Broadband and Liberty Trip. And we look forward to speaking with you again next quarter, if not sooner.

至此，操作員，我想我們就完成了。再次感謝我們的聽眾，感謝您對 Liberty Broadband 和 Liberty Trip 的興趣。我們期待下個季度（甚至更早）再次與您交談。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。