Liberty Broadband Corp (LBRDA) 2024 Q2 法說會逐字稿

Welcome to the Liberty Broadband 2024 Q2 earnings call. (Operator Instructions) As a reminder, this conference is being recorded today, August 8, 2024. I would now like to turn the call over to Clare Adams, Senior Manager, Investor Relations. Please go ahead.

歡迎參加 Liberty Broadband 2024 年第二季財報電話會議。 （操作員說明）謹此提醒，本次會議將於今天（2024 年 8 月 8 日）進行錄製。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 Form 10-K and 10-Q filed by Liberty Broadband and Liberty TripAdvisor with the SEC.

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 表中提到的內容。

The 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 statement 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.

前瞻性聲明僅代表本次電話會議之日的情況，Liberty Broadband 和Liberty TripAdvisor 明確不承擔任何義務或承諾傳播本文中包含的任何前瞻性聲明的任何更新或修訂，以反映Liberty Broadband 或Liberty TripAdvisor 的任何變更。

On today's call, we'll discuss certain non-GAAP financial measures for Liberty Broadband, including adjusted OIBDA. Information regarding the comparable GAAP metrics, along with required definitions and reconciliations, including preliminary note and Schedules 1 and 2 can be found in the earnings press release issued today as well as the 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，包括初步說明和附表1 和附表2，可以在今天發布的收益新聞稿以及前期收益發布中找到，這些新聞稿可在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 our listeners. Today, speaking on the call, we will have Liberty Broadband's, Chief Accounting and Principal Financial Officer, Brian Wendling; Ron Duncan, CEO of GCI; Pete Pounds, CFO of GCI, will also be available to answer questions.

謝謝你，克萊爾，祝所有聽眾早安。今天，Liberty Broadband 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。

And during Q&A, we will answer questions if there are any related to Liberty TripAdvisor. So beginning first with Liberty Broadband, in July, we issued $860 million of a [3.125%] Charter exchangeables. We used the proceeds from that offering to repay $540 million under our Charter Margin Loan and repurchased $300 million of our existing 3.125% exchangeables.

在問答環節，如果有任何與 Liberty TripAdvisor 相關的問題，我們都會回答。因此，從 7 月的 Liberty Broadband 開始，我們發行了 8.6 億美元的 [3.125%] Charter 可交換證券。我們利用此次發行的收益償還了我們的租船保證金貸款下的 5.4 億美元，並回購了 3 億美元的現有 3.125% 可交換債券。

We've also extended the margin loan maturity to 2027, and our 2026 debt maturities are now spread through 2028. As a result of these actions, we expect substantial interest savings. We resumed our sales at Liberty Broadband into Charter's buy back in June. With the proceeds, we will continue to take a prudent approach about retiring debt, and that is our current focus. We will also about valuate those LBRD buybacks as cash builds from Charter share repurchases.

我們還將保證金貸款期限延長至 2027 年，我們 2026 年的債務期限現已延長至 2028 年。 6 月份，由於 Charter 的回購，我們恢復了 Liberty Broadband 的銷售。有了所得款項，我們將繼續對償還債務採取審慎態度，這是我們目前的重點。我們也將對 LBRD 回購進行評估，因為它是從 Charter 股票回購中獲得的現金。

Looking at Charter, the underlying company, they had well received strong results in the quarter against the competitive backdrop and the expiration of the ACP program, they reported a net subscriber loss of 149,000 broadband subs, but the majority of those were due to ACP. The broadband trends did improve throughout the quarter with the lowest net loss in June.

看看基礎公司 Charter，在競爭背景和 ACP 計劃到期的情況下，他們在本季度取得了強勁的業績，他們報告稱寬頻用戶淨流失 149,000 名，但其中大部分是由於 ACP 造成的。整個季度寬頻趨勢確實有所改善，六月的淨損失最低。

Charter reported solid EBITDA growth of 2.6% versus the prior year and 100 basis point margin improvement. Management did a great job of expense management, working with the growing realization impacts of that in the second quarter. They continue to manage the cost structure without sacrificing growth.

Charter 公佈的 EBITDA 較上年增長 2.6%，利潤率提高 100 個基點。管理層在費用管理方面做得很好，並應對第二季度日益增長的變現影響。他們在不犧牲成長的情況下繼續管理成本結構。

Mobile achieved its profitability for the first time, an important milestone that reinforces the value of the mobile offering. Charter reported 557 mobile line net additions. The anytime upgrade program is driving ARPU as customers increasingly chose Unlimited Plus plan. The phone buyout program for multi-line households to move more easily to Spectrum Mobile is also being very effective.

行動業務首次實現盈利，這是一個重要的里程碑，增強了行動產品的價值。 Charter 報告稱，行動線路淨增 557 條。隨著越來越多的客戶選擇 Unlimited Plus 計劃，隨時升級計劃正在推動 ARPU 的成長。讓多線路家庭更輕鬆地轉向 Spectrum Mobile 的電話購買計劃也非常有效。

We expect continued EBITDA growth the back half of the year. We will see the AC impact mostly in the third quarter and some in the fourth, but believe charter is managing that transition effectively. Our cost initiatives continue to support the highest margin to date, and we do expect to see political spending ramp to the year. We also expect to see continued strong mobile performance by Charter, reduce leverage during the quarter to 4.32 times. And charter expect it to continue to move closer to the middle of the target of the 4 to 4.5 times leverage range throughout the year.

我們預計今年下半年 EBITDA 將持續成長。我們將主要在第三季度看到 AC 的影響，在第四季度看到一些影響，但相信 Charter 正在有效地管理這一過渡。我們的成本計劃繼續支持迄今為止的最高利潤，我們確實預計今年政治支出將會增加。我們也預期 Charter 的行動業務表現將持續強勁，本季槓桿率將降低至 4.32 倍。 Charter預計全年將繼續向4至4.5倍槓桿範圍目標的中間靠攏。

Turning now to Liberty Trip, we continue to evaluate strategic alternatives with TripAdvisor special committee and we will not be able to comment further until or unless a definitive documents are executed or discussions terminate.

現在轉向 Liberty Trip，我們將繼續與 TripAdvisor 特別委員會評估策略替代方案，並且在執行最終文件或討論終止之前，我們將無法進一步發表評論。

Looking at TripAdvisor itself. During the quarter, it felt continued pressure on Hotel Meta in brand TripAdvisor from both SEO and SEM structural challenges with weaker demand and increased competition. However, positive early results from strategy work launched last year are beginning to take hold. We've seen a growing share of app users and direct channel activity where there's more monetization opportunity available.

看看 TripAdvisor 本身。本季度，由於需求疲軟和競爭加劇，SEO 和 SEM 結構性挑戰給 TripAdvisor 品牌中的 Hotel Meta 帶來了持續的壓力。然而，去年啟動的策略工作的正面早期成果已開始顯現。我們看到應用程式用戶和直接管道活動的份額不斷增加，其中有更多的獲利機會。

Members using trip planning tool have a 15 times higher ARPU than the platform wide average. Strategies designed to mix, drive mix shift over time from legacy offerings to focus on member value, a differentiated app experience and engaging product features. For example, AI powered reviews, summaries and hotel booking directly into the app and user upgrades are much more effective and better monetization opportunities for us.

使用旅行規劃工具的會員的 ARPU 比全平台平均高出 15 倍。旨在混合、推動混合的策略隨著時間的推移從傳統產品轉向關注會員價值、差異化的應用程式體驗和有吸引力的產品功能。例如，人工智慧驅動的評論、摘要和酒店預訂直接進入應用程序，並且用戶升級對我們來說是更有效和更好的盈利機會。

Looking at the other businesses with Trip, Viator and TheFork both increased their competition comp contribution rather to the profit mix. Viator saw a doubling of active bookers who log into the app, which led to higher conversion, better repeat rates and GBV growth.

看看 Trip 等其他業務，Viator 和 TheFork 都增加了競爭貢獻，而不是利潤組合。 Viator 發現登入該應用程式的活躍預訂者翻了一番，從而帶來了更高的轉換率、更好的重複率和 GBV 成長。

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 $73 million, which includes $47 million of cash at GCI. The value of our Charter investment based on our share of shares held as of August 1 and Charter share price as of yesterday's close was $16.2 billion. And at quarter end, Liberty Broadband had a total principal amount of debt of $3.7 billion, including the debt at GCI. Note that this excludes the preferred stock.

謝謝你，格雷格。截至季末，Liberty Broadband 的合併現金和現金等價物為 7,300 萬美元，其中包括 GCI 的 4,700 萬美元現金。根據我們截至 8 月 1 日持有的股份以及截至昨天收盤的 Charter 股價，我們的 Charter 投資價值為 162 億美元。截至季末，Liberty Broadband 的債務本金總額為 37 億美元，其中包括 GCI 的債務。請注意，這不包括優先股。

Looking quickly at GCI, revenue was up $1 million over the prior year, driven by continued strength in data sales in particular, particularly to our rural health care and school customers, partially offset by declines in wireless and other revenue.

快速瀏覽GCI，收入比前一年增加了100 萬美元，這主要是由於數據銷售的持續強勁，尤其是針對我們的農村醫療保健和學校客戶的數據銷售，部分被無線和其他收入的下降所抵消。

Adjusted OIBDA decreased $6 million due to higher operating costs as well as increased SG&A expense from labor related costs and increased professional services fees. Over the last year, adjusted for the reclassification from GCI business to GCI consumer saw a decline of about 1,000 revenue-generating wireless subs, cable modem subscribers declined by 2,500, mostly driven by the expiration of the ACP program.

調整後的 OIBDA 減少了 600 萬美元，因為營運成本增加、勞動力相關成本導致的 SG&A 費用增加以及專業服務費用增加。去年，根據從 GCI 業務重新分類到 GCI 消費者的調整，創收無線用戶減少了約 1,000 個，電纜數據機用戶減少了 2,500 個，這主要是由於 ACP 計劃到期所致。

During the quarter, 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 loans and were therefore net debt neutral to Liberty Broadband.

本季度，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。這些收益用於償還特許保證金貸款，因此對自由寬帶來說淨債務是中性的。

At quarter end, GCI leverage was at 3.2 times with sufficient cushion in relation to the 6.5 times maximum leverage covenant threshold stipulated in the credit facility. And we had $347 million of undrawn capacity under the GCI revolver net of letters of credit.

截至季末，GCI 槓桿率為 3.2 倍，相對於信貸安排規定的 6.5 倍最大槓桿門檻有足夠的緩衝。 GCI 左輪手槍下，扣除信用狀後，我們還有 3.47 億美元的未提取能力。

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. Our Annual Investor Day will be Thursday, November 14 in New York. Now we move to new location. See you at the Jazz at Lincoln Center. Save the date. Additional details will be forthcoming soon. So we hope to see many of you there.

謝謝，布萊恩。我們的年度投資者日將於 11 月 14 日星期四在紐約舉行。現在我們搬到新地點。林肯中心爵士樂場見。保存日期。更多詳細資訊將很快公佈。因此，我們希望在那裡見到你們中的許多人。

And with that, operator, I'll open the line for questions.

接線員，接下來我將開通提問專線。

Thank you at this time, we'll be conducting a question-and-answer session. (Operator Instructions)

謝謝您，我們將進行問答環節。 （操作員說明）

Barton Crockett, Rosenblatt Securities.

巴頓·克羅克特，羅森布拉特證券公司。

Okay. Thank you for taking my questions. There were a couple of things I was kind of interested in. See if we can address them here. One is I'm curious about the wireless business at GCI and then perhaps a longer term thought for Charter.

好的。感謝您回答我的問題。有幾件事我有點感興趣。一是我對 GCI 的無線業務很好奇，然後也許是對 Charter 的長期思考。

So my question is this, to what degree is GCI really focused on subsidizing kind of device purchases, just update us on that, if we go into what may be a bigger kind of upgrade cycle with the AI presence on the iPhone 16? And also if you have any thoughts about what you expect there in terms of the size of that cycle for GCI? And then for Charter, and I guess over to Greg, just more broadly, I mean, obviously, Charter is not doing the device subsidies at the level that the major wireless carriers are today.

所以我的問題是，GCI 在多大程度上真正專注於補貼設備購買，如果我們進入 iPhone 16 上的人工智慧可能會進入更大的升級週期，請向我們通報最新情況？另外，您對 GCI 週期的規模有何期望？然後對於 Charter，我想是格雷格，更廣泛地說，我的意思是，顯然，Charter 並沒有像主要無線運營商那樣提供設備補貼。

But one could imagine over time, as the Charter and the cable peers get bigger in wireless that they will want to compete in more kind of toe-to-toe on that basis. and I was just wondering, Greg, if you agree that that's going to be the general direction? And if so, any thoughts about how the road there might progress slowly, quickly? Any steps that could kind of transition you over there?

但人們可以想像，隨著時間的推移，隨著特許公司和有線電視同行在無線領域的規模不斷擴大，他們將希望在此基礎上展開更多形式的面對面競爭。我只是想知道，格雷格，你是否同意這將是大方向？如果是這樣，有沒有想過那裡的道路如何緩慢或快速地進展？有什麼步驟可以讓你過渡到那裡嗎？

Thanks, Barton. Ron, do you want to take the GCI Wireless part of that?

謝謝，巴頓。 Ron，你想參與其中的 GCI Wireless 部分嗎？

Sure. I can do that. And obviously, Barton, GCI is a mobile network operator, not an MVNO like Charter. So we have a different cost structure. We've got a much higher gross margin and EBITDA percentage because we own the network. We're not paying somebody else for it. And we've also got a much higher market share at this point than Charter does. We're probably 40% of the Alaska mobile market overall, and it's one of our 2 core businesses for consumer businesses along with consumer data.

當然。我能做到。顯然，Barton，GCI 是一家行動網路營運商，而不是像 Charter 這樣的 MVNO。所以我們有不同的成本結構。因為我們擁有網絡，所以我們的毛利率和 EBITDA 百分比要高得多。我們不會為此付錢給別人。目前我們的市佔率也比查特高很多。我們可能佔據阿拉斯加整體行動市場 40% 的份額，它與消費者數據一起是我們消費者業務的兩大核心業務之一。

As such, we pretty much have to match or at least be competitive with the majors and our principal competitors, AT&T, Verizon is not a material player in the market up there. So we pretty much have to match AT&T device subsidies in order to avoid losing subs to them when there's a refresh cycle. In the last couple of years, we've extended the device subsidies from two-year contracts to three-year contracts.

因此，我們幾乎必須與主要競爭對手相匹配或至少具有競爭力，而我們的主要競爭對手 AT&T、Verizon 並不是市場上的重要參與者。因此，我們幾乎必須匹配 AT&T 的設備補貼，以避免在更新周期時失去訂閱者。在過去的幾年裡，我們將設備補貼從兩年合約延長到了三年合約。

That's given us a little lower turnover and a little more stability. We're evaluating right now, but we think that if there's an accelerated device cycle, this fall as a result of AI features, particularly in the Apple phones, it may be an opportunity to grab some more share. We've got a better network in anchorage and most of Alaska and AT&T does. People choose us for that reason.

這讓我們的營業額降低了一些，穩定性也提高了一些。我們現在正在評估，但我們認為，如果由於人工智慧功能而導致今年秋季的設備週期加速，特別是在蘋果手機中，這可能是一個搶佔更多份額的機會。我們在安克雷奇和阿拉斯加的大部分地區以及 AT&T 擁有更好的網路。人們因為這個原因選擇我們。

And we're trying to figure out whether enhancing device subsidies a little bit would allow us to gain more share. If we weren't relatively competitive with AT&T, we'd keep the low margin or the low cost portion of the customer base, but we wouldn't be able to maintain the 40% statewide market share. Greg, back to you.

我們正在嘗試弄清楚稍微提高設備補貼是否能讓我們獲得更多份額。如果我們與 AT&T 沒有相對競爭力，我們會保留客戶群中的低利潤或低成本部分，但我們將無法維持 40% 的全州市場份額。格雷格，回到你身邊。

Thanks, Ron. So I think, as you rightly know, Charter has not had to offer the kind of subsidies for handsets that many other competitors in the local space have. I think that's largely because of the attractive pricing of the Spectrum Plus offering, particularly obviously, the year free line, but even post that, the relative savings of being a charter subscriber and having Spectrum Plus for your mobile as well is very attractive compared to the alternative.

謝謝，羅恩。因此，我認為，正如您所知道的那樣，Charter 不必像本地領域的許多其他競爭對手那樣提供手機補貼。我認為這主要是因為 Spectrum Plus 產品的價格具有吸引力，特別是一年免費線路，但即使如此，作為包機用戶並為您的手機提供 Spectrum Plus 所節省的相對費用也非常有吸引力另一種選擇。

So I don't see Charter -- you can't predict how the market will go entirely, but I don't see Charter offering or needing to offer the kind of subsidies that other people have because they're attracting us with a combined offering.

所以我不認為憲章——你無法預測市場將如何發展，但我不認為憲章提供或需要提供其他人擁有的那種補貼，因為他們以綜合的方式吸引我們。

Okay. Thank you.

好的。謝謝。

Ben Swinburne, Morgan Stanley.

本‧斯威本，摩根士丹利。

Greg, I wanted to get your thoughts just generally on some of the action we're seeing competitively in telecom in the US, particularly T-Mobile's acquisition or JV, I guess, I should say, with Lumos and Metronet. And how that impacts sort of your perspective on Charter, both when we think about kind of private and public market multiples, which obviously are pretty far apart right now? And this just competitively, whether you think the level of fiber and converged competition is something that is going to be potentially a headwind for Charter over time? Thanks so much.

Greg，我想了解您對我們在美國電信領域看到的一些競爭行為的總體看法，特別是 T-Mobile 的收購或合資企業，我想，我應該說，是與 Lumos 和 Metronet 的合資企業。當我們考慮私人市場和公共市場的本益比時，這對您對 Charter 的看法有何影響，而目前這兩個本益比顯然相差甚遠？這只是競爭，您是否認為隨著時間的推移，光纖和融合競爭的水平可能會成為 Charter 的潛在阻力？非常感謝。

Yes. Thanks for the question, Ben. I think the actions of T-Mobile and really of many of the mobile players talking about offering fiber -- increased fiber activity is a validation of the need for fixed lines and that mobile alone is a less attractive proposition. And the combined offering that Charter has with its broadband network and its MVNO relationship is very attractive. When you look at these things that they're doing, they're mostly kind of around the edges.

是的。謝謝你的提問，本。我認為 T-Mobile 以及許多談論提供光纖的行動營運商的行動——增加的光纖活動證明了對固定線路的需求，而行動本身並不是一個有吸引力的提議。 Charter 與其寬頻網路及其 MVNO 關係的組合產品非常有吸引力。當你觀察他們正在做的這些事情時，你會發現它們大多處於邊緣狀態。

They're not big time entrants. And in general, we've seen less activity in fiber build-outs, whether it's because the easy pickings are done or because some of the players who were more levered players have slowed down or just competitive in the markets, we've not seen big upticks. What we are seeing, though, is interest from those players of being a broadband of having a broadband fixed line. So I think it's a validation of Charter's strategy to be first and foremost, a fixed line provider and then off that MVNO, which is very attractive. And it's a much more nimble around the edge is for people like T-Mobile with the JV that they're doing.

他們並不是大牌的新晉者。總的來說，我們看到纖維建設的活動較少，無論是因為容易的採摘已經完成，還是因為一些槓桿率較高的參與者已經放慢腳步，或者只是在市場上具有競爭力，我們沒有看到大的上升。不過，我們看到的是那些對寬頻固定線路有興趣的參與者。因此，我認為這是對 Charter 策略的驗證，首先也是最重要的是，成為固網提供者，然後脫離 MVNO，這是非常有吸引力的。對於像 T-Mobile 這樣的公司來說，他們正在建立的合資企業更加靈活。

Makes sense. And I just had one follow-up to Ron since he mentioned it, I was going to ask anyway. What's your view on sort of the AI phone cycles? That's another big debate. Do you think this is something consumers are going to be eager to acquire? Or are you taking sort of the opposite that maybe the market's a little ahead of itself on optimism here?

有道理。自從羅恩提到這件事以來，我就對他進行了一次跟進，無論如何我都會問。您對人工智慧手機週期有何看法？這是另一場大辯論。您認為這是消費者渴望獲得的東西嗎？或者你採取了相反的觀點，認為市場的樂觀情緒可能有點超前了？

I think there's probably more optimism than is merited, but we're expecting a bigger-than-usual upgrade cycle this time around, in part because there really haven't been that many earthshaking changes to the iOS app in the last several cycles. So the difference between [12] and [15] wasn't all that significant, and we've definitely seen reduced upgrades.

我認為可能存在比應得的樂觀情緒，但我們預計這次的升級週期會比平常更大，部分原因是在過去的幾個週期中，iOS 應用程式確實沒有發生太多翻天覆地的變化。因此，[12] 和 [15] 之間的差異並不是那麼顯著，而且我們確實看到了升級的減少。

As I said, we've seen our average cycle, our average turnover in the customer go from two years to something close to three years. I think there's enough buzz around the AI that regardless of how good the product really is more people will try at this time, whether it's a 50% increase over the last time, I don't know. We're trying to assess that and prepare for how much inventory. But I definitely think that even if it's not real a buzz, we'll create more consumer interest and more people may try it.

正如我所說，我們已經看到我們的平均週期，我們的客戶平均營業額從兩年增加到接近三年。我認為圍繞人工智慧的討論已經足夠多了，無論產品有多好，此時都會有更多人嘗試，是否比上次增加 50%，我不知道。我們正在嘗試評估這一點並準備庫存量。但我絕對認為，即使它不是真正的熱門，我們也會引起更多消費者的興趣，更多的人可能會嘗試它。

Last time being the 5G upgrade cycle that you're referring to?

您所說的最後一次是5G升級週期嗎？

Yeah.

是的。

Yeah, got it. Thanks a lot.

是的，明白了。多謝。

Alex Nordhagen, Balyasny Asset Management.

Alex Nordhagen，Balyasny 資產管理公司。

Great. Thanks very much for taking my question today. I have a question specifically regarding Liberty TripAdvisor. And that's with respect to the Series A preferred stock. Is the current expectation to this instrument will simply just remain outstanding past the end of March next year and accrue its dividend at the penalty rate of 12% versus the current 8%? Thank you.

偉大的。非常感謝您今天回答我的問題。我有一個關於 Liberty TripAdvisor 的具體問題。這是相對於 A 系列優先股而言的。目前對該工具的預期是否只是在明年 3 月底之後保持未償付狀態，並以 12% 的罰金率（而不是目前的 8%）累積股息？謝謝。

Yes. I think we're, as we've said, we're in discussions with TripAdvisor and with Certares about transactions that might arise. So I can't comment on whether that will be the result. All I can tell you is that there are active discussions between Certares, TripAdvisor and ourselves.

是的。我認為，正如我們所說，我們正在與 TripAdvisor 和 Certares 就可能出現的交易進行討論。所以我無法評論這是否會是結果。我只能告訴您，Certares、TripAdvisor 和我們自己之間正在進行積極的討論。

Okay, great. Thank you. And just a follow up, if I may. Would you like to share the opinion that some have the Liberty TripAdvisor kind of holding structure of the trip shares ways on TripAdvisor stock?

好的，太好了。謝謝。如果可以的話，我只是跟進一下。您是否願意分享一些在 TripAdvisor 股票上擁有 Liberty TripAdvisor 類型的旅行股份持有結構的觀點？

I would -- I think at this point, the potential issues around Liberty TripAdvisor are probably a cloud on the TripAdvisor's stock. That's probably a fair statement, yes.

我認為，在這一點上，圍繞 Liberty TripAdvisor 的潛在問題可能會為 TripAdvisor 的股票帶來陰影。是的，這可能是個公平的說法。

All right, thanks very much, Greg. Appreciate it.

好的，非常感謝，格雷格。欣賞它。

Thank you to our listening audience for your interest in Liberty Broadband and Liberty TripAdvisor. We hope to speak with you next quarter, if not sooner.

感謝我們的聽眾對 Liberty Broadband 和 Liberty TripAdvisor 的興趣。我們希望在下個季度（甚至更早）與您交談。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time and enjoy the rest of your day.

謝謝。今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路並享受剩下的一天。