Liberty Broadband Corp (LBRDK) 2023 Q3 法說會逐字稿

Welcome to the Liberty Broadband 2023 Third Quarter Earnings Call.

歡迎參加 Liberty Broadband 2023 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference will be recorded, November 3. I would now like to turn the call over to Shane Kleinstein, Vice President, Investor Relations. Please go ahead.

提醒一下，本次會議將於 11 月 3 日進行錄音。我現在想將電話轉給投資者關係副總裁 Shane Kleinstein。請繼續。

Thank you. 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.

謝謝。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。由於許多風險和不確定因素，實際事件或結果可能會存在重大差異，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 required definitions and reconciliations, including preliminary note 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, Shane, and good morning to all. Today, speaking on the call, we will also have Liberty Broadband's Chief Accounting and Principal Financial Officer, Brian Wendling. GCI management will be available to answer questions. Also during Q&A, we will be available to answer questions related to Liberty TripAdvisor, but please note TripAdvisor has not yet reported their third quarter results. So we will obviously not be able to comment on the current quarter.

謝謝你，肖恩，祝大家早安。今天，在電話會議上發言的還有 Liberty Broadband 的首席會計兼財務長 Brian Wendling。 GCI 管理層將回答問題。此外，在問答期間，我們還將回答與 Liberty TripAdvisor 相關的問題，但請注意 TripAdvisor 尚未報告其第三季業績。因此，我們顯然無法對當前季度發表評論。

So beginning with Liberty Broadband. We did resume selling into the Charter buyback in October. We received $48 million of proceeds, and we deployed $13.1 million into Liberty Broadband buyback at an average cost of $88.18 per share. We anticipate that we will continue to buy back LBRDA and K shares with the substantial majority of the after-tax proceeds we received from Charter throughout the rest of the year.

所以從自由寬頻開始。我們確實在十月恢復了憲章回購的銷售。我們收到了 4,800 萬美元的收益，並將 1,310 萬美元用於 Liberty Broadband 回購，平均成本為每股 88.18 美元。我們預計，我們將在今年剩餘時間內繼續用從 Charter 獲得的大部分稅後收益回購 LBRDA 和 K 股。

And now looking at Charter. Charter did report solid operating and financial results despite a tougher market and the Disney Exchange. Charter added 63 broadband net adds. We continue to benefit from rural expansion with 31,000 subsidized rural net adds in the third quarter, and we are already achieving 50% penetration after 12 months of those net adds into customer cohorts well above the case that those were underwritten upon. We believe this reinforces the rural investment opportunity, which we think is an attractive use of capital allocation. There is high demand for Charter services, both broadband and mobile in those markets.

現在看看憲章。儘管市場和迪士尼交易所形勢嚴峻，查特確實報告了穩健的營運和財務表現。憲章新增63個寬頻網新增。我們繼續受益於農村擴張，第三季補貼的農村淨增人數為 31,000，並且在這些淨增客戶群 12 個月後，我們已經實現了 50% 的滲透率，遠高於承保的情況。我們認為這加強了農村投資機會，我們認為這是資本配置的一個有吸引力的用途。這些市場對寬頻和行動包機服務的需求很高。

Mobile strength does also continue. We added 594,000 mobile lines during the third quarter. We will begin to see the benefit of those in the fourth quarter as Spectrum One pricing opportunities roll off and we begin to see closer pricing on those. These free lines will begin to convert into paid lines during the fourth quarter. And as you may have heard from management last week, we've seen low churn on those conversions from our trial cohorts.

移動實力也在持續。第三季我們增加了 594,000 條行動線路。隨著 Spectrum One 定價機會的出現，我們將在第四季度開始看到這些好處，我們開始看到這些產品的定價更加接近。這些免費線路將在第四季度開始轉換為付費線路。正如您上週可能從管理層聽到的那樣，我們發現試驗群體的轉換率較低。

We did have a successful resolution with Disney, and we believe the new agreement is beneficial for both parties and does provide a path forward for both linear and over-the-top to work together with our network partners as a carriage provider, and that's a model we think can be good for all parties going forward. I'd also note that Zomo went live a month ago, our video platform, which allows convenient access to both linear and DTC content with unified search and excellent discovery interface. We're excited for it. The distribution of Zomo across both Charter and Comcast, we think could be a winner. Finally, '23 has been an important year of investment. We believe this investment is excellent in establishing the foundation for our ongoing growth and there are opportunities which will be attractive heading forward, both upgrading and expanding our network, and we are pleased with the progress that was made across all these initiatives and confident that these investments will drive long-term results for Charter shareholders.

我們確實與迪士尼達成了成功的解決方案，我們相信新協議對雙方都有利，並且確實為線性和OTT作為運輸提供商與我們的網絡合作夥伴合作提供了一條前進的道路，這是一個我們認為這種模式對各方未來都有好處。我還要指出的是，我們的視訊平台 Zomo 在一個月前上線，透過統一的搜尋和出色的發現介面，可以輕鬆存取線性和 DTC 內容。我們對此感到興奮。我們認為 Zomo 在 Charter 和 Comcast 上的發行可能是贏家。最後，23 年是重要的投資年。我們相信，這項投資為我們的持續成長奠定了良好的基礎，並且在升級和擴展我們的網路方面，未來存在著有吸引力的機會，我們對所有這些舉措所取得的進展感到高興，並相信這些舉措投資將為 Charter 股東帶來長期成果。

Let me turn to Liberty TripAdvisor. As I noted, TripAdvisor hasn't reported their third quarter results, so I'm not going to comment on that. But we do feel good about the business in a strategic direction. Liberty TripAdvisor did move to OTC trading on October 30. This was due to compliance -- noncompliance with some of the NASDAQ listing requirements. We did look at the range of alternatives and believe transitioning to OTC was the best course of action, and we do not anticipate this will have an impact or change Liberty Trip's business operations or strategy.

讓我轉向 Liberty TripAdvisor。正如我所指出的，TripAdvisor 尚未報告其第三季業績，因此我不會對此發表評論。但我們確實對業務的策略方向感到滿意。 Liberty TripAdvisor 確實於 10 月 30 日轉向場外交易。這是由於合規性——不遵守納斯達克的一些上市要求。我們確實研究了一系列替代方案，並認為過渡到 OTC 是最好的行動方案，我們預計這不會影響或改變 Liberty Trip 的業務營運或策略。

And with that, let me turn it over to Brian to discuss the financials.

接下來，讓我把它交給布萊恩來討論財務問題。

Thank you, Greg. At quarter end, Liberty Broadband had consolidated cash and cash equivalents of $88 million. This includes $38 million of cash at GCI. As of November 2, the value of our Charter investment was $19.4 billion. And at quarter end, Liberty Broadband had a total principal amount of debt of $3.9 million. Note, this excludes the preferred stock and the remaining indemnification obligation. After quarter end, the remaining LI LLC Charter exchangeable debentures will be redeemed, and a final indemnification payment will be made to Qurate Retail.

謝謝你，格雷格。截至季末，Liberty Broadband 的合併現金和現金等價物為 8,800 萬美元。其中包括 GCI 的 3,800 萬美元現金。截至 11 月 2 日，我們的 Charter 投資價值為 194 億美元。截至季末，Liberty Broadband 的債務本金總額為 390 萬美元。請注意，這不包括優先股和剩餘的賠償義務。季度末後，剩餘的 LI LLC Charter 可交換債券將被贖回，並向 Qurate Retail 支付最終賠償金。

Looking at GCI. Revenue was down 3% for the quarter and adjusted OIBDA was relatively flat. Strength in business data revenue was offset by declines in video and voice revenue and lower handset sales year-over-year, which impacts revenue but not -- does not significantly impact margins. We also had the impact of a 3-month fiber break in June that affected GCI's data, video and wireless services provided on the North Slope and Western Alaska. The fiber break impacted both consumer and business revenue, and in the aggregate, negatively impacted revenue by approximately $5 million, with a modest impact on adjusted OIBDA. The fiber break has since been fully repaired, which is good news. GCI has also been successful in moving consumers to its converged GCI+ product offering, which combines GCI's flagship data product with their wireless offering and provides significant savings to the customers. This has negatively impacted GCI's ARPU, but benefits churn as GPI customers who bundle Internet and mobile have nearly 50% lower churn than stand-alone customers.

看看GCI。本季營收下降 3%，調整後的 OIBDA 相對持平。業務數據收入的強勁被視訊和語音收入的下降以及手機銷量年減所抵消，這對收入產生了影響，但不會對利潤率產生重大影響。我們也受到 6 月為期 3 個月的光纖中斷的影響，影響了 GCI 在北坡和阿拉斯加西部提供的數據、視訊和無線服務。光纖斷裂影響了消費者和企業收入，整體而言，對收入產生了約 500 萬美元的負面影響，對調整後的 OIBDA 影響不大。光纖斷裂現已完全修復，這是個好消息。 GCI 也成功地讓消費者轉向其融合的 GCI+ 產品，該產品將 GCI 的旗艦數據產品與其無線產品相結合，為客戶帶來了顯著的節省。這對 GCI 的 ARPU 產生了負面影響，但也有利於流失，因為捆綁網路和行動的 GPI 客戶的流失率比獨立客戶低近 50%。

We expect and GCI expects margins on the products to increase over time as customers upgrade their services. Over the last year, GCI has added 3,800 revenue-generating wireless subscribers and 2,100 revenue-generating cable modem customers. Year-to-date, Liberty Broadband has received $65 million in dividends from GCI. Leverage as defined in its credit agreement was 3x at quarter end, and GCI has $397 million of undrawn capacity on its revolver.

我們預計，GCI 預計，隨著客戶升級服務，產品的利潤將隨著時間的推移而增加。去年，GCI 增加了 3,800 個創收無線用戶和 2,100 個創收有線數據機客戶。今年迄今為止，Liberty Broadband 已從 GCI 獲得了 6500 萬美元的股息。截至季末，其信貸協議中定義的槓桿率為 3 倍，GCI 的左輪手槍擁有 3.97 億美元的未提取能力。

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

我會把電話轉回給格雷格。

Thanks, Brian. We look forward to seeing many of you next week at our Annual Investor Day on Thursday, November 9, in New York. Additional information is available on our website. John Malone and I will be hosting our annual Q&A, if you would like to submit questions in advance, you can e-mail investorday@libertymedia.com. We appreciate your continued interest in Liberty Broadband and Liberty TripAdvisor.

謝謝，布萊恩。我們期待下週在 11 月 9 日星期四在紐約舉行的年度投資者日見到你們。更多資訊請訪問我們的網站。約翰·馬龍和我將主持我們的年度問答，如果您想提前提交問題，可以發送電子郵件至investorday@libertymedia.com。感謝您對 Liberty Broadband 和 Liberty TripAdvisor 的持續關注。

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

然後，接線員，我就打開提問線路。

(Operator Instructions)

（操作員說明）

Our first question comes from Kutgun Maral with Evercore ISI.

我們的第一個問題來自 Evercore ISI 的 Kutgun Maral。

A similar one related to Charter. The discount seems to have recently widened quite meaningfully to historically high levels. Has that changed your approach or outlook on buybacks at Liberty Broadband? And whether it makes sense to maybe pursue opportunities to get more cash to the company to help fund these repurchases, whether it's levering up or exploring some flexibility with GCI?

與憲章相關的類似內容。最近折扣似乎已大幅擴大至歷史高點。這是否改變了您對 Liberty Broadband 回購的方法或前景？尋求機會為公司獲得更多現金以幫助為這些回購提供資金是否有意義，無論是提高槓桿率還是探索 GCI 的靈活性？

Thank you for the question. I think the widening the discount while unfortunate actually does make our strategy of share repurchase that much more attractive. We are trying to maintain a careful balance of utilizing our cash received from Charter for, as I said, the vast majority for buybacks, but also being prudent on debt levels, particularly given the increased cost. While we have very attractive pricing on our margin loans, the reality is underlying rates have gone up, and so that's more expensive to maintain those. So we're trying to play that carefully. That's also made it probably more expensive to look at other alternatives for how to capture that advantage of that discount through third-party debt or something. But we are looking at all those alternatives, and we'll certainly keep them in mind.

感謝你的提問。我認為折扣的擴大雖然不幸，但實際上確實使我們的股票回購策略更具吸引力。正如我所說，我們正在努力保持從查特收到的現金的謹慎平衡，其中絕大多數用於回購，但在債務水平上也保持謹慎，特別是考慮到成本增加。雖然我們的保證金貸款定價非常有吸引力，但現實情況是基礎利率已經上升，因此維持這些貸款的成本更高。所以我們正在努力謹慎行事。這也使得尋找其他替代方案以透過第三方債務或其他方式獲取折扣優勢的成本可能更高。但我們正在考慮所有這些替代方案，並且我們一定會牢記它們。

Our next question comes from Ben Swinburne with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ben Swinburne。

Greg, how do we -- should we be thinking about Liberty Broadband as a vehicle for sort of cable or fiber asset acquisitions? And I ask that because, obviously, we see the cost of capital has gone up, but there were a lot of businesses funded on cheaper debt to compete with. Cable operators, et cetera, taking advantage of broadband, a lot of fiber that's come on the ground. Some of that stuff might come to market, and I didn't know if you thought we should be thinking about Liberty like we might think of other sort of private equity vehicles out there that might be looking at picking up fiber assets or telecom assets or cable assets that might come to market even if small? And then I just had a follow-up on the Charter front.

Greg，我們如何——我們應該將 Liberty Broadband 視為某種電纜或光纖資產收購的工具嗎？我這麼問是因為，顯然，我們看到資本成本已經上升，但有許多企業依賴更便宜的債務融資來競爭。有線運營商等利用寬頻和大量地面光纖。其中一些東西可能會進入市場，我不知道你是否認為我們應該考慮 Liberty，就像我們考慮其他類型的私募股權工具一樣，這些工具可能會考慮收購光纖資產或電信資產或即使規模很小也可能進入市場的電纜資產？然後我剛剛對憲章進行了跟進。

Yes. So Ben, thanks for the question. I think, look, we're look at Charter as our primary vehicle for an investment in cable. Obviously, there are special situations like GCI, where we thought it was attractive, it could achieve something. And there may be other special situations that come up that we would look at. We are looking all the time, but I guess I should say we would execute on. Your point about the cost of capital going up is correct, and that's hurt others probably more than even it hurt us, so they don't create these opportunities. But I would note, as we saw in the prior question, we've seen an expansion of the discount, which means that we're -- we have a very attractive opportunity to buy what we think is a very attractive asset in Charter at a discount. So suddenly, that alternative gets more attractive as well, so you're going to weigh all those various factors. Ad I'm not telling you, we aren't doing it, but I'm not -- I'm also saying the bar got higher.

是的。本，謝謝你的提問。我認為，我們將 Charter 視為投資有線電視的主要工具。顯然，有像GCI這樣的特殊情況，我們認為它很有吸引力，它可以實現一些目標。我們可能會考慮其他特殊情況。我們一直在尋找，但我想我應該說我們會繼續執行。你關於資本成本上升的觀點是正確的，這對其他人的傷害可能比對我們的傷害還要大，所以他們不會創造這些機會。但我要指出的是，正如我們在上一個問題中看到的那樣，我們看到了折扣的擴大，這意味著我們有一個非常有吸引力的機會來購買我們認為在Charter 中非常有吸引力的資產折扣。突然之間，這種替代方案也變得更具吸引力，因此您將權衡所有這些不同的因素。我不是告訴你，我們沒有這樣做，但我不是──我還說門檻變高了。

Yes. That makes sense. And then interestingly, if you look at Charter, one of the things they told us last week is there's maybe more CapEx in the near term, which all else equal, lowers their buyback capacity, which lowers the cash you get to buy back your stock. I know you know all this already. I guess as interest...

是的。這就說得通了。然後有趣的是，如果你看看Charter，他們上週告訴我們的一件事是，短期內可能會有更多的資本支出，在其他條件相同的情況下，會降低他們的回購能力，從而降低你回購股票的現金。我知道你已經知道這一切了。我想作為興趣...

I'm actually on the board and the finance committee. So I am aware of these factors.

我實際上是董事會和財務委員會的成員。所以我知道這些因素。

Of course, yes, that was for the broader group. I guess the question is why are you so comfortable because you sound more than comfortable that this is the right strategy that to put your foot on the gas, and I'm going overstate it, but spend as much money as you can as quickly as you can for the benefit of the long-term value creation when you have, in your case, a double discount arguably going on with Charter?

當然，是的，這是針對更廣泛的群體的。我想問題是你為什麼這麼舒服，因為你聽起來非常舒服，這是正確的策略，讓你的腳踩油門，我會誇大它，但盡可能快地花盡可能多的錢當您在您的情況下可以享受憲章的雙重折扣時，您可以為了長期價值創造的利益嗎？

Yes. And I agree, there's tension there because the buyback has gotten more attractive. Charter is cheaper than it has been at many historical levels. And as you know, Liberty Broadband further cheaper. I think we look at the longer strategic value and the longer economic opportunity that's there. And we probably were not -- we can continue to play off all of these. But we do look at the opportunity that may be done with these rural programs, particularly how they're subsidized that, that opportunity is now, and that is worthwhile.

是的。我同意，那裡存在緊張局勢，因為回購變得更具吸引力。包機價格比許多歷史水準便宜。如您所知，Liberty Broadband 更便宜。我認為我們著眼於長期的戰略價值和長期的經濟機會。我們可能不是——我們可以繼續解決所有這些問題。但我們確實著眼於這些農村計畫可能帶來的機會，特別是如何補貼它們，機會就在眼前，這是值得的。

And we are also, I think, with high split, not only creating more an opportunity but also putting a further moat around the business. So those are important and those yield attractive economic opportunities. And we will continue to try and also take advantage of the discount. So there are 3 sets at least of attractive investment opportunities, and we're trying to waive it all those against the long-term growth, the -- and which ones are going to be available when.

我認為，我們也擁有高分紅，不僅創造了更多機會，而且還為業務提供了進一步的護城河。因此，這些都很重要，並且會產生有吸引力的經濟機會。我們將繼續嘗試並充分利用折扣。因此，至少有 3 組有吸引力的投資機會，我們正試圖放棄所有那些不利於長期成長的投資機會，以及哪些投資機會何時可用。

And our last question comes from Michael Rollins with Citi.

我們的最後一個問題來自花旗銀行的邁克爾·羅林斯。

Two, if I could. First, on GCI, can you share how the business has benefited in -- the customers of the business have benefited from ACP? And how you see that playing out over time in terms of whether that gets incremental funding from Congress? And then just on the broader strategic front. Last quarter, Greg, you made a comment that it could be logical at some point to combine Liberty Broadband and Charter. Just curious on your latest thoughts on that? And what would be the catalyst to make that logical in terms of timing and function?

兩個，如果可以的話。首先，關於 GCI，您能否分享企業如何從 ACP 中受益—企業的客戶如何受益？您如何看待隨著時間的推移，這是否會從國會獲得增量資金？然後是更廣泛的戰略方面。格雷格，上個季度，您評論說，在某些時候將 Liberty Broadband 和 Charter 結合起來可能是合乎邏輯的。只是想知道您對此的最新想法嗎？就時間和功能而言，推動這邏輯的催化劑是什麼？

I'll handle the second question first, and then I'll let either Ron or Pete comment on ACP or if they don't want, Brian and I can take a shot. But on Liberty Broadband combining with Charter. I think you look, we've had these holding companies that we think have done very well and been very beneficial in some taking advantage of things like share repurchase or written growth in the underlying asset. But in many cases, we've also, at some point, merge them in and close the gap between their trading. Examples of that would be -- closed example be Liberty Media and DIRECTV, Liberty Expedia and Expedia, certainly cases we've gone that along the way, what's been proposed between LSXM and SiriusXM.

我將首先處理第二個問題，然後讓 Ron 或 Pete 對 ACP 發表評論，或者如果他們不願意，Brian 和我可以嘗試一下。但在 Liberty Broadband 上與 Charter 相結合。我想你看，我們認為這些控股公司做得非常好，並且在利用股票回購或基礎資產的書面成長等方面非常有利。但在許多情況下，我們也會在某些時候將它們合併並縮小它們之間的交易差距。典型的例子是 Liberty Media 和 DIRECTV、Liberty Expedia 和 Expedia，當然我們一直在這樣做，LSXM 和 SiriusXM 之間提出了建議。

We do that when we think the logical path is pursued on why we should be independent, and it would be more beneficial to merge these entities. That day could clearly come somewhere down the road for Charter, probably will come based on our Street, but we don't think that day is today. On GCI and on ACP to Pete or Ron, do you want to take a shot?

當我們認為我們應該獨立的邏輯路徑是什麼時候，我們就會這樣做，並且合併這些實體會更有利。那一天顯然可能會在憲章之路上的某個地方到來，可能會根據我們的街道而到來，但我們認為那一天不是今天。在 GCI 和 ACP 上，皮特或羅恩，你想嘗試嗎？

Yes. I think Ron, are you there?

是的。我想羅恩，你在嗎？

We're going to let him get it pass unless he chooses to step in. So we'll let you go, Pete, unless Ron decides that he wants to preempt.

我們會讓他通過，除非他選擇介入。所以我們會讓你走，皮特，除非榮恩決定要先發制人。

Yes. I think what the ACP program has been a good program, helping lower-income people get good broadband connectivity. It has been helpful for us as far as bad debt reduction as it's eliminated that aspect of revenue coming in. The longevity, we'll have to see, there's kind of some upheaval that is very, very difficult to predict how that will all pan out as far as this program going forward. But it's been a relatively small program, but very beneficial to several thousand of our customers.

是的。我認為 ACP 計劃是一個很好的計劃，可以幫助低收入者獲得良好的寬頻連線。就壞帳減少而言，它對我們很有幫助，因為它消除了收入方面的問題。我們必須看到壽命的長短，有一些劇變，很難預測這一切將如何發展。就這個計劃的進展而言。但這是一個相對較小的計劃，但對我們數千名客戶來說卻非常有益。

Yes. I would just add, if I can, Ben, on that, as far as going forward, clearly, there's a lot of popularity in this program in Washington as far as we can tell. But there also is obviously a lot of dysfunction of what will get funded and what time frame in Washington. So hard to guess how that plays out.

是的。本，如果可以的話，我想補充一點，就未來而言，顯然，據我們所知，這個項目在華盛頓很受歡迎。但華盛頓在資助內容和時間框架方面顯然也存在著許多障礙。很難猜測結果如何。

Thank you. Operator, I think that's -- we are done with the questions for the day. To our listening audience, thank you for your interest in Liberty Broadband and Liberty TripAdvisor. We look forward to speaking with you next quarter if we don't see you in New York. And with that, operator, I think we're done.

謝謝。接線員，我想我們已經完成了今天的問題。對於我們的聽眾，感謝您對 Liberty Broadband 和 Liberty TripAdvisor 的興趣。如果我們在紐約沒有見到您，我們期待下個季度與您交談。至此，操作員，我想我們就完成了。

Thank you. And that concludes today's call. All parties may disconnect. Have a good day.

謝謝。今天的電話會議到此結束。所有各方都可以斷開連接。祝你有美好的一天。