Liberty Broadband Corporation (LBRDK) Earnings Call Transcript & Summary

Thank you for attending the 2020 Annual Meeting of Stockholders of Liberty Broadband. We will now turn the meeting over to the Chairman of the meeting, John Malone.

Good morning, and welcome to the 2020 Annual Meeting of Stockholders of Liberty Broadband. I'm John Malone, Chairman of the Board. I'll act as Chairman of this meeting. On behalf of the directors and senior officers of the company, I want to thank you for taking the time to attend this annual meeting. We appreciate your continued interest in Liberty Broadband. At this time, I'd like to introduce the company's Corporate Secretary, Michael Hurelbrink, who will act as secretary of this meeting and will say a few words about our 2020 Annual Meeting procedures.

Thank you, Mr. Chairman. To conduct this virtual meeting in an orderly fashion, we respectfully direct your attention to the rules of conduct for the meeting located on the virtual meeting portal. Only Liberty Broadband stockholders are permitted to ask questions during the formal meeting. We thank you in advance for helping us conduct the 2020 Annual Meeting in an orderly fashion.

Thank you, Michael. We'll now proceed with the formal items of business. Ms. Amrhein of American Election Services has been appointed to serve as the inspector of election. We are here today to vote upon each of the proposals described in the notice of annual meeting and proxy statement. Has the Inspector of Election tabulated the number of shares here today present via the virtual meeting portal or represented by proxy?

Mr. Chairman, based on information received from Broadridge, shares of the company's Series A and Series B common stock representing at least the majority of the aggregate voting power of such stock outstanding on the record date are present via the virtual meeting portal or represented by proxy at today's meeting. Therefore, a quorum is present for this meeting.

Thank you, Michael. As reported, a quorum is represented here today, therefore, the annual meeting is formally called to order. Copies of the list of stockholders entitled to vote at the meeting and the notice of annual meeting and proxy statement relating to the annual meeting are available on the virtual meeting portal. As stated in the notice of annual meeting and proxy statement, stockholders will vote on 2 proposals, each of which will be described in turn. Proposal #1 is a proposal to elect Jack Welsh and myself, John Malone, to continue serving as Class 3 members of our Board of Directors until the 2023 Annual Meeting of Stockholders or until our earlier resignation or removal. Mr. Welsh and I have been nominated by the Board's Nominating and Corporate Governance Committee and no other nominations were made in accordance with the company's bylaws. Our biographies can be found on Pages 8 and 9 of the proxy statement. The meeting is now open for any questions concerning the director nominees. Michael, please confirm we have not received any questions.

Mr. Chairman, we have not received any questions.

Proposal #2 is a proposal to ratify the selection of KPMG LLP as our independent auditors for the fiscal year ending December 31, 2020. [ Lane Wersal ], a partner with KPMG LLP, is prepared to respond to appropriate auditing questions. Michael, please confirm we have not received any questions for KPMG.

Mr. Chairman, we have not received any questions for KPMG.

The voting requirements for each of the proposals are described in the proxy statement. The Board of Directors recommends that you vote for each nominee listed in proposal 1 and for proposal 2. The time is now 10:18 East Coast Time on May 19, 2020 and the polls are now open for voting on each of the proposals. If you desire to vote at this meeting, you can do so via the virtual meeting portal. If you have previously voted by proxy, you do not need to vote today unless you wish to change your vote. Michael, please confirm we have not received any votes.

Mr. Chairman, we have not received any votes.

Therefore, the time is now, let's call it, 10:20 East Coast Time. The polls for voting on each of the proposals are now officially closed. Has the Inspector of Election tabulated the votes represented herein by proxy on each of the proposals?

Mr. Chairman, the Inspector of Election has completed the tabulation of votes and has certified that the requisite number of shares has been voted in favor of the election of Mr. Welsh and you and in favor of Proposal 2.

Therefore, Mr. Welsh and I have been duly elected as Class 3 members of our Board of Directors and proposal 2 has been approved. This concludes the scheduled business as presented in the notice of annual meeting and proxy statement. Is there any other business to properly come before this meeting? Mike, please confirm we have not received any motions for other business.

Mr. Chairman, we have not received any motions.

At this time, I would like to adjourn the annual meeting. I would like to thank you for your attendance at this meeting and your continued interest in our company. The 2020 Annual Meeting of Stockholders is now adjourned.

Thank you, Mr. Chairman. That concludes the Liberty Broadband Annual Meeting of Stockholders. We would like to inform all participants that we will not be holding today's previously scheduled Q&A session following the GCI Liberty Annual Meeting as planned as we did not receive any questions in advance of today's meeting.

Thank you. All participants may now disconnect.