Certain statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding new service and product offerings; future expenses; the performance of our equity affiliate, Charter Communications, Inc. ("Charter"), and its expectations related to COVID-19 (as defined below); our projected sources and uses of cash; indebtedness; and the anticipated non-material impact of certain contingent liabilities related to legal proceedings and other matters arising in the ordinary course of business. Forward-looking statements inherently involve many risks and uncertainties that could cause actual results to differ materially from those projected in these statements. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but such statements necessarily involve risks and uncertainties and there can be no assurance that the expectation or belief will result or be achieved or accomplished. The following include some but not all of the factors (as they relate to our consolidated subsidiary and equity affiliate) that could cause actual results or events to differ materially from those anticipated:

The impact of the novel coronavirus ("COVID-19") pandemic and local, state and

? federal governmental responses to the pandemic on the economy, our customers,

our vendors, and our businesses generally;

Charter's ability to sustain and grow revenue and cash flow from operations by

offering Internet, video, voice, mobile, advertising and other services to

? residential and commercial customers, to adequately meet the customer

experience demands in its service areas and to maintain and grow its customer

base, particularly in the face of increasingly aggressive competition, the need

for innovation and the related capital expenditures;

the impact of competition from other market participants, including but not

limited to incumbent telephone companies, direct broadcast satellite operators,

? wireless broadband and telephone providers, digital subscriber line providers,

fiber to the home providers, and providers of video content over broadband

Internet connections;

Charter's ability to obtain programming at reasonable prices or to raise prices

? to offset, in whole or in part, the effects of higher programming costs

(including retransmission consents);

Charter's ability to develop and deploy new products and technologies,

? including mobile products and any other consumer services and service

platforms;

any events that disrupt Charter's or Skyhook's networks, information systems or

? properties and impair their operating activities or negatively impact their

respective reputation;

the effects of governmental regulation on the business of Charter and Skyhook,

? including costs, disruptions and possible limitations on Charter's operating

flexibility related to, and its ability to comply with, regulatory conditions

applicable to Charter as a result of previous mergers;

general business conditions, economic uncertainty or downturn, including the

? impacts of the COVID-19 pandemic to unemployment levels and the level of

activity in the housing sector;

failure to protect the security of personal information about the customers of

? our operating subsidiary and equity affiliate, subjecting us to costly

government enforcement actions or private litigation and reputational damage;

changes in, or failure or inability to comply with, government regulations,

? including, without limitation, regulations of the Federal Communications

Commission, and adverse outcomes from regulatory proceedings;

? the ability to retain and hire key personnel;

? the ability of suppliers and vendors to deliver products, equipment, software

and services;

? the outcome of any pending or threatened litigation;

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? changes in the nature of key strategic relationships with partners, vendors and

joint ventures;

the availability and access, in general, of funds to meet debt obligations

? prior to or when they become due and to fund operations and necessary capital

expenditures, either through (i) cash on hand, (ii) free cash flow, or (iii)

access to the capital or credit markets;

the ability of Charter and our company to comply with all covenants in their

? and our respective debt instruments, any violation of which, if not cured in a

timely manner, could trigger a default of other obligations under cross-default

provisions; and

? our ability to successfully monetize certain of our assets.

For additional risk factors, please see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2019 and Part II, Item 1A in this Quarterly Report on Form 10-Q. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this Quarterly Report, and we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based.

The following discussion and analysis provides information concerning our results of operations and financial condition. This discussion should be read in conjunction with our accompanying condensed consolidated financial statements and the notes thereto and our Annual Report on Form 10-K for the year ended December 31, 2019.

Overview

During May 2014, the board of directors of Liberty Media Corporation and its subsidiaries ("Liberty") authorized management to pursue a plan to spin-off to its stockholders common stock of a wholly-owned subsidiary, Liberty Broadband Corporation ("Liberty Broadband" or the "Company"), and to distribute subscription rights to acquire shares of Liberty Broadband's common stock. Liberty Broadband was formed in 2014 as a Delaware corporation.

Through a number of prior years' transactions, Liberty Broadband has acquired an interest in Charter. Pursuant to proxy agreements with GCI Liberty Inc. and Advance/Newhouse Partnership, Liberty Broadband controls 25.01% of the aggregate voting power of Charter.

The Company's wholly owned subsidiary, Skyhook Holding, Inc. ("Skyhook"), focuses on the development and sale of Skyhook's device-based location technology. Skyhook markets and sells two primary products: (1) a location determination service called the Precision Location Solution; and (2) a location intelligence and data insights service called Geospatial Insights.

The financial information represents a consolidation of the historical financial information of Skyhook, Liberty Broadband's interest in Charter and certain deferred tax liabilities. This financial information refers to the consolidation of the aforementioned subsidiary, investments, and financial instruments, as "Liberty Broadband," "the Company," "us," "we" and "our" here and in the notes to the accompanying condensed consolidated financial statements.

In December 2019, Chinese officials reported a novel coronavirus outbreak. COVID-19 has since spread through China and internationally. On March 11, 2020, the World Health Organization assessed COVID-19 as a global pandemic, causing many countries throughout the world to take aggressive actions, including imposing travel restrictions and stay-at-home orders, closing public attractions and restaurants, and mandating social distancing practices. During this time, Skyhook has maintained function of all departments and service has been uninterrupted. Skyhook's business results for the first quarter of 2020 were largely unaffected by the pandemic; however, Skyhook cannot predict the ultimate impact of COVID-19 on its business, including its customer renewals, ability to generate new business and its ability to collect on payments from customers.

As the COVID-19 pandemic develops and significantly impacts the United States, Charter has continued to deliver services uninterrupted by the pandemic. Because Charter has invested significantly in its network and through normal course

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capacity increases, Charter expects to be able to continue to respond to the significant increase in network activity from the private and public response to COVID-19. Charter's front-line service infrastructure in call centers and field operations is experiencing higher service transaction volume and is performing well, although it has seen increased wait times for customer calls to its call centers. Much of that increase in activity is being driven by increased demand for its connectivity services to residential, healthcare, government and educational customers. The response to Charter's Remote Education Offer ("REO") pursuant to which new customers with students or educators in the household are eligible to receive Internet service for free for 60 days has generated 119,000 new Internet accounts in March, while new connects for its residential Internet services, when excluding the REO, were also up in March as compared to March 2019. Charter is also participating in the Federal Communications Commission's Keep Americans Connected pledge, pausing collection efforts and related disconnects for residential and small and medium business customers with COVID-19 related payment challenges. In addition, Charter has offered a seasonal plan at reduced rates to small and medium business customers that have temporarily closed or because these customers have reduced their service offerings to their own customers. As Charter does its part as a major provider of Internet services in the United States by, among other things, enabling social distancing through telecommuting and e-learning across its footprint of 41 states, Charter is focused on promoting the health and safety of its employees and customers. Charter has invested significantly in its self-service infrastructure, and it is seeing an accelerated adoption by customers of self-installation and digital self-service capabilities.

However, Charter cannot predict the ultimate impact of COVID-19 on its business, including the depth and duration of the economic impact to its residential and business customers' ability to pay for its products and services - including the impact of extended unemployment benefits and other stimulus packages and what assistance Charter may provide to its customers. In addition, there is uncertainty regarding the impact of government emergency declarations, the ability of suppliers and vendors to provide products and services to Charter, the pace of new housing construction, changes in business spend in its local and national ad sales business, the effects to employees' health and safety and resulting reorientation of its work activities, and the risk of limitations on the deployment and maintenance of services (including by limiting customer support and on-site service repairs and installations).

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