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- **Record Financial Performance**: Tracking towards a record Adjusted EBITDA, underscoring strong operational efficiency.
- **Wireless Momentum**: 11% YoY growth in wireless revenue, supported by federal subsidies and promotional strategies.
- **Strategic Shift**: Exit of video business to focus on high-margin connectivity, with $140M grants for rural network expansion.
- **Challenges**: 8% YoY decline in Adjusted EBITDA due to cost increases and revenue headwinds, offset by $155M free cash flow.
- **Growth Catalyst**: $300M rights offering to fuel M&A and infrastructure investments.

**【CEO Summary Section】**
- **Record Adjusted EBITDA Track**: GCI Liberty is on pace for a record Adjusted EBITDA in 2025, reflecting strong financial performance.
- **Wireless Growth**: Consumer wireless subscribers increased by 2% YoY to 207,500, driven by promotions like the unlimited test drive. Wireless revenue rose 11% due to federal subsidies.
- **Video Business Exit**: The company exited the video business this quarter, avoiding future capital expenditures in a marginless sector.
- **Network Expansion**: Investing in 2.5 gigabit broadband and DOCSIS 4.0 infrastructure to enhance speeds and reduce maintenance. Secured $140 million in BEAD grants for rural expansion.
- **Disaster Impact**: Typhoon Halong caused significant damage in Alaska, though financial impact is expected to be minimal.
- **Capital Raise**: Announced a $300 million rights offering to support M&A and growth initiatives.

**【CFO Financial Commentary】**
- **Revenue Decline**: Total revenue decreased 2% YoY to $257 million, primarily due to video business exit and data subscriber losses.
- **Adjusted EBITDA Drop**: Down 8% YoY to $92 million, driven by higher SG&A expenses (healthcare, incentives) and lower revenue.
- **Impairment Charge**: $525 million non-cash charge on intangibles from the 2020 Liberty acquisition.
- **Free Cash Flow**: $155 million trailing 12 months, highlighting strong cash generation despite challenges.
- **CapEx Outlook**: 2026 expected to be peak year for capital expenditures, with subsequent reductions.

**【Q&A Highlights】**
- No questions were asked during the session, indicating either content satisfaction or lack of pressing issues.

GCI Liberty Inc A () Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GLIBA

GLIBA fundamentals

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