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- **Operational Milestone**: Tracking for record adjusted OIBDA in 2025 with 2% YoY wireless subscriber growth.
- **Network Expansion**: 2.5G broadband deployment and $140M BEAD grants for rural 5G, offsetting 1,400 data subscriber losses.
- **Financial Challenges**: 8% OIBDA decline due to higher costs, $525M intangible impairment charge.
- **Capital Strategy**: $300M rights offering to support M&A and infrastructure growth.

**【CEO Opening Remarks】**
- **Record Adjusted OIBDA Growth**: Tracking towards a record adjusted OIBDA in 2025, with consumer wireless subscribers growing 2% YoY to 207,500.
- **Network Expansion**: Exited the video business to focus on core connectivity, with 2.5G broadband via hybrid fiber-coax deployment and plans for 5G wireless expansion.
- **Infrastructure Upgrades**: Anchorage network upgrade to 1.8 GHz, with DOCSIS 4.0 capable of 5G speeds by 2026. Alaska Connect Fund and BEAD grants ($140M) support rural 5G deployment.
- **Challenges**: 1,400 data subscribers lost due to competition and a third-party fiber outage, with no material impact from Typhoon Halong in Q3.
- **Capital Raise**: Announced $300M rights offering to support M&A and growth initiatives.

**【CFO Financial Commentary】**
- **Revenue Performance**: Q3 revenue $257M (-2% YoY), driven by video exit. Adjusted OIBDA $92M (-8% YoY) due to higher SG&A costs (healthcare, incentives).
- **Subscriber Metrics**: Consumer wireless revenue +11% to $52M, gross margin 72.2% (down from video costs). Business wireless flat at $142M.
- **Financial Health**: Free cash flow $155M (12-month trailing), CapEx $52M Q3, expecting $225-250M annualized. Non-cash impairment charge $525M on intangibles.
- **Leverage**: 2.3x debt-to-EBITDA, $377M undrawn credit capacity.

**【Q&A Highlights】**
- No questions asked during the session.

Liberty Broadband Corporation(LBRDA)-20251105-2025 Q3 Earnings call transcript

- **Acquisition Timeline**: Liberty Broadband's acquisition by Charter expected to close in June 2027, with GCI spin-off this summer.
- **Financial Health**: GCI's leverage ratio of 2.8x and $292M undrawn credit capacity support liquidity.
- **Operational Challenges**: Fiber break impacts consumer services, with contingency plans for USF rulings.
- **Strategic Focus**: GCI prioritizes enterprise services and evaluates consumer pricing strategies.

**【Management Opening Remarks】**
- Shane Kleinstein outlined the acquisition timeline of Liberty Broadband by Charter, with the transaction expected to close on June 30, 2027. The spin-off of GCI is anticipated to occur this summer, after which Liberty Broadband will no longer host earnings calls.

**【CEO Commentary】**
- Brian Wendling emphasized the lockbox structure for tax-free proceeds from Charter share sales, which will be used for debt service. GCI's leverage ratio was 2.8x, with $292 million of undrawn capacity under its credit facility.

**【CFO Financial Commentary】**
- Ben Oren highlighted Liberty Broadband's consolidated cash of $565 million, including $149 million at GCI. The company refinanced its credit facilities, extending maturities to 2030 and 2031. The value of Charter investment was $17.8 billion, with debt at $3.7 billion.

**【GCI Operating Results】**
- Ron Duncan reported GCI's Q1 revenue of $266 million and adjusted OIBDA of $111 million, up 9% and 23% year-over-year. The company faced challenges from a fiber break in the Beaufort Sea, impacting consumer services. GCI is preparing for potential Supreme Court rulings on the Universal Service Fund.

**【Q&A Highlights】**
- Kutgun Maral inquired about GCI's strategy amid competition and customer behavior. Ron Duncan noted stable demand for enterprise services but acknowledged competition from Starlink. The company is reevaluating consumer pricing strategies to enhance customer retention.

Liberty Broadband (LBRDA)-7 May 25-2025 Q1 Earnings call transcript

- **GCI Growth Momentum**: 2024 revenue surpasses $1.0 billion, driven by 4% YoY growth in data revenue from schools and healthcare.
- **CapEx Expansion**: 2025 capital spending doubles to $250 million for rural fiber, targeting Starlink competition in disrupted areas.
- **Spin-off Tax Relief**: Charter absorbs $420 million corporate tax liability, enhancing shareholder value from GCI spin-off.
- **Market Resilience**: Alaska economy buffered by energy sector; new admin focus on domestic energy may accelerate gas line development.
- **Subsidy Dependency**: Federal grants and USF subsidies critical to GCI's rural connectivity strategy, with $1.0 billion BEAD funding at stake.

**【Brian Wendling - Transaction Update & GCI Spin-off】**
- Liberty Broadband to be acquired by Charter, with shareholder approval secured on February 26. Transaction expected to close on June 30, 2027.
- GCI will be spun off prior to transaction close, with distribution expected in late Q2 or early Q3 2025.
- GCI generated $1.0 billion in 2024 revenue, up 4% YoY, driven by data revenue growth in schools and healthcare.
- 2024 capital expenditures: $193 million (net of grants), with 2025 CapEx forecasted at $250 million for rural fiber expansion.
- Charter will bear $420 million corporate-level tax liability from GCI spin-off.

**【Ben Oren - Financial Overview】**
- Liberty Broadband held $229 million in cash and restricted cash as of year-end, with $3.7 billion in total debt.
- Charter commits to repurchasing $100 million of its shares monthly from Liberty Broadband to support debt service.
- GCI leverage ratio at 3.1x, comfortably below 6.5x covenant threshold, with $342 million undrawn revolver capacity.
- Value of Charter investment: $15.9 billion as of February 1, 2025.

**【Q&A Key Themes】**
- **Market Competition**: Starlink gaining rural share due to Quintillion fiber outages; AT&T/Verizon limited by C-band spectrum absence in Alaska.
- **Government Subsidies**: $1.0 billion BEAD grants expected for Alaska; potential policy shift under new admin to favor satellite providers.
- **Economic Risks**: Alaska economy countercyclical to U.S. due to energy sector; gas line development could boost economic resilience.
- **Healthcare Subsidies**: USF subsidies critical to GCI; pending Supreme Court case could impact Universal Service Fund structure.

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