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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

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