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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

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

LBRDP

LBRDP fundamentals

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