Q1 2025 Liberty Broadband Corp Earnings Call

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Welcome to Liberty Broadband 2025, Q1 earnings call during the presentation, all participants will be in a listen only mode.

Operator: Welcome to Liberty Broadband 2025 Q1. During the presentation, all participants will be in a... Afterwards, we will conduct a question and answer session. at that time. If you have a question...

We will conduct a question and answer session.

At that time, if you have a question. Please press star one on your telephone.

Operator: press star 1 on your As a reminder, this conference will be recorded, made, and posted on our website at www.broadband.org.

Speaker Change: As a reminder, this conference will be recorded me something I would now like to turn the call over to <unk> SVP Investor Relations. Please go ahead.

Shane Kleinstein: I would now like to turn the call over to Shane Kleinstein, FGP Investor. Please go ahead. Thank you and good morning.

Shane Kleinstein: Thank you, and good morning. Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent Forms 10K and 10Q filed by Liberty Broadband with the SEC.

Speaker Change: Thank you and good morning, before we begin we'd like to remind everyone that this call includes certain forward looking statements within the meaning of the private Securities Litigation Reform Act of 1995.

Shane Kleinstein: Before we begin we'd like to remind everyone this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties including those mentioned in the most recent forms 10k and 10q followed by Liberty Broadband with the SEC. These forward-looking statements speak only as of the date of this call and Liberty Broadband expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Broadband's expectations with regard thereto or any change in events conditions or circumstances on which any such statement is based.

Speaker Change: Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent Form 10-K, and 10-Q filed on Liberty broadband at the center piece.

Operator 2: These forward-looking statements speak only as of the date of this call, and Liberty Broadband expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Broadband's expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based. On today's call, we will discuss our non-GAAP financial measures for Liberty Broadband, including Adjusted OIBDA. Information regarding the comparable GAAP metrics, along with required definitions and reconciliations, including Schedules 1 and 2, can be found in the earnings press release issued today, as well as earnings releases for prior periods, which are available on Liberty Broadband's website.

Shane Kleinstein: These forward-looking statements speak only as of the date of this call, and Liberty Broadband expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Broadband's expectations with regard thereto or any change in events, conditions, or circumstances on which any such statement is based. On today's call, we will discuss our non-GAAP financial measures for Liberty Broadband, including Adjusted OIBDA. Information regarding the comparable GAAP metrics, along with required definitions and reconciliations, including Schedules 1 and 2, can be found in the earnings press release issued today, as well as earnings releases for prior periods, which are available on Liberty Broadband's website.

Speaker Change: These forward looking statements speak only as of the date of this call and Liberty broadband expressly disclaims any obligation or undertaking to somebody's any updates or revisions to any forward looking statements contained herein to reflect any change in liberty broadband expectations with regard thereto or any change in events conditions or circumstances on which any such statement is based on today's call a disk.

Shane Kleinstein: On today's call we will discuss certain non-GAAP financial measures for Liberty Broadband including addressed waived debt. Information regarding the comparable GAAP metrics along with required definitions and reconciliations including schedules one and two can be found in the earnings press release issued today as well as earnings releases for prior periods which are available on Liberty Broadband's website.

Speaker Change: Certain non-GAAP financial measures other P broadband.

Speaker Change: Including that.

Speaker Change: Information regarding the comparable GAAP metrics, along with required definitions and reconciliations including schedules one and two can be found in the earnings press release issued today as well as earnings releases from prior periods, which are available on Liberty broadband side.

Operator 2: Today speaking on the call, we have Liberty Broadband's Chief Accounting Officer and Principal Financial Officer, Brian Wendling, Liberty's Executive Vice President and Treasurer, Ben Oren, Ron Duncan, CEO of GCI and CEO of GCI Liberty following its spin-off from Liberty Broadband, Pete Pounds, CFO of GCI, and members of Liberty Management will be available to answer questions. Now, I'd like to turn the call over to Brian Wendling. Thank you, Shane, and good morning, everyone. Today, we will provide a brief update on the pending acquisition by Charter of Liberty Broadband before turning to the results of the GCI business and then opening up for Q&A. The acquisition of Liberty Broadband by Charter was approved by Liberty and Charter shareholders on 26 February. The transaction is expected to close on 30 June 2027, unless otherwise agreed.

Shane Kleinstein: Today speaking on the call, we have Liberty Broadband's Chief Accounting Officer and Principal Financial Officer, Brian Wendling, Liberty's Executive Vice President and Treasurer, Ben Oren, Ron Duncan, CEO of GCI and CEO of GCI Liberty following its spin-off from Liberty Broadband, Pete Pounds, CFO of GCI, and members of Liberty Management will be available to answer questions. Now, I'd like to turn the call over to Brian Wendling.

Brian Wendling: Today speaking on the call, we have Liberty broadband Chief Accounting Officer, and principal financial Officer, Brian Wendling celebrities executive Vice President and Treasurer, Ben One Ron Duncan C. O G C. I N C O GCI Liberty's following a spin off of Liberty broadband P power and see a final P. C. I and members of management will be available to answer questions now I'd like to turn.

Shane Kleinstein: Today, speaking on the call, we have Liberty Broadband's Chief Accounting Officer and Principal Financial Officer, Brian Wenling, Liberty's Executive Vice President and Treasurer, Ben Oren, Ron Duncan, CEO of GCI, and CEO of GCI Liberty, following its spinoff from Liberty Broadband. Pete Powns, CFO of GCI, and members of Liberty Management will be available to answer questions.

Brian Wenling: Now I'd like to turn the call over to Brian Wenling. Thank you, Shane, and good morning, everyone. Today we will provide a brief update on the pending acquisition by charter of Liberty returning to the results of the GCI business, and then opening up for Q&A. The acquisition of Liberty Broadband by Charter was approved by Liberty and Charter shareholders on February 26. The transaction is expected to close on June 30, 2027, unless otherwise agreed. Liberty Broadband remains on track to complete the spin-off of the GCI business this summer. Yesterday we filed the amended S-1, so we're working through the SEC process.

Speaker Change: Turn the call over to Brian Wendling. Thank.

Brian Wendling: Thank you, Shane, and good morning, everyone. Today, we will provide a brief update on the pending acquisition by Charter of Liberty Broadband before turning to the results of the GCI business and then opening up for Q&A. The acquisition of Liberty Broadband by Charter was approved by Liberty and Charter shareholders on 26 February. The transaction is expected to close on 30 June 2027, unless otherwise agreed.

Speaker Change: Thank you Shane and good morning, everyone. Today, we will we will provide a brief update on pending acquisition by charter and Liberty broadband before turning to the results of the GCI business and then opening up for Q&A.

Speaker Change: The acquisition of Liberty broadband by charter was approved by Liberty and charter shareholders. On February 26. The transaction is expected to close on June 32027, unless otherwise agreed.

Operator 2: Liberty Broadband remains on track to complete the spin-off of the GCI business this summer. Yesterday, we filed the amended S1, so we're working through the SEC process. Once the GCI spin-off is complete, we expect GCI Liberty Management, led by Ron Duncan with the support of our team, will conduct a separate earnings process, and we will no longer conduct a Liberty Broadband earnings conference call. GCI Liberty plans to host a virtual investor event prior to the spin-off to provide additional information on the GCI business. If you are interested in joining, please reach out to the Liberty IR team. With that, I'm honored to turn the call over to Ben Oren to go through the balance sheet. Thanks, Brian. At quarter end, Liberty Broadband had consolidated cash and restricted cash of $565 million, which includes $149 million of cash and restricted cash at GCI.

Brian Wendling: Liberty Broadband remains on track to complete the spin-off of the GCI business this summer. Yesterday, we filed the amended S1, so we're working through the SEC process. Once the GCI spin-off is complete, we expect GCI Liberty Management, led by Ron Duncan with the support of our team, will conduct a separate earnings process, and we will no longer conduct a Liberty Broadband earnings conference call. GCI Liberty plans to host a virtual investor event prior to the spin-off to provide additional information on the GCI business. If you are interested in joining, please reach out to the Liberty IR team. With that, I'm honored to turn the call over to Ben Oren to go through the balance sheet.

Speaker Change: Broadband remains on track to complete the spin off of the GCI business. This summer yesterday.

Speaker Change: Yesterday, we filed the amended S. One so we're working through the FCC process.

Brian Wenling: And once the GCI spinoff is complete, we expect GCI Liberty Management, led by Ron Duncan with the support of our team, will conduct a separate earnings process and we will no longer conduct a Liberty Broadband earnings conference call. GCI Liberty plans to host a virtual investor event prior to the spinoff to provide additional information on the GCI business. If you are interested in joining, please reach out to the Liberty IR team.

Speaker Change: And once the GCI spin off is complete we expect GCI Liberty management led by Ron Duncan with the support of our team will conduct a separate earnings process and we will no longer conduct a liberty broadband earnings conference call.

Speaker Change: <unk> Liberty plans to host a virtual investor event prior to the spin off to provide additional information on the GCI business.

Speaker Change: Are interested in joining please reach out to the Liberty IR team.

Ben Oren: And with that, I'm honored to turn the call over to Ben Oren to go through the balance sheet. Thanks, Brian. At quarter end, Liberty Broadband had consolidated cash and restricted cash of $565 million, which includes $149 million of cash and restricted cash at GCI. There were $338 million of restricted cash at Liberty Broadband as of quarter end, representing proceeds from charter share sales to be used towards debt service.

Speaker Change: And with that I'm honored to turn the call over to Ben I want to go through the balance sheet.

Ben Oren: Thanks, Brian. At quarter end, Liberty Broadband had consolidated cash and restricted cash of $565 million, which includes $149 million of cash and restricted cash at GCI.

Speaker Change: Thanks, Brian at quarter end, Liberty broadband had consolidated cash and restricted cash of $565 million, which includes $149 million of cash and restricted cash at GCI.

Operator 2: There were $338 million of restricted cash at Liberty Broadband as of quarter end, representing proceeds from Charter share sales to be used towards debt service. Reminder that the exchange ratio is fixed in the Charter and Liberty Broadband transaction, essentially creating a lockbox structure between the two companies until transaction closes. Tax-free proceeds from Charter share sales are going toward delevering at Liberty Broadband until transaction close as well. In March, at the request of Charter, Liberty Broadband issued a redemption notice for all of its 3.125% debentures due 2054 for cash, which were either redeemed in April 2025 or exchanged and are expected to be cash settled in May 2025. In March, GCI refinanced its senior credit facility with a $450 million revolver that matures in 2030 and a $300 million term loan A that matures in 2031.

Ben Oren: There were $338 million of restricted cash at Liberty Broadband as of quarter end, representing proceeds from Charter share sales to be used towards debt service. Reminder that the exchange ratio is fixed in the Charter and Liberty Broadband transaction, essentially creating a lockbox structure between the two companies until transaction closes. Tax-free proceeds from Charter share sales are going toward delevering at Liberty Broadband until transaction close as well. In March, at the request of Charter, Liberty Broadband issued a redemption notice for all of its 3.125% debentures due 2054 for cash, which were either redeemed in April 2025 or exchanged and are expected to be cash settled in May 2025. In March, GCI refinanced its senior credit facility with a $450 million revolver that matures in 2030 and a $300 million term loan A that matures in 2031.

Speaker Change: There were $338 million of restricted cash at Liberty broadband as of quarter end, representing proceeds from charter share sales to be used towards debt service.

Ben Oren: Reminder that the exchange ratio is fixed in the Charter and Liberty Broadband transaction, essentially creating a lockbox structure between the two companies until transaction closed. Tax-free proceeds from charter share sales are going toward de-levering at Liberty Broadband until transaction close as well. In March, at the request of Charter, Liberty Broadband issued a redemption notice for all of its 3.125% debentures due 2054 for cash, which were either redeemed in April 2025 or exchanged and are expected to be cash settled in May 2025. In March, GCI refinanced its senior credit facility with a $450 million revolver that matures in 2030 and a $300 million term loan A that matures in 2031.

Speaker Change: A reminder, that the exchange ratio is fixed in the charter and Liberty broadband transaction, essentially creating a lockbox structure between the two companies until the transaction close tax.

Speaker Change: Tax free proceeds from charter share sales are going towards Delevering, and liberty broadband until transaction close as well.

Speaker Change: In March at the request of charter and Liberty broadband issued a redemption notice for all of its 312, 5% debentures due 2054 for cash which were either redeemed in April 2025, or exchanged and are expected to be cash settled in may 2025.

Speaker Change: In March GCI refinanced, our senior credit facility with a $450 million revolver that matures in 2030, and a $300 million term loan that matures in 2031.

Operator 2: At quarter end, GCI's leverage, as defined by its credit agreement, was 2.8 times, and GCI's credit facility had $292 million of undrawn capacity net of letters of credit. The value of our Charter investment, based on 44.2 million shares held as of 1 May and Charter share price at yesterday's close, was $17.8 billion. At quarter end, Liberty Broadband had a total principal amount of debt of $3.7 billion. Note, this excludes preferred stock. I'll now turn the call over to Ron Duncan to walk through the operating results of GCI. Thanks, Ben. The first quarter of 2025 was GCI's best quarter ever, with revenue of $266 million and adjusted OIBDA of $111 million, up 9% and 23%, respectively, over the prior year. Adjusted OIBDA margin was 42%.

Ben Oren: At quarter end, GCI's leverage, as defined by its credit agreement, was 2.8 times, and GCI's credit facility had $292 million of undrawn capacity net of letters of credit. The value of our Charter investment, based on 44.2 million shares held as of 1 May and Charter share price at yesterday's close, was $17.8 billion. At quarter end, Liberty Broadband had a total principal amount of debt of $3.7 billion. Note, this excludes preferred stock. I'll now turn the call over to Ron Duncan to walk through the operating results of GCI.

Ben Oren: At quarter end, GCI's leverage, as defined by its credit agreement, was 2.8 times and GCI's credit facility had $292 million of undrawn capacity net of letters of credit. The value of our charter investment, based on 44.2 million shares held as of May 1st and charter share price at yesterday's close, was $17.8 billion. At quarter end, Liberty Broadband had a total principal amount of debt of $3.7 billion. Note this excludes preferred stocks.

Speaker Change: At quarter end GCI as leverage as defined by its credit agreement was two eight times and Gci's credit facility had $292 million of Undrawn capacity net of letters of credit.

Speaker Change: The value of our charter investment based on $44 2 million shares held as of May one and charter share price at yesterday's close was $17 8 billion.

Speaker Change: At quarter end Liberty broadband had a total principal amount of debt of $3 7 billion.

Speaker Change: Note this excludes preferred stock.

Ron Duncan: I'll now turn the call over to Ron Duncan to walk through the operating results of GCI. Thanks, Ben. The first quarter of 2025 was GCI's best quarter ever with revenue of $266 million and adjusted EBITDA of $111 million, up 9% and 23% respectively over the prior year. Adjusted EBITDA margin was 42%. Growth was driven primarily by data revenue and business, which benefited from the continued strong upgrade cycle in school and healthcare services in rural Alaska, which began in the third quarter of 2024. The first quarter included a $4 million benefit arising from the successful appeal of rates for services provided to certain health care customers in prior years.

Speaker Change: I'll now turn the call over to Ron Duncan to walk through the operating results of GCI.

Ronald Duncan: Thanks, Ben. The first quarter of 2025 was GCI's best quarter ever, with revenue of $266 million and adjusted OIBDA of $111 million, up 9% and 23%, respectively, over the prior year. Adjusted OIBDA margin was 42%.

Thanks, Dan the.

Ron Duncan: First quarter of 2025 was just you had its best quarter ever with revenue of $266 million and adjusted OIBDA of $111 million up, 9% and 23% respectively over the prior year adjust.

Ron Duncan: Adjusted OIBDA margin was 42% growth was driven primarily by data revenue in business, which benefited from the continued strong upgrade cycle in school and health care services in rural Alaska, which began in the third quarter of 2024.

Operator 2: Growth was driven primarily by data revenue and business, which benefited from the continued strong upgrade cycle in school and healthcare services in rural Alaska, which began in Q3 2024. Q1 included a $4 million benefit arising from the successful appeal of rates for services provided to certain healthcare customers in prior years. Over the last year, adjusted for the reclassification from GCI business, GCI consumer experienced a decline of 400 wireless subs and a decline of 5,000 cable modem customers. The decline in wireless was a result of postpaid growth being offset by losses in prepaid and lifeline. The decline in cable modem subscribers relates primarily to the termination of the ACP program in 2024.

Ronald Duncan: Growth was driven primarily by data revenue and business, which benefited from the continued strong upgrade cycle in school and healthcare services in rural Alaska, which began in Q3 2024. Q1 included a $4 million benefit arising from the successful appeal of rates for services provided to certain healthcare customers in prior years. Over the last year, adjusted for the reclassification from GCI business, GCI consumer experienced a decline of 400 wireless subs and a decline of 5,000 cable modem customers. The decline in wireless was a result of postpaid growth being offset by losses in prepaid and lifeline. The decline in cable modem subscribers relates primarily to the termination of the ACP program in 2024.

Ron Duncan: First quarter included a $4 million benefit arising from the successful appeal of rates for services provided to certain health care customers in prior years.

Ron Duncan: Over the last year, adjusted for the reclassification from GCI business, GCI consumer experienced a decline of 400 wireless subs and a decline of 5,000 cable modem customers. The decline in wireless was a result of post-paid growth being offset by losses in prepaid and lifeline. The decline in cable modem subscribers relates primarily to the termination of the ACP program in 2024. Operating expenses declined during the quarter due to lower distribution costs for health care, education, and consumer customers, partially related to temporary cost savings from a fiber break on a third-party network where GCI uses capacity. On January 18th, the Quintillion fiber under the ice in the Beaufort Sea failed for the second time in three years.

Ron Duncan: Over the last year adjusted for the reclassification from GCI business GCI consumer experience to decline 400 wireless subs and a decline of 5000 cable modem customers declines in wireless was a result of postpaid growth being offset by losses in prepaid and lifeline.

Ron Duncan: The decline in cable modem subscribers relates primarily to the termination of the ACP program in 2024.

Operator 2: Operating expenses declined during the quarter due to lower distribution costs for healthcare, education, and consumer customers, partially related to temporary cost savings from a fiber break on a third-party network where GCI uses capacity. On 18 January, the Quintillion fiber under the ice in the Beaufort Sea failed for the second time in three years. This disrupted traffic for GCI's consumer and enterprise customers. Working in cooperation with Quintillion, our networks have been partially restored through a combination of LEO satellite capacity and a rerouting of existing fiber and microwave connections. Most of our wholesale and enterprise services were restored quickly after the outage. Consumer services have been partially restored, but consumers will unfortunately experience substantially degraded service until the Quintillion fiber break is repaired, which is expected to be late this summer. As Ben mentioned, GCI refinanced its credit facility this quarter, extending maturities at attractive rates.

Ronald Duncan: Operating expenses declined during the quarter due to lower distribution costs for healthcare, education, and consumer customers, partially related to temporary cost savings from a fiber break on a third-party network where GCI uses capacity. On 18 January, the Quintillion fiber under the ice in the Beaufort Sea failed for the second time in three years. This disrupted traffic for GCI's consumer and enterprise customers. Working in cooperation with Quintillion, our networks have been partially restored through a combination of LEO satellite capacity and a rerouting of existing fiber and microwave connections. Most of our wholesale and enterprise services were restored quickly after the outage. Consumer services have been partially restored, but consumers will unfortunately experience substantially degraded service until the Quintillion fiber break is repaired, which is expected to be late this summer. As Ben mentioned, GCI refinanced its credit facility this quarter, extending maturities at attractive rates.

Ron Duncan: Operating expenses declined during the quarter due to lower distribution costs for health care education, and consumer customers, partially related to temporary cost savings from a fiber break on a third party network, where do you see I use this capacity on January 18th the quintillion fiber under the ice and the Beaufort sea filled for the SEC.

Ron Duncan: Time in three years this disrupted traffic for gcs consumer and enterprise customers working in cooperation with Quintillion networks have been partially restored through a combination of Leo satellite capacity and a rerouting of existing fiber and microwave connections most of our wholesale and enterprise services will restore.

Ron Duncan: This disrupted traffic for GCI's consumer and enterprise customers. Working in cooperation with Quintillion, our networks have been partially restored through a combination of LEO satellite capacity and a rerouting of existing fiber and microwave connections. Most of our wholesale and enterprise services were restored quickly after the outage. Consumer services have been partially restored, but consumers will unfortunately experience substantially degraded service until a Quintillion fiber break is repaired, which is expected to be late this summer.

Ron Duncan: Quickly after the outage.

Ron Duncan: <unk> services have been partially restored but consumers will unfortunately experienced substantially degraded service until what quintillion fiber break is repaired which is expected to be late this summer.

Ron Duncan: As Ben mentioned, GCI refinanced its credit facility this quarter, extending maturities at an attractive rate. This provides us with good liquidity and our next meaningful maturity is in October 2028 when the bonds come due. GCI spent $49 million on CapEx in the first quarter net of grant proceeds. Net CapEx for 2025 is expected to be $250 million related to investments in middle and last mile connectivity in rural Alaska. Capital spending is elevated in 2025 and expected to remain elevated in 2026 as we fulfill build-out requirements under the Alaska Plan. Historically, CapEx has been 15 to 20 percent of revenue, which we expect will be consistent in future years after Alaska Plan requirements are satisfied.

Ron Duncan: As Ben mentioned GCI refinanced its credit facility this quarter extending maturities at attractive rates.

Operator 2: This provides us with good liquidity, and our next meaningful maturity is in October 2028 when the bonds come due. GCI spent $49 million on CapEx in the first quarter net of grant proceeds. Net CapEx for 2025 is expected to be $250 million related to investments in middle and last-mile connectivity in rural Alaska. Capital spending is elevated in 2025 and expected to remain elevated in 2026 as we fulfill buildout requirements under the Alaska Plan. Historically, CapEx has been 15% to 20% of revenue, which we expect will be consistent in future years after Alaska Plan requirements are satisfied. Turning to updates on Universal Service Fund matters, on 26 March, the Supreme Court heard oral arguments in the case challenging the constitutionality of the Universal Service Fund. We continue to believe the government, which is defending the fund, has a solid position.

Ronald Duncan: This provides us with good liquidity, and our next meaningful maturity is in October 2028 when the bonds come due. GCI spent $49 million on CapEx in the first quarter net of grant proceeds. Net CapEx for 2025 is expected to be $250 million related to investments in middle and last-mile connectivity in rural Alaska. Capital spending is elevated in 2025 and expected to remain elevated in 2026 as we fulfill buildout requirements under the Alaska Plan. Historically, CapEx has been 15% to 20% of revenue, which we expect will be consistent in future years after Alaska Plan requirements are satisfied. Turning to updates on Universal Service Fund matters, on 26 March, the Supreme Court heard oral arguments in the case challenging the constitutionality of the Universal Service Fund. We continue to believe the government, which is defending the fund, has a solid position.

Ron Duncan: Provides us with good liquidity and our next meaningful maturity is in October 2028, when the bonds come due.

Ron Duncan: I spent 49 million on Capex in the first quarter net of grant proceeds net capex for 2025 is expected to be $250 million related to investments in middle of last mile connectivity in rural Alaska capital spending is elevated in 2025 and expect it to remain elevated in 2026.

Ron Duncan: As we fulfill buildout requirements under the elastic plan historically capex has been 15% to 20% of revenue, which we will expect which we expect will be consistent in future years. After Alaska plan requirements are satisfied.

Ron Duncan: Turning to updates on Universal Service Fund matters, on March 26th, the Supreme Court heard oral arguments in the case challenging the constitutionality of the Universal Service Fund. We continue to believe the government, which is defending the fund, has a solid position. Additionally, we have been working with industry groups and legislators on potential legislative solutions that could be enacted in the event of an adverse ruling from the Supreme Court. We are preparing contingency plans to enable GCI to react to a range of potential Supreme Court rulings.

Ron Duncan: Turning to updates on Universal Service fund matters on March 26, the Supreme Court heard oral arguments in the case challenging the constitutionality of the Universal Service Fund we continue to believe the government, which is defending the funds has a solid position additions.

Operator 2: Additionally, we've been working with industry groups and legislators on potential legislative solutions that could be enacted in the event of an adverse ruling from the Supreme Court. We are preparing contingency plans to enable GCI to react to a range of potential Supreme Court rulings. I'll close today with an exciting update for our business and the customers we serve. On Tuesday, 15 April, GCI completed a major milestone in remote Alaska. We connected Bethel, the largest community in Western Alaska, with fiber all the way from Anchorage. 15 years ago, Bethel was limited to 2G wireless and satellite-delivered data services. More recently, the Bethel community had caps on wireless usage, and the fastest broadband speed was 10 megabits with a usage cap of 200 gigs a month.

Ronald Duncan: Additionally, we've been working with industry groups and legislators on potential legislative solutions that could be enacted in the event of an adverse ruling from the Supreme Court. We are preparing contingency plans to enable GCI to react to a range of potential Supreme Court rulings. I'll close today with an exciting update for our business and the customers we serve. On Tuesday, 15 April, GCI completed a major milestone in remote Alaska. We connected Bethel, the largest community in Western Alaska, with fiber all the way from Anchorage. 15 years ago, Bethel was limited to 2G wireless and satellite-delivered data services. More recently, the Bethel community had caps on wireless usage, and the fastest broadband speed was 10 megabits with a usage cap of 200 gigs a month.

Ron Duncan: Additionally, we've been working with industry groups and legislators on potential legislative solutions that could be enacted in the event of an adverse ruling from the Supreme Court. We are preparing contingency plans to enable GCI to react to a range of potential Supreme Court rulings.

Ron Duncan: I'll close today with an exciting update for our business and the customers we serve. On Tuesday, April 15th, GCI completed a major milestone in remote Alaska. We connected Bethel, the largest community in western Alaska, with fiber all the way from Anchorage. Fifteen years ago, Bethel was limited to 2G wireless and satellite-delivered data services. More recently, the Bethel community had caps on wireless usage, and the fastest broadband speed was 10 megabits with a usage cap of 200 gigs a month.

Ron Duncan: I'll close today with an exciting update for our business and the customers. We serve on Tuesday April 15th GCI completed a major milestone in remote Alaska, we conducted vessel the largest community in western Alaska with fiber all the way from acreage 15 years ago, Bethel was limited to <unk> wireless and satellite.

Ron Duncan: Delivered data services more recently the vessel community had caps on wireless usage and the fastest broadband speed was 10 megabits with a usage cap of 200 gigs a month.

Operator 2: We expect to launch residential services this May, at which point Bethel residents will have access to a 5G wireless network and 2.5 gigabits unlimited broadband service under the same pricing plans as Anchorage. We believe this will be transformational for the community and is a major accomplishment in our 45-year effort to connect Alaska. I'm proud of the diligence, resilience, and hard work put in by so many at GCI to make this a reality. I look forward to speaking with many of you in the coming quarters once the spin-off of GCI Liberty takes place, if not sooner. We appreciate your interest in both Liberty Broadband and GCI, and with that, operator, we'll open the call up to questions. Thank you. We'll now be conducting a Q&A session. If you would like to ask a question, please press star one on your telephone keypad.

Ronald Duncan: We expect to launch residential services this May, at which point Bethel residents will have access to a 5G wireless network and 2.5 gigabits unlimited broadband service under the same pricing plans as Anchorage. We believe this will be transformational for the community and is a major accomplishment in our 45-year effort to connect Alaska. I'm proud of the diligence, resilience, and hard work put in by so many at GCI to make this a reality. I look forward to speaking with many of you in the coming quarters once the spin-off of GCI Liberty takes place, if not sooner. We appreciate your interest in both Liberty Broadband and GCI, and with that, operator, we'll open the call up to questions.

Ron Duncan: We expect to launch residential services this May, at which point Bethel residents will have access to a 5G wireless network and 2.5 gigabits unlimited broadband service under the same pricing plans as Anchorage. We believe this will be transformational for the community and is a major accomplishment in our 45-year effort to connect Alaska.

Ron Duncan: We expect to launch residential services. This may at which point Bethel residents will have access to a <unk> wireless network and two and a half gigabit unlimited broadband service under the same pricing plans. This acreage. We believe this will be transformational for the community and is a major accomplishment and our 45 year effort to connect Alaska.

Ron Duncan: I'm proud of the diligence, resilience, and hard work put in by so many at GCI to make this a reality. I look forward to speaking with many of you in the coming quarters once the spinoff of GCI Liberty takes place, if not sooner.

Ron Duncan: I'm proud of the diligence resilience hard work put in by so many at GCI to make this a reality.

Ron Duncan: I look forward to speaking with many of you in the coming quarters. Once the spin off of GCI Liberty takes place if not sooner. We appreciate your interest in bulk liberty broadband and GCI and with that operator, we'll open the call up to questions.

Operator: We appreciate your interest in both Liberty Broadband and GCI, and with that, Operator, we'll open the call up to questions. Thank you. We will now be conducting Press Star 1 on your telephone. You may press star 2 if you would like to... Speaker Equipment, it may be necessary to pick up your headphones. Thank you.

Operator: Thank you. We'll now be conducting a Q&A session. If you would like to ask a question, please press star one on your telephone keypad.

Thank you we will now be conducting a Q&A session.

Speaker Change: I'd like to ask a question.

Ron Duncan: Please press star one on your telephone.

Operator 2: A confirmation code indicates your line is in requested queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we pull for questions. Thank you. Our first question comes to the mind of Cutton Morrell with Evercore ISI. Great. Thanks for taking the questions. A few on GCI. First, a number of cable companies have, or they're in the process of somewhat reimagining their strategies, whether it's broadening the product portfolios or needing to shift some of their go-to-market and pricing strategies given growing competitive intensity. I know GCI is not a typical cable company, and the competitive dynamics in Alaska are a bit different than what we see in other markets.

Operator: A confirmation code indicates your line is in requested queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we pull for questions. Thank you. Our first question comes to the mind of Cutton Morrell with Evercore ISI.

Speaker Change: The confirmation from <unk> Your line is open.

Ron Duncan: You May press star two if he would like to remove your question from Makena.

Ron Duncan: Participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

Ron Duncan: One moment please poll for questions.

Ron Duncan: Thank you.

Questioner: Our first question comes from the line of cut. Great, thanks for taking the questions. A few on GCI. You know, first, a number of cable companies have or are in the process of somewhat reimagining their strategies, whether it's broadening the product portfolios or needing to shift some of their go-to-market and pricing strategies given growing competitive intensity. I know GCI is not a typical cable company, and the competitive dynamics in Alaska are a bit different than what we've seen in other markets. But as investors dig into the GCI, what are the opportunities?

Speaker Change: Question comes from the line of question morale with Evercore ISI.

Operator: Great. Thanks for taking the questions. A few on GCI. First, a number of cable companies have, or they're in the process of somewhat reimagining their strategies, whether it's broadening the product portfolios or needing to shift some of their go-to-market and pricing strategies given growing competitive intensity. I know GCI is not a typical cable company, and the competitive dynamics in Alaska are a bit different than what we see in other markets.

Speaker Change: Great. Thanks for taking the question a few on GCI.

Speaker Change: A number of cable companies or.

Speaker Change: And perhaps somewhat re imagining their strategies.

Speaker Change: The product portfolio.

Speaker Change: Some of that go to market and pricing strategies, given competitive intensity I know.

Speaker Change: At GCI.

Speaker Change: You're welcome.

Speaker Change: The competitive dynamics in Alaska.

Speaker Change: What we've seen in the market.

Operator 2: But as investors dig into the GCI Liberty opportunity, maybe you could help us think about the business and whether you might see a need to shift the broader operating and pricing strategy, or is there really no need in the near future given the current momentum that you have and the outlook that you see ahead? And maybe secondly, I think you asked this last quarter as well, but are you seeing any changes in consumer or business customer behaviors due to the ongoing macro uncertainty more broadly, or have trends remained relatively stable given the different profile of the Alaskan market and economy? Thank you. Okay. Let me take those in reverse order and deal with any changes in behavior first. We're pretty much seeing a flat marketplace. We're seeing a little bit of competition from Starlink around the edges.

Operator: But as investors dig into the GCI Liberty opportunity, maybe you could help us think about the business and whether you might see a need to shift the broader operating and pricing strategy, or is there really no need in the near future given the current momentum that you have and the outlook that you see ahead? And maybe secondly, I think you asked this last quarter as well, but are you seeing any changes in consumer or business customer behaviors due to the ongoing macro uncertainty more broadly, or have trends remained relatively stable given the different profile of the Alaskan market and economy? Thank you.

Speaker Change: That sort of sticking to the GCI Liberty opportunity and maybe you could help us think about the business and whether you might see.

Questioner: Maybe you could help us think about the business and whether you might see a need to shift the broader operating and pricing strategy, or is there really no need in the near future given the current momentum that you have and the outlook that you see ahead? And secondly, you know, I think you asked this last quarter as well, but are you seeing any changes in consumer business customer behaviors due to the ongoing macro uncertainty more broadly, or have trends remained relatively stable given the different profile of the Alaska market and economy? Thank you.

Speaker Change: Yes, that's better.

Speaker Change: Operating and pricing strategy.

Speaker Change: Yes.

Speaker Change: In the near future given the current momentum that you have in the outlook.

Speaker Change: You see.

Speaker Change: And secondly.

Speaker Change: I think I asked this last quarter as well, but are you seeing any changes in customer.

Speaker Change: Customer behaviors.

Speaker Change: On the macro.

Speaker Change: Uncertainty more broadly perhaps trends.

Speaker Change: Stable given the different profile of Alaska.

Speaker Change: I'll ask a market economy.

Ronald Duncan: Okay. Let me take those in reverse order and deal with any changes in behavior first. We're pretty much seeing a flat marketplace. We're seeing a little bit of competition from Starlink around the edges.

Speaker Change: Yeah.

Speaker Change: Okay, Let me take those in reverse order and deal with any changes in behavior.

Ron Duncan: Okay, let me take those in reverse order and deal with any changes in behavior. First, we're pretty much seeing a flat marketplace. We're seeing a little bit of competition from Starlink around the edges. I think that's probably our equivalent of the fixed wireless competition that the companies in the lower 48 are experiencing, but no real changes on the broadband front and slow but steady growth on the consumer wireless front.

Speaker Change: First we're pretty much seeing a flat marketplace, we're seeing a little bit of competition from star like around the edges, I think thats, probably our equivalent of the fixed wireless competition that.

Operator 2: I think that's probably our equivalent of the fixed wireless competition that the companies in the lower 48 are experiencing, but no real changes on the broadband front and slow but steady growth on the consumer wireless front. With respect to the broader strategy, it's important to remember how much of GCI is really enterprise services. Consumer services are the minority of the company's revenue, and the bulk of the company's revenue and OIBDA come from enterprise services provided to healthcare corporations, schools in rural Alaska, and the largest enterprise customers in the state. On the consumer market front, we are in tune with the rest of the industry, looking at ways to both differentiate and further solidify the customer proposition that's received by GCI. We've been very heavily focused, like lower 48 companies, on bundling wireless with broadband.

Ronald Duncan: I think that's probably our equivalent of the fixed wireless competition that the companies in the lower 48 are experiencing, but no real changes on the broadband front and slow but steady growth on the consumer wireless front. With respect to the broader strategy, it's important to remember how much of GCI is really enterprise services. Consumer services are the minority of the company's revenue, and the bulk of the company's revenue and OIBDA come from enterprise services provided to healthcare corporations, schools in rural Alaska, and the largest enterprise customers in the state. On the consumer market front, we are in tune with the rest of the industry, looking at ways to both differentiate and further solidify the customer proposition that's received by GCI. We've been very heavily focused, like lower 48 companies, on bundling wireless with broadband.

Speaker Change: Companies in the lower 48 are experiencing.

Speaker Change: But.

Speaker Change: No real changes.

Speaker Change: Broadband front.

Speaker Change: Slow, but steady growth.

Speaker Change: The consumer wireless, but with respect to the broader strategy. It's important to remember how much of GCI is really enterprise services consumer services are.

Ron Duncan: With respect to the broader strategy, it's important to remember how much of GCI is really enterprise services. Consumer services are The minority of the company's revenue in Oibata, the bulk of the company's revenue in Oibata come from enterprise services provided to healthcare corporations and schools in rural Alaska and the largest enterprise customers in the state. On the consumer market front, we are in tune with the rest of the industry looking at ways to both differentiate and further solidify the customer prep proposition that's received by GCI. We've been very heavily focused like Lower 48 companies on bundling wireless with broadband.

Speaker Change: The minority of the company's revenue and OIBDA up the bulk of the company's revenue and OIBDA come from.

Speaker Change: Enterprise services provided to healthcare corporations and schools in rural Alaska, and the largest enterprise customers in the state.

Speaker Change: On the consumer market front, we are in tune with the rest of the industry looking at ways to both differentiate and further solidify the customer.

Speaker Change: Right proposition that's received by GCI, we'd been very heavily focused like lower 48.

Speaker Change: Companies on bundling wireless with broadband, we're a little different than the lower 48 and that we own our own wireless network, we're not a M being over at M. M O M.

Operator 2: We're a little different than the lower 48 in that we own our own wireless network. We're not an MVNO. We're an MNO. And we're right now reevaluating our pricing and product mix to see what we could do to increase the stickiness for customers. But we haven't experienced the level of competition the companies in the lower 48 have, and we're probably not as advanced as they are in terms of fully integrated packages of services that go beyond just the wireless and the broadband, but we're moving in that direction. That's very helpful. Thank you. Thank you, Cutton. With that, that is our one question for today. We thank you for your continued interest in Liberty Broadband and GCI Liberty, and we look forward to speaking with you more on GCI Liberty in the near future. This concludes today's teleconference. You may disconnect your lines at this time.

Ronald Duncan: We're a little different than the lower 48 in that we own our own wireless network. We're not an MVNO. We're an MNO. And we're right now reevaluating our pricing and product mix to see what we could do to increase the stickiness for customers. But we haven't experienced the level of competition the companies in the lower 48 have, and we're probably not as advanced as they are in terms of fully integrated packages of services that go beyond just the wireless and the broadband, but we're moving in that direction.

Ron Duncan: We're a little different than the Lower 48 in that we own our own wireless network. We're not an MVNO, we're an MNO. And we're right now reevaluating our pricing and product mix to see what we could do to increase the stickiness for customers. But we haven't experienced the level of competition from the companies in the Lower 48 have. And we're probably not as advanced as they are in terms of fully integrated packages of services that go beyond just the wireless and the broadband, but we're moving in that direction.

Speaker Change: And we're right now reevaluating, our pricing and product mix to see what we could do to increase the stickiness for customers, but we haven't experienced the level of competition. The companies in the lower 48, but were probably not as advanced as they are in terms of fully integrated.

Speaker Change: <unk> services that go beyond just the wireless and broadband, but we're moving in that direction.

Ronald Duncan: That's very helpful. Thank you.

Speaker Change: That's very helpful. Thank you.

Questioner: That's very helpful.

Brian Wendling: Thank you, Cutton. With that, that is our one question for today. We thank you for your continued interest in Liberty Broadband and GCI Liberty, and we look forward to speaking with you more on GCI Liberty in the near future.

Questioner: Thank you.

Speaker Change: Okay.

Speaker Change: Thank you kept on with that that does one question for today. We thank you for your continued interest in Liberty broadband and GCI Liberty and we look forward to speaking with you more on GCI Liberty in the near future.

Questioner: Thank you, Captain.

Operator: With that, that is our one question for today.

Operator: We thank you for your continued interest in Liberty Broadband and GCI Liberty, and we look forward to speaking with you more on GCI Liberty in the near future. www.mytrendyphone.co.uk

Operator: This concludes today's teleconference. You may disconnect your lines at this time.

Speaker Change: Okay.

Speaker Change: This concludes today's teleconference. You may disconnect your lines at this time.

Operator 2: Thank you for your participation.

Operator: Thank you for your participation.

Speaker Change: Thank you for your participation.

Speaker Change: Okay.

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Speaker Change: Okay.

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Speaker Change: Okay.

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