Q2 2025 Liberty Broadband Corp Earnings Call

August 7, 2025

Operator: Welcome to the GCI Liberty 2025 Q2 Earnings Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. At that time, if you have a question, please press star one on your telephone keypad. As a reminder, this conference will be recorded as of today, 7 August 2025. I would now like to turn the call over to Shane Kleinstein, Senior Vice President of Investor Relations. Please go ahead.

Welcome to the GCI Liberty Q2 2025 earnings call. During the presentation, all participants will be in listen-only mode. Afterwards, we will conduct a question-and-answer session at that time. If you have a question, please press *1 on your telephone keypad.

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 prospectus forming part of GCI Liberty's registration statement and the most recent Forms 10-Q filed by GCI Liberty and Liberty Broadband with the SEC. These forward-looking statements speak only as of, as of the date of this call, and GCI Liberty and Liberty Broadband expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in GCI Liberty or Liberty Broadband's expectations with regard thereto, or any change in events, conditions, or circumstances on which any such statement is based.

As a reminder, this conference will be recorded as of today, August 7, 2025. I would now like to turn the call over to Shane Kleinstein, Senior Vice President of Investor Relations. Please go ahead.

Shane Kleinstein: On today's call, we will discuss certain non-GAAP financial measures for GCI Liberty, including Adjusted OIBDA, Adjusted OIBDA Margin, and Free Cash Flow. Information regarding the required definitions, along with comparable GAAP metrics and reconciliations, including Schedule 1, can be found in the earnings press release issued today, which is available on GCI Liberty's website. Today, speaking on the call, we have Ron Duncan, CEO of GCI Liberty, Brian Wendling, GCI Liberty's Chief Accounting and Principal Financial Officer, and also during Q&A, we will answer questions related to Liberty Broadband. Members of both GCI and Liberty Broadband management will be available to answer questions during the Q&A portion. With that, I will turn the call over to Ron.

Thank you and good morning for we begin with we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the private security 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 prospectus forming part of GCA Liberty's, registration statement and the most recent forms 10 Q, followed by GCA Liberty, and Liberty Broadband with the SEC. These board looking statements speak only as a, as of the date of this call and GCI Liberty, and Liberty Broadband, expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained here in to reflect any change in GCI and liberty or Liberty. Broadband's expectations with regard to or any change in events conditions, or circumstances on which any such statement is based.

Information regarding the required, definitions along with comparable. Gaap metrics and reconciliations including schedule. 1 can be found in the earnings press release issue today with which is available on GCA Liberty's website,

Today, speaking on the call, we have Ron Duncan CEO of GCI Liberty.

Brian, Wendling GCI, Liberty's Chief accounting and Principal Financial Officer.

Ron Duncan: Good morning. We were pleased to complete the spin-off of GCI Liberty from Liberty Broadband last month, allowing me to speak to you today on our first quarterly call as a once again public company. 2025 is off to a great start. GCI continues to lead in the provision of statewide service to all of our customers. This has been of particular value to our rural health and education customers. In the last 12 months, we have achieved significant upsells in this segment as rural schools and clinics have purchased additional bandwidth. We grew consumer wireless subscribers 1% year-over-year, ending the quarter with 207,000 subscribers. During the quarter, we added 4,700 consumer wireless lines. On the data side, we saw a 3% decline year-over-year, ending the quarter with 154,500 cable modem subscribers.

And also during Q&A, we will answer questions related to Liberty Broadband members of both GCI and Liberty Broadband management will be available to answer questions during the Q&A portion with that, I will turn the call over to Ron.

Good morning. We were pleased to complete. The spin-off of GCI Liberty from Liberty Broadband. Last month, allowing me to speak to you today, on our first quarterly call as a once again, public company.

2025 is off to a great start. GCI continues to lead in the provision of statewide service to all of our customers. This has been particularly valuable to our rural health and education sectors. Over the last 12 months, we have achieved significant upsells in this segment as rural schools and clinics have purchased additional bandwidth.

Ron Duncan: During the quarter, we lost 1,300 data subscribers. The decline of data subs over the past year is largely due to the elimination of the ACP program in 2024, the fiber break on a third-party network in which GCI uses capacity, Starlink competition, and wireless substitution. Financially, these results have translated into a record last twelve months OIBDA of $405 million as of Q2. The USF challenge at the Supreme Court, which had been an overhang on our business and led to a negative credit watch earlier in the year, has been definitively and favorably resolved. Looking at several other financial highlights, in March, we successfully refinanced our senior credit facility and pushed out maturities to 2030 and 2031.

We grew consumer, Wireless subscribers. 1% year-over-year ending in the quarter with 207,000 subscribers during the quarter. We added 4,700 consumer Wireless lines on the data side. We saw 3%, decline year-over-year ending the quarter with 154,500 cable, modem subscribers during the quarter. We lost 1300 data subscribers.

The decline of data subs over the past year is largely due to the elimination of the ACP program in 2024, the fiber break on a third-party network, in which GCI uses capacity, Starlink competition, and wireless substitution.

Financially, these results have translated into a record last.

12 months Playita of 405 million as of the second quarter.

The US USF challenged at the Supreme Court which had been an overhang on our business and led to negative credit watch earlier. In the year has been definitively in favorably resolved.

Ron Duncan: In Q2, we were able to reduce our net debt by $86 million, bringing our total leverage down to 2.3 times as defined by our credit agreement. The combination of these events led S&P to eliminate the negative credit watch and raise our credit rating in July. We're proud of the progress, both financially and operationally, over the first half of the year. While we're now a standalone public company, it's business as usual for our team in Alaska. We remain focused on improving our infrastructure to deliver high-quality service to our customers, furthering our rural expansion to bridge the digital divide, and increasing the efficiency of our business. I'll go into a bit more detail in several areas.

Looking at several other financial highlights in March, we successfully refinanced our senior credit facility and pushed out maturities to 2030 and 2031.

And the second quarter, we were able to reduce our net debt by 86 million. Bringing our total leverage down to 2.3 times as defined by our credit agreement.

The combination of these events led S&P to eliminate the negative credit watch and raise our credit rating in July.

We're proud of the progress, both financially and operationally, over the first half of the year.

While we're now a standalone public company. It's business, as usual for our team in Alaska.

Ron Duncan: Starting with our network infrastructure, we are offering 2.5-gigabit broadband connectivity in areas that have fiber Middle Mile, which cover an overwhelming majority of our customers. Material progress is being made in improving the broadband network in Anchorage, as we are in the process of upgrading the core, reducing node sizes, and upgrading the plant to 1.8 gigahertz. All of the work that we are doing is DOCSIS 4.0 or 4.0 capable, enabling speeds that are multiple times what we have today. We will be rolling this out to other markets in the coming years, allowing us to get to 5 gigabits and ultimately beyond. We believe these changes will not only lead to higher speeds, but also a network that has fewer maintenance requirements. The strength of this offering positions us well against competitors today and into the future.

We make it a priority to remain focused on improving our infrastructure to deliver high-quality service to our customers, furthering our rural expansion to bridge the digital divide, and increasing the efficiency of our business. I'll go into a bit more detail in several areas.

Starting with our Network infrastructure, we are offering 2 and a half gigabit Broadband connectivity in areas that have fiber middle mile, which cover an overwhelming. Majority of our customers. Material progress is being made in improving the Broadband networking Anchorage. As we are in the process of upgrading the core reducing node sizes and upgrading the plant to 1.8 gigahertz. All of the work that we are doing is docs is 4.0 or 4.0 capable enabling speeds, that are multiple times what we have today.

we will be rolling this out to other markets in the coming years, allowing us to get the 5 gigabits and ultimately Beyond

We believe these changes will not only lead to higher speeds, but also a Network that has fewer maintenance requirements.

Ron Duncan: On wireless, we are encouraged by early signs that our wireless postpaid business is growing again. We launched our unlimited test drive promotion in April of this year. This offers our broadband customers a discounted price to gain access to unlimited broadband and add a wireless line. This promotion is driving growth for both our GCI+ converged product and postpaid wireless lines, with sequential growth in postpaid lines of 3,400 in Q2. We expect to roll out other new pricing and packaging offers later this year to drive further growth in our wireless products. We plan to provide 5G wireless service to all Alaskans over the coming years. We continue to bridge the digital divide in Alaska with rural expansion. As I mentioned, we are happy to have the Universal Service Fund ruling behind us.

The strength of this offering positions us well against competitors today, and into the future.

On wireless, we are encouraged by early signs that our wireless postpaid business is growing. Again,

We launched our unlimited test drive promotion in April of this year. This offers our Broadband customers a discounted price to gain access to unlimited broadband, and add a wireless line. This promotion is driving growth for both our GCI plus Converse product and postpaid Wireless lines with sequential growth and post-paid lines of 3,400 in the second quarter.

We expect to roll out other new pricing and packaging offers later this year to drive further growth. In our wireless products, we plan to provide 5G wireless service to all alaskans over the coming years.

Ron Duncan: This was an enormous win for the Universal Service Fund, the State of Alaska, and all of the providers in Alaska, including GCI. The Supreme Court's decision clearly affirms the legal foundation of this important program. On the Alaska Plan, we expect to complete the first phase and meet our build-out requirements in 2026. This will increase wireless speeds in the communities we're serving. The FCC's new Alaska Connect Fund will extend the Alaska Plan and increase the amount of support. This will aid in the deployment of 5G wireless throughout Alaska. On BEAD, the State of Alaska was allocated up to $992 million in funding for infrastructure projects to connect unserved and underserved locations. Recent changes to the program make it unlikely that the state will be able to award the full amount of its allocation.

We continue to bridge the digital divide in Alaska with rural expansion. As I mentioned, we are happy to have the Universal Service Fund ruling behind us. This was an enormous win for the Universal Service Fund, the state of Alaska, and all of the providers in Alaska, including GCI. The Supreme Court's decision clearly affirms the legal foundation of this important program.

Alaska plan, we expect to complete the first phase and meet our buildout requirements in 2026.

This will increase Wireless speeds in the communities. We're serving.

The fcc's new elastic connect fund, will extend the Alaska plan and increase the amount of support, this will Aid in the deployment of 5G Wireless throughout Alaska.

On behalf of the state of Alaska, up to $992 million in funding was allocated for infrastructure projects to connect underserved areas.

Ron Duncan: GCI submitted several applications to participate in the Alaska BEAD program. Any monies that GCI is awarded will defray our capital costs as we expand in unserved locations, but this funding is not currently factored into our CapEx budgeting. Finally, on our effort to increase efficiency in our business. For the past year and a half, we've been engaged in efforts to proactively manage our cost structure. In 2024, we reorganized our tech organization, and early this year, hired our first-ever Chief Technology Officer, Troy Goldie, who has been leading the efforts to make sure that our technology team is both effective and efficient. I'm very pleased with the early results in the CTO group. We are continuing our efforts to streamline the business and increase efficiency by implementing new systems and applying the lessons learned in the CTO reorganization to other elements of the company.

recent changes to the program, make it unlikely that the state will be able to award the full amount of its allocation

GCI submitted several applications to participate in the Alaska BEAD program. Any monies that GCI is awarded will defray our capital costs as we expand into unserved locations, but this funding is not currently factored into our CapEx budgeting.

Finally, on our effort to increase efficiency in our business, for the past year and a half, we've been engaged in efforts to proactively manage our cost structure in 2024, we have reorganized, our Tech organization in early this year hired, our first ever Chief technology, officer Troy Goldie, who has been leading the efforts to make sure that our technology team is both effective and efficient. I'm very pleased with the early results in the CTO group.

Ron Duncan: We expect these efforts will help maintain better discipline across our entire cost structure. Before closing, I should comment briefly on the Alaska economy. The market has been flat up here with a slowly declining workforce for over a decade. The state government is challenged by the lack of a credible fiscal plan. The drop in oil prices has contributed to the malaise. There hasn't been much good news to talk about. However, the new administration's change in resource policy with respect to both oil and mineral exploration make me cautiously optimistic about Alaska's economic future. More importantly, there could be a ray of hope on the horizon. For 50 years, Alaskans have dreamed about the construction of a natural gas pipeline from Prudhoe Bay to Tidewater. This has always seemed to be a pipe dream, if you will, that was just out of reach.

We are continuing our efforts to streamline the business and increase efficiency by implementing new systems and applying the Lessons Learned in the CTO reorganization to other elements of the company. We expect these efforts will help maintain better discipline across our entire cost structure.

Before closing, I should comment briefly on the Alaska economy. The market has been flat up here with a slowly declining Workforce for over a decade. The state government is challenged by the lack of a credible. Fiscal plan, the drop in oil prices has contributed to the malays. There hasn't been much good news to talk about, however, the new administration's change in resource policy with respect to both oil and mineral. In Exploration make me cautiously optimistic about Alaska's economic future.

More importantly, there could be a ray of Hope on the horizon.

Ron Duncan: While details are still emerging, the inclusion of significant purchases of Alaska gas and the promise of investment by Japan in the president's recently announced trade deal could change the game. Adding cheap energy to an environment where average temperatures are cooler and there is an abundance of land and water, could make Alaska a very appealing location for participants in the AI economy. There's still a lot of skepticism and some genuine doubt, but we hope to know more over the next few months. The construction of the gas line and the export of material amounts of natural gas would clearly be cause for optimism. In the meantime, we welcome anyone else to join us here in Alaska, where we would remind you the water flows well, the climate stays cool, and the environment is wonderfully conducive to the demands of the ever-growing data center industry.

For 50 years, alaskans, have dreamed about the construction of a natural gas pipeline, from Prudhoe Bay to Tidewater. This is always seemed to be a pipe dream, if you will, that was just Out Of Reach.

While details are still emerging, the inclusion of significant purchases of Alaska, gas and the promise of investment by Japan in the president's, recently announced trade deal could change the game.

Betting cheap energy to an environment, where average temperatures are cooler and there is an abundant land, abundance of land. And water could make Alaska, a very appealing location for participants in the AI economy.

There's still a lot of skepticism and some genuine doubt but we hope to know more of the next few months. The construction of the gas line and the export of material amounts of natural natural gas would clearly. Because for optimism,

Ron Duncan: To our listening audience of telco analysts, please spread the word. In summary, we remain confident in our ability to deliver high-quality service to the state of Alaska with both the breadth and caliber of our network and service. We believe the quality of our infrastructure and durability of our financial results will drive value for customers, partners, and shareholders. With that, I'll turn to Brian to discuss the financials in more detail.

In the meantime, we welcome anyone else to join us here in Alaska. Where we would remind you the water flows. Well, the climate stays cool. And the environment is wonderfully conducive to the demands of the ever growing data center industry. So our listening audience of Telco analysts please spread the word

In summary, we remain confident in our ability to deliver high-quality service to the state of Alaska, with both the breadth and caliber of our Network and service. We believe the quality of our infrastructure and durability of our financial results will drive value for customers partners and shareholders.

Brian Wendling: Thank you, Ron, and good morning, everyone. As Ron said, the GCI Liberty spin-off from Liberty Broadband was completed on 14 July. Holders of Liberty Broadband common stock received 0.2 shares of the corresponding series of GCI Liberty common stock per share of the corresponding series of Liberty Broadband common stock, held on record as of that day, or on the record date. At quarter end, GCI Liberty had consolidated cash, cash equivalents, and restricted cash of $117 million, and total principal amount of debt of approximately $1 billion. As a reminder, GCI refinanced its senior credit facility in March with a $450 million revolver that matures in 2030, and a $300 million Term Loan A that matures in 2031.

With that, I'll turn to Brian to discuss the financials and more detail.

Thank you, Ron. And good morning everyone.

Uh, it's Ron said, the GCI Liberty spin-off from Liberty Broadband, was completed on July 14th holders of Liberty Broadband, common stock, received 0.2 shares of the corresponding series of GCI Liberty, common stock per share.

Of the corresponding series of Liberty Broadband, common stock held on record, as of that day, on the record date.

At quarter, end GCI, Liberty at Consolidated Cash, Cash equivalents and restricted. Cash of 117 million and total principal amount of debt of approximately 1 billion.

Brian Wendling: At quarter end, GCI's leverage, as defined by its credit agreement, was 2.3 times, and GCI's credit facility had $377 million of undrawn capacity net of letters of credit. Prior to the spin-off and subsequent to quarter end, 10 million of non-voting preferred stock of GCI Liberty was issued to Liberty Broadband and then sold by Liberty Broadband to third-party buyers. The GCI Liberty non-voting preferred stock pays a 12% dividend with a redemption date in 2032. Now looking at GCI's results. GCI generated total revenue of $261 million, representing 6% growth in Q2. Adjusted OIBDA of $108 million increased 26%.

As a reminder, GCI refinanced at senior credit facility, in March with a 450 million revolver that matures in 2030 and a hundred million dollar Term Loan. A that matures in 2031 at quarter end GCI is leveraged as defined by its credit agreement, was 2.3 times and gci's credit facility had 377 million of, undrawn capacity and out of letters of credit.

Brian Wendling: Results in the quarter continued to benefit from a strong upgrade cycle in schools and healthcare corporations that began in Q3 2024, as well as growth in consumer wireless, and cost efficiencies. Note, we expect to slow down in Adjusted OIBDA growth in the back half of this year, partially driven by fully lapping the upsell cycle in schools that began in Q3 2024. Additionally, we have benefited from several other one-time items in the first half of the year, including lower employee benefit costs. GCI remains on track to fully exit the video business by the end of this calendar year. This will allow us to focus the business on the products and services that our customers need and want, but will not have a significant impact on revenue, or COGS, and the impact to Free Cash Flow and OIBDA will be immaterial.

Uh, now looking at gci's results, GCI generated total revenue of 261 million representing 6% growth in the second quarter. Justin OVA of 108 million increased 26%.

Results in the quarter continued to benefit from a strong upgrade cycle in schools and healthcare corporations that began in Q3 2024, as well as growth in consumer wire lists and cost efficiencies.

No, we expect a Slowdown in adjusted web at a growth in the back half of the Year partially driven by fully lapping.

The upsell cycle and schools.

That began in the third quarter of 24. Additionally,

We have benefited from several other 1-time items in the first half of the year, including lower employee benefit costs.

Brian Wendling: Consumer revenue declined 2% to $119 million. The majority of the decline was driven by a decline in data revenue, as well as the video segment, which we are exiting, slightly offset by growth in consumer wireless. Consumer wireless revenue increased 6% to $51 million, benefiting from wireless subscriber growth and an increase in federal wireless subsidies. Consumer gross margin of 70.6% was relatively flat compared to the same period last year. Business revenue grew 14% to $142 million. Most of the increase was driven by data revenue, which continued to benefit from the strong upgrade cycle noted above, which began in Q3 2024. Wireless revenue declined $2 million or 17%, largely driven by a decline in roaming revenue.

GCI remains on track to fully exit the video business by the end of this calendar year. This will allow us to focus the business on the products and services that our customers need and want. However, it will not have a significant impact on revenue or COGS, and the impact on free cash flow in orbit will be material.

Consumer revenue declined 2% to $119 million. The majority of the decline was driven by a decrease in data revenue, as well as from the video segment, which we are exiting.

Slightly offset by growth in consumer W Wireless consumer Wireless Revenue. Increased 6% to 51 million, benefiting from Wireless subscriber growth and an increase. In federal Wireless subsidies consumer growth, margin of 70.6% was relatively flat compared to the same period last year business Revenue 14% to 142 million. Most of the increase was driven by data Revenue, which continued to benefit from the strong upgrade cycle noted above, uh, which began in the third quarter of 2024

Brian Wendling: Business gross margin increased to 81.7%, primarily due to temporary cost savings from the Quintillion fiber break, combined with the data revenue growth. Capital expenditures, net of grant proceeds, totaled $51 million during the quarter. Year to date, GCI had approximately $100 million in net CapEx investment and expects full year net CapEx to be around $250 million. GCI generated $153 million in free cash flow on a trailing twelve-month basis through the end of Q2. We believe presenting free cash flow on a trailing twelve-month basis more accurately demonstrates our cash generation and liquidity profile by minimizing seasonal fluctuations, particularly around the timing of USF cash receipts.

Wireless Revenue, declined, 2 million, or 17% largely driven by a decline in roaming Revenue. Uh, business growth margin, increase to 81.7%, primarily due to Temporary cost,

Savings from the quintilian fiber break combined with the data Revenue growth.

Capital expenditures and grant proceeds totaled $51 million during the quarter. Year to date, GCI has approximately $100 million in net capex investment and expects full-year net capex to be around $250 million.

Brian Wendling: Typically, we have a delay in cash payments from our USF-supported revenue at the start of the new funding year, which begins in the third quarter of each year. Last year, we didn't start to receive meaningful amounts of cash until the beginning of Q1 of the following year. However, the outlook for the rest of 2025 is favorable, as we have received USAC approval for a significant amount of services already. We should start to collect cash over the next few months and meaningfully accelerate the timing of our cash flows versus the prior year. Lastly, based on recent stock prices, we currently expect that GCI Liberty spin-off will result in a basis, basis step up of approximately $1 billion.

GCI generated 153 million in free, cash flow on a trailing 12-month basis. Through the end of the second quarter, We Believe presenting free, cash flow on a trailing 12-month basis. More accurately demonstrates our cash generation and the liquidity profile by minimizing seasonal fluctuations, particularly around the timing of USF. Cash receipts

Typically we have a delay in cash payments from our USF, supported Revenue at the start of the new funding year uh which begins uh in the third quarter, each year. Last year, we didn't start to receive meaningful amounts of cash until the beginning of q1 of the following year. However, the outlook for the rest of 25 is favorable as we have received uszyc approval for a significant amount of services already. We should start to collect cash over the next few months and meaningfully accelerate, the timing of our cash flows versus the prior year.

Brian Wendling: Our combined federal and state tax rate is just under 30%, so that gives you an idea of the value of the tax asset, though we're not providing a timeline for its utilization, as that may depend, will depend on a variety of factors. And with that, I'll turn the call back over to Ron.

Lastly based on recent stock prices, we currently expect the GCI Liberty, spin-off will result in the basis basis Step Up of approximately a billion dollars.

Our combined federal and state tax rate is just under 30%. So that gives you an idea of the value of the tax asset that we're not providing a timeline for, its you to the utilization, as that, may depend will depend on the variety of factors.

Ron Duncan: Thank you, Brian. We appreciate your interest in GCI Liberty and look forward to continuing to update you on our progress. With that, we'll open the call up for Q&A.

And with that, I'll turn the call back over to Ron.

Thank you, Brian. We appreciate your interest in GCI Liberty. And look forward to continuing to update you on our projects.

With that, we'll open the call up for Q&A.

Operator: Thank you. Ladies and gentlemen, as a reminder, if you'd like to ask a question, please press star one on your telephone keypad, and a confirmation tone will indicate your line is in the question 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 headset before pressing the star keys. One moment please, while we pull for questions. And we have a question from Barry Sine with Litchfield Hills Research, which will be our last question on the call. Please proceed, Barry.

Thank you.

Ladies and gentlemen, as a reminder, if you would like to ask a question, please press star 1 on your telephone keypad. The confirmation tone will indicate your line is in the question queue.

You may press star 2. If you would like to remember your question from the queue,

For participants using speaker equipment and may be necessary to pick up your handset before pressing the star Keys 1 moment, please hold for questions.

Barry Sine: Hey, good morning. I wanted to ask about your acquisition strategy. On the 3 June call you guys did, you spoke about acquisitions likely being a key part of your strategy. And if I think about the Alaska telecom environment, you've tried buying a TV station, Quintillion has escrow issues, MTA is a co-op. You could always buy the Iditarod. Liberty has created a lot of value with Formula One. Would you go out of Alaska? Would you go out of your industry? What are your criteria for acquisitions? Thank you.

And we have a question from Barry sign with which field Hills research, which will be our last question on the call, please receive Eric.

Ron Duncan: Thank you, Barry. Yeah, I think buying the Iditarod would be great, and we'll turn that into an international sport and infuriate Peter beyond belief. Obviously, there's not a lot of attractive acquisitions of scale in Alaska, so any acquisition strategy would largely be directed out of state. It wouldn't necessarily be within the business we're currently in today. I don't think we're looking at leveraging the operating resources of GCI in any future acquisition strategy, rather than the financial resources and the tax assets. That said, GCI, as a public company, is not quite four weeks old. We haven't had our first full quarterly board meeting yet, and we don't have a developed list of acquisition targets or even necessarily a list of priorities and strategy for that.

Hey, good morning. I wanted to, uh, ask about, um, your acquisition strategy on the June 3rd, uh, call you guys did, uh, you spoke about Acquisitions likely being a key party or strategy, um, and if I think about the Alaska Telecom environment, you've tried buying a TV station. Quintillion has ice scour issues mtas and Co-op, you could always buy the idid rod. Liberty was has created a lot of valuable Formula 1. Would you go out of Alaska? Would you go out of your industry? What are your criteria for Acquisitions? Thank you.

Thank you Barry. Yeah, I think buying the I did a ride would be great and we'll turn that into an international sport and infuriate. Peter beyond all belief.

Uh,

There's not a lot of attractive Acquisitions at scale in Alaska. So any acquisition strategy would largely be directed out of state?

Ron Duncan: You'll have to give us a little more time to develop that, but obviously, we have a lot of cash flow to deploy, and we have a lot of tax asset that can be accelerated. So with that, I think we are done for this quarter, and we appreciate your interest in GCI. We look forward to getting back to you at the end of the next quarter. Thank you.

It wouldn't necessarily be within the business we're carrying into currently in today. I don't think we're looking at leveraging. The operating resources of GCI in any future acquisition strategy, rather than the financial resources and the tax assets, that said, GCI as a public company is not quite 4 weeks old. We haven't had our first full quarterly board meeting yet and we don't have a developed list of acquisition targets or even necessarily a list of priorities and strategy for that. You'll have to give us a little more time to develop that, but obviously, we have a lot of cash flow to deploy and we have a lot of tax asset that can be accelerated. So,

With that. I think we are done for this quarter and we appreciate your interest in GCI. We look forward to getting back to you at the end of the next quarter. Thank you.

Operator: Thank you. This concludes today's conference. You may disconnect your lines at this time. Enjoy the rest of your day.

Thank you, this concludes today's conference. You may disconnect your lines at this time.

Enjoy the rest of your day.

Q2 2025 Liberty Broadband Corp Earnings Call

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