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 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 August seven 2025, I would now like to turn the call over to Shane quantity Senior Vice President of Investor Relations. Please go ahead.

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.

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.

That's where results could differ materially due to a number of risks and uncertainties, including those mentioned in the prospectus, forming part of GCI Liberty. Its registration statement and most recent Form 10-Q filed by GCI Liberty and Liberty broadband with the SEC.

Shane Kleinstein: These forward-looking statements speak only 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. 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 one, can be found in the earnings press release issued today, which is available on GCI Liberty's website.

Forward looking statements speak only 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 any forward looking statements contained herein to reflect any change in GCI liberty or 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, we'll discuss certain non-GAAP financial measures for GCI Liberty, including adjusted OIBDA adjusted OIBDA margin free cash flow information regarding the required definitions along with comparable GAAP metrics and reconciliation, including schedule that can be found in the earnings press release issued today with which is available on GCI Liberty's website.

Shane Kleinstein: 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'll 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.

Today speaking on the call we have Ron Duncan CEO of GCI Liberty, Brian Wendling, GCI, Liberty's, Chief accounting and principal financial Officer.

Also during Q&A, we will answer questions related to Liberty broadband members about GCI Liberty broadband management will be available to answer questions. During the Q&A portion with that I'll turn the call over to Rob.

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 a 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.

Good morning, we were pleased to complete the spin off of GCI Liberty Liberty broadband last month.

Speak to you today on our first quarterly call as once again the 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 a particular value to our rural health and education customers in the last 12 months, we have achieved significant upsells in its segment, it's rural schools and clinics are purchased additional bandwidth.

We grew consumer wireless subscribers, 1% year over year, ending the quarter with 207000 subscribers during the quarter. We added 4700 consumer wireless smartphones on the data side, we saw a 3% decrease.

Klein year over year, ending the quarter with 154500 gig modem subscribers during the quarter, we lost 1300 data subscribers.

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.

The decline of data subs over the past year is largely due to the elimination of the ACP program in 2020 for the fiber breakdown of third party networks, which GCI uses capacity.

Competition and wireless substitution.

Financially. These results have translated into a record last 12 months OIBDA of $405 million as of the second quarter.

U S U S F challenge at the Supreme Court, which had been an overhang on our business have 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.

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.

In the second quarter, we were able to reduce our net debt by $86 million, bringing our total leverage down to two three times as defined by our credit agreement.

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

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

Well, 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 the bridge the digital divide and increasing the efficiency of our business I'll go into a bit more detail in several areas.

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 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.

Starting with our network infrastructure, we are offering two 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 network and acreage as we are in the process of upgrading the core reducing node sizes.

And upgrading the plant to 1.8 gigahertz all the work that we're doing is DOCSIS, Florida, Idaho, or Florida or capable enabling speeds that are multiple times, what we have today we.

We will be rolling this out to other markets in the coming years, allowing us to get to five gigabits and ultimately be at.

We believe these changes will not only lead the 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.

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.

On wireless we are encouraged by early signs that our wireless postpaid business 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 smart. This promotion is driving growth for both our GCI plus converged product and postpaid wireless slides with sequential growth in postpaid lines of 3400 in the second quarter.

We expect to rollout other new pricing and packaging offerings. Later this year to drive further growth in our wireless products. We plan to provide five G. Wireless service, so 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. This was an enormous win but the Universal service fund the state of Alaska, and all of the providers in Alaska, including GCI.

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.

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 of meet our Buildout requirements in 2026.

This will increase wireless speeds into communities where 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 five G 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 GCI.

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 have 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.

GCI submitted several applications to participate in the Alaska B program any monies that GCI has awarded will defray our capital costs as we expand that unserved locations, but this funding is not currently factored into our Capex budget.

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 from the CTO group.

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

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 makes 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.

Before closing I should comment briefly on the Alaska economy. The market has been flat up here with a slowly declining workforce Rover 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 hasnt been much good news to talk about however, the new administration.

<unk> change in resource policy with respect to both oil and minerals exploration.

Me cautiously optimistic about Alaska as 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 crude obey the Tidewater. This is always seem 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, and the President's recently.

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.

<unk> trade deal could change the game.

Adding cheap energy to an environment, where average temperatures were cooler and there isn't abundant land abundance of land and water could make the last a very appealing location for participants in the 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 exploit our material amounts of national 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 climate stays cool and the environment is wonderfully conducive to the demands of the ever growing data center industry.

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.

Our listening audience with 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 it to Brian to discuss the <unk>.

Naturals in more detail.

Brian Wendling: Thank you, Ron, and good morning, everyone. As Ron said, the GCI Liberty spin-off from Liberty Broadband was completed on July 14. 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 day. 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 dollar revolver that matures in 2030, and a $300 million dollar term loan A that matures in 2031.

Thank you Ron and good morning, everyone.

As Ron said, the GCI Liberty spinoff on Liberty broadband was completed on July 14th Folgers Liberty broadband common stock received point to shares at the corresponding series of GCI Liberty common stock per share.

The corresponding series of Liberty broadband common stock held on record as of that date on that.

Our record day.

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 refinance the senior credit facility in March with a $450 million revolver that matures in 2030, and a 300 million.

Term loan that matures in 2031 at quarter end GCI as leverage is defined by its credit agreement was two three times and GCI as credit facility had $377 million of Undrawn capacity net of letters of credit.

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%.

Prior to spin off and subsequent to quarter end $10 million of nonvoting preferred stock at GCI Liberty was issued to Liberty broadband and then followed by Liberty broadband to third party buyers. The GCI Liberty Nonvoting 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 the second quarter adjusted OIBDA of $108 million increased 26% results in the quarter continued to benefit from a strong upgrade cycle in schools and health care corporations that began in the third quarter of 2020.

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.

For wireless growth in consumer wireless and cost efficiencies.

No we expect a slowdown in adjusted OIBDA growth in the back half of this year, partially driven by fully lapping the.

The upsell cycle in schools.

That began in the third quarter of 24. Additionally.

We have benefited from several other onetime 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 it will not have a significant impact on revenue or Cogs and the impact of free cash flow in OIBDA will be immaterial.

Brian Wendling: 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 of free cash flow and OIBDA will be immaterial. 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.

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 while 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 76% 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.

Brian Wendling: 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. 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.

Which began in the third quarter of 2024 wireless revenue declined $2 million or 17% largely driven by a decline in roaming revenue.

Business gross margin increased to 81, 7%, primarily due to temporary cost savings from that until you're in 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 and net capex investment and expect full year net capex to be around $250 million.

Brian Wendling: GCI generated $153 million in free cash flow on a trailing 12-month basis through the end of Q2. We believe presenting free cash flow on a trailing 12-month basis more accurately demonstrates our cash generation and 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, which begins in Q3 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.

<unk> generated $153 million of 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 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, which begins in the third quarter. Each year last year, we didn't start to receive meaningful amounts of cash until the beginning of Q1.

Following year however, the outlook for the rest of the 25 is favorable as we have received <unk> 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: 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 the GCI Liberty spin-off will result in a basis step up of approximately $1 billion. 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 spinoff will result, the basis basis step up approximately $1 billion.

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 cheaters utilization does that may depend will depend on a variety of factors.

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

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.

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.

Yeah.

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. 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'd like to ask a question. Please press star one on your telephone keypad uncomfortable stolen state. Your line is in the question queue.

I'll start sue.

Good question from the queue.

Participants using speaker equipment, it may be necessary to pick up your handset before pressing the star one moment. Please poll for questions.

Yeah.

And we have a question from Barry sine wave.

<unk>.

Research, which will be our last question on the call. Please proceed.

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 was- 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.

Hey, Yeah. Good morning, I wanted to ask about your acquisition strategy on the June 3rd call you guys did.

You spoke about acquisitions likely being a key part of your strategy and.

And if I think about the Alaska Telecom environment, you've tried buying a TV station quintillion has ice scour issues MTA and co op you can always buy the I did rod Liberty was created a lot of value at Formula. One would you go out of Alaska would go out of your industry. What are your criteria for acquisitions. Thank you.

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.

Thank you Barry.

I think buying I did or I'd would be great and I'll turn that into an international sports and deteriorate beyond all belief.

Obviously, there's not a lot of attractive acquisitions of scale in Alaska. So any acquisition strategy would largely be directed added states.

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 with 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 develop 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.

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, and we look forward to getting back to you at the end of the next quarter. Thank you.

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

Okay.

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.

The rest of your day.

Okay.

Hum.

Yeah.

Okay.

Q2 2025 Liberty Broadband Corp Earnings Call

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