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Liberty Broadband (LBRDA) investor relations material

Liberty Broadband Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Completed spin-off from Liberty Broadband on July 14, 2025, forming GCI Liberty as a standalone public company and marking the first quarterly call as an independent entity.

  • Achieved 6% year-over-year revenue growth to $261M and 26% increase in Adjusted OIBDA to $108M in Q2 2025.

  • Supreme Court upheld the constitutionality of the Universal Service Fund, removing a major business overhang and supporting rural connectivity.

  • Completed divestiture of GCI Holdings, shifting strategic focus to Charter investment; Charter acquisition pending with all shareholder approvals.

  • Martin E. Patterson appointed President and CEO after GCI Divestiture; John C. Malone remains Chairman.

Financial highlights

  • Q2 2025 revenue rose 6% to $261M; six-month revenue reached $527M, up from $491M year-over-year.

  • Adjusted OIBDA for Q2 2025 was $108M, up 26% year-over-year; six-month Adjusted OIBDA was $219M, up from $176M.

  • Net earnings for Q2 2025 were $27M, up from $13M in Q2 2024; six-month net earnings reached $651M, up from $436M.

  • Free cash flow on a trailing twelve-month basis reached $153M; net cash from operating activities was $342M.

  • Net debt reduced by $86M in Q2, lowering leverage to 2.3x.

Outlook and guidance

  • Full-year 2025 net CapEx expected to be $250M, focused on rural Alaska network expansion.

  • Expect slowdown in adjusted OIBDA growth in the second half of 2025 as upsell cycle laps.

  • Anticipate improved cash flow timing due to earlier USF cash receipts.

  • FCC Alaska Plan build-out requirements to be completed by end of 2026.

  • OBBBA tax law enacted in July 2025 will defer cash taxes but not materially impact income tax expense.

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Frequently asked questions

Liberty Broadband Corporation designs, deploys, and operates wireless communications and technology solutions. The company offers data products and services, including WiFi communications and connectivity as well as cloud-based software applications. It also provides voice services; video offerings comprising video on demand, high-definition television, integrated digital video recorder service, wireless digital video recorders for laptops, and gateway devices to access traditional cable, satellite set-top boxes, and Internet Protocol television networks; home networking products; wholesale fiber network services through the acquisition of Zayo Group Holding Corporation in May 2017; international call termination services; voice over Internet protocol services; business continuity solutions enabling businesses to quickly recover from disruptions caused by natural disasters, power outages, or other interruptions in communications services; and managed networking solutions that allow businesses to leverage cloud-based applications to improve efficiency. In addition, the company offers managed access services that connect businesses with very large numbers of mobile users via small cells located on its network and in the public right of ways.

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