GCI Liberty (GLIBA) Investor Presentation summary

Company overview and history

• Largest communications provider in Alaska, offering wireless, data, and voice services to diverse customer segments.

• Over $4.7 billion invested in network infrastructure, with more than 80% of Alaskans having access to 2.5 Gbps internet.

• Founded in 1979, expanded from long-distance services to cable, wireless, and fiber, with major milestones including 5G launch and public trading.

• Management team averages over 20 years of industry experience.

• LTM Q1-25 revenue reached $1.0 billion, with operating income of $161 million and adjusted OIBDA of $383 million.

Market environment and competitive positioning

• Alaska's vast geography and low population density create high costs and unique infrastructure challenges.

• GCI's extensive network and local expertise provide significant competitive advantages.

• GCI holds the largest customer base in Alaska, with 155,800 consumer data subscribers and 191,700 wireless lines as of Q1-25.

• 42% of LTM Q1-25 revenue is supported by Universal Service Fund (USF) programs.

• Main competitors include AT&T, Starlink, and Quintillion, but GCI leads in business, consumer data, and wireless segments.

Financial performance and business lines

• Data services represent 60% of business revenue and 70% of consumer revenue, with wireless and other services making up the remainder.

• Record adjusted OIBDA of $383 million in LTM Q1-25, with margins consistently around 36-37%.

• Consumer gross margin held steady at 68.5% in 2024, while business gross margin increased to 76.2%.

• Stable cost structure and operating leverage support strong financial profile.

• Capital expenditures are forecasted at $250 million in 2025, focused on network expansion and rural connectivity.