GCI Liberty (GLIBA) Registration Filing summary

Company overview and business model

• Provides data, wireless, video, voice, and managed services primarily in Alaska, serving residential, business, government, education, and medical customers.

• Operates extensive fiber, microwave, and satellite networks, with a focus on rural and remote connectivity.

• Participates in federally subsidized programs to support high-cost area telecommunications, with significant revenue from Universal Service Fund (USF) programs.

• Plans to exit the video business in 2025, subject to regulatory approvals.

• Pursues government grants for rural broadband expansion, receiving $30 million in 2024 and $38 million in 2023.

Financial performance and metrics

• 2024 revenue: $1,016 million; 2023 revenue: $981 million.

• 2024 net earnings: $70 million; 2023 net earnings: $41 million.

• Adjusted OIBDA for 2024: $360 million; for 2023: $361 million.

• Cash and cash equivalents as of December 31, 2024: $74 million.

• Long-term debt as of December 31, 2024: $1,069 million.

• USF support comprised 42% of 2024 revenue and 39% of 2023 revenue.

Use of proceeds and capital allocation

• Will not receive proceeds from the distribution of GCI Group common stock.

• Intends to retain future earnings to finance business expansion; no cash dividends expected other than on non-voting preferred stock.

• Capital expenditures in 2024: $193 million, primarily for network investments.