GCI Liberty (GLIBA) Registration Filing summary

Company overview and business model

• Operates as a leading integrated communications provider in Alaska, offering data, wireless, voice, and managed services to residential, business, government, education, and medical customers under the GCI brand.

• Owns extensive fiber, microwave, and satellite infrastructure, including undersea cables linking Alaska to the lower 48 states.

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

• Recently exited the video business in 2025 following regulatory approval.

Financial performance and metrics

• For the nine months ended September 30, 2025: revenue $784M, net loss $(325)M, operating loss $(379)M, Adjusted OIBDA $313M.

• For the year ended December 31, 2024: revenue $1,016M, net earnings $70M, operating income $140M, Adjusted OIBDA $360M.

• USF support comprised 42% of 2024 revenue; $125M in USF receivables at year-end 2024.

• Recorded $525M impairment of goodwill and intangible assets in Q3 2025.

• Cash and cash equivalents as of September 30, 2025: $124M; long-term debt: $985M.

Use of proceeds and capital allocation

• Net proceeds from the $300M rights offering will be used for general corporate purposes, including working capital, capital expenditures, debt repayment/refinancing, and potential strategic acquisitions or investments.

• Estimated offering expenses are $1.7M.