Liberty Capital (GLIBA) Registration Filing summary

Company overview and business model

• Operates as an independent, publicly traded communications provider post-separation, primarily serving Alaska with data, wireless, video, voice, and managed services through GCI Holdings.

• Separation from Liberty Broadband aims to enable distinct capital structure and growth strategies, with no ongoing ownership ties.

• GCI Holdings leverages a robust network including undersea fiber, statewide wireless, and government-subsidized rural expansion.

• Participates in federal and local subsidy programs to support high-cost area service and rural broadband expansion.

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

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.

Use of proceeds and capital allocation

• No proceeds from the distribution; expenses of the distribution borne by Liberty Broadband.

• Intends to retain future earnings to finance business expansion; no cash dividends expected on common stock.

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