Financial Performance - GCI Liberty reported a 6% increase in total revenue to $261 million for Q2 2025, with business revenue rising 14% to $142 million, while consumer revenue decreased 2% to $119 million[3][18]. - Adjusted OIBDA grew 26% to $108 million, and operating income increased 70% to $51 million, reflecting improved cost management and operational efficiencies[3][9]. - GCI Liberty reported revenue of $261 million for Q2 2025, an increase of 6.1% from $246 million in Q2 2024[37]. - Adjusted OIBDA for Q2 2025 was $108 million, up 25.6% from $86 million in Q2 2024[35]. - Operating income increased to $51 million in Q2 2025, compared to $30 million in Q2 2024, marking a 70% growth[37]. - Net earnings for the six months ended June 30, 2025, were $62 million, compared to $33 million for the same period in 2024, representing an 87.9% increase[39]. - GCI Liberty's Adjusted OIBDA margin for Q2 2025 was approximately 41.4%, up from 35% in Q2 2024[35]. Cash Flow and Liquidity - GCI generated net cash from operating activities of $342 million and free cash flow of $153 million over the trailing twelve months ended June 30, 2025[11]. - Free cash flow for the twelve months ended June 30, 2025, was $153 million, reflecting a strong liquidity position[35]. - Cash and cash equivalents increased to $117 million at the end of June 2025, compared to $53 million at the end of June 2024[39]. Subscriber Metrics - Consumer cable modem subscribers declined 3% to 154,500, while consumer wireless lines in service grew 1% to 207,000, with GCI adding 4,700 wireless lines in Q2 2025[3][16]. Capital Expenditures and Investments - Capital expenditures for the year are expected to be approximately $250 million, focusing on network improvements in rural Alaska, including the Bethel and AU-Aleutians fiber projects[10]. Debt and Leverage - GCI's leverage ratio decreased to 2.3x as of June 30, 2025, following a reduction in total debt by $86 million during the quarter[27][26]. - Long-term debt decreased to $983 million as of June 30, 2025, from $1.066 billion at the end of 2024[36]. Margins and Cost Management - GCI's business gross margin improved by 730 basis points to 81.7%, driven by a 19% decrease in direct costs[19]. - GCI's consumer gross margin increased to 70.6%, reflecting a 40 basis point improvement year-over-year despite a decline in data revenue[17]. Strategic Focus - The company plans to fully exit the video business by the end of 2025, as part of its strategic focus on wireless and data services[8]. Regulatory Environment - The Supreme Court upheld the constitutionality of the Universal Service Fund, providing clarity for GCI's efforts to enhance connectivity in rural Alaska[2][3]. Non-GAAP Measures - The company emphasized the importance of non-GAAP measures like Adjusted OIBDA and free cash flow for assessing operational strength and liquidity[32].

Financial Performance - Combined revenue increased by $15 million (6.1%) for the three months ended June 30, 2025, and by $36 million (7.3%) for the six months ended June 30, 2025, compared to the same periods in 2024[84] - Operating income for the three months ended June 30, 2025, was $51 million, up from $30 million in the same period of 2024, representing a 70% increase[84] - Net earnings for the three months ended June 30, 2025, were $27 million, compared to $13 million in the same period of 2024, reflecting a 107.7% increase[84] - Total revenue for the three months ended June 30, 2025, was $261 million, an increase of 6% compared to $246 million in the same period of 2024[87] - Adjusted OIBDA for the six months ended June 30, 2025, was $221 million, an increase of $45 million (25.6%) compared to $176 million in the same period of 2024[84] - Adjusted OIBDA increased by $22 million (25.6%) for the three months ended June 30, 2025, compared to the same period in 2024, reaching $108 million[101] - Net cash provided by operating activities for the six months ended June 30, 2025, was $226 million, an increase of 39.5% compared to $162 million in the same period of 2024[108] - As of June 30, 2025, GCI Liberty had a cash and cash equivalents balance of $104 million[107] - The effective income tax rate for the six months ended June 30, 2025, was 31%, compared to 30% for the same period in 2024[104] Subscriber Metrics - Cable modem subscribers decreased to 154,500 as of June 30, 2025, from 159,000 in 2024, a decline of 2.8%[85] - Wireless lines in service increased to 207,000 as of June 30, 2025, compared to 205,600 in 2024, a growth of 0.7%[85] - Consumer data revenue decreased by $3 million (4.8%) for the three months ended June 30, 2025, compared to the same period in 2024, primarily due to a decline in subscribers[88] - Consumer wireless revenue increased by $3 million (6.3%) for the three months ended June 30, 2025, driven by subscriber growth and increased USF support[89] - Business data revenue increased by $19 million (17.9%) for the three months ended June 30, 2025, primarily due to service upgrades with existing customers[91] Economic and Regulatory Challenges - The company expects to defer cash taxes to future years due to the One Big Beautiful Bill Act (OBBBA) enacted in July 2025, which may impact future financial results[78] - GCI Holdings faces inflationary pressures on materials and labor, which could affect its ability to maintain margins[77] - The Alaska economy, which GCI Holdings is heavily reliant on, is subject to recessionary pressures that could adversely affect demand for its services[76] - Legal challenges to the FCC Universal Service Support Programs could disrupt or eliminate financial support, impacting GCI Holdings' revenue and liquidity[81] Capital Expenditures - The projected net capital expenditures for the company are approximately $150 million[111]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 3 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 GCI Liberty, Inc. (Exact name of registrant as specified in its Charter) As filed with the Securities and Exchange Commission on June 20, 2025 Registration No. 333-286272 Nevada (State or other jurisdiction of incorporation or organization) 4841 (Primary Standard Industrial Classification Code Number) 12300 Liberty Blvd. Englewood, Colorado 80112 (720) 8 ...

TABLE OF CONTENTS As filed with the Securities and Exchange Commission on May 27, 2025 Registration No. 333-286272 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 2 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 GCI Liberty, Inc. (Exact name of registrant as specified in its Charter) Nevada 4841 (Primary Standard Industrial 36-5128842 (I.R.S. Employer Identification No.) (State or other jurisdiction of incorporation or organization) 12300 Liberty Bl ...

TABLE OF CONTENTS As filed with the Securities and Exchange Commission on May 6, 2025 Registration No. 333-286272 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 GCI Liberty, Inc. (Exact name of registrant as specified in its Charter) Nevada 4841 (Primary Standard Industrial 36-5128842 (State or other jurisdiction of incorporation or organization) 12300 Liberty Blvd. Englewood, Colorado 80112 (720) 87 ...

TABLE OF CONTENTS As filed with the Securities and Exchange Commission on March 31, 2025 Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 GCI Liberty, Inc. (Exact name of registrant as specified in its Charter) Nevada (State or other jurisdiction of incorporation or organization) 4841 (Primary Standard Industrial Classification Code Number) 36-5128842 (I.R.S. Employer Identification No.) 12300 Liber ...