Core Insights - The Meridian Hedged Equity Fund reported a return of 1.67% in Q3 2025, underperforming the S&P 500 Index which returned 8.13% and the CBOE S&P 500 BuyWrite Index which returned 3.53% [1] Company Overview - Liberty Broadband Corporation (NASDAQ:LBRDK) is a communication services provider based in Englewood, Colorado, with a market capitalization of $6.854 billion [2] - The company has a 26% ownership stake in Charter Communications and full ownership of GCI, a broadband and wireless provider in Alaska [3] Investment Case - Liberty Broadband's shares are trading at a significant discount to the value of its underlying assets, primarily its stake in Charter Communications, with a prospective merger between the two companies seen as a key catalyst for value realization [3] - The stock has underperformed due to negative sentiment in the cable sector following Charter's weaker second-quarter earnings [3] - Liberty completed the spin-off of its GCI subsidiary into a standalone entity in July, which saw GCI's shares rise approximately 20% post-listing, partially offsetting Liberty's earlier stock weakness [3] - Following the announcement of a definitive merger agreement with Charter, Liberty's shares have shown some recovery, allowing management to focus on maximizing value from its Charter investment [3]

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgent need for energy to support its growth [1][2][3] - A specific company is highlighted as a key player in the AI energy sector, owning critical energy infrastructure assets that are essential for meeting the increasing energy demands of AI technologies [3][7] Investment Landscape - Wall Street is investing hundreds of billions into AI, but there is a pressing concern regarding the energy supply needed to sustain this growth [2] - AI data centers, such as those powering large language models, consume energy equivalent to that of small cities, indicating a significant strain on global power grids [2] Company Profile - The company in focus is not a chipmaker or cloud platform but is positioned as a vital player in the energy sector, particularly in nuclear energy and LNG exportation [7][8] - It is noted for its capability to execute large-scale engineering, procurement, and construction projects across various energy sectors, including oil, gas, and renewable fuels [7] Financial Position - The company is described as being completely debt-free and holding cash reserves that amount to nearly one-third of its market capitalization, which positions it favorably compared to other energy firms burdened with debt [8][10] - It is trading at less than 7 times earnings, suggesting it is undervalued relative to its potential [10] Market Trends - The company is expected to benefit from the onshoring trend driven by tariffs and the surge in U.S. LNG exports, aligning with the "America First" energy policy [5][14] - The influx of talent into the AI sector is anticipated to drive continuous innovation and advancements, further solidifying the importance of energy infrastructure [12] Future Outlook - The combination of AI, energy needs, and infrastructure development is seen as a significant opportunity for investors, with projections of substantial returns within the next 12 to 24 months [15][19] - The company is positioned to capitalize on the AI infrastructure supercycle and the growing demand for clean, reliable power sources [14]

Financial Performance - Liberty Broadband's operating income for the three months ended September 30, 2025, was a loss of $8 million, compared to a loss of $11 million in the same period of 2024[152]. - Liberty Broadband's share of earnings from its affiliate, Charter, was $295 million for the three months ended September 30, 2025, down from $346 million in the same period of 2024[152]. - The net earnings from continuing operations for Liberty Broadband for the nine months ended September 30, 2025, were $845 million, compared to $523 million for the same period in 2024[152]. - Revenue decreased by $123 million to $13,672 million for the three months ended September 30, 2025, while remaining relatively constant at $41,173 million for the nine months[164]. - Net income for the three months ended September 30, 2025, was $1,316 million, compared to $1,474 million in the prior year[164]. - Operating income decreased by $204 million and $82 million for the three and nine months ended September 30, 2025, respectively[167]. - Consolidated operating loss improved by $3 million for the three months ended September 30, 2025, but declined by $2 million for the nine months compared to the prior year[156]. Investments and Initiatives - Charter added 493,000 mobile lines during the third quarter of 2025, with video losses improving compared to the prior year period[148]. - Charter spent $582 million on its subsidized rural construction initiative in the third quarter of 2025, activating approximately 124,000 subsidized rural passings[150]. - Charter's pricing and packaging strategy launched in September 2024 aims to improve customer results and reduce churn[148]. - Charter's network evolution initiative aims to deliver symmetrical and multi-gigabit speeds across its footprint[150]. Corporate Actions and Changes - The GCI Divestiture was completed on July 14, 2025, resulting in GCI Liberty becoming an independent, publicly traded company[144]. - Liberty Broadband controls 25.01% of the aggregate voting power of Charter, with a merger agreement in place for Charter to acquire Liberty Broadband[134][135]. - The corporate level tax liability from the GCI Divestiture is estimated to be significantly less than $420 million[138]. Cash Flow and Financing Activities - Net cash provided by investing activities was $907 million for the nine months ended September 30, 2025, compared to $212 million in the prior year[180]. - During the nine months ended September 30, 2024, net cash flows used in financing activities included repurchases of approximately $300 million in 3.125% Debentures due 2053 and net repayments of approximately $670 million on the Margin Loan Facility[185]. - The issuance of $860 million in 3.125% Exchangeable Senior Debentures due 2054 partially offset the cash flows used in financing activities[185]. - Net cash flows used in financing activities also included repurchases of Liberty Broadband Series A and Series C common stock totaling $89 million[185]. - A distribution of $150 million received from a former subsidiary partially offset the net cash flows used in financing activities[185]. Debt and Interest Rate Management - As of September 30, 2025, the company has $840 million in variable rate debt with a weighted average interest rate of 5.9% and $965 million in fixed rate debt with a weighted average interest rate of 3.1%[189]. - Projected uses of cash for the remainder of 2025 include approximately $20 million for interest payments on outstanding debt and approximately $3 million for dividends on Liberty Broadband preferred stock[186]. - The company manages interest rate exposure by maintaining a mix of fixed and variable rate debt to protect against interest rate risk[188]. Market Risk and Liquidity - The company is exposed to market risk due to changes in stock prices and interest rates, which could affect fair values, cash flows, and future earnings[187]. - The investment in Charter, an equity method affiliate, is publicly traded and not reflected at fair value in the balance sheet, exposing the company to additional market risk[189]. - Corporate cash and other available sources of liquidity are expected to cover corporate expenses for the foreseeable future[186]. Expenses - Selling, general and administrative expenses increased by $9 million for the three and nine months ended September 30, 2025, compared to the prior year periods[154]. - Stock-based compensation expense decreased by $2 million and $7 million for the three and nine months ended September 30, 2025, respectively[155]. - Other expenses, net decreased by $58 million and $123 million for the three and nine months ended September 30, 2025, respectively[168]. Taxation - The effective income tax rate for the three and nine months ended September 30, 2025, was 0% compared to 21% in the prior year periods[173].

Core Points - The call includes forward-looking statements as per the Private Securities Litigation Reform Act of 1995, with actual results potentially differing due to various risks and uncertainties [1] - GCI Liberty will discuss non-GAAP financial measures such as adjusted OIBDA, adjusted OIBDA margin, and free cash flow, with definitions and reconciliations available in the earnings press release [2] - Key executives participating in the call include Ron Duncan, CEO of GCI Liberty, and Brian Wendling, Chief Accounting and Principal Financial Officer [3]

GCI Divestiture - Liberty Broadband completed the GCI Divestiture on July 14, 2025, resulting in GCI Liberty becoming an independent, publicly traded company [145]. - Following the GCI Divestiture, Liberty Broadband's primary asset is its equity method investment in Charter, controlling 25.01% of Charter's voting power [146]. - The GCI Divestiture involved a distribution of 0.20 shares of GCI Liberty's common stock for each share of Liberty Broadband common stock held as of June 30, 2025 [156]. - Liberty Broadband expects the GCI Divestiture to be taxable, with potential corporate level tax liabilities exceeding $420 million [150]. - The company anticipates that the GCI Divestiture will be presented as a discontinued operation from the date of the divestiture [159]. Financial Performance - GCI Holdings reported a revenue increase of $15 million (6.1%) for Q2 2025 compared to Q2 2024, totaling $261 million, and a $36 million (7.3%) increase for the first half of 2025, totaling $527 million [175]. - Consolidated operating income rose by $20 million (95.2%) for Q2 2025, reaching $41 million, and increased by $35 million (71.4%) for the first half of 2025, totaling $84 million [176]. - Adjusted OIBDA increased by $19 million (23.8%) for Q2 2025, totaling $99 million, and by $33 million (20.0%) for the first half of 2025, totaling $198 million [180]. - For the three months ended June 30, 2025, the company reported net earnings of $383 million, compared to $195 million for the same period in 2024, reflecting a significant increase [198]. - Revenue for GCI Holdings increased to $261 million for the three months ended June 30, 2025, up from $246 million in the same period of 2024, representing a growth of 6.1% [213]. - Operating income for GCI Holdings improved to $51 million for the three months ended June 30, 2025, compared to $30 million for the same period in 2024, indicating a 70% increase [213]. - Cash flow from operating activities increased to $169 million for the six months ended June 30, 2025, compared to $79 million in the prior year, marking a 113.9% increase [203]. Charter Performance - Charter's revenue increased by $81 million (0.6%) for Q2 2025, totaling $13.766 billion, and by $137 million (0.5%) for the first half of 2025, totaling $27.501 billion [187]. - Operating income for Charter increased by $16 million (0.5%) for Q2 2025, reaching $3.279 billion, and by $122 million (1.9%) for the first half of 2025, totaling $6.516 billion [190]. - Charter's share of earnings from affiliates increased by $48 million (16.2%) for Q2 2025, totaling $345 million, and by $86 million (14.9%) for the first half of 2025, totaling $663 million [184]. - Charter added 500,000 mobile lines in Q2 2025, with improved Internet and video losses compared to the prior year [169]. - Charter activated approximately 123,000 subsidized rural passings in Q2 2025, with a total investment of $545 million in rural construction initiatives [172]. - Charter's operating expenses, excluding stock-based compensation, increased by $55 million (0.7%) for Q2 2025, totaling $8.154 billion, driven by higher mobile service costs and labor expenses [188]. Economic and Market Conditions - The Alaska economy, which GCI Holdings is heavily reliant on, faces recessionary pressures due to volatility in oil prices and inflation, potentially impacting demand for GCI's services [161]. - GCI Holdings has experienced inflationary pressures on costs, particularly for materials and labor, which may affect its ability to maintain margins [162]. - The effective income tax rate for the six months ended June 30, 2025, was 4%, significantly lower than the 22% rate for the same period in 2024 [195]. Debt and Interest Rate Exposure - The company is exposed to market risk from adverse changes in stock prices and interest rates, which could impact fair values, cash flows, and future earnings [223]. - Interest rate exposure arises from borrowing and investment activities, with a strategy to maintain a mix of fixed and variable rate debt to mitigate risk [224]. - As of June 30, 2025, variable rate debt amounts to $1,488 million with a weighted average interest rate of 6.2%, while fixed rate debt totals $965 million with a weighted average interest rate of 3.1% [225]. - GCI Holdings has variable rate debt of $373 million at a weighted average interest rate of 6.2% and fixed rate debt of $600 million at 4.8% [225]. - Corporate and other segments have variable rate debt of $1,115 million at 6.2% and fixed rate debt of $965 million at 3.1% [225]. - The investment in Charter, an equity method affiliate, is publicly traded and subject to market risk not reflected in the financial statements [225]. Business Strategy and Operations - Liberty Broadband entered into a Merger Agreement with Charter, which includes provisions for monthly share repurchases of at least $100 million during the transaction period [151]. - The company expects to exit the video business by the end of 2025 after receiving regulatory approval to discontinue video services [216]. - Consumer wireless revenue increased by $4 million for the three months ended June 30, 2025, driven by an increase in wireless subscribers [215]. - Business data revenue rose by $16 million for the three months ended June 30, 2025, primarily due to service upgrades with existing healthcare and education customers [217]. - Operating expenses decreased by $4 million for the three months ended June 30, 2025, compared to the same period in 2024, due to reduced distribution costs [220]. - Stock-based compensation remained relatively flat for both the three and six months ended June 30, 2025, compared to the prior year periods [222]. - Depreciation and amortization increased by $3 million for the three and six months ended June 30, 2025, due to a general increase in assets placed in service after March 31, 2024 [222].

Core Insights - Senator John Hickenlooper has engaged in unusual stock trading activities involving Liberty Media Formula One (FWONK) and Liberty Broadband (LBRDK), which deviate from typical congressional trading patterns [1][4][11] Group 1: Trading Activities - On May 9, 2025, Hickenlooper executed three trades in FWONK, purchasing shares valued between $100,001 and $250,000, followed by two sales: one between $15,001 and $50,000 and another between $250,001 and $500,000 [3][4] - Hickenlooper's trades in LBRDK on the same day included purchases in the ranges of $100,001 to $250,000 and $250,001 to $500,000, along with sales of identical amounts, totaling four trades [9][10] Group 2: Market Context and Implications - The rapid buy-and-sell strategy observed in Hickenlooper's trading activities suggests a reaction to short-term market movements rather than a long-term investment approach [4][10] - The nature of FWONK, linked to the motorsport industry, is unconventional for a U.S. senator, especially as the stock has gained 11% over the past month [5][10] - The coordinated trading in both FWONK and LBRDK, despite their different sectors, raises questions about the senator's investment strategy and intent [10][11]

Financial Performance - Liberty Broadband reported a 9% increase in GCI revenue for Q1 2025, totaling $266 million, with operating income rising 51% to $56 million[12]. - Adjusted OIBDA for GCI increased 23% to $111 million, with an Adjusted OIBDA margin improvement of 500 basis points to 41.7%[12]. - Liberty Broadband's revenue increased to $266 million in Q1 2025, up from $245 million in Q1 2024, representing an 8.57% growth[28]. - Adjusted OIBDA for Liberty Broadband rose to $99 million in Q1 2025, compared to $85 million in Q1 2024, reflecting a 16.47% increase[26]. - GCI Holdings' operating income improved to $56 million in Q1 2025, up from $37 million in Q1 2024, marking a 51.35% increase[24]. - Net earnings attributable to Liberty Broadband shareholders were $268 million in Q1 2025, compared to $241 million in Q1 2024, an increase of 11.29%[28]. - Liberty Broadband's operating income for Q1 2025 was $43 million, compared to $28 million in Q1 2024, reflecting a 53.57% increase[28]. Cash and Investments - Liberty Broadband's cash and restricted cash increased by $336 million in Q1 2025, primarily due to proceeds from Charter share sales[8]. - The fair value of Liberty Broadband's investment in Charter was $16.4 billion as of March 31, 2025[4]. - Cash and cash equivalents rose to $565 million at the end of Q1 2025, up from $229 million at the beginning of the period, indicating a significant increase in liquidity[29]. - Liberty Broadband's total current assets increased to $797 million as of March 31, 2025, compared to $423 million at the end of 2024, a substantial growth of 88.66%[27]. Debt and Leverage - Liberty Broadband's total debt increased slightly to $3.748 billion as of March 31, 2025, with GCI's leverage ratio improving to 2.8x[7]. - The company’s long-term debt decreased to $3,443 million as of March 31, 2025, down from $3,753 million at the end of 2024, a reduction of 8.26%[27]. - Liberty Broadband issued a redemption notice for $860 million of its 3.125% exchangeable senior debentures due 2054, expecting to cash settle by May 2025[4]. Operational Highlights - GCI's consumer revenue grew by 3%, driven by rural wireless growth, while business revenue increased by 13% due to upgrades in schools and healthcare[15]. - GCI's capital expenditures for 2025 are expected to be approximately $250 million, focusing on network improvements in rural Alaska[17]. - GCI's operating expenses decreased due to lower distribution costs, partially offset by increased selling, general, and administrative expenses[16]. - The company reported a decrease in stock-based compensation from $7 million in Q1 2024 to $3 million in Q1 2025[29]. Acquisition - Liberty Broadband entered into a definitive agreement to be acquired by Charter, with shareholders receiving 0.236 shares of Charter for each share of Liberty Broadband[2].

Acquisition and Divestiture - Liberty Broadband entered into a definitive agreement for Charter to acquire Liberty Broadband, with the transaction expected to close on June 30, 2027, subject to customary closing conditions[134][136]. - The GCI Divestiture is expected to be taxable to Liberty Broadband and its stockholders, with potential corporate tax liabilities exceeding $420 million[137]. Financial Performance - Consolidated revenue increased by $21 million to $266 million for the three months ended March 31, 2025, compared to $245 million in the prior year[152]. - Operating income rose by $15 million to $43 million for the three months ended March 31, 2025, with GCI Holdings contributing an increase of $19 million[154]. - Adjusted OIBDA increased by $14 million to $99 million for the three months ended March 31, 2025, compared to $85 million in the prior year[158]. - Charter's revenue increased by $56 million for the three months ended March 31, 2025, primarily due to growth in mobile lines and average revenue per customer[165]. - The company had net earnings of $268 million for the three months ended March 31, 2025, compared to $241 million in the prior year[176]. - GCI Holdings reported total revenue of $266 million for the three months ended March 31, 2025, an increase of 8.6% from $245 million in 2024[188]. - Consumer data revenue increased by $1 million to $61 million, while consumer wireless revenue rose by $3 million to $50 million for the three months ended March 31, 2025[189]. - Business data revenue increased by $20 million to $128 million, driven by service upgrades with existing healthcare and education customers[192]. - Operating income for GCI Holdings was $56 million for the three months ended March 31, 2025, compared to $37 million in 2024, reflecting a significant improvement[188]. Operating Expenses and Cash Flow - Operating expenses, excluding stock-based compensation, decreased by $49 million to $8,095 million for the three months ended March 31, 2025[166]. - Net cash provided by operating activities increased to $78 million for the three months ended March 31, 2025, compared to $52 million in the prior year[180]. - Interest expense decreased by $11 million to $40 million during the three months ended March 31, 2025, due to lower amounts outstanding on the Margin Loan Facility[161]. - GCI Holdings' operating expenses decreased by $4 million to $58 million for the three months ended March 31, 2025, primarily due to reduced distribution costs[195]. - For the three months ended March 31, 2025, net cash flows provided by investing activities were $300 million, compared to $81 million in the same period of 2024[182]. Capital Expenditures and Debt - Charter spent $468 million on its subsidized rural construction initiative in Q1 2025, activating approximately 89,000 subsidized rural passings[149]. - Capital expenditures for 2025 are projected to be approximately $200 million, alongside $115 million for interest payments on outstanding debt[184]. - As of March 31, 2025, GCI Holdings had $458 million in variable rate debt with a weighted average interest rate of 6.2% and $600 million in fixed rate debt with a weighted average interest rate of 4.8%[200]. - GCI Holdings is in compliance with all debt maintenance covenants as of March 31, 2025[185]. Market Conditions and Strategic Initiatives - GCI Holdings' business growth is heavily dependent on economic conditions in Alaska, which are currently facing recessionary pressures due to volatility in oil prices and inflation[140]. - GCI Holdings has experienced inflation-sensitive cost pressures in 2024 and 2025, impacting materials, labor, and other critical business items[141]. - The U.S. Court of Appeals for the Fifth Circuit ruled the FCC's Universal Service Fund (USF) program unconstitutional, which could disrupt GCI Holdings' USF support and negatively affect revenue[142]. - GCI Holdings' customers may face challenges in obtaining credit, potentially leading to increased accounts receivable and bad debt expense if economic conditions worsen[140]. - Charter is upgrading its network to deliver symmetrical and multi-gigabit speeds, launching 2x1 Gbps service in two markets in January 2025, with plans for further launches[149]. - Charter's new brand platform, Life Unlimited, emphasizes advanced network capabilities and offers lower promotional pricing to enhance customer growth[146]. - The company plans to exit the video business in 2025, subject to regulatory approvals, which may impact future revenue streams[191].

Core Insights - The individual has extensive experience across various roles including sales, project management, and software engineering, showcasing a diverse skill set [1] - After retiring in 2004, the individual transitioned to fund management, applying value investing principles from renowned investors [1] - The individual has achieved recognition in investment competitions, indicating a successful track record in investment strategies [1] Investment Strategy - The investment approach is based on value investing principles established by notable figures such as Benjamin Graham and Warren Buffett [1] - A specific article titled "The Portfolio For Early Retirees" outlines a practical investment portfolio structure tailored for early retirees [1] - The individual emphasizes the importance of gathering above-average knowledge about stock picks, which requires significant time investment [1] Contributions and Engagement - The individual has been a regular contributor to Seeking Alpha Pro, indicating active participation in investment discussions and analysis [1] - Transparency is prioritized, with related positions disclosed at the end of articles to maintain clarity for readers [1] - Engagements with readers are framed as hypothetical examples or exchanges of opinion rather than formal investment advice [1]

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 ...