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].

PresentationShane KleinsteinHead of Investor Relations Thank you. Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties including those mentioned in the prospectus forming part of GCI Liberty's registration statement, most recent forms 10-Q followed by GCI Liberty and Liberty Broadband with t ...

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]

Revenue and Growth - Liberty Broadband's total revenue for 2024 increased by 4% to $1.016 billion, compared to $981 million in 2023[21] - GCI's revenue growth in the fourth quarter of 2024 was 5%, with business revenue increasing by 10% driven by upgrades in schools and healthcare[16] - Liberty Broadband's revenue for the year ended December 31, 2024, was $1,016 million, an increase from $981 million in 2023, representing a growth of 3.6%[33] Operating Income and Earnings - GCI's operating income for 2024 rose by 23% to $144 million, up from $117 million in 2023[21] - Operating income for Liberty Broadband increased to $92 million in 2024 from $73 million in 2023, reflecting a growth of 25.7%[33] - Liberty Broadband's net earnings attributable to shareholders rose to $869 million in 2024, compared to $688 million in 2023, marking a significant increase of 26.3%[33] Adjusted OIBDA - GCI's adjusted OIBDA for 2024 was flat at $362 million compared to $361 million in 2023[21] - Adjusted OIBDA for Liberty Broadband in 2024 was $327 million, slightly down from $337 million in 2023, indicating a decrease of 3%[29] - GCI Holdings' Adjusted OIBDA for 2024 was $362 million, marginally up from $361 million in 2023, showing a growth of 0.3%[27] Investments and Fair Value - The fair value of Liberty Broadband's investment in Charter was reported at $15.5 billion as of December 31, 2024[4] - The company received $205 million from the sale of 541,000 Charter shares between November 1, 2024, and January 31, 2025[5] Capital Expenditures and Debt - GCI's capital expenditures for 2024 were $193 million, with an expected increase to approximately $250 million in 2025 for network improvements[18] - Liberty Broadband's total debt increased by $17 million in the fourth quarter of 2024, primarily due to additional borrowing under the GCI senior credit facility[11] - Liberty Broadband's long-term debt increased slightly to $3,753 million in 2024 from $3,733 million in 2023, an increase of 0.5%[31] Assets and Liabilities - Total assets for Liberty Broadband increased to $16,687 million as of December 31, 2024, up from $15,641 million in 2023, a growth of 6.7%[31] - Cash and cash equivalents at the end of 2024 were $229 million, up from $176 million at the end of 2023, representing a 30.1% increase[35] - The company reported a decrease in total current liabilities from $200 million in 2023 to $178 million in 2024, a reduction of 11%[31] Future Plans - Liberty Broadband expects to spin off its GCI business in the summer of 2025[4] - The merger with Charter is expected to close on June 30, 2027, pending the completion of the GCI spin-off[6] Stock Repurchase - The company’s stock repurchase program continued, with $89 million spent on repurchases in 2024, down from $227 million in 2023[35]

Ownership and Control - Liberty Broadband controls 25.01% of the aggregate voting power of Charter Communications, Inc.[457] - As of December 31, 2024, Liberty Broadband owned approximately 45.3 million shares of Charter Class A common stock, representing an approximate 31.9% economic ownership interest in Charter[467] Financial Performance - GCI Holdings reported a revenue increase of $35 million for the year ended December 31, 2024, reaching $1,016 million compared to $981 million in 2023[508] - Operating income for GCI Holdings increased by $27 million to $144 million for the year ended December 31, 2024, compared to $117 million in 2023[510] - Adjusted OIBDA for GCI Holdings was $362 million for the year ended December 31, 2024, slightly up from $361 million in 2023[508] - Charter's revenue increased by $478 million to $55,085 million in 2024, primarily due to growth in mobile lines and advertising sales[522] - Charter's Adjusted OIBDA increased by $495 million to $22,442 million in 2024 compared to 2023[524] - GCI Holdings reported total revenue of $1,016 million for the year ended December 31, 2024, an increase from $981 million in 2023[570] Debt and Financing - As of November 12, 2024, Liberty Broadband had existing debt of $2.6 billion, which will be repaid or assumed by Charter prior to the closing of the Combination[463] - Net cash used in financing activities was $181 million in 2024, primarily for the repurchase of approximately $300 million in debentures and net repayments of $670 million on the Margin Loan Agreement[542] - Total material cash requirements amount to $6,445 million, with $3,666 million in debt due, and $2,138 million for interest expense and preferred stock dividends[547] - As of December 31, 2024, GCI Holdings had $451 million in variable rate debt with a weighted average interest rate of 6.3% and $600 million in fixed rate debt with a weighted average interest rate of 4.8%[583] Operational Changes and Strategies - The Combination is expected to close on June 30, 2027, subject to customary closing conditions and the divestiture of GCI business[462] - Liberty Broadband will divest the GCI business prior to the closing of the Combination, which is expected to be taxable to Liberty Broadband and its stockholders[460] - Charter lost 508,000 Internet customers in 2024, attributed to the end of the FCC's Affordable Connectivity Program and competitive pressures[500] - Charter added 2,117,000 mobile lines in 2024, benefiting from its pricing and packaging strategy[500] - The company plans to exit the video business in 2025, subject to regulatory approvals[572][576] Compliance and Legal Matters - GCI Holdings recognized an estimated liability of $27 million related to RHC Program compliance issues, including a $15 million settlement expense recorded in 2022[489] - The company entered into a final settlement agreement with the FCC and DOJ, resulting in a total cash payment of $41 million in 2023[492] - GCI Holdings is unable to estimate the potential outcome of ongoing compliance issues identified in the third quarter of 2022[491] Revenue Streams - GCI Holdings earns revenue from monthly fees for data, wireless, video, voice, and managed services, as well as universal service subsidies from the FCC[469] - Consumer data revenue increased by $5 million to $238 million in 2024, driven by higher recurring monthly charges from subscribers[570] - Business data revenue increased by $42 million for the year ended December 31, 2024, driven by increased sales to health care and education customers[573] - Consumer other revenue decreased by $2 million for the year ended December 31, 2024, compared to 2023, primarily due to a decline in video subscribers[572] - Business other revenue decreased by $5 million for the year ended December 31, 2024, primarily due to decreased local and long-distance voice revenue[574] Expenses and Costs - Operating expenses for GCI Holdings were $257 million in 2024, compared to $245 million in 2023[569] - Operating expenses increased by $12 million for the year ended December 31, 2024, mainly due to higher distribution costs[577] - Selling, general and administrative expenses increased by $22 million for the year ended December 31, 2024, primarily due to increased labor-related costs[578] - Stock-based compensation decreased by $3 million for the year ended December 31, 2024, due to lower value of new awards granted[579] - Depreciation and amortization decreased by $23 million for the year ended December 31, 2024, as certain assets became fully depreciated[580] Cash Flow and Liquidity - Net cash provided by operating activities increased to $104 million in 2024 from $16 million in 2023, driven by timing differences in working capital[538] - Liberty Broadband had a cash and cash equivalents balance of $163 million as of December 31, 2024[537] - The company expects corporate cash and other available sources of liquidity to cover corporate expenses for the foreseeable future[544] Market Risks - The Alaska economy's dependence on the oil industry and state spending poses risks to GCI Holdings' business, particularly in the event of a recession[474]

Financial Data and Key Metrics Changes - Liberty Broadband achieved record revenue exceeding $1 billion for GCI in 2024, with a 5% increase in Q4 and a 4% increase for the full year, driven by data revenue strength [11][12] - Adjusted OIBDA decreased by 4% in Q4 but increased by $1 million to $362 million for the full year, as revenue growth was offset by higher SG&A expenses [12][13] - Liberty Broadband had consolidated cash and restricted cash of $229 million at quarter end, including $75 million at GCI [16] Business Line Data and Key Metrics Changes - GCI's business data revenue benefited from a strong upgrade cycle in schools and healthcare corporations in rural Alaska [12] - GCI Consumer experienced a decline of 300 revenue-generating wireless subscribers and a loss of 4,900 cable modem subscribers, primarily due to the expiration of the ACP program [13] Market Data and Key Metrics Changes - GCI competes primarily with AT&T and Verizon in the wireless market, with AT&T holding a majority share [30] - The market is stable, with GCI maintaining a flat subscriber base in urban areas, while rural areas have seen competition from Starlink due to service disruptions [34][35] Company Strategy and Development Direction - Liberty Broadband plans to spin off GCI prior to the transaction close with Charter, which is expected to provide incremental value to shareholders [9][10] - GCI's capital expenditures for 2024 were $193 million, with expectations of approximately $250 million for 2025, focusing on rural connectivity projects [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future partnership with Charter and the potential for government funding to support broadband build-outs [8][37] - The competitive landscape is evolving, with Starlink emerging as a competitor in rural areas, but management believes GCI is well-positioned to address these challenges [36][45] Other Important Information - Liberty Broadband's total principal amount of debt was $3.7 billion at quarter end, excluding preferred stock [18] - The spin-off of GCI is expected to be completed in late Q2 or early Q3 of the current year [20] Q&A Session Summary Question: Update on GCI Liberty and competitive backdrop - Management discussed the competitive landscape, noting stability in the Alaska market and the impact of Starlink in rural areas due to service disruptions [30][34] Question: Timing of the spin-off and closing with Charter - Management expects the GCI spin-off to close in late Q2 or early Q3, with potential for an accelerated timeline if mutually agreed with Charter [26][28] Question: Government subsidies for broadband build-outs - Management highlighted the importance of government subsidies for capital and operating expenses, with a significant amount expected to flow to Alaska [37][38] Question: Health care subsidies and economic outlook - Management acknowledged the material impact of health care subsidies on results and expressed confidence in GCI's ability to withstand economic fluctuations [49][44]