Financial Performance - For the full year 2025, GCI revenue increased by 3% to $1 billion, with Adjusted OIBDA growing by 12% to $403 million[3]. - Revenue for the year ended December 31, 2025, was $1,046 million, an increase from $1,016 million in 2024[39]. - Operating loss for the year ended December 31, 2025, was $347 million, compared to an operating income of $140 million in 2024[39]. - The company reported a net loss of $309 million for the year ended December 31, 2025, compared to a net income of $70 million in 2024[39]. - GCI Liberty's Adjusted OIBDA for the year ended December 31, 2025, was $403 million, compared to $360 million in 2024[35]. - Net earnings for 2025 were a loss of $309 million, compared to a profit of $70 million in 2024[40]. Revenue Breakdown - GCI Consumer revenue decreased by 2% for both the full year and fourth quarter, primarily due to the exit from the video business and data subscriber losses[15]. - GCI Business revenue grew by 7% for the full year, driven by service upgrades, while fourth quarter growth was flat at 1%[20]. - Wireless revenue increased by 8% for the full year and 10% in the fourth quarter, driven by federal wireless subsidies[17]. Cash Flow and Capital Expenditures - GCI generated net cash provided by operating activities of $370 million and free cash flow of $146 million for the full year 2025[13]. - Cash provided by operating activities increased to $370 million in 2025 from $278 million in 2024, reflecting a growth of 33%[40]. - Free cash flow for the year ended December 31, 2025, was $146 million, up from $85 million in 2024[37]. - Capital expenditures for the full year 2025 totaled $224 million, primarily for improvements to wireless and data networks in rural Alaska[12]. - Capital expenditures for 2025 were $248 million, slightly up from $247 million in 2024[40]. Debt and Financial Position - Total debt as of December 31, 2025, was $985 million, with a leverage ratio of 2.3x for GCI and 1.6x for GCI Liberty[28]. - Borrowings of debt significantly increased to $691 million in 2025, compared to $155 million in 2024[40]. - The company had undrawn capacity of $377 million in its credit facility as of December 31, 2025[28]. Shareholder Actions and Stock - GCI completed a $300 million rights offering in December 2025, fully subscribed with 11,059,127 shares issued[4]. - GCI Liberty's preferred stock issued in Q3 2025 amounted to $10 million, with a 12% dividend rate[26]. - Dividends paid to former parent were $150 million in 2024, with no dividends paid in 2025[40]. Subscriber Metrics - Consumer cable modem subscribers declined by 3% year-over-year to 151,200, while consumer wireless lines in service increased by 2% to 199,000[16]. Impairments and Other Income - Operating loss for the full year 2025 was $347 million, impacted by a non-cash impairment charge of $525 million recognized in Q3 2025[10]. - Impairment of goodwill and intangible assets amounted to $525 million in 2025, with no such impairment reported in 2024[40]. - The company received $91 million in state indemnification from Liberty Broadband in 2025, with no such income in 2024[40]. - Proceeds from rights offering in 2025 were $299 million, with no proceeds reported in 2024[40].
GCI Liberty Inc-A(GLIBA) - 2025 Q4 - Annual Results