PresentationI would now like to turn the conference over to Mr. Mike Smargiassi. Please go ahead, sir.Good day, and welcome to the Spanish Broadcasting's Third Quarter 2025 Conference Call. [Operator Instructions] Please note this event is being recorded.Michael SmargiassiBrainerd Communicators, Inc. Thank you, and good day, everyone. Before we begin, please recognize that certain statements on this conference call are not historical fact. They may be deemed, therefore, to be forward-looking statements unde ...

Group 1 - The conference call is for the Spanish Broadcasting System's Second Quarter 2025 results [1] - Forward-looking statements regarding future results from current strategic initiatives will be discussed [2] - The company will not update or revise its forward-looking statements publicly [3] Group 2 - The company emphasizes the importance of adjusted OIBDA as a performance measure, excluding certain costs and expenses [4] - Adjusted OIBDA is considered useful for evaluating the performance of the company's stations [4] - The information provided is not a substitute for GAAP measures of operating performance or liquidity [5]

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]