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 ...

Group 1 - Verizon's executive vice president and CEO for Verizon Consumer, Sowmyanarayan Sampath, will speak at the Bernstein Strategic Decisions Conference on May 29, 2025, at 8:00 a.m. ET, with a webcast available on the Investor Relations website [1] - Verizon generated revenues of $134.8 billion in 2024, highlighting its significant market presence and commitment to innovation [2] - The company serves millions of customers globally, including nearly all of the Fortune 500, focusing on mobility, reliable network connectivity, and security [2] Group 2 - Verizon's online media center provides access to news releases, stories, and media contacts, enhancing communication with stakeholders [3] - Media contacts for Verizon include Adi Wineland, who can be reached via email for inquiries [3]

Dividend Stocks Overview - Dividend yield is a key metric for investors, indicating how much a company pays in annual dividends relative to its stock price [1] - The sustainability of a company's dividend yield is often assessed through its dividend payout ratio, which shows the percentage of net income distributed as dividends [1][3] - A high dividend yield may result from a declining stock price, which could indicate underlying issues [2] Altria Group (MO) - Altria Group has a dividend yield of 6.83% and an annual dividend of $4.08, with a payout ratio of 68.34% [5][6] - The company has a strong track record of 56 consecutive years of dividend increases and an annualized 3-year dividend growth of 4.35% [5][8] - Despite the decline in traditional tobacco smoking, Altria is pivoting towards alternative nicotine products, which may support future revenue and earnings growth [7] - The stock has delivered a total return of over 609% in the last 15 years, and its current P/E ratio of 9x indicates it is undervalued compared to its historical performance [6][7] United Parcel Service (UPS) - UPS has a dividend yield of 6.88% and an annual dividend of $6.56, with a high payout ratio of 95.63% [9][10] - The company has a history of maintaining dividends even during economic downturns, with a cash flow payout ratio of 66% [10] - UPS is undergoing a turnaround plan that is expected to improve margins, and its P/E ratio is around 14x, which is a discount to historical averages [11] Verizon Communications (VZ) - Verizon has a dividend yield of 6.25% and an annual dividend of $2.71, with a payout ratio of 64.52% [12][14] - The company has a 20-year track record of dividend increases, but its recent total return over 10 years is only 45.22% [13][14] - Verizon is facing challenges with subscriber losses but has received FCC approval for a deal to acquire Frontier, which may enhance its competitive position [13][14]

Group 1 - The core event of the "Three Advances" series activity for old-for-new consumer goods was launched in Changsha, aiming to implement the State Council's action plan for large-scale equipment updates and old-for-new consumer goods [1] - The event featured a combination of product exhibitions, policy promotion, and convenient services, attracting hundreds of participants for consultation and experience [1] - Major brands like Huawei and Xiaomi showcased their flagship models and smart home appliances, with professional consultants providing product experiences and policy explanations [1] Group 2 - The event is part of Changsha Unicom's "Beneficial Services into Thousands of Homes" initiative, focusing on establishing a regular government-enterprise communication mechanism and developing an online service platform [2] - A professional service team will be formed to offer customized services such as home visits for processing [2] - Changsha Unicom plans to conduct over 500 beneficial events within the year, aiming to enhance user experience and policy benefits through a collaborative model involving government, enterprises, and the public [2]

Core Viewpoint - The stock market is facing challenges in 2025, with the S&P 500 down 0.4%, but AT&T has shown resilience, up 20.2% year-to-date, making it a defensive investment option [1][8]. Company Performance - AT&T has not conducted a stock split in decades, with its last forward splits occurring in 1987, 1993, and 1998, and a reverse split in 2002 [4][6]. - The company is not in a position to require a stock split, as its shares are under $30, making them affordable [6]. - AT&T announced plans to return $40 billion to shareholders through 2027, split equally between dividends and share buybacks, enhancing shareholder value [7]. Revenue and Financials - In Q1 2025, AT&T reported $21.6 billion in revenue, with 77% ($16.7 billion) coming from services, and an operating income of $6.7 billion, reflecting a 2.4% year-over-year increase [9]. - The company has improved its balance sheet by reducing net debt by $32 billion since 2020, following challenges from previous media acquisitions [11]. Subscriber Growth - AT&T added 324,000 postpaid phone customers in Q1 2025, outperforming Verizon, which lost 289,000 customers, but lagging behind T-Mobile, which added 495,000 [12]. Investment Considerations - AT&T is suitable for investors seeking stability, with a forward price-to-earnings ratio under 14 and a high dividend yield of 4% [13][14]. - The company cut its dividend in 2022 to manage cash flow and reduce debt, but plans to spend $20 billion on dividends through 2027, indicating potential for future increases [14]. - Despite its recent outperformance, AT&T has historically underperformed the S&P 500 over the last three, five, and ten years, making it less attractive for growth-focused investors [15].

Core Viewpoint - AT&T is significantly enhancing its fiber internet strategy through a $5.75 billion acquisition of Lumen's Mass Markets fiber business, which will add approximately 1 million fiber subscribers and 4 million passed locations, expanding its presence in major metro areas [1][2]. Expansion Plans - Prior to the acquisition, AT&T aimed to pass 50 million fiber locations by the end of 2029; with the Lumen deal, this target has been raised to 60 million by the end of 2030, effectively doubling the current scale of its fiber network [2]. - The acquisition will allow AT&T to expand its fiber reach without incurring all the capital expenditures typically associated with such growth, as it plans to partner with an equity investor post-transaction [4][5]. Financial Strategy - AT&T intends to maintain a net debt to adjusted EBITDA ratio of around 2.5 after the Lumen deal closes and the equity partner is found, while also planning to repurchase $10 billion of its own shares through the end of 2026 [6]. - The company expects to generate free cash flow of at least $16 billion this year, with its stock trading at over 12 times free cash flow, indicating a solid value proposition despite not being as cheap as in previous years [11]. Growth Opportunities - Lumen's fiber business has a penetration rate of approximately 25%, significantly lower than AT&T's 40% and half of its long-term target of 50%. Improving this penetration rate presents a low-cost growth opportunity for AT&T [8]. - There is potential for AT&T to sell its wireless services to the 1 million acquired fiber customers, as about 40% of AT&T's fiber customers are also wireless customers, which could lead to lower churn and higher lifetime value [9]. Strategic Acquisition - The acquisition of Lumen's fiber assets provides AT&T with an immediate increase in fiber subscribers and a pathway to expand its fiber network beyond previous plans, while also ensuring financial prudence through equity partnerships [10].

Core Insights - The article highlights the attractiveness of dividend-paying stocks within the Dow Jones Industrial Average, specifically focusing on Chevron, Johnson & Johnson, and Verizon as top choices for passive income in 2025 and beyond [2][13]. Chevron - Chevron currently offers a dividend yield of over 5%, significantly higher than the average yield of Dow components, which is below 2% [4]. - The company has a strong track record of increasing dividends for 38 consecutive years, demonstrating resilience through various commodity cycles [5]. - Chevron's breakeven level is around $30 per barrel, and it expects to boost free cash flow by $9 billion next year, assuming oil prices average $60 per barrel [6]. Johnson & Johnson - Johnson & Johnson's dividend yield is approximately 3.4%, with a recent increase of nearly 5%, extending its dividend growth streak to 63 years [7]. - The company holds an AAA bond rating and has a net debt of $13.5 billion against a market cap of $370 billion, indicating a strong financial position [8]. - In the previous year, Johnson & Johnson generated $20 billion in free cash flow, covering its $11.8 billion dividend outlay while investing over $17 billion in R&D [9]. Verizon - Verizon boasts the highest dividend yield in the Dow at 6.2%, supported by $36.9 billion in cash flow from operations [10]. - The company is acquiring Frontier Communications for $20 billion, which is expected to enhance its fiber network and yield annual cost savings of at least $500 million [11]. - Verizon has delivered its 18th consecutive annual dividend increase, maintaining the longest current payout-hiking streak in the U.S. telecom sector [12].

Company Overview - Verizon Communications Inc. generated revenues of $134.8 billion in 2024, serving millions of customers globally and nearly all of the Fortune 500 [3]. Upcoming Events - Frank Boulben, senior vice president and chief revenue officer for the Consumer Group of Verizon, is scheduled to speak at the Cowen Technology, Media & Telecom Conference on May 28, 2025, at 10:15 a.m. ET, with his remarks available via webcast [1]. Financial Information - For details on Verizon's most recent financial results, the company's 1Q25 earnings results are available [2].

Company Overview - Telephone and Data Systems, Inc. (TDS) is a leading provider of telecommunications services, offering wireless, broadband, video, and voice services to approximately 5.5 million connections nationwide through its subsidiaries, UScellular and TDS Telecom [3] - Founded in 1969 and headquartered in Chicago, TDS employed approximately 7,800 associates as of March 31, 2025 [3] Dividend Declaration - The board of directors has declared a quarterly dividend of $0.04 per Common Share and Series A Common Share, payable on June 30, 2025, to holders of record on June 16, 2025 [5] - A quarterly dividend of $414.0625 per share will be paid on the company's 6.625% Series UU Preferred shares, with holders of depositary shares receiving $0.4140625 per depositary share, payable on June 30, 2025, to holders of record on June 15, 2025 [5] - A quarterly dividend of $375.0000 per share will be paid on the company's 6.000% Series VV Preferred shares, with holders of depositary shares receiving $0.3750000 per depositary share, also payable on June 30, 2025, to holders of record on June 15, 2025 [5] Stock Information - The ticker for TDS Common shares is "TDS", the Series UU depositary shares is "TDSPrU", and the Series VV depositary shares is "TDSPrV" [2]

Core Insights - Dycom Industries reported revenue of $1.26 billion for the quarter ended April 2025, marking a year-over-year increase of 10.2% [1] - The company's EPS for the same period was $2.09, slightly down from $2.12 a year ago, but exceeded the consensus estimate of $1.60 by 30.62% [1] - The revenue surpassed the Zacks Consensus Estimate of $1.2 billion, resulting in a surprise of 5% [1] Financial Performance - The backlog for Dycom Industries stands at $8.13 billion, exceeding the average estimate of $7.47 billion based on two analysts [4] - Revenue from Lumen Technologies (CenturyLink) was reported at $125.20 million, which is a decline of 20.2% year over year and below the average estimate of $151.63 million [4] - Revenue from AT&T Inc was reported at $325.10 million, reflecting a significant increase of 50.9% year over year and surpassing the average estimate of $259.41 million [4] Stock Performance - Dycom Industries shares have returned +39.4% over the past month, outperforming the Zacks S&P 500 composite's +13.4% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]