Financial Data and Key Metrics Changes - For the full year 2025, revenue was $2.136 billion, exceeding the high end of guidance, while adjusted EBITDA was $214 million, reflecting year-over-year growth of 5.6% [4][22] - Fourth quarter revenue was $570 million, a slight increase from $567 million in the prior year, with adjusted EBITDA at $62 million, or 10.9% of revenue, compared to $51 million, or 9% [21][22] - Full year revenue decreased by 3.2% compared to the prior year, while adjusted EBITDA increased by 5.6% [22][23] Business Line Data and Key Metrics Changes - In the Engage segment, fourth quarter revenue decreased by 1.8% to $444 million, but operating income increased by 62% to $36 million [24][25] - The Digital segment saw fourth quarter revenue increase by 9.2% to $125 million, driven by product resale, although operating income decreased slightly [27][28] - Full year revenue for the Engage segment was $1.67 billion, a decrease of 4.6%, while operating income increased by 18.8% [25][26] Market Data and Key Metrics Changes - The company noted a significant shift in the market towards AI-enabled solutions, with expectations of nearly 100% AI adoption among current clients by the end of 2026 [6][45] - The overall market for CX, IT, and SaaS-based services is projected to be $400 billion, with a growing demand for end-to-end transformative solutions [7][10] Company Strategy and Development Direction - The company is focused on profitable and sustainable growth, emphasizing the importance of AI in enhancing customer experience [4][10] - Strategic partnerships and technology integration are key components of the company's growth strategy, with a focus on delivering high-quality, AI-enabled solutions [6][15] - The company aims to rationalize underperforming contracts to secure a healthier client portfolio and superior margins [12][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the current macro environment and the complexities of AI adoption, emphasizing the need for operational realities to deliver effective customer experiences [7][8] - The company expects revenue declines in 2026, particularly in the Engage and Digital segments, but anticipates continued growth in adjusted EBITDA and operating income [38][41] Other Important Information - A non-cash goodwill impairment charge of $193 million was recorded due to a decline in market capitalization, but it does not impact the company's broader strategies [5][31] - Free cash flow improved to $83 million in 2025, compared to a negative $104 million in the prior year, reflecting better profitability and working capital management [33][34] Q&A Session Summary Question: AI adoption and ongoing work with customers - Management clarified that AI adoption refers to internal tools used to enhance efficiency and that they are focused on automating low-value transactions while maintaining human involvement for complex interactions [45][47] Question: Revenue mix between project-based and recurring revenue - Management indicated a focus on achieving a 50% recurring revenue model in the Digital segment and emphasized the integration of technology in the Engage segment [52][55] Question: Impact of offshore mix shift on revenue - Management noted that while there is a shift towards offshore operations, a significant portion of onshore revenue is tied to regulated sectors that cannot be moved offshore [62][63] Question: Defending against clients pushing for AI efficiency savings - Management stated that currently, clients are not pressuring for cost savings from AI efficiencies, as they are more focused on advisory services to leverage AI effectively [68][70] Question: Benefits from client consolidation - Management expects that client consolidation will accelerate as companies seek fewer partners with deeper technological capabilities [77][80]

Core Insights - Longleaf Partners Small-Cap Fund's Q4 2025 performance was below the benchmarks, returning 1.13% compared to 2.40% for the Russell 3000 Index and 2.19% for the Russell 2000 Index [1] - The Fund's annual return was 7.56%, significantly lower than the 17.15% and 12.81% returns of the respective indexes [1] - The Fund emphasized the importance of investing in companies with strong free cash flow rather than speculative trends during market volatility [1] Company Focus: GCI Liberty, Inc. - GCI Liberty, Inc. (NASDAQ:GLIBK) is a communication services company with a one-month return of 8.00% and a year-to-date gain of 5.21% [2] - As of February 24, 2026, GCI Liberty's stock closed at $39.15 per share, with a market capitalization of $1.559 billion [2] - GCI Liberty holds a dominant position in Alaska's broadband market and possesses irreplicable assets due to the region's unique geography [3] - The company is expected to generate significant free cash flow in the near term, with potential for growth similar to Liberty Media [3] - John Malone, a notable figure in the industry, remains Chairman and has shown confidence in GCI through insider purchases and a $300 million rights offering [3] - Despite its strong competitive position, GCI Liberty trades at a discount compared to Lower 48 telecom assets [3]

Group 1 - Madison Mid Cap Fund reported a return of 1.9% in Q3 2025, underperforming the Russell Midcap Index which increased by 5.3% [1] - The Information Technology sector led the performance for both the quarter and year-to-date [1] - The fund's top five holdings were highlighted as key picks for 2025 [1] Group 2 - GCI Liberty, Inc. (NASDAQ:GLIBK) experienced a one-month return of -6.56% and a three-month decline of 12.56%, closing at $33.75 per share with a market capitalization of $968.552 million on November 20, 2025 [2] - Madison Mid Cap Fund sold its holding in GCI Liberty, Inc. due to mediocre growth prospects and its small market capitalization, which was deemed immaterial to the portfolio [3] Group 3 - GCI Liberty, Inc. is not among the 30 most popular stocks among hedge funds, with a belief that certain AI stocks present greater upside potential and lower downside risk [4]

Table of Contents As filed with the Securities and Exchange Commission on November 5, 2025 Registration No. 333- GCI Liberty, Inc. (Exact name of registrant as specified in its charter) Nevada (State or other jurisdiction of incorporation or organization) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 4841 (Primary Standard Industrial Classification Code Number) 36-5128842 (I.R.S. Employer Identification No.) FORM S-1 REGISTRATION STATEMENT UNDER 12300 Liberty Blvd. Englewood, Color ...

Core Thesis - CoreWeave's stock has surpassed $100 following Cantor Fitzgerald's Overweight rating and a $116 price target, driven by the trillion-dollar AI infrastructure opportunity, with shares up 160% year-to-date [2] - The potential for CoreWeave to double its stock price beyond $200 is linked to its exceptional growth trajectory, with revenues projected to increase from $3.5 billion to over $12 billion next year, indicating triple-digit growth [3] Valuation Insights - Although the stock trades at approximately 14x trailing revenue, this multiple is expected to compress as sales surge, with a potential price per share exceeding $200 if revenues reach $12 billion and the P/S ratio normalizes to the 8-10x range [4] Key Growth Drivers - CoreWeave has secured a significant revenue backlog of about $30 billion, bolstered by major contracts including an $11.9 billion deal with OpenAI and a subsequent $4 billion expansion [5] - The company is positioned as a market leader in AI infrastructure, leveraging specialized GPU compute technology built around NVIDIA hardware to capture a significant share of the trillion-dollar AI infrastructure market [5] - Revenue growth has been substantial, with a 420% year-over-year increase to $981.6 million in Q1 and a 207% increase to $1.2 billion in Q2, demonstrating the company's ability to convert demand into sales [5] - CoreWeave is expanding its platform beyond GPU compute into storage, networking, and managed services, highlighted by the $1.4 billion acquisition of Weights and Biases to enhance its AI infrastructure offerings [5]

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 ...

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 ...

Company Overview - Wheels Up Experience Inc. is a leading provider of on-demand private aviation in the U.S. with a large and diverse fleet [3] - The company has a global network of safety-vetted charter operators committed to safety and service [3] - Wheels Up offers charter and membership programs along with commercial travel benefits through a strategic partnership with Delta Air Lines [3] Upcoming Event - The CEO of Wheels Up, George Mattson, will present at the Bank of America Industrials, Transportation, and Airlines Key Leaders Conference in New York on May 15, 2025, at 8:45 am ET [1] - The event will be webcast live and accessible via the Investor Relations website [1][2] Services Offered - In addition to private aviation, Wheels Up provides freight, safety, security, and managed services to various clients, including individuals and government organizations [3] - The Wheels Up app and website allow members to easily search, book, and fly [3]

As filed with the Securities and Exchange Commission on May 6, 2025 Registration No. 333-286272 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 TABLE OF CONTENTS GCI Liberty, Inc. (Exact name of registrant as specified in its Charter) Nevada 4841 (Primary Standard Industrial 36-5128842 (State or other jurisdiction of incorporation or organization) 12300 Liberty Blvd. Englewood, Colorado 80112 (720) 87 ...

TABLE OF CONTENTS As filed with the Securities and Exchange Commission on May 6, 2025 Registration No. 333-286272 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 1 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 (State or other jurisdiction of incorporation or organization) 12300 Liberty Blvd. Englewood, Colorado 80112 (720) 87 ...