Liberty Broadband Corporation Q1 FY2025 earnings call

• Acquisition of Liberty Broadband by Charter is approved, closing on June 30, 2027; GCI spin-off expected this summer with amended S1 filed. - At quarter end, consolidated cash and restricted cash was $565 million, including $149 million at GCI; $338 million restricted cash from Charter Share sales for debt service. - GCI refinanced senior credit facility in March with a 450 million revolver and $300 million Term Loan A. - Q1 2025 was GCI's best quarter ever; growth driven by data revenue and business. - Faced fiber outage in Beaufort Sea, partially restored but full repair expected late summer. - CapEx in Q1 was $49 million, expected $250 million for 2025 for rural Alaska; elevated in 2025-2026 due to Alaska Plan. - Connected Bethel to fiber, launching residential services in May with 5G and high-speed broadband.

In Q1 2025, GCI (the main segment) had revenue of $266 million and adjusted OIBDA of $111 million, up 9% and 23% respectively from the prior year. Adjusted OIBDA margin was 42%. Consumer services are a minority of revenue and OIBDA, while enterprise services (to healthcare and schools in rural Alaska) make up the bulk.

• Acquisition by Charter to close June 30, 2027. - GCI spinoff expected this summer, with GCI Liberty planning investor event prior to spinoff. - GCI's next meaningful debt maturity in October 2028.

• Fiber outage in Beaufort Sea disrupted services, with full repair expected late summer. - Uncertainty around Universal Service Fund due to Supreme Court case, preparing contingency plans.

Q: Thoughts on shifting operating and pricing strategy for GCI Liberty given competitive dynamics, and changes in customer behaviors due to macro uncertainty?

A: Behavior is flat with slight Starlink competition; focusing on bundling wireless and broadband, reevaluating pricing and product mix but not facing same level of Lower 48 competition.