• The Comcast or Charter of Alaska.
• A regional telecom provider for Alaska, similar to a smaller AT&T or Verizon.

GCI Liberty (GLIBA) was acquired by Liberty Broadband Corporation in December 2020. Prior to its acquisition, its major products and services, primarily offered through its subsidiary GCI Holdings, included:

• Broadband Internet Services: Provides high-speed internet access to residential and business customers across Alaska.
• Video Services: Offers cable television programming, including local and national channels, on-demand content, and DVR capabilities.
• Wireless Services: Delivers mobile voice and data services through its cellular network.
• Wireline Voice Services: Provides traditional landline telephone services for homes and businesses.
• Managed IT & Data Center Services: Offers IT solutions, cloud services, and data center co-location for business customers.

GCI Liberty (symbol: GLIBA) operates primarily as a telecommunications provider in Alaska, offering a range of services to both individuals and organizations within its service area. The company does not have a few identifiable "major customers" in the traditional sense (e.g., a manufacturer selling to a handful of large retailers). Instead, its customer base is diversified across various categories.

GCI Liberty primarily serves the following customer categories:

1. Residential Consumers: This category includes individual households in Alaska that subscribe to GCI's internet, video, voice, and wireless services for personal use.
2. Businesses & Government Entities: This encompasses a wide array of small, medium, and large businesses, as well as federal, state, and local government agencies and educational institutions in Alaska. They utilize GCI for data, internet, voice, and managed IT services.
3. Wholesale & Carrier Customers: This category includes other telecommunications carriers and service providers who purchase capacity, network access, or other wholesale services from GCI to serve their own customers or expand their network reach.

• The Walt Disney Company (DIS)
• Warner Bros. Discovery, Inc. (WBD)
• Paramount Global (PARA)

Ronald A. Duncan, President & CEO

Mr. Duncan co-founded GCI with Bob Walp in Anchorage, Alaska, in 1979, and has led the company as its Chief Executive Officer. He has been the head of five different companies and continues to serve on the boards of the National Business Aviation Association, the National Cable and Telecommunications Association, and Cable Labs. He previously served as Chairman of the Anchorage Economic Development Corporation and the Alaska Science and Technology Foundation. Duncan holds an undergraduate degree in Economics from Johns Hopkins University and an MBA from Harvard.

Brian J. Wendling, Chief Accounting Officer & Principal Financial Officer

Mr. Wendling serves as Chief Accounting Officer and Principal Financial Officer for GCI Liberty, Liberty Media Corporation, and Liberty Broadband Corporation, having held various positions with these companies and their predecessors since 1999. Prior to joining these organizations, he worked in the assurance practice of KPMG. Mr. Wendling also serves on the board of Comscore, Inc., and previously served on the boards of Fun Technologies Inc. and CommerceHub, Inc. He earned his Bachelor of Science degree in accounting from Indiana University.

Renee L. Wilm, Chief Legal Officer & Chief Administrative Officer

Ms. Wilm holds the roles of Chief Legal Officer and Chief Administrative Officer for GCI Liberty, Liberty Media Corporation, and Liberty Broadband Corporation, overseeing legal matters and providing strategic support. Before joining these companies, she was a Senior Partner with the law firm Baker Botts L.L.P. for over twenty years, where she specialized in mergers and acquisitions, complex capital structures, shareholder arrangements, securities offerings, and corporate governance for Liberty and its predecessors.

Ben Oren, Executive Vice President & Treasurer

Mr. Oren serves as Executive Vice President and Treasurer for GCI Liberty, Liberty Media Corporation, and Liberty Broadband Corporation. He brings over two decades of experience in investment banking, having most recently served as a Managing Director with Credit Suisse, where he advised companies across various sectors, including Technology, Media, and Telecom, on capital markets transactions. Before Credit Suisse, Mr. Oren was an Executive Director at UBS Securities, LLC.

1. Competition from Satellite Providers: GCI Liberty's dominant position in providing broadband to rural Alaskan hospitals and schools is threatened by competition from satellite internet providers like Starlink. Starlink offers a cheaper alternative in remote areas, which could pressure GCI's contract sizes, despite its current challenges with reliability, latency, security, and bandwidth.
2. Reliance on Government Funding: A substantial portion of GCI Liberty's revenue is dependent on government programs, such as the Universal Service Fund (USF), which is under constant scrutiny. The business is also exposed to the risk of potential delays in FCC funding.
3. Consumer Subscriber Attrition and Declining Video Services: GCI Liberty has experienced subscriber losses in its consumer segment. This attrition is partly due to the termination of the Affordable Connectivity Program (ACP) and declining demand for video services, as the company plans to exit the video business by the end of 2025.

The clear emerging threat for GCI Liberty (GLIBA) is the increasing availability and performance of Low Earth Orbit (LEO) satellite internet services, particularly from providers like Starlink. This technology offers a direct alternative to GCI's traditional fixed broadband services, especially in the vast and often remote areas of Alaska where GCI operates, potentially bypassing its established terrestrial infrastructure.

The addressable market for GCI Liberty's main products and services, primarily delivered through its wholly-owned subsidiary GCI, is the telecommunications market in Alaska. GCI provides a full range of data, mobile, voice, and managed services.

The market size of the Wired Telecommunications Carriers industry in Alaska is $337.4 million in 2025.

GCI Liberty (GLIBA) is expected to drive future revenue growth over the next 2-3 years through several key initiatives, primarily focusing on expanding its core connectivity services in Alaska. As of July 14, 2025, GCI Liberty completed its spin-off from Liberty Broadband, establishing itself as an independent, publicly traded entity concentrating on data, mobile, voice, and managed services across more than 200 Alaskan communities.

Here are 3-5 expected drivers of future revenue growth:

1. Broadband Network Expansion and Upgrades: GCI Liberty plans significant investments in its broadband infrastructure, particularly in underserved rural areas of Alaska. The company aims to complete its Federal Communications Commission’s Alaska Plan build-out requirements by the end of 2026, which includes projects like the Bethel and AU-Aleutians fiber initiatives. This expansion of middle and last-mile connectivity is crucial for reaching new customers and offering enhanced services.
2. Leveraging BEAD Grants: GCI Liberty has been provisionally awarded over $140 million in Broadband Equity, Access, and Deployment (BEAD) grants from the Alaska Broadband Office. These grants are critical for funding network enhancements and expanding connectivity, which is expected to drive service adoption and revenue growth by closing the digital divide in Alaska.
3. Growth in Wireless Services: The company sees significant opportunities in its wireless business. It plans to introduce new pricing and packaging offers to attract and retain subscribers and aims to extend 5G wireless service across all of Alaska. Wireless revenue has already shown an increase, supported by federal wireless subsidies and subscriber growth.
4. Increased Demand from Business and Government Sectors: GCI Liberty anticipates continued growth from its business segment, driven by strong demand from schools and healthcare corporations in remote Alaska. An upgrade cycle in these sectors, which began in 2024, is expected to continue contributing positively to revenue.
5. Strategic Focus on Pure-Play Connectivity: By exiting the video business as of September 30, 2025, GCI Liberty has transitioned to a "pure play broadband connectivity provider." This strategic shift allows the company to concentrate resources and investments on its higher-growth broadband and wireless services.

Share Repurchases

• In November 2020, GCI Liberty repurchased approximately $458.988 million aggregate original principal amount of its 1.75% Exchangeable Senior Debentures due 2046 for an estimated cash cost of $819 million.

Share Issuance

• GCI Liberty announced a $300 million rights offering for Series C GCI Group common stock in November 2025, expected to commence November 26, 2025, and expire December 17, 2025.
• The net proceeds from this rights offering are intended for general corporate purposes, including working capital, capital expenditures, debt repayment, potential acquisitions, or opportunistic investments.
• John C. Malone, Chairman of the Board of GCI Liberty, intends to fully exercise his basic subscription privilege and oversubscription privilege in this offering.

Outbound Investments

• In November 2020, GCI Liberty completed the sale of its stake in LendingTree, Inc., generating gross proceeds of $1,007 million.

Capital Expenditures

• For the full year 2025, GCI Liberty anticipates net capital expenditures to be between $225 million and $250 million.
• These capital expenditures are primarily focused on improving wireless and data networks in rural Alaska, including the Bethel and AU-Aleutians fiber projects.
• A significant portion of the increased 2025 capital expenditures is related to fulfilling the build-out requirements of the Federal Communications Commission's Alaska Plan, which is expected to be completed by the end of 2026.