GLIBA

ENGLEWOOD, Colo., August 06, 2026--(BUSINESS WIRE)--Liberty Capital Corporation ("Liberty Capital") (Nasdaq: GLIBA, GLIBK) today reported second quarter 2026 results. Headlines include(1): For the three months ended June 30, 2026, Liberty Capital(2) revenue was flat at $261 million, operating income was $29 million and Adjusted OIBDA(3) declined 11% to $96 million Liberty Capital generated net cash provided by operating activities of $308 million and free cash flow(3) of $59 million over the trailing twelve months ended June 30, 2026 Re-financed certain GCI debt facilities with additional financing capacity during the quarter and repurchased $129 million of 2028 unsecured notes subsequent to quarter end GCI expects to close the Quintillion acquisition this year Liberty Capital intends to initiate a recurring quarterly dividend beginning in December 2026, with an aggregate amount of approximately $60 million annualized at inception "Our priorities remain unchanged – namely driving operational excellence and growing free cash flow at GCI while generating shareholder value through opportunistic investments and capital returns at the parent company level," said Liberty Capital CEO, Ron Duncan. "GCI delivered another solid quarter, reflecting the reliability and resiliency of our network infrastructure in connecting communities around Alaska. The Alaska operating company remains on track to deliver stable performance this year with a step-up in cash generation next year. This expected future growth in cash flow will support a quarterly dividend, which we intend to initiate at the parent level this December in tandem with continuing to evaluate attractive investment opportunities." Corporate Updates On June 29, 2026, GCI amended its credit facility to secure up to $480 million of additional financing capacity, including a delayed draw incremental senior secured term A-1 loan facility of $155 million, an incremental revolving facility of $25 million for letters of credit and an incremental senior secured term A-2 loan facility of $300 million. The additional capacity supports the pending acquisition of Quintillion and provides additional liquidity for general corporate purposes, including refinancing or retirement of existing GCI indebtedness. Funding under the term A-1 loan and incremental revolving facility is contingent upon the closing of the Quintillion transaction. As of quarter end, GCI reduced its revolver balance to zero, net of letters of credit. Following the end of the second quarter through July 31st, GCI purchased approximately $129 million principal amount of the outstanding Senior Notes due October 15, 2028 with cash on hand and borrowings under the revolver. Liberty Capital regularly assesses opportunities to proactively address the remaining Senior Notes. In July 2026, the Executive Committee of Liberty Capital’s Board of Directors adopted a dividend policy providing for regular quarterly cash dividends on GCI Group common stock beginning in the fourth quarter of 2026 with an initial aggregate amount of approximately $60 million annually at inception, or approximately $15 million per quarter. The specific terms of the proposed dividend, including the record and payment dates, will be determined by the Board upon declaration of the dividend, which remains subject to customary conditions. The dividend policy may be modified, suspended or terminated at any time. Discussion of Results The following table provides the financial results of Liberty Capital for the three and six months ended June 30, 2025 and June 30, 2026. GCI revenue was flat in the second quarter of 2026. Consumer revenue decreased 2%, driven primarily by fully exiting the video business in 2025. Business revenue increased 1%, driven by growth in data revenue. GCI revenue decreased for the six months ended June 30, 2026. Consumer revenue declined 3% due to fully exiting the video business in 2025. Business revenue declined 1% driven by a decline in data revenue. Operating income decreased $22 million and Adjusted OIBDA decreased $12 million in the second quarter driven by increased operating expenses. Operating income decreased $50 million and Adjusted OIBDA declined $32 million for the six months ended June 30, 2026, driven by increased operating expenses and declining revenue. The decline in operating income was also impacted by $4 million and $7 million of acquisition costs related to Quintillion in the three and six months ended June 30, 2026, respectively. Year to date, GCI has spent $125 million, net of grant proceeds, on capital expenditures related primarily to improvements to the rural wireless and state-wide data networks in Alaska. GCI's net capital expenditures for the full year 2026 are expected to be $290 million, including $20 million carried over from 2025 due to normal course timing shifts. A significant portion of the increased capital expenditures in 2026 is related to hybrid fiber-coaxial network improvements in urban Alaska. On a trailing twelve-month basis through the second quarter of 2026, net cash provided by operating activities totaled $308 million and free cash flow over the same period was $59 million. GCI Consumer GCI Consumer revenue declined 2% and 3% for the three and six months ended June 30, 2026, respectively. The decreases were driven primarily by fully exiting the video business in 2025, partially offset by growth in wireless revenue. Data revenue was flat and declined 2% for the three and six months ended June 30, 2026, respectively. The decrease for the six months ended June 30, 2026 was driven by a decline in data subscribers, excluding acquisitions. During the second quarter of 2026, GCI purchased a small broadband provider, adding an incremental 5,400 broadband subscribers. Excluding the impact of the acquisition, broadband subscribers would have declined by 1,200 year-to-date. Wireless revenue increased 2% and 3% for the three and six months ended June 30, 2026, respectively, driven by an increase in wireless lines in service. Consumer wireless lines grew 1% year-over-year, bringing total consumer wireless lines to 202,100. Year-to-date, GCI added 3,100 consumer wireless lines. GCI Consumer gross margin was 72.0% for the six months ended June 30, 2026, a 160 bps increase from the same period last year. GCI Consumer direct costs decreased 8%, driven by lower video programming costs from the exit of video services during the third quarter of 2025. GCI Business GCI Business revenue grew 1% and declined 1% for the three and six months ended June 30, 2026, respectively. The increase for the three months ended June 30, 2026 was driven by growth in business data revenue from service upgrades with existing healthcare and education customers. The decrease for the six months ended June 30, 2026 was due to a decline in business data revenue as the prior year period benefitted from approximately $4 million of revenue relating to the successful appeal of rates for services provided to certain healthcare customers in previous years. GCI Business gross margin was 76.5% in the six months ended June 30, 2026, a 540 bps decrease from the same period last year. GCI Business direct costs increased for both the three and six months ended June 30, 2026, driven primarily by higher distribution costs. A portion of the increase in distribution costs relates to restored service on the Quintillion network in which GCI uses capacity. The network was out of service during the six months ended June 30, 2025. The remaining increase is from costs related to upgraded services, including higher circuit costs. FOOTNOTES NOTES Cash and Debt The following presentation is provided to separately identify cash, cash equivalents, restricted cash and debt of Liberty Capital as of March 31, 2026 and June 30, 2026. Liberty Capital cash, cash equivalents and restricted cash increased $62 million in the second quarter of 2026 primarily due to cash from operations and incremental debt borrowings partially offset by an increase in capital expenditures and investing activities. Liberty Capital debt increased $228 million in the second quarter of 2026, which included a drawdown of $160 million in order to fund the loan to Quintillion pursuant to the terms of the acquisition agreement. As of June 30, 2026, GCI’s credit facility had undrawn capacity of $447 million (net of letters of credit), and GCI’s leverage as defined in its credit agreement was 2.8x. Important Notice: Liberty Capital (Nasdaq: GLIBA, GLIBK) will discuss Liberty Capital’s earnings release on a conference call which will begin at 11:15 a.m. (E.T.) on August 6, 2026. The call can be accessed by dialing +1 (877) 407-3944 or +1 (412) 902-0038, passcode 13756847, at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast, go to https://www.libertycapitalcorp.com/investors/news-events/ir-calendar. Links to this press release and replays of the call will also be available on Liberty Capital’s website. This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including certain statements relating to business strategies, expected future growth in cash flow and expenditures of capital, GCI’s planned acquisition of Quintillion and the quarterly dividend beginning in December 2026. All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws. These forward-looking statements generally can be identified by phrases such as "possible," "potential," "intends" or "expects" or other words or phrases of similar import or future or conditional verbs such as "will," "may," "might," "should," "would," or "could," or similar variations. These forward-looking statements involve many risks and uncertainties that could cause actual results and the timing of events to differ materially from those expressed or implied by such statements, including, without limitation, competitive issues, customer demand, economic conditions (including inflationary pressures), regulatory and legislative matters affecting Liberty Capital’s businesses, the completion of GCI’s acquisition of Quintillion, Liberty Capital’s capital resources and capital requirements as well as applicable laws and other considerations in declaring a dividend, and Liberty Capital’s ability to execute its growth strategy. These forward-looking statements speak only as of the date of this press release, and Liberty Capital expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Capital’s expectations with regard thereto or any change of events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Liberty Capital, including the risk factors detailed in its most recent Form 10-K, as such risk factors may be amended, supplemented or superseded from time to time by other reports Liberty Capital subsequently files with the SEC, for additional information about Liberty Capital and the risks and uncertainties related to Liberty Capital’s business that may affect the statements made in this press release. NON-GAAP FINANCIAL MEASURES SCHEDULE 1 To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA and trailing twelve months of free cash flow, which are non-GAAP financial measures, for Liberty Capital together with reconciliations to operating income and net cash provided by operating activities, respectively, as determined under GAAP, as well as Adjusted OIBDA margin. Liberty Capital defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition costs and impairment charges. Liberty Capital defines Adjusted OIBDA margin as Adjusted OIBDA divided by revenue. Liberty Capital defines free cash flow as net cash provided by operating activities less capital expenditures net of grant proceeds received for capital expenditures. Liberty Capital believes Adjusted OIBDA and free cash flow are important indicators of the operational strength and performance of its business by identifying those items that are not directly a reflection of business performance or indicative of ongoing business trends. In addition, these measures allow management to assess Liberty Capital’s performance, its ability to service its debt, fund operations and make additional investments with internally generated funds, perform analytical comparisons, and identify strategies to improve performance. Liberty Capital believes presenting free cash flow on a trailing twelve month basis more accurately demonstrates the company’s liquidity profile by minimizing seasonal fluctuations, particularly around timing of Universal Service Fund cash receipts. Because Adjusted OIBDA and free cash flow are used as measures of operating performance and liquidity, respectively, Liberty Capital views operating income and net cash provided by operating activities, respectively, as the most directly comparable GAAP measures. Adjusted OIBDA and free cash flow are not meant to replace or supersede operating income, net cash provided by operating activities or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that Liberty Capital’s management considers in assessing the results of operations and performance of its assets. Please see the tables below for applicable reconciliations. The following tables provide a reconciliation of Liberty Capital’s operating income to Adjusted OIBDA for the three and six months ended June 30, 2025 and June 30, 2026 and net cash provided by operating activities to free cash flow for the twelve months ended June 30, 2025 and June 30, 2026. View source version on businesswire.com: https://www.businesswire.com/news/home/20260805932614/en/ Contacts Hooper Stevens +1 (866) 876-0461

Liberty Capital Corporation (GLIBA) came out with quarterly earnings of $0.4 per share, missing the Zacks Consensus Estimate of $1.15 per share. This compares to earnings of $0.94 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -65.22%. A quarter ago, it was expected that this company would post earnings of $1.21 per share when it actually produced earnings of $0.45, delivering a surprise of -62.81%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. Liberty Capital Corporation, which belongs to the Zacks Wireless National industry, posted revenues of $261 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 1.51%. This compares to year-ago revenues of $261 million. The company has not been able to beat consensus revenue estimates over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Liberty Capital Corporation shares have lost about 34.5% since the beginning of the year versus the S&P 500's gain of 12.8%. While Liberty Capital Corporation has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Liberty Capital Corporation was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.97 on $266 million in revenues for the coming quarter and $3.36 on $1.06 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Wireless National is currently in the top 41% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. WidePoint (WYY), another stock in the broader Zacks Computer and Technology sector, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 13. This information technology services provider is expected to post quarterly earnings of $0.01 per share in its upcoming report, which represents a year-over-year change of +116.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. WidePoint's revenues are expected to be $41.67 million, up 10% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Liberty Capital Corporation (GLIBA) : Free Stock Analysis Report WidePoint Corporation (WYY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

GCI Liberty, Inc. - Series C GCI Group (GLIBK) came out with quarterly earnings of $0.4 per share, missing the Zacks Consensus Estimate of $1.15 per share. This compares to earnings of $0.94 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -65.22%. A quarter ago, it was expected that this company would post earnings of $1.21 per share when it actually produced earnings of $0.45, delivering a surprise of -62.81%. Over the last four quarters, the company has surpassed consensus EPS estimates just once. GCI Liberty, Inc. - Series C GCI Group, which belongs to the Zacks Wireline - National industry, posted revenues of $261 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 1.51%. This compares to year-ago revenues of $261 million. The company has not been able to beat consensus revenue estimates over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. GCI Liberty, Inc. - Series C GCI Group shares have lost about 36.9% since the beginning of the year versus the S&P 500's gain of 12.8%. While GCI Liberty, Inc. - Series C GCI Group has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for GCI Liberty, Inc. - Series C GCI Group was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.97 on $266 million in revenues for the coming quarter and $3.36 on $1.06 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Wireline - National is currently in the top 44% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Telephone & Data Systems (TDS), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 7. This parent of U.S. Cellular and TDS Telecom is expected to post quarterly earnings of $0.09 per share in its upcoming report, which represents a year-over-year change of +280%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Telephone & Data Systems' revenues are expected to be $315.05 million, down 73.4% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report GCI Liberty, Inc. - Series C GCI Group (GLIBK) : Free Stock Analysis Report Telephone and Data Systems, Inc. (TDS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Revenue: $261 million, flat year-over-year. Adjusted EBITDA (OIBDA): $96 million, an 11% decrease year-over-year. Free Cash Flow: $59 million for the trailing 12 months. Consumer Revenue: Declined 2% in Q2, driven by the shutdown of the video business, partially offset by wireless growth. Consumer Gross Margin: Increased to 71.8%, driven by lower video programming costs. Business Revenue: Increased 1% in Q2, driven by growth in business data revenue from service upgrades. Business Gross Margin: Decreased to 75.5%, primarily due to a $9 million increase in distribution costs. Capital Expenditures: Totaled $70 million in Q2; 2026 CapEx expected to be approximately $290 million. Consumer Wireless Lines: Increased by 2,100 during the quarter. Consumer Broadband Subscribers: Declined organically by 500, but increased by 5,400 net due to a small broadband provider acquisition. Dividend: Initiated a quarterly dividend of approximately $15 million per quarter ($60 million per year), starting in December 2026. Net Leverage: Consolidated net leverage was 2.1 times; GCI's net leverage was 2.8 times. Warning! GuruFocus has detected 3 Warning Sign with GLIBA. High Yield Dividend Stocks in Gurus' Portfolio This Powerful Chart Made Peter Lynch 29% A Year For 13 Years How to calculate the intrinsic value of a stock? Is GLIBA fairly valued? Test your thesis with our free DCF calculator. Release Date: August 06, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Liberty Capital Corp (NASDAQ:GLIBA) announced a new capital allocation policy, initiating a quarterly dividend of $60 million per year starting in Q4 2026, providing a durable baseline shareholder return. The company expects the Quintillion acquisition to be accretive to free cash flow in the first year post-closing, with approximately $20 million in run-rate synergies expected over 24 months. GCI's consumer wireless lines grew by 2,100 in Q2, and the converged customer base expanded, with 42% of broadband customers now taking wireless service. The company is at the peak of its capital expenditure cycle, with capital intensity expected to decline meaningfully in 2027 and 2028, leading to stronger cash flow generation. GCI expanded 5G service to over 125 communities, reaching approximately 83% of Alaskans, improving network performance and operational efficiency. GCI's adjusted OIBDA declined 11% year-over-year in Q2, impacted by $3 million in new public company costs and higher distribution costs. Consumer broadband subscribers declined organically by 500 during the quarter, partially offset by a small acquisition adding 5,400 customers. Business segment margin decreased due to a $9 million increase in distribution costs, including $3 million related to restored service on the Quintillion network. Free cash flow for the trailing 12 months declined year-over-year, driven by higher capital expenditures, lower OIBDA, and working capital swings. The company faces ongoing competition from Starlink, which remains a viable broadband competitor in Alaska, requiring continued investment and strategic responses. Q: What are the financial implications of the promotional pricing on wireless subscriber additions, and does the broadband customer acquisition of 5,400 include anything beyond fixed wireless?A: Ron Duncan, CEO of Liberty Capital, explained that the main promotion offers a free year of wireless service with a wired service add or upgrade. Most new wireless lines will become revenue-generating after approximately a 12-month lag. The acquired broadband provider was a small fixed wireless operator serving fringe areas outside GCI's existing plant, purchased to extend service reach and gain experience with the technology. Q: Can you break down the temporary elevated expense levels, particularly regarding seasonality and the split between upgrades and CapEx?A: Pete Pounds, CFO of GCI, clarified that the expense increase is due to several factors: the restoration of direct costs following last year's Quintillion fiber break, one-time contractor costs for specific projects, and approximately $3 million in new public company expenses that were not present in the prior year quarter and will continue going forward. Q: What is the rationale behind the new capital allocation policy, including the dividend and leverage target?A: Ron Duncan, CEO, stated that the growing cash profile of the business allows for a new policy. Liberty Capital will initiate a quarterly dividend of $15 million per quarter ($60 million annually) starting in December, representing about half of next year's free cash flow. The company aims to manage GCI at approximately three times long-term net leverage, with residual cash flow allocated between investment opportunities and shareholder returns, including potential buybacks. Q: What are the expected financial contributions and synergies from the Quintillion acquisition?A: Ron Duncan, CEO, confirmed that upon closing, expected to occur later this year, Liberty Capital anticipates approximately $20 million in run-rate synergies over the following 24 months, with half achieved in the first 12 months. Quintillion would have contributed $50 million to $55 million of adjusted OIBDA, including synergies, in 2026, and the transaction is expected to be accretive to free cash flow in the first year post-closing. Q: How is GCI addressing competition from Starlink, and what is the company's strategic approach?A: Ron Duncan, CEO, stated that GCI takes Starlink competition seriously but serves Alaska using every appropriate technology. GCI integrates Starlink into managed solutions for certain business customers and will use Starlink's dedicated bonded gateway service as an additional resiliency layer in communities like Bethel, Sitka, and Kotzebue. The approach is pragmatic: compete where Starlink competes, and use its technology where it strengthens GCI's network. Q: What is the outlook for capital expenditures and free cash flow in the coming years?A: Brian Wendling, Chief Accounting Officer, confirmed that 2026 CapEx is expected to be approximately $290 million, representing the peak year of investment. Ron Duncan, CEO, added that capital intensity is expected to decline meaningfully in 2027 and further in 2028, returning GCI to its historical range and generating stronger cash flow, especially with Quintillion's contribution. Q: What drove the year-over-year decline in adjusted OIBDA for the second quarter?A: Brian Wendling, Chief Accounting Officer, reported that adjusted OIBDA declined 11% year-over-year to $96 million. This was driven by approximately $3 million in new public company costs, a $9 million increase in distribution costs (including $3 million related to restored service on the Quintillion network), and higher costs from upgraded services. Q: How is the company managing its debt and leverage position?A: Brian Wendling, Chief Accounting Officer, noted that Liberty Capital's consolidated net leverage was 2.1 times at quarter end, while GCI's net leverage was 2.8 times. GCI amended its credit facility to secure up to $480 million in additional financing for the Quintillion acquisition and general purposes. The company also repurchased approximately $129 million principal amount of senior notes in the open market and continues to evaluate opportunities to address the remaining 2028 notes. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

ENGLEWOOD, Colo., May 07, 2026--(BUSINESS WIRE)--GCI Liberty, Inc. ("GCI Liberty") (Nasdaq: GLIBA, GLIBK) today reported first quarter 2026 results. Headlines include(1): GCI Liberty(2) revenue declined 4% to $256 million, operating income was $30 million and Adjusted OIBDA(3) declined 18% to $93 million, inclusive of $13 million of items that are not comparable to the prior year period GCI Liberty generated net cash provided by operating activities of $329 million and free cash flow(3) of $99 million over the trailing twelve months ended March 31, 2026 Total wireless lines in service increased 2% to 207,700 Consumer cable modem subscribers declined 3% to 150,500 GCI entered into a definitive agreement to acquire Quintillion, a fiber infrastructure provider in Alaska that will enable GCI to create a ringed subsea and terrestrial fiber network across Alaska with improved network resiliency and reliability GCI Liberty completed the acquisition of an approximate 6% equity interest in Liberty Latin America ("LLA") from Searchlight Capital Partners for an aggregate cash purchase price of $107 million and is currently in discussions with Dr. John C. Malone, Chairman of the Board and Director Emeritus of LLA, with respect to the potential acquisition of his equity interests in LLA, including certain high vote shares, in exchange for newly issued GCI Liberty Series C shares GCI Liberty to change its name to Liberty Capital Corporation ("Liberty Capital") "GCI had another solid quarter, reflecting our continued commitment to providing the highest quality connectivity to our customers. We also announced GCI’s planned acquisition of Quintillion, bringing together two complementary networks that will increase the quality of Alaska’s communications infrastructure. The transaction is expected to be accretive to free-cash-flow and advances our long-term strategy to invest in critical network assets to enhance connectivity for all Alaskans," said GCI Liberty CEO, Ron Duncan. "Additionally, GCI Liberty’s opportunistic investment in Liberty Latin America is the first step in executing our growth strategy as Liberty Capital. We remain focused on operating excellence while also creating long-term shareholder value through strategic capital deployment." Business Updates On April 21, 2026, GCI entered into a definitive agreement under which GCI will acquire 100% of the equity in Q Gateway Intermediate Holdings, LLC ("Quintillion"), a fiber infrastructure provider in Alaska, in exchange for consideration of $310 million in cash subject to certain adjustments, reimbursement of up to $50 million for certain capital expenditures incurred by Quintillion and potential earn-out payments in 2028, 2029 and 2031. Closing is anticipated following the receipt of regulatory approval and satisfaction of customary closing conditions. Existing customer relationships, contractual obligations and service arrangements are expected to continue without change following the close of the transaction. The transaction is expected to bring together complementary subsea and terrestrial fiber networks to enhance the scale, resiliency and reach of GCI’s statewide network. The transaction is expected to provide cost efficiencies and to be accretive to free cash flow. Additional information regarding the proposed acquisition can be found in the 8-K filed by GCI Liberty with the Securities and Exchange Commission ("SEC"). On April 16, 2026, GCI Liberty completed the purchase of approximately 61,000 Class A common shares and 12.3 million Class C common shares of LLA for $107 million in cash from Searchlight Capital. GCI Liberty is also currently in good faith discussions with Dr. Malone with respect to GCI Liberty’s potential acquisition of his equity interests in LLA, including certain high-vote shares, in exchange for newly issued Series C common stock of GCI Liberty. GCI Liberty is renaming the public parent company to Liberty Capital Corporation. No changes will be made to the tickers as a result of the name change and its Alaska subsidiary will continue to operate under the GCI name and brand. Discussion of Results The following table provides the financial results of GCI Liberty for the first quarter of 2025 and 2026. GCI revenue decreased 4% in the first quarter of 2026. Consumer revenue decreased 5%, driven primarily by fully exiting the video business in 2025. Business revenue declined 3%, driven by a decline in data revenue. Operating income decreased $28 million and Adjusted OIBDA decreased $20 million in the first quarter driven primarily by $13 million of items impacting year-over-year comparability as well as increased operating expenses. During the first quarter of 2025, GCI recognized a $4 million benefit from the successful appeal of rates for services provided to certain healthcare customers in prior years. The first quarter of 2025 also had a $2 million net benefit related to a fiber break on the Quintillion network in which GCI uses capacity that has since been restored. During the first quarter of 2026, operating expenses also increased primarily due to increased professional service fees driven by $4 million of incremental professional fees related to driving efficiencies. Selling, general and administrative expenses grew primarily due to $3 million of public company costs which were not in the cost base in the prior year quarter but will continue to be part of ongoing expenses. The decline in operating income was also impacted by higher stock-based compensation expense due to a delay in grants until the spin-off from Liberty Broadband Corporation was completed combined with a change in grant timing for GCI employees. Year to date, GCI has spent $55 million, net of grant proceeds, on capital expenditures related primarily to improvements to the wireless and data networks in rural Alaska. GCI's net capital expenditures for the full year 2026 are expected to be $290 million, including $20 million carried over from 2025 due to normal course timing shifts. A significant portion of the increased capital expenditures in 2026 are related to hybrid fiber-coaxial network improvements. On a trailing twelve-month basis through the first quarter of 2026, net cash provided by operating activities totaled $329 million and free cash flow over the same period was $99 million. GCI Consumer revenue totaled $115 million in the first quarter of 2026, a 5% decrease compared to the prior year period. The decrease was driven primarily by fully exiting the video business in 2025, partially offset by growth in wireless revenue. Data revenue totaled $59 million, a 3% decrease, driven primarily by subscriber losses. Consumer cable modem subscribers declined 3% year-over-year bringing total consumer cable modem customers to 150,500. During the first quarter of 2026, GCI lost 700 consumer cable modem subscribers. Wireless revenue totaled $52 million, a 4% increase, driven by an increase in wireless lines in service. Consumer wireless lines grew 2% year-over-year, bringing total consumer wireless lines to 200,000. During the first quarter of 2026, GCI added 1,000 consumer wireless lines. GCI Consumer gross margin was 72.2% in the first quarter of 2026, a 200 bps increase from the same quarter last year. GCI Consumer direct costs decreased 11%, driven by lower video programming costs from the exit of video services during the third quarter of 2025. GCI Business revenue totaled $141 million in the first quarter of 2026, a 3% decrease compared to the prior year period. The first quarter of 2025 benefitted from approximately $4 million of revenue relating to the successful appeal of rates for services provided to certain healthcare customers in prior years. GCI Business gross margin was 77.3% in the first quarter of 2026, a 480 bps decrease from the same quarter last year. GCI Business direct costs increased 23% in the first quarter of 2026, driven primarily by higher distribution costs related to restored service on the Quintillion network in which GCI uses capacity. The network was out of service during the first quarter of 2025. FOOTNOTES NOTES Cash and Debt The following presentation is provided to separately identify cash, cash equivalents, restricted cash and debt of GCI Liberty as of December 31, 2025 and March 31, 2026. GCI Liberty cash, cash equivalents and restricted cash increased $19 million in the first quarter of 2026 primarily due to cash from operations, partially offset by capital expenditures, net of grant proceeds. GCI Liberty debt was relatively flat in the first quarter of 2026. As of March 31, 2026, GCI’s credit facility had undrawn capacity of $377 million (net of letters of credit), and GCI’s leverage as defined in its credit agreement was 2.3x. Subsequent to the end of the first quarter, GCI will provide a $160 million unsecured loan to Quintillion per the terms set forth in the purchase agreement. Important Notice: GCI Liberty (Nasdaq: GLIBA, GLIBK) will discuss GCI Liberty’s earnings release on a conference call which will begin at 11:15 a.m. (E.T.) on May 7, 2026. The call can be accessed by dialing +1 (877) 407-3944 or +1 (412) 902-0038, passcode 13756845, at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast, go to https://www.gciliberty.com/investors/news-events/ir-calendar. Links to this press release and replays of the call will also be available on GCI Liberty’s website. This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including certain statements relating to business strategies, GCI’s planned acquisition of Quintillion and GCI Liberty’s potential acquisition of additional equity interests in LLA. All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws. These forward-looking statements generally can be identified by phrases such as "possible," "potential," "intends" or "expects" or other words or phrases of similar import or future or conditional verbs such as "will," "may," "might," "should," "would," or "could," or similar variations. These forward-looking statements involve many risks and uncertainties that could cause actual results and the timing of events to differ materially from those expressed or implied by such statements, including, without limitation, competitive issues, customer demand, economic conditions (including inflationary pressures), regulatory and legislative matters affecting GCI Liberty’s businesses, the completion of GCI Liberty’s acquisition of Quintillion, and GCI Liberty’s ability to execute its growth strategy. These forward-looking statements speak only as of the date of this press release, and GCI Liberty expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in GCI Liberty’s expectations with regard thereto or any change of events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of GCI Liberty, including the risk factors detailed in its most recent Form 10-K, as such risk factors may be amended, supplemented or superseded from time to time by other reports GCI Liberty subsequently files with the SEC, for additional information about GCI Liberty and the risks and uncertainties related to GCI Liberty’s business that may affect the statements made in this press release. NON-GAAP FINANCIAL MEASURES SCHEDULE 1 To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA and trailing twelve months of free cash flow, which are non-GAAP financial measures, for GCI Liberty together with reconciliations to operating income and net cash provided by operating activities, respectively, as determined under GAAP, as well as Adjusted OIBDA margin. GCI Liberty defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition costs and impairment charges. GCI Liberty defines Adjusted OIBDA margin as Adjusted OIBDA divided by revenue. GCI Liberty defines free cash flow as net cash provided by operating activities less capital expenditures net of grant proceeds received for capital expenditures. GCI Liberty believes Adjusted OIBDA and free cash flow are important indicators of the operational strength and performance of its business by identifying those items that are not directly a reflection of business performance or indicative of ongoing business trends. In addition, these measures allow management to assess GCI Liberty’s performance, its ability to service its debt, fund operations and make additional investments with internally generated funds, perform analytical comparisons, and identify strategies to improve performance. GCI Liberty believes presenting free cash flow on a trailing twelve month basis more accurately demonstrates the company’s liquidity profile by minimizing seasonal fluctuations, particularly around timing of Universal Service Fund cash receipts. Because Adjusted OIBDA and free cash flow are used as measures of operating performance and liquidity, respectively, GCI Liberty views operating income and net cash provided by operating activities, respectively, as the most directly comparable GAAP measures. Adjusted OIBDA and free cash flow are not meant to replace or supersede operating income, net cash provided by operating activities or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that GCI Liberty’s management considers in assessing the results of operations and performance of its assets. Please see the tables below for applicable reconciliations. The following tables provide a reconciliation of GCI Liberty’s operating income to Adjusted OIBDA for the three months ended March 31, 2025 and March 31, 2026 and net cash provided by operating activities to free cash flow for the twelve months ended March 31, 2025 and March 31, 2026. View source version on businesswire.com: https://www.businesswire.com/news/home/20260506363641/en/ Contacts Hooper Stevens +1 (720) 875-5406