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Welcome to GCI Liberty 2026 first quarter earnings call. During the presentation, all participants will be in a listen-onl mode. Afterwards, we will conduct a question and answer session. At that time, if you have a question, please press star one on your telephone. As a reminder, this conference will be recorded May 7th. I would now like to turn the call over to Hooper Stevens, Senior Vice President, Investor Relations. Please go ahead.

Thank you everyone for joining us today for GCI Liberty's first quarter 2026 earnings call. As you know, this call may include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent Forms 10-K and 10-Q filed by GCI Liberty and Liberty Broadband with the SEC. These forward-looking statements speak only as of the date of this call. GCI Liberty and Liberty Broadband expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in GCI Liberty or Liberty Broadband's expectations with regard to any change in events, conditions or circumstances on which any such statement is based.

On today's call, we will discuss certain non-GAAP financial measures for GCI Liberty, including Adjusted OIBDA, Adjusted OIBDA Margin and free cash flow. Information regarding the required definitions along with the comparable GAAP metrics and reconciliations for GCI Liberty can be found in the earnings press release issued today, which is available on GCI Liberty's IR website. Speaking on today's call will be Ron Duncan, the CEO of GCI Liberty, and Brian Wendling, GCI Liberty's Chief Accounting and Principal Financial Officer. Also during Q&A, we will take questions related to Liberty Broadband should they arise, and we have additional members of GCI and Liberty Broadband management available to answer questions. With that, I'll turn the call over to Ron Duncan.

Thank you and good morning. We had an incredibly productive start to the year and delivered solid first quarter results. We continue to execute on our mission of delivering quality connectivity to all Alaskans. At GCI, we recently announced a definitive agreement to acquire Quintillion for consideration of $310 million in cash, subject to certain adjustments, reimbursement of up to $50 million for capital expenditures incurred by Quintillion prior to closing and potential earn-out payments. We are incredibly excited to marry two of Alaska's best networks. This transaction will bring together complementary subsea and terrestrial fiber routes, our extensive rural microwave network, deep operational expertise and long-term investment under one operating model. It will enhance the scale, resilience, and reach of GCI's statewide network to benefit all Alaskans. We expect the transaction to be accretive to free cash flow in the first year after closing.

We announced yesterday that GCI Liberty has invested approximately $107 million to acquire Searchlight Capital Partners' equity interest in Liberty Latin America. We are also in discussions with Dr. John Malone, Chairman of the Board of GCI Liberty and Director Emeritus of Liberty Latin America, and certain affiliates to acquire additional shares in Liberty Latin America. We are pleased to begin GCI Liberty's next chapter of growth with this opportunistic investment in Liberty Latin America and are keenly interested in acquiring a more significant equity and voting stake in the company from Dr. Malone and others. Balan Nair and his team have done an impressive job of developing LLA into a leading integrated connectivity provider across Latin America and the Caribbean, and we look forward to participating in the growth potential that lies ahead.

As part of this evolution, we intend to change our name from GCI Liberty to Liberty Capital Corporation in the coming weeks with no change to our ticker. We are changing our name to reflect our expanded focus at the parent level as we start making investments outside of our core Alaska operating subsidiary. Our Alaska operations will continue under the GCI name and brand. These first steps of strategic change at GCI Liberty represent our focus on augmenting the ways we create value for our shareholders and our progression as Liberty Capital. We look forward to keeping you updated on our progress. Turning now to our operating highlights. We grew consumer wireless subscribers 2% year-over-year, ending the quarter with 200,000 consumer wireless lines.

We had a total of 207,700 wireless lines at quarter end, including 7,700 business lines. We added 1,000 consumer wireless lines during the quarter, including 500 postpaid lines, largely from our GCI+ wireless free for a year promotion. On the data side, we saw a 3% decline year-over-year, ending the quarter with 155,000 data subscribers. We lost 700 data subscribers during the quarter due to continued competitive pressure from wireless substitution and limited competition from Starlink. Encouragingly, we note the pace of our broadband losses is decreasing, indicating a stabilizing broadband base. We believe the stabilization is due to the success of our new GCI+ promotional offer and the improvements we are making to speed and reliability throughout our network. As we look forward, we expect the business to remain stable.

At GCI, our operating priorities are first, to invest in our network infrastructure, including closing our acquisition of Quintillion. Second, to complete our build-out commitments under the Alaska Plan. Third, to drive value and the benefits of convergence for our customers. Finally, to bridge the digital divide through our rural expansion. Within the first year of closing, the transaction will bring together complementary fiber routes, and we expect to enhance network resilience, routing diversity, and overall reliability through a more robust architecture comprised of multiple rings and sub-rings. This expanded fiber footprint positions us to compete more effectively against LEO satellite broadband alternatives, bringing a more competitive connectivity environment to Alaska. Importantly, this transaction also strengthens critical communications infrastructure that supports Alaska's communities, government operations, and national security priorities. Next, on driving convergence and maximizing value and quality for our consumers.

We remain encouraged by our promotional offers in the market, which provide value for our consumers. Last year, we concluded our unlimited test drive promotion. The retention of up sales from that promotion was exceptionally high in the low 90% range. This quarter, we launched free for a year wireless promotion that continues to support our consumer postpaid wireless growth and drives convergence. Our converged customer base continues to grow. More than 40% of our broadband customers have one or more wireless lines, and more than 60% of our postpaid wireless lines are sold as part of a package. Lastly, on bridging the digital divide in Alaska through rural expansion and completing our commitments on the Alaska Plan. We are nearing completion of our build-out for the Alaska Plan, increasing wireless speeds across the communities we serve.

We will continue to focus on providing 5G wireless service to all cover the last things over the coming years. We still expect CapEx, including Quintillion, to peak this year and to step down over the coming years as it returns to our historical range of 15%-20% of revenue. The Quintillion acquisition should support substantial cash generation as we look ahead. In summary, we are encouraged by our steady financial and operational performance this quarter. At GCI Liberty, we remain focused on our continued evolution as Liberty Capital as we look to create value for our shareholders from our existing business and new investments. With that, I'll turn it to Brian to discuss the financials in more detail.

Thanks, Ron, and good morning, everyone. At the end of the first quarter, GCI Liberty had consolidated cash equivalents, and restricted cash of $448 million, including $131 million of cash equivalents, and restricted cash at GCI. Total principal amount of debt at GCI Liberty was approximately $1 billion. At quarter end, GCI Liberty's consolidated net leverage was 1.6x, which incorporates cash at the parent level, including proceeds from last quarter's rights offering as well as GCI's non-voting preferred stock. Subsequent to the end of the first quarter, GCI completed the acquisition of a 6% equity interest in Liberty Latin America from Searchlight for $107 million.

GCI will also provide a $160 million unsecured loan to Quintillion pursuant to the terms of the acquisition agreement. Pro forma for these two transactions, GCI Liberty's consolidated net leverage would have been 2.3x. At quarter end, GCI's net leverage, as defined in its credit agreement, was 2.3x. Additionally, GCI's credit facility had $377 million of undrawn capacity net of letters of credit. Pro forma for the $160 million loan that GCI will provide to Quintillion, GCI's leverage would have been approximately 2.7x. Now turning to GCI's operating results for the first quarter. For the first quarter, GCI generated total revenue of $256 million, representing a 4% decrease year-over-year.

An Adjusted OIBDA of $93 million, an 18% decrease year-over-year. There were approximately $13 million of items impacting year-over-year comparability, most of which are non-recurring in nature. These include about a $4 million benefit we recognized during the first quarter of 2025 related to the successful appeal of rates for services provided to certain healthcare customers in prior years. We are lapping a roughly $2 million net benefit to OIBDA last quarter, related to the fiber break on the Quintillion network that GCI uses capacity, which has since been repaired. We're also making incremental investments into operating business more efficiently, representing an increase of approximately $4 million in operating expenses.

Lastly, during the first quarter of this year, we have $3 million of public company costs which were not in the prior year numbers. We do expect these public company costs to continue. Looking at the segment detail, the consumer revenue declined 5% during the first quarter, with the majority of the decline driven by the shutdown of the video business as well as data subscriber losses slightly offset by growth in wireless. As a reminder, GCI exited the video business during the third quarter of last year. Consumer gross margin increased to 72.2% for the quarter, driven by a decline in consumer direct costs resulting from decreases in video programming costs. Business revenue declined 3% for the first quarter.

As mentioned above, the first quarter of 2025 benefited from approximately $4 million of out-of-period revenue, recovered revenue. Excluding this impact, revenue would have been flat. Business gross margin decreased to 77.3% for the first quarter, primarily driven by higher distribution costs related to restored service on the Quintillion fiber network. As we've previously mentioned, this network was out of service during the first quarter of 2025. Capital expenditures net of grant proceeds totaled $55 million during the first quarter. We expect 2026 CapEx of approximately $290 million, which includes $20 million that was carried over from 2025 due to normal course timing shifts. As Ron mentioned, we do expect 2026 to represent our peak year of CapEx spend.

GCI generated $99 million in free cash flow for the trailing twelve months through the end of the first quarter, down around 13% year-over-year. This was largely driven by an increase in capital expenditures net of grant proceeds. The CapEx increase in 2026, when coupled with ordinary course working capital swings, will drive proportionately lower free cash flow on a year-over-year basis. With that, I'll turn the call back over to you, Ron.

Thank you. Operator, we can open it up for questions.

Thank you. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question is from David Joyce with Seaport Research Partners. Please proceed.

Thank you. A few questions, please. First I'll ask on the operational side with the business wireless losses, what were the drivers of that?

The business wireless is kind of a small part of the business, and I think there's ordinary churn going on in there. We've been gradually descending in business wireless, partly as people transition business accounts more to the consumer side. I don't think the magnitude of those losses is material to the overall situation that the company is in.

Understood. Secondly, on the Liberty Latin America investments, should we think of that as a tax-advantaged cash flow, you know, play since they announced that they're distributing a 9% preferred later this summer, thereby, you know, you could use some of your tax attributes with those, you know, cash flows to fund your own preferred and CapEx. Or is there some other kind of strategic thrust there?

We think there's a more strategic thrust there. We are pleased with their restructuring and will be happy to receive the benefits of the preferred there. You're correct, those would be sheltered. We've been looking at Liberty Latin America for a while before they had decided on their recapitalization plan with the preferred. We believe it's an undervalued entity and has many characteristics that are similar to what we face in the Alaskan market. It's got a great asset footprint in a market that is generally underinvested in, although they have some specific end markets that have more competition than we do. We think they're on the verge of a substantial inflection in free cash flow, and we think, looking at the overall situation there, that they are materially undervalued.

We saw this as an opportunity to get in at that undervaluation and build a bigger position over time. We're happy to have the benefit of the preferred, but that's not the principal reason for undertaking the transaction.

All right, thanks. A final question is on Quintillion. What were your payments to them last year? Have there been other fiber breaks in the past like you experienced last year? Who would the remaining customers be?

Okay, let's take those one at a time. I don't think we have broken out the total Quintillion payments. Have we, Pete?

We have not. We have not.

We are more than half of Quintillion's total revenues, that's a big piece of what drives the transaction. We generally don't compete with them on a customer basis. They're more in the wholesale business, we buy services from them that we then remarket to our business and rural healthcare customers in the marketplace. Give me the last piece of that question again too, please, David.

Yeah. Just wondering who the, you know, the customer base was, aside from yourself.

The customer base would be people who provide services largely to the schools and the healthcare providers. It would include ACS and some of the smaller local telephone companies throughout the state.

Great. Thank you very much.

Thank you, David.

Our next question is from Jim Harris with Bislett Management. Please proceed.

Hi there. Liberty Broadband question. Outside of the repurchases that they're making of Charter stock from Liberty every month, why wouldn't Liberty Broadband be encouraging Charter to reduce their debt in absolute terms since their business is shrinking? It's making it more risky, reducing the debt would increase the value per share. Just wondering why Liberty isn't pushing that absolute debt reduction as their current plan to sort of slowly leverage. Thanks.

This is Marty Patterson speaking for Liberty Broadband. I think you'll note that pro forma for the Cox transaction, there will be a reduction in net leverage. We remain very supportive of the capital allocation policy at the company, and do see them lowering their leverage at the close of the Cox transaction, which will also be the close of the Liberty Broadband transaction.

Okay. Thanks.

Thank you, Jim. Thank you, everyone, for participating in today's call. We will speak to you soon. Again, thanks. Take care.

Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation.

Welcome to the Liberty Broadband Corporation's 2025 Year End Earnings Call. During the presentation, all participants will be in listen-only mode. Afterwards, we will conduct a question and answer session. As a reminder, this conference will be recorded February 11. I would now like to turn the call over to Hooper Stevens, Senior Vice President of Investor Relations. Please go ahead.

Good morning. Thank you for joining us. This call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent Forms 10-Ks filed by Liberty Broadband Corporation with the SEC. These forward-looking statements speak only as of the date of this call, and Liberty Broadband Corporation expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in Liberty Broadband Corporation's expectations with regard thereto or any change in events, conditions, or circumstances on which such statements are based. On today's call, we will discuss certain non-GAAP financial measures for Liberty Broadband Corporation, including adjusted OIBDA, adjusted OIBDA margin, and free cash flow. Information regarding the required definitions along with the comparable GAAP metrics and reconciliations, including Schedule 1 and Schedule 2 for Liberty Broadband Corporation, can be found in the earnings press release issued today, which is available on Liberty Broadband Corporation's IR website. Speaking on today's call will be Ron Duncan, the CEO of Liberty Broadband Corporation, and Brian Wendling, Liberty Broadband Corporation's Chief Accounting and Principal Financial Officer. Also during the Q&A, we will take questions related to Liberty Broadband Corporation should they arise. Additional members of Liberty Broadband Corporation management will be available to assist Ron and Brian with questions. With that, I'll hand the call over to Ron Duncan.

Thank you, Hooper, and good morning. Liberty Broadband Corporation had an exceptional year. We reported solid fourth-quarter results with achieved record revenue of over $1 billion and record adjusted EBITDA of more than $400 million, a significant milestone for the company. We continue to execute on our mission to deliver best-in-class connectivity across Alaska. Our consumer wireless base is expanding. We are realizing the benefits of last year's strong sales cycle in our business segment. We continue to sharpen our strategic focus as Alaska's only converged broadband and wireless provider following the exit of our video business last year. During the fourth quarter, we announced, executed, and completed our rights offering. The rights offering was fully subscribed, resulting in approximately $300 million in net proceeds. We are pleased with the outcome, which allows us ample flexibility to continuously canvas the market and fine-tune our strategy at the parent company level. We plan to use the proceeds for general corporate purposes as well as for potential strategic acquisitions, investments, or partnerships. Turning to the business, I'm proud of how nimble and effective our Liberty Broadband Corporation team is in ensuring the continuity of our network. First, in December, we experienced two fiber breaks, one in Dutch Harbor, which was repaired in early January in under two weeks, and the other in Dearing. We expect to incur repair costs this year in the low single-digit million range, with service expected to be restored at Dearing in the summer months after the ice goes out. Second, as we mentioned last quarter, Typhoon Helong hit Southwest Alaska in early October of last year. We fully restored service to the two villages that were hit in under four months. Beyond the small revenue overhang in January, we do not expect any ongoing impact on our business. We commend the entire Liberty Broadband Corporation team for their outstanding service to the communities that we serve. Turning now to our operating highlights. We grew consumer wireless subscribers 2% year over year and ended the year with 199,000 consumer wireless lines. We had a total of 207,500 wireless lines at year-end, including 8,500 business lines. We added 3,500 consumer wireless lines during the year, including 6,700 postpaid lines, largely as a result of our unlimited test drive promotion. We continue to see slow erosion in our prepaid and government-subsidized lifeline segments, partially offsetting the growth in our postpaid lines. On the data side, we saw a 3% decline year over year, exiting the year with 151,200 data subscribers. We lost 4,500 data subscribers during the year and 1,200 data subscribers during the fourth quarter. The decline of data subscribers over the past year is due to wireless substitution and limited competition from Starlink and others, exacerbated by a fiber break on a third-party network in which Liberty Broadband Corporation uses capacity. As of the third quarter, service has been restored, although we note that winning back customers in the service-impacted areas has been slow. We are proud of the operational and financial progress we made in 2025. We reported over $400 million of adjusted OIBDA, an exceptional milestone for Liberty Broadband Corporation. But looking ahead to this year, we expect the business to be stable. As we look forward to 2026, our operating priorities are first, to invest in our network infrastructure, deliver high-quality service to our customers. Second, to complete our build-out commitments under the Alaska plan. Third, to drive value and the benefits of convergence for our customers, and fourth, to continue bridging the digital divide through our rural expansion. Starting with our network infrastructure. We're offering 2.5 gigabit broadband connectivity everywhere that has fiber middle mile, which means we can offer it to an overwhelming majority of our customers. We're making progress improving the broadband network in Anchorage. We're in the process of upgrading the core, reducing node sizes, and upgrading to a 1.8 gigahertz plant. Our initial deployment is yielding positive results. We plan to significantly scale deployment of our HFC network this year. All the work that we are doing is DOCSIS 4.0 or 4.0 capable, enabling speeds that are multiple times what we have today. We will be rolling this out to markets outside of Anchorage this year, allowing us to get to five gigabits and ultimately beyond. We believe these changes will not only lead to higher speeds but also a network with better reliability and fewer maintenance requirements. The strength of this offering positions us well against competitors today and into the future. Next, on driving convergence and maximizing value and quality for our customers. We concluded our unlimited test drive promotion at year-end, which drove meaningful postpaid consumer wireless growth in 2025 to a peak of 165,400 lines. The first cohorts of our promotional subscribers are now rolling off, and while it's still early, we are seeing exceptionally strong retention rates. In January, we launched a twelve-month free promotion that we expect will further support postpaid wireless growth this year. As of year-end, approximately 40% of our broadband customers have one or more wireless lines, and approximately 62% of our postpaid wireless lines are sold as part of a bundle, up from 57% at the end of 2024. Our focus remains on delivering quality and value for all of our customers. Lastly, on bridging the digital divide in Alaska, through expansion and completing our build commitments on the Alaska plan. Just a few weeks ago, we announced that we had completed the build-out of the iHUC one net network, which brings fiber infrastructure to the Yukon Quest equipped Delta, ensuring residents there enjoy 2.5 gigabit service. We also remain on track to complete our build-out requirements for the Alaska plan this year and increase wireless speeds in the communities we serve. The new Alaska Connect fund will extend the Alaska plan to 2034. Our focus remains on providing 5G wireless service to all covered Alaskans over the coming years. Turning briefly to Bead, the State of Alaska has announced that Liberty Broadband Corporation has been provisionally awarded approximately $120 million in Bead fund. The award remains subject to approval by the NTIA. There remains substantial uncertainty about the timing of the final awards as the state is still in active negotiations with the NTIA regarding the ultimate distribution of Alaska to be funded. Any funding that Liberty Broadband Corporation ultimately receives will offset our capital costs as we expand in unserved locations. Regulatory and macro environment. From a macro perspective, Alaska's economy could be poised for some long-overdue economic growth. In mid-October, the Trump administration announced plans to open the Arctic National Wildlife Range to drilling, a development that could accelerate oil and gas activity across the state. Combined with the potential development of the gas line, these initiatives could drive substantial economic expansion in Alaska, lifting the Alaska economy and creating new opportunities with the potential of increased demand for our services. In summary, we are encouraged by an exceptional year of financial and operational performance. The peak of CapEx in 2026 and projected step down over the coming years back to our historical range of 15% to 20% of revenue should be highly supportive of substantial cash generation as we look ahead. We believe the strength of our network and our robust operating results will continue to create value for our customers, partners, and shareholders. With that, I'll turn it to Brian to discuss the financials in more detail.

Thank you, Ron, and good morning, everyone. At year-end, Liberty Broadband Corporation had consolidated cash, cash equivalents, and restricted cash of $429 million, which is inclusive of our approximately $300 million offering, which was completed at the end of 2025. And we had a total principal amount of debt of approximately $1 billion. At year-end, Liberty Broadband Corporation's net leverage, as defined in its credit agreement, was 2.3 times, and Liberty Broadband Corporation's consolidated net leverage was 1.6 times, which incorporates cash at the parent level, including the proceeds from the rights offering, as well as Liberty Broadband Corporation's non-voting preferred stock. Additionally, Liberty Broadband Corporation's credit facility has $377 million of undrawn capacity net of letters of credit. Just an admin matter during the fourth quarter, we refined the definition of our subscriber metrics. The definitions of consumer cable and wireless subscribers now exclude prepaid customers who are no longer paying for the service and postpaid and cable modem customers who have been inactive for over sixty days. All prior periods have been reflected for this refined definition, and this aligns with how Liberty Broadband Corporation manages and evaluates the business. Turning to Liberty Broadband Corporation's operating results for the full year and the fourth quarter. For the year, Liberty Broadband Corporation generated total revenue of $1 billion, representing a 3% increase for the full year. Revenue increased primarily due to growth at Liberty Broadband Corporation business. Adjusted OIBDA of $403 million was a record high and increased 12% for the full year. The increase was driven by both higher revenue and lower operating expenses, which includes lower programming video programming expenses, and reduced distribution costs related to temporary cost savings from a fiber break on a third-party network. The fiber break was fully restored during 2025. In the fourth quarter, Liberty Broadband Corporation generated total revenue of $262 million. This is flat with the prior year quarter. And adjusted OIBDA increased 7% to $90 million, primarily due to lower selling, general, and administrative expenses related to personnel and compensation expenses. Consumer revenue declined 2% for the full year in the fourth quarter, with the majority of the decline driven by the shutdown of the video business as well as data subscriber losses slightly offset by growth in wireless. As a reminder, Liberty Broadband Corporation exited the video business during the third quarter of the year. Consumer wireless revenue increased both for the full year and the fourth quarter, driven by an increase in federal wireless subsidies. Consumer gross margin increased to 70.7% for the full year and increased to 69.7% for the fourth quarter, driven by a decline in consumer direct costs resulting from decreases in video programming costs. For the year, direct costs also benefited from temporary cost savings from the fiber break on the third-party network that was previously discussed. Business revenue grew 7% for the year and 1% during the fourth quarter. For the year, the increase was driven by the strong upgrade cycle, which started in 2024. For both the full year and fourth quarter, revenue growth was partially offset by lower wireless roaming revenue. Business gross margin increased to 80.1% for the year and increased to 78.3% for the fourth quarter, primarily driven by revenue growth. For the year, business gross margin benefited from lower direct costs due to temporary cost savings from the aforementioned third-party fiber break. Capital expenditures net of grant proceeds totaled $224 million for the year. As Ron said, we expect 2026 CapEx of approximately $290 million, which includes $20 million carried over from 2025 due to normal course timing shifts. As was mentioned, we expect '26 to represent our peak year of CapEx spend, driven by completing the build-out requirements of the Alaska plan, and the timing shifts for 2025. Our historical CapEx has been 15% to 20% of revenue, and we expect our long-term CapEx following the completion of the Alaska plan build-out to trend back to these levels. Liberty Broadband Corporation generated $146 million in free cash flow for the full year, up over 70% from 2024, driven by our record financial growth. And 2025 free cash flow also benefited from positive working capital swings. The CapEx increase in 2026, when coupled with ordinary course working capital swings, will drive proportionately lower free cash flow on a year-over-year basis. And with that, I'll turn the call back over to Ron.

Thank you, Brian. We appreciate everyone's interest in Liberty Broadband Corporation, and we look forward to continuing to update you on our progress. With that, we'll open the call up for Q&A.

Thank you. We'll now be conducting a question and answer session. Thank you. And the first question comes from the line of David Joyce with Seaport Research. Please proceed with your questions.

Thank you. A couple of questions, please. First, I was wondering how we should think about margins this year since you'll be comping against the operational savings while the undersea fiber was offline in the first part of last year and then you don't have the TV programming expenses? And then secondly, what sort of cadence of CapEx spending should we expect this year? And if you could kind of drill down on where, you know, where you would be spending which products? Thanks.

Okay. Pete, do you want to tackle the margin question? Pete, you're out there? No, Pete. Okay. Well, I will do my best on the margins. The margins should be was Pete there? Pete just joined. No, Tyler. Go ahead. I'm happy to take the margin question, and you can add some color if you want. I think on the margin, we obviously can't guide, David. On where we think we'll ultimately end up for 2026. Jake, as you heard Ron say in his remarks, we expect a stable year for 2026. There are certainly some things on the cost side that are benefits, meaning no video expense at all during 2026. We also had revenue that was offsetting that in the early part of the year. And then there was the benefit from the fiber break. But overall, we expect a pretty stable year for next year. And I have Ron's comment yes, I'll take the CapEx. I would just comment on margins as well that the video business was kind of a net zero for us anyway by the time we got out. They were substantial revenues, but also very substantial programming costs. The reasons we exited was we could see ourselves heading into a negative free cash flow situation to stay in the video business. So it was a net positive going forward and probably not tremendous change in the base of the business as you look at it. On the CapEx cadence, typically, we peak in the second and third quarters. When the construction season is in full swing up here, and I expect that pattern to continue this year. The largest single element of this year's CapEx is in wireless, particularly rural wireless, as we sprint to the finish of our first phase commitments under the Alaska plan. We'll also be expanding substantial CapEx to expand the urban wired network as we move to our 5G and full DOCSIS 4.0 implementation.

Great. Thank you. Thank you.

David, if you don't have any other questions, that will conclude today's call. Appreciate everybody's participation. And we look forward to speaking to you offline in next quarter as well. Thank you.

Thank you all very much.

Thank you. This will conclude today's conference. You may disconnect your lines at this time. We thank you for your participation. Have a wonderful day.