GLIBA

GLIBA is the freshly-separated GCI Liberty — 100% of GCI Holdings, the dominant cable/telecom operator in Alaska — distributed out of Liberty Broadband on July 14, 2025. Read the headline -$309M net loss against the cash flow statement and the story flips: operating cash flow GREW 33% to $370M while the company posted a -$347M operating loss. With D&A of only $212M, that GAAP loss is mathematically dominated by non-cash and separation-related charges (retained earnings swung to -$672M), not an operating collapse. Revenue actually rose 3% to $1.05B. A monopoly-like rural telecom franchise generating $370M OCF against $248M capex throws off roughly $122M of free cash flow, yet the whole equity is marked at a $679M market cap — about 0.6x sales and a low-single-digit multiple of operating cash flow. That is cheap for a durable, infrastructure-heavy utility-like asset.

The balance sheet was just fortified by the December 2025 rights offering, which raised ~$300M (cash exploded +462% to $416M) explicitly earmarked for working capital, capex and debt repayment/refinancing. Long-term debt fell 8% to $979M; net debt of ~$567M is barely 1.5x operating cash flow, and current assets ($615M) cover current liabilities ($196M) more than 3x. Equity rose 19% to $1.69B with liabilities/equity at a comfortable 0.91x. The MD&A also frames potential strategic acquisitions, and corporate overhead is contained (Liberty Media services fees not to exceed ~$5M/yr).