Liberty Capital
35 named things its latest annual report says its results depend on, each in the company's own words. 13 of them are also named by other companies we've read.
Customers
Wholesale roaming customers
earns fromnamed as a riskOur Company could experience a decline in revenue and net income if any of GCI’s wholesale customers constructed or expanded their existing networks in places where service is currently provided by GCI’s network.Risk factors (Item 1A)
Suppliers
Roaming carriers
depends onnamed as a riskGCI currently relies on roaming agreements with several carriers for the majority of its roaming services.Risk factors (Item 1A)
Communications equipment vendors
depends onnamed as a riskGCI depends on a limited number of third-party vendors to supply wireless, Internet, and other telephony-related equipment.Risk factors (Item 1A)
Third-party terrestrial capacity provider
depends onnamed as a riskAnother fiber break occurred in the network of the third-party provider in January 2025.Risk factors (Item 1A)
Third-party billing services vendors
depends onnamed as a riskInterruptions and/or failure of these billing services systems could disrupt GCI’s operations and impact its ability to provide or bill for its services, retain customers, or attract new customers, and negatively impact overall customer experience.Risk factors (Item 1A)
Partners and platforms
Liberty Media
depends on · approximately $5 millionThe fees payable to Liberty Media for the first year of the Services Agreement are not expected to exceed approximately $5 million.Business (Item 1)
Other companies
Senior Credit Facility
exposed to its price · $371named as a riskOur borrowings under the Senior Credit Facility are at variable rates of interest and expose us to interest rate risk.Risk factors (Item 1A)
USF constitutionality litigation (Fifth Circuit)
subject to · $96 millionnamed as a riskGCI had USF net receivables of $96 million at December 31, 2025.Risk factors (Item 1A)
Wells Fargo
approximately $971 million principal amount of debt outstandingnamed as a riskAs of December 31, 2025, we had approximately $971 million principal amount of debt outstanding, consisting of (i) GCI, LLC’s 4.750% senior notes due 2028, (ii) term and revolving loans under GCI, LLC’s senior secured credit facility with a syndicate of banks (the “Senior Credit Facility”) and (iii) a note payable to Wells Fargo originally issued by GCI Holdings (the “Wells Fargo Notes Payable”).Risk factors (Item 1A)
Cable certificates
$401 millionnamed as a riskFor example, during the third quarter of 2025, GCI recorded impairments in the amounts of $401 million for cable certificates and $16 million for other indefinite-lived intangible assets, and a goodwill impairment in the amount of $108 million.Risk factors (Item 1A)
Charter Communications, Inc.
named as a riskSatisfaction by us of our indemnification obligations or the failure of Liberty Broadband or Charter (as defined below) to satisfy their indemnification obligations could have a material adverse effect on our financial conditions, results of operations and cash flows.Risk factors (Item 1A)
Liberty Broadband
named as a riskWe could be negatively affected if Liberty Broadband does not make a timely indemnification payment to us, or if we are required to make material payments pursuant to our indemnification obligations to Liberty Broadband.Risk factors (Item 1A)
Competitors
AT&T Inc.
competes withnamed as a riskGCI Holdings’ mobile services face competition from national mobile network operators including AT&T Inc. (“AT&T”) and Verizon Communications Inc. (“Verizon”) as well as a variety of regional operators and MVNOs.Business (Item 1)
Verizon Communications Inc.
competes withnamed as a riskAT&T and Verizon continue to expand 5G mobile services, and consolidations in the telecom industry continue to increase competition as they seek to offer converged connectivity services similar to GCI Holdings.Business (Item 1)
Places
Hazards
Earthquakes
concentrated innamed as a riskSpecifically, the majority of GCI’s facilities are located in areas with known significant seismic activity, as well as harsh winter conditions and ice.Risk factors (Item 1A)
Also named by AAPL, AMKR, AN, ANET, APP, BRO, CDNS, CEG and 37 more
Typhoon Halong
named as a riskFor example, the costs to restore and repair our infrastructure due to the damage caused by Typhoon Halong in October 2025 may be significant.Risk factors (Item 1A)
Commodities and inputs
Crude oil
exposed to its pricenamed as a riskVolatility in oil prices, and in particular a decline in oil prices, including as a result of uncertainty arising from the U.S.’s actions in relation to Venezuela and increasing tensions in Iran, would put significant pressure on the Alaska state government budget.Risk factors (Item 1A)
Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more
Regulators
Federal Communications Commission (FCC)
subject tonamed as a riskCable systems and communications networks and services more generally are extensively regulated by the federal government (primarily the FCC), certain state governments and many local governments.Business (Item 1)
Also named by AIOT, AMT, ANET, ASTS, CCI, CMCSA, DIS, ECHO and 26 more
Regulatory Commission of Alaska (RCA)
subject tonamed as a riskGCI Holdings cannot predict the likelihood of the RCA changing its formula, adopting the federal formula, or relinquishing its oversight of pole attachments to the FCC, any of which could increase the cost of its operations.Business (Item 1)
Office of Management and Budget federal funding pause
subject tonamed as a riskHowever, if this or another pause were to extend to federal universal service support programs, or to other infrastructure grants that GCI Holdings receives, and such a pause were to become extended, it could have a material adverse effect on GCI Holdings’ business and the Company’s financial position, results of operations or liquidity.Business (Item 1)
FCC Enforcement Bureau
subject tonamed as a riskGCI Holdings notified the Bureau of the potential compliance issues; however, the Company is unable to assess the ultimate outcome of the potential compliance issues and is unable to reasonably estimate any range of loss or possible loss.Business (Item 1)
Laws and programs
Universal Service Fund (USF)
earns from · 46% and 42% of GCI’s revenuenamed as a riskUSF support was 46% and 42% of GCI’s revenue for the years ended December 31, 2025 and 2024, respectively.Risk factors (Item 1A)
Rural Health Care (RHC) Program
earns from · approximately 26%named as a riskFor example, in October 2018, the FCC’s Wireline Competition Bureau notified GCI of its decision to reduce rural rates charged to RHC Program customers for the funding year that ended on June 30, 2018 by approximately 26%, resulting in a reduction of total support payments of $28 million, and applied the same cost methodology for the funding years ended on June 30, 2019 and June 30, 2020.Risk factors (Item 1A)
Alaska High Cost Order
subject to · fine of up to $58.6 millionnamed as a riskInability to meet GCI’s performance plan milestones with or without disqualification from the Alaska Connect Fund could have an adverse effect on its business, financial position, results of operations, or liquidity, and could cause us to incur a fine of up to $58.6 million and an additional $7,951 per resident missed.Risk factors (Item 1A)
Alaska Connect Fund
earns from · 30%named as a riskIn the Alaska Connect Fund Order, the FCC increased by 30% the annual support that each Alaska High Cost Order recipient received, starting January 1, 2025, through the end of 2026 for mobile services and through the end of 2028 for fixed services.Risk factors (Item 1A)
Tariffs
exposed to its pricenamed as a riskIncreased equipment costs, for example due to increased tariffs, could also impact GCI’s results.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
One Big Beautiful Bill Act (OBBBA)
subject tonamed as a riskOn July 4, 2025, the President signed the One Big Beautiful Bill Act (“OBBBA”), which reinstated the FCC’s auction authority, which in turn could direct spectrum be licensed in a manner beneficial to competitors.Business (Item 1)
Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more
Broadband Equity, Access, and Deployment (BEAD) Program
named as a riskTo the extent those grants actually result in deployment of new network facilities by other providers, GCI could face additional competition for both consumer and enterprise services.Risk factors (Item 1A)
E-Rate (Schools and Libraries Program)
earns fromnamed as a riskThese orders did not have a material effect on the overall E-Rate support available to GCI Holdings’ schools and libraries customers, and therefore did not materially affect its revenue from such customers.Business (Item 1)
Also named by EXTR
Eligible Telecommunications Carrier (ETC) status
subject tonamed as a riskWithout ETC status, GCI Holdings would not qualify for USF support in these areas, and its net cost of providing local telephone services in these areas would be materially adversely affected.Business (Item 1)
Technology
Low earth orbit satellite internet
competes withnamed as a riskInternet services based on LEO technology have been gaining market share.Business (Item 1)
Undersea fiber optic cable systems
depends onnamed as a riskGCI’s communications facilities include undersea fiber optic cable systems that carry a large portion of its traffic to and from the contiguous Lower 48 states, one of which provides an alternative geographically diverse backup communication facility to the other.Risk factors (Item 1A)
TERRA network
depends onnamed as a riskDamage to an undersea fiber optic cable system or TERRA and its extensions could result in significant unplanned expense.Risk factors (Item 1A)
Satellite transponders
depends onnamed as a riskGCI’s communications facilities include satellite transponders that GCI uses to serve many rural and remote Alaska locations.Risk factors (Item 1A)