Liberty Broadband Corp (LBRDA) 2025 Q2 法說會逐字稿

Welcome to the GCI Liberty 2025 Q2 earnings call. (Operator Instructions)

歡迎參加 GCI Liberty 2025 Q2 收益電話會議。（操作員指示）

As a reminder, this conference will be recorded as of today, August 7, 2025.

提醒一下，本次會議將於今天（2025 年 8 月 7 日）開始記錄。

I would now like to turn the call over to Shane Kleinstein, Senior Vice President of Investor Relations. Please go ahead.

現在我想將電話轉給投資者關係資深副總裁 Shane Kleinstein。請繼續。

Thank you and good morning.

謝謝，早安。

Before we begin, we'd like to remind everyone that 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 prospectus forming part of GCI Liberty's registration statement and the most recent forms 10-Q filed by GCI Liberty and Liberty Broadband with the SEC.

在開始之前，我們想提醒大家，本次電話會議包含 1995 年《私人證券訴訟改革法案》所定義的某些前瞻性陳述。由於存在許多風險和不確定因素，實際事件或結果可能存在重大差異，包括 GCI Liberty 註冊聲明的招股說明書中提到的風險和不確定因素以及 GCI Liberty 和 Liberty Broadband 向美國證券交易委員會提交的最新 10-Q 表格。

These forward-looking statements speak only as of the date of this call, and GCI Liberty and Liberty Broadband expressly disclaim any obligation or undertaking to disseminate any updates or revisions and any forward-looking statement contained herein to reflect any change in GCI Liberty or Liberty Broadband's expectations with regard thereto, or any change in events, conditions, or circumstances on which any such statement is based.

這些前瞻性陳述僅代表本次電話會議召開之日的觀點，GCI Liberty 和 Liberty Broadband 明確表示不承擔傳播任何更新或修訂以及本文包含的任何前瞻性陳述的義務或承諾，以反映 GCI Liberty 或 Liberty Broadband 對此的預期發生的任何變化，或任何此類陳述所依據的事件、條件或情況的任何變化。

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 comparable GAAP metrics and reconciliations, including schedule 1, can be found in the earnings press release issued today, which is available on GCI Liberty's website.

在今天的電話會議上，我們將討論 GCI Liberty 的某些非 GAAP 財務指標，包括調整後的 OIBDA、調整後的 OIBDA 利潤率和自由現金流。有關所需定義的資訊以及可比較的 GAAP 指標和對帳（包括附表 1）可在今天發布的收益新聞稿中找到，該新聞稿可在 GCI Liberty 的網站上找到。

Today speaking on the call, we have Ron Duncan, CEO of GCI Liberty; Brian Wendling, GCI Liberty's Chief Accounting and Principal Financial Officer. And also during Q&A, we will answer questions related to Liberty Broadband. Members of both GCI and Liberty Broadband management will be available to answer question during the Q&A portion.

今天參加電話會議的嘉賓有 GCI Liberty 執行長 Ron Duncan 和 GCI Liberty 首席會計兼財務長 Brian Wendling。在問答環節中，我們也將回答與 Liberty Broadband 相關的問題。GCI 和 Liberty Broadband 管理階層的成員將在問答環節回答問題。

With that, I will turn the call over to Ron.

說完這些，我會把電話轉給羅恩。

Good morning. We were pleased to complete the spinoff of GCI Liberty from Liberty Broadband last month, allowing me to speak to you today on our first quarterly call as a once again public company.

早安.我們很高興上個月完成了 GCI Liberty 從 Liberty Broadband 的分拆，今天我有機會在我們作為再次上市的公司舉行的第一次季度電話會議上與大家交談。

2025 is off to a great start. GCI continues to lead in the provision of statewide service to all of our customers. This has been a particular value to our rural health and education customers. In the last 12 months, we have achieved significant upsells in this segment, as rural schools and clinics have purchased additional bandwidth.

2025年開局良好。GCI 繼續在為所有客戶提供全州服務方面發揮領導作用。這對我們的農村醫療和教育客戶來說具有特殊的價值。在過去的 12 個月中，由於農村學校和診所購買了額外的頻寬，我們在這一領域的銷售取得了顯著的成長。

We grew consumer wireless subscribers 1% year over year, ending the quarter with 207,000 subscribers. During the quarter, we added 4,700 consumer wireless lines. On the data side, we saw 3% decline year over year, ending the quarter with 154,500 cable modem subscribers.

我們的消費者無線用戶數量年增 1%，本季末用戶數量達到 207,000 名。本季度，我們增加了 4,700 條消費者無線線路。數據方面，我們發現有線調變解調器用戶數量年減 3%，本季末有線調變解調器用戶數量為 154,500 人。

During the quarter, we lost 1,300 data subscribers. The decline of data subs over the past year is largely due to the elimination of the ACP program in 2024, and the fiber break on a third-party network in which GCI uses capacity, Starlink competition, and wireless substitution.

本季度，我們失去了 1,300 名數據用戶。過去一年數據訂閱量的下降主要是由於 2024 年 ACP 計劃的取消，以及 GCI 使用容量的第三方網路的光纖中斷、Starlink 競爭和無線替代。

Financially, these results have translated into a record last 12 months OIBDA of $405 million as of the second quarter.

從財務角度來看，這些業績已轉化為截至第二季的過去 12 個月創紀錄的 4.05 億美元的 OIBDA。

The USF challenge at the Supreme Court, which had been an overhang on our business and led to a negative credit watch earlier in the year, has been definitively and favorably resolved.

最高法院對 USF 的質疑一直是我們業務的隱患，並導致今年早些時候我們的信用評級被列入負面名單，但目前該質疑已得到明確且有利的解決。

Looking at several other financial highlights, in March, we successfully refinanced our senior credit facility and pushed out maturities to 2030 and 2031. In the second quarter, we were able to reduce our net debt by $86 million, bringing our total leverage down to 2.3 times as defined by our credit agreement. The combination of these events led S&P to eliminate the negative credit watch and raise our credit rating in July.

回顧其他幾個財務亮點，3 月份，我們成功地對高級信貸額度進行了再融資，並將到期日推遲至 2030 年和 2031 年。在第二季度，我們成功減少了 8,600 萬美元的淨債務，使我們的總槓桿率降至信貸協議規定的 2.3 倍。這些事件的綜合作用促使標準普爾在 7 月取消了負面信用觀察並提高了我們的信用評級。

We're proud of the progress, both financially and operationally, over the first half of the year. While we're now a standalone public company, it's business as usual for our team in Alaska. We remain focused on improving our infrastructure to deliver high-quality service to our customers, furthering our rural expansion to bridge the digital divide and increasing the efficiency of our business. I'll go into a bit more detail in several areas.

我們對今年上半年財務和營運方面的進展感到自豪。雖然我們現在是一家獨立的上市公司，但我們在阿拉斯加的團隊一切照常。我們將繼續致力於改善基礎設施，為客戶提供高品質的服務，進一步擴大農村業務，縮小數位鴻溝，並提高業務效率。我將從幾個方面進行更詳細的介紹。

Starting with our network infrastructure, we are offering 2.5 gigabit broadband connectivity in areas that have [fiber] middle mile, which cover an overwhelming majority of our customers. Material progress is being made in improving the broadband network and anchorage, as we are in the process of upgrading the core, reducing node sizes, and upgrading the plant to 1.8 gigahertz.

從我們的網路基礎設施開始，我們在擁有[光纖]中間一英里的地區提供 2.5 千兆寬頻連接，覆蓋了我們絕大多數的客戶。我們正在升級核心、減少節點大小以及將工廠升級到 1.8 千兆赫，寬頻網路和錨地的改善正在取得實質進展。

All of 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 other markets in the coming years, 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 that has fewer maintenance requirements. The strength of this offering positions us well against competitors today and into the future.

我們所做的所有工作都支援 DOCSIS 4.0 或 4.0，可實現比現在快數倍的速度。我們將在未來幾年內將這項服務推廣到其他市場，最終達到 5 千兆位元甚至更高。我們相信這些變化不僅會帶來更高的速度，還會帶來更少的維護需求。該產品的優勢使我們在當前和未來的競爭中佔據有利地位。

On wireless, we are encouraged by early signs that our wireless postpaid business is growing again. We launched our unlimited test drive promotion in April of this year. This offers our broadband customers a discounted price to gain access to unlimited broadband and add a wireless line. This promotion is driving growth for both our GCI plus converged product and postpaid wireless lines, with sequential growth in postpaid lines of 3,400 in the second quarter.

在無線領域，早期跡象顯示我們的無線後付費業務正在再次成長，這令我們感到鼓舞。我們在今年四月推出了無限次試駕促銷活動。這為我們的寬頻用戶提供了折扣價，以獲得無限寬頻並添加無線線路。此次促銷活動推動了我們的 GCI plus 融合產品和後付費無線線路的成長，第二季後付費線路較上季成長了 3,400 條。

We expect to roll out other new pricing and packaging offers later this year to drive further growth in our wireless products. We plan to provide 5G wireless service to all Alaskans over the coming years.

我們預計將在今年稍後推出其他新的定價和包裝優惠，以推動我們的無線產品的進一步成長。我們計劃在未來幾年為所有阿拉斯加人提供 5G 無線服務。

We continue to bridge the digital divide in Alaska with rural expansion. As I mentioned, we are happy to have the Universal Service Fund ruling behind us. This was an enormous win for the Universal Service Fund, the state of Alaska, and all of the providers in Alaska, including GCI. The Supreme Court's decision clearly affirms the legal foundation of this important program.

我們將繼續透過農村擴張來縮小阿拉斯加的數位落差。正如我所提到的，我們很高興普遍服務基金裁決已經獲得通過。這對於普遍服務基金、阿拉斯加州以及包括 GCI 在內的阿拉斯加所有供應商來說都是一個巨大的勝利。最高法院的裁決明確地肯定了這項重要計畫的法律基礎。

On the Alaska plan, we expect to complete the first phase and meet our buildout requirements in 2026. This will increase wireless speeds in the communities we're serving. The FCC's new Alaska Connect Fund will extend the Alaska plan and increase the amount of support. This will aid in the deployment of 5G wireless throughout Alaska.

根據阿拉斯加計劃，我們預計將在 2026 年完成第一階段並滿足我們的建設要求。這將提高我們所服務社區的無線速度。美國聯邦通訊委員會新設立的阿拉斯加連接基金將延長阿拉斯加計畫並增加支持金額。這將有助於在阿拉斯加全境部署 5G 無線網路。

On bid, the state of Alaska was allocated up to $992 million in funding for infrastructure projects to connect unserved and underserved locations. Recent changes to the program make it unlikely that the state will be able to award the full amount of its allocation. GCI submitted several applications to participate in the Alaska bid program. Any monies that GCI has awarded will defray our capital costs as we expand in unserved locations, but this funding is not currently factored into our CapEx budgeting.

透過競標，阿拉斯加州獲得了高達 9.92 億美元的資金，用於連接未服務和服務不足地區的基礎設施項目。該計劃最近的變化使得該州不太可能發放全部撥款。GCI 提交了幾份申請，希望參與阿拉斯加競標計畫。GCI 授予的任何資金將用於支付我們在未服務地區擴張時的資本成本，但這筆資金目前尚未計入我們的資本支出預算。

Finally, on our effort to increase efficiency in our business. For the past year and a half, we've been engaged in efforts to proactively manage our cost structure. In 2024, we reorganized our tech organization and early this year hired our first ever Chief Technology Officer, Troy Goldie, who has been leading the efforts to make sure that our technology team is both effective and efficient. I'm very pleased with the early results in the CTO group.

最後，我們致力於提高業務效率。在過去的一年半裡，我們一直致力於積極管理我們的成本結構。2024 年，我們重組了技術組織，並於今年年初聘請了我們的首位首席技術官特洛伊·戈爾迪 (Troy Goldie)，他一直致力於確保我們的技術團隊既有效又高效。我對 CTO 小組的早期成果感到非常滿意。

We are continuing our efforts to streamline the business and increase efficiency by implementing new systems and applying the lessons learned in the CTO reorganization to other elements of the company. We expect these efforts will help maintain better discipline across our entire cost structure.

我們將繼續努力，透過實施新系統並將 CTO 重組的經驗教訓應用到公司的其他部門，從而簡化業務並提高效率。我們期望這些努力將有助於我們整個成本結構保持更好的紀律。

Before closing, I should comment briefly on the Alaska economy. The market has been flat up here with a slowly declining workforce for over a decade. The state government is challenged by the lack of a credible fiscal plan. The drop in oil prices has contributed to the malaise. There hasn't been much good news to talk about.

在結束之前，我應該簡要評論一下阿拉斯加的經濟。十多年來，這裡的市場一直處於低迷狀態，勞動力數量也緩慢下降。州政府面臨缺乏可靠財政計畫的挑戰。油價下跌加劇了這種困境。沒有什麼好消息可談。

However, the new administration's change in resource policy with respect to both oil and mineral exploration make me cautiously optimistic about Alaska's economic future.

然而，新政府在石油和礦產勘探方面的資源政策的改變讓我對阿拉斯加的經濟前景持謹慎樂觀的態度。

More importantly, there could be a ray of hope on the horizon. For 50 years, Alaskans have dreamed about the construction of a natural gas pipeline from Prudhoe Bay to tidewaters. This has always seemed to be a pipe dream, if you will, that was just out of reach.

更重要的是，地平線上可能出現一線希望。50年來，阿拉斯加人一直夢想著建造一條從普拉德霍灣到潮水區的天然氣管道。如果你願意的話，這似乎一直是個白日夢，遙不可及。

While details are still emerging, the inclusion of significant purchases of Alaska gas and the promise of investment by Japan in the President's recently announced trade deal could change the game. Adding cheap energy to an environment where average temperatures are cooler and there is an abundance of land and water could make Alaska a very appealing location for participants in the AI economy.

雖然細節尚不明朗，但總統最近宣布的貿易協議中包含的大量購買阿拉斯加天然氣以及日本的投資承諾可能會改變局勢。在平均氣溫較低、土地和水資源豐富的環境中添加廉價能源，可以使阿拉斯加成為人工智慧經濟參與者非常有吸引力的地方。

There's still a lot of skepticism and some genuine doubt, but we hope to know more over the next few months. The construction of a gas line and the export of material amounts of natural gas would clearly be cause for optimism.

仍然存在很多懷疑和一些真正的疑問，但我們希望在接下來的幾個月中了解更多。天然氣管道的建設和大量天然氣的出口顯然會讓人感到樂觀。

In the meantime, we welcome anyone else to join us here in Alaska, where we would remind you the water flows well, the climate stays cool, and the environment is wonderfully conducive to the demands of the ever-growing data center industry. To our listening audience of telco analysts, please spread the word.

同時，我們歡迎任何人加入我們在阿拉斯加的行列，我們會提醒您，這裡的水流順暢，氣候涼爽，環境非常適合不斷增長的資料中心行業的需求。對於我們的電信分析師聽眾，請傳播這個消息。

In summary, we remain confident in our ability to deliver high-quality service to the state of Alaska with both the breadth and caliber of our network and service. We believe the quality of our infrastructure and durability of our financial results will drive value for customers, partners, and shareholders.

總而言之，我們仍然有信心憑藉我們廣泛的網絡和服務水平為阿拉斯加州提供高品質的服務。我們相信，我們基礎設施的品質和財務表現的持久性將為客戶、合作夥伴和股東創造價值。

With that, I'll turn to Brian to discuss the financials in more detail.

接下來，我將與 Brian 更詳細地討論財務問題。

Thank you, Ron, and good morning, everyone. As Ron said, the GCI Liberty spin-off from Liberty Broadband was completed on July 14. Holders of Liberty Broadband common stock received 0.2 shares of the corresponding series of GCI Liberty Common Stock per share of the corresponding series of Liberty Broadband common stock, held on record as of that day, or on the record date.

謝謝你，羅恩，大家早安。正如羅恩所說，GCI Liberty 從 Liberty Broadband 的分拆已於 7 月 14 日完成。Liberty Broadband 普通股股東每持有一股相應系列的 Liberty Broadband 普通股（以當日或記錄日為準）可獲得 0.2 股相應系列的 GCI Liberty 普通股。

At quarter end, GCI Liberty had consolidated cash, cash equivalents, and restricted cash of $117 million and total principal amount of debt of approximately $1 billion. As a reminder, GCI refinanced its senior credit facility in March with a $450 million revolver that matures in 2030, and a $300 million term loan A that matures in 2031.

截至本季末，GCI Liberty 的合併現金、現金等價物和受限現金為 1.17 億美元，債務本金總額約為 10 億美元。提醒一下，GCI 在 3 月對其高級信貸額度進行了再融資，其中包括一筆 2030 年到期的 4.5 億美元循環信貸和一筆 2031 年到期的 3 億美元定期貸款 A。

At quarter end, GCI's leverage, as defined by its credit agreement, was 2.3 times, and GCI's credit facility had $377 million of undrawn capacity net of letters of credit.

截至本季末，GCI 的槓桿率（根據其信貸協議定義）為 2.3 倍，GCI 的信貸額度扣除信用證後尚有 3.77 億美元的未提取額度。

Prior to the spin-off and subsequent to quarter end, $10 million of non-voting preferred stock of GCI Liberty was issued to Liberty Broadband and then sold by Liberty Broadband to third-party buyers. The GCI Liberty non-voting preferred stock pays a 12% dividend with a redemption date in 2032.

在分拆之前和季度末之後，GCI Liberty 向 Liberty Broadband 發行了價值 1000 萬美元的無投票權優先股，然後由 Liberty Broadband 出售給第三方買家。GCI Liberty 無投票權優先股支付 12% 的股息，贖回日期為 2032 年。

Now looking at GCI's results, GCI generated total revenue of $261 million, representing 6% growth in the second quarter. Just a derivative of $108 million increased 26%. Results in the quarter continued to benefit from a strong upgrade cycle in schools and healthcare corporations that began in the third quarter of 2024, as well as growth in consumer wireless and cost efficiencies.

現在來看看 GCI 的業績，GCI 第二季的總營收為 2.61 億美元，成長了 6%。光是衍生性商品就成長了26%，價值1.08億美元。本季業績繼續受益於 2024 年第三季開始的學校和醫療保健公司的強勁升級週期，以及消費者無線和成本效率的成長。

Note we expect a slowdown in adjusted liability growth in the back half of this year, partially driven by fully lapping the upsell cycle in schools that began in the third quarter of '24. Additionally, we have benefited from several other one-time items in the first half of the year, including lower employee benefit costs.

請注意，我們預計今年下半年調整後的負債成長將放緩，部分原因是 2024 年第三季開始的學校追加銷售週期已經完全結束。此外，今年上半年我們也受惠於其他幾項一次性項目，包括降低員工福利成本。

GCI remains on track to fully exit the video business by the end of this calendar year. This will allow us to focus the business on the products and services that our customers need and want, but it will not have a significant impact on revenue or COGS, and the impact of free cash flow and OIBDA will be immaterial.

GCI 仍有望在今年底前全面退出視訊業務。這將使我們能夠將業務重點放在客戶需要和想要的產品和服務上，但不會對收入或 COGS 產生重大影響，並且對自由現金流和 OIBDA 的影響也將不大。

Consumer revenue declined 2% to $119 million. The majority of the decline was driven by a decline in data revenue, as well as the video segment, which we are exiting. Slightly offset by growth in consumer wireless. Consumer wireless revenue increased 6% to $51 million, benefiting from wireless subscriber growth and an increase in federal wireless subsidies.

消費者收入下降 2% 至 1.19 億美元。下降的主要原因是數據收入下降以及我們正在退出的視訊業務。消費無線業務的成長略微抵消了這一影響。受惠於無線用戶的成長和聯邦無線補貼的增加，消費者無線收入成長 6%，達到 5,100 萬美元。

Consumer gross margin of 70.6% was relatively flat compared to the same period last year. Business revenue grew 14% to $142 million. Most of the increase was driven by data revenue, which continued to benefit from the strong upgrade cycle noted above, which began in the third quarter of 2024.

消費者毛利率為70.6%，與去年同期相比持平。業務收入成長14%至1.42億美元。大部分成長是由數據收入推動的，該收入繼續受益於上述始於 2024 年第三季的強勁升級週期。

Wireless revenue declined $2 million or 17%, largely driven by a decline in roaming revenue. Business gross margin increased to 81.7%, primarily due to temporary cost. Savings from the quintillion fiber break combined with the data revenue growth.

無線收入下降 200 萬美元，降幅 17%，主要原因是漫遊收入下降。業務毛利率增加至81.7%，主要由於臨時成本。數以百萬億計的光纖中斷帶來的節省與數據收入的成長相結合。

Capital expenditures net of grant proceeds totaled $51 million during the quarter. Year to date, GCI had approximately $100 million in net CapEx investment and expects full-year net CapEx to be around $250 million. GCI generated $153 million in free cash flow on a trailing 12-month basis through the end of the second quarter.

本季扣除補助金收益後的資本支出總額為 5,100 萬美元。今年迄今為止，GCI 的淨資本支出約為 1 億美元，預計全年淨資本支出約為 2.5 億美元。截至第二季末，GCI 在過去 12 個月中產生了 1.53 億美元的自由現金流。

We believe presenting free cash flow on a trailing 12 month basis, more accurately demonstrates our cash generation and liquidity profile by minimizing seasonal fluctuations, particularly around the timing of USF cash receipts. Typically, we have a delay in cash payments from our USF supported revenue at the start of the new funding year, which begins in the third quarter of each year.

我們認為，以過去 12 個月為基礎呈現自由現金流，可以更準確地反映我們的現金產生和流動性狀況，最大限度地減少季節性波動，特別是在 USF 現金收入的時間方面。通常，在新的融資年度（每年第三季開始）開始時，我們會延遲從 USF 支援的收入中支付現金。

Last year, we didn't start to receive meaningful amounts of cash until the beginning of Q1 of the following year. However, the outlook for the rest of '25 is favorable as we have received [USAC] approval for a significant amount of services already. We should start to collect cash over the next few months and meaningfully accelerate the timing of our cash flows versus the prior year.

去年，我們直到第二年第一季初才開始收到大量現金。然而，由於我們已經獲得 [USAC] 對大量服務的批准，因此 25 年剩餘時間的前景看好。我們應該在接下來的幾個月內開始收集現金，並與前一年相比顯著加快現金流的時間。

Lastly, based on recent stock prices, we currently expect the GCI Liberty spin-off will result in a basis step up of approximately $1 billion. Our combined federal and state tax rate is just under 30%, so that gives you an idea of the value of the tax asset, though we're not providing a timeline for its utilization as that may depend, will depend on a variety of factors.

最後，根據最近的股價，我們目前預計 GCI Liberty 的分拆將導致基礎收益增加約 10 億美元。我們的聯邦和州稅率合計略低於 30%，因此您可以了解稅務資產的價值，儘管我們沒有提供其使用的時間表，因為這可能取決於多種因素。

And with that, I'll turn the call back over to Ron.

說完這些，我會把電話轉回給羅恩。

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

謝謝你，布萊恩。我們感謝您對 GCI Liberty 的關注，並期待繼續向您通報我們的進展。接下來，我們將開始問答環節。

(Operator Instructions) Barry Sine, Litchfield Hills Research.

（操作員指示）Barry Sine，Litchfield Hills Research。

I wanted to ask about your acquisition strategy. On the June 3 call you guys did, you spoke about acquisitions likely being a key part of your strategy. And if I think about the Alaska telecom environment, you've tried buying a TV station, Quintillion has ice scour issues, MTA's a co-op. You could always buy the Iditarod. Liberty has created a lot of value with Formula One. Would you go out of Alaska? Would you go out of your industry? What are your criteria for acquisitions?

我想問一下你們的收購策略。在 6 月 3 日的電話會議上，你們談到收購可能是你們策略的關鍵部分。如果我考慮一下阿拉斯加的電信環境，你曾經嘗試購買一家電視台，Quintillion 有冰蝕問題，MTA 是一個合作社。您隨時可以購買艾迪塔羅德狗拉雪橇錦標賽。Liberty 透過一級方程式賽車創造了很多價值。你會離開阿拉斯加嗎？你會離開你的行業嗎？您的收購標準是什麼？

Thank you, Barry. Yeah, I think buying Iditarod would be great, and we'll turn that into an international sport and infuriate PETA beyond all belief.

謝謝你，巴里。是的，我認為收購艾迪塔羅德狗拉雪橇大賽會很棒，我們會把它變成一項國際運動，讓善待動物組織 (PETA) 極度憤怒。

Obviously, there's not a lot of attractive acquisitions of scale in Alaska, so any acquisition strategy would largely be directed out of state. It wouldn't necessarily be within currently and today. I don't think we're looking at leveraging the operating resources of GCI in any future acquisition strategy rather than the financial resources and the tax assets.

顯然，阿拉斯加沒有很多有吸引力的大規模收購，因此任何收購策略主要都是針對州外的。它不一定在當前和今天之內。我認為，在任何未來的收購策略中，我們都不會考慮利用 GCI 的營運資源，而是財務資源和稅務資產。

That said, GCI as a public company is not quite four weeks old. We haven't had our first full quarterly Board meeting yet, and we don't have a developed list of acquisition targets or even necessarily a list of priorities and strategy for that. You'll have to give us a little more time to develop that. But obviously, we have a lot of cash flow to deploy, and we have a lot of tax asset that can be accelerated.

話雖如此，GCI 作為一家上市公司成立不到四周。我們還沒有召開第一次完整的季度董事會會議，我們還沒有製定收購目標清單，甚至沒有製定優先事項和策略清單。您必須給我們多一點時間來開發它。但顯然，我們有大量現金流可供部署，而且我們有大量稅收資產可以加速。

With that, I think we are done for this quarter, and we appreciate your interest in GCI. We look forward to getting back to you at the end of the next quarter. Thank you.

至此，我想我們本季的工作就完成了，我們感謝您對 GCI 的關注。我們期待在下個季度末回覆您。謝謝。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的會議到此結束。現在您可以斷開線路。享受這一天剩下的時間。