Overview Key strengths Key risks Leading position in Alaska's telecommunications market. Limited scale and reliance on a single market, which is dependent on the oil industry. Solid product diversity as a provider of "quad-play" services, including wireless, broadband, video, and voice. Competitive pressures from better-capitalized wireless providers AT&T and Verizon. Significant exposure to government funding programs, which can be subject to rate reductions and funding denials. Low-margin video and traditional wireline voice services are in secular decline. Although we expect leverage to be at the lower end of this range over the next 12 months, we believe the company could increase leverage to the upper end for tuck-in acquisitions. Distributions to the parent, Liberty Broadband, are also possible. However, we
