Tear Sheet: GCI LLC

We expect the company will increase its total revenue by about 1% in 2023 and 2024 as a mid-single-digit percent rise in its high-margin broadband revenue is mostly offset by lower video, voice, and wireless revenue. We expect GCI's free operating cash flow (FOCF) will decline to between $60 million and $80 million in 2023, from $152 million in 2022, largely due to its settlement with the DOJ/FCC. However, we expect the company's FOCF will return to more-normalized levels in 2024. We expect leverage of 3.1x in 2023, declining to about 3.0x in 2024 because we anticipate it will generate $110 million-$130 million of FOCF in 2024. The company has consistently used its internal cash generation to fund tuck-in acquisitions,

...Foreign currency issuer credit rating B+/Stable/-- Local currency issuer credit rating B+/Stable/-- Business risk Weak Country risk Very Low Industry risk Intermediate Competitive position Weak Financial risk Significant Cash flow/leverage Significant Anchor ##- Diversification/portfolio effect Neutral (no impact) Capital structure Neutral (no impact) Financial policy Negative (-1 notch) Liquidity Adequate (no impact) Management and governance Fair (no impact) Comparable rating analysis Neutral (no impact) Stand-alone credit profile b+...

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