Lict Corp. · OTC:LICT
Lict — Shareholder Meeting (June 2025)
37 slides from Lict's shareholder meeting presentation, Jun 6, 2025
Slide 1: LICT Corporation Annual Shareholder Meeting
LICT Corporation Provider of Broadband Communication Services to Rural America Annual Shareholder Meeting June 6, 2025
Slide 2: Stephen J. Moore and Christian Mueller
STEPHEN J. MOORE Vice President-Finance CHRISTIAN MUELLER Corporate Controller
Slide 3: LICT
LICT www.LICTcorp.com
Slide 4: Safe Harbor Statement
Safe Harbor Statement Safe Harbor Statement The information contained herein is current only as of the date hereof; however, unless otherwise indicated, financial information contained herein is as of December 31, 2024. The business, prospects, financial condition or performance of LICT Corporation
Slide 5: LICT Today
LICT Today Cal-Ore Centracom Central Scott Cuba City Corporate Office JBN Rye, NY Haviland Sound Broadband Western New Mexico 5
Slide 6: History
History • Assumed control of Lynch Corporation in 1985 • Made first Rural Local Exchange Carrier acquisition in 1989 • LICT spun- off from Lynch in 1999 6
Slide 7: History (continued)
History (continued) • 37 acquisitions ❖Manti (non-regulated 2023, reg 2025) • 9 spin-offs ❖Michigan in 2023 • Fiber, Fixed Wireless Growth and Spectrum initiative • Continued pro-active organic and M&A growth strategy 7
Slide 8: Key Strengths
Key Strengths • Diverse Revenues Streams ❖Regulated - E-ACAM (Enhanced Alternative Connect America Cost Model) $37.2 million annually 2024 – 2038 ❖Non-Regulated ❖Fiber / Fixed Wireless / Cable ❖Enterprise / Business / Residential • Teammates • Rural nature of organization 8
Slide 9: SAAS: Speed, Accessibility, Affordability, Service
S - Speed A - Accessibility A - Affordability S - Service
Slide 10: Major Initiatives of 2024
Major Initiatives of 2024 • E-ACAM 2024 – 2038 • Wireless 5G – Sound Broadband • Continued work on Grants • Manti Acquisition ❖Integration of the Manti non-regulated operations ❖Completion of the Manti regulated transaction • Shareholder Compensation 10
Slide 11: Public Funding
Public Funding • E- ACAM (Enhanced Alternative Connect America Model) • Universal Service Funds • Federal/State Loans and Grants • BEAD (Broadband Equity, Access, Deployment) • Supreme Court Cases 11
Slide 12: Opportunities/Challenges
Opportunities/Challenges • Government Funding • 4-year Capex Buildout ❖ Reduced FCF - 2025 through 2028 ❖ Expanding FCF when complete - 2029 and beyond • Pricing - In competitive markets 12
Slide 13: Utah - Population
UTAH - Population Salt Lake City – 210,000 + Provo – 110,000 + Incumbent Area – 34,000 + St George – 110,000 + 13
Slide 14: New Mexico - Population
New Mexico - Population Incumbent Area –12,000 + Silver City – Socorro – 8,000 + 9,000 + Demming – 14,000 + Las Cruces – 114,000 + 14
Slide 15: Iowa/Wisconsin - Population
Iowa/Wisconsin - Population Dubuque – 55,000 + Incumbent Market – 11,500 + Davenport – 100,000 + Bettendorf - 40,000 + 15
Slide 16: Growth Strategy
Growth Strategy • Expand Fiber & Fixed Wireless Network ❖Broadband ➢E-ACAM & ReConnect ➢Expansion Markets - Out of Territory • Additional Service Offerings • Acquisitions 16
Slide 17: Christian Mueller, Corporate Controller
CHRISTIAN MUELLER CORPORATE CONTROLLER
Slide 18: Financials
FINANCIALS ST 2024 & 1 QUARTER 2025
Slide 19: 2024 Annual Results
2024 ANNUAL RESULTS
Slide 20: Financial Highlights
Financial Highlights $ in (000’s) except EPS 2024 2023 Revenue $134,300 $116,500 EBITDA from Operations $55,400 $45,600 EPS – excluding one-time $941 $802 items Shares Outstanding 16,173 16,971 20
Slide 21: Revenue Mix
Revenue Mix (000s) 2024 2020 $59,100 $75,200 $50,300 $57,900 44% 56% 46% 54% $134,300 $108,200 Regulated Revenue Non-Regulated Revenue 21
Slide 22: Liquidity and Leverage
Liquidity and Leverage ($ 000’s) 2024 Cash and Deposits $ 11,381 Debt 66,636 Net Debt $ 55,255 (1 x EBITDA) 22
Slide 23: CapEx
CapEx (in millions) 2024 2025 Capital Expenditures $68,520 $75,000 Network Expansion – 2025 through 2028 $440 +/- million Gross $150 +/- million Grants $290 +/- million Net of grants 23
Slide 24: Investments
Investments • MachTen • Aureon/KFN/CVIN • Spectrum 24
Slide 25: Spectrum
Spectrum • Active participations in all FCC spectrum auctions. • Current holdings of 300+ licenses at a cost of over $30 million. ❖ Utilizing spectrum in fixed wireless deployments 25
Slide 26: Shareholder Compensation
SHAREHOLDER COMPENSATION Charitable Giving Share Repurchases
Slide 27: Charitable Giving
CHARITABLE GIVING 2024- $1.2 million $10.2 million since inception in 2016 $100 per registered shareholder
Slide 28: Share Repurchases
Share Repurchases $ in millions # of Shares Repurchase Year End Year Repurchased Cost $ Shares O/S 2024 798 $11,713 16,173 2023 370 6,746 16,971 2022 530 12,297 17,341 2021 622 15,217 17,871 2020 655 11,018 18,533 2019 743 12,437 19,188 Total 3,718 $69,428 28
Slide 29: Q1 2025 Results
ST 1 QTR 2025 RESULTS
Slide 30: Financial Highlights
Financial Highlights $ in (000’s) except EPS 2025 2024 Revenue $34,609 $33,499 EBITDA from Operations $13,820 $14,680 EPS-Continuing Operations $256 $294 Shares Outstanding 16,007 16,879 30
Slide 31: Liquidity and Leverage
Liquidity and Leverage ($ 000’s) 2025 Cash and Deposits $ 18,167 Debt 81,510 Net Debt $ 63,343 (~1 x EBITDA) 31
Slide 32: Closing Remarks
CLOSING REMARKS
Slide 33: Shareholder Value
Shareholder Value • E –ACAM & ReConnect • Growth - Fiber/Fixed Wireless ❖Incumbent Markets ❖Expansion Markets ❖Additional Services • Acquisitions 33
Slide 34: Shareholder Value (Continued)
Shareholder Value (Continued) • Capex requirements 2025 ❖2025 - 2028 $290 million net ❖2029 $50 million • EBITDA from Operations ❖2024 $55 million ❖2029 $80 million 34
Slide 35: Thank You
THANK YOU
Slide 36: Q&A
Q&A
Slide 37: LICT Corporation Annual Shareholder Meeting
LICT Corporation Provider of Communication Services to Rural America Annual Shareholder Meeting June 6, 2025