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Name | Symbol | Market | Type |
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GCI Liberty Inc | NASDAQ:GLIBP | NASDAQ | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
GCI Liberty, Inc. (“GCI Liberty”) (Nasdaq: GLIBA, GLIBP) today reported fourth quarter and year end 2019 results. Headlines include(1):
“We had a solid fourth quarter at GCI. On a year over year basis, Adjusted OIBDA improved approximately $9 million before an additional $4 million net benefit from two significant Rural Health Care matters. We were pleased that the FCC granted the appeal of one of our largest Rural Health Care customers, and we continue to work with them on other pending regulatory matters," said GCI CEO, Ron Duncan. "Our operations performed well, with the efficiency measures that we put in place earlier in the year showing very positive results. We were pleased to see growth return to our consumer cable modem business with net additions of 2,400 subscribers for the quarter."
Discussion of Results
Unless otherwise noted, the following discussion compares financial information for the three months or year ended December 31, 2019 to the same periods in 2018.
The pro forma financial information presented herein for the three months and full year ended December 31, 2018 was prepared assuming the acquisition of GCI took place on January 1, 2017. The pro forma financial information is presented for illustrative purposes only and does not represent what the results of operations of GCI would have been had the acquisition occurred at that time. GCI's pro forma operating results include acquisition accounting adjustments primarily related to revenue, depreciation, amortization, stock compensation and the exclusion of transaction related costs. The pro forma results have also been adjusted for the FCC's October 2018 Rural Health Care decision.
GCI
GCI participates in various Universal Service Fund ("USF") programs, which provide government subsidies to customers in low income areas, including schools, libraries and other facilities. One of these programs, the USF Rural Health Care ("RHC") Program, subsidizes the rates for services provided to rural health care providers.(5) In the first quarter of 2019, GCI recorded an accounts receivable reserve of $21 million and associated bad debt expense relating to an RHC customer whose requested funding was denied under the RHC Program. As a result, GCI ceased recognizing revenue related to this customer for the period from April 1, 2019 through December 31, 2019. On February 19, 2020, the FCC issued an order that granted this customer's appeal and directed the Universal Service Administrative Company ("USAC") to reverse its previous funding denials. As a result, GCI reversed the previously recorded $21 million accounts receivable reserve and associated bad debt expense, benefiting fourth quarter operating income and Adjusted OIBDA. In the first quarter of 2020, GCI will evaluate what amount of revenue related to this contract for the last nine months of 2019 and going forward into 2020 it can recognize. Note: GCI has continued to provide service for all periods and this will be taken into account in GCI’s analysis.
Separately, in the fourth quarter of 2019, GCI became aware of potential RHC Program compliance issues related to certain active and expired contracts with certain of its RHC customers. Following an extensive review of these contracts, GCI deemed certain contracts probable of noncompliance, and accrued a loss of approximately $17 million as an expense in selling, general and administrative expense in the fourth quarter of 2019. GCI has notified the FCC of the issues and will continue to work with them to resolve these matters.(5)
The following table provides GCI’s operating metrics and pro forma financial results for the fourth quarter and full year 2018 and 2019.
(amounts in thousands, except operating metrics)
4Q18
4Q19
% Change
FY18
FY19
% Change
GCI Consolidated Pro Forma Financial Metrics
Revenue
Consumer
$
114,745
$
114,595
—
%
$
436,668
$
438,475
—
%
Business
111,479
109,849
(1
)
%
438,622
431,187
(2
)
%
Total Revenue
$
226,224
$
224,444
(1
)
%
$
875,290
$
869,662
(1
)
%
Operating Loss
$
(210,737
)
$
(155,325
)
26
%
$
(192,444
)
$
(182,841
)
5
%
Operating Loss Margin (%)
(93.2
)
%
(69.2
)
%
2,400
bps
(22.0
)
%
(21.0
)
%
100
bps
Adjusted OIBDA(1)
$
61,225
$
74,326
21
%
$
266,871
$
256,878
(4
)
%
Adjusted OIBDA Margin(1) (%)
27.1
%
33.1
%
600
bps
30.5
%
29.5
%
(100
)
bps
GCI Consumer
Financial Metrics
Revenue
Wireless
$
45,370
$
46,335
2
%
$
166,847
$
168,086
1
%
Data
41,710
43,777
5
%
159,667
169,332
6
%
Video
22,650
20,678
(9
)
%
89,553
83,946
(6
)
%
Voice
5,015
3,805
(24
)
%
20,601
17,111
(17
)
%
Total Revenue
$
114,745
$
114,595
—
%
$
436,668
$
438,475
—
%
Operating Metrics
Wireless
Revenue generating wireless lines in service(2)
180,400
176,200
(2
)
%
Non-revenue generating wireless lines in service(3)
12,300
6,100
(50
)
%
Wireless Lines in Service
192,700
182,300
(5
)
%
Data - Cable Modem Subscribers(4)
125,700
127,000
1
%
Video
Basic Subscribers
89,100
81,200
(9
)
%
Homes Passed
253,400
253,400
—
%
Voice - Total Local Access Lines in Service(5)
44,500
39,900
(10
)
%
GCI Business
Financial Metrics
Revenue
Wireless
$
22,969
$
21,727
(5
)
%
$
95,649
$
92,603
(3
)
%
Data
70,148
73,043
4
%
278,315
277,519
—
%
Video
7,349
4,242
(42
)
%
19,449
16,170
(17
)
%
Voice
11,013
10,837
(2
)
%
45,209
44,895
(1
)
%
Total Revenue
$
111,479
$
109,849
(1
)
%
$
438,622
$
431,187
(2
)
%
Operating Metrics
Wireless Lines in Service
21,500
20,500
(5
)
%
Data - Cable Modem Subscribers(4)
9,200
8,800
(4
)
%
Voice - Total Local Access Lines in Service(5)
36,500
34,500
(5
)
%
1)
See reconciling schedule 1.
2)
A revenue generating wireless line in service is defined as a wireless device with a monthly fee for services.
3)
A non-revenue generating wireless line in service is defined as a data-only line with no monthly fee for services.
4)
A cable modem subscriber is defined by the purchase of cable modem service regardless of the level of service purchased. If one entity purchases multiple cable modem service access points, each access point is counted as a subscriber.
5)
A local access line in service is defined as a revenue generating circuit or channel connecting a customer to the public switched telephone network.
GCI revenue declined slightly in the fourth quarter and full year due to lower GCI Business revenue, while GCI Consumer revenue was stable. Operating loss declined for both the fourth quarter and full year. Adjusted OIBDA increased in the fourth quarter due to improvement in the operating performance of the business and a net $4 million benefit from the two aforementioned RHC matters. The operating performance improvement was driven by continued cost efficiencies and a focus on the core facilities based Alaska market. Adjusted OIBDA declined for the full year largely due to the previously discussed $17 million RHC charge.
In the fourth quarter of 2019, GCI Liberty recorded an impairment loss of $167 million primarily related to wireless licenses, due to increased uncertainty around GCI long-term wireless revenue. This impairment charge is excluded from fourth quarter and full year 2019 Adjusted OIBDA. In the fourth quarter of 2018, due to certain FCC program revenue changes and market factors impacting GCI operating results, GCI Liberty recorded impairment losses of $136 million and $65 million related to goodwill and cable certificates, respectively. These impairment charges are excluded from fourth quarter and full year 2018 pro forma Adjusted OIBDA.
GCI Consumer
Consumer revenue was flat for both the fourth quarter and full year as declines in video and voice revenue were offset by gains in wireless and data. The data revenue increase for both the fourth quarter and full year was due to customer migration to more expensive plans offering higher speeds and data limits. Data revenue in the fourth quarter was also driven by an increase in cable modem subscribers. Wireless revenue increased for the full year largely due to lapping the free month of service given in the third quarter of 2018 to certain customers due to the billing system conversion. Wireless revenue in the fourth quarter increased due to higher wireless handset sales. Video revenue declined in the fourth quarter and full year due to a decrease in video subscribers. Voice revenue declines in the fourth quarter and full year were primarily driven by a scheduled decrease in USF High Cost Support.
GCI Business
In the fourth quarter and full year, GCI Business revenue declined due to decreases in wireless, video and voice revenue. These declines were partially offset by an increase in data revenue in the fourth quarter and flat data revenue for the full year. Wireless revenue declined for the fourth quarter and full year due to wholesale customers moving backhaul circuits off of the GCI network. Video revenue decreased in the fourth quarter and full year due to lower political advertising revenue. In the fourth quarter, data revenue increased primarily due to higher sales to education and health care customers. For the full year, data revenue was flat as the higher sales to education and health care customers were offset by lower time and materials revenue and a reduction of revenue from the aforementioned health care customer whose RHC funding was originally denied.
Capital Expenditures
In 2019, GCI spent $133 million on capital expenditures, excluding capitalized interest and insurance payments received to cover the costs of the 2018 earthquake. Capital expenditure spending was related primarily to improvements to the wireless and hybrid fiber coax networks. GCI's capital expenditures for 2020 are expected to be similar.
Share Repurchases
GCI Liberty did not repurchase shares from November 1, 2019 through January 31, 2020. For the full year 2019, GCI Liberty repurchased 1.0 million shares of common stock at an average price of $43.64 for a total of $43.9 million. The total remaining repurchase authorization for GCI Liberty is approximately $494 million.
FOOTNOTES
1)
GCI Liberty’s President and CEO, Greg Maffei, will discuss these highlights and other matters on GCI Liberty's earnings conference call which will begin at 5:00 p.m. (E.S.T.) on February 26, 2020. For information regarding how to access the call, please see “Important Notice” later in this document.
2)
GCI Liberty’s principal asset is GCI Holdings, LLC (“GCI” or “GCI Holdings”), Alaska's largest communications provider. Other assets include its interests in Charter Communications, Inc. ("Charter") and Liberty Broadband Corporation, as well as its interest in LendingTree and subsidiary Evite.
3)
For a definition of adjusted OIBDA and adjusted OIBDA margin and applicable reconciliations, see the accompanying schedules.
4)
Federal Communications Commission.
5)
More detailed information regarding certain regulatory matters pending before the FCC regarding USF programs, including the RHC program, can be found in GCI Liberty's Annual Report on Form 10-K for the year ended December 31, 2019.
GCI LIBERTY GAAP FINANCIAL METRICS
(amounts in thousands)
4Q18
4Q19
FY18
FY19
Revenue
GCI Holdings(1)
$
226,222
$
224,444
$
715,842
$
869,662
Corporate and other
8,700
7,943
23,920
25,071
Total GCI Liberty Revenue
$
234,922
$
232,387
$
739,762
$
894,733
Operating Income
GCI Holdings(1)
$
(213,595
)
$
(155,325
)
$
(208,934
)
$
(182,841
)
Corporate and other
(8,566
)
(9,125
)
(41,058
)
(34,680
)
Total GCI Liberty Operating Income
$
(222,161
)
$
(164,450
)
$
(249,992
)
$
(217,521
)
Adjusted OIBDA
GCI Holdings(1)
$
61,224
$
74,326
$
217,832
$
256,878
Corporate and other
(4,475
)
(4,666
)
(24,731
)
(21,865
)
Total GCI Liberty Adjusted OIBDA
$
56,749
$
69,660
$
193,101
$
235,013
(1)
GCI Holdings 2018 pro forma financial statements differ from GCI Holdings GAAP financial statements due to the impact of acquisition accounting, including deferred revenue adjustments, depreciation and amortization of intangible and tangible assets, RHC Program revenue adjustments and other adjustments.
NOTES
The following financial information with respect to GCI Liberty's investments in equity securities and equity affiliates is intended to supplement GCI Liberty's consolidated statements of operations which are included in its Forms 10-Q and 10-K for the three months ended September 30, 2019 and the year ended December 31, 2019.
Fair Value of Public Holdings
(amounts in millions)
9/30/2019
12/31/2019
Charter(1)
$
2,208
$
2,599
Liberty Broadband(1)
4,468
5,367
LendingTree(2)
1,069
1,045
Total
$
7,745
$
9,011
(1)
Represents fair value of the investments in Charter and Liberty Broadband. A portion of the Charter equity securities are considered covered shares and subject to certain contractual restrictions in accordance with the indemnification obligation, as described below.
(2)
Represents fair value of the investment in LendingTree. In accordance with GAAP, this investment is accounted for using the equity method of accounting and is included in the balance sheet of GCI Liberty at $167 million and $166 million at September 30, 2019 and December 31, 2019, respectively.
Cash and Debt
The following presentation is provided to separately identify cash and liquid investments and debt information.
(amounts in millions)
9/30/2019
12/31/2019
Cash:
GCI
$
82
$
61
Corporate and other
328
509
Total GCI Liberty Consolidated Cash
$
410
$
570
Debt:
Senior Notes
$
775
$
775
Senior Credit Facility
713
513
Finance leases, tower obligation and other(1)
112
110
Total GCI Debt
$
1,600
$
1,398
Margin Loan
$
900
$
1,300
1.75% Exchangeable Senior Debentures due 2046
477
477
Total Corporate Level Debt
$
1,377
$
1,777
Total GCI Liberty Debt
$
2,977
$
3,175
Premium on debt and deferred financing fees
118
191
Finance leases and tower obligation (excluded from GAAP Debt)
(105
)
(103
)
Total GCI Liberty Debt (GAAP)
$
2,990
$
3,263
Other Financial Obligations:
Indemnification Obligation(2)
$
137
$
202
Preferred Stock(3)
178
178
GCI Leverage(4)
6.0x
5.1x
(1)
Includes the Wells Fargo Note Payable and current and long-term obligations under finance leases and communication tower obligations.
(2)
Indemnity to Qurate Retail, pursuant to an indemnification agreement (the "indemnification agreement"), with respect to the Liberty Interactive LLC ("LI LLC") 1.75% exchangeable debentures due 2046 (the "Charter exchangeable debentures"), as described below.
(3)
Preferred shares have a 7% coupon, $25/share liquidation preference plus accrued and unpaid dividends and 1/3 vote per share. The redemption date is the first business day following the twenty-first anniversary of the March 8, 2018 auto conversion. The preferred stock is considered a liability for GAAP purposes.
(4)
As defined in GCI's credit agreement.
GCI Liberty cash increased due to increased borrowings on the Margin Loan. Proceeds from the borrowings were partially used to repay a portion of the GCI Senior Credit Facility and for corporate expense. GCI cash decreased as cash flow from operations was more than offset by capital expenditures.
GCI Liberty debt increased due to the aforementioned draw on the Margin Loan, partially offset by a repayment of a portion of the GCI Senior Credit Facility.
Pursuant to an indemnification agreement, GCI Liberty will compensate Qurate Retail for any payments made in excess of the adjusted principal amount of the LI LLC Charter exchangeable debentures to any holder that exercises its exchange right on or before the put/call date of October 5, 2023. This indemnity is supported by a negative pledge in favor of Qurate Retail on the reference shares of Class A common stock of Charter held at GCI Liberty that underlie the LI LLC Charter exchangeable debentures. The indemnification obligation on GCI Liberty's balance sheet is valued based on the estimated exchange feature in the LI LLC Charter exchangeable debentures. As of December 31, 2019, a holder of the LI LLC Charter exchangeable debentures does have the ability to exchange, and accordingly, the indemnification obligation has been classified as a current liability. There is $332 million principal amount of the LI LLC Charter exchangeable debentures outstanding as of December 31, 2019.
Important Notice: GCI Liberty (Nasdaq: GLIBA, GLIBP) President and CEO, Greg Maffei, will discuss GCI Liberty's earnings release on a conference call which will begin at 5:00 p.m. (E.S.T.) on February 26, 2020. The call can be accessed by dialing (800) 458-4121 or (720) 543-0206, passcode 5580110, at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to www.gciliberty.com/events. Links to this press release and replays of the call will also be available on GCI Liberty's website.
This press release includes certain forward-looking statements under the Private Securities Litigation Reform Act of 1995, including statements about business strategies, market potential, future financial prospects, capital expenditures, matters relating to the Universal Service Administrative Company and Rural Health Care program, indemnification by GCI Liberty, the continuation of our stock repurchase program and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, possible changes in market acceptance of new products or services, competitive issues, regulatory matters affecting our businesses, continued access to capital on terms acceptable to GCI Liberty, changes in law and government regulations, the availability of investment opportunities and market conditions conducive to stock repurchases. These forward-looking statements speak only as of the date of this press release, and GCI Liberty expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in GCI Liberty's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of GCI Liberty, including the most recent Form 10-K, for additional information about GCI Liberty and about the risks and uncertainties related to GCI Liberty's business which may affect the statements made in this press release.
NON-GAAP FINANCIAL MEASURES
To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for GCI Liberty (and certain of its subsidiaries) and GCI Holdings together with a reconciliation to that entity or such businesses’ operating income, as determined under GAAP. GCI Liberty defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, insurance proceeds, restructuring, acquisition and other related costs and impairment charges. Further, this press release includes Adjusted OIBDA margin which is also a non-GAAP financial measure. GCI Liberty defines Adjusted OIBDA margin as adjusted OIBDA divided by revenue.
GCI Liberty believes Adjusted OIBDA is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business' performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because Adjusted OIBDA is used as a measure of operating performance, GCI Liberty views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that GCI Liberty's management considers in assessing the results of operations and performance of its assets. Please see the attached schedules for applicable reconciliations.
SCHEDULE 1
The following table provides a reconciliation of GCI’s operating loss to its Adjusted OIBDA for the three months and years ended December 31, 2018 and December 31, 2019. The pro forma financial information presented below for the fourth quarter and full year 2018 was prepared assuming the acquisition took place on January 1, 2017. The pro forma financial information is presented for illustrative purposes only and does not represent what the results of operations of GCI would have been had the acquisition occurred at that time. GCI's pro forma operating results include acquisition accounting adjustments primarily related to revenue, depreciation, amortization, stock compensation and the exclusion of transaction related costs. The pro forma results have also been adjusted for the FCC's October 2018 Rural Health Care decision described in GCI Liberty's Annual Report on Form 10-K for the year ended December 31, 2019.
GCI HOLDINGS ADJUSTED OIBDA RECONCILIATION
(amounts in thousands)
4Q18
4Q19
FY18
FY19
GCI Holdings
Operating Loss
$
(210,737
)
$
(155,325
)
$
(192,444
)
$
(182,841
)
Depreciation and amortization
62,944
65,616
241,687
263,508
Stock-based compensation
1,078
2,967
6,088
14,907
Impairment of intangibles and long-lived assets
207,940
167,062
207,940
167,062
Insurance proceeds and restructuring, net
—
(5,994
)
—
(5,758
)
Legal settlement
—
—
3,600
—
Adjusted OIBDA
$
61,225
$
74,326
$
266,871
$
256,878
SCHEDULE 2
The following table provides a reconciliation of operating loss calculated in accordance with GAAP to Adjusted OIBDA for GCI Liberty for the three months and years ended December 31, 2018 and December 31, 2019, respectively.
GCI LIBERTY ADJUSTED OIBDA RECONCILIATION
(amounts in thousands)
4Q18
4Q19
FY18
FY19
GCI Liberty
GCI Liberty Operating Loss
$
(222,161
)
$
(164,450
)
$
(249,992
)
$
(217,521
)
Depreciation and amortization
63,689
66,298
206,946
266,333
Stock-based compensation
7,281
6,744
28,207
24,897
Impairment of intangibles and long-lived assets
207,940
167,062
207,940
167,062
Insurance proceeds and restructuring, net
—
(5,994
)
—
(5,758
)
Consolidated GCI Liberty Adjusted OIBDA
$
56,749
$
69,660
$
193,101
$
235,013
GCI LIBERTY, INC. AND SUBSIDIARIES
BALANCE SHEET INFORMATION
(unaudited)
December 31,
December 31,
2019
2018
Amounts in thousands, except share amounts
Assets
Current assets:
Cash and cash equivalents
$
569,520
491,257
Trade and other receivables, net of allowance for doubtful accounts of $7,516 and $7,555, respectively
114,435
182,600
Current portion of tax sharing receivable
—
36,781
Other current assets
43,868
40,100
Total current assets
727,823
750,738
Investments in equity securities
2,605,293
1,533,517
Investments in affiliates, accounted for using the equity method
167,643
177,030
Investment in Liberty Broadband measured at fair value
5,367,242
3,074,373
Property and equipment, net
1,090,901
1,184,606
Intangible assets not subject to amortization
Goodwill
855,837
855,837
Cable certificates
305,000
305,000
Wireless licenses
35,000
190,000
Other
6,500
16,500
1,202,337
1,367,337
Intangible assets subject to amortization, net
391,979
436,006
Tax sharing receivable
84,534
65,701
Other assets, net
295,693
71,514
Total assets
$
11,933,445
8,660,822
Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities
$
92,893
100,334
Deferred revenue
27,886
31,743
Current portion of debt, net of deferred financing costs
3,008
900,759
Indemnification obligation
202,086
—
Other current liabilities
69,149
47,958
Total current liabilities
395,022
1,080,794
Long-term debt, net, including $658,839 and $462,336 measured at fair value
3,263,210
1,985,275
Obligations under finance leases and tower obligations, excluding current portion
97,507
122,245
Long-term deferred revenue
57,986
65,954
Deferred income tax liabilities
1,527,109
793,696
Preferred stock
178,002
177,103
Derivative Instrument
71,305
—
Indemnification obligation
—
78,522
Other liabilities
133,020
50,543
Total liabilities
5,723,161
4,354,132
Equity
Stockholders’ equity:
Series A common stock, $0.01 par value. Authorized 500,000,000 shares; issued and outstanding 101,306,716 and 102,058,816 shares at December 31, 2019 and 2018, respectively
1,013
1,021
Series B common stock, $0.01 par value. Authorized 20,000,000 shares; issued and outstanding 4,437,593 and 4,441,609 shares at December 31, 2019 and 2018, respectively
44
44
Series C common stock, $0.01 par value. Authorized 1,040,000,000 shares; no issued and outstanding shares at December 31, 2019 and 2018
—
—
Additional paid-in capital
3,221,885
3,251,957
Accumulated other comprehensive earnings (loss), net of taxes
(4,084
)
168
Retained earnings
2,982,626
1,043,933
Total stockholders' equity
6,201,484
4,297,123
Non-controlling interests
8,800
9,567
Total equity
6,210,284
4,306,690
Commitments and contingencies
Total liabilities and equity
$
11,933,445
8,660,822
GCI LIBERTY, INC. AND SUBSIDIARIES
STATEMENT OF OPERATIONS INFORMATION
(unaudited)
Year Ended
December 31,
2019
2018
Amounts in thousands, except per share amounts
Revenue
$
894,733
739,762
Operating costs and expenses:
Operating expense (exclusive of depreciation and amortization shown separately below)
285,331
227,192
Selling, general and administrative, including stock-based compensation
399,286
347,676
Depreciation and amortization expense
266,333
206,946
Impairment of intangibles and long-lived assets
167,062
207,940
Insurance proceeds and restructuring, net
(5,758
)
—
1,112,254
989,754
Operating income (loss)
(217,521
)
(249,992
)
Other income (expense):
Interest expense (including amortization of deferred loan fees)
(153,803
)
(119,296
)
Share of earnings (losses) of affiliates, net
(2,629
)
25,772
Realized and unrealized gains (losses) on financial instruments, net
3,002,400
(681,545
)
Tax sharing agreement
26,646
(32,105
)
Other, net
13,172
205
2,885,786
(806,969
)
Earnings (loss) before income taxes
2,668,265
(1,056,961
)
Income tax (expense) benefit
(730,023
)
183,307
Net earnings (loss)
1,938,242
(873,654
)
Less net earnings (loss) attributable to the non-controlling interests
(456
)
(351
)
Net earnings (loss) attributable to GCI Liberty, Inc. shareholders
$
1,938,698
(873,303
)
Basic net earnings (loss) attributable to Series A and Series B GCI Liberty, Inc. shareholders per common share
$
18.41
(8.09
)
Diluted net earnings (loss) attributable to Series A and Series B GCI Liberty, Inc. shareholders per common share
$
18.32
(8.09
)
GCI LIBERTY, INC. AND SUBSIDIARIES
STATEMENT OF CASH FLOWS INFORMATION
(unaudited)
Year Ended
December 31,
2019
2018
amounts in thousands
Cash flows from operating activities:
Net earnings (loss)
$
1,938,242
(873,654
)
Adjustments to reconcile net earnings (loss) to net cash from operating activities:
Depreciation and amortization
266,333
206,946
Stock-based compensation expense
24,897
28,207
Share of (earnings) losses of affiliates, net
2,629
(25,772
)
Realized and unrealized (gains) losses on financial instruments, net
(3,002,400
)
681,545
Deferred income tax expense (benefit)
729,970
(182,724
)
Intergroup tax payments
—
—
Impairment of intangibles and long-lived assets
167,062
207,940
Other, net
4,800
13,441
Change in operating assets and liabilities:
Current and other assets
3,041
(34,698
)
Payables and other liabilities
(45,969
)
61,657
Net cash provided (used) by operating activities
88,605
82,888
Cash flows from investing activities:
Cash and restricted cash from acquisition of GCI Holdings
—
147,957
Capital expended for property and equipment
(148,481
)
(134,352
)
Purchases of investments
—
(48,581
)
Proceeds from derivative instrument
105,866
—
Settlement of derivative instrument
(105,866
)
—
Other investing activities, net
17,799
2,700
Net cash provided (used) by investing activities
(130,682
)
(32,276
)
Cash flows from financing activities:
Borrowings of debt
877,308
1,588,703
Repayment of debt, finance leases, and tower obligations
(688,901
)
(254,033
)
Contributions from (distributions to) former parent, net
—
(1,122,272
)
Indemnification payment to Qurate Retail
—
(132,725
)
Derivative payments
—
(80,001
)
Repurchases of GCI Liberty common stock
(43,910
)
(111,648
)
Other financing activities, net
(18,302
)
(20,752
)
Net cash provided (used) by financing activities
126,195
(132,728
)
Net increase (decrease) in cash, cash equivalents and restricted cash
84,118
(82,116
)
Cash, cash equivalents and restricted cash at beginning of period
492,032
574,148
Cash, cash equivalents and restricted cash at end of period
$
576,150
492,032
View source version on businesswire.com: https://www.businesswire.com/news/home/20200226005867/en/
GCI Liberty, Inc. Courtnee Chun, 720-875-5420
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