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Name | Symbol | Market | Type |
---|---|---|---|
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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 28.44 | 27.11 | 28.74 | 0 | 01:00:00 |
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
Delaware
|
|
92-0072737
|
|
|
(State or other jurisdiction of
|
|
(I.R.S Employer
|
|
|
incorporation or organization)
|
|
Identification No.)
|
|
|
12300 Liberty Boulevard
|
|
|
|
|
|
Englewood,
|
Colorado
|
|
80112
|
|
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
Title of each class
|
|
Trading Symbols
|
|
Name of exchange on which registered
|
Series A Common Stock, par value $0.01 per share
|
|
GLIBA
|
|
The Nasdaq Stock Market LLC
|
Series A Cumulative Redeemable preferred stock, par value $0.01 per share
|
|
GLIBP
|
|
The Nasdaq Stock Market LLC
|
Large accelerated filer
|
☒
|
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
|
Smaller reporting company
|
☐
|
Emerging growth company
|
☐
|
|
|
|
|
|
|
|
|
Item 1.
|
|
|
|
|
|
|
|
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||
|
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||
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||
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||
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Item 2.
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Item 3.
|
||
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Item 4.
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||
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Item 1.
|
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Item 2.
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||
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Item 6.
|
||
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|
|
GCI LIBERTY, INC. AND SUBSIDIARIES
|
||||||
Condensed Consolidated Balance Sheets
|
||||||
(unaudited)
|
||||||
|
|
|
|
|||
|
September 30,
|
|
December 31,
|
|||
|
2019
|
|
2018
|
|||
|
amounts in thousands
|
|||||
Assets
|
|
|
|
|||
Current assets:
|
|
|
|
|||
Cash and cash equivalents
|
$
|
410,130
|
|
|
491,257
|
|
Trade and other receivables, net of allowance for doubtful accounts of $18,248 and $7,555, respectively
|
190,779
|
|
|
182,600
|
|
|
Current portion of tax sharing receivable
|
7,813
|
|
|
36,781
|
|
|
Other current assets
|
43,222
|
|
|
40,100
|
|
|
Total current assets
|
651,944
|
|
|
750,738
|
|
|
Investments in equity securities (note 5)
|
2,213,589
|
|
|
1,533,517
|
|
|
Investments in affiliates, accounted for using the equity method (note 6)
|
168,839
|
|
|
177,030
|
|
|
Investment in Liberty Broadband measured at fair value (note 6)
|
4,467,508
|
|
|
3,074,373
|
|
|
Property and equipment, net
|
1,110,080
|
|
|
1,184,606
|
|
|
Intangible assets not subject to amortization:
|
|
|
|
|
|
|
Goodwill
|
855,837
|
|
|
855,837
|
|
|
Cable certificates
|
305,000
|
|
|
305,000
|
|
|
Wireless licenses
|
191,697
|
|
|
190,000
|
|
|
Other
|
16,500
|
|
|
16,500
|
|
|
|
1,369,034
|
|
|
1,367,337
|
|
|
Intangible assets subject to amortization, net (note 7)
|
399,043
|
|
|
436,006
|
|
|
Tax sharing receivable
|
76,812
|
|
|
65,701
|
|
|
Other assets, net
|
188,454
|
|
|
71,514
|
|
|
Total assets
|
$
|
10,645,303
|
|
|
8,660,822
|
|
|
|
|
|
|||
|
|
|
(Continued)
|
|||
See accompanying notes to interim condensed consolidated financial statements.
|
GCI LIBERTY, INC. AND SUBSIDIARIES
|
||||||
Condensed Consolidated Balance Sheets
|
||||||
(unaudited)
|
||||||
|
||||||
|
September 30,
|
|
December 31,
|
|||
|
2019
|
|
2018
|
|||
|
amounts in thousands, except share amounts
|
|||||
Liabilities and Equity
|
|
|
|
|||
Current liabilities:
|
|
|
|
|||
Accounts payable and accrued liabilities
|
$
|
83,959
|
|
|
100,334
|
|
Deferred revenue
|
28,520
|
|
|
31,743
|
|
|
Current portion of debt, net of deferred financing costs (note 8)
|
902,368
|
|
|
900,759
|
|
|
Other current liabilities
|
71,679
|
|
|
47,958
|
|
|
Total current liabilities
|
1,086,526
|
|
|
1,080,794
|
|
|
Long-term debt, net, including $579,291 and $462,336 measured at fair value, respectively (note 8)
|
2,088,015
|
|
|
1,985,275
|
|
|
Obligations under finance leases and tower obligations, excluding current portion (note 9)
|
99,158
|
|
|
122,245
|
|
|
Long-term deferred revenue
|
59,136
|
|
|
65,954
|
|
|
Deferred income tax liabilities
|
1,272,302
|
|
|
793,696
|
|
|
Preferred stock (note 10)
|
177,532
|
|
|
177,103
|
|
|
Derivative instrument
|
78,061
|
|
|
—
|
|
|
Indemnification obligation (note 4)
|
136,833
|
|
|
78,522
|
|
|
Other liabilities
|
140,971
|
|
|
50,543
|
|
|
Total liabilities
|
5,138,534
|
|
|
4,354,132
|
|
|
Equity
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
Series A common stock, $.01 par value. Authorized 500,000,000 shares; issued and outstanding 101,211,071 shares at September 30, 2019 and 102,058,816 shares at December 31, 2018
|
1,012
|
|
|
1,021
|
|
|
Series B common stock, $.01 par value. Authorized 20,000,000 shares; issued and outstanding 4,439,460 shares at September 30, 2019 and 4,441,609 shares at December 31, 2018
|
44
|
|
|
44
|
|
|
Series C common stock, $.01 par value. Authorized 1,040,000,000 shares; no shares issued
|
—
|
|
|
—
|
|
|
Additional paid-in capital
|
3,225,883
|
|
|
3,251,957
|
|
|
Accumulated other comprehensive earnings (loss), net of taxes
|
(489
|
)
|
|
168
|
|
|
Retained earnings
|
2,270,837
|
|
|
1,043,933
|
|
|
Total stockholders' equity
|
5,497,287
|
|
|
4,297,123
|
|
|
Non-controlling interests
|
9,482
|
|
|
9,567
|
|
|
Total equity
|
5,506,769
|
|
|
4,306,690
|
|
|
Commitments and contingencies (note 13)
|
|
|
|
|
||
Total liabilities and equity
|
$
|
10,645,303
|
|
|
8,660,822
|
|
|
|
|
|
|||
See accompanying notes to interim condensed consolidated financial statements.
|
GCI LIBERTY, INC. AND SUBSIDIARIES
|
||||||||||||
Condensed Consolidated Statements of Operations
|
||||||||||||
(Unaudited)
|
||||||||||||
|
|
|
|
|
|
|
|
|||||
|
Three months ended
|
|
Nine months ended
|
|||||||||
|
September 30,
|
|
September 30,
|
|||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||
|
amounts in thousands, except per share amounts
|
|||||||||||
Revenue
|
$
|
227,044
|
|
|
210,146
|
|
|
662,346
|
|
|
504,840
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
|
|||
Operating expense (exclusive of depreciation and amortization shown separately below)
|
72,637
|
|
|
64,684
|
|
|
209,962
|
|
|
153,797
|
|
|
Selling, general and administrative, including stock-based compensation (note 12)
|
93,597
|
|
|
102,483
|
|
|
305,184
|
|
|
235,617
|
|
|
Insurance proceeds and restructuring, net
|
(1,482
|
)
|
|
—
|
|
|
236
|
|
|
—
|
|
|
Depreciation and amortization expense
|
66,466
|
|
|
62,848
|
|
|
200,035
|
|
|
143,257
|
|
|
|
231,218
|
|
|
230,015
|
|
|
715,417
|
|
|
532,671
|
|
|
Operating income (loss)
|
(4,174
|
)
|
|
(19,869
|
)
|
|
(53,071
|
)
|
|
(27,831
|
)
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|||
Interest expense (including amortization of deferred loan fees)
|
(38,353
|
)
|
|
(37,614
|
)
|
|
(116,357
|
)
|
|
(81,304
|
)
|
|
Share of earnings (losses) of affiliates, net (note 6)
|
1,921
|
|
|
10,856
|
|
|
(2,443
|
)
|
|
18,714
|
|
|
Realized and unrealized gains (losses) on financial instruments, net (note 4)
|
156,165
|
|
|
495,509
|
|
|
1,844,863
|
|
|
(4,328
|
)
|
|
Tax sharing agreement
|
2,362
|
|
|
2,492
|
|
|
18,895
|
|
|
(25,456
|
)
|
|
Other, net
|
(540
|
)
|
|
(834
|
)
|
|
13,824
|
|
|
(982
|
)
|
|
|
121,555
|
|
|
470,409
|
|
|
1,758,782
|
|
|
(93,356
|
)
|
|
Earnings (loss) before income taxes
|
117,381
|
|
|
450,540
|
|
|
1,705,711
|
|
|
(121,187
|
)
|
|
Income tax (expense) benefit
|
(28,087
|
)
|
|
(133,284
|
)
|
|
(478,887
|
)
|
|
(35,768
|
)
|
|
Net earnings (loss)
|
89,294
|
|
|
317,256
|
|
|
1,226,824
|
|
|
(156,955
|
)
|
|
Less net earnings (loss) attributable to the non-controlling interests
|
(28
|
)
|
|
(127
|
)
|
|
(85
|
)
|
|
(320
|
)
|
|
Net earnings (loss) attributable to GCI Liberty, Inc. shareholders
|
$
|
89,322
|
|
|
317,383
|
|
|
1,226,909
|
|
|
(156,635
|
)
|
Basic net earnings (loss) attributable to Series A and Series B GCI Liberty, Inc. shareholders per common share (note 3)
|
$
|
0.85
|
|
|
2.95
|
|
|
11.71
|
|
|
(1.45
|
)
|
Diluted net earnings (loss) attributable to Series A and Series B GCI Liberty, Inc. shareholders per common share (note 3)
|
$
|
0.84
|
|
|
2.91
|
|
|
11.60
|
|
|
(1.45
|
)
|
|
|
|
|
|
|
|
|
|||||
See accompanying notes to interim condensed consolidated financial statements.
|
GCI LIBERTY, INC. AND SUBSIDIARIES
|
||||||||||||
Condensed Consolidated Statements of Comprehensive Earnings (Loss)
|
||||||||||||
(Unaudited)
|
||||||||||||
|
|
|
|
|
|
|
|
|||||
|
Three months ended
|
|
Nine months ended
|
|||||||||
|
September 30,
|
|
September 30,
|
|||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||
|
amounts in thousands
|
|||||||||||
Net earnings (loss)
|
$
|
89,294
|
|
|
317,256
|
|
|
1,226,824
|
|
|
(156,955
|
)
|
Other comprehensive earnings (loss), net of taxes:
|
|
|
|
|
|
|
|
|||||
Comprehensive earnings (loss) attributable to debt credit risk adjustments
|
(5,477
|
)
|
|
(5,419
|
)
|
|
(657
|
)
|
|
(18,537
|
)
|
|
Comprehensive earnings (loss)
|
83,817
|
|
|
311,837
|
|
|
1,226,167
|
|
|
(175,492
|
)
|
|
Less comprehensive earnings (loss) attributable to the non-controlling interests
|
(28
|
)
|
|
(127
|
)
|
|
(85
|
)
|
|
(320
|
)
|
|
Comprehensive earnings (loss) attributable to GCI Liberty, Inc. shareholders
|
$
|
83,845
|
|
|
311,964
|
|
|
1,226,252
|
|
|
(175,172
|
)
|
|
|
|
|
|
|
|
|
|||||
See accompanying notes to interim condensed consolidated financial statements.
|
GCI LIBERTY, INC. AND SUBSIDIARIES
|
||||||
Condensed Consolidated Statements of Cash Flows
|
||||||
(Unaudited)
|
||||||
|
||||||
|
Nine months ended
|
|||||
|
September 30,
|
|||||
|
2019
|
|
2018
|
|||
|
amounts in thousands
|
|||||
Cash flows from operating activities:
|
|
|
|
|||
Net earnings (loss)
|
$
|
1,226,824
|
|
|
(156,955
|
)
|
Adjustments to reconcile net earnings (loss) to net cash from operating activities:
|
|
|
|
|
|
|
Depreciation and amortization
|
200,035
|
|
|
143,257
|
|
|
Stock-based compensation expense
|
18,153
|
|
|
20,926
|
|
|
Share of (earnings) losses of affiliates, net
|
2,443
|
|
|
(18,714
|
)
|
|
Realized and unrealized (gains) losses on financial instruments, net
|
(1,844,863
|
)
|
|
4,328
|
|
|
(Gain) loss on lease modification
|
(6,468
|
)
|
|
—
|
|
|
Deferred income tax expense (benefit)
|
478,850
|
|
|
36,347
|
|
|
Other, net
|
3,625
|
|
|
10,121
|
|
|
Change in operating assets and liabilities:
|
|
|
|
|
|
|
Current and other assets
|
39,289
|
|
|
(73,601
|
)
|
|
Payables and other liabilities
|
(35,774
|
)
|
|
72,854
|
|
|
Net cash provided (used) by operating activities
|
82,114
|
|
|
38,563
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
Cash and restricted cash from acquisition of GCI Holdings
|
—
|
|
|
147,958
|
|
|
Capital expended for property and equipment
|
(108,633
|
)
|
|
(89,376
|
)
|
|
Purchase of investments
|
—
|
|
|
(48,581
|
)
|
|
Proceeds from derivative instrument
|
105,866
|
|
|
—
|
|
|
Settlement of derivative instrument
|
(105,866
|
)
|
|
—
|
|
|
Other, net
|
6,340
|
|
|
2,699
|
|
|
Net cash provided (used) by investing activities
|
(102,293
|
)
|
|
12,700
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
Borrowings of debt
|
325,000
|
|
|
1,527,250
|
|
|
Repayment of debt, finance lease, and tower obligations
|
(334,275
|
)
|
|
(88,543
|
)
|
|
Repurchases of GCI Liberty common stock
|
(43,910
|
)
|
|
(23,893
|
)
|
|
Contributions from (distributions to) parent, net
|
—
|
|
|
(1,122,189
|
)
|
|
Indemnification payment to Qurate Retail
|
—
|
|
|
(132,725
|
)
|
|
Derivative payments
|
—
|
|
|
(80,001
|
)
|
|
Other financing activities, net
|
(7,802
|
)
|
|
(14,957
|
)
|
|
Net cash provided (used) by financing activities
|
(60,987
|
)
|
|
64,942
|
|
|
Net increase (decrease) in cash, cash equivalents and restricted cash
|
(81,166
|
)
|
|
116,205
|
|
|
Cash, cash equivalents and restricted cash at beginning of period
|
492,032
|
|
|
574,148
|
|
|
Cash, cash equivalents and restricted cash at end of period
|
$
|
410,866
|
|
|
690,353
|
|
|
|
|
||
Cash and cash equivalents including restricted cash
|
|
$
|
147,957
|
|
Receivables
|
|
171,014
|
|
|
Property and equipment
|
|
1,211,392
|
|
|
Goodwill
|
|
966,044
|
|
|
Intangible assets not subject to amortization
|
|
572,500
|
|
|
Intangible assets subject to amortization
|
|
468,737
|
|
|
Other assets
|
|
83,422
|
|
|
Deferred revenue
|
|
(92,561
|
)
|
|
Debt, including capital leases
|
|
(1,707,002
|
)
|
|
Other liabilities
|
|
(251,692
|
)
|
|
Deferred income tax liabilities
|
|
(276,683
|
)
|
|
Preferred stock
|
|
(174,922
|
)
|
|
Non-controlling interest
|
|
(7,000
|
)
|
|
|
|
$
|
1,111,206
|
|
|
|
Three months ended
|
|
Nine months ended
|
|||
|
|
September 30, 2018
|
|||||
|
|
amounts in thousands, except per share amounts
|
|||||
Revenue
|
|
$
|
220,737
|
|
|
664,287
|
|
Net earnings (loss)
|
|
$
|
327,046
|
|
|
(157,678
|
)
|
Net earnings (loss) attributable to GCI Liberty shareholders
|
|
$
|
327,173
|
|
|
(157,242
|
)
|
Basic net earnings (loss) attributable to Series A and Series B GCI Liberty, Inc. shareholders per common share
|
|
$
|
3.04
|
|
|
(1.46
|
)
|
Diluted net earnings (loss) attributable to Series A and Series B GCI Liberty, Inc. shareholders per common share
|
|
$
|
3.00
|
|
|
(1.46
|
)
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
|
number of shares in thousands
|
||||||||||
Basic WASO
|
104,819
|
|
|
107,631
|
|
|
104,800
|
|
|
107,693
|
|
Diluted WASO
|
105,850
|
|
|
109,061
|
|
|
105,798
|
|
|
107,693
|
|
Antidilutive shares excluded from diluted WASO
|
—
|
|
|
—
|
|
|
—
|
|
|
1,499
|
|
|
|
September 30, 2019
|
|
December 31, 2018
|
|||||||||||||||
Description
|
|
Total
|
|
Quoted prices
in active
markets
for identical
assets
(Level 1)
|
|
Significant
other
observable
inputs
(Level 2)
|
|
Total
|
|
Quoted prices
in active
markets
for identical
assets
(Level 1)
|
|
Significant
other
observable
inputs
(Level 2)
|
|||||||
|
|
amounts in thousands
|
|||||||||||||||||
Cash equivalents
|
|
$
|
363,026
|
|
|
363,026
|
|
|
—
|
|
|
384,071
|
|
|
384,071
|
|
|
—
|
|
Equity securities
|
|
$
|
2,208,304
|
|
|
2,208,304
|
|
|
—
|
|
|
1,529,901
|
|
|
1,529,901
|
|
|
—
|
|
Investment in Liberty Broadband
|
|
$
|
4,467,508
|
|
|
4,467,508
|
|
|
—
|
|
|
3,074,373
|
|
|
3,074,373
|
|
|
—
|
|
Derivative instrument
|
|
$
|
78,061
|
|
|
—
|
|
|
78,061
|
|
|
20,340
|
|
|
—
|
|
|
20,340
|
|
Indemnification obligation
|
|
$
|
136,833
|
|
|
—
|
|
|
136,833
|
|
|
78,522
|
|
|
—
|
|
|
78,522
|
|
Exchangeable senior debentures
|
|
$
|
579,291
|
|
|
—
|
|
|
579,291
|
|
|
462,336
|
|
|
—
|
|
|
462,336
|
|
|
|
Three months ended
|
|
Nine months ended
|
|||||||||
|
|
September 30,
|
|
September 30,
|
|||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||
|
|
amounts in thousands
|
|||||||||||
Equity securities
|
|
$
|
90,770
|
|
|
175,359
|
|
|
683,808
|
|
|
(53,681
|
)
|
Investment in Liberty Broadband
|
|
19,207
|
|
|
366,211
|
|
|
1,393,135
|
|
|
(36,706
|
)
|
|
Derivative instruments
|
|
60,640
|
|
|
(3,223
|
)
|
|
(57,721
|
)
|
|
69,329
|
|
|
Indemnification obligation
|
|
(3,485
|
)
|
|
(14,937
|
)
|
|
(58,311
|
)
|
|
48,671
|
|
|
Exchangeable senior debentures
|
|
(10,967
|
)
|
|
(27,901
|
)
|
|
(116,048
|
)
|
|
(31,941
|
)
|
|
|
|
$
|
156,165
|
|
|
495,509
|
|
|
1,844,863
|
|
|
(4,328
|
)
|
|
|
|
September 30,
|
|
December 31,
|
|||
|
|
|
2019
|
|
2018
|
|||
|
|
|
amounts in thousands
|
|||||
Charter (a)
|
|
|
$
|
2,208,304
|
|
|
1,526,984
|
|
Other investments (b)
|
|
|
5,285
|
|
|
6,533
|
|
|
|
|
|
$
|
2,213,589
|
|
|
1,533,517
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||
|
Percentage
ownership
|
|
Market
value
|
|
Carrying
amount
|
|
Carrying
amount
|
||||||
|
|
|
dollars in thousands
|
||||||||||
LendingTree (a)
|
26.6
|
%
|
|
$
|
1,069,118
|
|
|
$
|
166,819
|
|
|
174,002
|
|
Other
|
various
|
|
|
NA
|
|
|
2,020
|
|
|
3,028
|
|
||
|
|
|
|
|
$
|
168,839
|
|
|
177,030
|
|
|||
|
|
|
|
|
|
|
|
||||||
(a) Both the Company's ownership interest in LendingTree and the Company's share of LendingTree's earnings (losses) are reported on a three month lag. The market value disclosed is as of September 30, 2019.
|
|
|
September 30,
|
|
December 31,
|
|||
|
|
2019
|
|
2018
|
|||
|
|
amounts in thousands
|
|||||
Current assets
|
|
$
|
94,951
|
|
|
84,574
|
|
Investment in Charter, accounted for using the equity method
|
|
12,067,329
|
|
|
12,004,376
|
|
|
Other assets
|
|
9,767
|
|
|
9,487
|
|
|
Total assets
|
|
12,172,047
|
|
|
12,098,437
|
|
|
Long-term debt
|
|
572,619
|
|
|
522,928
|
|
|
Deferred income tax liabilities
|
|
972,005
|
|
|
965,829
|
|
|
Other liabilities
|
|
15,251
|
|
|
11,062
|
|
|
Equity
|
|
10,612,172
|
|
|
10,598,618
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
12,172,047
|
|
|
12,098,437
|
|
|
|
Three months ended
|
|
Nine months ended
|
|||||||||
|
|
September 30,
|
|
September 30,
|
|||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||
|
|
amounts in thousands
|
|||||||||||
Revenue
|
|
$
|
3,713
|
|
|
3,518
|
|
|
10,918
|
|
|
18,680
|
|
Operating expenses, net
|
|
(11,301
|
)
|
|
(7,614
|
)
|
|
(31,873
|
)
|
|
(25,601
|
)
|
|
Operating income (loss)
|
|
(7,588
|
)
|
|
(4,096
|
)
|
|
(20,955
|
)
|
|
(6,921
|
)
|
|
Share of earnings (losses) of affiliates
|
|
61,633
|
|
|
84,739
|
|
|
141,882
|
|
|
126,952
|
|
|
Gain (loss) on dilution of investment in affiliate
|
|
(11,219
|
)
|
|
(3,203
|
)
|
|
(68,944
|
)
|
|
(35,165
|
)
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
|
(433
|
)
|
|
5,678
|
|
|
(433
|
)
|
|
3,659
|
|
|
Other income (expense), net
|
|
(5,773
|
)
|
|
(5,717
|
)
|
|
(17,829
|
)
|
|
(16,371
|
)
|
|
Income tax benefit (expense)
|
|
(9,124
|
)
|
|
(17,762
|
)
|
|
(8,474
|
)
|
|
(17,005
|
)
|
|
Net earnings (loss)
|
|
$
|
27,496
|
|
|
59,639
|
|
|
25,247
|
|
|
55,149
|
|
|
September 30, 2019
|
|
December 31, 2018
|
|||||||||||||||
|
Gross
|
|
|
|
Net
|
|
Gross
|
|
|
|
Net
|
|||||||
|
carrying
|
|
Accumulated
|
|
carrying
|
|
carrying
|
|
Accumulated
|
|
carrying
|
|||||||
|
amount
|
|
amortization
|
|
amount
|
|
amount
|
|
amortization
|
|
amount
|
|||||||
|
amounts in thousands
|
|||||||||||||||||
Customer relationships
|
$
|
408,267
|
|
|
(85,229
|
)
|
|
323,038
|
|
|
408,267
|
|
|
(55,417
|
)
|
|
352,850
|
|
Other amortizable intangibles
|
131,830
|
|
|
(55,825
|
)
|
|
76,005
|
|
|
122,759
|
|
|
(39,603
|
)
|
|
83,156
|
|
|
Total
|
$
|
540,097
|
|
|
(141,054
|
)
|
|
399,043
|
|
|
531,026
|
|
|
(95,020
|
)
|
|
436,006
|
|
Remainder of 2019
|
$
|
15,448
|
|
2020
|
$
|
52,633
|
|
2021
|
$
|
42,250
|
|
2022
|
$
|
36,496
|
|
2023
|
$
|
33,603
|
|
|
|
Outstanding
|
|
|
|||||||
|
|
principal
|
|
Carrying value
|
|||||||
|
|
September 30,
|
|
September 30,
|
|
December 31,
|
|||||
|
|
2019
|
|
2019
|
|
2018
|
|||||
|
|
amounts in thousands
|
|||||||||
Margin Loan Facility
|
|
$
|
900,000
|
|
|
900,000
|
|
|
900,000
|
|
|
Exchangeable senior debentures
|
|
477,250
|
|
|
579,291
|
|
|
462,336
|
|
||
Senior notes
|
|
775,000
|
|
|
796,985
|
|
|
803,287
|
|
||
Senior credit facility
|
|
713,280
|
|
|
713,280
|
|
|
715,124
|
|
||
Wells Fargo note payable
|
|
7,197
|
|
|
7,197
|
|
|
7,554
|
|
||
Deferred financing costs
|
|
—
|
|
|
(6,370
|
)
|
|
(2,267
|
)
|
||
Total debt
|
|
$
|
2,872,727
|
|
|
2,990,383
|
|
|
2,886,034
|
|
|
Debt classified as current (included in other current liabilities)
|
|
|
|
(902,368
|
)
|
|
(900,759
|
)
|
|||
Total long-term debt
|
|
|
|
$
|
2,088,015
|
|
|
1,985,275
|
|
|
|
Three months ended
|
|
Nine months ended
|
|||
|
|
September 30, 2019
|
|
September 30, 2019
|
|||
|
|
amounts in thousands
|
|||||
Operating lease cost (1)
|
|
$
|
12,806
|
|
|
33,515
|
|
|
|
|
|
|
|||
Finance lease cost
|
|
|
|
|
|||
Depreciation of leased assets
|
|
$
|
722
|
|
|
4,321
|
|
Interest on lease liabilities
|
|
91
|
|
|
908
|
|
|
Total finance lease cost
|
|
$
|
813
|
|
|
5,229
|
|
|
|
Nine months ended
|
|
|
|
September 30, 2019
|
|
Weighted-average remaining lease term (years):
|
|
|
|
Finance leases
|
|
3.6
|
|
Operating leases
|
|
4.9
|
|
Weighted-average discount rate:
|
|
|
|
Finance leases
|
|
5.1
|
%
|
Operating leases
|
|
5.0
|
%
|
|
|
September 30,
|
||
|
|
2019
|
||
|
|
amounts in thousands
|
||
Operating leases:
|
|
|
||
Operating lease ROU assets, net (1)
|
|
$
|
132,769
|
|
|
|
|
||
Current operating lease liabilities (2)
|
|
$
|
40,638
|
|
Operating lease liabilities (3)
|
|
88,931
|
|
|
Total operating lease liabilities
|
|
$
|
129,569
|
|
|
|
|
||
Finance Leases:
|
|
|
||
Property and equipment, at cost
|
|
$
|
18,102
|
|
Accumulated depreciation
|
|
(4,574
|
)
|
|
Property and equipment, net
|
|
$
|
13,528
|
|
|
|
|
||
Current obligations under finance leases (4)
|
|
$
|
4,894
|
|
Obligations under finance leases
|
|
8,614
|
|
|
Total finance lease liabilities
|
|
$
|
13,508
|
|
|
|
Nine months ended
|
||
|
|
September 30, 2019
|
||
|
|
amounts in thousands
|
||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
||
Operating cash flows from operating leases
|
|
$
|
33,710
|
|
Operating cash flows from finance leases
|
|
$
|
983
|
|
Financing cash flows from finance leases
|
|
$
|
6,405
|
|
ROU assets obtained in exchange for lease obligations
|
|
|
||
Operating leases
|
|
$
|
39,178
|
|
Finance leases
|
|
$
|
—
|
|
|
Finance Leases
|
|
Operating Leases
|
|
Tower Obligations
|
||||
|
amounts in thousands
|
||||||||
Remainder of 2019
|
$
|
1,373
|
|
|
12,059
|
|
|
1,932
|
|
2020
|
5,491
|
|
|
44,512
|
|
|
7,797
|
|
|
2021
|
4,076
|
|
|
35,435
|
|
|
7,953
|
|
|
2022
|
1,973
|
|
|
21,683
|
|
|
8,112
|
|
|
2023
|
678
|
|
|
14,552
|
|
|
8,274
|
|
|
Thereafter
|
1,734
|
|
|
23,185
|
|
|
142,825
|
|
|
Total lease payments
|
15,325
|
|
|
151,426
|
|
|
176,893
|
|
|
Less: imputed interest
|
(1,817
|
)
|
|
(21,857
|
)
|
|
(85,247
|
)
|
|
Total lease liabilities
|
$
|
13,508
|
|
|
129,569
|
|
|
91,646
|
|
Financing Arrangement
|
Investment Funds
|
Transaction Date
|
Loan Amount
|
Interest Rate on Loan to Investment Fund
|
Maturity Date
|
US Bancorp Investment
|
Loan to Unicom
|
Interest Rate on Loan(s) to Unicom
|
Expected Put Option Exercise
|
NMTC #2
|
TIF 2 & TIF 2-USB
|
October 3, 2012
|
$37.7 million
|
1%
|
October 2, 2042
|
$17.5 million
|
$52.0 million
|
0.71% to 0.77%
|
October 2019
|
NMTC #3
|
TIF 3
|
December 11, 2012
|
$8.2 million
|
1%
|
December 10, 2042
|
$3.8 million
|
$12.0 million
|
1.35%
|
December 2019
|
NMTC #4
|
TIF 4
|
March 21, 2017
|
$6.7 million
|
1%
|
March 21, 2040
|
$3.3 million
|
$9.8 million
|
0.73%
|
March 2024
|
NMTC #5
|
TIF 5-1 and TIF 5-2
|
December 22, 2017
|
$10.4 million
|
1%
|
December 22, 2047
|
$5.1 million
|
$14.7 million
|
0.67% to 1.24%
|
December 2024
|
|
|
Series A
|
||||||||||||
|
|
|
|
|
|
Weighted
|
|
Aggregate
|
||||||
|
|
|
|
|
|
average
|
|
intrinsic
|
||||||
|
|
Awards
|
|
|
|
remaining
|
|
value
|
||||||
|
|
(000's)
|
|
WAEP
|
|
life
|
|
(millions)
|
||||||
Outstanding at January 1, 2019
|
|
1,650
|
|
|
$
|
47.61
|
|
|
|
|
|
|
||
Granted
|
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
||
Exercised
|
|
(275
|
)
|
|
$
|
24.66
|
|
|
|
|
|
|
||
Forfeited/Cancelled
|
|
(49
|
)
|
|
$
|
55.65
|
|
|
|
|
|
|
||
Outstanding at September 30, 2019
|
|
1,326
|
|
|
$
|
52.08
|
|
|
1.1
|
years
|
|
$
|
13
|
|
Exercisable at September 30, 2019
|
|
1,053
|
|
|
$
|
54.02
|
|
|
0.6
|
years
|
|
$
|
8
|
|
|
|
Series B
|
||||||||||||
|
|
|
|
|
|
Weighted
|
|
Aggregate
|
||||||
|
|
|
|
|
|
average
|
|
intrinsic
|
||||||
|
|
Awards
|
|
|
|
remaining
|
|
value
|
||||||
|
|
(000's)
|
|
WAEP
|
|
life
|
|
(millions)
|
||||||
Outstanding at January 1, 2019
|
|
1,223
|
|
|
$
|
56.10
|
|
|
|
|
|
|
||
Granted
|
|
22
|
|
|
$
|
58.11
|
|
|
|
|
|
|
||
Exercised
|
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
||
Forfeited/Cancelled
|
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
||
Outstanding at September 30, 2019
|
|
1,245
|
|
|
$
|
56.14
|
|
|
3.3
|
years
|
|
$
|
8
|
|
Exercisable at September 30, 2019
|
|
926
|
|
|
$
|
56.05
|
|
|
3.7
|
years
|
|
$
|
6
|
|
•
|
GCI Holdings-provides a full range of wireless, data, video, voice, and managed services to residential, businesses, governmental entities, and educational and medical institutions primarily in Alaska.
|
•
|
Liberty Broadband-an equity method affiliate of the Company, accounted for at fair value, has a non‑controlling interest in Charter, and a wholly‑owned subsidiary, Skyhook Wireless, Inc. ("Skyhook"). Charter is the second largest cable operator in the United States and a leading broadband communications services company providing video, Internet and voice services. Skyhook provides a Wi‑Fi based location platform focused on providing positioning technology and contextual location intelligence solutions.
|
|
Three months ended
|
|
Nine months ended
|
|||||||||
|
September 30,
|
|
September 30,
|
|||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||
|
amounts in thousands
|
|||||||||||
GCI Holdings
|
|
|
|
|
|
|
|
|||||
Consumer Revenue
|
|
|
|
|
|
|
|
|||||
Wireless
|
$
|
29,509
|
|
|
25,584
|
|
|
84,506
|
|
|
62,312
|
|
Data
|
42,920
|
|
|
39,652
|
|
|
125,555
|
|
|
88,921
|
|
|
Video
|
21,194
|
|
|
22,272
|
|
|
63,255
|
|
|
50,180
|
|
|
Voice
|
4,051
|
|
|
4,368
|
|
|
12,833
|
|
|
10,246
|
|
|
Business Revenue
|
|
|
|
|
|
|
|
|||||
Wireless
|
20,060
|
|
|
18,071
|
|
|
57,837
|
|
|
44,889
|
|
|
Data
|
69,960
|
|
|
59,585
|
|
|
201,803
|
|
|
154,239
|
|
|
Video
|
4,115
|
|
|
4,927
|
|
|
11,928
|
|
|
9,436
|
|
|
Voice
|
6,747
|
|
|
6,361
|
|
|
19,587
|
|
|
14,282
|
|
|
Lease, grant, and revenue from subsidies
|
22,472
|
|
|
24,226
|
|
|
67,914
|
|
|
55,114
|
|
|
Total GCI Holdings
|
221,028
|
|
|
205,046
|
|
|
645,218
|
|
|
489,619
|
|
|
Corporate and other
|
6,016
|
|
|
5,100
|
|
|
17,128
|
|
|
15,221
|
|
|
Total
|
$
|
227,044
|
|
|
210,146
|
|
|
662,346
|
|
|
504,840
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
|||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||
|
amounts in thousands
|
|||||||||||
GCI Holdings
|
$
|
71,960
|
|
|
57,945
|
|
|
182,552
|
|
|
156,608
|
|
Liberty Broadband
|
(4,586
|
)
|
|
(2,198
|
)
|
|
(11,877
|
)
|
|
(414
|
)
|
|
Corporate and other
|
(5,382
|
)
|
|
(7,205
|
)
|
|
(17,199
|
)
|
|
(20,256
|
)
|
|
|
61,992
|
|
|
48,542
|
|
|
153,476
|
|
|
135,938
|
|
|
Eliminate Liberty Broadband
|
4,586
|
|
|
2,198
|
|
|
11,877
|
|
|
414
|
|
|
|
$
|
66,578
|
|
|
50,740
|
|
|
165,353
|
|
|
136,352
|
|
|
|
September 30, 2019
|
||||||||
|
|
Total
|
|
Investments
|
|
Capital
|
||||
|
|
assets
|
|
in affiliates
|
|
expenditures
|
||||
|
|
amounts in thousands
|
||||||||
GCI Holdings
|
|
$
|
3,346,168
|
|
|
580
|
|
|
107,431
|
|
Liberty Broadband
|
|
12,172,047
|
|
|
12,067,329
|
|
|
75
|
|
|
Corporate and other
|
|
7,299,135
|
|
|
168,259
|
|
|
1,202
|
|
|
Eliminate Liberty Broadband
|
|
(12,172,047
|
)
|
|
(12,067,329
|
)
|
|
(75
|
)
|
|
Consolidated
|
|
$
|
10,645,303
|
|
|
168,839
|
|
|
108,633
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
|||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||
|
amounts in thousands
|
|||||||||||
Adjusted OIBDA
|
$
|
66,578
|
|
|
50,740
|
|
|
165,353
|
|
|
136,352
|
|
Stock‑based compensation
|
(5,768
|
)
|
|
(7,761
|
)
|
|
(18,153
|
)
|
|
(20,926
|
)
|
|
Depreciation and amortization
|
(66,466
|
)
|
|
(62,848
|
)
|
|
(200,035
|
)
|
|
(143,257
|
)
|
|
Insurance proceeds and restructuring, net
|
1,482
|
|
|
—
|
|
|
(236
|
)
|
|
—
|
|
|
Operating income (loss)
|
(4,174
|
)
|
|
(19,869
|
)
|
|
(53,071
|
)
|
|
(27,831
|
)
|
|
Interest expense
|
(38,353
|
)
|
|
(37,614
|
)
|
|
(116,357
|
)
|
|
(81,304
|
)
|
|
Share of earnings (loss) of affiliates, net
|
1,921
|
|
|
10,856
|
|
|
(2,443
|
)
|
|
18,714
|
|
|
Realized and unrealized gains (losses) on financial instruments, net
|
156,165
|
|
|
495,509
|
|
|
1,844,863
|
|
|
(4,328
|
)
|
|
Tax Sharing Agreement
|
2,362
|
|
|
2,492
|
|
|
18,895
|
|
|
(25,456
|
)
|
|
Other, net
|
(540
|
)
|
|
(834
|
)
|
|
13,824
|
|
|
(982
|
)
|
|
Earnings (loss) from continuing operations before income taxes
|
$
|
117,381
|
|
|
450,540
|
|
|
1,705,711
|
|
|
(121,187
|
)
|
•
|
The ability of GCI Liberty, Inc. (the "Company") to successfully integrate and recognize anticipated efficiencies and benefits from the Transactions (as defined below);
|
•
|
customer demand for the Company's products and services and the Company's ability to adapt to changes in demand;
|
•
|
competitor responses to the Company's and its businesses' products and services;
|
•
|
the levels of online traffic to the Company's businesses' websites and its ability to convert visitors into consumers or contributors;
|
•
|
uncertainties inherent in the development and integration of new business lines and business strategies;
|
•
|
future financial performance, including availability, terms and deployment of capital;
|
•
|
the ability of suppliers and vendors to deliver products, equipment, software and services;
|
•
|
the outcome of any pending or threatened litigation;
|
•
|
availability of qualified personnel;
|
•
|
changes in, or failure or inability to comply with, government regulations, including, without limitation, regulations of the Federal Communications Commission (the "FCC"), and adverse outcomes from regulatory proceedings;
|
•
|
changes in the nature of key strategic relationships with partners, distributors, suppliers and vendors;
|
•
|
domestic and international economic and business conditions and industry trends, specifically the state of the Alaska economy;
|
•
|
consumer spending levels, including the availability and amount of individual consumer debt;
|
•
|
rapid technological changes;
|
•
|
failure to protect the security of personal information about the Company's and its businesses' customers, subjecting the Company and its businesses to potentially costly government enforcement actions or private litigation and reputational damage; and
|
•
|
the regulatory and competitive environment of the industries in which the Company operates.
|
•
|
The FCC reduced the rates charged to RHC customers by approximately 26%.
|
•
|
The Company's participating subsidiary received a letter of inquiry and request from the Enforcement Bureau of the FCC in March 2018.
|
•
|
The Company's participating subsidiary received multiple funding denial notices from Universal Service Administrative Company ("USAC"), denying the RHC funding requests that had been submitted by a rural health customer.
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
|||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||
|
amounts in thousands
|
|||||||||||
Revenue
|
|
|
|
|
|
|
|
|||||
GCI Holdings
|
$
|
221,028
|
|
|
205,047
|
|
|
645,218
|
|
|
489,620
|
|
Corporate and other
|
6,016
|
|
|
5,099
|
|
|
17,128
|
|
|
15,220
|
|
|
Consolidated
|
$
|
227,044
|
|
|
210,146
|
|
|
662,346
|
|
|
504,840
|
|
|
|
|
|
|
|
|
|
|||||
Operating Income (Loss)
|
|
|
|
|
|
|
|
|||||
GCI Holdings
|
$
|
3,663
|
|
|
(8,859
|
)
|
|
(27,516
|
)
|
|
4,661
|
|
Corporate and other
|
(7,837
|
)
|
|
(11,010
|
)
|
|
(25,555
|
)
|
|
(32,492
|
)
|
|
Consolidated
|
$
|
(4,174
|
)
|
|
(19,869
|
)
|
|
(53,071
|
)
|
|
(27,831
|
)
|
|
|
|
|
|
|
|
|
|||||
Adjusted OIBDA
|
|
|
|
|
|
|
|
|||||
GCI Holdings
|
$
|
71,960
|
|
|
57,945
|
|
|
182,552
|
|
|
156,608
|
|
Corporate and other
|
(5,382
|
)
|
|
(7,205
|
)
|
|
(17,199
|
)
|
|
(20,256
|
)
|
|
Consolidated
|
$
|
66,578
|
|
|
50,740
|
|
|
165,353
|
|
|
136,352
|
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
|||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||
|
|
amounts in thousands
|
|||||||||||
Operating income (loss)
|
|
$
|
(4,174
|
)
|
|
(19,869
|
)
|
|
(53,071
|
)
|
|
(27,831
|
)
|
Depreciation and amortization
|
|
66,466
|
|
|
62,848
|
|
|
200,035
|
|
|
143,257
|
|
|
Stock-based compensation
|
|
5,768
|
|
|
7,761
|
|
|
18,153
|
|
|
20,926
|
|
|
Insurance proceeds and restructuring, net
|
|
(1,482
|
)
|
|
—
|
|
|
236
|
|
|
—
|
|
|
Adjusted OIBDA
|
|
$
|
66,578
|
|
|
50,740
|
|
|
165,353
|
|
|
136,352
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
|||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||
|
amounts in thousands
|
|||||||||||
Interest expense
|
|
|
|
|
|
|
|
|||||
GCI Holdings
|
$
|
(22,765
|
)
|
|
(21,266
|
)
|
|
(68,248
|
)
|
|
(47,455
|
)
|
Corporate and other
|
(15,588
|
)
|
|
(16,348
|
)
|
|
(48,109
|
)
|
|
(33,849
|
)
|
|
Consolidated
|
$
|
(38,353
|
)
|
|
(37,614
|
)
|
|
(116,357
|
)
|
|
(81,304
|
)
|
|
|
|
|
|
|
|
|
|||||
Share of earnings (losses) of affiliates, net
|
|
|
|
|
|
|
|
|||||
GCI Holdings
|
$
|
(28
|
)
|
|
(36
|
)
|
|
(139
|
)
|
|
(86
|
)
|
Corporate and other
|
1,949
|
|
|
10,892
|
|
|
(2,304
|
)
|
|
18,800
|
|
|
Consolidated
|
$
|
1,921
|
|
|
10,856
|
|
|
(2,443
|
)
|
|
18,714
|
|
|
|
|
|
|
|
|
|
|||||
Realized and unrealized gains (losses) on financial instruments, net
|
|
|
|
|
|
|
|
|||||
GCI Holdings
|
$
|
—
|
|
|
—
|
|
|
1,669
|
|
|
—
|
|
Corporate and other
|
156,165
|
|
|
495,509
|
|
|
1,843,194
|
|
|
(4,328
|
)
|
|
Consolidated
|
$
|
156,165
|
|
|
495,509
|
|
|
1,844,863
|
|
|
(4,328
|
)
|
|
|
|
|
|
|
|
|
|||||
Tax sharing agreement
|
|
|
|
|
|
|
|
|||||
GCI Holdings
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Corporate and other
|
2,362
|
|
|
2,492
|
|
|
18,895
|
|
|
(25,456
|
)
|
|
Consolidated
|
$
|
2,362
|
|
|
2,492
|
|
|
18,895
|
|
|
(25,456
|
)
|
|
|
|
|
|
|
|
|
|||||
Other, net
|
|
|
|
|
|
|
|
|||||
GCI Holdings
|
$
|
319
|
|
|
(198
|
)
|
|
13,081
|
|
|
620
|
|
Corporate and other
|
(859
|
)
|
|
(636
|
)
|
|
743
|
|
|
(1,602
|
)
|
|
Consolidated
|
$
|
(540
|
)
|
|
(834
|
)
|
|
13,824
|
|
|
(982
|
)
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
|||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||
|
|
amounts in thousands
|
|||||||||||
Equity securities
|
|
$
|
90,770
|
|
|
175,359
|
|
|
683,808
|
|
|
(53,681
|
)
|
Investment in Liberty Broadband
|
|
19,207
|
|
|
366,211
|
|
|
1,393,135
|
|
|
(36,706
|
)
|
|
Derivative instruments
|
|
60,640
|
|
|
(3,223
|
)
|
|
(57,721
|
)
|
|
69,329
|
|
|
Indemnification obligation
|
|
(3,485
|
)
|
|
(14,937
|
)
|
|
(58,311
|
)
|
|
48,671
|
|
|
Exchangeable senior debentures
|
|
(10,967
|
)
|
|
(27,901
|
)
|
|
(116,048
|
)
|
|
(31,941
|
)
|
|
|
|
$
|
156,165
|
|
|
495,509
|
|
|
1,844,863
|
|
|
(4,328
|
)
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
|||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||
|
|
amounts in thousands
|
|||||||||||
Earnings (loss) before income taxes
|
|
$
|
117,381
|
|
|
450,540
|
|
|
1,705,711
|
|
|
(121,187
|
)
|
Income tax (expense) benefit
|
|
$
|
(28,087
|
)
|
|
(133,284
|
)
|
|
(478,887
|
)
|
|
(35,768
|
)
|
Effective income tax rate
|
|
24
|
%
|
|
30
|
%
|
|
28
|
%
|
|
30
|
%
|
|
|
Nine months ended September 30,
|
|||||
|
|
2019
|
|
2018
|
|||
|
|
amounts in thousands
|
|||||
Cash flow information
|
|
|
|
|
|||
Net cash provided (used) by operating activities
|
|
$
|
82,114
|
|
|
38,563
|
|
Net cash provided (used) by investing activities
|
|
(102,293
|
)
|
|
12,700
|
|
|
Net cash provided (used) by financing activities
|
|
(60,987
|
)
|
|
64,942
|
|
|
|
|
$
|
(81,166
|
)
|
|
116,205
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
|||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||
|
amounts in thousands
|
|||||||||||
Revenue
|
$
|
221,028
|
|
|
215,636
|
|
|
645,218
|
|
|
649,066
|
|
Operating expenses (excluding stock-based compensation included below):
|
|
|
|
|
|
|
|
|||||
Operating expense
|
(67,722
|
)
|
|
(61,201
|
)
|
|
(195,666
|
)
|
|
(190,020
|
)
|
|
Selling, general and administrative expenses
|
(81,346
|
)
|
|
(86,044
|
)
|
|
(267,000
|
)
|
|
(253,400
|
)
|
|
Adjusted OIBDA
|
71,960
|
|
|
68,391
|
|
|
182,552
|
|
|
205,646
|
|
|
Stock-based compensation
|
(4,017
|
)
|
|
(1,667
|
)
|
|
(11,940
|
)
|
|
(5,010
|
)
|
|
Legal settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,600
|
)
|
|
Insurance proceeds and restructuring, net
|
1,482
|
|
|
—
|
|
|
(236
|
)
|
|
—
|
|
|
Depreciation and amortization
|
(65,762
|
)
|
|
(62,081
|
)
|
|
(197,892
|
)
|
|
(178,743
|
)
|
|
Operating income (loss)
|
$
|
3,663
|
|
|
4,643
|
|
|
(27,516
|
)
|
|
18,293
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
|||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||
|
amounts in thousands
|
|||||||||||
Consumer
|
|
|
|
|
|
|
|
|||||
Wireless
|
$
|
41,929
|
|
|
38,552
|
|
|
121,751
|
|
|
121,477
|
|
Data
|
42,920
|
|
|
39,652
|
|
|
125,555
|
|
|
117,957
|
|
|
Video
|
21,198
|
|
|
22,276
|
|
|
63,268
|
|
|
66,903
|
|
|
Voice
|
4,275
|
|
|
4,897
|
|
|
13,306
|
|
|
15,586
|
|
|
Business
|
|
|
|
|
|
|
|
|||||
Wireless
|
24,393
|
|
|
24,392
|
|
|
70,876
|
|
|
72,680
|
|
|
Data
|
70,813
|
|
|
69,592
|
|
|
204,476
|
|
|
208,167
|
|
|
Video
|
4,115
|
|
|
4,927
|
|
|
11,928
|
|
|
12,100
|
|
|
Voice
|
11,385
|
|
|
11,348
|
|
|
34,058
|
|
|
34,196
|
|
|
Total
|
$
|
221,028
|
|
|
215,636
|
|
|
645,218
|
|
|
649,066
|
|
|
Variable rate debt
|
|
Fixed rate debt
|
||||||||||
|
Principal amount
|
|
Weighted average interest rate
|
|
Principal amount
|
|
Weighted average interest rate
|
||||||
|
dollar amounts in thousands
|
||||||||||||
GCI Holdings
|
$
|
720,477
|
|
|
4.7
|
%
|
|
$
|
775,000
|
|
|
6.8
|
%
|
Corporate and other
|
$
|
900,000
|
|
|
4.0
|
%
|
|
$
|
477,250
|
|
|
1.8
|
%
|
•
|
Improvement of the design and operation of control activities and procedures associated with user access to the affected IT systems, including removing all inappropriate IT system access associated with the material weakness and ensuring no inappropriate activity occurred during the period.
|
•
|
Enhance management’s risk assessment to emphasize and evaluate the interdependencies of business processes, automated control activities, and effective ITGCs.
|
•
|
Enhance controls related to the review of payroll changes and of payroll calculations after payroll is processed by the third-party processing company, but before payments are disbursed to employees.
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
|
|
|
|
|
/s/ Gregory B. Maffei
|
|
President and Chief Executive Officer
|
|
November 12, 2019
|
Gregory B. Maffei
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/ Brian J. Wendling
|
|
Senior Vice President, Controller and Principal Financial Officer
|
|
November 12, 2019
|
Brian J. Wendling
|
|
(Principal Financial Officer and Principal Accounting Officer)
|
|
|
1 Year GCI Liberty Chart |
1 Month GCI Liberty Chart |
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