GCI Liberty, Inc. (“GCI Liberty”) (Nasdaq: GLIBA, GLIBP) today
reported first quarter 2020 results. Headlines include(1):
- Ensuring business continuity amidst COVID-19 pandemic
- GCI(2) revenue increased 9% compared to the first quarter of
2019
- Excluding revenue related to 2019 recognized in the quarter,
GCI revenue increased 4%
- GCI Consumer revenue up 3%
- GCI Business revenue up 14%
- Excluding revenue related to 2019 recognized in the quarter,
GCI Business revenue increased 6%
- GCI operating income and Adjusted OIBDA(3) increased
- GCI launched 5G service in Anchorage on April 17th
- Liquidity as of March 31st
- $569 million of cash and cash equivalents, including $82
million at GCI
- $267 million undrawn capacity under the GCI senior credit
facility
"GCI remains committed to keeping Alaskans connected during this
difficult time. We added 5,000 new cable modem customers in the
quarter, approximately 70% of which were on our free 60 day
promotional plan. Our network has experienced high demand with both
voice and data usage peaking at 40 percent above normal; and the
network has withstood this unprecedented demand without service
interruptions to our customers," said GCI CEO, Ron Duncan.
"However, like the rest of the nation, the Alaska economy has been
damaged as of late and continues to struggle with the combination
of historically low oil prices, a likely non-existent tourist
season, and significant unemployment. Yet, our business model has
been resilient and we are proud to provide critical connectivity
services at this time. Our first quarter results demonstrated this,
with increased revenue and Adjusted OIBDA growth.”
Note on COVID-19
GCI Liberty is monitoring and continues to assess the effects of
the COVID-19 pandemic on its operations, wholly-owned businesses
and various investments. COVID-19 has not had a material impact on
GCI Liberty’s operating results in the first quarter, however,
management has increased certain estimates, including but not
limited to, allowance for doubtful accounts.
GCI Liberty is in compliance with all debt covenants as of March
31, 2020. GCI's leverage, as defined in its credit agreement, was
4.4x, versus a maximum allowable leverage of 6.5x. GCI Liberty
believes it has sufficient liquidity to operate the business and
does not anticipate any modifications to debt covenants will be
needed in the near term.
GCI has seen a substantial increase in network traffic since
early March, with utilization stabilizing at approximately 25%
greater than pre-COVID-19 levels. The network continues to perform
well despite higher levels of traffic. To assist Alaskans impacted
by the COVID-19 pandemic, GCI launched several offers in March,
providing free entry-level cable modem internet plans for new
customers and free upgrades for existing customers through May 31,
2020. GCI is working directly with the Department of Education and
Early Development and the Alaska Council of School Administrators
to offer entry-level data plans with Wi-Fi equipment to K-12
students and teachers for free until May 31, 2020. GCI is also
participating in the Federal Communications Commission's ("FCC")
Keep Americans Connected Pledge, pausing disconnects and waiving
late fees for residential and small business customers impacted by
COVID-19 and opening its Wi-Fi hotspots to any American in need of
them. Additionally, the State of Alaska has restricted GCI from
charging late fees to or disconnecting residential customers
impacted by COVID-19 until November 15, 2020 or the end of the
public health emergency. The following discussion includes the
impact of GCI's COVID-19 related offers and programs on financial
results and subscriber metrics, which are expected to continue at
least through the second quarter.
Discussion of Results
Unless otherwise noted, the following discussion compares
financial information for the three months ended March 31, 2020 to
financial information for the same period in 2019.
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(4). 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, in the first quarter of
2020, GCI began recording revenue for services provided to this
customer, which totaled $3 million in the current period, and
recognized $9 million of revenue that was previously unrecognized
for services provided to this customer in 2019. The $21 million
accounts receivable reserve related to this customer was previously
reversed at the end of the fourth quarter of 2019.
The following table provides GCI’s operating metrics and
financial results for the first quarter of 2019 and 2020.
(amounts in thousands, except operating
metrics)
1Q19
1Q20
% Change
GCI Consolidated Financial
Metrics
Revenue
Consumer
$
106,590
$
109,834
3
%
Business
106,621
121,727
14
%
Total revenue
$
213,211
$
231,561
9
%
Operating income (loss)
$
(23,978)
$
23,186
197
%
Operating income margin (%)
(11.2)
%
10.0
%
2,120
bps
Adjusted OIBDA(a)
$
44,471
$
86,395
94
%
Adjusted OIBDA margin(a) (%)
20.9
%
37.3
%
1,640
bps
GCI Consumer
Financial Metrics
Revenue
Wireless
$
39,907
$
40,773
2
%
Data
41,178
44,294
8
%
Video
21,021
20,762
(1)
%
Voice
4,484
4,005
(11)
%
Total revenue
$
106,590
$
109,834
3
%
Operating Metrics
Wireless:
Revenue generating lines in service(b)
178,200
175,000
(2)
%
Non-revenue generating lines in
service(c)
10,500
4,500
(57)
%
Wireless lines in service
188,700
179,500
(5)
%
Data:
Revenue generating cable modem
subscribers(d)
124,800
128,400
3
%
Non-revenue generating cable modem
subscribers(e)
—
3,600
NM
Cable modem subscribers
124,800
132,000
6
%
Video:
Basic subscribers
86,700
79,200
(9)
%
Homes passed
253,400
253,400
—
%
Voice - Total access lines in
service(f)
43,600
38,900
(11)
%
GCI Business
Financial Metrics
Revenue
Wireless
$
22,757
$
22,489
(1)
%
Data
69,035
84,214
22
%
Video
3,825
4,022
5
%
Voice
11,004
11,002
—
%
Total revenue
$
106,621
$
121,727
14
%
Operating Metrics
Wireless - Revenue generating lines in
service(b)
20,900
23,700
13
%
Data - Revenue generating cable modem
subscribers(d)
9,000
8,800
(2)
%
Voice - Total access lines in
service(f)
35,700
34,000
(5)
%
a)
See reconciling schedule 1.
b)
A revenue generating wireless line in
service is defined as a wireless device with a monthly fee for
services.
c)
A non-revenue generating wireless line in
service is defined as a data-only line with no monthly fee for
services.
d)
A revenue generating 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.
e)
A non-revenue generating cable modem
subscriber is defined by the provision of basic cable modem service
as a promotion to aid those impacted by COVID-19.
f)
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 increased in the first quarter in part due to the
RHC revenue previously discussed, as well as strength in both GCI
Business and GCI Consumer revenue. Compared to the same period in
2019, operating income (loss) and Adjusted OIBDA improved
meaningfully due to the $30 million benefit from the successful RHC
appeal (the aforementioned revenue benefit and the $21 million
write-off in the first quarter of 2019, which did not recur in the
first quarter of 2020) as well as improvement in GCI's core
operations. The operating performance improvement was driven by
continued cost efficiencies and the focus on the core facilities
based Alaska market.
GCI Consumer
Consumer revenue grew in the first quarter as gains in wireless
and data revenue more than offset declines in video and voice. The
data revenue increase was driven by an increase in subscribers and
continued migration of existing subscribers to plans offering
higher speeds and data limits. Wireless revenue increased due to
customers selecting higher value plans. Video and voice revenues
declined due to subscriber losses.
GCI Business
GCI Business revenue increased in the first quarter due to
higher data and video revenue. Data revenue increased partly due to
the aforementioned recognition of $9 million of RHC revenue from
services provided in 2019 as well as higher sales to education and
health care customers. Video revenue increased due to higher
political advertising revenue. Wireless and voice revenue were
relatively flat for the quarter.
Capital Expenditures
Year to date, GCI has spent $23 million on capital expenditures,
excluding capitalized interest and accrued capital expenditures
from 2019. Capital expenditure spending was related primarily to
improvements to the wireless and hybrid fiber coax networks.
Share Repurchases
GCI Liberty did not repurchase shares from February 1, 2020
through April 30, 2020. 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 headlines and other matters on GCI
Liberty's earnings conference call which will begin at 5:00 p.m.
(E.D.T.) on May 7, 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)
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 FINANCIAL METRICS
(amounts in thousands)
1Q19
1Q20
Revenue
GCI Holdings
$
213,211
$
231,561
Corporate and other
4,525
4,238
Total GCI Liberty Revenue
$
217,736
$
235,799
Operating Income (Loss)
GCI Holdings
$
(23,978
)
$
23,186
Corporate and other
(8,666
)
(12,603
)
Total GCI Liberty Operating Income
(Loss)
$
(32,644
)
$
10,583
Adjusted OIBDA
GCI Holdings
$
44,471
$
86,395
Corporate and other
(6,306
)
(10,329
)
Total GCI Liberty Adjusted
OIBDA
$
38,165
$
76,066
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 Form 10-K and Form 10-Q for
the year ended December 31, 2019 and three months ended March 31,
2020, respectively.
Fair Value of Public Holdings
(amounts in millions)
12/31/2019
3/31/2020
Charter(1)
$
2,599
$
2,338
Liberty Broadband(1)
5,367
4,726
LendingTree(2)
1,045
632
Total
$
9,011
$
7,696
(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 $166 million and $165 million at
December 31, 2019 and March 31, 2020, respectively.
Cash and Debt
The following presentation is provided to separately identify
cash and liquid investments and debt information.
(amounts in millions)
12/31/2019
3/31/2020
Cash and Cash Equivalents:
GCI
$
61
$
82
Corporate and other
509
487
Total GCI Liberty Consolidated
Cash
$
570
$
569
Debt:
Senior Notes
$
775
$
775
Senior Credit Facility
513
512
Finance Leases and Other(1)
110
109
Total GCI Debt
$
1,398
$
1,396
Margin Loan
$
1,300
$
1,300
1.75% Exchangeable Senior Debentures due
2046
477
477
Total Corporate Level Debt
$
1,777
$
1,777
Total GCI Liberty Debt
$
3,175
$
3,173
Premium on debt and deferred financing
fees
191
143
Finance leases and tower obligation
(excluded from GAAP Debt)
(103
)
(102
)
Total GCI Liberty Debt (GAAP)
$
3,263
$
3,214
Other Financial Obligations:
Indemnification Obligation(2)
$
202
$
180
Preferred Stock(3)
178
178
GCI Leverage(4)
5.1x
4.4x
(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 was flat for the quarter as an increase in cash
at GCI was offset by corporate expense. GCI cash increased as cash
from operations more than offset capital expenditures. Both GCI
Liberty and GCI debt were flat for the quarter.
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 April 1, 2020, a holder of
the LI LLC Charter exchangeable debentures no longer has the
ability to exchange, and accordingly, the indemnification
obligation was reclassified as a long-term liability as of March
31, 2020. There is $332 million principal amount of the LI LLC
Charter exchangeable debentures outstanding as of March 31,
2020.
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.D.T.)
on May 7, 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, the impact of
COVID-19, Alaska's economy, the launch of new products and
services, 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, general market conditions (including as a result of
COVID-19) 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 Forms 10-K and Forms 10-Q, 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
income (loss) to its Adjusted OIBDA for the three months ended
March 31, 2019 and March 31, 2020, respectively.
GCI HOLDINGS ADJUSTED OIBDA
RECONCILIATION
(amounts in thousands)
1Q19
1Q20
GCI Holdings
Operating Income (Loss)
$
(23,978
)
$
23,186
Depreciation and amortization
66,953
62,361
Stock compensation expense
3,996
848
Insurance proceeds
(2,500
)
—
Adjusted OIBDA
$
44,471
$
86,395
SCHEDULE 2
The following table provides a reconciliation of operating
income (loss) calculated in accordance with GAAP to Adjusted OIBDA
for GCI Liberty for the three months ended March 31, 2019 and March
31, 2020, respectively.
GCI LIBERTY ADJUSTED OIBDA
RECONCILIATION
(amounts in thousands)
1Q19
1Q20
GCI Liberty
GCI Liberty Operating Income
(Loss)
$
(32,644
)
$
10,583
Stock-based compensation
5,631
2,475
Insurance proceeds
(2,500
)
—
Depreciation and amortization
67,678
63,008
Consolidated GCI Liberty Adjusted
OIBDA
$
38,165
$
76,066
GCI Holdings
$
44,471
$
86,395
Corporate and other
(6,306
)
(10,329
)
GCI LIBERTY, INC. AND
SUBSIDIARIES
BALANCE SHEET
INFORMATION
(unaudited)
March 31,
December 31,
2020
2019
Amounts in thousands, except
share
amounts
Assets
Current assets:
Cash and cash equivalents
$
568,762
569,520
Trade and other receivables, net of
allowance for doubtful accounts of $7,795 and $7,516,
respectively
106,284
114,435
Other current assets
35,599
43,868
Total current assets
710,645
727,823
Investments in equity securities
2,343,209
2,605,293
Investments in affiliates, accounted for
using the equity method
166,565
167,643
Investment in Liberty Broadband measured
at fair value
4,725,734
5,367,242
Property and equipment, net
1,067,592
1,090,901
Intangible assets not subject to
amortization
Goodwill
855,837
855,837
Cable certificates
305,000
305,000
Other
41,500
41,500
1,202,337
1,202,337
Intangible assets subject to amortization,
net
379,885
391,979
Tax sharing receivable
74,001
84,534
Other assets, net
323,559
295,693
Total assets
$
10,993,527
11,933,445
Liabilities and Equity
Current liabilities:
Accounts payable and accrued
liabilities
$
91,159
92,893
Deferred revenue
25,902
27,886
Current portion of debt, net of deferred
financing costs
3,085
3,008
Indemnification obligation
—
202,086
Other current liabilities
84,083
69,149
Total current liabilities
204,229
395,022
Long-term debt, net, including $607,301
and $658,839 measured at fair value, respectively
3,210,630
3,263,210
Obligations under finance leases and tower
obligations, excluding current portion
96,104
97,507
Long-term deferred revenue
54,940
57,986
Deferred income tax liabilities
1,303,525
1,527,109
Preferred stock
178,063
178,002
Derivative instrument
24,165
71,305
Indemnification obligation
179,746
—
Other liabilities
127,011
133,020
Total liabilities
5,378,413
5,723,161
Equity
Stockholders’ equity:
Series A common stock, $0.01 par value.
Authorized 500,000,000 shares; issued and outstanding 101,319,919
shares at March 31, 2020 and 101,306,716 shares at December 31,
2019
1,013
1,013
Series B common stock, $0.01 par value.
Authorized 20,000,000 shares; issued and outstanding 4,488,829
shares at March 31, 2020 and 4,437,593 shares at December 31,
2019
45
44
Series C common stock, $0.01 par value.
Authorized 1,040,000,000 shares; no issued and outstanding at March
31, 2020 and December 31, 2019
—
—
Additional paid-in capital
3,223,368
3,221,885
Accumulated other comprehensive earnings
(loss), net of taxes
34,145
(4,084
)
Retained earnings
2,347,768
2,982,626
Total stockholders' equity
5,606,339
6,201,484
Non-controlling interests
8,775
8,800
Total equity
5,615,114
6,210,284
Commitments and contingencies
Total liabilities and equity
$
10,993,527
11,933,445
GCI LIBERTY, INC. AND
SUBSIDIARIES
STATEMENT OF OPERATIONS
INFORMATION
(unaudited)
Three months ended
March 31,
2020
2019
Amounts in thousands,
except
per share amounts
Revenue
$
235,799
217,736
Operating costs and expenses:
Operating expense (exclusive of
depreciation and amortization shown separately below)
69,663
68,893
Selling, general and administrative,
including stock-based compensation
92,545
116,309
Depreciation and amortization expense
63,008
67,678
Insurance proceeds
—
(2,500
)
225,216
250,380
Operating income (loss)
10,583
(32,644
)
Other income (expense):
Interest expense (including amortization
of deferred loan fees)
(36,255
)
(37,618
)
Share of earnings (losses) of affiliates,
net
(707
)
(3,296
)
Realized and unrealized gains (losses) on
financial instruments, net
(833,992
)
1,009,600
Tax sharing agreement
(10,533
)
9,081
Other, net
2,380
2,768
(879,107
)
980,535
Earnings (loss) before income taxes
(868,524
)
947,891
Income tax (expense) benefit
236,622
(269,405
)
Net earnings (loss)
(631,902
)
678,486
Less net earnings (loss) attributable to
the non-controlling interests
(25
)
(57
)
Net earnings (loss) attributable to GCI
Liberty, Inc. shareholders
$
(631,877
)
678,543
Basic net earnings attributable to Class A
and Class B GCI Liberty, Inc. shareholders per common share
$
(5.99
)
6.47
Diluted net earnings attributable to Class
A and Class B GCI Liberty, Inc. shareholders per common share
$
(5.99
)
6.41
GCI LIBERTY, INC. AND SUBSIDIARIES
STATEMENT OF CASH FLOWS
INFORMATION
(unaudited)
Three months ended
March 31,
2020
2019
amounts in thousands
Cash flows from operating activities:
Net earnings (loss)
$
(631,902
)
678,486
Adjustments to reconcile net earnings
(loss) to net cash from operating activities:
Depreciation and amortization
63,008
67,678
Stock-based compensation expense
2,475
5,631
Share of (earnings) losses of affiliates,
net
707
3,296
Realized and unrealized (gains) losses on
financial instruments, net
833,992
(1,009,600
)
Deferred income tax expense (benefit)
(236,622
)
269,397
Other, net
19
2,489
Change in operating assets and
liabilities:
Current and other assets
(3,431
)
11,801
Payables and other liabilities
2,417
(8,113
)
Net cash provided (used) by operating
activities
30,663
21,065
Cash flows from investing activities:
Capital expended for property and
equipment
(35,665
)
(40,114
)
Other investing activities, net
1,088
803
Net cash provided (used) by investing
activities
(34,577
)
(39,311
)
Cash flows from financing activities:
Repayment of debt, finance leases and
tower obligations
(2,259
)
(4,739
)
Repurchases of GCI Liberty common
stock
—
(43,910
)
Other financing activities, net
(1,065
)
(1,929
)
Net cash provided (used) by financing
activities
(3,324
)
(50,578
)
Net increase (decrease) in cash, cash
equivalents and restricted cash
(7,238
)
(68,824
)
Cash, cash equivalents and restricted cash
at beginning of period
576,150
492,032
Cash, cash equivalents and restricted cash
at end of period
$
568,912
423,208
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200507005931/en/
GCI Liberty, Inc. Courtnee Chun, 720-875-5420
GCI Liberty (NASDAQ:GLIBP)
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