GCI Liberty, Inc. (“GCI Liberty”) (Nasdaq: GLIBA, GLIBP) today
reported third quarter 2019 results. Headlines include(1):
- GCI(2) total revenue grew 3% compared to the third quarter 2018
- GCI Consumer revenue grew 5%, with Consumer data revenue up
8%
- GCI Business revenue flat
- GCI operating income down $1 million, Adjusted OIBDA(3) up
5%
“We are starting to see the benefits of improvements in
efficiencies and new products that we mentioned during the second
quarter,” said GCI CEO, Ron Duncan. “We are making good progress on
our 5G deployment and expect our Anchorage project, which covers an
area approximately the size of Rhode Island, to be completed in
2020. Our customers are already starting to see significant
benefits from that upgrade and we look forward to having one of the
first 5G-NR compliant networks in the nation - certainly the
northernmost.”
Discussion of Results
Unless otherwise noted, the following discussion compares
financial information for the three months ended September 30, 2019
to pro forma financial information for the same period in 2018.
The pro forma financial information presented herein for the
three months ended September 30, 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 Rural
Health Care decision.
GCI
GCI receives support from various Universal Service Fund ("USF")
programs: high cost, low income, rural health care, and schools and
libraries, and also contributes into the USF. The USF Rural Health
Care ("RHC") Program subsidizes the rates for services provided to
rural health care providers. In November 2017, the Universal
Service Administrative Co. ("USAC") requested further information
to support GCI's rural rates charged to a number of its RHC Program
customers for the year that runs July 1, 2017 through June 30, 2018
(the "2017 Funding Year"). On October 10, 2018, the Federal
Communications Commission ("FCC") staff notified GCI of their
decision to reduce RHC support payments to GCI for the 2017 Funding
Year by $27.8 million, an approximate 26% reduction, and to apply
the same cost methodology to subsequent funding years. Pro forma
financials for the third quarter of 2018 reflect this reduction.
GCI filed an appeal to the FCC staff decision on November 9, 2018
and a supplemental appeal on January 29, 2019. GCI will continue to
pursue this appeal and expects to reduce future RHC Program revenue
by a similar rate until a final resolution is reached with the
FCC.
Separately, on November 30, 2018, GCI received multiple notices
from USAC denying requested funding from an RHC customer (the
"Customer") for the 2017 Funding Year. In November 2017, USAC
requested information from the Customer related to bidding process
documentation for two separate service contracts they have with
GCI. The Customer responded, but USAC denied the funding based on
the determination that bids previously received were not submitted
with the original funding request and/or that bidding information
submitted was related to the wrong bidding year. The Customer filed
an appeal with USAC on January 29, 2019 and made a supplemental
filing on March 12, 2019.
On May 6, 2019, USAC denied the appeal. As a result of the
denial, in the first quarter GCI recorded a reserve of $21 million
and an associated bad debt expense representing the portion of
revenue for the Customer that would have otherwise been subsidized
by the RHC Program recognized from July 1, 2017 through March 31,
2019. GCI will not recognize RHC revenue to the extent services
continue to be provided to the Customer, which has historically
approximated $12 million per year, until an adequate level of
clarity is reached on the matter and the applicable revenue
recognition criteria are met. Thus, GCI did not recognize revenue
for the services provided to the Customer for the three months
ended September 30, 2019. The Customer appealed the decision on
July 5, 2019, but resolution and timing of the appeal are unknown
at this time.
The following table provides GCI’s operating metrics and pro
forma financial results for the third quarter of 2018 and 2019.
(amounts in thousands, except operating
metrics)
3Q18
3Q19
% Change
GCI Consolidated Financial
Metrics
Revenue
Consumer
$
105,377
$
110,322
5
%
Business
110,259
110,706
—
%
Total Revenue
$
215,636
$
221,028
3
%
Operating Income
$
4,643
$
3,663
(21
)%
Operating Income Margin (%)
2.2
%
1.7
%
(50
)bps
Adjusted OIBDA(1)
$
68,391
$
71,960
5
%
Adjusted OIBDA Margin(1) (%)
31.7
%
32.6
%
90
bps
GCI Consumer
Financial Metrics
Revenue
Wireless
$
38,552
$
41,929
9
%
Data
39,652
42,920
8
%
Video
22,276
21,198
(5
)%
Voice
4,897
4,275
(13
)%
Total Revenue
$
105,377
$
110,322
5
%
Operating Metrics
Wireless Lines in Service(2)
197,800
188,400
(5
)%
Data - Cable Modem Subscribers(3)
125,300
124,600
(1
)%
Video
Basic Subscribers(4)
90,300
82,200
(9
)%
Homes Passed
253,400
253,400
—
%
Voice - Total Access Lines in
Service(5)
45,800
40,800
(11
)%
GCI Business
Financial Metrics
Revenue
Wireless
$
24,392
$
24,393
—
%
Data
69,592
70,813
2
%
Video
4,927
4,115
(16
)%
Voice
11,348
11,385
—
%
Total Revenue
$
110,259
$
110,706
—
%
Operating Metrics
Wireless Lines in Service(2)
22,000
21,100
(4
)%
Data - Cable Modem Subscribers(3)
9,200
9,000
(2
)%
Voice - Total Access Lines in
Service(5)
36,600
34,800
(5
)%
- See reconciling schedule 1.
- A wireless line in service is defined as a revenue generating
wireless device.
- 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.
- A basic subscriber is defined as one basic tier of service
delivered to an address or separate subunits thereof regardless of
the number of outlets purchased.
- 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 during the third quarter driven by an
increase in Consumer revenue. Operating income decreased primarily
due to higher depreciation and amortization expense. Adjusted OIBDA
increased due to the growth in revenue and operational
efficiencies, which reduced selling, general and administrative
expenses.
GCI Consumer
Consumer revenue was up 5% due to increases in wireless and data
revenue. Data revenue grew as subscribers continued to move to
higher bandwidth products. Growth in wireless revenue was driven by
the free month of service given in the third quarter of 2018 to
certain customers due to the billing system conversion. During the
transition to the new system, GCI moved all monthly recurring fees
from bill in arrears to bill in advance. To ease the transition for
existing customers, GCI chose to forgive one month of service fees
for those customers who would have otherwise received an invoice
for two months of service. The wireless and data revenue increases
were partially offset by declines in voice and video revenue.
GCI Business
Business revenue was flat in the quarter with growth in data
offsetting declines in video. Data revenue increased primarily due
to higher sales to health care customers. Video revenue declined
due to lower political advertising revenue.
Capital Expenditures
Year to date, GCI has spent $97 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 data and wireless
networks. GCI's capital expenditures for 2019 are expected to be
approximately $140 million.
Share Repurchases
GCI Liberty did not repurchase shares from August 1, 2019
through October 31, 2019. The total remaining repurchase
authorization for GCI Liberty is approximately $494 million.
FOOTNOTES
- 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.S.T.) on November
11, 2019. For information regarding how to access the call, please
see “Important Notice” later in this document.
- 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.
- For a definition of Adjusted OIBDA and Adjusted OIBDA margin
and applicable reconciliations, see the accompanying
schedules.
GCI
LIBERTY GAAP FINANCIAL METRICS
(amounts in thousands)
3Q18(1)
3Q19
Revenue
GCI Holdings
$
205,047
$
221,028
Corporate and other
5,099
6,016
Total GCI Liberty Revenue
$
210,146
$
227,044
Operating Income
GCI Holdings
$
(8,859
)
$
3,663
Corporate and other
(11,010
)
(7,837
)
Total GCI Liberty Operating Income
(Loss)
$
(19,869
)
$
(4,174
)
Adjusted OIBDA
GCI Holdings
$
57,945
$
71,960
Corporate and other
(7,205
)
(5,382
)
Total GCI Liberty Adjusted
OIBDA
$
50,740
$
66,578
- GCI Holdings GAAP financial statements for the third quarter of
2018 differ from GCI Holdings pro forma 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 Form 10-Qs for the three
months ended June 30, 2019 and September 30, 2019.
Fair Value of Public Holdings
(amounts in millions)
6/30/2019
9/30/2019
Charter(1)
$
2,118
$
2,208
Liberty Broadband(1)
4,448
4,468
LendingTree(2)
1,447
1,069
Total
$
8,013
$
7,745
- 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.
- 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 $168 million and $167 million at June 30, 2019 and
September 30, 2019, respectively.
Cash and Debt
The following presentation is provided to separately identify
cash and liquid investments and debt information.
(amounts in millions)
6/30/2019
9/30/2019
Cash and Cash
Equivalents:
GCI
$
76
$
82
Corporate and other
347
328
Total GCI Liberty Consolidated
Cash
$
423
410
Debt:
Senior Notes
$
775
$
775
Senior Credit Facility
714
713
Finance Leases and Other(1)
114
112
Total GCI Debt
$
1,603
$
1,600
Margin Loan
$
900
$
900
1.75% Exchangeable Senior
Debentures due 2046
477
477
Total Corporate Level
Debt
$
1,377
$
1,377
Total GCI Liberty Debt
$
2,980
$
2,977
Premium on debt and deferred
financing fees
100
118
Finance leases and tower
obligation (excluded from GAAP Debt)
(107
)
(105
)
Total GCI Liberty Debt
(GAAP)
$
2,973
$
2,990
Other Financial
Obligations:
Indemnification Obligation(2)
$
133
$
137
Preferred Stock(3)
178
178
GCI Leverage(4)
6.2x
6.0x
- Includes the Wells Fargo Note Payable and current and long-term
obligations under finance leases and communication tower
obligations.
- 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.
- 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.
- As defined in GCI's credit agreement.
GCI Liberty cash declined in the third quarter primarily due to
corporate level activity. GCI cash increased as cash from
operations more than offset capital expenditures and interest
payments. Corporate and other cash declined due to interest
payments and preferred stock dividends. GCI Liberty debt remained
relatively flat.
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 September 30, 2019, a holder
of the LI LLC Charter exchangeable debentures does not have the
ability to exchange, and accordingly, the indemnification
obligation has been classified as a long-term liability. There is
$332 million principal amount of the LI LLC Charter exchangeable
debentures outstanding as of September 30, 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 November 11, 2019. The call can be accessed by dialing (800)
458-4121 or (323) 794-2093, passcode 3376325, 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 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 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, 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 to its Adjusted OIBDA for the three months ended September
30, 2018 and September 30, 2019, respectively. The pro forma
financial information presented below for the three months ended
September 30, 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 Rural Health Care
decision.
GCI HOLDINGS ADJUSTED OIBDA
RECONCILIATION
(amounts in thousands)
3Q18
3Q19
GCI Holdings
Operating Income
$
4,643
$
3,663
Depreciation and amortization
62,081
65,762
Stock compensation expense
1,667
4,017
Insurance proceeds and restructuring,
net
—
(1,482
)
Adjusted OIBDA
$
68,391
$
71,960
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 September 30, 2018 and
September 30, 2019, respectively.
GCI LIBERTY ADJUSTED OIBDA
RECONCILIATION
(amounts in thousands)
3Q18
3Q19
GCI Liberty
GCI Liberty Operating Income
(Loss)
$
(19,869
)
$
(4,174
)
Stock-based compensation
7,761
5,768
Insurance proceeds and restructuring,
net
—
(1,482
)
Depreciation and amortization
62,848
66,466
Consolidated GCI Liberty adjusted
OIBDA
$
50,740
$
66,578
GCI Holdings
$
57,945
$
71,960
Corporate and other
(7,205
)
(5,382
)
GCI LIBERTY, INC. AND
SUBSIDIARIES
BALANCE SHEET
INFORMATION
(unaudited)
September 30,
December 31,
2019
2018
Amounts in thousands, except
share amounts
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
2,213,589
1,533,517
Investments in affiliates, accounted for
using the equity method
168,839
177,030
Investment in Liberty Broadband measured
at fair value
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
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
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
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
2,088,015
1,985,275
Obligations under finance leases and tower
obligations, excluding current portion
99,158
122,245
Long-term deferred revenue
59,136
65,954
Deferred income tax liabilities
1,272,302
793,696
Preferred stock
177,532
177,103
Derivative instrument
78,061
—
Indemnification obligation
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
Total liabilities and equity
$
10,645,303
8,660,822
GCI LIBERTY, INC. AND
SUBSIDIARIES
STATEMENT OF OPERATIONS
INFORMATION
(unaudited)
Three months ended
September 30,
2019
2018
Amounts in thousands, except
per share amounts
Revenue
$
227,044
210,146
Operating costs and expenses:
Operating expense (exclusive of
depreciation and amortization shown separately below)
72,637
64,684
Selling, general and administrative,
including stock-based compensation
93,597
102,483
Insurance proceeds and restructuring,
net
(1,482
)
—
Depreciation and amortization expense
66,466
62,848
231,218
230,015
Operating income (loss)
(4,174
)
(19,869
)
Other income (expense):
Interest expense (including amortization
of deferred loan fees)
(38,353
)
(37,614
)
Share of earnings (losses) of affiliates,
net
1,921
10,856
Realized and unrealized gains (losses) on
financial instruments, net
156,165
495,509
Tax sharing agreement
2,362
2,492
Other, net
(540
)
(834
)
121,555
470,409
Earnings (loss) before income taxes
117,381
450,540
Income tax (expense) benefit
(28,087
)
(133,284
)
Net earnings (loss)
89,294
317,256
Less net earnings (loss) attributable to
the non-controlling interests
(28
)
(127
)
Net earnings (loss) attributable to GCI
Liberty, Inc. shareholders
$
89,322
317,383
Basic net earnings attributable to Class A
and Class B GCI Liberty, Inc. shareholders per common share
$
0.85
2.95
Diluted net earnings attributable to Class
A and Class B GCI Liberty, Inc. shareholders per common share
$
0.84
2.91
GCI LIBERTY, INC. AND
SUBSIDIARIES
STATEMENT OF CASH FLOWS
INFORMATION
(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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191111005586/en/
GCI Liberty, Inc. Courtnee Chun, 720-875-5420
GCI Liberty (NASDAQ:GLIBA)
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