| Selected Quarterly Financial Data (Unaudited) |
Selected Quarterly Financial Data (Unaudited)
During the fourth quarter of 2014, we identified an immaterial error in the calculation of our estimated effective tax rate that impacted each of the previously reported quarters of 2014. The error had no effect on previously reported Adjusted EBITDA or cash flows. In order to assess materiality of this error we considered SAB 99, “Materiality” and SAB 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” and determined that the impact of this error on prior period consolidated financial statements was immaterial. As provided by SAB 108, the portion of the immaterial error will not require the previously filed quarterly reports on Form 10-Q to be amended and the correction is permitted to be made the next time we file our prior period financial statements.
The following is a summary of unaudited quarterly results of operations for the years ended December 31, 2014 and 2013 including the impact of the immaterial error correction adjustments discussed above (amounts in thousands, except per share amounts):
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As of March 31, 2014 |
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As of June 30, 2014 |
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As of September 30, 2014 |
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Previously reported |
Correction |
As adjusted |
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Previously reported |
Correction |
As adjusted |
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Previously reported |
Correction |
As adjusted |
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Deferred income tax liability |
$ |
158,104 |
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981 |
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159,085 |
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166,665 |
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3,209 |
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169,874 |
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160,799 |
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5,806 |
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166,605 |
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Total liabilities |
$ |
1,550,989 |
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981 |
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1,551,970 |
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1,595,683 |
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3,209 |
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1,598,892 |
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1,556,394 |
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5,806 |
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1,562,200 |
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Retained earnings |
$ |
119,111 |
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(981 |
) |
118,130 |
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127,266 |
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(3,209 |
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124,057 |
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139,778 |
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(5,806 |
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133,972 |
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Total GCI stockholders' equity |
$ |
161,380 |
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(981 |
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160,399 |
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171,748 |
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(3,209 |
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168,539 |
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185,150 |
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(5,806 |
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179,344 |
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Total stockholders' equity |
$ |
458,811 |
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(981 |
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457,830 |
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465,461 |
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(3,209 |
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462,252 |
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482,295 |
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(5,806 |
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476,489 |
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First Quarter |
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Second Quarter |
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Third Quarter |
Fourth Quarter |
2014 |
Previously reported |
Correction |
As adjusted |
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Previously reported |
Correction |
As adjusted |
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Previously reported |
Correction |
As adjusted |
Total revenues |
$ |
216,283 |
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— |
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216,283 |
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224,399 |
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— |
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224,399 |
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240,725 |
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— |
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240,725 |
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228,791 |
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Operating income |
$ |
30,265 |
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— |
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30,265 |
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38,414 |
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— |
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38,414 |
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49,336 |
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— |
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49,336 |
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25,547 |
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Income tax expense |
$ |
(215 |
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(981 |
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(1,196 |
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(127 |
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(2,228 |
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(2,355 |
) |
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(2,481 |
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(2,597 |
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(5,078 |
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(1,400 |
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Net income |
$ |
11,742 |
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(981 |
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10,761 |
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19,068 |
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(2,228 |
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16,840 |
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28,444 |
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(2,597 |
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25,847 |
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5,796 |
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Net income (loss) attributable to GCI |
$ |
2,121 |
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(981 |
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1,140 |
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8,155 |
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(2,228 |
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5,927 |
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12,512 |
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(2,597 |
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9,915 |
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(9,425 |
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Basic net income (loss) attributable to GCI per common share |
$ |
0.05 |
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(0.02 |
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0.03 |
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0.20 |
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(0.06 |
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0.14 |
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0.30 |
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(0.06 |
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0.24 |
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(0.24 |
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Diluted net income (loss) attributable to GCI per common share |
$ |
0.05 |
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(0.02 |
) |
0.03 |
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0.20 |
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(0.06 |
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0.14 |
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0.30 |
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(0.06 |
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0.24 |
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(0.24 |
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2013 |
First Quarter |
Second Quarter |
Third Quarter |
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Fourth Quarter |
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Total revenues |
$ |
186,216 |
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189,661 |
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217,943 |
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217,828 |
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Operating income |
$ |
23,060 |
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25,695 |
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38,684 |
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25,423 |
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Net income (loss) attributable to GCI |
$ |
3,244 |
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4,180 |
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8,905 |
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(6,923 |
) |
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Basic net income (loss) attributable to GCI per common share |
$ |
0.08 |
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0.10 |
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0.22 |
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(0.17 |
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Diluted net income (loss) attributable to GCI per common share |
$ |
0.08 |
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0.10 |
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0.22 |
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(0.17 |
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