exhibit99-1.htm

Exhibit 99.1

May 4, 2011

John Lowber, (907) 868-5628; jlowber@gci.com

Bruce Broquet, (907) 868-6660; bbroquet@gci.com

David Morris, (907) 265-5396; dmorris@gci.com

FOR IMMEDIATE RELEASE

GCI REPORTS FIRST QUARTER 2011 FINANCIAL RESULTS

·	Consolidated revenue of $164.8 million

·	Adjusted EBITDA of $53.3 million

·	Net income of $1.5 million or $0.03 per diluted share

ANCHORAGE, AK – General Communication, Inc. (“GCI”) (NASDAQ:GNCMA) today reported its first quarter 2011 results with revenues increasing to $164.8 million over revenues of $152.4 million in the first quarter of 2010. Adjusted EBITDA increased $2.3 million or 4.5 percent over the first quarter of 2010 EBITDA of $51.1 million. EBITDA margin decreased to 32.4 percent as compared to 33.5 percent for the prior year.

GCI’s first quarter 2011 net income totaled $1.5 million or earnings per diluted share of $0.03 and compares to net income of $1.7 million, or earnings per diluted share of $0.03 for the same period of 2010.

First quarter of 2011 revenues were level with fourth quarter of 2010 revenues. Adjusted EBITDA increased $3.0 million or 6.0% over adjusted EBITDA of $50.3 million in the fourth quarter of 2010.

“We made steady progress toward our long term goals during the first quarter of 2011,” said GCI president Ron Duncan. “Our metrics continue to be solid and we’re on plan for the year. Much of our effort during the quarter was directed toward preparations for our TERRA construction project. I’m pleased to say that we are on track with our permitting and are fairly confident that we will be able to complete most of the TERRA project this year, thus bringing TERRA revenues and EBITDA on line more than a year ahead of schedule. When finished, TERRA will provide terrestrial connectivity from Anchorage through to Bethel improving voice, data and wireless connectivity for more than 30,000 Alaskans who today rely solely on satellites for service.”

GCI previously provided guidance on revenues of $685 million to $700 million and adjusted EBITDA of $233 million to $238 million for the year 2011. GCI’s first quarter results are consistent with achieving its annual guidance.

Highlights

GCI repurchased 620,520 shares of its Class A common stock in the first quarter of 2011 at an average price per share of $11.26. GCI is authorized to repurchase $123.5 million of its common equity depending on company performance, market conditions, and liquidity, and subject to board oversight. At the end of the first quarter of 2011 GCI had approximately 46.8 million shares outstanding.

·	GCI is the second largest wireless provider in Alaska with 140,200 wireless subscribers at the end of the quarter, an increase of 1.1 percent over the end of the fourth quarter of 2010.

·	Consumer revenues for the first quarter of 2011 totaled $88.4 million, an increase of 10.0 percent over the first quarter of 2010. Revenue increases were strong in the data and wireless product lines during the first quarter of 2011.

Commercial revenues increased $4.1 million to $31.8 million as compared to $27.7 million in the first quarter of 2010 and decreased $1.4 million from $33.2 million in the fourth quarter of 2010. The increase in revenues for the year was primarily due to an increase in data service revenues, mostly from the oil sector. The decreases in sequential revenues were also related to oil sector data service revenues which were impacted by seasonality.

·	GCI had 145,300 access lines at the end of the first quarter of 2011, representing an estimated 36 percent share of the total access line market in Alaska. Access lines increased by 500 lines over the fourth quarter of 2010.

GCI’s facilities-based access lines totaled 114,300, representing 78.7 percent of its total access lines at the end of the first quarter of 2011. Reported facilities based access lines increased 4,400 lines over the fourth quarter of 2010. The increase in lines is primarily due to the result of a review of the database and a reclassification of lines from the off-net to the on-net category.

GCI had 118,000 consumer and commercial cable modem customers at the end of the first quarter of 2011, an increase of 1,600 over the 116,400 cable modem customers at the end of the fourth quarter 2010. Average monthly revenue per cable modem for the first quarter of 2011 was $52.21, an increase of 13.9 percent over the $45.85 figure posted for the prior year and a decrease of 2.4 percent from the $53.47 figure posted for the fourth quarter of 2010.

Consumer

Consumer revenues increased 10.0 percent to $88.4 million as compared to $80.4 million in the first quarter of 2010 and increased 2.0 percent over the fourth quarter of 2010. Data and wireless subscriber growth continue to drive strong financial results in the consumer business.

Consumer voice revenues of $13.8 million were steady when compared to the first and fourth quarters of 2010. Consumer local access lines in service at the end of the first quarter of 2011 totaled 85,100, a decrease of 700 lines from the first quarter of 2010 and an increase of 300 lines over the fourth quarter of 2010.

GCI serves 78,000 consumer access lines on its own facilities, an increase of 600 lines over the fourth quarter of 2010. More than 91 percent of consumer access lines are provisioned exclusively on GCI facilities.

Consumer video revenues of $30.3 million increased 4.5 percent over the first quarter of 2010 and were steady with the fourth quarter of 2010. The increase is due in part to increases in video subscribers purchasing higher tiered services and renting high definition/digital video recorder converters. Consumer basic video subscribers totaled 130,200 at the end of the first quarter of 2011, an increase of 200 subscribers from the fourth quarter of 2010 and a decrease of 1,200 subscribers from the first quarter of 2010.

Consumer data revenues of $16.7 million increased 18.2 percent over the first quarter of 2010 and were steady with the fourth quarter of 2010. The increase in consumer data revenues is due to an increase in cable modem customers and increasing average monthly usage per cable modem. GCI added 4,100 consumer cable modem customers over the first quarter of 2010 and cable modem customer counts increased by 1,500 on a sequential basis.

Consumer wireless revenues increased to $27.6 million in the first quarter of 2011, an increase of 18.2 percent over the first quarter of 2010 and a 6.9 percent increase over the fourth quarter of 2010 driven by an increase in wireless subscribers and an increase USF payment rates in the first quarter of 2011. Consumer has added 9,000 wireless customers over the end of the first quarter a year ago, an increase of 7.7 percent. Consumer has added 1,600 wireless customers as compared to the end of the fourth quarter of 2010.

Network Access

Network access revenues decreased 4.1 percent to $25.1 million as compared to $26.2 million in the first quarter of 2010 and decreased 2.5 percent from the fourth quarter of 2010.

Voice revenues decreased 2.8 percent to $6.5 million from the prior year and 1.4 percent from the fourth quarter of 2010. The decrease in voice revenues is primarily due to decreasing average revenue per minute. Long distance minutes decreased 1.5 percent from the prior year and increased 3.1 percent over the fourth quarter of 2010.

Data revenues were down 8.3 percent compared to the first quarter of 2010 and 1.1 percent from the fourth quarter of 2010. The decrease in data revenues is primarily attributable to lower rates resulting from the extension of national pricing schedules into the Alaska market and the continuing shift to IP-based transport.

Wireless revenues, primarily related to roaming traffic, increased 14.4 percent to $3.7 million over the prior year and decreased 9.4 percent sequentially. The decrease in sequential revenues is primarily due to seasonality and decreasing roaming rates for wireless data in the Alaska market.

Commercial

Voice revenues for the first quarter of 2011 were steady when compared to the first quarter of 2010 and the fourth quarter of 2010. Long distance minutes decreased 4.4 percent from the prior year and increased 3.7% over the fourth quarter of 2010. Local access lines at the end of the first quarter of 2011 increased by 400 lines sequentially. Local access lines served entirely on GCI’s facilities increased by 4,800 lines when compared to the prior year and increased by 4,000 over the fourth quarter of 2010. The increase in lines is primarily due to the correction of a classification error in calculating the number of lines on our facilities.

Commercial video revenues increased $0.5 million over the prior year and declined $0.4 million sequentially.

Commercial data service revenues include both transmission charges for data circuits and time and materials charges for GCI on-site support of customer operations. Data transport charges of $9.4 million increased by $0.7 million as compared to the first quarter of 2010 and time and material charges for support activities increased by $2.9 million to $9.7 million for the first quarter of 2011 as a result of increased activity primarily in the oil sector. Commercial data service revenues were $19.1 million in the first quarter of 2011, an increase of $3.6 million from the first quarter of 2010 and a decrease of $1.2 million from the fourth quarter of 2010.

Commercial wireless revenues totaled $2.3 million for the first quarter of 2011 and were steady with the first and fourth quarters of 2010. GCI had 13,700 Commercial wireless subscribers at the end of the first quarter of 2011, an increase of 3,100 subscribers over the prior year and a decrease of 100 subscribers sequentially.

Managed Broadband

Managed broadband revenues totaled $14.0 million in the first quarter of 2011, an increase of 15.8 percent over the prior year and steady with the fourth quarter of 2010.

Regulated Operations

Regulated operations revenues totaled $5.4 million in the first quarter of 2011 as compared to $6.1 million in the first quarter of 2010. Regulated operations revenues for the first quarter of 2011 were steady when compared to the fourth quarter of 2010. Regulated operations had 9,800 local access lines at the end of the first quarter of 2011, a decrease of 1,000 lines from the first quarter of 2010 and a decrease of 200 lines from the fourth quarter of 2010.

Other Items

SG&A expenses for the first quarter of 2011 totaled $58.9 million, an increase of 10.6 percent as compared to $53.3 million for the first quarter of 2010. The increase is due in part to increases in health care costs and labor and related benefits. As a percentage of revenues, SG&A expenses increased to 36 percent in the first quarter of 2011 as compared to 35 percent in the prior year.

GCI’s first quarter 2011 capital expenditures totaled $28.3 million as compared to $16.8 million in the first quarter of 2010 and $32.1 million in the fourth quarter of 2010.

GCI will hold a conference call to discuss the quarter’s results on Thursday, May 5, 2011 beginning at 2 p.m. (Eastern). To access the briefing on May 5, call the conference operator between 1:50-2:00 p.m. (Eastern Time) at 888-324-2612 (International callers should dial 1-517-308-9360) and identify your call as “GCI.” In addition to the conference call, GCI will make available net conferencing. To access the call via net conference, log on to www.gci.com and follow the instructions. A replay of the call will be available for 72-hours by dialing 866-501-0084, access code 7461 (International callers should dial 203-369-1814.)

GCI is the largest telecommunications company in Alaska. GCI’s cable plant, which provides voice, video, and broadband data services, passes 90 percent of Alaska households. GCI operates Alaska’s most extensive terrestrial/subsea fiber optic network which connects not only Anchorage but also Fairbanks and Juneau/Southeast Alaska to the lower 48 states with a diversely routed, protected fiber network. GCI’s satellite network provides communications services to small towns and communities throughout rural Alaska. GCI’s newly constructed statewide mobile wireless network seamlessly links urban and rural Alaska for the first time in the state’s history.

A pioneer in bundled services, GCI is the top provider of voice, data, and video services to Alaska consumers with a 70 percent share of the consumer broadband market. GCI is also the leading provider of communications services to enterprise customers, particularly large enterprise customers with complex data networking needs. More information about GCI can be found at www.gci.com.

The foregoing contains forward-looking statements regarding GCI’s expected results that are based on management’s expectations as well as on a number of assumptions concerning future events. Actual results might differ materially from those projected in the forward looking statements due to uncertainties and other factors, many of which are outside GCI’s control. Additional information concerning factors that could cause actual results to differ materially from those in the forward looking statements is contained in GCI’s cautionary statement sections of Form 10-K and 10-Q filed with the Securities and Exchange Commission.

# # #

GENERAL COMMUNICATION, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)


(Amounts in thousands)
	March 31,		December 31,
Assets	2011		2010

Current assets:
Cash and cash equivalents	$	29,253		33,070

Receivables		138,328		132,856
Less allowance for doubtful receivables		8,374		9,189
Net receivables		129,954		123,667

Deferred income taxes		10,145		10,145
Prepaid expenses		7,861		5,950
Inventories		6,796		5,804
Other current assets		3,881		3,940
Total current assets		187,890		182,576

Property and equipment in service, net of depreciation		779,439		798,278
Construction in progress		47,817		31,144
Net property and equipment		827,256		829,422

Cable certificates		191,635		191,635
Goodwill		73,932		73,932
Wireless licenses		25,967		25,967
Other intangible assets, net of amortization		16,695		17,717
Deferred loan and senior notes costs, net of amortization		13,171		13,661
Other assets		17,616		16,850
Total other assets		339,016		339,762
Total assets	$	1,354,162		1,351,760

			(Continued)

GENERAL COMMUNICATION, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Continued)


(Amounts in thousands)
	March 31,			December 31,
Liabilities and Stockholders' Equity	2011			2010

Current liabilities:
Current maturities of obligations under long-term debt and capital leases	$	7,609			7,652
Accounts payable		35,486			35,589
Deferred revenue		17,540			17,296
Accrued payroll and payroll related obligations		19,905			22,132
Accrued interest		17,007			13,456
Accrued liabilities		12,458			12,557
Subscriber deposits		1,218			1,271
Total current liabilities		111,223			109,953

Long-term debt, net		786,753			779,201
Obligations under capital leases, excluding current maturities		82,804			84,144
Obligation under capital lease due to related party, excluding current maturity		1,888			1,885
Deferred income taxes		103,852			102,401
Long-term deferred revenue		48,816			49,175
Other liabilities		22,387			24,495
Total liabilities		1,157,723			1,151,254


Commitments and contingencies
Stockholders’ equity:
Common stock (no par):
Class A. Authorized 100,000 shares; issued 43,910 and 44,213 shares at March 31, 2011 and December 31, 2010, respectively; outstanding 43,655 and 43,958 shares at March 31, 2011 and December 31, 2010, respectively		62,293			69,396

Class B. Authorized 10,000 shares; issued and outstanding 3,177 and 3,178 shares at March 31, 2011 and December 31, 2010, respectively; convertible on a share-per-share basis into Class A common stock		2,684			2,677

Less cost of 255 Class A shares held in treasury at March 31, 2011 and December 31, 2010		(2,249	)		(2,249	)

Paid-in capital		38,619			37,075
Retained earnings		95,092			93,607
Total stockholders' equity		196,439			200,506

Total liabilities and stockholders' equity	$	1,354,162			1,351,760

GENERAL COMMUNICATION, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
	(Unaudited)
	Three Months Ended
	March 31,
(Amounts in thousands, except per share amounts)	2011			2010

Revenues	$	164,777			152,419

Cost of goods sold (exclusive of depreciation and amortization shown separately below)		53,756			48,907
Selling, general and administrative expenses		58,893			53,257
Depreciation and amortization expense		31,720			31,126
Operating income		20,408			19,129

Other income (expense):
Interest expense (including amortization of deferred loan fees)		(17,452	)		(17,680	)
Interest income		4			61
Other		(24	)		-
Other expense, net		(17,472	)		(17,619	)

Income before income tax expense or benefit		2,936			1,510

Income tax (expense) benefit		(1,451	)		164

Net income	$	1,485			1,674

Basic net income per Class A common share	$	0.03			0.03

Basic net income per Class B common share	$	0.03			0.03

Diluted net income per Class A common share	$	0.03			0.03

Diluted net income per Class B common share	$	0.03			0.03

Common shares used to calculate Class A basic EPS		43,979			51,579

Common shares used to calculate Class A diluted EPS		47,747			55,035

GENERAL COMMUNICATION, INC. AND SUBSIDIARIES
SUPPLEMENTAL SCHEDULES
(Unaudited)
(Amounts in thousands)
	First Quarter 2011												First Quarter 2010
			Network				Managed		Regulated						Network				Managed		Regulated
	Consumer		Access		Commercial		Broadband		Operations		Totals		Consumer		Access		Commercial		Broadband		Operations		Totals
Revenues
Voice	$	13,752		6,470		7,573		-		5,439		33,234	$	13,856		6,659		7,843		-		6,060		34,418
Video		30,339		-		2,840		-		-		33,179		29,024		-		2,317		-		-		31,341
Data		16,701		14,972		19,095		13,995		-		64,763		14,126		16,329		15,502		12,085		-		58,042
Wireless		27,625		3,655		2,321		-		-		33,601		23,362		3,195		2,061		-		-		28,618
Total		88,417		25,097		31,829		13,995		5,439		164,777		80,368		26,183		27,723		12,085		6,060		152,419

Cost of goods sold		27,308		6,665		14,866		3,914		1,003		53,756		25,633		6,528		12,371		3,218		1,157		48,907

Contribution		61,109		18,432		16,963		10,081		4,436		111,021		54,735		19,655		15,352		8,867		4,903		103,512

Less SG&A		33,375		6,778		10,537		4,467		3,736		58,893		29,166		7,844		9,144		4,043		3,060		53,257
Less Other		-		-		-		24		-		24		-		-		-		-		-		-
EBITDA		27,734		11,654		6,426		5,590		700		52,104		25,569		11,811		6,208		4,824		1,843		50,255

Add share-based compensation		619		212		224		115		-		1,170		384		180		149		90		-		803
Add accretion		41		14		12		6		-		72		-		-		-		-		-		-
Adjusted EBITDA	$	28,393		11,880		6,662		5,711		700		53,346	$	25,953		11,991		6,357		4,914		1,843		51,058

GENERAL COMMUNICATION, INC. AND SUBSIDIARIES
SUPPLEMENTAL SCHEDULES
(Unaudited)
(Amounts in thousands)
	First Quarter 2011												Fourth Quarter 2010
			Network				Managed		Regulated						Network				Managed		Regulated
	Consumer		Access		Commercial		Broadband		Operations		Totals		Consumer		Access		Commercial		Broadband		Operations		Totals
Revenues
Voice	$	13,752		6,470		7,573		-		5,439		33,234	$	13,606		6,561		7,404		-		5,443		33,014
Video		30,339		-		2,840		-		-		33,179		30,379		-		3,269		-		-		33,648
Data		16,701		14,972		19,095		13,995		-		64,763		16,833		15,134		20,279		13,942		-		66,188
Wireless		27,625		3,655		2,321		-		-		33,601		25,850		4,033		2,263		-		-		32,146
Total		88,417		25,097		31,829		13,995		5,439		164,777		86,668		25,728		33,215		13,942		5,443		164,996

Cost of goods sold		27,308		6,665		14,866		3,914		1,003		53,756		27,282		6,576		15,686		4,089		1,037		54,670

Contribution		61,109		18,432		16,963		10,081		4,436		111,021		59,386		19,152		17,529		9,853		4,406		110,326

Less SG&A		33,375		6,778		10,537		4,467		3,736		58,893		34,271		9,649		10,559		4,683		3,153		62,315
Less Other		-		-		-		24		-		24		-		-		-		-		-		-
EBITDA		27,734		11,654		6,426		5,590		700		52,104		25,115		9,503		6,970		5,170		1,253		48,011

Add share-based compensation		619		212		224		115		-		1,170		1,032		479		332		191		3		2,037
Add accretion		41		14		12		6		-		72		149		71		43		26		-		289
Adjusted EBITDA	$	28,393		11,880		6,662		5,711		700		53,346	$	26,296		10,053		7,345		5,387		1,256		50,337

GENERAL COMMUNICATION, INC. AND SUBSIDIARIES
KEY PERFORMANCE INDICATORS
(Unaudited)

							March 31, 2011						March 31, 2011
							as compared to						as compared to
	March 31,		March 31,		December 31,		March 31,			December 31,			March 31,			December 31,
	2011		2010		2010		2010			2010			2010			2010
Consumer
Voice
Long-distance subscribers		87,900		91,200		88,200		(3,300	)		(300	)		-3.6	%		-0.3	%
Total local access lines in service		85,100		85,800		84,800		(700	)		300			-0.8	%		0.4	%
Local access lines in service on GCI facilities		78,000		77,300		77,400		700			600			0.9	%		0.8	%

Video
Basic subscribers		130,200		131,400		130,000		(1,200	)		200			-0.9	%		0.2	%
Digital programming tier subscribers		81,600		81,400		81,800		200			(200	)		0.2	%		-0.2	%
HD/DVR converter boxes		89,300		86,000		88,100		3,300			1,200			3.8	%		1.4	%
Homes passed		239,000		232,900		238,500		6,100			500			2.6	%		0.2	%

Data
Cable modem subscribers		107,200		103,100		105,700		4,100			1,500			4.0	%		1.4	%

Wireless
Wireless lines in service		126,500		117,500		124,900		9,000			1,600			7.7	%		1.3	%

Network Access Services
Data:
Total ISP access lines in service		1,700		1,700		1,700		-			-			0.0	%		0.0	%
Total ISP access lines in service on GCI facilities		1,300		1,400		1,300		(100	)		-			-7.1	%		0.0	%

Commercial
Voice:
Long-distance subscribers		9,100		9,400		9,100		(300	)		-			-3.2	%		0.0	%
Total local access lines in service		48,700		48,400		48,300		300			400			0.6	%		0.8	%
Local access lines in service on GCI facilities		25,200		20,400		21,200		4,800			4,000			23.5	%		18.9	%

Video
Hotels and mini-headend subscribers		15,200		16,100		15,300		(900	)		(100	)		-5.6	%		-0.7	%
Basic subscribers		2,000		1,700		1,800		300			200			17.6	%		11.1	%
Total basic subscribers		17,200		17,800		17,100		(600	)		100			-3.4	%		0.6	%

Data
Cable modem subscribers		10,800		10,500		10,700		300			100			2.9	%		0.9	%

Wireless
Wireless lines in service		13,700		10,600		13,800		3,100			(100	)		29.2	%		-0.7	%

Regulated Operations
Voice:
Total local access lines in service		9,800		10,800		10,000		(1,000	)		(200	)		-9.3	%		-2.0	%

							March 31, 2011						March 31, 2011
	Three Months Ended						as Compared to						as Compared to
	March 31,		March 31,		December 31,		March 31,			December 31,			March 31,			December 31,
		2011		2010		2010		2010			2010			2010			2010
Consumer
Voice
Long-distance minutes carried (in millions)		24.4		28.3		26.2		(3.9	)		(1.8	)		-13.8	%		-6.9	%

Video
Average monthly gross revenue per subscriber	$	77.60	$	73.80	$	77.77	$	3.80		$	(0.17	)		5.1	%		-0.2	%

Wireless
Average monthly gross revenue per subscriber	$	69.46	$	62.31	$	64.88	$	7.15		$	4.58			11.5	%		7.1	%

Network Access Services
Voice
Long-distance minutes carried (in millions)		190.7		193.6		185.0		(2.9	)		5.7			-1.5	%		3.1	%

Commercial
Voice:
Long-distance minutes carried (in millions)		28.3		29.6		27.3		(1.3	)		1.0			-4.4	%		3.7	%

Total
Long-distance minutes carried (in millions)		243.4		251.5		238.5		(8.1	)		4.9			-3.2	%		2.1	%

General Communication, Inc.

Non-GAAP Financial Reconciliation Schedule

(Unaudited, Amounts in Millions)

	Three Months Ended
	March 31, 2011		March 31, 2010			December 31, 2010
Net income (loss)	$	1.5		1.7			(2.2	)
Income tax expense (benefit)		1.4		(0.2	)		(0.8	)
Income (loss) before income tax expense (benefit)		2.9		1.5			(3.0	)

Other expense:
Interest expense (including amortization of deferred loan fees)		17.5		17.7			17.1
Other expense, net		17.5		17.7			17.1

Operating income		20.4		19.2			14.1
Depreciation and amortization expense		31.7		31.1			33.9

EBITDA (Note 2)		52.1		50.3			48.0
Share-based compensation		1.1		0.8			2.0
Accretion		0.1		---			0.3
Adjusted EBITDA (Note 1)	$	53.3		51.1			50.3

General Communication, Inc.

Non-GAAP Financial Reconciliation Schedule

(Unaudited, Amounts in Millions)

Notes:

(1) EBITDA (as defined in Note 2 below) before deducting share-based compensation and accretion expense.

(2) Earnings Before Interest, Taxes, Depreciation and Amortization is the sum of Net Income, Interest Expense (including Amortization of Deferred Loan Fees), Interest Income, Income Tax Expense (Benefit), and Depreciation and Amortization Expense. EBITDA is not presented as an alternative measure of net income, operating income or cash flow from operations, as determined in accordance with accounting principles generally accepted in the United States of America. GCI's management uses EBITDA to evaluate the operating performance of its business, and as a measure of performance for incentive compensation purposes. GCI believes EBITDA is a measure used as an analytical indicator of income generated to service debt and fund capital expenditures. In addition, multiples of current or projected EBITDA are used to estimate current or prospective enterprise value. EBITDA does not give effect to cash used for debt service requirements, and thus does not reflect funds available for investment or other discretionary uses. EBITDA as presented herein may not be comparable to similarly titled measures reported by other companies.