Exhibit 99.1
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GCI LIBERTY REPORTS
FIRST QUARTER 2020 FINANCIAL RESULTS

Englewood, Colorado, May 7, 2020 - 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 %
Business106,621 121,727 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 %
Data41,178 44,294 8 %
Video21,021 20,762 (1)%
Voice4,484 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 service188,700 179,500 (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 subscribers124,800 132,000 6%
Video:
Basic subscribers86,700 79,200 (9)%
Homes passed253,400 253,400 — %
  Voice - Total access lines in service(f)
43,600 38,900 (11)%
GCI Business
Financial Metrics
Revenue
Wireless$22,757 $22,489 (1)%
Data69,035 84,214 22 %
Video3,825 4,022 5 %
Voice11,004 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 other4,525 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 other509 487 
Total GCI Liberty Consolidated Cash$570 $569 
Debt:
Senior Notes$775 $775 
Senior Credit Facility513 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 2046477 477 
Total Corporate Level Debt$1,777 $1,777 
Total GCI Liberty Debt$3,175 $3,173 
Premium on debt and deferred financing fees191 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)
5.1x4.4x
(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 amortization66,953 62,361 
Stock compensation expense3,996 848 
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 compensation5,631 2,475 
Insurance proceeds(2,500)— 
Depreciation and amortization67,678 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,
20202019
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, respectively106,284 114,435 
Other current assets35,599 43,868 
Total current assets710,645 727,823 
Investments in equity securities2,343,209 2,605,293 
Investments in affiliates, accounted for using the equity method166,565 167,643 
Investment in Liberty Broadband measured at fair value4,725,734 5,367,242 
Property and equipment, net1,067,592 1,090,901 
Intangible assets not subject to amortization
Goodwill855,837 855,837 
Cable certificates305,000 305,000 
Other41,500 41,500 
1,202,337 1,202,337 
Intangible assets subject to amortization, net379,885 391,979 
Tax sharing receivable74,001 84,534 
Other assets, net323,559 295,693 
Total assets$10,993,527 11,933,445 
Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities$91,159 92,893 
Deferred revenue25,902 27,886 
Current portion of debt, net of deferred financing costs3,085 3,008 
Indemnification obligation— 202,086 
Other current liabilities84,083 69,149 
Total current liabilities204,229 395,022 
Long-term debt, net, including $607,301 and $658,839 measured at fair value, respectively3,210,630 3,263,210 
Obligations under finance leases and tower obligations, excluding current portion96,104 97,507 
Long-term deferred revenue54,940 57,986 
Deferred income tax liabilities1,303,525 1,527,109 
Preferred stock178,063 178,002 
Derivative instrument24,165 71,305 
Indemnification obligation179,746 — 
Other liabilities127,011 133,020 
Total liabilities5,378,413 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, 20191,013 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, 201945 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 capital3,223,368 3,221,885 
Accumulated other comprehensive earnings (loss), net of taxes34,145 (4,084)
Retained earnings2,347,768 2,982,626 
Total stockholders' equity5,606,339 6,201,484 
Non-controlling interests8,775 8,800 
Total equity5,615,114 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,
20202019
Amounts in thousands, except per share amounts
Revenue$235,799 217,736 
Operating costs and expenses:
Operating expense (exclusive of depreciation and amortization shown separately below)69,663 68,893 
Selling, general and administrative, including stock-based compensation92,545 116,309 
Depreciation and amortization expense63,008 67,678 
Insurance proceeds— (2,500)
225,216 250,380 
Operating income (loss)10,583 (32,644)
Other income (expense):
Interest expense (including amortization of deferred loan fees)(36,255)(37,618)
Share of earnings (losses) of affiliates, net(707)(3,296)
Realized and unrealized gains (losses) on financial instruments, net(833,992)1,009,600 
Tax sharing agreement(10,533)9,081 
Other, net2,380 2,768 
(879,107)980,535 
Earnings (loss) before income taxes(868,524)947,891 
Income tax (expense) benefit236,622 (269,405)
Net earnings (loss)(631,902)678,486 
Less net earnings (loss) attributable to the non-controlling interests(25)(57)
Net earnings (loss) attributable to GCI Liberty, Inc. shareholders$(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,
 20202019
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 amortization63,008 67,678 
Stock-based compensation expense2,475 5,631 
Share of (earnings) losses of affiliates, net707 3,296 
Realized and unrealized (gains) losses on financial instruments, net833,992 (1,009,600)
Deferred income tax expense (benefit)(236,622)269,397 
Other, net19 2,489 
Change in operating assets and liabilities:
Current and other assets(3,431)11,801 
Payables and other liabilities2,417 (8,113)
Net cash provided (used) by operating activities30,663 21,065 
Cash flows from investing activities:
Capital expended for property and equipment(35,665)(40,114)
Other investing activities, net1,088 803 
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 period576,150 492,032 
Cash, cash equivalents and restricted cash at end of period$568,912 423,208