ADDED
C ondensed Consolidated Balance Sheets (Unaudited) I-3 GCI LIBERTY, INC.
Condensed Consolidated Statements of Operations (Unaudited) I-4 GCI LIBERTY, INC.
Condensed Consolidated Statements of Cash Flows (Unaudited) I-5 GCI LIBERTY, INC.
Condensed Consolidated Statements of Equity (Unaudited) I-6 GCI LIBERTY, INC.
Authorized 100,000,000 shares; issued and outstanding 3,650,938 and zero at September 30, 2025 and December 31, 2024, respectively Series B GCI Group common stock, $ .01 par value.
Authorized 3,750,000 shares; issued and outstanding 400,806 and zero at September 30, 2025 and December 31, 2024, respectively Series C GCI Group common stock, $ .01 par value.
Authorized 100,000,000 shares; issued and outstanding 24,646,095 and zero at September 30, 2025 and December 31, 2024, respectively Former member's investment 1,777 Additional paid-in capital 2,060 Retained earnings (deficit) ( 688 ) ( 363 ) Total equity 1,372 1,414 Commitments and contingencies (note 7) Total liabilities and equity $ 3,011 3,382 See accompanying notes to condensed consolidated financial statements.
The accompanying condensed consolidated financial statements represent the combination of the historical financial information of GCI Holdings until the date of the Separation.
Although GCI Holdings was reported as a combined company until the date of the Separation, all periods reported herein are referred to as consolidated.
The condensed consolidated financial statements and the notes thereto refer to the consolidation of GCI Holdings and certain other assets and liabilities as "GCI Liberty," "the Company," "us," "we" and "our." The Separation is accounted for at historical cost due to the pro rata nature of the distribution to holders of GCI Group common stock.
REMOVED
C ondensed Combined Balance Sheets (Unaudited) I-3 GCI LIBERTY, INC.
Condensed Combined Statements of Operations (Unaudited) I-4 GCI LIBERTY, INC.
Condensed Combined Statements of Cash Flows (Unaudited) I-5 GCI LIBERTY, INC.
Condensed Combined Statements of Equity (Unaudited) I-6 GCI LIBERTY, INC.
These financial statements refer to the combination of GCI Holdings and certain other assets and liabilities as the "Company." All significant intercompany accounts and transactions have been eliminated in the condensed combined financial statements.
Distributions to Former Parent During the three months ended June 30, 2024, GCI, LLC paid $ 150 million in distributions to its former parent, Liberty Broadband.
The Company had deferred revenue of $ 34 million and $ 33 million at June 30, 2025 and December 31, 2024, respectively.
Changes in the contract liability balance for the Company during the six months ended June 30, 2025 were not materially impacted by other factors.
The Company expects to recognize revenue in the future related to performance obligations that are unsatisfied (or partially unsatisfied) of $ 238 million in the remainder of 2025 , $ 353 million in 2026 , $ 139 million in 2027 , $ 53 million in 2028 and $ 54 million in 2029 and thereafter.
During the six months ended June 30, 2025 and 2024, the Company received approximately $ 19 million for grants awarded in current and prior years.