GCI Liberty, Inc. (NASDAQ:GLIBA) Q4 2019 Earnings Conference Call - Final Transcript
Feb 26, 2020 • 05:00 pm ET
Ladies and gentlemen, thank you for standing by. Welcome to the GCI Liberty 2019 Q4 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded, February 26.
I would now like to turn the conference over to Courtnee Chun, Chief portfolio Officer and Senior Vice President of Investor Relations. Please go ahead, Courtnee.
Thank you. Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent Form 10-K filed with the SEC.
These forward-looking statements speak only as of date of this call, and GCI Liberty and Liberty Broadband expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in GCI Liberty or Liberty Broadband's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
On today's call, we will discuss certain non-GAAP financial measures, including adjusted OIBDA and adjusted OIBDA margin. Information regarding the comparable GAAP metrics, along with required definitions and reconciliations, including preliminary notes in Schedules 1 and 2, can be found in the earnings press release issued today, which is available on our website.
Now I'd like to turn the call over to Liberty's President and CEO, Greg Maffei.
Thank you, Courtnee, and good afternoon to all of you out there on the call. Today speaking on the call, besides myself, we'll have GCI Liberty's Chief Accounting Officer, Brian Wendling; GCI's CFO, Pete Pounds. During the Q&A, we will be available to answer questions also related to Liberty Broadband.
So, starting first with GCI Liberty. As Ron noted in the release, we had a solid operational quarter. There were pluses and minuses on the regulatory front, but overall, it resulted in a benefit in the fourth quarter of $4 million, as Brian will discuss further in a moment. For the full year, despite a challenging business environment, there were stable consumer revenue as there were gains in data from sub growth and consumers moving up the stack, which offset losses in video and voice. We also generated expense savings from operational efficiencies and a focus on the core Alaska business. GCI continues to work on the Anchorage 5G buildup, which we expect will be completed later this year.
Turning to LendingTree, which reported its Q4 results yesterday. They added over 3.6 million users to My LendingTree during 2019, bringing the total number of customers to 14.3 million. LendingTree continues to diversify its business effectively. Insurance is now the largest business and grew 37% pro forma versus Q4 last year. The home and consumer segments also grew double digits over the prior year. Yesterday, as I noted on the earnings call, LendingTree issued 2020 guidance for another year of double-digit revenue and adjusted EBITDA growth.