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Gannett Co., Inc. (GCI) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, December 31, 2023

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Gannett Co., Inc.

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CIK: 1579684 Ticker: GCI

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Gannett Announces 2023 Results and Business Outlook

MCLEAN, VA — February 22, 2024 — Gannett Co., Inc. ("Gannett", "we", "us", "our", or the "Company") (NYSE: GCI) today reported its financial results for the fourth quarter ended December 31, 2023.

"In 2023, we made excellent progress executing on our strategy to drive our digital transformation, resulting in total digital revenues exceeding 41% of total revenues in the fourth quarter, and amounting to nearly $1.1 billion for the year. Over the past year, we’ve expanded our digital audience, improved engagement, grown the monetization of our audience, and driven significantly improved financial results over the prior year. Our digital-only subscription revenues surpassed $150 million in 2023, with total digital-only average revenue per user reaching a new high. Also, our partnership strategy increased our overall digital monetization, and importantly, we expect to generate $20 million in high margin revenue from our partnerships in 2024," said Michael Reed, Gannett Chairman, and Chief Executive Officer.

"In 2023, we achieved full year growth in both Adjusted EBITDA and free cash flow, representing an important change in trajectory compared to last year's declines. We also remained focused on improving our capital structure and, with over $140 million in debt repayments in 2023, we were able to significantly reduce our leverage during the year. As these results show, we are building momentum toward a sustainable digital growth business, with a strong balance sheet."

"As we look forward to 2024 and the next several years, we expect to capitalize on this progress and build to inflection in our revenue as we end 2024. Our business outlook reflects our investments in strategy and our prioritization of revenue and free cash flow growth while also maintaining ongoing profit improvements and further deleveraging. We believe 2024 is an important milestone in the foundation for creating sustainable growth for Gannett."

Fourth Quarter 2023 Digital Highlights:
•Total digital revenues of $277.1 million, or 41.4% of total revenues, up 2.9% versus the prior year
•Digital-only subscription revenues of $41.9 million grew 18.1% year-over-year
•Digital-only average revenue per user(1) of $7.05 increased 19.5% year-over-year
•Total digital-only paid subscriptions(1) were approximately 2.0 million, sequential growth of 1.6%
•187 million(2) global average monthly unique visitors in the fourth quarter of 2023, up 4.3% year-over-year
•Digital Media revenues of $78.8 million grew 3.9% year-over-year
•Digital Marketing Solutions core platform revenues(1) of $119.4 million decreased 0.3% year-over year
◦Record high core platform average revenue per user(1) of $2,663, up 2.1% year-over-year
◦Customer budget retention(3) was 95.4%, an increase of 50 basis points compared to the fourth quarter of 2022

Fourth Quarter 2023 Capital Structure Highlights:
•As of December 31, 2023, the Company had cash and cash equivalents of $100.2 million
(1) See "Key Performance Indicators" ("KPIs") below for information about our use of KPIs.
(2) 187 million average monthly unique visitors in the fourth quarter of 2023 with approximately 136 million average monthly unique visitors coming from our USA TODAY NETWORK (based on December 2023 Comscore Media Metrix®) and approximately 51 million average monthly unique visitors resulting from our U.K. digital properties (based on Adobe Analytics).
(3) Customer budget retention is calculated as 1 minus the average of churned budgets in a given month divided by starting budgets in the same period, averaged across the quarter.

The following information was filed by Gannett Co., Inc. (GCI) on Thursday, February 22, 2024 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Gannett Co., Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Equity
Consolidated Statements Of Equity (Parenthetical)
Consolidated Statements Of Operations And Comprehensive Income (Loss)
Consolidated Statements Of Operations And Comprehensive Income (Loss) (Parenthetical)
Accounts Receivable, Net
Accounts Receivable, Net (Tables)
Accounts Receivable, Net - Narrative (Details)
Accounts Receivable, Net - Schedule Of Allowance For Doubtful Accounts (Details)
Commitments, Contingencies And Other Matters
Commitments, Contingencies And Other Matters (Details)
Debt
Debt (Tables)
Debt - Schedule Of Debt (Details)
Debt - Schedule Of Fair Value Assumptions (Details)
Debt - Schedule Of Future Debt Obligation Payments (Details)
Debt - Senior Convertible Notes Due 2024 Narrative (Details)
Debt - Senior Secured Convertible Notes Due 2027 Narrative (Details)
Debt - Senior Secured Notes Due 2026 Narrative (Details)
Debt - Senior Secured Term Loan Narrative (Details)
Description Of Business And Basis Of Presentation
Description Of Business And Basis Of Presentation (Details)
Fair Value Measurement
Fair Value Measurement (Tables)
Fair Value Measurement - Narrative (Details)
Fair Value Measurement - Schedule Of Changes In Fair Value Of Pension Plan Assets And Liabilities, Categorized As Level 3 (Details)
Fair Value Measurement - Schedule Of Fair Value Of Pension Plan Assets By Level Within Fair Value Hierarchy (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Narrative (Details)
Goodwill And Intangible Assets - Schedule Of Goodwill And Intangible Assets (Details)
Goodwill And Intangible Assets - Schedule Of The Change In Net Goodwill (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Activity Related To Unrecognized Tax Benefits, Excluding Federal Tax Benefit Of State Tax Deductions (Details)
Income Taxes - Schedule Of Components Of Income Tax Expense (Benefit) (Details)
Income Taxes - Schedule Of Deferred Tax Liabilities And Assets (Details)
Income Taxes - Schedule Of Provision (Benefit) For Income Taxes On Income From Continuing Operations (Details)
Income Taxes - Schedule Of Reconciliation Of Effective Tax Rate (Details)
Income Taxes - Schedule Of Valuation Allowance (Details)
Integration And Reorganization Costs And Asset Impairments
Integration And Reorganization Costs And Asset Impairments (Tables)
Integration And Reorganization Costs And Asset Impairments - Narrative (Details)
Integration And Reorganization Costs And Asset Impairments - Schedule Of Other Restructuring-Related Charges (Details)
Integration And Reorganization Costs And Asset Impairments - Schedule Of Severance-Related Expenses (Details)
Integration And Reorganization Costs And Asset Impairments - Schedule Of Severance-Related Liabilities Activity (Details)
Leases
Leases (Tables)
Leases - Narrative (Details)
Leases - Schedule Of Components Of Leases Expenses (Details)
Leases - Schedule Of Future Minimum Lease Payments (Details)
Leases - Schedule Of Other Information (Details)
Pensions And Other Postretirement Benefit Plans
Pensions And Other Postretirement Benefit Plans (Tables)
Pensions And Other Postretirement Benefit Plans - Narrative (Details)
Pensions And Other Postretirement Benefit Plans - Schedule Of Allocation Of Plan Assets (Details)
Pensions And Other Postretirement Benefit Plans - Schedule Of Assumptions Used To Determine Defined Benefit Plans Costs (Details)
Pensions And Other Postretirement Benefit Plans - Schedule Of Assumptions Used To Determine Pension Year-End Benefit Obligations (Details)
Pensions And Other Postretirement Benefit Plans - Schedule Of Estimated Benefit Payments (Details)
Pensions And Other Postretirement Benefit Plans - Schedule Of Multiemployer Pension Plans (Details)
Pensions And Other Postretirement Benefit Plans - Schedule Of Pension Costs (Details)
Pensions And Other Postretirement Benefit Plans - Schedule Of Reconciliation Of Benefit Obligations, Plan Assets And Funded Status (Details)
Pensions And Other Postretirement Benefit Plans - Schedule Of Retirement Plans (Details)
Revenues
Revenues (Tables)
Revenues - Narrative (Details)
Revenues - Schedule Of Deferred Revenue (Details)
Revenues - Schedule Of Disaggregation Of Revenue (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Schedule Of Reconciliation Of Ebitda To Operating Loss (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Concentration Risk (Details)
Summary Of Significant Accounting Policies - Narrative (Details)
Summary Of Significant Accounting Policies - Schedule Of Accounts Payable And Accrued Liabilities (Details)
Summary Of Significant Accounting Policies - Schedule Of Cash Flow, Supplemental Disclosures (Details)
Summary Of Significant Accounting Policies - Schedule Of Reconciliation Of Cash, Cash Equivalents And Restricted Cash (Details)
Summary Of Significant Accounting Policies - Schedule Property, Plant And Equipment (Details)
Supplemental Equity And Other Information
Supplemental Equity And Other Information (Tables)
Supplemental Equity And Other Information - Narrative (Details)
Supplemental Equity And Other Information - Preferred Stock Narrative (Details)
Supplemental Equity And Other Information - Schedule Of Accumulated Other Comprehensive Income (Loss) (Details)
Supplemental Equity And Other Information - Schedule Of Earnings (Loss) Per Share (Basic And Diluted) (Details)
Supplemental Equity And Other Information - Schedule Of Rsu's; Psu's; And Restricted Stock Grants (Details)
Supplemental Equity And Other Information - Schedule Of Securities From Computation Of Diluted Income Per Share (Details)
Supplemental Equity And Other Information - Stock Repurchase Program (Details)
Ticker: GCI
CIK: 1579684
Form Type: 10-K Annual Report
Accession Number: 0001579684-24-000008
Submitted to the SEC: Thu Feb 22 2024 10:46:23 AM EST
Accepted by the SEC: Thu Feb 22 2024
Period: Sunday, December 31, 2023
Industry: Newspapers Publishing Or Publishing And Printing

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