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Gannett Co., Inc. (GCI) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Gannett Co., Inc.

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CIK: 1579684 Ticker: GCI

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Gannett Announces First Quarter 2021 Results

Strong first quarter Revenue and Adjusted EBITDA performance
Paid digital-only subscriptions surpass 1.2 million, an increase of 37% from the prior year period
Achieved $300 million of annualized synergies to date, ahead of targeted timeline

MCLEAN, VA — May 7, 2021 — Gannett Co., Inc. ("Gannett", "we", "us", "our", or the "Company") (NYSE: GCI) today reported its financial results for the first quarter ended March 31, 2021.

“The first quarter of 2021 was our best quarter to date for new digital-only subscriptions subsequent to the acquisition of Legacy Gannett, surpassing 1.2 million, and a very encouraging start to the year as a whole. Our core digital marketing solutions teams also had a fantastic quarter, setting new records in productivity. Adjusted EBITDA grew from the first quarter of 2020 and reflected Adjusted EBITDA margin expansion of 250 basis points to the prior year period,” said Michael Reed, Gannett Chairman and Chief Executive Officer. “We are pleased to have fully refinanced our 11.5% term loan during the quarter as well as achieving our target of $300 million of annualized synergies, well ahead of our year end 2021 goal.”

“With the refinancing behind us, we are focused on a long-term, subscription-led, digital growth strategy. With the first quarter momentum in both digital-only subscriptions and in our Digital Marketing Solutions segment, we believe we are well positioned to not only meaningfully grow Adjusted EBITDA year over year, but also continue our evolution to a digitally focused content platform.”

Financial Highlights
in thousandsFirst Quarter 2021
Revenues$777,084 
Net loss attributable to Gannett(142,316)
Adjusted EBITDA(1) (non-GAAP)
100,465 
Net cash flow provided by operating activities61,316 
Free cash flow(1) (non-GAAP)
53,709 
(1)Refer to "Use of Non-GAAP Information" below for the Company’s definition of Adjusted EBITDA and Free cash flow, as well as the reconciliation of such measures to the most comparable GAAP measure included herein.

First Quarter 2021 Consolidated Results

•First quarter revenues of $777.1 million decreased 18.1% as compared to the prior year quarter.
◦Same store revenues (as defined and reconciled on Table No. 5 below) decreased 16.5% compared to the first quarter of 2020, due to unfavorable impacts resulting from the COVID-19 pandemic and general trends adversely impacting the publishing industry.
◦First quarter same store revenue trends were impacted by the cessation of industry wide digital marketing services incentives at the end of 2020. The incentives, earned through our Digital Marketing Solutions segment, totaled $13.0 million during 2020, with $9.2 million in the first quarter of 2020, accounting for a decrease of 0.9% on the first quarter same store trend. On a comparable basis, first quarter same store trends improved slightly from fourth quarter 2020 levels.
•Digital advertising and marketing services revenues reached $195.2 million in the first quarter, or 25.1% of total revenues.
•Digital-only circulation revenues of $23.2 million grew 46.7% in the first quarter of 2021 compared to the same period in the prior year attributable to a 37% increase compared to the same period in the prior year in digital-only subscriptions. Digital-only subscriptions totaled approximately 1.2 million at the end of the first quarter of 2021, adding 120,000 net new subscriptions in the first quarter.
•Total digital revenues were $229.2 million or 29.5% of total revenues, which includes Digital advertising and marketing services revenues, Digital-only circulation revenues and Digital syndication and affiliate revenues.
•Net loss attributable to Gannett of $142.3 million in the first quarter reflects a $126.6 million non-cash loss on the derivative associated with the 6% senior secured convertible notes due 2027 (the "2027 Convertible Notes"), a $19.4 million loss associated with the early extinguishment of debt and an additional $10.2 million related to costs incurred in connection with our debt refinancing activities during the quarter.

The following information was filed by Gannett Co., Inc. (GCI) on Friday, May 7, 2021 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Equity
Condensed Consolidated Statements Of Equity (Parenthetical)
Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss)
Accounts Receivable, Net
Accounts Receivable, Net (Tables)
Accounts Receivable, Net - Allowance For Doubtful Accounts (Details)
Accounts Receivable, Net - Narrative (Details)
Commitments, Contingencies And Other Matters
Debt
Debt (Tables)
Debt - Fair Value Assumptions (Details)
Debt - Senior Convertible Notes Due 2024 (Details)
Debt - Senior Secured 5-Year Term Loan (Details)
Debt - Senior Secured Convertible Notes Due 2027 (Details)
Description Of Business And Basis Of Presentation
Description Of Business And Basis Of Presentation (Policies)
Description Of Business And Basis Of Presentation - Narrative (Details)
Fair Value Measurement
Fair Value Measurement - Narrative (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Schedule Of Intangible Assets (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Pre-Tax Net Loss And Income Tax (Details)
Integration And Reorganization Costs And Asset Impairments
Integration And Reorganization Costs And Asset Impairments (Tables)
Integration And Reorganization Costs And Asset Impairments - Facility Consolidation Charges And Accelerated Depreciation (Details)
Integration And Reorganization Costs And Asset Impairments - Narrative (Details)
Integration And Reorganization Costs And Asset Impairments - Restructuring Reserve (Details)
Integration And Reorganization Costs And Asset Impairments - Severance Related Expenses (Details)
Leases
Leases (Tables)
Leases - Components Of Lease Expense (Details)
Leases - Future Minimum Lease Payments (Details)
Leases - Narratives (Details)
Leases - Other Information (Details)
Other Supplemental Information
Other Supplemental Information (Tables)
Other Supplemental Information - Accounts Payable And Accrued Liabilities (Details)
Other Supplemental Information - Cash Flow Information (Details)
Other Supplemental Information - Cash, Cash Equivalents And Restricted Cash (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 - Retirement Plan Costs (Details)
Revenues
Revenues (Tables)
Revenues - Deferred Revenue (Details)
Revenues - Disaggregation Of Revenue (Details)
Revenues - Narrative (Details)
Revenues - Performance Obligations (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Narrative (Details)
Segment Reporting - Reconciliation Of Ebitda To Operating Income (Details)
Segment Reporting -Segment Information (Details)
Subsequent Events
Subsequent Events - Narrative (Details)
Supplemental Equity Information
Supplemental Equity Information (Tables)
Supplemental Equity Information - Accumulated Other Comprehensive Income (Loss) (Details)
Supplemental Equity Information - Computation Of Diluted Income Per Share (Detail)
Supplemental Equity Information - Loss Per Share (Basic And Diluted) (Detail)
Supplemental Equity Information - Narrative (Detail)
Supplemental Equity Information - Preferred Stock (Details)
Supplemental Equity Information - Rights Agreement (Details)
Ticker: GCI
CIK: 1579684
Form Type: 10-Q Quarterly Report
Accession Number: 0001579684-21-000018
Submitted to the SEC: Fri May 07 2021 10:42:59 AM EST
Accepted by the SEC: Fri May 07 2021
Period: Wednesday, March 31, 2021
Industry: Newspapers Publishing Or Publishing And Printing

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