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Gannett Co., Inc. (GCI) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 30, 2021

Gannett Co., Inc.

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CIK: 1579684 Ticker: GCI

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Gannett Announces Third Quarter 2021 Results

Achieved Record Digital-Only Subscriber Growth of 46% to over 1.5 million Paid Subscribers
Continued Strong Growth in Digital Marketing Solutions with Revenue Up 16.5% Over Prior Year Same Store
Improved Capital Structure with Recent Debt Refinancing; First Lien Net Leverage down to 1.6x

MCLEAN, VA — November 5, 2021 — Gannett Co., Inc. ("Gannett", "we", "us", "our", or the "Company") (NYSE: GCI) today reported its financial results for the third quarter ended September 30, 2021.

"Nine months ago we outlined a long-term vision for growth at Gannett. While we are still in early stages, the strong growth in digital-only circulation and digital marketing solutions confirms we are on the right path as evidenced by Adjusted EBITDA and same store revenue growth in the third quarter of 2021," said Michael Reed, Gannett Chairman and Chief Executive Officer. "With digital revenue accounting for over one-third of total revenue and growing, we are excited about the Company's evolution to a digitally focused content platform and the early momentum of our subscription-led strategy."

"We remain committed to maximizing shareholder value and we believe this is achievable through the execution of our long-term strategy coupled with our improved capital structure, lower cost of debt, and new credit facility, each of which provides us greater financial flexibility to conduct share repurchases and redeem our previously issued convertible notes."

Third Quarter 2021 Financial Highlights:
• Total revenues of $800.2 million decreased 1.8% compared to the prior year quarter
◦Same store revenues increased 0.9% compared to the third quarter of 2020
•Total digital revenues were $265.0 million or 33.1% of total revenues, up 17.8% over the prior year period on a same store basis
•Net income attributable to Gannett of $14.7 million
•Adjusted net income attributable to Gannett of $26.5 million
•Adjusted EBITDA totaled $102.1 million, an increase of 16.0% compared to the third quarter of 2020, the fourth consecutive quarter of year-over-year growth
◦Adjusted EBITDA margin of 12.8% versus 10.8% in the prior year period
◦Prior year third quarter Adjusted EBITDA includes $4.8 million related to businesses that the Company divested in the fourth quarter of 2020
•Net cash flow provided by operating activities of $40.8 million
•Free cash flow of $29.3 million

Additional Business Highlights:
•Digital-only paid subscribers exceeded 1.5 million at the end of the third quarter of 2021, up 46% compared to the same period in the prior year
◦Digital-only circulation revenues of $25.7 million grew 26.6% year-over-year
•179 million average monthly unique visitors in the third quarter of 2021 across USA TODAY NETWORK per ComScore plus the U.K. digital properties
•Digital Marketing Solutions segment revenues were $116.8 million, and on a same store basis increased 16.5% in the third quarter of September 30, 2021 compared to the same period in the prior year

The following information was filed by Gannett Co., Inc. (GCI) on Friday, November 5, 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 - Liability Component (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)
Goodwill And Other Intangible Assets - Narrative (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)
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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 - Income (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: 0001579684-21-000042
Submitted to the SEC: Fri Nov 05 2021 11:01:09 AM EST
Accepted by the SEC: Fri Nov 05 2021
Period: Thursday, September 30, 2021
Industry: Newspapers Publishing Or Publishing And Printing

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