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Gannett Co., Inc. (GCI) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

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Gannett Co., Inc.

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CIK: 1579684 Ticker: GCI

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Gannett Announces First Quarter 2022 Results

44% Digital-Only Paid Subscriber Growth Year-Over-Year to over 1.75 million Paid Subscribers
Digital Marketing Solutions Core Platform Revenues rose 14% Year-Over-Year to $107.3 million
Total Digital Revenues of $251.1 million, or 34% of Total Revenues grew 9% Year-Over-Year


MCLEAN, VA — May 5, 2022 — Gannett Co., Inc. ("Gannett", "we", "us", "our", or the "Company") (NYSE: GCI) today reported its financial results for the first quarter ended March 31, 2022.

“The first quarter performance was slightly ahead of our expectations and we believe we have positioned ourselves to carry this momentum throughout 2022. We have created solid building blocks for future growth at Gannett and, as such, we are reiterating our full year guidance for 2022. We continue to experience strong growth in digital-only circulation with five consecutive quarters of at least 40% subscriber growth and surpassing 1.75 million digital-only paid subscribers. In lockstep with the increase in our digital-only subscribers, our digital marketing solutions business has experienced year-over-year core revenue and core client growth of 14% and 13%, respectively, as well as four consecutive quarters of double-digit Adjusted EBITDA margins,” said Michael Reed, Gannett Chairman and Chief Executive Officer.

"The success in these key operating pillars has allowed the company to continue its digital transformation journey with digital-only revenues accounting for more than one-third of total revenues and growth of 9% year-over-year. As we continue to evolve the business, we believe we are well positioned to generate significant free cash flow, further improve the balance sheet through debt pay down, and invest in growth opportunities. We remain optimistic for Gannett, not only in the short term, but also for anticipated long-term shareholder value creation.”

First Quarter 2022 Financial Highlights:
•Total revenues of $748.1 million decreased 3.7% compared to the first quarter of 2021
◦Same store revenues(1) decreased 2.5% compared to the first quarter of 2021
•Total digital revenues were $251.1 million or 34% of total revenues, up 9.7% over the same period in the prior year on a same store(1) basis
•Net loss attributable to Gannett of $3.0 million and margin loss of 0.4%
•Adjusted net income attributable to Gannett(1) of $4.5 million
•Adjusted EBITDA(1) totaled $64.2 million, a decrease of 36.1% compared to the first quarter of 2021
◦Adjusted EBITDA margin(1) of 8.6%
•Cash provided by operating activities of $32.4 million
•Free cash flow(1) of $21.7 million

Additional Business Highlights:

•Digital-only paid subscribers increased 44% compared to the first quarter of 2021 and surpassed 1.75 million at the end of the first quarter of 2022
◦Digital-only circulation revenues of $30.1 million grew 30.0% year-over-year
•191 million average monthly unique visitors in the first quarter of 2022 with 145 million average monthly unique visitors coming from our USA TODAY NETWORK (based on March 2022 Comscore Media Metrix®) and 46 million average monthly unique visitors resulting from our U.K. digital properties
(1) See "Use of Non-GAAP Information" below for information about this non-GAAP measure.

The following information was filed by Gannett Co., Inc. (GCI) on Thursday, May 5, 2022 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 (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Equity (Unaudited)
Condensed Consolidated Statements Of Equity (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss) (Unaudited)
Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss) (Unaudited) (Parenthetical)
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 - New Senior Secured Term Loan (Details)
Debt - Schedule Of Debt Outstanding (Details)
Debt - Senior Convertible Notes Due 2024 (Details)
Debt - Senior Secured Convertible Notes Due 2027 (Details)
Debt - Senior Secured Notes Due 2026 (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 Goodwill And 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 - Asset Impairment Charges (Details)
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)
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 - Deferred Revenues Narrative (Details)
Revenues - Disaggregation Of Revenue (Details)
Revenues - Narrative (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Narrative (Details)
Segment Reporting - Reconciliation Of Ebitda To Operating Income (Details)
Segment Reporting -Segment Information (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 And Stock Repurchase Program (Details)
Ticker: GCI
CIK: 1579684
Form Type: 10-Q Quarterly Report
Accession Number: 0001579684-22-000019
Submitted to the SEC: Thu May 05 2022 11:10:08 AM EST
Accepted by the SEC: Thu May 05 2022
Period: Thursday, March 31, 2022
Industry: Newspapers Publishing Or Publishing And Printing

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