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Gannett Co., Inc. (GCI) SEC Filing 10-Q Quarterly Report for the period ending Friday, September 30, 2022

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Gannett Co., Inc.

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CIK: 1579684 Ticker: GCI

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Gannett Announces Third Quarter 2022 Results and Reiterates Full Year Outlook

28.5% Digital-Only Paid Subscriber Growth Year-Over-Year to 1.98 million Paid Subscribers
Record High Digital Marketing Solutions Core Platform Revenues of $118.7 million
Repaid $24.3 million in Debt During the Quarter and $129.9 million of Debt Year-to-Date(1)

MCLEAN, VA — November 3, 2022 — Gannett Co., Inc. ("Gannett", "we", "us", "our", or the "Company") (NYSE: GCI) today reported its financial results for the third quarter ended September 30, 2022.

“The Company continues to respond decisively to the ongoing macroeconomic volatility and inflationary pressures. We continue to execute on $200 million to $240 million in annualized cost savings through the implementation of temporary and permanent actions that are expected to give us near-term flexibility and allow us to continue forward towards the Company's digital transformation,” said Michael Reed, Gannett Chairman and Chief Executive Officer. “While these cost saving initiatives drove a sequential improvement to Adjusted EBITDA and Adjusted EBITDA margin in the third quarter, we expect to capture most of the benefits in the fourth quarter of 2022 and the full year of 2023."

"The results in our Digital-only and Digital Marketing Solutions businesses in the third quarter are evidence that our digital transformation is progressing well. We finished the third quarter with 1.98 million digital-only paid subscribers, growing 28.5% year-over-year, and during October, we accomplished an important milestone by surpassing 2.0 million digital-only paid subscribers. Also, our Digital Marketing Solutions business achieved record high core platform revenue during the third quarter, while maintaining double-digit Adjusted EBITDA margins for the sixth consecutive quarter."

“We also remain committed to continued optimization of our overall capital structure, in part through our continued debt reduction. During the third quarter we repaid $24.3 million in debt with an additional repayment of $30.7 million subsequent to the end of the third quarter. While we continue to navigate a difficult operating environment, we are confident in our belief that the actions we are taking are positioning Gannett on a path towards revenue and free cash flow growth as well as increased value for our shareholders over the long-term.”

Third Quarter 2022 Financial Highlights:
•Total revenues of $717.9 million decreased 10.3% compared to the third quarter of 2021
◦Same store revenues(2) decreased 9.0% compared to the third quarter of 2021
•Total digital revenues were $256.4 million or 35.7% of total revenues, down 2.3% over the same period in the prior year on a same store(2) basis mainly as a result of weakness in digital media year-over-year
•Net loss attributable to Gannett of $54.1 million, a loss margin of 7.5%
•Adjusted net income attributable to Gannett(2) of $48.4 million
•Adjusted EBITDA(2) totaled $51.9 million, a decrease of 49.1% compared to the third quarter of 2021
◦Sequential improvement of 2.1% compared to the second quarter of 2022
◦Adjusted EBITDA margin(2) of 7.2%, representing sequential improvement of 40 basis points compared to the second quarter of 2022
•Cash provided by operating activities of $31.3 million
•Free cash flow(2) of $18.6 million

(1) Reflects subsequent events occurring after the end of the third quarter and as of November 3, 2022.
(2) 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, November 3, 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)
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)
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)
Subsequent Events
Subsequent Events - Narrative (Details)
Supplemental Equity Information
Supplemental Equity Information (Tables)
Supplemental Equity Information - Accumulated Other Comprehensive (Loss) Income (Details)
Supplemental Equity Information - Computation Of Diluted Income (Loss) Per Share (Detail)
Supplemental Equity Information - Income (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: 0001579684-22-000037
Submitted to the SEC: Thu Nov 03 2022 10:40:27 AM EST
Accepted by the SEC: Thu Nov 03 2022
Period: Friday, September 30, 2022
Industry: Newspapers Publishing Or Publishing And Printing

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