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Gannett Co., Inc. (GCI) SEC Filing 10-Q Quarterly Report for the period ending Friday, March 31, 2023

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Gannett Co., Inc.

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CIK: 1579684 Ticker: GCI

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Gannett Announces First Quarter 2023 Results and Raises Full Year Outlook

Net Income Attributable to Gannett of $10.3 million and Adjusted EBITDA(1) of $62.9 million
Digital-only Circulation Revenues of $35.8 million grew 19% Year-over-Year
Digital Marketing Solutions Core Platform Revenues(2) of $111.4 million, up 4% Year-over-Year

MCLEAN, VA — May 4, 2023 — Gannett Co., Inc. ("Gannett", "we", "us", "our", or the "Company") (NYSE: GCI) today reported its financial results for the first quarter ended March 31, 2023.

"I'm excited to announce that our first quarter results reflect a solid start to the year. Despite facing what we believe will be the most challenging comparisons in 2023, Adjusted EBITDA remained relatively flat year-over-year, and we witnessed sequential improvement in same store revenue trends. As we anticipate further improvement in the second quarter, we are raising our 2023 full year outlook with respect to Adjusted EBITDA, Net Income, and cash flow. We made significant progress across the majority of our key financial measures, and we believe our results demonstrate the effectiveness of the measures we implemented in the latter half of 2022 to position the Company for long-term success”, said Michael Reed, Gannett Chairman and Chief Executive Officer.

"In the first quarter our digital-only businesses delivered solid results with 15% year-over-year growth in digital-only paid subscriptions and approximately 20% year-over-year growth in digital-only circulation revenues on a same store basis. Our Digital Marketing Solutions business also sustained a high level of performance, exhibited robust growth in core platform revenues compared to the prior year period, and achieved strong Adjusted EBITDA margins. Furthermore, we continued to make measurable progress in debt reduction, having repaid $37 million in the first quarter, while maintaining a healthy balance sheet and strong liquidity position."

“We have created solid building blocks for 2023 and believe we are well positioned to capitalize on this momentum moving forward. We believe our trends are improving, our digital growth businesses remain strong, our first lien net leverage declined and is on track to achieve our year-end target of less than 2x, and we continue to optimize our capital structure. These results not only demonstrate our progress towards each of our key initiatives, but also illustrate our commitment to providing communities with trusted, impactful content and best-in-class marketing solutions."


First Quarter 2023 Financial Highlights:
•Total revenues of $668.9 million decreased 10.6% compared to the first quarter of 2022
◦Same store revenues(1) decreased 9.3% compared to the first quarter of 2022
•Total digital revenues were $247.5 million or 37.0% of total revenues, down 0.9% over the same period in the prior year on a same store(1) basis primarily as a result of declines in digital media year-over-year
•Net income attributable to Gannett of $10.3 million, representing an income margin of 1.5%, improved by $13.3 million versus the net loss attributable to Gannett of $3.0 million in the first quarter of 2022
◦Adjusted net income attributable to Gannett(1) of $5.8 million
•Adjusted EBITDA(1) totaled $62.9 million, a decrease of 2.0% compared to the first quarter of 2022
◦Adjusted EBITDA margin(1) of 9.4%
•Cash provided by operating activities of $6.7 million
•Free cash flow(1) usage of $2.1 million

(1) See "Use of Non-GAAP Information" below for information about these non-GAAP measures.
(2) Core platform revenues is defined as revenue derived from customers utilizing our proprietary digital marketing services platform that are sold by either our direct or local market teams.

The following information was filed by Gannett Co., Inc. (GCI) on Thursday, May 4, 2023 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 (Unaudited)
Condensed Consolidated Statements Of Equity (Unaudited)
Condensed Consolidated Statements Of Equity (Unaudited) (Parenthetical)
Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss) (Unaudited)
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 - 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)
Debt - Senior Secured Term Loan (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
Integration And Reorganization Costs (Tables)
Integration And Reorganization Costs - Facility Consolidation Charges And Accelerated Depreciation (Details)
Integration And Reorganization Costs - Restructuring Reserve (Details)
Integration And Reorganization Costs - 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 - Pension 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 (Loss) Income (Details)
Supplemental Equity Information - Computation Of Diluted Income (Loss) Per Share (Details)
Supplemental Equity Information - Income (Loss) Per Share (Basic And Diluted) (Details)
Supplemental Equity Information - Narrative (Details)
Supplemental Equity Information - Preferred Stock And Stock Repurchase Program (Details)
Ticker: GCI
CIK: 1579684
Form Type: 10-Q Quarterly Report
Accession Number: 0001579684-23-000023
Submitted to the SEC: Thu May 04 2023 10:43:37 AM EST
Accepted by the SEC: Thu May 04 2023
Period: Friday, March 31, 2023
Industry: Newspapers Publishing Or Publishing And Printing

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