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Gannett Co., Inc. (GCI) SEC Filing 10-Q Quarterly Report for the period ending Friday, June 30, 2023

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Gannett Co., Inc.

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CIK: 1579684 Ticker: GCI

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Gannett Announces Second Quarter 2023 Results and Raises Full Year Outlook

•Operating Income of $13.5 million; Net Loss Attributable to Gannett of $12.7 million
•Adjusted EBITDA(1) of $71.2 million, up 40% Year-over-Year
•Cash Provided by Operating Activities of $46.1 million, up 250% Year-over-Year, Free Cash Flow(1) of $38.4 million, up 189% Year-over-Year

Total Digital Revenues returned to growth in Q2; expect further improvement to digital growth trend in Q3
Improving Digital-only subscription monetization; Digital-only ARPU(2) up 6% Year-over-Year to $6.35
DMS achieved record high core platform revenues(3) and ARPU(2); sequential improvement to customer count(2)

MCLEAN, VA — August 3, 2023 — Gannett Co., Inc. ("Gannett", "we", "us", "our", or the "Company") (NYSE: GCI) today reported its financial results for the second quarter ended June 30, 2023.

“We are pleased to report strong operational and financial results for the quarter. In the second quarter, Adjusted EBITDA grew by 40% year-over-year, reflecting a margin of approximately 11%, a sizable increase compared to the prior year's margin of about 7%. Additionally, free cash flow increased by 189% year-over-year, while our strategic initiatives drove ongoing sequential improvements in same-store revenue trends. As a result, our total digital revenues returned to growth in the second quarter and account for nearly 40% of total revenues, representing an all-time high. We believe we are making great progress on our strategy, and our results signify a notable turning point in our business trajectory", said Michael Reed, Gannett Chairman and Chief Executive Officer.

"In the second quarter, our digital businesses continued to deliver solid results. Digital-only subscription revenues experienced growth of 17% year-over-year on a same store basis, while our digital marketing solutions business achieved record high core platform revenues and ARPU, and sustained strong Adjusted EBITDA margins. We also repaid $15 million of debt, and combined with our improving Adjusted EBITDA performance, we materially reduced our first lien net leverage to 2.26x, while maintaining a healthy liquidity position."

"We continue to build on the strong foundation we laid over the past year and our focus persists on profitability, digital revenue growth and continuing to enhance our balance sheet. We believe that focus is evident in our results, enabling us to raise our full year guidance again this quarter. We expect sustained improvement in same store revenue trends throughout the second half of the year, alongside more substantial growth in our digital revenue trends. Our strong performance expected in the latter half of this year also extends to Adjusted EBITDA and free cash flow, reinforcing our confidence in achieving a first lien net leverage well below 2.0x by the end of 2023."


Second Quarter 2023 Highlights:
•Total revenues of $672.4 million decreased 10.2% compared to the second quarter of 2022
◦Same store revenues(1) decreased 8.6% compared to the second quarter of 2022, reflecting a sequential improvement of 70 basis points compared to the first quarter of 2023
•Total digital revenues were $262.1 million, or 39.0% of total revenues, up 0.8% over the same period in the prior year on a same store(1) basis
•Net loss attributable to Gannett of $12.7 million improved by $41.0 million versus the net loss attributable to Gannett of $53.7 million in the second quarter of 2022
◦Adjusted net loss attributable to Gannett(1) of $6.0 million
•Adjusted EBITDA(1) totaled $71.2 million, an increase of 39.9% compared to the second quarter of 2022
(1) See "Use of Non-GAAP Information" below for information about these non-GAAP measures.
(2) See "Key Performance Indicators" ("KPI") below for information about our use of KPIs.
(3) 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, August 3, 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 (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Narrative (Details)
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)
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Segment Reporting (Tables)
Segment Reporting - Narrative (Details)
Segment Reporting - Reconciliation Of Ebitda To Operating Loss (Details)
Segment Reporting -Segment Information (Details)
Supplemental Equity Information
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Supplemental Equity Information - Accumulated Other Comprehensive (Loss) Income (Details)
Supplemental Equity Information - Computation Of Diluted Loss Per Share (Details)
Supplemental Equity Information - Loss Per Share (Basic And Diluted) (Details)
Supplemental Equity Information - Narrative (Details)
Supplemental Equity Information - Preferred Stock And Stock Repurchase Program (Details)

Material Contracts, Statements, Certifications & more

Gannett Co., Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: GCI
CIK: 1579684
Form Type: 10-Q Quarterly Report
Accession Number: 0001579684-23-000033
Submitted to the SEC: Thu Aug 03 2023 10:07:02 AM EST
Accepted by the SEC: Thu Aug 03 2023
Period: Friday, June 30, 2023
Industry: Newspapers Publishing Or Publishing And Printing

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