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

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Gannett Co., Inc.

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CIK: 1579684 Ticker: GCI

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Gannett Announces Third Quarter 2023 Results & Updated Full Year Outlook

•Operating Income of $34.9 million; Net Loss Attributable to Gannett of $2.6 million
•Adjusted EBITDA(1) of $59.5 million, up 15% Year-over-Year
•Cash Provided by Operating Activities of $20.6 million; Free Cash Flow(1) of $7.4 million
•Repaid $65.3 million in Debt; First Lien Net Leverage Below 2.0x

MCLEAN, VA — November 2, 2023 — Gannett Co., Inc. ("Gannett", "we", "us", "our", or the "Company") (NYSE: GCI) today reported its financial results for the third quarter ended September 30, 2023.

"In the third quarter, we drove significant improvement to our bottom line, along with sustained growth in both Adjusted EBITDA(1) and total digital revenues. Furthermore, for the third consecutive quarter, we achieved a sequential improvement in same-store revenues(1). Our financial results for the third quarter reflect the continued progress on our strategy and our resilience in successfully navigating a challenging operating environment for our advertising clients. The positive momentum observed in our key financial metrics underscores our relentless effort to execute on our strategy, which we believe will result in long term sustainable revenue and profit growth, along with much lower debt levels", said Michael Reed, Gannett Chairman and Chief Executive Officer.

"We remain focused on improving profitability, improving revenue trends through digital revenue growth, and debt repayment. In the third quarter we repaid $65 million of debt, which combined with our Adjusted EBITDA(1) growth, reduced our first lien net leverage to below 2.0x. We also maintained a strong liquidity position with $109 million of cash at the end of the third quarter. Equally important, total digital revenues surpassed 40% of total revenues, growing 3% year-over-year on a same store basis(1). We expect this trend of digital revenue growth to continue into the fourth quarter of 2023."

"We continue to focus on and expand our partnerships to generate new digital and affiliate revenues. Our recent agreements with Jackpocket and Red Ventures bring the total number of executed partnerships to four, which we believe will allow us to expand our audience and create additional monetization opportunities."

"Our progress and results in 2023 serve as a testament to the strength of our strategy, prudent cost management, and our seasoned management team. We've shown resilience across various operating environments, and as a result, we are confident in our ability to navigate any near-term volatility and drive sustained, long-term value for our shareholders. As you may expect, no evolution from an analog business to a digital business is a straight line. We are making substantive progress on our evolution in key areas."

"We expect 2023 will be a good year by most measures that are critical to our strategy. Importantly, we expect to end the year with overall revenue trend improvement, growth in both total digital revenues and Adjusted EBITDA, significant free cash flow generation, meaningful debt reduction, and first lien net leverage below 2.0x. With our continued execution we expect to improve on all these areas in 2024 and beyond, and remain optimistic about creating sustainable growth and significant value for our shareholders."

Third Quarter 2023 Highlights:
•Total revenues of $652.9 million decreased 9.1% compared to the third quarter of 2022
◦Same store revenues(1) decreased 8.4% compared to the third quarter of 2022, as compared to a decrease of 8.6% in the second quarter of 2023
•Total digital revenues were $263.6 million, or 40.4% of total revenues, up 2.7% over the same period in the prior year on a same store basis(1)
•Net loss attributable to Gannett of $2.6 million improved by $51.5 million versus the net loss attributable to Gannett of $54.1 million in the third quarter of 2022
•Adjusted EBITDA(1) totaled $59.5 million, an increase of 14.7% compared to the third quarter of 2022
◦Adjusted EBITDA margin(1) of 9.1% improved 190 basis points compared to the 7.2% Adjusted EBITDA margin(1) in the third quarter of 2022
(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, November 2, 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 Income (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)
Other Supplemental Information - Supplemental Lease Information (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 Loss (Details)
Supplemental Equity Information
Supplemental Equity Information (Tables)
Supplemental Equity Information - Accumulated Other Comprehensive Loss (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)
Ticker: GCI
CIK: 1579684
Form Type: 10-Q Quarterly Report
Accession Number: 0001579684-23-000042
Submitted to the SEC: Thu Nov 02 2023 10:06:00 AM EST
Accepted by the SEC: Thu Nov 02 2023
Period: Saturday, September 30, 2023
Industry: Newspapers Publishing Or Publishing And Printing

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