Gannett Announces First Quarter 2022 Results

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 digitalonly 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
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