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
details at: https://s1.q4cdn.com/307481213/files/doc_financials/2022/q1/GCI-Q1-2022-EX-99.1-Earnings-Release_FINAL.pdf

Related Posts

Meredith Corporation Reaches Agreement To Sell Time Inc. UK To Epiris

Meredith Corporation announced that it has entered into a binding agreement with Epiris Fund II, advised by Epiris LLP (a UK private equity firm), to sell Time Inc. UK. Formerly owned by Time Inc., Time Inc. UK was acquired by Meredith on January 31, 2018, as part of its acquisition of Time Inc., which had been in the process of selling Time Inc. UK. Time Inc. UK is one of the UK's leading media companies, creating quality content that entertains millions of UK consumers every day. With a heritage spanning 165 years, its portfolio encompasses more than 50 well-known brands, including Country Life, What's on TV, Woman's Weekly and Wallpaper*, and operates across multiple platforms – print, online, mobile, TV and experiences. Click Read More below for additional information.

USPS Service Performance Improvement Holds Steady in Latest Weekly Update

The U.S. Postal Service provided updated third quarter service performance data through the week of June 18th which shows performance improvement continues to hold steady since the second quarter. Performance numbers below include the weeks of April 1 through June 18: *First-Class Mail: 87.5 percent of First-Class Mail delivered on-time against the USPS service standard, an over 9 percent increase over the second quarter. *Marketing Mail: 90.8 percent of Marketing Mail delivered on time against the USPS service standard, a nearly 6 percent increase over the second quarter. *Periodicals: 79.1 percent of Periodicals delivered on time against the USPS service standard, a nearly 8 percent increase over the second quarter.

ACMA National Forum Returns to Washington: Registration & Agenda Now Available

We're excited to formally open up registration and make the complete agenda available for the 15th Annual National Forum in Washington June 13-15, 2022. Please see the links below. In brief, here are some reasons you can't afford to miss this event: • Consumer privacy legislation continues to pop up state by state. • The Supreme Court's decision in South Dakota v. Wayfair was four years ago, but the aftereffects continue to hinder many e-commerce and catalog businesses and it’s getting worse. • Heavy focus on the significant Supply Chain Challenges. • After years of aggressive lobbying by the ACMA, the recent passage of the Postal Service Reform Act is a great first step toward ensuring your future ability to use the mail to promote your business but that alone is not enough. And More! Conference Registration - First Come First Served at https://catalogmailers.org/product/15th-annual-national-catalog-forum-registration-page/
Back To Top
×Close search
Search