Gannett Announces Fourth Quarter 2021 Results

Gannett Co., Inc. (“Gannett”, “we”, “us”, “our”, or the “Company”) (NYSE: GCI) today reported its financial results for the fourth quarter ended December 31, 2021.

“During 2021 we made excellent progress executing on our strategy to evolve our business. We continued to make meaningful progress against our key operating pillars and we expect to carry this momentum forward. We achieved several key milestones in 2021, including total digital revenues surpassing $1 billion with growth exceeding 9% year-over-year and 11% on a same store basis(1) year-over-year. Further, our digital-only circulation revenue surpassed $100 million in 2021 and paid digital-only subscribers surpassed 1.6 million. We expect continued strong growth in these categories. In addition, we repaid over $235 million in debt during 2021, and through two refinancing efforts, lowered our cost of debt to approximately 5.8% and our first lien net leverage has dropped to 1.7x at year end,” said Michael Reed, Gannett Chairman and Chief Executive Officer.

“A benefit of the significant progress we have made with regard to our strategy is better visibility going forward. As part of our enhanced guidance, we expect 2022 free cash flow to nearly double from 2021, and for free cash flow to grow through 2025 at a 40% compound annual growth rate. We expect to surpass 2 million paid digital subscribers this year, and to grow at an annual rate of approximately 40% through 2025.”

Fourth Quarter 2021 Financial Highlights:
• Total revenues of $826.5 million decreased 5.6% compared to the prior year quarter ◦ Same store revenues(1) decreased 4.3% compared to the fourth quarter of 2020
• Total digital revenues were $272.6 million or 33% of total revenues, up 5.0% over the same period in the prior year on a same store(1) basis
• Net loss attributable to Gannett of $22.4 million and margin loss of 2.7%
• Adjusted net income attributable to Gannett(1) of $42.8 million
• Adjusted EBITDA(1) totaled $115.4 million, a decrease of 22.5% compared to the fourth quarter of 2020 ◦ Adjusted EBITDA margin(1) of 14.0%
• Cash used for operating activities of $5.9 million and free cash flow(1) usage of $18.2 million
details at: https://s1.q4cdn.com/307481213/files/doc_financials/2021/q4/GCI-Q4-2021-EX-99.1-Earnings-Release_FINAL_FINAL.pdf

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