Gannett Announces Second Quarter 2021 Results

“The solid results of the second quarter of 2021 underscore the strength of our strategy and the execution of our team. Digitalonly subscriber growth continued to set new records in the second quarter of 2021, ending the quarter at approximately 1.4 million, up 41% compared to a year ago. Our Digital Marketing Solutions segment posted significant year-over-year growth and continued to grow platform client count sequentially each quarter,” said Michael Reed, Gannett Chairman and Chief Executive Officer. “The Company once again grew Adjusted EBITDA year-over-year, now for the third quarter in a row. With digital revenues making up approximately one-third of our total revenue and growing, we believe we are well positioned for the second alf of the year and beyond.”

Second Quarter 2021 Financial Highlights:
• Total revenues of $804.3 million rose 4.9% compared to the prior year quarter ◦ Same store revenues (as defined and reconciled on Table No. 5 below) increased 6.8% compared to the second quarter of 2020
• Total digital revenues were $259.3 million or 32.2% of total revenues
• Net income attributable to Gannett of $15.1 million
• Adjusted net income attributable to Gannett of $30.1 million
• Adjusted EBITDA totaled $115.8 million, an increase of $37.8 million or 48.4% compared to the second quarter of 2020 and represented a 14.4% margin
• Net cash flow provided by operating activities of $31.3 million
• Free cash flow of $23.1 million
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