Gannett Announces Third Quarter 2021 Results

Gannett Co., Inc. (“Gannett”, “we”, “us”, “our”, or the “Company”) (NYSE: GCI) today reported its financial results for the third quarter ended September 30, 2021.

“Nine months ago, we outlined a long-term vision for growth at Gannett. While we are still in early stages, the strong growth in digital-only circulation and digital marketing solutions confirms we are on the right path as evidenced by Adjusted EBITDA and same store revenue growth in the third quarter of 2021,” said Michael Reed, Gannett Chairman and Chief Executive Officer.

“With digital revenue accounting for over one-third of total revenue and growing, we are excited about the Company’s evolution to a digitally focused content platform and the early momentum of our subscription-led strategy.”

“We remain committed to maximizing shareholder value and we believe this is achievable through the execution of our long-term strategy coupled with our improved capital structure, lower cost of debt, and new credit facility, each of which provides us greater financial flexibility to conduct share repurchases and redeem our previously issued convertible notes.”

Third Quarter 2021 Financial Highlights:
• Total revenues of $800.2 million decreased 1.8% compared to the prior year quarter
◦ Same store revenues increased 0.9% compared to the third quarter of 2020
• Total digital revenues were $265.0 million or 33.1% of total revenues, up 17.8% over the prior year period on a same store basis
• Net income attributable to Gannett of $14.7 million
• Adjusted net income attributable to Gannett of $26.5 million
• Adjusted EBITDA totaled $102.1 million, an increase of 16.0% compared to the third quarter of 2020, the fourth consecutive quarter of year-over-year growth
◦ Adjusted EBITDA margin of 12.8% versus 10.8% in the prior year period
◦ Prior year third quarter Adjusted EBITDA includes $4.8 million related to businesses that the Company divested in the fourth quarter of 2020
• Net cash flow provided by operating activities of $40.8 million
• Free cash flow of $29.3 million
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