Gannett Announces Third Quarter 2023 Results

  • Operating Income of $34.9 million; Net Loss Attributable to Gannett of $2.6 million
  • Adjusted EBITDA(1) of $59.5 million, up 15% Year-over-Year
  • Cash Provided by Operating Activities of $20.6 million; Free Cash Flow(1) of $7.4 million
  • Repaid $65.3 million in Debt; First Lien Net Leverage Below 2.0x

“In the third quarter, we drove significant improvement to our bottom line, along with sustained growth in both Adjusted EBITDA(1) and total digital revenues. Furthermore, for the third consecutive quarter, we achieved a sequential improvement in same-store revenues(1). Our financial results for the third quarter reflect the continued progress on our strategy and our resilience in successfully navigating a challenging operating environment for our advertising clients. The positive momentum observed in our key financial metrics underscores our relentless effort to execute on our strategy, which we believe will result in long term sustainable revenue and profit growth, along with much lower debt levels,” said Michael Reed, Gannett Chairman and Chief Executive Officer.
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