Gannett Company Inc. (NYSE:GCI) Q3 2021 Earnings Conference Call November 5, 2021 8:30 AM ET Company Participants Mike Reed - Chief Executive Officer Doug Horne - Chief Financial Officer Trisha Gosser - Investor Relations Conference Call Participants Doug Arthur - Huber Research Lawrence Fuller - Fuller Asset Management Operator Greetings. Welcome to the Gannett third quarter earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presen ...

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________ FORM 10-Q _______________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-36097 ___________________________ GANNETT CO., INC. (Exact name of registrant as specified in its charter) Delaware 38-39102 ...

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Financial Data and Key Metrics Changes - Total operating revenues for Q2 were $804.3 million, an increase of 4.9% year-over-year, with same-store revenue growth of 6.8% [41] - Adjusted EBITDA totaled $115.8 million, up 48.4% year-over-year, with an adjusted EBITDA margin of 14.4%, an increase from 10.2% in the prior year [42] - Net income for the quarter was $15.1 million, with adjusted net income of $30.1 million [43] Business Line Data and Key Metrics Changes - Publishing segment revenue was $724.5 million, up 4.2% year-over-year, with advertising revenue increasing by 10.7% [44] - Digital advertising and marketing services revenues increased by 35.9% on a same-store basis, with national sales of digital advertising growing by 77% [45] - Digital marketing services revenue grew 41% year-over-year, with a significant increase in average revenue per user (ARPU) from $1,600 to $2,300 [52][54] Market Data and Key Metrics Changes - Digital-only subscribers grew by 41% year-over-year to approximately 1.4 million, contributing to a 40% increase in digital-only revenue [50] - The company achieved 174 million unique visitors per month, ranking sixth in digital reach among domestic peers [12] Company Strategy and Development Direction - The company is focused on accelerating digital subscription growth, with a goal of reaching 10 million digital-only subscribers by 2025 [14] - A strategic partnership was announced with Typical U.S. in the sports gaming sector, expected to enhance value for subscribers and drive growth [29][31] - Continued investment in local and regional content is prioritized to improve subscriber retention and engagement [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued growth in digital subscriptions and digital marketing solutions, with expectations for same-store revenue growth in the low single digits for Q3 [38] - The company anticipates adjusted EBITDA growth for the fourth consecutive quarter, reflecting strong execution against strategic priorities [62] Other Important Information - The company repaid approximately $46 million in debt during the quarter, reducing the principal balance under its term loan to below $1 billion [10] - Free cash flow for the quarter was $23.1 million, impacted by working capital timing [59] - The company expects to generate $80 million to $100 million in incremental asset sales during the second half of the year [61] Q&A Session Summary Question: What are the expectations for digital subscription growth? - Management highlighted record growth in digital-only subscribers, with a target of 10 million by 2025, driven by new product launches and data-driven strategies [14][66] Question: How is the company addressing the challenges in the advertising market? - The company reported strong national demand for digital advertising, with significant growth in both owned and operated and third-party properties [45][66] Question: What is the outlook for the events business? - Management noted a slight increase in live events, with expectations for more favorable conditions in the latter half of the year despite ongoing pandemic impacts [34][66]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Delaware 38-3910250 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) 7950 Jones Branch Drive, McLean, Virginia 22107-0910 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (703) 854-6000 Securities registered pursuant to Section 12(b) of the Act: Washington, D.C. 20549 _______________________ FORM 10-Q _______________________ ☒ QUARTERLY REPORT PURSUANT TO ...

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Financial Data and Key Metrics Changes - First quarter total operating revenues were $777.1 million, a decrease of 18.1% compared to the prior quarter [37] - Adjusted EBITDA totaled $100.5 million, up $1.4 million or 1.4% year-over-year, with an adjusted EBITDA margin of 12.9%, growing 250 basis points over the prior year [39][40] - The company reported a net loss of $142.3 million, which included a non-cash charge of $126.6 million related to convertible notes [50][51] Business Line Data and Key Metrics Changes - Publishing segment revenue was $699.6 million, with print advertising revenue decreasing 24.9% year-over-year [41] - Digital advertising and marketing services revenues decreased 10.4% on a same-store basis [42] - Digital-only subscribers grew 37.2% year-over-year, reaching approximately 1.2 million, with digital-only subscriber revenue growing 46.3% [45] Market Data and Key Metrics Changes - Digital revenues accounted for approximately 30% of total revenue, while print advertising was less than 25% [18] - Circulation revenues decreased 12.9% compared to the prior year on a same-store basis [44] - The company experienced record audience metrics in Q1 of 2020, which impacted year-over-year comparisons [42] Company Strategy and Development Direction - The company is committed to a subscription-led digital business strategy, aiming for 10 million paid digital-only subscriptions in the next five years [20][65] - Five key pillars of the strategy include accelerating digital subscriber growth, driving digital marketing services growth, optimizing traditional businesses, prioritizing investments in growth businesses, and building an inclusive culture [20][35] - The company is exploring opportunities in the sports gaming sector and non-fungible tokens (NFTs) as new business avenues [30][34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for continued sequential improvement in Q2, anticipating low to mid-single-digit total revenue growth and over 30% adjusted EBITDA growth [11][12] - The company is well-positioned for significant adjusted EBITDA growth for the full year 2021 compared to 2020 [12] - Management highlighted the importance of leveraging their media reach and trusted brands to drive digital offerings and create recurring revenue streams [70][71] Other Important Information - The company has refinanced its debt, lowering the overall cost of capital from 11.5% to about 7.17% [13] - The company ended the quarter with approximately $1.54 billion of total debt and a cash balance of $163.5 million [53][54] - The company received approval for approximately $16.2 million in PPP funding under the CARES Act [56] Q&A Session Summary Question: Digital circulation revenue and strategy execution - Management discussed initiatives to increase digital subscriptions, including consistent metering and best practices based on market geography [61][63] Question: Concentration of digital subscribers - The majority of digital subscribers are concentrated in the top 50 markets, not just the largest cities [66] Question: Balance sheet and debt repayment capacity - Management indicated significant debt paydown is expected by the end of the year, driven by asset sales and cash flow [67]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________ FORM 10-Q _______________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-36097 ___________________________ GANNETT CO., INC. (Exact name of registrant as specified in its charter) Delaware 38-3910250 ( ...

| --- | --- | --- | |---------------------------------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Q4 and Full Year 2020 Earnings | | | | February 25, 2021 | | | Disclaimer and Notes 2 In General. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the "Presentation." Prior to November 19, 2019, our corpor ...