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    Gannett Announces Fourth Quarter 2024 Results & Business Outlook

    2/20/25 8:00:00 AM ET
    $GCI
    Newspapers/Magazines
    Consumer Discretionary
    Get the next $GCI alert in real time by email

    Gannett Co., Inc. ("Gannett", "we", "us", "our", or the "Company") (NYSE:GCI) today reported its financial results for the fourth quarter ended December 31, 2024.

    "In 2024, we made continued strong progress executing on our strategy to advance our digital transformation, resulting in total digital revenues exceeding 45% of total revenues in the fourth quarter, and amounting to over $1.1 billion for the year. Equally important, we expanded our audience, improved engagement, and grew digital revenues through diversified channels. Total 2024 digital revenues increased by over 5% compared to 2023," said Michael Reed, Gannett Chairman and Chief Executive Officer.

    "The successful execution of our strategy has driven continued improvement across our key financial metrics. In 2024, we delivered full-year growth in both Adjusted EBITDA and free cash flow, while driving improvement to our bottom line. We also remained focused on enhancing our capital structure in 2024, which was evidenced by repaying $73.5 million of debt in addition to repayments made in connection with the completion of our comprehensive refinancing that extended our debt maturities and significantly reduced potential future dilution from our convertible notes."

    "With our continued strong performance, we are pleased to have delivered on the expectations we set for 2024 at the beginning of the year for total revenue, Adjusted EBITDA, free cash flow, and net income. This success reinforces our confidence in achieving our 2025 expectations that we shared this morning. Further, when considering the impact of the refinancing we completed in Q4, our expectations for 2025 and 2026 remain in line with the guidance provided at the start of 2024. While transformations are never a straight line, the reaffirmation of our key financial goals demonstrates the continued progress we are making on our transformation."

    "As we look ahead to 2025, we expect to build on that progress and drive improvement across our key financial metrics. We believe we are well-positioned to realize total revenue growth during 2025, growth in both total digital revenues and Adjusted EBITDA, significant free cash flow generation, and meaningful debt reduction. We are excited about our operational and financial plans for 2025, as well as the opportunity to create meaningful value for both our shareholders as well as the communities that we serve."

    Fourth Quarter 2024 Digital Highlights (Year-Over-Year):

    • Total digital revenues of $280.4 million increased 1.2%, or 3.4% on a same store basis(1)
    • Digital-only subscription revenues of $49.0 million grew 17.0%
    • 200 million(2) average monthly unique visitors, an increase of 7.0%
    • Digital advertising revenues of $92.7 million grew 1.7%

    Additional Fourth Quarter 2024 Highlights (Year-Over-Year):

    • Total revenues of $621.3 million decreased 7.2%
      • Total revenues were impacted by the decision to sell or shut down certain non-strategic assets
    • Same store revenues(1) decreased 5.5%, reflecting an improvement of 250 basis points
    • Net income attributable to Gannett of $64.3 million, a margin of 10.4%
    • Adjusted Net income attributable to Gannett(1) of $38.3 million improved by $56.5 million
    • Adjusted EBITDA(1) totaled $78.2 million, an increase of 5.5%
    • Adjusted EBITDA(1) margin of 12.6% improved by 150 basis points
    • Cash provided by operating activities of $9.0 million
    • Free cash flow(1) of $3.8 million
    ________________________

    (1)

    Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income (loss) attributable to Gannett, Free cash flow, and Same store revenues are non-GAAP measures. See "Use of Non-GAAP Information" below for information about these non-GAAP measures.

    (2)

    200 million average monthly unique visitors in the fourth quarter of 2024 with approximately 149 million average monthly unique visitors coming from our U.S. media network, which includes USA TODAY (based on December 2024 Comscore Media Metrix®) and approximately 51 million average monthly unique visitors resulting from our U.K. digital properties (based on Adobe Analytics).

    Capital Structure Highlights:

    • As of December 31, 2024, the Company had cash and cash equivalents of $106.3 million
    • Total principal debt outstanding at December 31, 2024 was $1,111.8 million, including $850.0 million in first lien debt
    • First lien net leverage(3) was 2.7x
    • In February 2025, the Company entered into an asset purchase agreement with Hearst Corporation to divest the Austin American-Statesman, which is expected to close in the first quarter of 2025

    Business Outlook(4)

    The Company presents its full year outlook for 2025. The Company's estimates factor in the pending sale of the Austin American-Statesman but do not factor in the impact of any future acquisitions or dispositions.

    • Full Year 2025 Business Outlook(4)
      • Total digital revenues are expected to grow approximately 7%-10% on a same store basis(1)
        • Total digital revenues are expected to make up 50% of total revenues during 2025
      • Total revenues are expected to be down in the low single digits on a same store basis(1)
        • Same store(1) revenue trends are expected to grow on an overall basis during 2025
      • Net income attributable to Gannett is expected to improve compared to the prior year
      • Adjusted EBITDA(1) is expected to grow versus the prior year
      • Cash provided by operating activities is expected to grow in excess of 30% versus the prior year
      • Free cash flow(1) is expected to grow in excess(5) of 40% versus the prior year

    Financial Highlights

    In thousands

    Fourth Quarter 2024

     

    Full Year 2024

    Revenues

    $

    621,275

     

    $

    2,509,315

     

    Net income (loss) attributable to Gannett

     

    64,319

     

     

    (26,354

    )

    Adjusted EBITDA(6) (non-GAAP basis)

     

    78,158

     

     

    273,189

     

    Adjusted net income attributable to Gannett(6) (non-GAAP basis)

     

    38,320

     

     

    24,970

     

    Cash provided by operating activities

     

    8,989

     

     

    100,310

     

    Free cash flow(6) (non-GAAP basis)

     

    3,832

     

     

    58,445

     

    ________________________

    (3)

    As of December 31, 2024, the First Lien Net Leverage ratio was calculated by subtracting cash on the balance sheet from the sum of our five-year first lien term loan facility (the "2029 Term Loan Facility") and dividing that by Q4 2024 LTM Adjusted EBITDA. The 6% Senior Secured Convertible Notes due 2027 and 6% Senior Secured Convertible Notes due 2031 are secured by liens junior to those securing our 2029 Term Loan Facility.

    (4)

    Projections are based on Company estimates as of February 20, 2025 and are provided solely for illustrative purposes. Actual results may vary. The Company undertakes no obligation to update this information. Additionally, the Company's estimates do not factor in the impact of any future acquisitions or dispositions. The Company's future financial results could differ materially from the Company's current estimates.

    (5)

    Capital expenditures are expected to increase as a result of investments in technology and products.

    (6)

    Refer to "Use of Non-GAAP Information" below for the Company's definition of Adjusted EBITDA, Adjusted net income (loss) attributable to Gannett, and Free cash flow, as well as the reconciliation of such measures to the most comparable GAAP measure.

    Earnings Conference Call

    Management will host a conference call on Thursday, February 20, 2025 at 8:30 A.M. Eastern Time to review the financial and operating results for the period. A copy of the earnings release will be posted to the Investor Relations section of Gannett's website, investors.gannett.com. The conference call may be accessed by dialing 1-888-506-0062 (from within the U.S.) or 1-973-528-0011 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference "Gannett Fourth Quarter Earnings Call" or access code "669986". We use our website as a channel of distribution for important Company information and we use the investors.gannett.com website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. A simultaneous webcast of the conference call will be available to the public on a listen-only basis at investors.gannett.com. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the internet broadcast. A telephonic replay of the conference call will also be available approximately two hours following the call's completion through 11:59 P.M. Eastern Time on Thursday, March 6, 2025 by dialing 1-877-481-4010 (from within the U.S.) or 1-919-882-2331 (from outside of the U.S.); please reference access code "50823". A transcript of our earnings call held today also will be posted to the investors.gannett.com website.

    About Gannett

    Gannett Co., Inc. (NYSE:GCI) is a diversified media company with expansive reach at the national and local level dedicated to empowering and enriching communities. We seek to inspire, inform, and connect audiences as a sustainable, growth focused media and digital marketing solutions company. Through our trusted brands, including the USA TODAY NETWORK, comprised of the national publication, USA TODAY, and local media organizations, including our network of local properties, in the United States, and Newsquest, a wholly-owned subsidiary operating in the United Kingdom, we provide essential journalism, local content, and digital experiences to audiences and businesses. We deliver high-quality, trusted content with a commitment to balanced, unbiased journalism, where and when consumers want to engage. Our digital marketing solutions brand, LocaliQ, supports small and medium-sized businesses with innovative digital marketing products and solutions.

    Cautionary Statement Regarding Forward-Looking Statements

    Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, our full year 2025 business outlook, statements regarding our business outlook, digital revenue performance and growth, growth in our Digital Marketing Solutions segment, growth of and demand for our digital-only subscriptions and audience, digital marketing and advertising services, digital revenues, monetization of our audience, print advertising trends and revenues, expected results of our targeting and pricing models, expectations regarding our cash from operating activities, free cash flows, revenues, net income (loss) attributable to Gannett, Adjusted EBITDA, same store revenues and cash flows, expectations regarding our long-term growth, sustainable growth, and inflection in our revenue, our ability to create long-term stockholder value, our expectations, in terms of both amount and timing, with respect to debt repayment, our expectations with respect to the effects of our refinancing transaction, expectations regarding our divestiture of the Austin American-Statesman and the closing of such transaction, our expected capital expenditures, expectations regarding real estate and non-strategic asset sales, our strategy, our partnerships, our ability to achieve our operating priorities, our long-term opportunities, economic impacts, our ability to navigate volatility, achieve our financial goals, optimize our capital structure and achieve optimal financial performance, our cost structure, future revenue and expense trends, and our ability to influence trends. Words such as "expect(s)", "believe(s)", "aim(s)", "will", "can", "outlook", "guidance", "estimate(s)", "project(s)", "suggest", "trend", "focus", and similar expressions are intended to identify such forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties. These and other risks and uncertainties could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond our control. The Company can give no assurance its expectations will be attained. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time in the Company's most recent Annual Report on Form 10-K, our quarterly reports on Form 10-Q, and our other filings with the Securities and Exchange Commission. Furthermore, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. Except to the extent required by law, the Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

    GANNETT CO., INC.

    CONSOLIDATED BALANCE SHEETS

     

    Table No. 1

     

     

     

    In thousands, except share data

    December 31, 2024

     

    December 31, 2023

    Assets

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    106,299

     

     

    $

    100,180

     

    Accounts receivable, net of allowance for credit losses of $13,596 and $16,338, respectively

     

    239,636

     

     

     

    266,096

     

    Inventories

     

    20,910

     

     

     

    26,794

     

    Prepaid expenses

     

    40,268

     

     

     

    36,210

     

    Other current assets

     

    18,782

     

     

     

    14,957

     

    Total current assets

     

    425,895

     

     

     

    444,237

     

    Property, plant, and equipment, net of accumulated depreciation of $337,013 and $336,408, respectively

     

    240,980

     

     

     

    239,087

     

    Operating lease assets

     

    143,955

     

     

     

    221,733

     

    Goodwill

     

    530,028

     

     

     

    533,876

     

    Intangible assets, net

     

    430,374

     

     

     

    524,350

     

    Deferred tax assets

     

    60,983

     

     

     

    37,125

     

    Pension and other assets

     

    207,932

     

     

     

    180,839

     

    Total assets

    $

    2,040,147

     

     

    $

    2,181,247

     

     

     

     

     

    Liabilities and equity

     

     

     

    Current liabilities:

     

     

     

    Accounts payable and accrued liabilities

    $

    318,384

     

     

    $

    293,444

     

    Deferred revenue

     

    108,000

     

     

     

    120,502

     

    Current portion of long-term debt

     

    74,300

     

     

     

    63,752

     

    Operating lease liabilities

     

    39,761

     

     

     

    45,763

     

    Other current liabilities

     

    5,157

     

     

     

    10,052

     

    Total current liabilities

     

    545,602

     

     

     

    533,513

     

    Long-term debt

     

    755,754

     

     

     

    564,836

     

    Convertible debt

     

    249,757

     

     

     

    416,036

     

    Deferred tax liabilities

     

    4,928

     

     

     

    2,028

     

    Pension and other postretirement benefit obligations

     

    37,820

     

     

     

    42,661

     

    Long-term operating lease liabilities

     

    167,731

     

     

     

    203,871

     

    Other long-term liabilities

     

    125,921

     

     

     

    100,989

     

    Total noncurrent liabilities

     

    1,341,911

     

     

     

    1,330,421

     

    Total liabilities

     

    1,887,513

     

     

     

    1,863,934

     

    Commitments and contingent liabilities

     

     

     

    Equity

     

     

     

    Preferred stock, $0.01 par value per share, 300,000 shares authorized, none of which were issued and outstanding at December 31, 2024 and December 31, 2023

     

    —

     

     

     

    —

     

    Common stock, $0.01 par value per share, 2,000,000,000 shares authorized; 158,835,742 shares issued and 147,388,555 shares outstanding at December 31, 2024; 158,554,705 shares issued and 148,939,463 shares outstanding at December 31, 2023

     

    1,588

     

     

     

    1,586

     

    Treasury stock, at cost, 11,447,187 shares and 9,615,242 shares at December 31, 2024 and December 31, 2023, respectively

     

    (20,540

    )

     

     

    (17,393

    )

    Additional paid-in capital

     

    1,281,801

     

     

     

    1,426,325

     

    Accumulated deficit

     

    (1,053,546

    )

     

     

    (1,027,192

    )

    Accumulated other comprehensive loss

     

    (56,164

    )

     

     

    (65,541

    )

    Total Gannett stockholders' equity

     

    153,139

     

     

     

    317,785

     

    Noncontrolling interests

     

    (505

    )

     

     

    (472

    )

    Total equity

     

    152,634

     

     

     

    317,313

     

    Total liabilities and equity

    $

    2,040,147

     

     

    $

    2,181,247

     

    GANNETT CO., INC.

    CONSOLIDATED STATEMENTS OF OPERATIONS

     

    Table No. 2

    Three months ended December 31,

     

    Year ended December 31,

    In thousands, except per share amounts

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

    (Unaudited)

     

     

     

     

    Digital

    $

    280,388

     

     

    $

    277,145

     

     

    $

    1,103,651

     

     

    $

    1,050,370

     

    Print and commercial

     

    340,887

     

     

     

    392,260

     

     

     

    1,405,664

     

     

     

    1,613,180

     

    Total revenues

     

    621,275

     

     

     

    669,405

     

     

     

    2,509,315

     

     

     

    2,663,550

     

    Operating costs

     

    375,799

     

     

     

    419,644

     

     

     

    1,545,584

     

     

     

    1,692,031

     

    Selling, general and administrative expenses

     

    178,663

     

     

     

    185,908

     

     

     

    726,028

     

     

     

    735,339

     

    Depreciation and amortization

     

    39,333

     

     

     

    38,496

     

     

     

    156,287

     

     

     

    162,622

     

    Integration and reorganization costs

     

    11,192

     

     

     

    6,009

     

     

     

    66,155

     

     

     

    24,468

     

    Asset impairments

     

    513

     

     

     

    —

     

     

     

    46,589

     

     

     

    1,370

     

    (Gain) loss on sale or disposal of assets, net

     

    (466

    )

     

     

    768

     

     

     

    1,106

     

     

     

    (40,101

    )

    Other operating expenses

     

    10,136

     

     

     

    722

     

     

     

    10,404

     

     

     

    1,550

     

    Total operating expenses

     

    615,170

     

     

     

    651,547

     

     

     

    2,552,153

     

     

     

    2,577,279

     

    Operating income (loss)

     

    6,105

     

     

     

    17,858

     

     

     

    (42,838

    )

     

     

    86,271

     

    Interest expense

     

    25,903

     

     

     

    26,969

     

     

     

    104,697

     

     

     

    111,776

     

    Gain on early extinguishment of debt

     

    (55,205

    )

     

     

    (1,316

    )

     

     

    (55,559

    )

     

     

    (4,529

    )

    Non-operating pension income

     

    (2,962

    )

     

     

    (2,375

    )

     

     

    (12,438

    )

     

     

    (9,382

    )

    Equity income in unconsolidated investees, net

     

    (271

    )

     

     

    (1,038

    )

     

     

    (548

    )

     

     

    (2,379

    )

    Other non-operating expense (income), net

     

    2,454

     

     

     

    (3,067

    )

     

     

    (1,317

    )

     

     

    (3,050

    )

    Non-operating expenses

     

    (30,081

    )

     

     

    19,173

     

     

     

    34,835

     

     

     

    92,436

     

    Income (loss) before income taxes

     

    36,186

     

     

     

    (1,315

    )

     

     

    (77,673

    )

     

     

    (6,165

    )

    (Benefit) provision for income taxes

     

    (28,132

    )

     

     

    21,581

     

     

     

    (51,286

    )

     

     

    21,729

     

    Net income (loss)

     

    64,318

     

     

     

    (22,896

    )

     

     

    (26,387

    )

     

     

    (27,894

    )

    Net loss attributable to noncontrolling interests

     

    (1

    )

     

     

    (4

    )

     

     

    (33

    )

     

     

    (103

    )

    Net income (loss) attributable to Gannett

    $

    64,319

     

     

    $

    (22,892

    )

     

    $

    (26,354

    )

     

    $

    (27,791

    )

    Income (loss) per share attributable to Gannett - basic

    $

    0.45

     

     

    $

    (0.16

    )

     

    $

    (0.18

    )

     

    $

    (0.20

    )

    Income (loss) per share attributable to Gannett - diluted

    $

    0.11

     

     

    $

    (0.16

    )

     

    $

    (0.18

    )

     

    $

    (0.20

    )

    GANNETT CO., INC.

    CONSOLIDATED STATEMENTS OF CASH FLOWS

     

    Table No. 3

    Year ended December 31,

    In thousands

     

    2024

     

     

     

    2023

     

    Operating activities

     

     

     

    Net loss

    $

    (26,387

    )

     

    $

    (27,894

    )

    Adjustments to reconcile net loss to operating cash flows:

     

     

     

    Depreciation and amortization

     

    156,287

     

     

     

    162,622

     

    Share-based compensation expense

     

    12,522

     

     

     

    16,567

     

    Non-cash interest expense

     

    18,072

     

     

     

    21,199

     

    (Benefit) provision for deferred income taxes

     

    (44,758

    )

     

     

    11,514

     

    Loss (gain) on sale or disposal of assets, net

     

    1,106

     

     

     

    (40,101

    )

    Gain on early extinguishment of debt

     

    (55,559

    )

     

     

    (4,529

    )

    Asset impairments

     

    46,589

     

     

     

    1,370

     

    Pension and other postretirement benefit obligations

     

    (23,916

    )

     

     

    (13,917

    )

    Equity income in unconsolidated investees, net

     

    (548

    )

     

     

    (2,379

    )

    Change in other assets and liabilities, net:

     

     

     

    Accounts receivable, net

     

    25,843

     

     

     

    34,135

     

    Inventory

     

    4,617

     

     

     

    18,510

     

    Prepaid expenses

     

    (1,820

    )

     

     

    16,680

     

    Accounts payable and accrued liabilities

     

    (1,934

    )

     

     

    (65,094

    )

    Deferred revenue

     

    (17,277

    )

     

     

    (29,971

    )

    Other assets and liabilities

     

    7,473

     

     

     

    (4,138

    )

    Cash provided by operating activities

     

    100,310

     

     

     

    94,574

     

    Investing activities

     

     

     

    Purchase of property, plant and equipment

     

    (49,534

    )

     

     

    (38,116

    )

    Proceeds from sale of real estate and other assets

     

    20,976

     

     

     

    85,298

     

    Change in other investing activities

     

    608

     

     

     

    (203

    )

    Cash (used for) provided by investing activities

     

    (27,950

    )

     

     

    46,979

     

    Financing activities

     

     

     

    Payments of deferred financing costs

     

    (8,933

    )

     

     

    —

     

    Borrowings of long-term debt

     

    837,671

     

     

     

    —

     

    Repayments of long-term debt

     

    (644,732

    )

     

     

    (133,821

    )

    Repurchase of convertible debt

     

    (248,211

    )

     

     

    —

     

    Proceeds from convertible debt

     

    110

     

     

     

    —

     

    Treasury stock

     

    (3,141

    )

     

     

    (2,642

    )

    Changes in other financing activities

     

    (1,617

    )

     

     

    952

     

    Cash used for financing activities

     

    (68,853

    )

     

     

    (135,511

    )

    Effect of currency exchange rate change on cash

     

    2,062

     

     

     

    (234

    )

    Increase in cash, cash equivalents and restricted cash

     

    5,569

     

     

     

    5,808

     

    Cash, cash equivalents and restricted cash at beginning of period

     

    110,612

     

     

     

    104,804

     

    Cash, cash equivalents and restricted cash at end of period

    $

    116,181

     

     

    $

    110,612

     

    GANNETT CO., INC.

    SEGMENT INFORMATION

    (Unaudited)

     

    Table No. 4

    Three months ended December 31,

     

    Year ended December 31,

    In thousands

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Revenues:

     

     

     

     

     

     

     

    Domestic Gannett Media

    $

    482,259

     

     

    $

    529,217

     

     

    $

    1,938,398

     

     

    $

    2,095,853

     

    Newsquest

     

    58,275

     

     

     

    58,178

     

     

     

    239,273

     

     

     

    233,980

     

    Digital Marketing Solutions

     

    117,035

     

     

     

    120,384

     

     

     

    477,807

     

     

     

    477,909

     

    Corporate and other

     

    1,363

     

     

     

    1,665

     

     

     

    5,656

     

     

     

    6,268

     

    Intersegment eliminations

     

    (37,657

    )

     

     

    (40,039

    )

     

     

    (151,819

    )

     

     

    (150,460

    )

    Total

    $

    621,275

     

     

    $

    669,405

     

     

    $

    2,509,315

     

     

    $

    2,663,550

     

    USE OF NON-GAAP INFORMATION

    The Company uses non-GAAP financial performance and liquidity measures to supplement the financial information presented on a U.S. generally accepted accounting principles ("U.S. GAAP") basis. These non-GAAP financial performance and liquidity measures, which may not be comparable to, and may be defined differently than, similarly titled measures used or reported by other companies, should not be considered in isolation from or as a substitute for the related U.S. GAAP measures and should be read together with financial information presented on a U.S. GAAP basis.

    We define our non-GAAP financial performance and liquidity measures as follows:

    • Adjusted EBITDA is a non-GAAP financial performance measure we believe offers a useful view of the overall and segment operations of our business. We define Adjusted EBITDA as Net income (loss) attributable to Gannett before (1) Income tax expense (benefit), (2) Interest expense, (3) Gains or losses on the early extinguishment of debt, (4) Non-operating pension income, (5) Loss on convertible notes derivative, (6) Depreciation and amortization, (7) Integration and reorganization costs, (8) Third-party debt expenses and acquisition costs, (9) Asset impairments, (10) Goodwill and intangible impairments, (11) Gains or losses on the sale or disposal of assets, (12) Share-based compensation, (13) Other non-operating (income) expense, net, and (14) Non-recurring items. The most directly comparable U.S. GAAP financial performance measure is Net income (loss) attributable to Gannett.
    • Adjusted EBITDA margin is a non-GAAP financial performance measure we believe offers a useful view of the overall and segment operations of our business. We define Adjusted EBITDA margin as Adjusted EBITDA divided by total Revenues.
    • Adjusted net income (loss) attributable to Gannett is a non-GAAP financial performance measure we believe offers a useful view of the overall operations of our business and is useful to analysts and investors in evaluating the results of operations and operational trends. We define Adjusted net income (loss) attributable to Gannett as Net income (loss) attributable to Gannett before (1) Gains or losses on the early extinguishment of debt, (2) Loss on convertible notes derivative, (3) Integration and reorganization costs, (4) Third-party debt expenses and acquisition costs, (5) Asset impairments, (6) Goodwill and intangibles impairments, (7) Gains or losses on the sale or disposal of assets, (8) Other items, including (Gain) loss on sale of investments, and (9) the tax impact of the above items.
    • Free cash flow is a non-GAAP liquidity measure that adjusts our reported U.S. GAAP results for items we believe are critical to the ongoing success of our business. We define Free cash flow as Cash provided by (used for) operating activities as reported on the consolidated statements of cash flows including the impact of (i) capital expenditures and excluding the impact of (ii) third-party debt expenses associated with the refinancing of debt. The result is a figure representing Free cash flow available for use in operations, additional investments, ongoing debt obligations, and returns to stockholders. The most directly comparable U.S. GAAP financial liquidity measure is Cash provided by (used for) operating activities.
    • Same store revenues is a non-GAAP financial performance measure based on our U.S. GAAP revenues for the current period, excluding (1) acquired revenues, (2) currency impact, and (3) exited operations.

    Management's Use of Non-GAAP Measures

    Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income (loss) attributable to Gannett, Free cash flow and Same store revenues are not measurements of financial performance or liquidity under U.S. GAAP and should not be considered in isolation or as an alternative to net income (loss), margin, income (loss) from operations, cash flow provided by (used for) operating activities, revenues, or any other measure of performance or liquidity derived in accordance with U.S. GAAP. We believe these non-GAAP financial performance and liquidity measures, as we have defined them, are helpful in identifying trends in our day-to-day performance because the items excluded have little or no significance on our day-to-day operations. These measures provide an assessment of core expenses and afford management the ability to make decisions which are expected to facilitate meeting current financial goals as well as achieve optimal financial performance.

    We use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net income (loss) attributable to Gannett, Free cash flow and Same store revenues as measures of our day-to-day operating performance, which is evidenced by the publishing and delivery of news and other media and excludes certain expenses that may not be indicative of our day-to-day business operating results.

    Limitations of Non-GAAP Measures

    Each of our non-GAAP measures have limitations as analytical tools. They should not be viewed in isolation or as a substitute for U.S. GAAP measures of earnings or cash flows. Material limitations in making the adjustments to our earnings to calculate Adjusted EBITDA and Adjusted Net income (loss) attributable to Gannett using these non-GAAP financial measures as compared to U.S. GAAP net income (loss) include: the exclusion of the cash portion of interest / financing expense, income tax (benefit) provision, and charges related to asset impairments, which are items that may significantly affect our financial results.

    Management believes these items are important in evaluating our performance, results of operations, and financial position. We use non-GAAP financial performance and liquidity measures to supplement our U.S. GAAP results in order to provide a more complete understanding of the factors and trends affecting our business.

    Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net income (loss) attributable to Gannett, Free cash flow and Same store revenues are not alternatives to net income (loss), margin, income (loss) from operations, cash flow provided by (used for) operating activities, revenues, or any other measure of performance or liquidity derived in accordance with U.S. GAAP. As such, they should not be considered or relied upon as substitutes or alternatives for any such U.S. GAAP financial measures. We strongly urge you to review the reconciliations of Net income (loss) attributable to Gannett to Adjusted EBITDA, Adjusted EBITDA margin, Net income (loss) attributable to Gannett to Adjusted Net income (loss) attributable to Gannett, Cash provided by (used for) operations to Free cash flow and Revenues to Same Store revenues along with our consolidated financial statements included elsewhere in this report. We also strongly urge you not to rely on any single financial performance or liquidity measure to evaluate our business. In addition, because Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net income (loss) attributable to Gannett, Free cash flow and Same store revenues are not measures of financial performance under U.S. GAAP and are susceptible to varying calculations, the Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net income (loss) attributable to Gannett, Free cash flow and Same store revenues measures as presented in this release may differ from and may not be comparable to similarly titled measures used by other companies.

    Non-GAAP Outlook

    Our full year 2025 business outlook included in this release include certain non-GAAP financial performance and liquidity measures, including Same store revenues, Adjusted EBITDA, and Free cash flow. The outlook for each of these non-GAAP items does not factor in the impact of any future acquisitions or dispositions. We have provided these non-GAAP measures for future guidance for the same reasons that were outlined above for historical non-GAAP measures. We have not reconciled non-GAAP forward-looking Same store revenues, Adjusted EBITDA, and Free cash flow to their most directly comparable U.S. GAAP measure, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K. Such reconciliations would require unreasonable efforts to estimate and quantify various necessary U.S. GAAP components largely because forecasting or predicting our future operating results is subject to many factors or future events out of our control, is unavailable, or is not readily predictable, and could significantly impact, either individually or in the aggregate, our comparable U.S. GAAP measures. Accordingly, we are unable to provide a full reconciliation of the non-GAAP measures used in our outlook without unreasonable efforts.

    GANNETT CO., INC.

    NON-GAAP FINANCIAL INFORMATION

    ADJUSTED EBITDA

    (Unaudited)

     

    Table No. 5

    Three months ended December 31, 2024

    In thousands

    Domestic

    Gannett Media

     

    Newsquest

     

    Digital

    Marketing

    Solutions

     

    Corporate

    and other

     

    Consolidated

    Total

    Net income attributable to Gannett

    $

    30,188

     

     

    $

    12,315

     

     

    $

    1,574

     

     

    $

    20,242

     

     

    $

    64,319

     

    Benefit for income taxes

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (28,132

    )

     

     

    (28,132

    )

    Interest expense

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    25,903

     

     

     

    25,903

     

    Gain on early extinguishment of debt

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (55,205

    )

     

     

    (55,205

    )

    Non-operating pension income

     

    (1,102

    )

     

     

    (1,860

    )

     

     

    —

     

     

     

    —

     

     

     

    (2,962

    )

    Depreciation and amortization

     

    23,420

     

     

     

    2,293

     

     

     

    5,687

     

     

     

    7,933

     

     

     

    39,333

     

    Integration and reorganization costs (reversal)

     

    6,681

     

     

     

    (1,009

    )

     

     

    119

     

     

     

    5,401

     

     

     

    11,192

     

    Third-party debt expenses and acquisition costs

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    10,259

     

     

     

    10,259

     

    Asset impairments

     

    513

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    513

     

    (Gain) loss on sale or disposal of assets, net

     

    (487

    )

     

     

    (7

    )

     

     

    —

     

     

     

    28

     

     

     

    (466

    )

    Share-based compensation expense

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    3,279

     

     

     

    3,279

     

    Other non-operating (income) expense, net

     

    (532

    )

     

     

    (541

    )

     

     

    4,003

     

     

     

    (476

    )

     

     

    2,454

     

    Non-recurring items

     

    29

     

     

     

    —

     

     

     

    —

     

     

     

    7,642

     

     

     

    7,671

     

    Adjusted EBITDA (non-GAAP basis)

    $

    58,710

     

     

    $

    11,191

     

     

    $

    11,383

     

     

    $

    (3,126

    )

     

    $

    78,158

     

    Net income attributable to Gannett margin

     

    6.3

    %

     

     

    21.1

    %

     

     

    1.3

    %

     

     

    NM

     

     

     

    10.4

    %

    Adjusted EBITDA margin (non-GAAP basis)

     

    12.2

    %

     

     

    19.2

    %

     

     

    9.7

    %

     

     

    NM

     

     

     

    12.6

    %

    NM indicates not meaningful.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Three months ended December 31, 2023

    In thousands

    Domestic

    Gannett Media

     

    Newsquest

     

    Digital

    Marketing

    Solutions

     

    Corporate

    and other

     

    Consolidated

    Total

    Net income (loss) attributable to Gannett

    $

    26,915

     

     

    $

    11,107

     

     

    $

    8,043

     

     

    $

    (68,957

    )

     

    $

    (22,892

    )

    Provision for income taxes

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    21,581

     

     

     

    21,581

     

    Interest expense

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    26,969

     

     

     

    26,969

     

    Gain on early extinguishment of debt

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (1,316

    )

     

     

    (1,316

    )

    Non-operating pension income

     

    (209

    )

     

     

    (2,166

    )

     

     

    —

     

     

     

    —

     

     

     

    (2,375

    )

    Depreciation and amortization

     

    25,721

     

     

     

    2,063

     

     

     

    5,993

     

     

     

    4,719

     

     

     

    38,496

     

    Integration and reorganization costs

     

    3,248

     

     

     

    677

     

     

     

    182

     

     

     

    1,902

     

     

     

    6,009

     

    Third-party debt expenses and acquisition costs

     

    —

     

     

     

    215

     

     

     

    —

     

     

     

    507

     

     

     

    722

     

    Loss (gain) on sale or disposal of assets, net

     

    703

     

     

     

    (29

    )

     

     

    92

     

     

     

    2

     

     

     

    768

     

    Share-based compensation expense

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    3,840

     

     

     

    3,840

     

    Other non-operating income, net

     

    (215

    )

     

     

    (634

    )

     

     

    (1,815

    )

     

     

    (403

    )

     

     

    (3,067

    )

    Non-recurring items

     

    (65

    )

     

     

    96

     

     

     

    —

     

     

     

    5,340

     

     

     

    5,371

     

    Adjusted EBITDA (non-GAAP basis)

    $

    56,098

     

     

    $

    11,329

     

     

    $

    12,495

     

     

    $

    (5,816

    )

     

    $

    74,106

     

    Net income (loss) attributable to Gannett margin

     

    5.1

    %

     

     

    19.1

    %

     

     

    6.7

    %

     

     

    NM

     

     

     

    (3.4

    )%

    Adjusted EBITDA margin (non-GAAP basis)

     

    10.6

    %

     

     

    19.5

    %

     

     

    10.4

    %

     

     

    NM

     

     

     

    11.1

    %

    NM indicates not meaningful.

     

     

     

     

     

     

     

     

     

    GANNETT CO., INC.

    NON-GAAP FINANCIAL INFORMATION

    ADJUSTED EBITDA

    (Unaudited)

     

    Table No. 5 (continued)

    Year ended December 31, 2024

    In thousands

    Domestic

    Gannett Media

     

    Newsquest

     

    Digital

    Marketing

    Solutions

     

    Corporate

    and other

     

    Consolidated

    Total

    Net income (loss) attributable to Gannett

    $

    61,333

     

     

    $

    55,196

     

     

    $

    13,382

     

     

    $

    (156,265

    )

     

    $

    (26,354

    )

    Benefit for income taxes

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (51,286

    )

     

     

    (51,286

    )

    Interest expense

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    104,697

     

     

     

    104,697

     

    Gain on early extinguishment of debt

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (55,559

    )

     

     

    (55,559

    )

    Non-operating pension income

     

    (5,021

    )

     

     

    (7,417

    )

     

     

    —

     

     

     

    —

     

     

     

    (12,438

    )

    Depreciation and amortization

     

    96,478

     

     

     

    8,485

     

     

     

    24,066

     

     

     

    27,258

     

     

     

    156,287

     

    Integration and reorganization costs (reversal)

     

    49,625

     

     

     

    (513

    )

     

     

    2,061

     

     

     

    14,982

     

     

     

    66,155

     

    Third-party debt expenses and acquisition costs

     

    —

     

     

     

    (22

    )

     

     

    —

     

     

     

    10,954

     

     

     

    10,932

     

    Asset impairments

     

    600

     

     

     

    —

     

     

     

    —

     

     

     

    45,989

     

     

     

    46,589

     

    Loss (gain) on sale or disposal of assets, net

     

    1,682

     

     

     

    (894

    )

     

     

    93

     

     

     

    225

     

     

     

    1,106

     

    Share-based compensation expense

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    12,522

     

     

     

    12,522

     

    Other non-operating (loss) income, net

     

    (2,263

    )

     

     

    (1,426

    )

     

     

    3,442

     

     

     

    (1,070

    )

     

     

    (1,317

    )

    Non-recurring items

     

    (13

    )

     

     

    —

     

     

     

    634

     

     

     

    21,234

     

     

     

    21,855

     

    Adjusted EBITDA (non-GAAP basis)

    $

    202,421

     

     

    $

    53,409

     

     

    $

    43,678

     

     

    $

    (26,319

    )

     

    $

    273,189

     

    Net income (loss) attributable to Gannett margin

     

    3.2

    %

     

     

    23.1

    %

     

     

    2.8

    %

     

     

    NM

     

     

     

    (1.1

    )%

    Adjusted EBITDA margin (non-GAAP basis)

     

    10.4

    %

     

     

    22.3

    %

     

     

    9.1

    %

     

     

    NM

     

     

     

    10.9

    %

    NM indicates not meaningful.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Year ended December 31, 2023

    In thousands

    Domestic

    Gannett Media

     

    Newsquest

     

    Digital

    Marketing

    Solutions

     

    Corporate and

    other

     

    Consolidated

    Total

    Net income (loss) attributable to Gannett

    $

    114,254

     

     

    $

    49,257

     

     

    $

    28,841

     

     

    $

    (220,143

    )

     

    $

    (27,791

    )

    Provision for income taxes

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    21,729

     

     

     

    21,729

     

    Interest expense

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    111,776

     

     

     

    111,776

     

    Gain on early extinguishment of debt

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (4,529

    )

     

     

    (4,529

    )

    Non-operating pension income

     

    (705

    )

     

     

    (8,677

    )

     

     

    —

     

     

     

    —

     

     

     

    (9,382

    )

    Depreciation and amortization

     

    112,201

     

     

     

    8,792

     

     

     

    23,795

     

     

     

    17,834

     

     

     

    162,622

     

    Integration and reorganization costs

     

    5,582

     

     

     

    1,763

     

     

     

    784

     

     

     

    16,339

     

     

     

    24,468

     

    Third-party debt expenses and acquisition costs

     

    139

     

     

     

    215

     

     

     

    —

     

     

     

    1,196

     

     

     

    1,550

     

    Asset impairments

     

    1,370

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,370

     

    (Gain) loss on sale or disposal of assets, net

     

    (38,937

    )

     

     

    (42

    )

     

     

    324

     

     

     

    (1,446

    )

     

     

    (40,101

    )

    Share-based compensation expense

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    16,567

     

     

     

    16,567

     

    Other non-operating income (loss), net

     

    773

     

     

     

    (1,539

    )

     

     

    (521

    )

     

     

    (1,763

    )

     

     

    (3,050

    )

    Non-recurring items

     

    (36

    )

     

     

    359

     

     

     

    —

     

     

     

    12,131

     

     

     

    12,454

     

    Adjusted EBITDA (non-GAAP basis)

    $

    194,641

     

     

    $

    50,128

     

     

    $

    53,223

     

     

    $

    (30,309

    )

     

    $

    267,683

     

    Net income (loss) attributable to Gannett margin

     

    5.5

    %

     

     

    21.1

    %

     

     

    6.0

    %

     

     

    NM

     

     

     

    (1.0

    )%

    Adjusted EBITDA margin (non-GAAP basis)

     

    9.3

    %

     

     

    21.4

    %

     

     

    11.1

    %

     

     

    NM

     

     

     

    10.0

    %

    NM indicates not meaningful.

    GANNETT CO., INC.

    NON-GAAP FINANCIAL INFORMATION

    ADJUSTED NET INCOME (LOSS) ATTRIBUTABLE TO GANNETT

    (Unaudited)

     

    Table No. 6

    Three months ended December 31,

     

    Year ended December 31,

    In thousands

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net income (loss) attributable to Gannett

    $

    64,319

     

     

    $

    (22,892

    )

     

    $

    (26,354

    )

     

    $

    (27,791

    )

    Gain on early extinguishment of debt

     

    (55,205

    )

     

     

    (1,316

    )

     

     

    (55,559

    )

     

     

    (4,529

    )

    Integration and reorganization costs

     

    11,192

     

     

     

    6,009

     

     

     

    66,155

     

     

     

    24,468

     

    Third-party debt expenses and acquisition costs

     

    10,259

     

     

     

    722

     

     

     

    10,932

     

     

     

    1,550

     

    Asset impairments

     

    513

     

     

     

    —

     

     

     

    46,589

     

     

     

    1,370

     

    (Gain) loss on sale or disposal of assets, net

     

    (466

    )

     

     

    768

     

     

     

    1,106

     

     

     

    (40,101

    )

    Other items

     

    20

     

     

     

    (99

    )

     

     

    (597

    )

     

     

    (196

    )

    Subtotal

     

    30,632

     

     

     

    (16,808

    )

     

     

    42,272

     

     

     

    (45,229

    )

    Tax impact of above items

     

    7,688

     

     

     

    (1,412

    )

     

     

    (17,302

    )

     

     

    4,247

     

    Adjusted net income (loss) attributable to Gannett (non-GAAP basis)

    $

    38,320

     

     

    $

    (18,220

    )

     

    $

    24,970

     

     

    $

    (40,982

    )

    GANNETT CO., INC.

    NON-GAAP FINANCIAL INFORMATION

    FREE CASH FLOW

    (Unaudited)

     

    Table No. 7

    Three months ended December 31,

     

    Year ended December 31,

    In thousands

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Cash provided by operating activities (GAAP basis)

    $

    8,989

     

     

    $

    21,157

     

     

    $

    100,310

     

     

    $

    94,574

     

    Capital expenditures

     

    (12,826

    )

     

     

    (8,409

    )

     

     

    (49,534

    )

     

     

    (38,116

    )

    Third-party debt expenses

     

    7,669

     

     

     

    —

     

     

     

    7,669

     

     

     

    —

     

    Free cash flow (non-GAAP basis)(1)

    $

    3,832

     

     

    $

    12,748

     

     

    $

    58,445

     

     

    $

    56,458

    (1) For the three months ended December 31, 2024 and 2023, free cash flow was negatively impacted by interest paid of $35.9 million and $33.2 million, respectively, integration and reorganization costs of $7.8 million and $6.7 million, respectively, and other costs of $8.3 million and $5.6 million, respectively. For the year ended December 31, 2024 and 2023, free cash flow was negatively impacted by interest paid of $86.3 million and $89.3 million, respectively, integration and reorganization costs of $31.2 million and $53.7 million, respectively, and other costs of $30.5 million and $13.2 million, respectively.

    GANNETT CO., INC.

    NON-GAAP FINANCIAL INFORMATION

    SAME STORE REVENUES - CONSOLIDATED & DIGITAL

    (Unaudited)

     

    Table No. 8

    Three months ended December 31,

     

    Year ended December 31,

    In thousands

     

    2024

     

     

     

    2023

     

     

    % Change

     

     

    2024

     

     

     

    2023

     

     

    % Change

    Total revenues

    $

    621,275

     

     

    $

    669,405

     

     

    (7.2

    )%

     

    $

    2,509,315

     

     

    $

    2,663,550

     

     

    (5.8

    )%

    Currency impact

     

    (1,839

    )

     

     

    —

     

     

     

     

     

    (6,111

    )

     

     

    —

     

     

     

    Exited operations(1)

     

    (942

    )

     

     

    (14,998

    )

     

     

     

     

    (3,094

    )

     

     

    (29,339

    )

     

     

    Same store total revenues

    $

    618,494

     

     

    $

    654,407

     

     

    (5.5

    )%

     

    $

    2,500,110

     

     

    $

    2,634,211

     

     

    (5.1

    )%

    (1) Exited operations include (i) businesses divested and (ii) the elimination of stand-alone print products discontinued within the media markets.

     

    Three months ended December 31,

     

    Year ended December 31,

    In thousands

     

    2024

     

     

     

    2023

     

     

    % Change

     

     

    2024

     

     

     

    2023

     

     

    % Change

    Digital revenues

    $

    280,388

     

     

    $

    277,145

     

     

    1.2

    %

     

    $

    1,103,651

     

     

    $

    1,050,370

     

     

    5.1

    %

    Currency impact

     

    (556

    )

     

     

    —

     

     

     

     

     

    (1,772

    )

     

     

    —

     

     

     

    Exited operations(1)

     

    (930

    )

     

     

    (7,480

    )

     

     

     

     

    (3,053

    )

     

     

    (11,644

    )

     

     

    Same store digital revenues

    $

    278,902

     

     

    $

    269,665

     

     

    3.4

    %

     

    $

    1,098,826

     

     

    $

    1,038,726

     

     

    5.8

    %

    (1) Exited operations include (i) businesses divested and (ii) the elimination of stand-alone print products discontinued within the media markets.

    KEY PERFORMANCE INDICATORS

    A key performance indicator ("KPI") is generally defined as a quantifiable measurement or metric used to gauge performance, specifically to help determine strategic, financial, and operational achievements, especially compared to those of similar businesses.

    We define Digital-only average revenue per user ("ARPU") as digital-only subscription average monthly revenues divided by the average digital-only paid subscriptions within the respective period. We define Core platform ARPU as core platform average monthly revenues divided by average monthly customer count within the period. We define core platform revenues as revenue derived from customers utilizing our proprietary digital marketing services platform that are sold by either our direct or local market teams.

    Management believes Digital-only ARPU, Core platform ARPU, digital-only paid subscriptions, core platform revenues and core platform average customer count are KPIs that offer useful information in understanding consumer behavior, trends in our business, and our overall operating results. Management utilizes these KPIs to track and analyze trends across our segments.

    GANNETT CO., INC.

    KEY PERFORMANCE INDICATORS

    (Unaudited)

     

    Table No. 9

    Three months ended December 31,

     

    Year ended December 31,

    In thousands, except ARPU

     

    2024

     

     

    2023

     

    Change

     

    % Change

     

     

    2024

     

     

    2023

     

    Change

     

    % Change

    Domestic Gannett Media:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Digital-only ARPU

    $

    8.03

     

    $

    7.09

     

    $

    0.94

     

     

    13.3

    %

     

    $

    7.83

     

    $

    6.46

     

    $

    1.37

     

     

    21.2

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Newsquest:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Digital-only ARPU

    $

    6.21

     

    $

    6.18

     

    $

    0.03

     

     

    0.5

    %

     

    $

    6.17

     

    $

    6.14

     

    $

    0.03

     

     

    0.5

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total Gannett:

     

    Digital-only ARPU

    $

    7.93

     

    $

    7.05

     

    $

    0.88

     

     

    12.5

    %

     

    $

    7.75

     

    $

    6.45

     

    $

    1.30

     

     

    20.2

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    DMS:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Core platform revenues

    $

    116,248

     

    $

    119,355

     

    $

    (3,107

    )

     

    (2.6

    )%

     

    $

    474,298

     

    $

    473,172

     

    $

    1,126

     

     

    0.2

    %

    Core platform ARPU

    $

    2,788

     

    $

    2,663

     

    $

    125

     

     

    4.7

    %

     

    $

    2,760

     

    $

    2,620

     

    $

    140

     

     

    5.3

    %

    Core platform average customer count

     

    13.9

     

     

    14.9

     

     

    (1.0

    )

     

    (6.7

    )%

     

     

    14.3

     

     

    15.1

     

     

    (0.8

    )

     

    (5.3

    )%

    Table No. 10

    As of December 31,

    In thousands

    2024

     

    2023

     

    % Change

    Digital-only paid subscriptions:

     

     

     

     

     

    Domestic Gannett Media

    1,953

     

    1,912

     

    2.1

    %

    Newsquest

    110

     

    83

     

    32.5

    %

    Total Gannett

    2,063

     

    1,995

     

    3.4

    %

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250220488444/en/

    For investor inquiries, contact:

    Matt Esposito

    Investor Relations

    703-854-3000

    [email protected]

    For media inquiries, contact:

    Lark-Marie Anton

    Corporate Communications

    646-906-4087

    [email protected]

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