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Share Name | Share Symbol | Market | Type |
---|---|---|---|
New Gannett Co Inc | NYSE:GCI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.11 | 3.59% | 3.17 | 3.2199 | 3.03 | 3.13 | 3,085,614 | 01:00:00 |
Strong fourth quarter Revenue and Adjusted EBITDA performance Debt reduction and refinancing expected to result in $90 million of annual cash interest savings in 2021 Paid digital-only subscriptions reach 1.1 million, an increase of 29% to prior year
Gannett Co., Inc. ("Gannett", "we", "us", "our", or the "Company") (NYSE: GCI) today reported its financial results for the fourth quarter and full year ended December 31, 2020.
"During a challenging 2020, we achieved strong operational execution, significant cost and debt reductions, improved operating trends and financial position, and we enter 2021 with good momentum, prepared to implement our subscription-led growth plan," said Michael Reed, Gannett Chairman and Chief Executive Officer. "We are making significant progress on our transition from a traditional media business to a digitally focused content platform, having already surpassed one million digital subscribers. We are committed to becoming a subscription-led business that drives audience growth and engagement by delivering deeper content experiences to our consumers and offering the products and marketing expertise our business partners desire."
He continued, "We have outlined five key operating priorities: accelerating digital subscriber growth, driving digital marketing services growth, optimizing our traditional print operations and advertising businesses, prioritizing investments into growth businesses that support our vision, and building our inclusive and diverse culture. In 2021, you will hear us speak to these priorities regularly and share data points with you to track our progress. We expect this strategy to create significant stockholder value in the coming years by driving increased revenues from digital products, bringing our Company’s total revenue trend back toward growth, and allowing us to continue significant debt reduction."
Financial Highlights
in thousands
Fourth Quarter 2020
Full Year 2020
Revenues
$
875,447
$
3,405,670
Net loss attributable to Gannett
(122,174)
(670,479)
Adjusted EBITDA(1) (non-GAAP)
148,829
413,895
Net cash flow provided by operating activities
(16,510)
57,770
Free cash flow(1) (non-GAAP)
(24,541)
20,795
(1)
Refer to "Use of Non-GAAP Information" below for the Company’s definition of Adjusted EBITDA and Free cash flow, as well as the reconciliation of such measures to the most comparable GAAP measure included herein.Fourth Quarter 2020 Consolidated Results
Note: During the comparable period in 2019 until November 19, 2019, our corporate name was New Media Investment Group Inc. ("New Media"), and Gannett Co., Inc. ("Legacy Gannett") was a separate publicly traded company. On November 19, 2019, we completed the acquisition of Legacy Gannett and changed our name to Gannett Co., Inc.
Full Year 2020 Consolidated Results
Balance Sheet & Cash Flow
Fourth Quarter 2020 Publishing Segment
Fourth Quarter 2020 Digital Marketing Solutions Segment
Integration of Legacy Gannett Update
Earnings Conference Call
Management will host a conference call on Thursday, February 25, 2021 at 8:30 A.M. Eastern Time. 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 1-855-319-1124 (from within the U.S.) or 1-703-563-6359 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference “Gannett Fourth Quarter and Full Year 2020 Earnings Call” or access code “6922159”. 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, April 8, 2021 by dialing 1-855-859-2056 (from within the U.S.) or 1-404-537-3406 (from outside of the U.S.); please reference access code “6922159”.
About Gannett
Gannett Co., Inc. (NYSE: GCI) is a subscription-led and digitally focused media and marketing solutions company committed to empowering communities to thrive. With an unmatched reach at the national and local level, Gannett touches the lives of millions with our Pulitzer-Prize winning content, consumer experiences and benefits, and advertiser products and services. Our current portfolio of media assets includes USA TODAY, local media organizations in 46 states in the U.S., and Newsquest, a wholly owned subsidiary operating in the United Kingdom with more than 120 local news media brands. Gannett also owns the digital marketing services companies ReachLocal, Inc., UpCurve, Inc., and WordStream, Inc., which are marketed under the LOCALiQ brand, and runs the largest media-owned events business in the U.S., USA TODAY NETWORK Ventures. To connect with us, visit www.gannett.com.
Same Store Pro Forma Revenues
Same store pro forma revenues are based on (i) the sum of GAAP revenues for New Media and Legacy Gannett prior to New Media's acquisition of Legacy Gannett and (ii) GAAP revenues for Gannett for the current period, excluding (1) revenues related to the acquisitions that occurred in 2019, including Legacy Gannett, from the beginning of 2020 through the first year anniversary of the applicable acquisition date, (2) exited operations, (3) currency impacts, and (4) deferred revenue impacts related to the acquisition of Legacy Gannett.
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 statements regarding measures expected to result in over $90 million in annualized cash interest savings, our ability to achieve our operating priorities and increase stockholder value, our digital revenue performance, shifts in our revenue mix and the timing of realizing such shifts, the potential sales of non-core assets, including the anticipated use of any proceeds from such sales, integration of our acquisitions, our ability to achieve $300 million of synergies through measures expected to be implemented by the end of 2021, our expectations, in terms of both amount and timing, with respect to debt repayment, real estate sales and debt refinancing, growth of our digital-only subscriptions, digital marketing services, and events and promotions businesses, the impact from and our response to the COVID-19 pandemic, our strategy, and future revenue trends and our ability to influence trends. 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 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and 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. 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.
CONSOLIDATED BALANCE SHEETS
Gannett Co., Inc.
In thousands (except per share amounts)
Table No. 1
Assets
December 31, 2020
December 31, 2019
Current assets:
Cash and cash equivalents
$
170,725
$
156,042
Accounts receivable, net of allowance for doubtful accounts of $20,843 and $19,923, respectively
314,305
438,523
Inventories
35,075
55,090
Prepaid expenses and other current assets
116,581
129,460
Total current assets
636,686
779,115
Property, plant, and equipment, net
590,272
815,807
Operating lease assets
289,504
309,112
Goodwill
534,088
914,331
Intangible assets, net
824,650
1,012,564
Deferred tax assets
90,240
76,297
Other assets
143,474
112,876
Total assets
$
3,108,914
$
4,020,102
Liabilities and equity
Current liabilities:
Accounts payable and accrued expenses
$
378,246
$
453,628
Deferred revenue
186,007
218,823
Current portion of long-term debt
128,445
3,300
Other current liabilities
48,602
42,702
Total current liabilities
741,300
718,453
Long-term debt
890,323
1,636,335
Convertible debt
581,405
3,300
Deferred tax liabilities
6,855
9,052
Pension and other postretirement benefit obligations
99,765
235,906
Long-term operating lease liabilities
274,460
297,662
Other long-term liabilities
151,847
136,188
Total noncurrent liabilities
2,004,655
2,318,443
Total liabilities
2,745,955
3,036,896
Redeemable noncontrolling interests
(1,150)
1,850
Commitments and contingent liabilities
Equity
Preferred stock, $0.01 par value, 300,000 shares authorized, of which 150,000 shares are designated as Series A Junior Participating Preferred Stock, none of which were outstanding at December 31, 2020 and December 31, 2019
—
—
Common stock, $0.01 par value, 2,000,000,000 shares authorized; 139,494,741 shares issued and 138,102,993 shares outstanding at December 31, 2020; 129,386,258 shares issued and 128,991,544 shares outstanding at December 31, 2019
1,395
1,294
Treasury stock, at cost, 1,391,748 and 394,714 shares at December 31, 2020 and December 31, 2019, respectively
(4,903)
(2,876)
Additional paid-in capital
1,103,881
1,090,694
Accumulated deficit
(786,437)
(115,958)
Accumulated other comprehensive loss (income)
50,173
8,202
Total equity
364,109
981,356
Total liabilities and equity
$
3,108,914
$
4,020,102
CONSOLIDATED STATEMENTS OF OPERATIONS
Gannett Co., Inc.
In thousands (except per share amounts)
Table No. 2
Three months ended
Year ended
December 31, 2020
December 31, 2019
December 31, 2020
December 31, 2019
(Unaudited)
Operating revenues:
Advertising and marketing services
$
461,088
$
370,324
$
1,710,244
$
952,644
Circulation
338,468
255,574
1,391,996
704,842
Other
75,891
73,376
303,430
210,423
Total operating revenues
875,447
699,274
3,405,670
1,867,909
Operating costs
498,733
398,322
2,034,272
1,079,593
Selling, general and administrative expenses
232,514
226,611
999,789
602,106
Depreciation and amortization
58,113
43,148
263,819
111,882
Integration and reorganization costs
71,753
38,999
145,731
52,212
Acquisition costs
891
45,300
11,152
60,618
Asset impairments
2,585
540
11,029
3,009
Goodwill and intangible impairments
—
100,743
393,446
100,743
Net (gain) loss on sale or disposal of assets
(7,220)
1,384
(5,680)
4,723
Total operating expenses
857,369
855,047
3,853,558
2,014,886
Operating income (loss)
18,078
(155,773)
(447,888)
(146,977)
Interest expense
54,623
33,283
228,513
63,660
Loss on early extinguishment of debt
42,110
6,058
43,760
6,058
Non-operating pension income
(17,716)
(8,460)
(72,149)
(9,085)
Unrealized loss on Convertible notes derivative
74,329
—
74,329
—
Gain on sale of investments
—
—
(7,995)
—
Other income, net
(1,506)
(249)
(8,499)
(426)
Non-operating expense
151,840
30,632
257,959
60,207
Loss before income taxes
(133,762)
(186,405)
(705,847)
(207,184)
Benefit for income taxes
(11,250)
(90,924)
(33,450)
(85,994)
Net loss
$
(122,512)
$
(95,481)
$
(672,397)
$
(121,190)
Net loss attributable to redeemable noncontrolling interests
(338)
(393)
(1,918)
(1,348)
Net loss attributable to Gannett
$
(122,174)
$
(95,088)
$
(670,479)
$
(119,842)
Loss per share attributable to Gannett - basic
$
(0.92)
$
(1.05)
$
(5.09)
$
(1.77)
Loss per share attributable to Gannett - diluted
$
(0.92)
$
(1.05)
$
(5.09)
$
(1.77)
Dividends declared per share
$
—
$
—
$
—
$
1.52
CONSOLIDATED STATEMENTS OF CASH FLOWS
Gannett Co., Inc.
In thousands
Table No. 3
Year ended
December 31, 2020
December 31, 2019
Operating activities:
Net loss
$
(672,397)
$
(121,190)
Adjustments to reconcile net loss to operating cash flows:
Depreciation and amortization
263,819
111,882
Facility consolidation costs
3,629
148
Share-based compensation
26,350
11,324
Non-cash interest expense
24,086
3,851
Non-cash acquisition related costs
—
26,411
Benefit for deferred income taxes
(30,175)
(87,765)
Net (gain) loss on sale or disposal of assets
(5,680)
4,723
Unrealized loss on Convertible notes derivative
74,329
—
Non-cash loss on early extinguishment of debt
43,760
6,058
Asset impairments
11,029
3,009
Goodwill and intangible impairments
393,446
100,743
Pension and other postretirement benefit obligations
(117,522)
(100,452)
Change in assets and liabilities:
Accounts receivables, net
111,506
12,608
Inventory
19,965
5,150
Prepaid expenses
4,078
7,016
Accounts payable and accrued liabilities
(66,377)
44,311
Deferred revenue
(19,348)
(8,326)
Other assets and liabilities
(6,728)
6,034
Net cash provided by operating activities
57,770
25,535
Investing activities:
Acquisitions, net of cash acquired
—
(796,502)
Purchases of property, plant, and equipment
(36,975)
(13,978)
Proceeds from sale of publications, real estate and other assets
196,344
27,486
Insurance proceeds received for damaged of property
1,643
—
Change in other investing activities
(876)
(2,066)
Net cash used for investing activities
160,136
(785,060)
Financing activities:
Payments of debt issuance costs
(2,307)
(121,223)
Borrowings under term loans
—
1,792,000
Borrowings under revolving credit facility
—
153,900
Repayments under term loans
(681,050)
(481,058)
Repayments under revolving credit facility
—
(153,900)
Repayments of convertible debt
—
(197,950)
Proceeds from convertible debt
497,094
—
Issuance of common stock, net of underwriters' discount
4
—
Payments of dividends
—
(91,936)
Changes in other financing activities
(15,083)
(920)
Net cash (used for) provided by financing activities
(201,342)
898,913
Effect of currency exchange rate change
1,498
(3,494)
Increase in cash, cash equivalents and restricted cash
18,062
135,894
Balance of cash, cash equivalents and restricted cash at beginning of year
188,664
52,770
Cash, cash equivalents and restricted cash at end of year
$
206,726
$
188,664
SEGMENT INFORMATION
Gannett Co., Inc.
Unaudited, In thousands
Table No. 4
Three months ended
Year ended
December 31, 2020
December 31, 2019
December 31, 2020
December 31, 2019
Operating revenues:
Publishing
$
794,179
$
653,877
$
3,080,447
$
1,792,652
Digital Marketing Solutions
107,318
69,336
428,605
149,242
Corporate and Other
2,820
2,018
10,960
4,554
Intersegment eliminations
(28,870)
(25,957)
(114,342)
(78,539)
Total
$
875,447
$
699,274
$
3,405,670
$
1,867,909
Adjusted EBITDA:
Publishing
$
147,428
$
113,334
$
459,195
$
268,916
Digital Marketing Solutions
9,514
4,024
24,361
(3,279)
Corporate and Other
(8,113)
(18,537)
(69,661)
(41,766)
Total
$
148,829
$
98,821
$
413,895
$
223,871
Depreciation and amortization:
Publishing
$
45,756
$
37,442
$
221,746
$
101,881
Digital Marketing Solutions
7,775
3,714
25,878
6,534
Corporate and Other
4,582
1,992
16,195
3,467
Total
$
58,113
$
43,148
$
263,819
$
111,882
SAME STORE REVENUES
Gannett Co., Inc.
Unaudited, in thousands
Table No. 5
Three months ended
Year ended
December 31, 2020
December 31, 2019
% Change
December 31, 2020
December 31, 2019
% Change
Total revenue(a)
$
875,447
$
1,054,252
(17.0)
%
$
3,405,670
$
4,182,220
(18.6)
%
Acquired revenues
—
—
***
(16,350)
—
***
Currency impact
(1,698)
—
***
(832)
—
***
Exited operations
(1)
(21,400)
(100.0)
%
(12)
(29,894)
(100.0)
%
Deferred revenue adjustment
221
10,791
(98.0)
3,597
10,791
(66.7)
Same store pro forma revenue
$
873,969
$
1,043,643
(16.3)
%
$
3,392,073
$
4,163,117
(18.5)
%
Advertising and marketing services revenue(a)
$
461,088
$
566,211
(18.6)
%
$
1,710,244
$
2,227,318
(23.2)
%
Acquired revenues
—
—
***
(3,283)
—
***
Currency impact
(1,187)
—
***
(481)
—
***
Exited operations
(1)
(12,872)
(100.0)
%
(12)
(20,326)
(99.9)
%
Deferred revenue adjustment
28
1,262
(97.8)
1,202
1,262
(4.8)
Same store pro forma advertising and marketing services revenue
$
459,928
$
554,601
(17.1)
%
$
1,707,670
$
2,208,254
(22.7)
%
Circulation revenue(a)
$
338,468
$
384,376
(11.9)
%
$
1,391,996
$
1,574,054
(11.6)
%
Acquired revenues
—
—
***
(1,803)
—
***
Currency impact
(423)
—
***
(347)
—
***
Exited operations
—
(2,343)
(100.0)
—
(2,824)
(100.0)
Deferred revenue adjustment
193
9,529
(98.0)
2,395
9,529
(74.9)
Same pro forma store circulation revenue
$
338,238
$
391,562
(13.6)
%
$
1,392,241
$
1,580,759
(11.9)
%
Other revenue(a)
$
75,891
$
103,665
(26.8)
%
$
303,430
$
380,848
(20.3)
%
Acquired revenues
—
—
***
(11,264)
—
***
Currency impact
(88)
—
***
(4)
—
***
Exited operations
—
(6,185)
(100.0)
%
—
(6,744)
(100.0)
%
Same store pro forma other revenue
$
75,803
$
97,480
(22.2)
%
$
292,162
$
374,104
(21.9)
%
(a) Revenue for 2019 represents unaudited pro forma Revenues, which assumes that the acquisition of Legacy Gannett, along with transactions necessary to finance the acquisition, occurred at the beginning of 2019.***
Indicates a percentage change greater than 100.USE OF NON-GAAP INFORMATION
The Company uses non-GAAP financial performance and liquidity measures to supplement the financial information presented on a GAAP basis. These non-GAAP financial measures, which may not be comparable to similarly titled measures reported by other companies, should not be considered in isolation from or as a substitute for the related GAAP measures and should be read together with financial information presented on a GAAP basis.
The Company defines its non-GAAP measures as follows:
Management’s Use of Non-GAAP Measures
Adjusted EBITDA and Free cash flow are not measurements of financial performance under GAAP and should not be considered in isolation or as an alternative to income from operations, net income (loss), cash flow from operating activities, or any other measure of performance or liquidity derived in accordance with GAAP. We believe these non-GAAP financial measures as we have defined them are helpful in identifying trends in our day-to-day performance because these items excluded have little or no significance on our day-to-day operations. These measures provide an assessment of controllable expenses and affords management the ability to make decisions which are expected to facilitate meeting current financial goals as well as achieve optimal financial performance.
Adjusted EBITDA provides us with a measure of financial performance, independent of items that are beyond the control of management in the short-term such as depreciation and amortization, taxation, non-cash impairments, and interest expense associated with our capital structure. This metric measures our financial performance based on operational factors that management can impact in the short-term, namely the cost structure or expenses of the organization. Adjusted EBITDA is one of the metrics we use to review the financial performance of our business on a monthly basis.
We use Adjusted EBITDA as a measure 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 Adjusted EBITDA and Free Cash Flow
Each of our non GAAP measures have limitations as an analytical tool. They should not be viewed in isolation or as a substitute for GAAP measures of earnings or cash flows. Material limitations in making the adjustments to our earnings to calculate Adjusted EBITDA and using this non-GAAP financial measure as compared to GAAP net income (loss) include: the cash portion of interest / financing expense, income tax (benefit) provision, and charges related to asset impairments, which may significantly affect our financial results.
A reader of our financial statements may find this item important in evaluating our performance, results of operations, and financial position. We use non-GAAP financial measures to supplement our GAAP results in order to provide a more complete understanding of the factors and trends affecting our business.
Adjusted EBITDA and Free Cash Flow are not alternatives to net income, income from operations, or cash flows provided by or used in operations as calculated and presented in accordance with GAAP. Readers of our financial statements should not rely on Adjusted EBITDA or Free Cash Flow as a substitute for any such GAAP financial measure. We strongly urge readers of our financial statements to review the reconciliations of Net income (loss) attributable to Gannett to Adjusted EBITDA and Cash provided by operations to Free Cash Flow along with our consolidated financial statements included elsewhere in this report. We also strongly urge readers of our financial statements to not rely on any single financial measure to evaluate our business. In addition, because Adjusted EBITDA and Free Cash Flow are not a measures of financial performance under GAAP and are susceptible to varying calculations, the Adjusted EBITDA and Free Cash Flow measures as presented in this report may differ from and may not be comparable to similarly titled measures used by other companies.
NON-GAAP FINANCIAL INFORMATION
ADJUSTED EBITDA
Gannett Co., Inc.
Unaudited, in thousands
Table No. 6
Three months ended December 31, 2020
Publishing
Digital Marketing Solutions
Corporate and Other
Consolidated Total
Net income (loss) attributable to Gannett
$
104,884
$
582
$
(227,640)
$
(122,174)
Benefit for income taxes
—
—
(11,250)
(11,250)
Interest expense
15
—
54,608
54,623
Loss on early extinguishment of debt
—
—
42,110
42,110
Non-operating pension income
(17,643)
—
(73)
(17,716)
Unrealized loss on Convertible notes derivative
—
—
74,329
74,329
Other non-operating (income) expense, net
(839)
(2,100)
1,433
(1,506)
Depreciation and amortization
45,756
7,775
4,582
58,113
Integration and reorganization costs
21,803
1,076
48,874
71,753
Acquisition costs
—
—
891
891
Asset impairments
2,585
—
—
2,585
Net (gain) loss on sale or disposal of assets
(9,417)
2,153
44
(7,220)
Share-based compensation expense
—
—
3,538
3,538
Other items
284
28
441
753
Adjusted EBITDA (non-GAAP basis)
$
147,428
$
9,514
$
(8,113)
$
148,829
Three months ended December 31, 2019
Publishing
Digital Marketing Solutions
Corporate and Other
Consolidated Total
Net loss attributable to Gannett
$
(52,036)
$
(1,392)
$
(41,660)
$
(95,088)
Benefit for income taxes
—
—
(90,924)
(90,924)
Interest expense
24
—
33,259
33,283
Loss on early extinguishment of debt
—
—
6,058
6,058
Non-operating pension income
(1,861)
—
(6,599)
(8,460)
Other non-operating (income) expense, net
1,855
(775)
(1,329)
(249)
Depreciation and amortization
37,442
3,714
1,992
43,148
Integration and reorganization costs
14,420
965
23,614
38,999
Acquisition costs
—
—
45,300
45,300
Asset impairments
540
—
—
540
Goodwill and intangible impairments
100,743
—
—
100,743
Net (gain) loss on sale or disposal of assets
1,289
(8)
103
1,384
Share-based compensation expense
—
—
8,790
8,790
Other items
10,918
1,520
2,859
15,297
Adjusted EBITDA (non-GAAP basis)
$
113,334
$
4,024
$
(18,537)
$
98,821
NON-GAAP FINANCIAL INFORMATION
ADJUSTED EBITDA
Gannett Co., Inc.
Unaudited, in thousands
Table No. 6 (continued)
Year ended December 31, 2020
Publishing
Digital Marketing Solutions
Corporate and Other
Consolidated Total
Net loss attributable to Gannett
$
(108,606)
$
(42,494)
$
(519,379)
$
(670,479)
Benefit for income taxes
—
—
(33,450)
(33,450)
Interest expense
142
—
228,371
228,513
Loss on early extinguishment of debt
—
—
43,760
43,760
Non-operating pension income
(71,858)
—
(291)
(72,149)
Unrealized loss on Convertible notes derivative
—
—
74,329
74,329
Gain on sale of investments
(195)
(7,800)
—
(7,995)
Other non-operating income, net
(6,029)
(2,278)
(192)
(8,499)
Depreciation and amortization
221,746
25,878
16,195
263,819
Integration and reorganization costs
60,852
6,663
78,216
145,731
Acquisition costs
—
—
11,152
11,152
Asset impairments
10,312
717
—
11,029
Goodwill and intangible impairments
352,947
40,499
—
393,446
Net (gain) loss on sale or disposal of assets
(7,541)
1,727
134
(5,680)
Share-based compensation expense
—
—
26,350
26,350
Other items
7,425
1,449
5,144
14,018
Adjusted EBITDA (non-GAAP basis)
$
459,195
$
24,361
$
(69,661)
$
413,895
Year ended December 31, 2019
Publishing
Digital Marketing Solutions
Corporate and Other
Consolidated Total
Net income (loss) attributable to Gannett
$
22,523
$
(14,006)
$
(128,359)
$
(119,842)
Benefit for income taxes
—
—
(85,994)
(85,994)
Interest expense
123
—
63,537
63,660
Loss on early extinguishment of debt
—
—
6,058
6,058
Non-operating pension income
(2,486)
—
(6,599)
(9,085)
Other non-operating (income) expense, net
1,517
(775)
(1,168)
(426)
Depreciation and amortization
101,881
6,534
3,467
111,882
Integration and reorganization costs
23,487
2,202
26,523
52,212
Acquisition costs
—
(38)
60,656
60,618
Asset impairments
3,009
—
—
3,009
Goodwill and intangible impairments
100,743
—
—
100,743
Net (gain) loss on sale or disposal of assets
4,036
(5)
692
4,723
Share-based compensation expense
—
—
11,324
11,324
Other items
14,083
2,809
8,097
24,989
Adjusted EBITDA (non-GAAP basis)
$
268,916
$
(3,279)
$
(41,766)
$
223,871
NON-GAAP FINANCIAL INFORMATION
FREE CASH FLOW
Gannett Co., Inc.
Unaudited, in thousands
Table No. 7
Three months ended December 31, 2020
Year ended December 31, 2020
Net cash flow (used for) provided by operating activities (GAAP basis)
$
(16,510)
$
57,770
Capital expenditures
(8,031)
(36,975)
Free cash flow (non-GAAP basis)(a)
$
(24,541)
$
20,795
(a) Free cash flow for the fourth quarter of 2020 was negatively impacted by $53.5 million of integration and reorganization costs. Free cash flow for the full year of 2020 was negatively impacted by $132.2 million of integration and reorganization costs, $6.1 million of acquisition costs, and $2.6 million of other one-time adjustments.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210225005327/en/
For investor inquiries: Ashley Higgins Investor Relations 212-479-3160 investors@gannett.com For media inquiries: Stephanie Tackach Director, Public Relations 212-715-5490 stackach@gannett.com
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