Gannett Co., Inc. (NYSE: GCI) ("Gannett" or "company" or "we")
today reported second quarter 2017 financial results for the period
ended June 25, 2017. Gannett also reiterated its 2017 full year
revenue outlook and increased the lower end of its full year
adjusted EBITDA1 guidance based on its solid first half
performance.
“We made further strides during the second quarter to position
Gannett for long-term, profitable growth,” said Robert J. Dickey,
president and chief executive officer. "We transitioned all of our
core Gannett digital marketing services clients to the ReachLocal
platform, signed a new employment advertising partnership with
RealMatch, and created a new digital ad format powered by a
proprietary data engine."
Mr. Dickey continued, "Moving forward, we will focus on driving
audience growth and engagement through additional new product
capabilities, while also expanding our marketing services to offer
complete solutions for both local and national advertisers. At the
same time, we will continue to maximize the economic value of our
print business to allow for reinvestment to fuel our digital
growth."
Second Quarter 2017 Consolidated
Results
Second quarter operating revenues increased 3.4% to $774.5
million, including a $9.1 million unfavorable foreign currency
impact, compared to $748.8 million in the prior year quarter. The
year-over-year increase was due to the contribution from acquired
operations2. On a same store basis, operating revenues in the
second quarter declined 10.6%, a slight improvement compared to a
decline in the 2017 first quarter of 10.8%, as a result of improved
domestic print advertising and circulation revenues. Total digital
revenues in the second quarter grew 43.5% year-over-year to $242.6
million, or approximately 31% of total revenue, which includes the
contribution from ReachLocal acquired in August 2016.
GAAP net loss for the second quarter was $0.5 million, including
$21.8 million of after-tax restructuring, acquisition, severance,
asset impairment, facility consolidation and other related costs;
approximately $14.6 million of these charges were non-cash.
Adjusted EBITDA for the second quarter was $83.7 million compared
to $91.7 million in the prior year quarter.
Publishing Segment
Publishing segment operating revenues in the second quarter were
$692.2 million compared to $748.1 million in the prior year
quarter. On a same-store basis, publishing segment operating
revenues in the second quarter declined 10.7%. This performance is
consistent with the 2017 first quarter and reflects improved print
advertising and circulation revenues, offset by declines in
commercial printing and other revenue. Same store print advertising
revenues in the second quarter declined 16.8%, an improvement from
the 2017 first quarter decline of 17.8% driven by better domestic
national retail trends. Same store circulation revenues fell 7.4%,
better than the 2017 first quarter decline of 8.0% due to modest
price increases implemented late in the second quarter and 59.5%
year-over-year growth in digital-only subscriber volumes, which now
total approximately 290,000.
Digital advertising revenues in the second quarter increased
1.3% to $99.5 million compared to the prior year quarter as
contributions from acquisitions were partially offset by an
unfavorable foreign currency impact of $1.6 million. On a same
store basis, digital revenues increased 0.3% as continued strong
growth in areas such as mobile display and branded content were
offset by classified declines within the employment category.
Digital revenue growth in the second quarter was reduced by
approximately 2% as a result of transitioning the Gannett markets
from G/O Digital to ReachLocal.
Publishing segment adjusted EBITDA for the quarter was $104.1
million, which includes $2.5 million in unfavorable foreign
currency impact, compared to $114.3 million in the prior year
second quarter.
ReachLocal Segment
Operating revenues for the second quarter were $85.9 million,
representing 11% growth on a sequential basis versus the 2017 first
quarter. The increase was attributable to the transition of the
Gannett markets to the ReachLocal platform and continued strong
growth in North America, partially offset by a weaker performance
in the international markets.
Adjusted EBITDA was $1.2 million in the second quarter,
reflecting expected dilution from the SweetIQ acquisition in April
and hiring costs related to the transition of the Gannett
markets.
“The second quarter was extremely busy for ReachLocal, as we
migrated over 2,000 campaigns within the core Gannett markets in
just three months, while also integrating SweetIQ,” said Sharon
Rowlands, chief executive officer of ReachLocal. “We are already
delivering improved campaign results for the migrated clients based
on our superior technology platform and optimization capabilities.
During the third quarter, we will be transitioning the remaining
Gannett properties acquired from Journal Media Group and continuing
our training efforts for all local sales professionals."
Cash Flow
Net cash flow from operating activities for the second quarter
was approximately $98.5 million compared to $67.4 million in the
prior year quarter. Capital expenditures in the second quarter were
approximately $15 million, primarily for technology investments and
maintenance projects. During the second quarter, the company paid
dividends of $18.2 million. The company did not repurchase any of
its outstanding common stock during the second quarter.
At the end of the second quarter, the company had a cash balance
of $126.9 million and a balance on its revolving line of credit of
$385.0 million, or net debt of $258.1 million.
Alison Engel, chief financial officer, commented, “We maintained
strong financial discipline throughout the organization during the
second quarter as evidenced by an 11% decline in same store
operating expenses from the prior year period. This reduction
represents an acceleration of 200 basis points from 2017 first
quarter levels, reflecting significant savings in production and
distribution, lower newsprint expense and lower headcount. Our
healthy operating cash flows and adjusted EBITDA enable us to
invest in the growth areas of Gannett while continuing to return
cash to shareholders via our dividend program.”
Outlook
The company maintains its prior revenue guidance for 2017 of
$3.15 billion to $3.22 billion. Adjusted EBITDA guidance for the
full year 2017 is now expected in the range of $360 million to $365
million compared to its prior guidance of $355 million to $365
million.
Additionally, for the full year 2017, the company expects the
following:
- Capital expenditures of approximately
$65 to $70 million, not including real estate projects;
- Depreciation and amortization of
approximately $150 to $155 million, not including accelerated
depreciation; and
- An effective tax rate of 30% to
32%.
1 The company defines adjusted EBITDA as earnings before
income taxes, equity income, other non-operating items (which
include interest income and interest expense, among other items),
severance-related charges, asset impairment charges, depreciation
and amortization. Because of the variability of these and other
items as well as the impact of future events on these items,
management is unable to reconcile without unreasonable effort the
company's forecasted range of adjusted EBITDA for the full year to
a comparable GAAP range. 2 Acquired businesses in the last
twelve months include Journal Media Group, Inc. ("JMG") and North
Jersey Media Group ("NJMG") (both part of the Publishing segment),
as well as ReachLocal, Inc. ("ReachLocal") and SweetIQ Analytics
Corp. ("SweetIQ") (both as part of the ReachLocal segment).
* * * *
Conference Call Information
The company will hold a conference call at 10:00 a.m. ET today
to discuss its second quarter results. The call can be accessed via
a live webcast through the company's investor site, http://investors.gannett.com/, or listen-only
conference lines. U.S. callers should dial 855-462-1958 and
international callers should dial 503-343-6635 at least 10 minutes
prior to the scheduled start of the call. The confirmation code for
the conference call is 51751789.
Forward Looking Statements
This press release contains certain forward-looking statements
regarding business strategies, market potential, future financial
performance and other matters. Forward-looking statements include
all statements that are not historical facts. The words “believe,”
“expect,” “estimate,” “could,” “should,” “intend,” “may,” “plan,”
“seek,” “anticipate,” “project” and similar expressions, among
others, generally identify forward-looking statements, which speak
only as of the date the statements were made and are not guarantees
of future performance. Where, in any forward-looking statement, an
expectation or belief as to future results or events is expressed,
such expectation or belief is based on the current plans and
expectations of our management and expressed in good faith and
believed to have a reasonable basis, but there can be no assurance
that the expectation or belief will result or be achieved or
accomplished. Whether or not any such forward-looking statements
are in fact achieved will depend on future events, some of which
are beyond our control.
The matters discussed in these forward-looking statements are
subject to a number of risks, trends, uncertainties and other
factors that could cause actual results to differ materially from
those projected, anticipated or implied in the forward-looking
statements. These factors include, among other things:
- macroeconomic trends and
conditions;
- an accelerated decline in general print
readership and/or advertiser patterns as a result of competitive
alternative media or other factors;
- an inability to adapt to technological
changes or grow our digital businesses;
- risks associated with the operation of
an increasingly digital business, such as rapid technological
changes, frequent new product introductions, declines in web
traffic levels, technical failures and proliferation of ad blocking
technologies;
- competitive pressures in the markets in
which we operate;
- an increase in newsprint costs over the
levels anticipated;
- potential disruption or interruption of
our IT systems due to accidents, extraordinary weather events,
civil unrest, political events, terrorism or cyber security
attacks;
- variability in the exchange rate
relative to the U.S. dollar of currencies in foreign jurisdictions
in which we operate;
- risks and uncertainties related to
strategic acquisitions or investments, including distraction of
management attention, incurrence of additional debt, integration
challenges, and failure to realize expected benefits or synergies
or to operate businesses effectively following acquisitions;
- risks and uncertainties associated with
our ReachLocal segment, including its significant reliance on
Google for media purchases, its international operations and its
ability to develop and gain market acceptance for new products or
services;
- our ability to protect our intellectual
property or defend successfully against infringement claims;
- our ability to attract and retain
employees;
- labor relations, including, but not
limited to, labor disputes which may cause business interruptions,
revenue declines or increased labor costs;
- risks associated with our underfunded
pension plans;
- adverse outcomes in litigation or
proceedings with governmental authorities or administrative
agencies, or changes in the regulatory environment, any of which
could encumber or impede our efforts to improve operating results
or the value of assets;
- our inability to engage in certain
corporate transactions following the separation;
- volatility in financial and credit
markets which could affect the value of retirement plan assets and
our ability to raise funds through debt or equity issuances and
otherwise affect our ability to access the credit and capital
markets at the times and in the amounts needed and on acceptable
terms; and
- other uncertainties relating to general
economic, political, business, industry, regulatory and market
conditions.
A further description of these and other important risks,
trends, uncertainties and other factors is provided in the
company’s filings with the U.S. Securities and Exchange Commission,
including the company’s annual report on Form 10-K for fiscal year
2016. Any forward-looking statements should be evaluated in light
of these important risk factors. The company is not responsible for
updating or revising any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
Non-GAAP Financial Measures
This press release also contains a discussion of certain
non-GAAP financial measures that the company presents to allow
investors and analysts to measure, analyze and compare its
financial condition and results of operations in a meaningful and
consistent manner. A reconciliation of these non-GAAP financial
measures to the most directly comparable GAAP measures can be found
in the tables accompanying this press release.
About Gannett
Gannett Co., Inc. (NYSE: GCI) is a next-generation media
company committed to strengthening communities across our network.
Through trusted, compelling content and unmatched local-to-national
reach, Gannett touches the lives of more than 110 million people
monthly. With more than 120 markets internationally, it is known
for Pulitzer Prize-winning newsrooms, powerhouse brands such as USA
TODAY and specialized media properties. To connect with us, visit
www.gannett.com.
CONSOLIDATED STATEMENTS OF INCOME
(LOSS)
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands (except per share
amounts)
Table No. 1 Three months ended
Six months ended Jun. 25, 2017 Jun. 26, 2016 Jun. 25, 2017 Jun. 26,
2016
Operating revenues: Advertising $ 445,214 $
409,834 $ 880,729 $ 761,055 Circulation 273,676 287,586 556,962
550,289 Other 55,617 51,371 110,273 96,815
Total operating revenues 774,507 748,791
1,547,964 1,408,159
Operating
expenses: Cost of sales and operating expenses 485,609 484,824
994,032 902,780 Selling, general and administrative expenses
210,413 203,103 423,118 368,491 Depreciation 43,681 29,292 83,132
53,251 Amortization 8,169 1,640 15,535 2,958 Facility consolidation
and asset impairment charges 16,131 3,943 20,610
4,487
Total operating expenses 764,003
722,802 1,536,427 1,331,967
Operating
income 10,504 25,989 11,537 76,192
Non-operating expenses: Interest expense (3,454 )
(3,001 ) (7,709 ) (4,857 ) Other non-operating items, net (5,301 )
(1,908 ) (9,188 ) (5,878 )
Total non-operating expenses
(8,755 ) (4,909 ) (16,897 ) (10,735 )
Income (loss)
before income taxes 1,749 21,080 (5,360 ) 65,457 Provision
(benefit) for income taxes 2,236 8,599 (2,794 )
13,380
Net income (loss) $ (487 ) $ 12,481 $
(2,566 ) $ 52,077
Earnings (loss) per share -
basic $ (0.00 ) $ 0.11 $ (0.02 ) $ 0.45
Earnings (loss) per
share - diluted $ (0.00 ) $ 0.10 $ (0.02 ) $ 0.44
Weighted average number of common shares outstanding: Basic
113,652 116,516 113,574 116,414 Diluted 113,652 119,377 113,574
119,218 * The company early adopted Financial
Accounting Standards Board ("FASB") guidance requiring changes to
the presentation of net periodic pension and other postretirement
benefit costs. Specifically, this guidance requires entities to
classify the service cost component of the net benefit cost in the
same income statement line item as other employee compensation
costs while all other components of net benefit cost must be
presented as non-operating items. The guidance further requires
such classification changes to be retrospectively applied beginning
in the interim period in which the guidance is adopted. As a result
of adopting this guidance, the second quarter of 2017 and the first
six months of 2017 operating income and other non-operating
expenses increased $5.7 million and $10.5 million, respectively.
Similarly, in the second quarter of 2016 and the first six months
of 2016, operating income and other non-operating expenses
increased $2.0 million and $4.7 million, respectively. Net income,
retained earnings, and earnings per share for both years remained
unchanged.
SEGMENT INFORMATION
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands
Table No. 2 Three months
ended Six months ended Jun. 25, 2017 Jun. 26, 2016 Jun. 25, 2017
Jun. 26, 2016
Operating revenues: Publishing $
692,180 $ 748,072 $ 1,387,104 $ 1,406,051 ReachLocal 85,926 —
163,491 — Corporate and Other 1,041 719 2,009 2,108 Intersegment
eliminations (4,640 ) — (4,640 ) — Total $ 774,507
$ 748,791 $ 1,547,964 $ 1,408,159
Adjusted EBITDA: Publishing $ 104,120 $ 114,269 $
195,784 $ 211,790 ReachLocal 1,217 — 4,363 — Corporate and Other
(21,683 ) (22,619 ) (46,812 ) (39,769 ) Total $ 83,654 $
91,650 $ 153,335 $ 172,021
Depreciation and amortization: Publishing $ 37,638 $ 27,110
$ 71,063 $ 48,753 ReachLocal 8,783 — 16,658 — Corporate and Other
5,429 3,822 10,946 7,456 Total $ 51,850
$ 30,932 $ 98,667 $ 56,209
Capital expenditures: Publishing $ 7,731 $ 5,492 $ 17,227 $
11,666 ReachLocal 4,214 — 7,900 — Corporate and Other 2,846
10,491 4,704 14,470 Total $ 14,791 $
15,983 $ 29,831 $ 26,136 * The
company early adopted FASB guidance requiring changes to the
presentation of net periodic pension and other postretirement
benefit costs. Specifically, this guidance requires entities to
classify the service cost component of the net benefit cost in the
same income statement line item as other employee compensation
costs while all other components of net benefit cost must be
presented as non-operating items. The guidance further requires
such classification changes to be retrospectively applied beginning
in the interim period in which the guidance is adopted. As a result
of adopting this guidance, adjusted EBITDA increased $5.7 million
and $10.5 million for the second quarter of 2017 and the first six
months of 2017, respectively. Similarly, adjusted EBITDA increased
$2.0 million and $4.7 million for the second quarter 2016 and the
first six months of 2016, respectively.
REVENUE
DETAIL
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands
Table No. 3 Three months ended
Jun. 25, 2017 Jun. 26, 2016 % Change
Reported revenue
$ 774,507 $ 748,791 3.4 % Acquired revenue (114,516 ) — Currency
impact 9,144 — Exited operations — (233 )
Same
store revenue $ 669,135 $ 748,558 (10.6 %)
Reported advertising revenue $ 445,214 $ 409,834 8.6 %
Acquired revenue (93,275 ) — Currency impact 5,836 —
Same store advertising revenue $ 357,775 $
409,834 (12.7 %)
Reported circulation revenue
$ 273,676 $ 287,586 (4.8 %) Acquired revenue (9,890 ) — Currency
impact 2,524 —
Same store circulation
revenue $ 266,310 $ 287,586 (7.4 %)
Table No. 4 Three months ended Jun. 25, 2017
Jun. 26, 2016 % Change
Publishing revenue detail
Print advertising $ 273,423 $ 311,601 (12.3 %) Digital advertising:
External sales 95,578 98,233 (2.7 %) Intersegment sales 3,959
— *** Total digital advertising 99,537 98,233
1.3 % Total advertising 372,960 409,834 (9.0
%) Circulation 273,676 287,586 (4.8 %) Other:
External sales 44,863 50,652 (11.4 %) Intersegment sales 681
— *** Total other 45,544 50,652 (10.1 %)
Total Publishing revenue $ 692,180 $ 748,072
(7.5 %)
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 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:
- Adjusted EBITDA is a non-GAAP
financial performance measure that the company believes offers a
useful view of the overall operation of our business. The company
defines adjusted EBITDA, which may not be comparable to a similarly
titled measure reported by other companies, as net income before
(1) income taxes, (2) interest expense, (3) equity
income, (4) other non-operating items,
(5) severance-related charges, (6) acquisition-related
expenses (including certain integration expenses),
(7) facility consolidation and asset impairment charges, (8)
other items (including certain business transformation costs,
litigation expenses and multi-employer pension withdrawals), (9)
depreciation, and (10) amortization. The most directly
comparable GAAP financial measure is net income.
- Adjusted net income is a
non-GAAP financial performance measure that the company uses for
calculating adjusted earnings per share ("EPS"). Adjusted net
income is defined as net income before the adjustments we apply in
calculating adjusted EPS, as described below. We believe presenting
adjusted net income is useful to enable investors to understand how
we calculate adjusted EPS, which provides a useful view of the
overall operation of the company's business. The most directly
comparable GAAP financial measure is net income.
- Adjusted diluted EPS is a
non-GAAP financial performance measure that the company believes
offers a useful view of the overall operation of our business. The
company defines adjusted EPS, which may not be comparable to a
similarly titled measure reported by other companies, as EPS before
tax-effected (1) severance-related charges, (2) facility
consolidation and asset impairment charges,
(3) acquisition-related expenses (including certain
integration expenses), and (4) other items (including certain
business transformation expenses, litigation expenses and
multi-employer pension withdrawals). The tax impact on these
non-GAAP tax deductible adjustments is based on the estimated
statutory tax rates for the United Kingdom of 19.25% and the United
States of 38.7%. In addition, tax is adjusted for the impact of
non-deductible acquisition costs. The most directly comparable GAAP
financial measure is diluted EPS.
- Free cash flow is a non-GAAP
liquidity measure that adjusts our reported GAAP results for items
that we believe are critical to the ongoing success of our
business. The company defines free cash flow, which may not be
comparable to a similarly titled measure reported by other
companies, as cash flow from operating activities as reported on
the statement of cash flows less capital expenditures, which
results in a figure representing free cash flow available for use
in operations, additional investments, debt obligations and returns
to shareholders. The most directly comparable GAAP financial
measure is net cash from operating activities.
The company uses non-GAAP financial measures for purposes of
evaluating its performance and liquidity. Therefore, the company
believes that each of the non-GAAP measures presented provides
useful information to investors by allowing them to view our
businesses through the eyes of our management and Board of
Directors, facilitating comparison of results across historical
periods, and providing a focus on the underlying ongoing operating
performance of our business. Many of our peer group companies
present similar non-GAAP measures to better facilitate industry
comparisons.
NON-GAAP FINANCIAL INFORMATION ADJUSTED EBITDA
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands
Table No. 5 Three months
ended Jun. 25, 2017 Publishing ReachLocal
Corporate andOther
ConsolidatedTotal
Net loss (GAAP basis) $ (487 ) Provision for income taxes
2,236 Interest expense 3,454 Other non-operating items, net 5,301
Operating income (loss) (GAAP basis) $ 52,206 $ (7,889 ) $
(33,813 ) $ 10,504 Severance-related charges 5,340 323 2,752 8,415
Acquisition-related items 244 — 1,326 1,570 Facility consolidation
and asset impairment charges 16,131 — — 16,131 Other items (7,439 )
— 2,623 (4,816 ) Depreciation 36,344 1,908 5,429 43,681
Amortization 1,294 6,875 — 8,169
Adjusted EBITDA (non-GAAP basis) $ 104,120 $ 1,217 $
(21,683 ) $ 83,654 Three months ended
Jun. 26, 2016 Publishing ReachLocal
Corporate andOther
ConsolidatedTotal
Net income (GAAP basis) $ 12,481 Provision for income taxes
8,599 Interest expense 3,001 Other non-operating items, net 1,908
Operating income (loss) (GAAP basis) $ 65,218 $ — $ (39,229
) $ 25,989 Severance-related charges 17,998 — — 17,998
Acquisition-related items — — 12,788 12,788 Facility consolidation
and asset impairment charges 3,943 — — 3,943 Other items — — — —
Depreciation 25,470 — 3,822 29,292 Amortization 1,640 —
— 1,640 Adjusted EBITDA (non-GAAP basis) $
114,269 $ — $ (22,619 ) $ 91,650
NON-GAAP FINANCIAL INFORMATION ADJUSTED EBITDA
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands
Table No. 5 (continued)
Six months ended Jun. 25, 2017 Publishing ReachLocal
Corporate andOther
ConsolidatedTotal
Net loss (GAAP basis) $ (2,566 ) Benefit for income taxes
(2,794 ) Interest expense 7,709 Other non-operating items, net
9,188 Operating income (loss) (GAAP basis) $ 95,725 $
(12,661 ) $ (71,527 ) $ 11,537 Severance-related charges 15,760 323
4,182 20,265 Acquisition-related items (89 ) 43 2,639 2,593
Facility consolidation and asset impairment charges 20,610 — —
20,610 Other items (7,285 ) — 6,948 (337 ) Depreciation 68,487
3,699 10,946 83,132 Amortization 2,576 12,959 —
15,535 Adjusted EBITDA (non-GAAP basis) $ 195,784
$ 4,363 $ (46,812 ) $ 153,335
Six months ended Jun. 26, 2016 Publishing ReachLocal
Corporate andOther
ConsolidatedTotal
Net income (GAAP basis) $ 52,077 Provision for income taxes
13,380 Interest expense 4,857 Other non-operating items, net 5,878
Operating income (loss) (GAAP basis) $ 138,056 $ — $ (61,864
) $ 76,192 Severance-related charges 21,694 — — 21,694
Acquisition-related items — — 14,639 14,639 Facility consolidation
and asset impairment charges 4,487 — — 4,487 Other items (1,200 ) —
— (1,200 ) Depreciation 45,795 — 7,456 53,251 Amortization 2,958
— — 2,958 Adjusted EBITDA (non-GAAP
basis) $ 211,790 $ — $ (39,769 ) $ 172,021
NON-GAAP FINANCIAL INFORMATION ADJUSTED
DILUTED EPS
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands (except per share
amounts)
Table No. 6 Three months
ended Six months ended Jun. 25, 2017 Jun. 26, 2016 Jun. 25, 2017
Jun. 26, 2016 Severance-related charges $ 8,415 $ 17,998 $
20,265 $ 21,694 Acquisition-related items 1,570 12,788 2,593 14,639
Facility consolidation and asset impairment charges 29,929 3,943
44,347 4,550 Other items (4,702 ) — (3,198 ) (1,200 ) Pretax
impact 35,212 34,729 64,007 39,683 Income tax impact of above items
(13,394 ) (10,864 ) (24,432 ) (12,657 ) Impact of items affecting
comparability on net income (loss) $ 21,818 $ 23,865
$ 39,575 $ 27,026 Net income (loss) (GAAP
basis) $ (487 ) $ 12,481 $ (2,566 ) $ 52,077 Impact of items
affecting comparability on net income (loss) 21,818 23,865
39,575 27,026 Adjusted net income (non-GAAP
basis) $ 21,331 $ 36,346 $ 37,009 $ 79,103
Earnings (loss) per share - diluted (GAAP basis) $
(0.00 ) $ 0.10 $ (0.02 ) $ 0.44 Impact of items affecting
comparability on net income (loss) 0.18 0.20 0.34
0.22 Adjusted earnings per share - diluted (non-GAAP
basis) $ 0.18 $ 0.30 $ 0.32 $ 0.66
Diluted weighted average number of common shares outstanding
(GAAP basis) 113,652 119,377 113,574 119,218 Diluted weighted
average number of common shares outstanding (non-GAAP basis)
115,918 119,377 115,595 119,218
NON-GAAP FINANCIAL
INFORMATION FREE CASH FLOW
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands
Table No. 7
Three months endedJun. 25, 2017
Six months endedJun. 25, 2017
Net cash flow from operating activities (GAAP basis) $
98,490 $ 129,544 Capital expenditures (14,791 ) (29,831 ) Free cash
flow (non-GAAP basis) $ 83,699 $ 99,713
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For investor inquiries, contact:Gannett Co., Inc.Stacy
CunninghamVP, Financial Planning &
Analysis703-854-3168investors@gannett.comorThe Blueshirt
GroupJonathan Schafferinvestors@gannett.comorFor media inquiries,
contact:Gannett Co., Inc.Amber AllmanVice President, Corporate
Events & Communications703-854-5358aallman@gannett.com
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