Digital Revenues Reach 37% of Total
Revenues
Digital Advertising and Marketing Services
Revenues Reach 50% of Total Advertising and Marketing
Services Revenues
Company Separately Announces Appointment of
Paul Bascobert as President and Chief Executive Officer
Company Separately Announces a Definitive
Agreement with New Media
Gannett Co., Inc. (NYSE:GCI) ("Gannett" or "company" or "we" or
"our") today reported second quarter 2019 financial results for the
period ended June 30, 2019.
"We are pleased with our results for the second quarter,
delivering Adjusted EBITDA in-line with our expectations and
achieving a key milestone with 50% of our advertising and marketing
services revenue from digital sources," said Barbara Wall, senior
vice president, interim chief operating officer and chief legal
officer. "Print advertising and circulation trends were stable in
the quarter and we delivered sequential improvements in our client
counts and retention within our digital marketing services
business. We believe we are well positioned to drive future growth
within digital advertising and marketing services."
"We reported another quarter of strong cost management as our
same store operating expenses declined 9% year-over-year," said Ali
Engel, senior vice president and chief financial officer. "We
continue to focus on initiatives that will drive efficiencies and
improve productivity to enable strategic investment in our digital
transformation, while also maintaining margins."
Second Quarter 2019 Consolidated Results
- Operating revenues were $660.3 million, compared to $730.8
million in the second quarter of 2018.
- Unfavorable changes in foreign currency exchange rates
negatively impacted revenues by $4.5 million.
- Same store operating revenues declined 9.8%
year-over-year.
- Total digital revenues reached $246.6 million, or approximately
37% of total revenue.
- Total digital advertising and marketing services revenues were
$184.1 million, or 50% of total advertising and marketing services
revenues.
- GAAP net income was $26.7 million, including $6.5 million of
after-tax restructuring, asset impairment charges, and other costs,
offset by $32.8 million of gains on property sales.
- Adjusted EBITDA(1) decreased 11% year-over-year to $76.2
million, representing a margin of 11.5% compared to 11.7% in the
second quarter of 2018.
Second Quarter 2019 Publishing Segment
- Publishing segment operating revenues were $576.2 million
compared to $644.6 million in the second quarter of 2018. On a same
store basis, segment revenues declined 9.9%.
- Same store print advertising revenues declined 18.5%
year-over-year, an improvement from the first quarter decline of
19.3%.
- Digital advertising and marketing services revenues of $101.6
million declined 4.5% year-over-year, on a same store basis, better
than the 5.2% decline in the first quarter.
- Digital marketing services revenues of $20.2 million increased
0.9%, on a same store basis, driven by strong gains at Newsquest
and higher average revenue per client in our US local markets.
- Digital media advertising revenues of $65.7 million declined
2.5%, on a same store basis, due to weakness in local display which
offset continued strong growth in national.
- Digital classified advertising revenues of $15.7 million
declined 17.5%, on a same store basis, reflecting expected weakness
across all categories.
- Same store circulation revenues declined 5.9% from the prior
year quarter, unchanged from the first quarter trend.
- Digital-only subscriber volumes grew 34% year-over-year and now
total approximately 561,000.
- Publishing segment Adjusted EBITDA was $90.7 million compared
to $94.4 million in the prior year quarter.
Second Quarter 2019 ReachLocal Segment
- ReachLocal segment revenues were $98.6 million, a decline of 2%
year-over-year, reflecting the divestiture of certain international
operations and weakness in North America, partially offset by the
addition of WordStream. On a same store basis, ReachLocal segment
revenues declined 6.9%.
- Adjusted EBITDA was $12.2 million, up 19% year-over-year,
representing a margin of 12.4% compared to 10.2% in the second
quarter of 2018. The increase in profitability reflects the
addition of WordStream.
Second Quarter 2019 Cash Flow
- Net cash flow used by operating activities was approximately
$1.9 million compared to $15.4 million provided by operating
activities in the prior year quarter.
- Capital expenditures were $13.3 million, primarily for product
development, technology investments, and maintenance projects.
- The company paid dividends of $18.3 million; there were no
share repurchases.
- As of the end of the second quarter, the company had a cash
balance of $68.6 million, $135.0 million drawn on its revolver, and
$171.8 million in convertible notes(2), or net debt of $238.2
million.
Outlook
For 2019, the company's outlook remains unchanged:
- Consolidated revenues of $2.74-2.81 billion.
- Consolidated Adjusted EBITDA outlook of $285-295 million,
including roughly $8 million of one-time costs associated with the
CEO transition.
- Capital expenditures of $50-60 million, excluding real estate
projects.
- Depreciation and amortization of $150-160 million, excluding
accelerated depreciation related to facility consolidations.
- The non-operating cost associated with our pension plans,
recorded in other non-operating items, is currently estimated to be
between $20-25 million as compared to a credit of $5 million in
2018.
- A non-GAAP effective tax rate of 28-30%.(1)
1 The company defines adjusted EBITDA as earnings before income
taxes, interest expense, equity income, other non-operating items,
restructuring costs, acquisition-related expenses, asset impairment
charges, depreciation, amortization and other items. We define the
non-GAAP effective tax rate as the tax rate excluding any
non-recurring one-item tax adjustments. 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 and
non-GAAP tax rate for the full year to a comparable GAAP range.
2 The total aggregate principal related to our offering of
convertible notes was $201.3 million. At issuance, this principal
value was bifurcated into liability and equity components totaling
$171.8 million and $30.2 million, respectively. The carrying value
of the liability component as of June 30, 2019 is $171.8
million.
* * * *
CEO Appointment
In a separate release issued today, Gannett also announced that
Paul Bascobert has been appointed President and Chief Executive
Officer and a member of the Gannett Board of Directors, effective
immediately. Mr. Bascobert will become Chief Executive Officer of
the combined operating company to be formed in connection with the
transaction with New Media Investment Group Inc. (“New Media”)
(NYSE: NEWM) announced separately today.
New Media Transaction and Conference Call Information
In a separate release issued today, Gannett and New Media
announced a definitive agreement pursuant to which New Media will
acquire Gannett for a combination of cash and stock. As a result of
this announcement, Gannett has cancelled the second quarter 2019
earnings conference call scheduled for 10:00 a.m. EST tomorrow,
August 6, 2019. Gannett and New Media will conduct a joint
conference call and webcast today, August 5, 2019, at 4:15 p.m.
EST. The webcast of the conference call will be accessible through
each company’s website, or listen-only conference lines. U.S.
callers should dial 1-855-319-1124 and international callers should
dial 1-703-563-6359 at least 10 minutes prior to the scheduled
start of the call. The confirmation code for the conference call is
3747329.
The webcast replay of the conference call will also be available
approximately two hours following the completion of the call on the
Investor Relation section of each company’s website.
* * * *
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:
- Our ability to achieve our strategic transformation;
- Potential disruption due to the reorganization of our sales
force;
- An accelerated decline in general print readership and/or
advertiser patterns as a result of changing consumer preferences,
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, challenges
associated with new delivery platforms, declines in web traffic
levels, technical failures and proliferation of ad blocking
technologies;
- Competitive pressures in the markets in which we operate;
- Macroeconomic trends and conditions;
- Increases in newsprint costs over the levels anticipated or
declines in newsprint supply;
- 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 talent;
- Labor relations, including, but not limited to, labor disputes
which may cause business interruptions, revenue declines or
increased labor costs;
- Potential disruption or interruption of our IT systems due to
accidents, extraordinary weather events, civil unrest, political
events, terrorism or cyber security attacks;
- Risks and uncertainties related to strategic acquisitions,
investments, or divestitures, 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 relating to the proposed transaction
between us and New Media Investment Group Inc., including the
parties' ability to consummate the proposed transaction in the time
period expected or at all, and risks relating to the parties'
ability to achieve the anticipated benefits of the proposed
transaction;
- Risks of financial loss and reputational harm related to
reduction or closure of operations in light of ongoing challenges
affecting the publishing industry;
- Variability in the exchange rate relative to the U.S. dollar of
currencies in foreign jurisdictions in which we operate;
- Risks associated with our underfunded pension plans and the
plans of our affiliates and investees;
- 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;
- 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;
- Risks to our liquidity related to the redemption, conversion
and similar features of our convertible notes;
- Political, economic, and market uncertainty resulting from the
pending withdrawal of the U.K. from the European Union; 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
2018. 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 an innovative, digitally
focused media and marketing solutions company committed to
strengthening communities across our network. With an unmatched
local-to-national reach, Gannett touches the lives of more than 125
million people monthly with our Pulitzer-Prize winning content,
consumer experiences and benefits, and advertiser products and
services. Gannett brands include USA TODAY NETWORK with the iconic
USA TODAY and more than 100 local media brands, digital marketing
services companies ReachLocal, WordStream and SweetIQ, and U.K.
media company Newsquest. 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
June 30, 2019
June 30, 2018
June 30, 2019
June 30, 2018
Operating revenues:
Advertising and marketing services
$
368,328
$
420,163
$
733,563
$
830,475
Circulation
247,092
263,806
499,819
530,392
Other
44,917
46,799
90,380
92,852
Total operating revenues
660,337
730,768
1,323,762
1,453,719
Operating expenses:
Cost of sales
403,089
452,053
814,253
909,037
Selling, general and administrative
expenses
195,068
199,143
395,170
412,142
Depreciation and amortization
35,466
38,378
72,511
78,630
Gain on sale of property
(32,768
)
—
(33,650
)
—
Restructuring costs
6,771
12,611
27,730
21,910
Asset impairment charges
274
10,483
803
14,239
Total operating expenses
607,900
712,668
1,276,817
1,435,958
Operating income
52,437
18,100
46,945
17,761
Non-operating income (expense):
Interest expense
(6,879
)
(5,935
)
(13,844
)
(10,413
)
Other non-operating items, net
(6,104
)
4,042
(9,134
)
8,353
Non-operating expense
(12,983
)
(1,893
)
(22,978
)
(2,060
)
Income before income taxes
39,454
16,207
23,967
15,701
Provision (benefit) for income taxes
12,729
(99
)
9,147
(228
)
Net income
$
26,725
$
16,306
$
14,820
$
15,929
Earnings per share - basic
$
0.23
$
0.14
$
0.13
$
0.14
Earnings per share - diluted
$
0.23
$
0.14
$
0.13
$
0.14
Weighted average number of common
shares outstanding:
Basic
114,521
112,946
114,485
112,852
Diluted
116,692
116,219
117,375
116,035
SEGMENT INFORMATION Gannett Co.,
Inc. and Subsidiaries Unaudited, in thousands
Table No. 2
Three months ended
Six months ended
June 30, 2019
June 30, 2018
June 30, 2019
June 30, 2018
Operating revenues:
Publishing
$
576,173
$
644,551
$
1,155,340
$
1,283,211
ReachLocal
98,566
100,435
195,747
196,923
Corporate and Other
1,690
1,809
3,293
3,785
Intersegment eliminations
(16,092
)
(16,027
)
(30,618
)
(30,200
)
Total
$
660,337
$
730,768
$
1,323,762
$
1,453,719
Adjusted EBITDA:
Publishing
$
90,664
$
94,358
$
172,047
$
172,116
ReachLocal
12,200
10,271
19,831
16,480
Corporate and Other
(26,642
)
(19,030
)
(52,330
)
(47,929
)
Total
$
76,222
$
85,599
$
139,548
$
140,667
Depreciation and amortization:
Publishing
$
17,758
$
24,157
$
37,497
$
50,446
ReachLocal
13,152
8,896
26,084
17,409
Corporate and Other
4,556
5,325
8,930
10,775
Total
$
35,466
$
38,378
$
72,511
$
78,630
Capital expenditures:
Publishing
$
5,066
$
6,321
$
8,540
$
10,430
ReachLocal
4,804
4,234
9,849
7,742
Corporate and Other
3,465
3,419
7,529
9,350
Total
$
13,335
$
13,974
$
25,918
$
27,522
SAME STORE REVENUE DETAIL Gannett
Co., Inc. and Subsidiaries Unaudited, in thousands
Table No. 3
Three months ended
June 30, 2019
June 30, 2018
% Change
Reported total revenue
$
660,337
$
730,768
(9.6
%)
Acquired revenues
(17,281
)
—
***
Currency impact
4,461
—
***
Exited operations
(307
)
(13,401
)
(97.7
%)
Same store revenue
$
647,210
$
717,367
(9.8
%)
Reported advertising and marketing
services revenue
$
368,328
$
420,163
(12.3
%)
Acquired revenues
(17,281
)
—
***
Currency impact
2,960
—
***
Exited operations
(304
)
(13,395
)
(97.7
%)
Same store advertising and marketing
services revenue
$
353,703
$
406,768
(13.0
%)
Reported circulation revenue
$
247,092
$
263,806
(6.3
%)
Currency impact
1,144
—
***
Same store circulation revenue
$
248,236
$
263,806
(5.9
%)
*** Indicates an absolute value percentage change greater than
100.
PUBLISHING REVENUE DETAIL Gannett
Co., Inc. and Subsidiaries Unaudited, in thousands
Table No. 4
Three months ended
June 30, 2019
June 30, 2018
% Change
Publishing revenue detail
Print advertising:
Local
$
84,185
$
103,354
(18.5
%)
Classified
60,750
74,905
(18.9
%)
National
39,317
49,636
(20.8
%)
Total print advertising
184,252
227,895
(19.2
%)
Digital advertising and marketing
services:
Digital media
65,729
68,513
(4.1
%)
Digital classified
15,709
19,300
(18.6
%)
Digital marketing services
20,164
20,047
0.6
%
Total digital advertising and marketing
services
101,602
107,860
(5.8
%)
Total advertising and marketing
services
285,854
335,755
(14.9
%)
Circulation
247,092
263,806
(6.3
%)
Other
43,227
44,990
(3.9
%)
Total Publishing revenue
$
576,173
$
644,551
(10.6
%)
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:
- 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 as net income before (1) income taxes, (2) interest expense,
(3) equity income, (4) other non-operating items, (5) restructuring
costs, (6) asset impairment charges, (7) other items (including
acquisition-related expenses, certain business transformation
costs, litigation expenses, and gains or losses on certain
investments), and (8) depreciation and 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
as EPS before tax-effected (1) restructuring costs, (2) asset
impairment charges, (3) non-operating (gains) losses, and (4) other
items (including acquisition-related expenses, certain business
transformation expenses, litigation expenses, and gains or losses
on certain investments). The tax impact on these non-GAAP tax
deductible adjustments is based on the estimated statutory tax
rates for the United Kingdom of 19.0% and the United States of
25.5%. 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 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 June 30,
2019
Publishing
ReachLocal
Corporate and Other
Consolidated Total
Net income (GAAP basis)
$
26,725
Provision for income taxes
12,729
Interest expense
6,879
Other non-operating items, net
6,104
Operating income (loss) (GAAP basis)
$
99,253
$
(1,950
)
$
(44,866
)
$
52,437
Depreciation and amortization
17,758
13,152
4,556
35,466
Gain on sale of property
(32,768
)
—
—
(32,768
)
Restructuring costs
5,990
100
681
6,771
Asset impairment charges
274
—
—
274
Other items (a)
157
898
12,987
14,042
Adjusted EBITDA (non-GAAP basis)
$
90,664
$
12,200
$
(26,642
)
$
76,222
(a) Includes costs incurred as a direct
result of the proxy contest of $12.1 million for the three months
ended June 30, 2019.
Three months ended June 30,
2018
Publishing
ReachLocal
Corporate and Other
Consolidated Total
Net income (GAAP basis)
$
16,306
Benefit for income taxes
(99
)
Interest expense
5,935
Other non-operating items, net
(4,042
)
Operating income (loss) (GAAP basis)
$
48,998
$
(1,696
)
$
(29,202
)
$
18,100
Depreciation and amortization
24,157
8,896
5,325
38,378
Restructuring costs
9,447
2,966
198
12,611
Asset impairment charges
10,483
—
—
10,483
Other items
1,273
105
4,649
6,027
Adjusted EBITDA (non-GAAP basis)
$
94,358
$
10,271
$
(19,030
)
$
85,599
NON-GAAP FINANCIAL INFORMATION ADJUSTED
EBITDA Gannett Co., Inc. and Subsidiaries Unaudited, in
thousands
Table No. 5 (continued)
Six months ended June 30,
2019
Publishing
ReachLocal
Corporate and Other
Consolidated Total
Net income (GAAP basis)
$
14,820
Provision for income taxes
9,147
Interest expense
13,844
Other non-operating items, net
9,134
Operating income (loss) (GAAP basis)
$
141,413
$
(10,173
)
$
(84,295
)
$
46,945
Depreciation and amortization
37,497
26,084
8,930
72,511
Gain on sale of property
(33,650
)
—
—
(33,650
)
Restructuring costs
24,079
240
3,411
27,730
Asset impairment charges
804
(1
)
—
803
Other items (a)
1,904
3,681
19,624
25,209
Adjusted EBITDA (non-GAAP basis)
$
172,047
$
19,831
$
(52,330
)
$
139,548
(a) Includes costs incurred as a direct
result of the proxy contest of $17.8 million for the six months
ended June 30, 2019.
Six months ended June 30,
2018
Publishing
ReachLocal
Corporate and Other
Consolidated Total
Net income (GAAP basis)
$
15,929
Benefit for income taxes
(228
)
Interest expense
10,413
Other non-operating items, net
(8,353
)
Operating income (loss) (GAAP basis)
$
88,163
$
(4,622
)
$
(65,780
)
$
17,761
Depreciation and amortization
50,446
17,409
10,775
78,630
Restructuring costs
17,724
3,505
681
21,910
Asset impairment charges
14,239
—
—
14,239
Other items
1,544
188
6,395
8,127
Adjusted EBITDA (non-GAAP basis)
$
172,116
$
16,480
$
(47,929
)
$
140,667
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
June 30, 2019
June 30, 2018
June 30, 2019
June 30, 2018
Gain on sale of property
$
(32,768
)
$
—
$
(33,650
)
$
—
Restructuring costs (including accelerated
depreciation)
7,324
16,833
29,984
31,293
Asset impairment charges
274
10,483
803
14,239
Loss (gain) from other non-operating
activities
4,810
(2,862
)
4,308
(2,728
)
Other items (a)
14,077
4,294
24,596
5,932
Pretax impact
(6,283
)
28,748
26,041
48,736
Income tax impact of above items
1,714
(7,173
)
(6,484
)
(12,100
)
Tax benefit
—
(2,094
)
—
(2,094
)
Other tax-related items
$
1,879
$
—
$
1,879
$
—
Impact of items affecting comparability on
net income (loss)
$
(2,690
)
$
19,481
$
21,436
$
34,542
Net income (GAAP basis)
$
26,725
$
16,306
$
14,820
$
15,929
Impact of items affecting comparability on
net income (loss)
(2,690
)
19,481
21,436
34,542
Adjusted net income (non-GAAP basis)
$
24,035
$
35,787
$
36,256
$
50,471
Earnings per share - diluted (GAAP
basis)
$
0.23
$
0.14
$
0.13
$
0.14
Impact of items affecting comparability on
net income (loss)
$
(0.02
)
$
0.17
$
0.18
$
0.29
Adjusted earnings per share - diluted
(non-GAAP basis)
$
0.21
$
0.31
$
0.31
$
0.43
Diluted weighted average number of common
shares outstanding (GAAP basis)
116,692
116,219
117,375
116,035
Diluted weighted average number of common
shares outstanding (non-GAAP basis)
116,692
116,219
117,375
116,035
(a) Includes costs incurred as a direct result of the proxy
contest of $12.1 million and $17.8 million for the three and six
months ended June 30, 2019, respectively.
NON-GAAP FINANCIAL INFORMATION FREE
CASH FLOW Gannett Co., Inc. and Subsidiaries Unaudited, in
thousands
Table No. 7
Three months ended June 30,
2019
Six months ended June 30,
2019
Net cash flow from operating activities
(GAAP basis)
$
(1,893
)
$
35,646
Capital expenditures
(13,335
)
(25,918
)
Free cash flow (non-GAAP basis)
$
(15,228
)
$
9,728
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190805005548/en/
For investor inquiries, contact: Stacy Cunningham VP,
Financial Planning & Investor Relations 703-854-3168
investors@gannett.com or Brinlea Johnson The Blueshirt Group
investors@gannett.com
For media inquiries, contact: Amber Allman VP, Corporate
Events & Communications 703-854-5358 aallman@gannett.com
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