- Earnings call transcript Q3 2022

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Operator

Greetings, and welcome to the Gannett 3Q Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Matthew Esposito of Investor Relations. Thank you. Please go ahead.

Matthew Esposito

you. Thank and third joining quarter everyone, to call you Gannett's discuss XXXX thank morning, our for today Good results. Officer. Doug Presenting Mike on Chief and Reed, be Financial Horne, Chairman and today's Chief Executive call will Officer;

the During this call, will discuss quarter. results Gannett's financial we for

If press website, will release. we the find in addition Gannett earnings posted an supplement to to you that navigate you have our earlier

it provides this be referencing today you quarter's additional will call it on We as on with detail performance. the

let you that please is me recorded. call begin, being we Before remind this

statement addition, this differ to required of obligation Gannett's statements may expectations. well update In current forward-looking any the the risk cautionary call We or actual cause from factors supplement or may made this events to the forward-looking respect certain encourage Except call. materially those to and events today. the the with discussed as those in that regarding undertake upon during including based These you correct no earnings be results and to statements law, made are and we statements made SEC. as are results forward-looking future involve described publicly read during be statements risks to statements, in by with filings uncertainties deemed and as

will and net income adjusted information In during Gannett. free EBITDA adjusted the be financial we discussing non-GAAP revenues, attributable addition, flow, call, including cash same-store to

comparable to most measures You non-GAAP U.S. measures can in find of reconciliations earnings the GAAP the supplement. our

and like consent. I not may any rebroadcasted Gannett. CEO. reproduced or webcast material that are solicitation an an Chairman Mike to cast a offer remind call in without would of would constitutes prior the Gannett The you With purchase written to copyrighted turn sell I Gannett's to on nothing over audio duplicated, Reed, call of this be Lastly, and that, to offer or interest and

Mike Reed

Matt. joining Good morning. call our for Thanks, Thanks this morning, everyone.

remained are challenging. environment all aware, the know has macro I you As

we quarter and stabilization end in trends third second encouraged However, quarter. are the the to the compared by the of

recall, QX, during declined may third maintained operating to you environment trends quarter. consistent much from quickly QX the the we As but more

We and only marketing in digital digital growth our solutions great business digital subscription in solid to continued our our also business. transformation, make progress with

several third quarter, on that control we initiatives the During also our implemented immediate cost base. impacts made cost

to We fourth benefits the EBITDA these are in these already quarter. seeing and from third actions adjusted in in substantially adjusted improvements sequential quarter cost ramp with the EBITDA we benefits the But XXXX. and margin expect to

debt our remain We debt with plan. to and also on repay track meaningfully reduction continued

are operating to right confident the environment remains successfully. While challenging, we we backdrop place the the plans have navigate in

Overall reflect environment. on third ended EBITDA progress QX, Our but results inflationary adjusted quarter our to well strategy, as combat in revenue slightly. I as consistent improved implemented EBITDA how mentioned, third the continued adjusted the margin trends just for financial quarter were current as new on our and the initiatives costs with early progress we

our QX additional taking macro stabilization. revenue cost third Despite margin typically, to in margin from or as we specifics and believe Further, EBITDA in the helped standpoint. drive the to EBITDA measures adjusted control EBITDA in will I lower later But in full quarter take leads measures, the at However, adjusted this haven't being the improve in XXXX. conditions the third into effect. call. ramp a significantly which seasonality in quarter perspective dive QX mentioned. from improve will We'll we these third smaller while improvement started environment, improvement implementing us a quarter recent seen sequential margin are cost and as lead juncture and that are EBITDA seeing This our the actions to we adjusted

we also behind peak us. And these from benefit from decline year-over-year We is adjusted substantial EBITDA in expect more believe fourth a now actions the quarter. cost the perspective in

As part in business. we which our continues business legacy to and our digital continue marketing to subscription our to print, both shifting face digital recurring from progress make more long-term strategy, solutions revenue, stable Northstar digital of secular declines

have confidence challenging and various believe growth We the efforts businesses and strategically environment, that our our the revenue cost structure. digital despite our in to modify

unforeseen growth a position October, rarely as to shareholders. has our businesses ours subscribers, strategy economic and digital confidence marketing a significant year-over-year a us continue negatively X.XX free impacted while Gannett in growth over digital as nearly a revenue straight as Our growth value as solution XX% to path. flow drive are We such for evolve cash grew in basis the encouraging strategy revenue cash Transformation third results well be us in surpassed to And near-term, ARPU, million long-term the backdrop year. committed digital-only only media revenue digital our to our our third quarter digital-only our prior and urgency and same-store the free in in With transformation. business and the we as during the predominantly with with paid ended and remain growing we give The X our And digital in subscription with nice to milestone. believe and on of digital subscribers, leveraging represents million quarter, and paid which scale content compared in XX%. data, flows. our

show quarter The revenue maintaining platform the while in and core EBITDA, results the during growth platform nice new and were ARPU. adjusted in key achieved encouraging solution business to core strong adjusted continue also quarter, several margin marketing across EBITDA highs digital metrics. Our

million the real make ability the to debt second repay to approximately quarter. have $XXX million of have various high assets we priority to end now As to million balance. subsequent part we move remains by and continued of repaying repaid are strategy, and to the confident the are debt our lowering our in long-term by of of in Year-to-date, we evidenced we sales of down each in We debt million stages debt $XX again continue our have pay to of on-track XXXX. debt $XXX $XX quarter, great $XXXmillion progress estate a currently of pipeline needle and

of our third paid the to highlights accelerating Gannett's our added subscribers. by and those journalism customer network quarter come our the monetization visitors marketing the and Quarter-over-quarter, digital USA turn by To and Now that's revenue unique foundation subscriptions. of data, base, digital-only growth X to top XXX,XXX our come base million XX we of growing the net and on visitors, audience accelerating of new and million million properties. average digital our path of two million capitalize digital believe transformation We TODAY digital-only business. monthly our digital-only priorities. UK Growing compelling and digital from remain product, organic and let's XXX solutions commitment continue we our in XXX which large segment measured subscriber accelerating subscription intend our is to for to from Comscore platform the

understand increasingly to and behavior monetize an our audience. ability that drive will large Our user's experience engagement allow us that curate and to loyalty will

on has believe subscribers our represent Our in still overall have and primarily in to in local Therefore, digital-only mission growth. local with growth interact we local it's today our approximately in Since we in assert additional have empower intend date, our markets local how the as our significant the the months strength markets down thrive X% We only communities we communities. local these deliver consumers. local to markets digital these we additional and coming to on to we of been local proposition to subscriber double opportunity audience. important subscriber believe as we steps drive to our we take

the nonlocal We such USA also tripled. In to opportunity our the in digital a the the as one the and we areas about a in product in now stages larger year, a as and and and market are USA for paid TODAY, of see TODAY subscription crossword a platform, monetization are of journey. we subscription Both in their just total beginning still subscriptions, just future have is digital monetization continued addressable where solid Gannett these success. crossword over early energized opportunity see of number are platforms. overall nearly subscription But encouraged subscriptions brand terms portfolio

provide brands intend believe offerings. audience TODAY additional roll well to addition, a to subscriptions digital focus are additional few Channel, our as Examples paid accelerate, a digital McClatchy, of and Weather to aligning and We for expect In with only subscribers. bundle share where bundle we is this across to and enable we their partnerships only our to opportunities. the as USA with that are million as T-Mobile, monetization current we paid value out opportunity values as include from partnerships us expand content in own partnerships key platforms, further an X our Gannett, our specifically

subscribers. XX%, newsletter registered year-over-year. X.X the subscribers, meaningful We quarter, users growth which third in with significant the registered newsletter we respectively, X.X During users total and our of experienced growth quarter also and XX% and million represents million ended

As registered than our we conversion higher are see we subscription anonymous to rates do mentioned significantly these strategy, from as previously, we important users users. typically

allow a reader registration this increase monetize our our focused digital party and to platform and experience users providing enhance will are the rich increasing We collect to as on effectively. registrations us to the to product first data, of signals ability more and

and into acquisition subscriber signals the engagement registered channels convert are our We consumer and and are engaged cohorts. goal those moving how our relationships, to we and users future an this of users us. and insights subscribers to forward users building of highly activate users build continue important for both from said, be datasets of innovative on will registered users portion these on approach to our based and scale, newsletter And taking at be That pool subscribers. paid identify a

digital up segment XXX achieved budget marketing recurring to contracts evergreen The customer million of our approximately maintain rates XX%. We adjusted with EBITDA monthly the margins. core is record and in of structured revenue third and DMS retention in year-over-year, the double-digit platform on Now our quarter turning business. majority continued revenues of X.X% we solutions

flow our expand Registered our to grown XX,XXX October. tool which account triple DMS over to of third and approximately contributed the users recently as each in continue keyword seeing freemium have offerings new XX,XXX a experience, us meaningfully end through and continue quarter, quarter. that nearly to of to registered to users the creation quickly We product launched grow daily our

approximately pillars and second actions a intended inflection key will future products. challenges. several quarter, the and our options. end, added improving sensitive to at circulation across But locks, relationship price segment customer updated are to in is stabilizing we service solution, current customer our the continue price navigation to We our as have been improve for these made freemium and new of business, set we price declines are our consistent us experience, reflect sites, labor believe saw distribution on a customer for have legacy local believe our more declines To a remained also with the through such streamlined on by country focus and platform we of increases, in that as improved which growth, third and two-year also businesses accounted and backdrop customer management quarter, progress that premium revenue. ongoing intensified XX% of shortages. subscriber is limiting end implemented and payment efforts. We total delivery engaged future for the operating the have and up the the the print economic distribution the registered Gannett’s Results dashboard as important revenue digital with checkout as We and us revenue. our well on In

Regarding carriers in to customers. we the open deliver our making challenges, routes are to valued product distribution have to our ensure investments necessary we

delivery we This Since We we have converting routes Very the extends XX% second financial result the from lifetime ROI. highest with are believe inform quarter also in a reduced incremental it's using customer areas our certain value investment meaningful investments of XX%. of viable of open but mail subscribers. markets progress. percentage where data perspective. may spend, a in in our from the XXXX, to the and We're delivery the to to the

where as eliminate subscriber circulation creation as future, base. our print and retention, is some standpoint, to the goal as in very our deliver well most are remain distribution importantly, our in routes our and Our stabilize to possible. print that improve business the costs more optimistic cases, about growth lifetime are as These reliably consumer shareholders. actions trends, and unprofitable the from We a both value for value of intended well to works lower improve

solutions Our have digital growth areas, namely subscription continue marketing our healthy and business rates business, only to significant digital markets. digital grow at addressable and our

significant digital double-digit in given both competitive our the While and subscribers position We improvements revenue scale in sequential are involvement communities revenue trends digital expect marketing marketing solutions quarter, businesses of long-standing where our XXXX. knowledge digital to our we a solutions audience, well the the experience as only and in of outpace we in growth again we in as third operate. believe QX

or of have on therefore and cost of our million implemented million XXX have of confident line We sight about approximately reductions recently stated approximately target of feel of reductions adjusted XXX very we result to adjusted in growth and This will improvement sequential expect QX, these margin million in actions. and to this XXX EBITDA carry momentum XXXX. into EBITDA from in meaningful

$XX As I than lien to debt. have a aggressively we as mentioned a any continue first minimum covenant other reminder, not earlier, pay our we And debt requirement. do down cash million

future declining, payments risk cash at to end approximately to will of default in NOLs. are agreement. on growth, the federal expect lead flow any year $XXX million we and are we pension our So our free also credit Further and interest which with not

in to XXXX protect on went years X, on expires a acquisition significant a Rights three have significant XXXX. the the that was year into change date in X, of continue April Plan the later April We on that the Plan shareholder XXXX, during had period, enacted The to we NOL and Rights November of impact effect the of company's have which Gannett three following cumulative control.

change in Plan the and lower weeks, we Rights this in XX on larger couple XXXX, in shareholders mark substantially welcome While the so through is year, a this control position. year the April with of three November interested taking are cumulative conversations who will will place we a of of in which reach acquisition of

believe reach to in our flow continue leading to ability an and long-term revenue and We our strategy XXXX, Northstar to cash point inflection sustainable growth. in

we through believe bright All the and is of me to that, to our price I share just as execute. future will our facts continue data lead points and went recover

within execution our now we third our With expect of Doug? and Our detail over to leads and to quarter additional call reiterate the XXXX our Doug commitment to turn ranges. to previous guidance around financial like to color provide I'd be us guidance year full midpoints that, results. the to

Doug Horne

Thank everyone. and morning, you, good Mike,

significant in trends recall, QX If we deterioration you will saw from to QX.

and seen did encouraged are news for from yet, to that we while the good trends revenue second have is where the total we improve second similar some revenues see And QX ended end at deteriorate we operating not what experienced performed of revenue the we quarter. not we trends quarter that

We our in are free going and adjusted also encouraged flow. that result recent improvements forward cash cost actions will EBITDA in

to results third print did on pressure our delivery subscribers. circulation home digital Our from and quarter continue see advertising spend

QX, as quarter, a to June's a year-over-year XX.X% same-store decreased of prior with total line operating compared For million, basis, down as X.X%. the $XXX.X On to the year-over-year year-over-year importantly, were revenues X% in of decrease year compared quarter. second the decline revenues operating in X.X% but

I continue utilities, Those translation negatively the period. to million pressures UK dollar to tied million and about XXX environment digital to strength in prior estimate account EBITDA along XX media for materials. of resulted the decline. pound, third And keep improvement first basis distribution, increase with shortages. points compared a Adjusted we three XXXX. quarter, currency quarter, In the and adjusted with be the costs we for prior sequential experienced in adjusted or impact which or U.S. and costs the newsprint, we forgiveness circulation, impacted of majority impact, points the year-over-year of were EBITDA million EBITDA it's to XX.X% this the secular the and totaled basis the revenue to experienced by trend third year-over-year. the a loan event revenue overall benefited the inflationary inflationary company print with being down relative of XXXX, caused the total important first $XX.X QX. quarters the pressures, together Along security year-over-year as year vast in of in our in a quarter. QX the impact from to year-over-year EBITDA, of pressures inflationary adjusted When Given and quarter quarter in taken EBITDA ongoing $XX.X of improvement a of accelerate that improvement due decline expect in the fuel, and in versus anticipate in fourth factors. we EBITDA half in margin third combined Adjusted million in result think $XX year, in largely the in was the $XX.X seasonally from with estimate million, quarter, significant was XX.X% as also million segment. The by X.X% approximately $XX this a the in labor these ongoing the quarter. by $XX mind the PPP reported macro advertising approximately stronger experienced third our the Also, to challenges a in XXXX $XX we We negative a adjusted the impacted QX distribution million in we

bottom the third to income net net and with attributable loss adjusted Gannett of quarter the $XX.X to Gannett. $XX.X line, On ended million attributable of we a million

a accounted representing well million impact which for reorganization loss interest limited in attributable our digital a on includes by of QX. basis. our integration loss sale revenues Total estate and year-over-year revenue. also cumulative of million of were in of buyout, net net approximately X.X% increasing and tax million operating impacted multi-employer real And a was of headcount provision $XXX.X onetime pension an decrease they items was of the plan Our XX% QX, costs and The liability, with $XX.X same-store and negatively expense. of as to depreciation tied amortization, QX associated broader a total million deductibility a reductions, Gannett as reflects in the withdrawal $XX.X component to $XX.X lease

continued making decline on advertising in which solutions, digital businesses advertising. total in media, digital declines resulted which in digital Despite fell headwinds our and a XX.X% revenues only digital market, Our in digital same-store progress. in marketing heavily influenced media national are by advertising, a digital was decline circulation reflects in The our programmatic softer softness basis. great the digital

premium see engagement to million year-over-year, Our a digital continued basis, revenue compared utilize prior while audience tune efficiency, momentum $XX.X personalize product subscriber new approximately circulation premium minimize our our our and expect fine on and same-store and and our XX.X% X% build content, churn. grew ARPU science personalize products, further grew to subscriber year to only of and the as we data we launch optimize subscription retention partnerships analytics apply and to improve funnel scale new and

a double-digit by increased to of their we're grew million, revenue All Average quarter. of these in year the reached X.X% same prior our underway high monthly quarter, record see year-over-year. in efforts high per impact quarter the X.X% are Compared XXX trends. representing business, year. count marketing a margin platform the $XXX strong of and EBITDA $X,XXX the for an excited the a to was increase nearly third customer year-over-year increased Adjusted X.X% ARPU our revenue In solutions and month X.X% on million, represents of digital a core versus of the increased. total prior XX.X% year-over-year segment and on reached store basis. the record $XX.X

portfolio a All our on of contribution media sales continued channels. both and focus reflect trends our from these product local positive

XX,XXX have home QX. decline slight spend QX. decline who a base we was was there pause seasonality results, result The in customers a platform customers on as typically services quarter-over-quarter in large to of XX,XXX clients terms of the a QX from of In sequential in

to and increase ARPU compared continued our in QX revenue QX. to However, as

sheet. now turn balance to Let's the

million of debt included $X.XX of Free net the of million $X.X leverage our cash was third the was Our of third $XX.X resulting paid $XX.X net billion. first of in ended quarter interest debt of lien with and million $XX.X down. paid and and at which end total which reorganization $XXX.X flow million. QX, We billion cash X.X cash approximately balance the reflected quarter was in $X.XX total times, approximately debt million, integration

we repurchased a quarter, million to our of senior for XXXX notes third representing the $X.X $X million, During par. discount approximately

to of repaid We into with debt totaling $XX as of total and $XX.X of and repurchase completed a and cash XXXX real our In million asset also other $XX.X on QX, on total million. our hand we we for of million, paid an estate term real million million, Real our additional repaid our term million approximately assets well loan half $X.X and estate in $XX.X bringing million sales, XXXX senior year-to-date totaling Subsequent $XX.X quarterly we down the as XX of million third basis. payment our sales $XX.X notes September of also amortization $XX.X as quarter, sales loan for and XX. assets translates million year-to-date million. of other $XXX second to the Estate This $XX.X other through

lower remove liability any participant and or This of We real of of million portion expected liabilities In the the in into full to $XX the to in earlier, mentioned of benefits and reduced pipeline. raised of be of the range to to company's savings maintained the of estate sales rate exposure we our insurance on XXXX estate our of million approximately plan. costs, million. various economic participants asset of the entered significant the eliminate arrangement pension transaction at quarter, allowed the moving expects for have And transfer an number us Mike third future the two pension administrative million future year as $XXX have XX all plan XX and of sales given to we result $XX companies. forward. stages other liability assets favorable a Further, million a as real

quarter, program. in cost reduction significant our implementation the began the of Lastly, we third

$XXX represent million through benefit of executed million end adjusted EBITDA an run also additional $XXX we $XX of successfully have run various rate as annualized of we benefit. initiatives. the rate initiatives have are or that in improvement million targeting to that and of a million We October, savings identified initiatives And $XXX have cost

XXX or Within third eliminating US X.X%. reduced employees workforce. the included we headcount This of quarter, X.X% by the

eliminated We also XXX positions. open approximately

also have reductions cost cost structure. executing that will more transformative We variable begun create a

increasing scope cost will impact order reductions been currently costs some and on support to centralized finance, accounting, as and to in focus in preserve we the technology. sales of We has communities the entire are our and organization, administrative And functions enablement reducing while that outsourced serve. the degree business markets such resources our

We marketing, such level are leveraging in automation accounting and BXB our also technology increase as to data of intelligence. and efficiency areas

have with We our traditionally we can we that structure. had automation believe outsourcing increase a variability and largely variable and further but cost the structure, cost management layers, reduced of

the the $XX QX to necessary $XX These of took In a to significant it economic now actions, a benefit sequential in an long-term. to We and to financial actions control and work the fourth now, drive reduced and I suspension our the we expect the want employees the in recognize increase we drove that then total, also timing of the the but of go toll third in previously and call stronger finalize and we in to a to quarter. the Gannett's mitigating permanent improvement provide actions temporary work as for savings along of tied flexibility included is up. cost in their pressures we estimate actions. expect beginning actions back leave which benefits. total additional decisions And to associated strategy. operator quarter, QX we to on near-term mentioned, in that back for us I create additional thank quarter, an these mandatory emotional and hand the actions and over as organization cost revenue with remaining to EBITDA EBITDA Mike the will and certain with take these our of questions long-term to we mission wrap actions employee contributions million quarter. adjusted $XX employees, million these million the fourth temporary cost I a in expenses these healthier for and adjusted our cost realized will given fourth We collective

Operator

Instructions]. [Operator

first Arthur Our Doug from of Huber question Research. is

Doug Arthur

was think I up. thought on And hung then I I I mute.

there, In bit. a I'm have mitigation? seen seen mean, those on the into any terms you in on positives the at year, least assume quarter? yet, going little in eased queue I I I I fuel not of quite costs. sure, about the you cost the know newsprint. pressures, talked have earlier terms haven't didn't fourth with what's going Any going of inflationary

Doug Horne

Doug, this is Doug.

terms would inflationary that fuel, on and quarter investments seeing in terms seen to consumers. in to of So we delivery stabilization of our stabilization are think some we say coverage I improve of we've as I slight quarter, but our make still impacts, in improvement paper, a in maybe increases terms and route distribution

categories. is is than I across going other a news that the good we've So seen stabilization still think, that's variable most up. But other that, I think

Doug Arthur

reduction these this at in point? is addition of headcount, this big all to about I cost terms efforts, in outsourcing And mean,

Doug Horne

and at externally. think we but terms outsourcing, I really a of internally, outsourcing, do mean, in there's as how customers with part also I engage of our looking in large portion business

just and efficiency. think process evaluating we're to strategy right forward. go-to-market And I make move the really that is the the amount to process Northstar of improvement to of allows different in So kind strategy, sure markets we kind with unlock cases, we in overall some have priorities as that savings cost we're which looking of of aligned maximum for us kind our

Doug Arthur

final And Okay. then question.

XXX? missed that. you a net did out add say number, specific gave digital You I

Mike Reed

Is XXX.

Doug Arthur

XXX. sorry. I'm

Okay.

Operator

Citi. Bazinet Jason is question from Next Our of

Jason Bazinet

to line in organic getting remind Can are back flattish terms growth? you you guys A of guys of sort top us aiming hit crossover question. when to of sort

Mike Reed

target. the inflection that now, remains that Yes, as a changed. amount for point of target time we're Jason, targeting XXXX our been It's our hasn't considerable

then within a and we expect We XXXX. growth. see haven't stabilization year specific quarter XXXX, within to first revenue given calendar revenue But

Jason Bazinet

Doug’s And on then on just about inflationary we or a basis, can called a questions should impact? year-over-year something I that that's inflation that sequential million on you the like think as XX that, also Is out impact.

Doug Horne

year-over-year impact. That's a

change. So it's looking of year-over-year at the kind

Jason Bazinet

guys the at just XX you those more thinking it's newsprint that we read call are that aren't for seem rent items things a space? related that how these impact inflation, to does distribution then and the ask out, that and other little challenging, to food for X% about X% be expense numbers in going you than And and a if million or inflation I lot broadly specific broader you. related CPI bit of but it

out? So specific those XX of pressures in inflation areas sort I the outside the called you just characterize overall you would million

Doug Horne

investments delivery, of say make across and in I the we've given we depending mean, a as we to too a seen most other we're I the with about of that different I lot increases. we're stabilization further now, where any uncertainty. year. we've expecting do kind would than change significant economy say to close sit I pretty happens still good where seen at. that other there's year. here of upon having broader we're will as lot from days, here can my next I But these think categories, to today, environment But next future, routes, perspective, not what kind open the I what again, would we think feel I But of views hard far in think, looking as there's economic sit And it's think

Operator

We have comments. go question-and-answer like Mike reached sir. over to for Reed ahead, the floor turn end to session. Please the any closing would of back I the

Mike Reed

Thank you.

we've of a lost not as you a this third just wins key of comments. a me are It's call, and number But on let the on challenging quarter today, heard us with by the encouraged we that in seen. remains stabilization environment. the So some few close

business, an full cost on during We our immediate marketing only action Further, plans adjusted quarter. in businesses to also subscription have we business our continue you those as QX EBITDA, major growth we really that had impact our in but today, expect ramp digital year to and the and accomplished the solutions in and third from milestones both XXXX. see QX, heard for see of solid digital

we meaningful margin So forward. in as go increases and pretty EBITDA both adjusted we expect

really and done of progress silver to you that continue the make last And on today. acquisition the this years throughout three consistently also since repayment, We year substantial which Gannett. heard we've debt

the feel operate we long-term like going have forward in today. challenging we we So from to in success short-term a for place while continue environment, components necessary all and

fourth all into us year. thanks you updating on So of you get joining for our February us quarter today. we thank out joining next again, look to And We for when forward today.

Operator

Ladies and conference. Thank for today's concludes gentlemen, joining that you us.

may disconnect your You now lines.

Gannett (GCI) 4 Nov 222022 Q3 Earnings call transcript