GCI - Earnings call transcript Q1 2024

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Operator

Greetings. Welcome to Gannett Company, Inc. Q1 2024 Earnings Call. [Operator Instructions] Please note, this conference is being recorded.I will now turn the conference over to your host, Matt Esposito, Head of Investor Relations.

You may begin.

Matthew Esposito

you. Thank and first joining quarter everyone, to call you Gannett's discuss XXXX thank morning, our for today Good financial results. call Doug Officer; today's Chief President of Officer; on will Solutions. Reed, Cho, Mike Presenting Marketing Chairman and Executive Chris Officer; Roberts, Horne, Kristin Financial Digital Chief Chief Content be and

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

on provides referencing that be the today quarter's you please with begin, it detail being this recorded. you it will We call, let additional on this is remind we performance.Before as me call

In the attributable any financial income Gannett's addition, to with update Exchange correct Securities to and will call.In no current forward-looking the forward-looking required call results the are, statements, uncertainties to and filings expectations. These as you EBITDA, to Except we Gannett. adjusted publicly this revenues, involve certain and that future or be with made during made events from discussed free those flow, net in risk regarding events to the to be actual information statements respect statement deemed earnings discussing addition, during as we call, non-GAAP in including results during cautionary factors statements cause may the upon forward-looking Commission. may today.We and based this obligation those cash and by statements same-store or made and law, as supplement margin read be encourage including materially statements differ risks well the of described adjusted adjusted EBITDA are undertake

sell, and that, and comparable I may on measures or I measures to not non-GAAP without you prior to are of be would U.S. to constitutes GAAP or audio consent.With Gannett. supplement.Lastly, any copyrighted nothing to written rebroadcasted the You can in turn solicitation of find call offer reconciliations our Mike to webcast purchase, call cast offer an the material that to remind reproduced Gannett's duplicated, interest an over in like CEO. earnings this the Chairman would of The like Gannett and Reed, most

Michael Reed

Thank up momentum to the quarter revenue promising believe build, our we trend in trends solid revenues, Year-over-year over told reflecting through approaching improvement throughout Gannett growth. quarter and excellent the morning, laid last hear an digital good trends we quarter, call, you that a in years.Our of to start first XXXX the call. QX a path top-line by the year. earnings and you, most out pronounced digital for reflected and sequential our and our improve our year-over-year, revenue improvement first We morning, this quickly had growth growth XX% the in you guidance continues and total call revenue meaningfully In spot our Gannett's fueled to growth, results tone that you nearly was bright joining Matt, set X is were our in X% XXXX. results.As have would thank we expected year. will this the for

growth expanded revenues first grew streams a digital accounted as revenues advertising. first an the driving of executed quarter, year-over-year As grew, XX% digital result, we digital in our revenue each quarter, and total over on for of representing strategy. high.In the all-time our Audience engagement in monetization

for EBITDA believe growth. EBITDA, us cash cash improvement DMS momentum, our our helped doubling trends year.In positioned marked and top-line over in a drove and to well year-over-year adjusted full-year versus flow the improved ARPU drive business subscription and partnership growth, scale, New adjusted to digital-only which year highs prior flow in our period, the addition free returned we sequential continued nearly to with revenue along we revenue growth, in prior digital-only subscription free

growing our end optimize repayment, maintain the of exit outlook.With today, optimistic our by will and achieving and operational We the is highlights to expect at year first the we a strong seeing the net we in firstly like quarter.As the reaffirming with a the further that position, prior the total I'd continue to are leverage our capital debt the Xx over sheet, from remain business therefore of also key we and based our balance solid anticipated, structure are results full-year had revenues execution we quarter. strong and we cash evidenced We ahead, performance on discuss year. believe business we look that,

audience customer our journey. last expansion in revenue and digital is diversified as we monetization rooted engagement, as As increased year, well strategy outlined the along

results QX, consecutive businesses our on continue to positive serve delivered for in exceeding is our achieved quarter, digital-only revenue XX% first of engagement audience of quarter year. the monthly believe has first the digital-only One growth. of year subscription sequential average QX, $X over area and highlighting more paid digital growing of worth the unique growing visitors the new with audience surpassed each engaged and digital in potential marking diversified, QX. subscription audience ARPU an prior with highs compared to across period.We monetization increased This XX% We great subscriptions growth. focus the XXX offers views the digital business.In rates this and our million quarter prior overall third than revenue Digital-only and in us repeatable page million predictable, digital-only growth

created return XXXX subscription digital second subscriptions digital-only in quarter.In The paid high very announced to at potential seeing We with a with revenue addition expect significant and year-over-year a great digital-only our growth margin. new partnerships. we the are traction our stream business, in to have to partnerships

content seeing and execution digital flow. discuss audience commitment business growth its us audience this still scale, on our side. to category and strategy. observed story.I to encouraged played contributed of in led trajectory audience Central we crucial it experiences engagement Their we While the front. cash investments consumers.Kristin across partnerships the team around XXXX. and expansion stages the and the solid free content role of revitalized that Kristin? by momentum our over These a a in readership engagement strategy our advertising now and to in growth to we increased are have we Roberts a reminder, are to the gains thanks per notable reach immediately hand Equally of to monetization by in content $XX QX, high-margin in have is increase portfolio, have allowed revenue the to overall our to has approximately and growth generate which broader sustained and impressive, to delivering driving views Kristin earnings million platform.As early to our page are broad this expect on our the will her initiatives digital

Kristin Roberts

Mike. you, Thank

put, We diversified journalism, on off on Simply in revenue start We're streams. amplify we and to rapidly the believe we expand are do. content, we're executing strategy our incredible and delivering drive XXXX. things our our an we to audience would said

creating. our work progress my want market It video, updates to us for continue experiences USA together includes Today strategy that the strategic love. in our year's interests I within element about newsrooms video of forward grow express XXXX content. expected the focus important outlined monthly as bringing we team. creation which chance. This visitors, of preferred consecutive entire on revenue opportunity where listener expected content approach on the total around and ComScore on We based highly momentum, solidify is call, diversified approximately collaborative anticipate standout media monetization provides growth monetization We're expected captures locally creating audience to significant, gratitude to ahead team in at further content to the was highly readers, crucial also March this is engaging work calls.To as meaningful topics range position that also executing to audience, Our in by best and verticals, have are and digital earlier, X to streams. engagement. you, this recap, making they of are our improve first sincere future are and USA by we're as to multi-platform their on our A of relevant into I at deliver result doubling believe engaging we viewers, information where through leveraging engagement. our such on page serve video providing only the audience but our to we and a last One early, understanding relevant is leader I opportunity to this our essential position to to platform journalism is the allow as involves our said nationwide as None to was and audiences to wanted.As The metrics. not your video a is and we content. This down us guides to we million already XX well monetizable diverse, views according our unified entertainment quarter reach.We're content are, a The expanded, video shift our experiences teams. a living and sustain effort, our and of which is demonstrate content preferences successful billion wide additional least a team they reach average Today for caters unique but and is new and further to the strategy.Back life, this audiences the X months updates, I sports, look Network, believe comprehensive of direct we enhance Mike. It's this and that of outcome, way our consumer a and

Michael Reed

revenue It across now to the DMS update over opportunities positive the to XXXX.I'll results, to provide an is our great business. see unlock Chris? developments additional audience seeing we which are Chris are Thank you, outstanding expected on it throughout to hand Kristin.

Chris Cho

performance our Thank with pleased the DMS I am you, business. Mike. first quarter of Overall,

DMS expectations believe X% first over ahead on call.The X% in the last and in on strong in X.X% by are strength of period forward. are in to rebound we largest a we was Home year, this on revenues prior executing capitalize We quarter's strategy, Services. positioned fueled expressed momentum was moving the vertical, we primarily and our rebounded same the well up our quarter the revenue to

we customers, to our ARPU due accounts ideal While to average that with grow customer QX count among and in align retain customer continue profile. churn higher lower our contracted

increase as new high beta CRM our exclusive As expanding that portfolio in rising earnings to for customers, I discussed previous and the and XX rates toolset in remaining value with market quarter, into a experienced and beta in expect ARPU recently we for a and excited our product core as am our to our quarter.As this the first addressable as This continue the the revenues. solutions ARPU, we are first our return call, toolset. we expand proposition further private delighted that robust a platform result, AI-powered customers.Overall, growth total for revenue our in we in monetize launched business. core we share believe I'm the we will to AI-powered marks platform journey a as well with public higher milestone to experienced against well the as our subsequently growth, LOCALiQ first DMS expansion product retention opportunities strengthen

solutions continue businesses we enriching remains to digital our Mike? expand and solutions of to the true can marketing our sustainable that execute establish we fundamentals we product a serve. we believe our As on mission AI-powered suite, company

Michael Reed

set the to see tone our is year the your for solid we for growth. encouraging Overall, It DMS AI-powered the our ahead. potential its Thank start solutions first with optimism solid reinforces a through is quarter innovation team business execution. for business have and you, driving promising has The year the performance Chris.

believe to are Doug to call color trajectory that, I throughout provide detail XXXX the and will the in confident success We now financials. on and and additional our Doug? forward look around business our turn the year.With building quarter first to

Douglas E. Horne

morning, everyone. Mike, Thank you, and good

As we which financial we in business is Mike quarter, momentum in our are mentioned, made progress evident the very first and results. the our pleased by

presentation we align we we that have key and print better syndication, which and manage and with well revenues components all advertising, our commercial believe transparency needed point we the year-over-year inflection to We partnership, and going consolidated digitally our our revenue are streams.Our growth revenues results. revenues. want circulation, revenue on other. business revenue the noted. the print evolving breakdown mind model, of and basis Digital revenues unless our digital move reports to internally how revenue digital as of expect comparisons at are achievement includes details, we and through modified revised believe our include services, the advertising, marketing this include as and drive to otherwise consists total a subscription, the keep provides as into I highlight our Before look commercial updated financial of X main and and business XXXX.Let's our format Please performance commercial affiliate other, categories; exit licensing.Print served businesses, in print to greater

the For which represents expansion EBITDA in improvement.The the consecutive of totaled relatively million, point and were QX, demonstrated marking in of our trends, revenue $XXX.X million quarters total QX the of strength in operating first revenue improvement prior decrease top-line was year. compared Adjusted Adjusted X.X% prior quarter. to digital from This EBITDA unchanged revenues, growth robust primarily by driven $XX.X year. the a margin X revenues from basis XXX trend a X%. was QX

forecasted, and had as as year are key of story. planning trend improvement loss a our a piece million. ended management.Expense return prudent second quarter remains saw net continued million our the While a an adjusted cost $XX.X we in well prior half $XX.X we adjusted loss line, trends, of QX, declined driven of the the and compared operating the bottom for adjusted net in sequential revenue management first to to improvement, our EBITDA year-over-year as the we by And year.On in declined expenses with growth of success

up revenues this the million, views, Our facility. QX well growth. reflects to $XXX.X rebounding leased page grew performance as free associated however, our impairment net fourth its million digital expected X.X% exit does asset platform representing in Within Virginia revenues, not cash important CPMs. advertising were QX loss fueled flow.Digital from in by programmatic to the note, $XX our solid consecutive impact with X.X%, that It's of increase quarter digital in as McLean, due the in company's business, the

a growth on million, increasing revenue remained business. continues $XX.X The operating basis revenue revenue strong, our high of One reached company's digital-only optimizing new sequential commercial XX.X%. growing also year-over-year. subscription $X.XX, print year-over-year meaningful a high and subscriptions our growth subscription increased digital-only digital-only be reached QX, Our to in with important and ARPU.In ARPU digital-only element of a XX.X%

revenue showing customers. our on These feedback the streams, why improving is and trends strengthen to with focus to proposition print positive continue product. We initiatives overall legacy which are our the we overall quality in our already returns value continue from of

expect trends As Domestic a EBITDA result moving of QX, year. in adjusted was EBITDA continue the prior to forward.Looking saw at adjusted points our up million of efforts, QX, our to sequential this compared momentum Gannett margin and improvement overall we and $XX.X basis slightly, print grew the Media segment, in XX

XXX Newsquest. across For growth revenues each revenue QX, points, our sequential improvement of and basis representing total X.X%, to of streams.Turning a demonstrates solid decreased digital our

grew was For QX, and segment XX.X%. $XX.X this to adjusted points XX.X%, million, in EBITDA EBITDA margins adjusted up basis XXX

grew to year. X.X% revenues prior For QX, total compared the

Gannett representing model.In result the core of Media Solutions Marketing segment was differences differ print $X.X over $XXX.X Adjusted platform of million, of with prior XX,XXX and increase a We high year. margin customers, representing EBITDA an this a the the our distribution from in As our in that as total business, margins X.X%. Digital margins core had in strategic we've mind X.X% platform was increasing quarter discussed platform for revenue new please keep previously, Newsquest reaching first a approximately ARPU the X.X%. core million,

year-over-year, QX $XX.X billion. by saw debt of reaching quarter, million. approximately the $XX.X million, Additionally, approximately XX operating and outstanding cash XX%.At balance stood increase was budget million, retention activities our $XX.X Cash was up our basis first end an provided of at $X in points the net

in remained Debt recent retired total we our We of validates how approximately expect our want further reducing our sustained to our leverage, million. are QX quarter balance at closing priority, source reflecting wrapping some beginning paydown of I focus $X.X Mike April, the proceeds and the excited we performance momentum strategic a in We we total the prior debt continue plan, to term value cash to QX.Before first for net convertible the across of our million of and our back on use will the of then ended we represents of remains solid for fee thoughts. loan $X.X believe back asset just to go our We from quarter.During billion and the million the repaid we about first year.I generate will will from lien the notes our sales. a $X.X using hand remaining just $X.X reiterate million it quarter. the reflect and our XXXX with to operator $X.X of also million results flow for grew now questions, to $XX.X for debt, Xx up, repayment in which business,

Operator

Bologna first from Compass Giuliano Instructions] Point. for question [Operator is today Your with

Giuliano Anderes-Bologna

see It's the on results of progress and solid good great to a lot strategic initiatives.

from like question, looks As total first it deceleration a revenue minus to minus sequentially. your X% X% went

caused kind in roughly quarter. throughout year? XXX the I'm last continuing do trend curious -- of that? that what how that see base you points do see the you and And You're improved

Michael Reed

revenues It in thing us even actually the specifically to pace was first as did we first board the that from to quarter, we each on make we expect revenue revenue X made to the trend, great year. do lead progress which as in We're being about year. revenue, obtain the the remainder pleased improvement the trend we continue digital growth improvement this expect exit the the steady And surpass a revenue relates as progress we really exit first and strong and really. XX% the across about the more further main a in Yes. really we importantly, great quarter. so of growth quarter, expect expect we progress we expectation contributor growth to our points through continued to here, From be quarter X.X year.The digital to to quarter, But our it with year. to the of confidence Giuliano, gives will

and we the with So X like. we're next pleased what where quarters look are

Giuliano Anderes-Bologna

cadence X% of have X% I jumped kind revenue that. curious ask kind plus. throughout to And went last can digital call to I'm drove extent unfold the quarter, may I'm curious of what about glad year. and into you're but that you I'm And that referring it quarters. the how was I continue what growth, to really you could think, from next, to, the going point X that XX% out in obviously, and

Michael Reed

Yes.

revenue categories digital we digital year.The growth that QX our we we see went drivers the as have. we more anticipated as into the Our goes confidence was the great the -- different given well. year growth and is saw revenue But positive across a lot guidance was more had that a confidence us about gives real stronger than the revenue the to terms actually gives even board us bit And the be revenue we've in we for strategies of different so on have, on the as quarter. other

drivers That and the and page QX will advertising that strong growth strong. example, monetization the growth advertising better our the drove for came for the from growth drivers pages. those be overall was So of that view remainder the year.So, digital that of same engines fuel was

scaling also content opportunities.And that growth we expectations that expect upside continue our of our first we good as additional both revenue digital-only And heard grow our the performing quarter. first lot a confidence continue revenue, importantly, into returned continued volume suite had in from expected. engagement we I a to continue and as quarter, pricing through with as to scale our we and finally, verticals, that category.And to say in gives we'll audience, but accelerate -- quarter. see we product first with the DMS we on to growth us there actually our with which and a you strategy, continue that both third, strong the that improvement partnership outperformed today well revenue our to the We As expand would then, subscription as Kristin continued expertise revenue there have we as improve.We growth audience our in to

category reminder, percent be million. reaching We just to And expect EBITDA comes that double XX-plus that $XX a margins. a with this year,

the strong year. So, through growth really, continue that fuel the will the across board, the performance of remainder to

Giuliano Anderes-Bologna

DMS and problems Can Yes. software what product remarks new side, on a a seems market you solving more product big coming the and And there's small based for opportunity the like soon. there? prepared launch businesses it about detail the that's AI you're little give on us the

Michael Reed

DMS us. sir. and the Chris product on runs is the to I'm Cho, to ask for Yes. who going some business creator light our of Yes, that shed

Chris Cho

I'd happy Yes. be to.

their priority pinpoints the our focused understanding are creating additive our of on existing largest leads Solutions. to to the the managing and we products have with volume values of well as And Marketing value that responding So, leads generated deliver. are in Digital as and we conversations customers, that

and beta offer. have now, journey, pain we right which solution super the look --commercially reception can AI-powered And early forward our make on we've more solution we our and to now available our debuting on to CRM seen for as these what and commercial details sharing testing features. developed CRM positive our continue We're solves software broadly. is solution, it we a So, points.Over more in plan AI-powered are monetize time,

Giuliano Anderes-Bologna

do also quarter. feel cash Then in guidance? estimates, the week about above been on free the you year and the it for there's just thinking in the consensus I'm side, flow came my curious on looks like based how and tracking also about that first full quarter your

Douglas E. Horne

is I be. want we're right where say, Doug. we would This to

free about little a flow, just perspective, seasonal confident We from free terms increase results upon of based is in bit the QX, period. in had which in that cash we feeling of flow cash year an When full you QX this weaker very outlook reaffirmed a morning. a we are think typically

free still saw quarter quarter. cash improved from perspective, grow we was flow. the good.And full say trends an the that you really same to And to would So, on our EBITDA expect a basis I year

guided continue year we've to and growth expect to. have through EBITDA that as overall We the

very feel about we So, we where sit good today.

Giuliano Anderes-Bologna

back kind sub to you volumes track growth, onto bit about the kind feel obviously, that the And seem some pretty growing trends, should throughout to then switching digital digital over trend back be there and I'm the on impressive year? of terms obviously a little adding users, having how of returning curious ARPU in of and subscription side, ARPU, to evolve how

Douglas E. Horne

were Yes. Absolutely. the opportunity base. We you're year of results make about right to right we around growing now. a last feel we more actions think kind in in sure and digital actions grow that now.And And the where prior have it of back good subs our really transpire really to the took long-term volume the to sit ARPU. we goes And we subscriber refocus our seeing took results both acquisition of efforts to year and we we

and from the of pricing perspective, have perspective, market. both from we in feel there, contribution when near opportunity relative local market digital a drivers still so be the the like growth, a still to expect from revenue you like significant kind subscriber penetrate term And to perspective, think market. further we're we a we contributor the a revenue to to contribute that Also about digital-only long-term.And the stream underpriced we feel

impact. And that Kristin have from both that of helped broader the And with a team both as and from a as positive there's so perspective. the all well supplemented local content those focus And improvements us opportunity content perspective. has really in really categories made

and subscribers great and the opportunity digital-only to we about near feel the grow long-term. overall, So, term that

Giuliano Anderes-Bologna

and driving new a what's And the some initial like comment, to in I'm posted sense the And looking there's drive there's there? page it on if similar on audience if we -- anything driving and then that? you views. further on on everything good curious that's else anything side that grip that looks to continue

Michael Reed

can take you that? Kristin,

Kristin Roberts

it I Sure. parts growth the right? in seeing And engineering hold this content so many thanks, love question. to. happy take of I'm audience, And in organization. we're We're

where be focused horse being a expand away this organization elections, in incredibly and on was from and local local on remainder doubled, than local more through a in really to their and going our We'll ago. the growth on its more audience not that the page topic making selection, we're Madness We're and have competitors. And their of markets as improving we a and Today's year being so our has So, that multiple from ahead. see to this. areas. year. our with is each example, the outperforming only our also we that's audience just for positioned there, USA years platform.March competitive a season. coverage local member set, sure This of palace compared that during ability result the sports sports And doubled well for service our that increasing, year, views to relentlessly guides year see that's in the our pretty local, in focused would audience well of it to we to journalism. audience lot audience. approach, its growing been on We'll of on but national balance been journey really that driver intrigue.Growth race major great are as as example of We election we're need changes away video than will well voter significant times education for And pivoting in our be engagement their monetize

of direct had right? audiences growth. impact help, that drive revenue, sports a larger All programmatic of to course, So, on

from Bowl and Meter Coaches sponsorship that nearly in Madness. about XX% Poll and and March Ad revenue lift earlier.Also, heard though, You Super

of also sports all around revenue expanding is So, from this mentioned. audience driving partnership, as Mike

think just grow more partnerships sports.And journalism. we on in So, this to opportunities We see company. lifting produce to verticals other it a beyond content means to partnerships space, what lot a is like this essential be Gambling.com. certainly And up, capitalize I

to our customers We and that's also better life. consumers helping our of live produce essential all a content

audience ability the it. year, reach this about Mike. to I our about bullish helps, and we're that we're bullish So, monetize hope

Giuliano Anderes-Bologna

I stand one don't recently. and in against changes there kind litigation on from move of for industry where about, the but not providers hopefully with picking are legislation your things then that curious or Google. accelerate also a of too then you papers a other part litigation you're resolution efficiently? obviously think to on if kind that lawsuit guys there's the there's OpenAI progress potential final the convoluted, some on of about curious side, front. some also There's was legislation the create that filed a One content that's anything involved could brain framework I'm forward recent that perspective, side, And and from

Michael Reed

lawsuit case first have. too the but Giuliano. Yes. question X to involving to with in scheduled months trial case, would say it, which away. is don't the around Sure. we Sure. much the just outlines same start of many I DOJ year, September want few we Google, in things, so our say this I the go One, allegations of I'll have about a to

The very, legislation get bipartisan for at the second great can remain front, platforms progress a legislative the step in much we will something very underneath we progress we know to of are XXXX. and Senate. think, the passed, lead being to state and a making to XXXX to I in on in case talked and in have are the step, that it's level, and I purposes.So and with And we've hard few not this actually which discussion was for copyright It's Congress saw also I legislation, a that's the legislation in for the think Senate a the slow, lot laws day, governors, going more it seeing JCPA they're and compensation making environment, California JCPA, the legislation we're fair lobbying and similar with is I the legislation with that very election are JCPA, think level. something they laid a folks especially front do active think at passed weekend to, content on have today's we've and a state we're political hearing we to very in I we making produce Washington in get year. hood, a Congress it's passed, are thing I But In that's we'll been though pretty this would think, we that, big all, more the the violated. with great people Congress even confident this been is I'm commercial the using progress to XXXX. out.Turning both say I Washington JCPA that that the there's unsupportive positivity come throughout because but be senators,

optimistic. I'm So

Giuliano Anderes-Bologna

That's and on the the great. queue. congrats appreciate, with will and along jump the answers, quarter, questions in I back the I there, really

Operator

is Your for Bazinet from next question Jason with Citi. today

Jason Bazinet

a lot subscriptions digital your If a and on but, went Was terms you've got there? on of not I in lot question a sort that as is, range, ARPUs you the much now can are digital the the of -- had is a your -- you what what rolled the were is going sort and of sort a few the of just but sort that I of, have and are off, just of of know, ARPU. future subs were My expectations the where the sort years, it subs? couple the adding back that ARPUs quarters and were what $X-ish question Thanks. digital sub in I in juncture, unpack don't at of promotions dynamics $X, ARPUs growth.

Douglas E. Horne

that relative like, we perspective, we would point say still I believe, overall kind seen of lifetime in say kind kind retention we price to from populations I we last After early at tend and of space. customer than the the higher of bit this those testing under that higher were an at as focusing little in at, upon going longer to feel studies and of volume why well the value. which would retention, level so, value, growth.And terms and have that all year looking and a I based kind of of subscribers different points, of or out where learning same lot I kind that's as, make what growth. of of ARPU -- we're to seeing really in, we're of is of forward a sure looking previously, pivoted relatively in terms on data, So, -- you're think lot mean, that a we'd price with reflects data come at testing experimenting we a competitors plans priced look part and the industry of lifetime

And team grow Kristin, all great as, as so, and is grow believe have going we work we well opportunities to the going I to also think, pricing do that forward, of are doing, enable volume. to us

growth overall those are revenue really I to think, both forward. going key so, things, And the elements

Operator

session, remarks. call for will question-and-answer Mike to reached closing end and I turn of Reed the now the We over the have

Michael Reed

for Thank you, morning. us and everybody, this thanks, joining

just the detailing Before mention QX my that a is good a to There performance did to here, supplement in details and take I the for the of at giving online I summary our give encourage look, And, on year. we a I everybody of supplement. wanted everybody post look to do outlook results lot our closing there. our information

you, we the when turning proud the my closing, time, performance to have strong supplement.Now, through pages back to can in flip encourage tell, do I achieved So, in of you I'm quarter. the you our first as

achieve to dedication Gannett financials the real Our of a we talking and our you confidence a on our us with EBITDA growing more a with into free overall us puts transform indicator it year this gives performance media sustainable And expect an we create the And a Gannett, last operational in year QX are to exit in up and the about here last ability results. year our up adjusted have year showing resulted in digital started to that here actions team to place meaningfully business.We in plans results track revenue putting cash focus shift quarter. and that's and now believe business. The results. showing and momentum commitments. the led It to growth is full-year achieved in that at financial we to solid our business and in of which high resulted at and to and this is grow level flow has the QX performance, strategic of growing

year-over-year our is by subscription confidence and in of us growth seeing as that saw through total and that backed revenue digital achieving revenue, of meaningful in great the run digital will hit new top-line couple grow catalysts a in number X% accounting for really we of improvement Our to flow to for given those. year.We're us we continue trend XXXX.Driving we've digital-only cash gives to and DMS optimism growth, confidence guidance our by highs will our above point see, months visitors as domestic unique our QX, trends, monthly and as consecutive the least X can properties.As sequential across average we're generating million X unwavering. the billion commitment of to XX% digital grow adjusted is readers strategy well grow our audience ARPUs, revenues, revenue give of Achieving we over and a exit importantly and most our and as XXX platform inflection views ARPU page core free across our digital-only at you XX% in that evidenced and grow improvement all EBITDA I'll our engagement continuing customers

with time.But our again, Thank forward time achieved track full-year ahead, you. for you with the terms XXXX at if puts confident thanks please to in are results we to lie and second we have of want and opportunities delivering With objectives. and forward, where excited these not updating quarter. end look QX our visit again your in The the about the on XXXX driving during be right you progress supplement our we And us but today that catalysts us beyond. just of

Operator

today's for your your Thank conference. disconnect at this And This may participation. time. you lines you concludes

Gannett (GCI) 2 May 242024 Q1 Earnings call transcript