GCI - Earnings call transcript Q4 2024

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Operator

Greetings. Welcome to the Gannett Company, Inc. Q4 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.

begin. may You

Matthew Esposito

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

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

it today full it with on outlook. referencing provides be as quarter's our you detail call and will year this on We additional the business performance XXXX

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

noted. to otherwise made securities In update the results to deemed addition, year-over-year forward-looking well regarding as comparisons the Except the under statements this call statements expectations. federal with those and all are during may obligation that required Commission. forward-looking in defined differ to we actual risk including Gannett's to and respect are laws, Please and upon law, the any keep or and events made those mind, today. future be undertake based made unless discussed statements may We the forward-looking as correct materially during be earnings by of involve statements no risks publicly U.S. events uncertainties or These statements certain the you results in call. Securities a Exchange read described to this supplement with are from and as statement filings basis cause factors current cautionary in on as encourage

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

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

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

Michael Reed

X. accomplished with along across take metrics. recognize Good the earnings key the and total But am We across two by for important have progress, our to against the to We've a Slide dilution. It's joining much those supported supplement, a year on and we future share our we Reflecting share the thanks year our for fourth and structure, for importantly, simplified adjusted expect Matt. call. for set you of to a in you, and year executed how anticipated our morning, and XXXX. improvement reduced I EBITDA, long-term same-store details an flow real improvement sustainable quarter successful adjusted that including with cash We full runway to XXXX, growth. more extended growth strongly strategy important potential Gannett pleased income and our in our foundation achieved key debt and our performance that full free were is meaningful significant year refer moment please achieved how is on fourth we following our Thank progress confidence years. strides represented refinancing XXXX for quarter our past build revenue to metrics. made XXXX Gannett. in milestones underway, full especially momentum our transition several capital believe in and significant net debt and attributable of on in a trends,

cash by the flow mix expanded by from bottom total XX%, Overall, in year, $XX and XXXX, provided adjusted further validates increased results million. our traction past digital our have growth. approximately future while years, two have activities for and the underscores we at our aimed funding digital the gained on increased EBITDA line by million strategic and improved $XX plan. In progress consecutive the cash invested As highlighted our Slide to second in X, free initiatives XX% highlighted over we our our operating we simultaneously

net working Our growth, Adjusted to flow EBITDA focus in of on optimizing $XX combined the $XX improvement million, a continued Gannett prior adjusted loss with of income our an year free $XX also million cash versus attributable to second resulted in million rose our growth. capital, consecutive year. a of net

our and position at a maintained balance cash by solid improved structure also capital We our year-end. healthy sheet, evidenced

momentum this to carry ahead. We are into the year excited

free to of our trends. consecutive XXXX our with along growth, expect We cash year ongoing third top line and be flow in adjusted EBITDA improvement

a a on approximately see from of outpace our experienced total make basis, four $X.X revenue. In revenue, out of legacy our growth and our Three hit XXXX. a increased between basis digital XX% aiming growing of core revenues during XX% digital to billion. increased result, begin revenue revenue to point year. up X% up the are XX% execution compared At of in momentum XXXX, importantly, inflection a to digital total the In As as our our same-store to result, the the print during we growth, the will year. we declines is to year, digital of to revenue XXXX, year-over-year our expectation revenues X% total positive last And and we'll XX% total categories same-store revenues digital is secular the total that on strategy. revenue

another solid quarter, with we the nation, period. in evident largest year Recall revenues larger seen in of have grow in our any Comscore, prior that revenue to content million of audience and TV national transformation outpaced to several brands according publishing media We QX both And XXX monthly as the the over of quarter growing factor improved the average we certainly and built our and has growth have to our we've page X% prior to significant the local fourth have audience become brands. digital QX. This One coming QX view creator that digital is our the in versus prior digital we importance that scale. double-digit in also continued across progress unique streams. period. have than total space with brands, other national And the the visitors achieved audience publishing engagement year year in digital platform scale, compared as

and increasing will Over significant the this personalizing engagement of with believe and digital platform. loyalty digital moving successfully by forward, monetization that months, to potential have consumers audience. our consumer We come of And on revenue the higher our there which for grown a monetization total revenues paid last journey at further driving XX through be the subscriptions, engagement, is we and opportunity audience opportunities through our grow increasing strategic that to tools and those digital-only major to us. is presents along expected scale. This focus the greater video, e-commerce advertising, tactics, unlock

Looking to QX, specifically subscriptions of and subscription paid another digital-only at average every revenue QX, double-digit revenue experienced grow digital-only in user volumes XXXX. per Subscription year-over-year. In growth. continued sequentially also digital-only quarter rose year-over-year quarter

still rates. are We the market revenue Opportunity expected meaningful as to penetration term. is below the expect rates and benchmark and in near ARPU contributor to subscription digital-only below remains our be long growth overall our digital a revenue

and So, have the content done Couple on high-quality we outstanding that product additional content our optimization, leaning and advertisers. strong value has consumers potential local broader in journalism for to to team with unlock proposition believe see value pricing work the through and experiences, leveraging we we growth. portfolio and provide our both full a

page engagement our as content growth alignment potential the between are core capture Content Kristen's remarkable have To us content and impact Gannett organization strengthening our story. do as leadership. under We our by views well and this, per the readership we also significant Media drive as increases significant the Since segment, teams division on retention has a Officer, to Kristen Consumer enhance audience Chief in in evidenced Domestic our Roberts' and local joining consumer made repositioned businesses. to growth,

this confident and team's XXXX, to head hand XXXX Kristen? Consumer accomplishments we you within it are division. I over will the our we recap in into what XXXX. expect can Kristen in replicate success we can to As now

Kristin Roberts

the you, grow entices our deepens audience our of strategy By a love of None that work deliver rapidly at platforms. by growth on their result strategy the drive at as desire. preferences importantly, topics of engagement, on the that and news months readers TODAY Thank with what for collaborative our expanding one impressive, as on audience Gannett. and platforms, top the around this And journalism our behavior trusted of ended in and our transformational It page was middle information. and a the wanted. The our the of content they journalism products and will in XXXX news them sports by be the Comscore. team. gained for be year an we scaling XXXX listeners engaging Audience and our streams. strategy which was the content amplify a information to for their listening another information such XX can our as billion to is our and element our least proven of standout readers, their and working. We direct and our their and We the heart expect we've content, in them Mike. content to content preferred to studying transformation our step our journey. leading year revenue upon. views, audience and and believe take generated the XXXX. we NETWORK was people viewers as experiences expand Equally America understanding creating met growth clarity involves USA in and crucial to step measured chance. was the diversified at We transformation we listening executed provider next our want, view of connection We're This on consecutive engine to our list. is anticipate at our their with baseline Initiatives video

walk briefly of each Let's through these.

the where TODAY highly and to million an believe generated is football engaging continue increase what sports compared the America deliver last over the have evident We NFL ONETeam built coverage seasons, in to and Sports. where news our readers will one through college sports we The coverage of views, of meet was USA are they teams strongest of during we XX% NETWORK power to information. XXXX, XXX season. In page

per we plans team sports women's reach on We to our content sports ambitious and any to drive sports experiences relevant visit. and women's building TODAY to a and and NETWORK, expert beyond. believe also and to maximize competitors, in an women's that expected than coverage. of push revenue the our opportunity leading capitalize journeys continues fans create force soccer, We're develop USA we to promising become are personalized audience, present per Through the have expand to we Overall, basketball, softball digital opportunity. our user expect more that in

Another key in will success content. be our video expanding focus

video Our mission that and audiences ways with journalism they content, so sites the our tell other that platforms, high-quality in our on more us deliver we're visual and both to meets journalism and and reach. here relevant want extends visual on editorially many

from Derby, World Indie XXX have XXXX significant in We sporting on initiative underscore sports of from views gains as results network. and major with and in success our College already These seen Kentucky events programming Series. such the this power video video the

March with nationwide. markets strategy, this and quickly to both plan expand local Madness our we in Now approaching,

total want of team gratitude Importantly, I our inventory is creating advertising video the team. habits exciting recap, content CPMs. audience progress a To meets part we're my just most with while sincere to started. entire higher The express XXXX in that effort, to and our was getting the

Gannett opportunities have monetization within also teams brought two the the to of while maximizing of with largest of you, together efficiency Mike. the increasing our intention content. Back We

Michael Reed

you, the audience enhance to engagement content see key several increase of overall Thank growth initiatives the XXXX Kristen. to underway and our It's monetization the in platform. of discuss to significant exciting and

customer the Now influenced continued turning business. In macro churn performance among along be DMS our to base. higher our environment, QX, to our by with

believe to already to during initiatives customer acutely ability across business opportunities and We the are base growth our suite which understand focused better are return we product the and DMS growth the our will strategic by lie, plans on year. encouraged where underway, win. our our and we serving We have

leveraging to our quickly and minimizing enhance and initiatives new This through fulfillment retention further product leads robust a driving improving optimize Some our such ramp stronger capabilities more and Zero] client reinforce the for campaigns budgets a new by for while more AI-powered while experience XXXX outcomes. tools to success clients, and lead enhancing clients' DMS through stickier product the more realigned client and as includes to improving client per organization underlying nimble, features through performance optimism of solution that launching high-quality suite. our account Dash, cost include [DMS commercial drive utilizing

These scale Dash expect partner. Furthermore, position upstream to businesses. indispensable we customers' meet moving given our plan And in accounts, to our we large-sized an integrate more we businesses addressable positioned are managing integrated market we target to strategically are our As operations, demand. well digital deeply proven to our into seeking believe total multi-location and by we success expand solutions. solidify as that

forward As we extremely during business to restoring DMS business, our related enter the we opportunities we DMS to XXXX, to in look confident remain large the our growth and year.

grow. In revenue continued partnerships. QX, our partnership to to Turning

their built an currently well are And market. We've speed the this for collection the e-commerce within our vast opportunity E-commerce our algorithm we ultimately, policies, market produce. it the the it's which stream Google's already However, Gannett to and was of our by policies negatively we drive leveraged of are had be solutions space, and tempered will change reinforces to evolving of and on we positioned sudden and revenue marketing changes, content many within and companies, Google's heard network business. to the business evolving media expand flexibility Working we categories from but fluid leads in our impacted included. with partners. an on to us, revised the search importance updated positive for us impact continue time. evolving an Search has highlighted audience affiliate over believe produced content to smaller always maintaining partners

resonates We that have with our deeply a portfolio of audience. content vast

Our essential valuable. it's relevant, informative, content is not just and highly

on as sports relationships, coverage The feed. and news and the provides syndication ready-to-publish well announced bundled brands and ways media TODAY we USA as monetize smartly news level seek offering platform. The Our content, at have will from including a content a monetize with on NETWORK entertainment, of offering our is focus vast example. creating delivered national unique breaking to new our perfect content the with news, regional, content Reuters additional recently to is single already well already with we digital TODAY aligns publishers other USA a and state in the and we out lifestyle This produce. array to continue opportunities existing local,

strategy to made our As excellent progress you on can in results, our digital executing see transformation we from drive XXXX. our

are to significantly our improved monetization evolution line, ours continue on year. make of areas. our as key substantial rarely financial such prior straight transformations expanded drove progress and While in digital We in a results over we our improved the the audience, engagement, audience grew

We same-store are and flexibility the expect debt coming XXXX solid progress balance extended on to years. and a basis top expected maturities for through we line sheet us give needed as the growth our

to a of and that have that, well our we the to invested quarter business to we key are forward call around XXXX will believe year growth as details In We drive fourth expected full look areas in have as it. With and addition, now speed execution our on on in to Doug XXXX, financials great detail we organization transformation. our additional an and XXXX provide I as color capitalizing Doug? outlook. the the turn opportunity

Douglas E. Horne

Mike, and everyone. good you, Thank morning,

against market As we revenue at Mike the during significant our on our the progress pleased mentioned, the achieved way priorities. are with success the trends along and XXXX, progress our dynamics navigating overall strategic

of operating X.X%. QX, million, revenues For were a total $XXX.X decrease

reminder, nonstrategic our XXXX in reported a or shut As sell QX. proactive revenue down in impacted assets to decisions

adjusted a X.X%, these with decreased in negatively was with long-term did basis, same-store EBITDA align trends. line affect actions not On relatively which and performance. QX our our Importantly, strategy revenues

our stabilize revenue monetization continuing growth, base, growing our remains As execution we and business. customer focused ahead, audience print and increasing to on our cultivating look digital sustainable our

million. strategic continue controls. QX, to pace magnitude the year-over-year in point trend EBITDA increase As margin year quarter, we in accelerate. Adjusted these the execute in $X.X targeting totaled prior to a are compared revenue the EBITDA for the growth driven Adjusted million $XX.X or improvement adjusted our trends and X.X% was improved EBITDA The on by an in and XX.X% fronts, improvement XXX cost was we of fourth revenue period. XX.X% the basis to of

to expense believe revenue to side, more variable commitment modulate create approximately recent labor cost cost have expenses and reflecting continue we improve additional opportunities with prudent third-party X%, operating our our trends. the management. structure efficiency simplifying we lower-cost expenses relationships operating In On decreased technology our structure. to by cost our our to QX, align improve infrastructure, to further utilizing utilizing model, of continuing and a sources We

adjusted million, of up the improvements million we the fourth an $XX.X million, net total with QX $XX.X income or in quarter view $XX.X a by $XXX.X in significant XX.X% of growth. X.X% $XX.X accounted X% ended increased basis income line, revenues approximately On respectively. reached digital of and on driven and year-over-year same-store for bottom million of reflecting Digital advertising and page Total net revenues. X.X% million, a QX, audience

digital renewed are on our subscription business to digital-only views in we rose our continued all growth and QX, inventory ARPU enhanced growth across and XXXX. In digital-only confident metrics. QX. key stronger monetization revenue in page forward, increased that a observed drive premium well subscription approximately perform XX% Moving focus Digital-only of XX% with will

a provides consistent customer effective commercial consistent conversion have markets. the successfully by the compared both expect also XX achieved delivery. in it Mail on to revenue XXXX, in The market delivery and saw And we digital-only while model converted has to XX% carrier subscriptions, be markets regular of a subscriber average, and is improvements paid these In delivery, mail cost also more to and the approximately delivery to delivery proven in year-over-year. The we experience. mail growing enhance to we QX, results sequentially actions customers our in results print implemented certain XXXX. promising to Importantly, and conversions we and driven experience. reliable

Looking the at X.X% EBITDA the $XX.X Domestic Gannett was the million, segment adjusted up period. over In year QX, Media segment. in prior

Our trends unwinding expanded reported by QX XXX adjusted the a nonstrategic XX.X%. Revenue reflect sale continued and basis basis margin of points in on EBITDA assets. to year-over-year to certain

to Turning Newsquest.

segment total For $XXX.X year, encouraged while XX.X%. QX, half in challenging performance a X.X%. core a operating platform strong was XX,XXX In are ARPU approximately had platform of adjusted EBITDA core more million, the totaled million. X.X% Marketing $XX.X totaled of margin Solutions was EBITDA platform prior Digital Despite representing with second of business, operating We margins the by reaching in approximately the environment the core $XX.X the we quarter adjusted segment revenue our in EBITDA for the million, over QX. in increase year. Adjusted $X,XXX, the customers an a

As Mike experience account retention. enhancing strategic improving prioritizes optimizing performance, highlighted, plan and XXXX our the client

the debt At reflects the full QX billion to with was flow $XX.X And by refinancing. cash million for free the interest interest approximately timing million, billion. year, full balance outstanding our QX payments, payments of in the cash now over end prior at the Let's balance shift the year, approximately fourth our QX, free of we sheet. for of we of $X repaid during accelerated $X.XX cash $XX.X approximately of of year. generated million. flow debt. total We Despite million driven ended delivered million $X.X net X.X% this $X an We increase quarter, the $XXX.X cash stood and which

from potential refinancing successfully future debt dilution in announced, impact comprehensive As our completed notes. the of extended we and our convertible significantly QX maturities previously that reduced a

team a entered This to in We portfolio. Corporation from QX, in have with in net Our convertible an was notes to maturities sales, quarter. our asset lien into we has leverage with first is in to year given and real first American-Statesman significantly nonstrategic asset in our potential agreement Hearst close in from that the Hearst reputation of the supports continued announced repurchase industry, benefit estate with three strategic anticipated lien million. total and with purchase for in the dilution other stellar the bringing will divest reduction. portfolio. generated our extending loan. we transaction Austin asset the publishing future and Austin the the first term Yesterday, believe Hearst proceeds, change the lien asset expectations sales funds proceeds fit great part reducing nonstrategic leverage. In completed as outstanding our QX of our of which line million net be first debt $X.X a sales we believe outweighs $XX we X.Xx the along of of sale, This our the

$XX expect of million the amortization million the total As to expect be a million result, in debt our supports to with of scheduled we $XX of priority the our year. asset which, in to range we sales debt pay million, payments, In an continued incremental quarterly $XX to XXXX, half reduction. first $XX down combined of

line adjusted year to between growth guidance. year, we digital Total management. low be improving same-store to to quarter with trends in ongoing X% driven cost single and are on basis. now the of revenue the in are same-store Turning fourth grow a another declines same-store sequential In digits of starting XXXX, be prior with trends Total revenue the basis. expected the expect XXXX improvement revenues quarter. by EBITDA on in second a over revenue XX% QX to expected will

we overall same-store the growing XXXX. an Importantly, end near to trends we of begin expect basis revenue on as

growth an EBITDA our in back technology in to on adjusted improvement and capital a of in expected increase we we in is the $XX free the year. expenditures decline to a year, year-over-year expect meaningful basis. This on decline our cash QX, and a for driving XXXX. In flow continue impact portfolio, year-over-year flow the year-over-year. make steady anticipate is million expected to product we cash followed free infrastructure half have will While In XXXX, investments for by growth in QX, further

continue our to of transformation. the those strong, to in XXXX, the interest growth is underlying drive expecting impact It factoring flow. that of in we our execute strategy note priorities the digital remain the of refinancing after are long-term XXXX previously we remains also in outlined for year, drivers we we XX%. against growth excess to full targets and on confident The However, cash for important

XXXX results management and and cost progress Our our management team. as prudent a continued strategy, strength testament in to serve the of our seasoned

ability to free flow. audience, We adjusted cash impact revenues increase structure to cost strategically grow have modulate a shown EBITDA digital and our and consistent positively

financial opportunity meaningful excited will to back be are believe to plans the value create as closing the hand that both for XXXX the as for to our thoughts. we for our as about it questions, We operator we then to will go now we and operational well and well as communities serve. I what back shareholders Mike for some

Operator

Instructions.) Giuliano question with (Operator first Your for is Bologna Compass. today from

Giuliano Anderes-Bologna

continued parts how the X% digital effectively I much should flat One Congrats in think was the And curious range, on the XX% I positive I kind digital when XXXX, flat. I'm then on XX% guys plans two from to rate? XXXX look growth up asking driving same-store at of X% about think about the territory? back DMS outlook that to to is when in DMS look coming the were into X.X% for of the growth at of contribution execution different how here. DMS revenue long-term in curious and thing is reacceleration up outside versus a you those you was at you you

Michael Reed

going overall, the throughout growth growth. for one, a be versus said, as digital growth say towards would of is year. X% enhancer digital of thanks growth back an of a all expect, an But to it's accelerated digital half -- which be well exactly more year. DMS enhancer would two Giuliano, And to of think I be and as be advertising there's an year in quarters the advertising to moving but we year more I of combination last from XX% the both the DMS, enhancer advertising the consistent both be Yes, and will to X.X% to digital We which more DMS will hard of the the The question. be advertising one dominant combination DMS. as the

Giuliano Anderes-Bologna

things paydown there's were assuming And think back and about in curious, down couple of announcement I of of to when a also rough into all and a the sense going debt. I'm the sales XQ XQ, those, debt from much that be the you'd aggregate That's Hearst. total? that sale use how going And the we be proceeds asset very those the helpful. asset to pushed There close in were of to the is to would like sale topic. then kind there could XQ then of assume pay

Michael Reed

we'll the use pay all Yes, to Yes. debt. proceeds down

think the $XX I XQ, it's And range. $XX million. like $XX you it's of half more in when $XX million year, to then the at first to million probably the look million

Giuliano Anderes-Bologna

you asset Got sales the what impactful out impact around when the be so it. That's asset of other we sense rough throughout is the think how of then and Then that trend year? there put there for very could for -- is revenue kind sales helpful. for digital versus obviously commentary nondigital the existing sales. some sale asset a I'm is about curious far, any

Michael Reed

Yes.

the of For was their reflective sale business our very of overall Austin, business.

digital of and print. mix kind XX-XX that of So,

our are our to quarters, can of real but long-term remarks, sales, components our primarily of as not estate asset Giuliano, around the is the other scale The that working we're from one key all on hear today, nonstrategic you on world. stuff. only building But kind we're strategy the digital in of

trying So, potentially high take always while the out there strategy sell we're our to dependent multiples, upon because not on anything digital on the is inbounds that properties actively building we're we side. long-term will scale at

answers that but market compelling actively multiple certainly, that not accretive your look our -- going inbounds. at a trying And things, we come said, we're hope to is out we're there wouldn't I to only with I very shareholders. to as we So, question. sell that assets

Giuliano Anderes-Bologna

And the a loan term there like of paydowns about or help kind point on whether capital events sales an the on is a better term It of a forward. deleveraging it's to some hybrid different it a going it curious bit would in does. about dilution at a half are debt specifically you're I'm the getting year. a the thinking would reducing thinking in set trying on and that curious, paydowns, first different I'm with that to and make implied up, from That's loan the acceleration very hopefully perspective there on which asset work working the how structure helpful. any into of moving cost sense debt notes consider end? and/or the of front if

Michael Reed

probably good similar And that converts the with tipping And for remain to what point Xx. refinancing. we all, Yes. regular comments our $XX with that's lien the of maybe regular this to to today Look, is way pretty go generate bank think of something to more our to down try of the markets a his do probably debt to would mentioned end $XX, Doug excess we $XXX closer get then way then combine did XXXX this into goal. should event, to And in that net leverage of we'll reduce sales That's convert be our as past yet. well we're that paydown further premium a million We're debt quite amortization year not asset year, there million. I year, significant we be the and expect the where -- with but to not we're and first first dilution. that at our able that flow potentially and cash those towards some goal the north

capital the the second refinance of debt lien lien tackle cost a So, into converts. current then first lower and structure

Giuliano Anderes-Bologna

case there's also around any impacts the or to on ruling other your generals. -- then and attorney that the potential DOJ you there's think one how Very you think Google any a guess, I curious update case your have your I'm and case? perspective But about from if timing topic or curious case side you helpful. when then And there's of the I'm that against inevitable about. one obviously ask in last

Michael Reed

impact DOJ the on the timing Yes. case of the Well, ruling case. really doesn't our

Our have we Information along as as that's good case case our forth. all has is all proceeding back about feel as we planned. expected. witnesses Expert hired, been been and proceeding as just have shared We today and we along.

DOJ timing us. as there. The doesn't of said, nothing So, changes impact case, the I

case, strong put think expect ruling DOJ or any We kind seen a also ruling. we the yet. expect a like anything -- have the that that and of the timing there favorable don't we But of that. We believe to anything obviously, shows DOJ haven't we the weakness on

that's the the going to same against the for Texas issue late tech year, Texas that's and the of same XX first corner in is thing coming this half other trial antitrust case The around and -- in the is Google states. ad

we're our excited end on and of feel that here. our But good position kind changed too. So, on get things and we to see track, are nothing's about going,

Operator

from Your with Matt next is question Condon Citizens.

Matthew Condon

proactively XXXX, just one any nonstrategic off to right not back it that can are remind like the sales. something in in asset on looking But My first only just here, as more the assets are the and sell that you think off multiple. comes aren't assets portfolio sounds far you is can trophy you unless left Mike, from us maybe but XXXX we as in where what you sell with beyond?

Douglas E. Horne

this So is Doug.

that mean of our multiple. it other is a and First, regard to to With The marketing basis morning asset during point component on implied agree properties. kind real other we sales, of to for we the be vast $XX some relative a of information to circumstances majority this estate in million about really the and sell I then Austin, at $XX there the we year. dependent definitely trading of year. gave that definitely is with relates to to has there kind of and facts premium expect terms first your million

year. at the So, biggest as look this components those are we

at say have be we're we'll estate will pipeline. real primarily pipeline. our And estate move But properties. optimize as that out, that properties to I we some We footprint, tail continue of that it as Going the still forward. generate new some we further would for real end

Matthew Condon

my second Great. offering? available helpful. to opportunity you then content? super and content That's is broadcasters bundled budgets of the size the in are can from the there -- one can And provide Reuters anything and with Is just contextualize publishers on license local your you that

Michael Reed

the over years next opportunity to the of kind millions of characterize would couple mid-single-digit as low I a -- type it's opportunity. Matt, Yes.

and I'd type with it millions distribution combination But right expand where through it now, our Over could to with we that the mid-single-digit in Reuters think more low USA get on opportunity. depending about long run, offerings in can bigger. TODAY,

Matthew Condon

XXXX the that how levers Just just subscriber And a key guys think growing for And talk pushing there? me. yes, you disposal just for digital the what one have that growth? then Great. you for about key Can about final you are your levers at do forward? going

Michael Reed

lead Yes. and to to in they our And platform, most to, of consumer, do really, experiences can down local Matt, in the array spend better personalizing from doing to more time and the what use what through our better subscribers. was doubling to when the the the it's work mentioned of with, vast personalized paid consumer, are they believe, we going call content earnings individual how -- serve the primarily with we come to conversion experience back we're by understanding which or users on that really each continue we one engaged consumers markets. things will then

that to engaging content And data creation, content making are is subscriber the that so, consumers with, then subscriber the the from -- set local the are that's experience we what with personalized paid paid having that more understand believe numbers. focus local of a using, personalizing what listening local experience, and want consumers they data on will broader and what accelerate on more we

play a data personalization a really it's So, and play.

Operator

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

Michael Reed

you. Thank Yes.

free key optimism. confidence to we And XXXX just entering to lead as start I income, a delivered points year. carrying of on We flow the XXXX deal grew million second improvement marked the great over overall want of at are revenue EBITDA set net recap prior $XX XXXX. a We increased that year. adjusted which adjusted and we consecutive for targets from to cash a XXXX. that we few the with profitability So we're drove We into and do, the

XXXX And point. pivotal that that, as revenue have we beyond inflection trends the foundational to reach same-store Gannett. in the prior we significantly for the trajectory growth X.X% X.X% from shift to in a improved year plans in is down year. a down Our revenue see sustainable

revenues us when revenues customer X.X% XXXX digital gives versus to in Our engagement grew as we a a in revenue in have a revenue metrics, versus tremendous XXXX. same-store and XXXX, industry-leading of XX% XX% total That percentage total audience. X.X%. a total improvement was increased you significant growth think opportunity proven which scale digital with And about our

leave called you And I'll supplement, in which on today, this early Slide which so, we're when not easy, And that. And about are the Transformations we're really you our you the remarks can you tremendous. see the the across in in excited payoffs over X, all metrics excited but out again and we we reflect can be with is progress we've improve to years what XXXX. today on important And couple those made across of really expect about last delivering to metrics. this transformation all we're thought.

where we we journey deliver the So, excited and in feel we good about are can XXXX. about in again what are

So, look us at thank forward again you joining end updating for today, and you of quarter. first we to the the

Operator

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

Gannett (GCI) 20 Feb 252024 Q4 Earnings call transcript