|
|
|
Delaware
|
1-36874
|
47-2390983
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
|
|
|
7950 Jones Branch Drive, McLean, Virginia
|
|
22107-0910
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
(703) 854-6000
|
|
|
(Registrant's telephone number, including area code)
|
|
|
|
|
|
Not Applicable
|
|
|
(Former name or former address, if changed since last report.)
|
|
Title of Each Class
|
|
Trading Symbol
|
|
Name of Each Exchange on Which Registered
|
Common Stock, par value $0.01 per share
|
|
GCI
|
|
The New York Stock Exchange
|
Exhibit No.
|
|
Description
|
|
|
|
99.1
|
|
|
|
Gannett Co., Inc.
|
|
|
|
Date: May 1, 2019
|
By:
|
/s/ Alison K. Engel
|
|
|
Alison K. Engel
|
|
|
Senior Vice President, Chief Financial Officer and Treasurer
|
FOR IMMEDIATE RELEASE
|
Wednesday, May 1, 2019
|
•
|
Operating revenues were
$663.4 million
, compared to
$723.0 million
in the
first quarter
of
2018
.
|
•
|
Unfavorable changes in foreign currency exchange rates reduced revenues by
$6.0 million
.
|
•
|
Same store operating revenues declined
9.0%
year-over-year; adjusted for the day trades
(2)
, the decline would have been
9.9%
|
•
|
Total digital revenues reached
$245.8 million
, or approximately
37%
of total revenue.
|
•
|
Total digital advertising and marketing services revenues totaled
$179.0 million
, or
49%
of total advertising revenues.
|
•
|
GAAP net loss was
$11.9 million
, including
$17.4 million
of after-tax restructuring, asset impairment charges, and other costs.
|
•
|
Adjusted EBITDA
(3)
increased
15%
year-over-year to
$63.3 million
, representing a
9.5%
margin compared to
7.6%
in the
first quarter
of
2018
.
|
•
|
Publishing segment operating revenues were
$579.2 million
compared to
$638.7 million
in the
first quarter
of
2018
. On a same store basis, segment revenues declined
9.1%
; adjusted for the day trades, the decline would have been
10.1%
.
|
•
|
Same store print advertising revenues declined
17.4%
year-over-year, or adjusted for day trades,
19.3%
, consistent with the fourth quarter trend.
|
•
|
Digital advertising and marketing services revenues of
$96.4 million
fell
5.2%
, on a same store basis, compared to the prior year quarter.
|
◦
|
Digital marketing services revenues of
$18.4 million
rose
6.2%
, on a same store basis, driven by higher average revenue per client.
|
◦
|
Digital media advertising revenues of
$61.1 million
fell
5.4%
, on a same store basis, due to weakness in local display more than offsetting continued strong national growth.
|
◦
|
Digital classified advertising revenues of
$16.9 million
fell
14.6%
, on a same store basis, reflecting expected weakness across all categories.
|
•
|
Same store circulation revenues fell
5.2%
from the prior year quarter; adjusted for the day trades, the decline would have been
5.9%
.
|
•
|
Digital-only subscriber volumes grew
39%
year-over-year and now total approximately
538,000
.
|
•
|
Publishing segment Adjusted EBITDA was
$81.4 million
compared to
$77.8 million
in the prior year quarter.
|
•
|
ReachLocal segment revenues were
$97.2 million
, up
1%
year-over-year, reflecting the addition of WordStream as well as the divestiture of certain international operations. On a same store basis, ReachLocal segment revenues fell
6.0%
due to lower client counts.
|
•
|
Adjusted EBITDA was
$7.6 million
, up
23%
year-over-year and represented a
7.9%
margin compared to
6.4%
in the
first quarter
of
2018
. The increase in profitability reflects the addition of WordStream.
|
•
|
Net cash flow from operating activities was approximately
$37.5 million
compared to
$65.2 million
in the prior year quarter.
|
•
|
We implemented the new lease accounting standard, ASC 842, on January 1, 2019. As a result of adopting this guidance, we recorded a net right of use asset for operating leases of approximately
$268.9 million
and a lease liability of approximately
$317.4 million
. As part of this implementation, we also recorded a tax effected retained earnings adjustment of
$13.4 million
.
|
•
|
Capital expenditures were
$12.6 million
, primarily for product development, technology investments, and maintenance projects.
|
•
|
The company paid dividends of
$18.3 million
; there were no share repurchases.
|
•
|
As of the end of the first quarter, the company had a cash balance of
$89.4 million
,
$130.0 million
drawn on its revolver, and
$170.5 million
in convertible notes
(4)
, or net debt of
$211.1 million
.
|
•
|
Consolidated revenues of $2.74-2.81 billion.
|
•
|
Consolidated Adjusted EBITDA outlook of $285-295 million, including roughly $8 million of one-time costs associated with the CEO transition.
|
•
|
Capital expenditures of $50-60 million, excluding real estate projects.
|
•
|
Depreciation and amortization of $150-160 million, excluding accelerated depreciation related to facility consolidations.
|
•
|
The non-operating cost associated with our pension plans, recorded in other non-operating items, is currently estimated to be between $20-25 million as compared to a credit of $5 million in 2018.
|
•
|
A non-GAAP effective tax rate of 28-30%.
(3)
|
2
|
Q1 2019 had one more Sunday and one less Monday ("day trades") as compared to Q1 2018, which impacts print advertising and circulation revenues as Sunday is the largest advertising and circulation day of the week.
|
3
|
The company defines adjusted EBITDA as earnings before income taxes, interest expense, equity income, other non-operating items, restructuring costs, acquisition-related expenses, asset impairment charges, depreciation, amortization and other items. We define the non-GAAP effective tax rate as the tax rate excluding any non-recurring one-item tax adjustments. Because of the variability of these and other items as well as the impact of future events on these items, management is unable to reconcile without unreasonable effort the company's
|
4
|
The total aggregate principal related to our offering of convertible notes was $201.3 million. At issuance, this principal value was bifurcated into liability and equity components totaling $171.1 million and $30.2 million, respectively. The carrying value of the liability component as of March 31, 2019 is $170.5 million.
|
•
|
Our ability to achieve our strategic transformation;
|
•
|
Potential disruption due to the reorganization of our sales force;
|
•
|
An accelerated decline in general print readership and/or advertiser patterns as a result of changing consumer preferences, competitive alternative media, or other factors;
|
•
|
An inability to adapt to technological changes or grow our digital businesses;
|
•
|
Risks associated with the operation of an increasingly digital business, such as rapid technological changes, challenges associated with new delivery platforms, declines in web traffic levels, technical failures and proliferation of ad blocking technologies;
|
•
|
Competitive pressures in the markets in which we operate;
|
•
|
Macroeconomic trends and conditions;
|
•
|
Increases in newsprint costs over the levels anticipated or declines in newsprint supply;
|
•
|
Risks and uncertainties associated with our ReachLocal segment, including its significant reliance on Google for media purchases, its international operations and its ability to develop and gain market acceptance for new products or services;
|
•
|
Our ability to protect our intellectual property or defend successfully against infringement claims;
|
•
|
Our ability to attract and retain talent;
|
•
|
Labor relations, including, but not limited to, labor disputes which may cause business interruptions, revenue declines or increased labor costs;
|
•
|
Potential disruption or interruption of our IT systems due to accidents, extraordinary weather events, civil unrest, political events, terrorism or cyber security attacks;
|
•
|
Risks and uncertainties related to strategic acquisitions or investments, including distraction of management attention, incurrence of additional debt, integration challenges, and failure to realize expected benefits or synergies or to operate businesses effectively following acquisitions;
|
•
|
Risks and uncertainties related to MNG Enterprises, Inc.'s unsolicited proposal to acquire the company and related nomination of three candidates for election to the company's board of directors, which could, among other matters, cause us to incur significant expense and impact the trading value of our securities;
|
•
|
Variability in the exchange rate relative to the U.S. dollar of currencies in foreign jurisdictions in which we operate;
|
•
|
Risks associated with our underfunded pension plans;
|
•
|
Adverse outcomes in litigation or proceedings with governmental authorities or administrative agencies, or changes in the regulatory environment, any of which could encumber or impede our efforts to improve operating results or the value of assets;
|
•
|
Volatility in financial and credit markets which could affect the value of retirement plan assets and our ability to raise funds through debt or equity issuances and otherwise affect our ability to access the credit and capital markets at the times and in the amounts needed and on acceptable terms;
|
•
|
Risks to our liquidity related to the redemption, conversion and similar features of our convertible notes;
|
•
|
Political, economic, and market uncertainty resulting from the pending withdrawal of the U.K. from the European Union; and
|
•
|
Other uncertainties relating to general economic, political, business, industry, regulatory and market conditions.
|
For investor inquiries, contact:
|
|
For media inquiries, contact:
|
Stacy Cunningham
|
|
Amber Allman
|
VP, Financial Planning & Investor Relations
|
|
VP, Corporate Events & Communications
|
703-854-3168
|
|
703-854-5358
|
investors@gannett.com
|
|
aallman@gannett.com
|
or
|
|
|
Brinlea Johnson
|
|
|
The Blueshirt Group
|
|
|
investors@gannett.com
|
|
|
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands (except per share amounts)
|
|||||||
|
|
|
|
||||
Table No. 1
|
|
|
|
||||
|
|
|
|
||||
|
Three months ended
|
||||||
|
March 31, 2019
|
|
March 31, 2018
|
||||
|
|
|
|
||||
Operating revenues:
|
|
|
|
||||
Advertising and marketing services
|
$
|
365,235
|
|
|
$
|
410,312
|
|
Circulation
|
252,727
|
|
|
266,586
|
|
||
Other
|
45,463
|
|
|
46,053
|
|
||
Total operating revenues
|
663,425
|
|
|
722,951
|
|
||
|
|
|
|
||||
Operating expenses:
|
|
|
|
||||
Cost of sales
|
411,164
|
|
|
456,984
|
|
||
Selling, general and administrative expenses
|
200,102
|
|
|
212,999
|
|
||
Depreciation and amortization
|
37,045
|
|
|
40,252
|
|
||
Restructuring costs
|
20,959
|
|
|
9,299
|
|
||
Asset impairment charges
|
529
|
|
|
3,756
|
|
||
Total operating expenses
|
669,799
|
|
|
723,290
|
|
||
Operating loss
|
(6,374
|
)
|
|
(339
|
)
|
||
|
|
|
|
||||
Non-operating income (expense):
|
|
|
|
||||
Interest expense
|
(6,965
|
)
|
|
(4,478
|
)
|
||
Other non-operating items, net
|
(2,148
|
)
|
|
4,311
|
|
||
Non-operating expense
|
(9,113
|
)
|
|
(167
|
)
|
||
|
|
|
|
||||
Loss before income taxes
|
(15,487
|
)
|
|
(506
|
)
|
||
Benefit for income taxes
|
(3,582
|
)
|
|
(129
|
)
|
||
Net loss
|
$
|
(11,905
|
)
|
|
$
|
(377
|
)
|
|
|
|
|
||||
Loss per share - basic
|
$
|
(0.10
|
)
|
|
$
|
(0.00
|
)
|
Loss per share - diluted
|
$
|
(0.10
|
)
|
|
$
|
(0.00
|
)
|
|
|
|
|
||||
Weighted average number of common shares outstanding:
|
|
|
|||||
Basic
|
114,448
|
|
|
112,756
|
|
||
Diluted
|
114,448
|
|
|
112,756
|
|
SEGMENT INFORMATION
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands
|
|||||||
|
|
|
|
||||
Table No. 2
|
|
|
|
||||
|
|
|
|
||||
|
Three months ended
|
||||||
|
March 31, 2019
|
|
March 31, 2018
|
||||
|
|
|
|
||||
Operating revenues:
|
|
|
|
||||
Publishing
|
$
|
579,167
|
|
|
$
|
638,660
|
|
ReachLocal
|
97,181
|
|
|
96,488
|
|
||
Corporate and Other
|
1,603
|
|
|
1,976
|
|
||
Intersegment eliminations
|
(14,526
|
)
|
|
(14,173
|
)
|
||
Total
|
$
|
663,425
|
|
|
$
|
722,951
|
|
|
|
|
|
||||
Adjusted EBITDA:
|
|
|
|
||||
Publishing
|
$
|
81,383
|
|
|
$
|
77,758
|
|
ReachLocal
|
7,631
|
|
|
6,209
|
|
||
Corporate and Other
|
(25,688
|
)
|
|
(28,899
|
)
|
||
Total
|
$
|
63,326
|
|
|
$
|
55,068
|
|
|
|
|
|
||||
Depreciation and amortization:
|
|
|
|
||||
Publishing
|
$
|
19,739
|
|
|
$
|
26,289
|
|
ReachLocal
|
12,932
|
|
|
8,513
|
|
||
Corporate and Other
|
4,374
|
|
|
5,450
|
|
||
Total
|
$
|
37,045
|
|
|
$
|
40,252
|
|
|
|
|
|
||||
Capital expenditures:
|
|
|
|
||||
Publishing
|
$
|
3,474
|
|
|
$
|
4,109
|
|
ReachLocal
|
5,045
|
|
|
3,508
|
|
||
Corporate and Other
|
4,064
|
|
|
5,931
|
|
||
Total
|
$
|
12,583
|
|
|
$
|
13,548
|
|
SAME STORE REVENUE DETAIL
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands
|
|||||||||||
|
|
|
|
|
|
|
|||||
Table No. 3
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|||||
|
|
Three months ended
|
|||||||||
|
|
March 31, 2019
|
|
March 31, 2018
|
|
% Change
|
|||||
|
|
|
|
|
|
|
|||||
Reported total revenue
|
|
$
|
663,425
|
|
|
$
|
722,951
|
|
|
(8.2
|
%)
|
Acquired revenues
|
|
(18,304
|
)
|
|
—
|
|
|
***
|
|
||
Currency impact
|
|
5,959
|
|
|
—
|
|
|
***
|
|
||
Day-adjusted
|
|
(6,355
|
)
|
|
—
|
|
|
***
|
|
||
Exited operations
|
|
—
|
|
|
(7,666
|
)
|
|
(100.0
|
%)
|
||
Same store revenue
|
|
$
|
644,725
|
|
|
$
|
715,285
|
|
|
(9.9
|
%)
|
|
|
|
|
|
|
|
|||||
Reported advertising and marketing services revenue
|
|
$
|
365,235
|
|
|
$
|
410,312
|
|
|
(11.0
|
%)
|
Acquired revenues
|
|
(17,103
|
)
|
|
—
|
|
|
***
|
|
||
Currency impact
|
|
4,338
|
|
|
—
|
|
|
***
|
|
||
Day-adjusted
|
|
(4,385
|
)
|
|
—
|
|
|
***
|
|
||
Exited operations
|
|
—
|
|
|
(7,666
|
)
|
|
(100.0
|
%)
|
||
Same store advertising and marketing services revenue
|
|
$
|
348,085
|
|
|
$
|
402,646
|
|
|
(13.6
|
%)
|
|
|
|
|
|
|
|
|||||
Reported circulation revenue
|
|
$
|
252,727
|
|
|
$
|
266,586
|
|
|
(5.2
|
%)
|
Acquired revenues
|
|
(1,130
|
)
|
|
—
|
|
|
***
|
|
||
Currency impact
|
|
1,229
|
|
|
—
|
|
|
***
|
|
||
Day-adjusted
|
|
(1,970
|
)
|
|
—
|
|
|
***
|
|
||
Same store circulation revenue
|
|
$
|
250,856
|
|
|
$
|
266,586
|
|
|
(5.9
|
%)
|
|
|
|
|
|
|
|
PUBLISHING REVENUE DETAIL
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands
|
|||||||||||
|
|
|
|
|
|
|
|||||
Table No. 4
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|||||
|
|
Three months ended
|
|||||||||
|
|
March 31, 2019
|
|
March 31, 2018
|
|
% Change
|
|||||
|
|
|
|
|
|
|
|||||
Publishing revenue detail
|
|
|
|
|
|
|
|||||
Print advertising:
|
|
|
|
|
|
|
|||||
Local
|
|
$
|
82,004
|
|
|
$
|
99,630
|
|
|
(17.7
|
%)
|
Classified
|
|
63,714
|
|
|
78,400
|
|
|
(18.7
|
%)
|
||
National
|
|
40,474
|
|
|
47,796
|
|
|
(15.3
|
%)
|
||
Total print advertising
|
|
186,192
|
|
|
225,826
|
|
|
(17.6
|
%)
|
||
Digital advertising and marketing services:
|
|
|
|
|
|
|
|||||
Digital media
|
|
61,123
|
|
|
64,819
|
|
|
(5.7
|
%)
|
||
Digital classified
|
|
16,880
|
|
|
19,982
|
|
|
(15.5
|
%)
|
||
Digital marketing services
|
|
18,385
|
|
|
17,370
|
|
|
5.8
|
%
|
||
Total digital advertising and marketing services
|
|
96,388
|
|
|
102,171
|
|
|
(5.7
|
%)
|
||
Total advertising and marketing services
|
|
282,580
|
|
|
327,997
|
|
|
(13.8
|
%)
|
||
|
|
|
|
|
|
|
|||||
Circulation
|
|
252,727
|
|
|
266,586
|
|
|
(5.2
|
%)
|
||
|
|
|
|
|
|
|
|||||
Other
|
|
43,860
|
|
|
44,077
|
|
|
(0.5
|
%)
|
||
|
|
|
|
|
|
|
|||||
Total Publishing revenue
|
|
$
|
579,167
|
|
|
$
|
638,660
|
|
|
(9.3
|
%)
|
•
|
Adjusted EBITDA
is a non-GAAP financial performance measure that the company believes offers a useful view of the overall operation of our business. The company defines adjusted EBITDA as net income before (1) income taxes, (2) interest expense, (3) equity income, (4) other non-operating items, (5) restructuring costs, (6) asset impairment charges, (7) other items (including acquisition-related expenses, certain business transformation costs, litigation expenses, and gains or losses on certain investments), and (8) depreciation and amortization. The most directly comparable GAAP financial measure is net income.
|
•
|
Adjusted net income
is a non-GAAP financial performance measure that the company uses for calculating adjusted earnings per share ("EPS"). Adjusted net income is defined as net income before the adjustments we apply in calculating adjusted EPS, as described below. We believe presenting adjusted net income is useful to enable investors to understand how we calculate adjusted EPS, which provides a useful view of the overall operation of the company's business. The most directly comparable GAAP financial measure is net income.
|
•
|
Adjusted diluted EPS
is a non-GAAP financial performance measure that the company believes offers a useful view of the overall operation of our business. The company defines adjusted EPS as EPS before tax-effected (1) restructuring costs, (2) asset impairment charges, (3) non-operating (gains) losses, and (4) other items (including acquisition-related expenses, certain business transformation expenses, litigation expenses, and gains or losses on certain investments). The tax impact on these non-GAAP tax deductible adjustments is based on the estimated statutory tax rates for the United Kingdom of 19.0% and the United States of 25.5%. The most directly comparable GAAP financial measure is diluted EPS.
|
•
|
Free cash flow
is a non-GAAP liquidity measure that adjusts our reported GAAP results for items that we believe are critical to the ongoing success of our business. The company defines free cash flow as cash flow from operating activities as reported on the statement of cash flows less capital expenditures, which results in a figure representing free cash flow available for use in operations, additional investments, debt obligations, and returns to shareholders. The most directly comparable GAAP financial measure is net cash from operating activities.
|
NON-GAAP FINANCIAL INFORMATION
ADJUSTED EBITDA
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands
|
|||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Table No. 5
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three months ended March 31, 2019
|
||||||||||||||
|
Publishing
|
|
ReachLocal
|
|
Corporate and Other
|
|
Consolidated Total
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net loss (GAAP basis)
|
|
|
|
|
|
|
$
|
(11,905
|
)
|
||||||
Benefit for income taxes
|
|
|
|
|
|
|
(3,582
|
)
|
|||||||
Interest expense
|
|
|
|
|
|
|
6,965
|
|
|||||||
Other non-operating items, net
|
|
|
|
|
|
|
2,148
|
|
|||||||
Operating income (loss) (GAAP basis)
|
$
|
41,278
|
|
|
$
|
(8,223
|
)
|
|
$
|
(39,429
|
)
|
|
$
|
(6,374
|
)
|
Depreciation and amortization
|
19,739
|
|
|
12,932
|
|
|
4,374
|
|
|
37,045
|
|
||||
Restructuring costs
|
18,089
|
|
|
140
|
|
|
2,730
|
|
|
20,959
|
|
||||
Asset impairment charges
|
530
|
|
|
(1
|
)
|
|
—
|
|
|
529
|
|
||||
Other items
|
1,747
|
|
|
2,783
|
|
|
6,637
|
|
|
11,167
|
|
||||
Adjusted EBITDA (non-GAAP basis)
|
$
|
81,383
|
|
|
$
|
7,631
|
|
|
$
|
(25,688
|
)
|
|
$
|
63,326
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
Three months ended March 31, 2018
|
||||||||||||||
|
Publishing
|
|
ReachLocal
|
|
Corporate and Other
|
|
Consolidated Total
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Net loss (GAAP basis)
|
|
|
|
|
|
|
$
|
(377
|
)
|
||||||
Benefit for income taxes
|
|
|
|
|
|
|
(129
|
)
|
|||||||
Interest expense
|
|
|
|
|
|
|
4,478
|
|
|||||||
Other non-operating items, net
|
|
|
|
|
|
|
(4,311
|
)
|
|||||||
Operating income (loss) (GAAP basis)
|
$
|
39,165
|
|
|
$
|
(2,926
|
)
|
|
$
|
(36,578
|
)
|
|
$
|
(339
|
)
|
Depreciation and amortization
|
26,289
|
|
|
8,513
|
|
|
5,450
|
|
|
40,252
|
|
||||
Restructuring costs
|
8,277
|
|
|
539
|
|
|
483
|
|
|
9,299
|
|
||||
Asset impairment charges
|
3,756
|
|
|
—
|
|
|
—
|
|
|
3,756
|
|
||||
Other items
|
271
|
|
|
83
|
|
|
1,746
|
|
|
2,100
|
|
||||
Adjusted EBITDA (non-GAAP basis)
|
$
|
77,758
|
|
|
$
|
6,209
|
|
|
$
|
(28,899
|
)
|
|
$
|
55,068
|
|
NON-GAAP FINANCIAL INFORMATION
ADJUSTED DILUTED EPS
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands (except per share amounts)
|
|||||||
|
|
|
|
||||
Table No. 6
|
|
|
|
||||
|
|
|
|
||||
|
Three months ended
|
||||||
|
March 31, 2019
|
|
March 31, 2018
|
||||
|
|
|
|
||||
Restructuring costs (including accelerated depreciation)
|
$
|
22,660
|
|
|
$
|
14,460
|
|
Asset impairment charges
|
529
|
|
|
3,756
|
|
||
Loss (gain) from non-operating activities
|
(1,384
|
)
|
|
134
|
|
||
Other items
|
10,519
|
|
|
1,638
|
|
||
Pretax impact
|
32,324
|
|
|
19,988
|
|
||
Income tax impact of above items
|
(8,198
|
)
|
|
(4,926
|
)
|
||
Impact of items affecting comparability on net income
|
$
|
24,126
|
|
|
$
|
15,062
|
|
|
|
|
|
||||
Net loss (GAAP basis)
|
$
|
(11,905
|
)
|
|
$
|
(377
|
)
|
Impact of items affecting comparability on net income
|
24,126
|
|
|
15,062
|
|
||
Adjusted net income (non-GAAP basis)
|
$
|
12,221
|
|
|
$
|
14,685
|
|
|
|
|
|
||||
Loss per share - diluted (GAAP basis)
|
$
|
(0.10
|
)
|
|
$
|
(0.00
|
)
|
Impact of items affecting comparability on net income
|
$
|
0.20
|
|
|
$
|
0.13
|
|
Adjusted earnings per share - diluted (non-GAAP basis)
|
$
|
0.10
|
|
|
$
|
0.13
|
|
|
|
|
|
||||
Diluted weighted average number of common shares outstanding (GAAP basis)
|
114,448
|
|
|
112,756
|
|
||
Diluted weighted average number of common shares outstanding (non-GAAP basis)
|
118,058
|
|
|
115,851
|
|
NON-GAAP FINANCIAL INFORMATION
FREE CASH FLOW
Gannett Co., Inc. and Subsidiaries
Unaudited, in thousands
|
|||
|
|
||
Table No. 7
|
|
||
|
|
||
|
Three months ended March 31, 2019
|
||
|
|
||
Net cash flow from operating activities (GAAP basis)
|
$
|
37,539
|
|
Capital expenditures
|
(12,583
|
)
|
|
Free cash flow (non-GAAP basis)
|
$
|
24,956
|
|