Grit Real Estate Income Group Limited (DEL.mu) 2016 Presentation

first_imgGrit Real Estate Income Group Limited (DEL.mu) listed on the Stock Exchange of Mauritius under the Financial sector has released it’s 2016 presentation For more information about Grit Real Estate Income Group Limited (DEL.mu) reports, abridged reports, interim earnings results and earnings presentations, visit the Grit Real Estate Income Group Limited (DEL.mu) company page on AfricanFinancials.Document: Grit Real Estate Income Group Limited (DEL.mu)  2016 presentation Company ProfileGrit Real Estate Income Group Limited is a property investment company that is particularly interested in African real estate assets. The company mainly deals with US dollar and Euro denominated medium to long term leases with high quality global graded tenants. Grit Real Estate Income Group Limited also operates in Morocco. Mozambique, Mauritius, Kenya and Zambia. Grit Real Estate Income Group Limited has a primary listing on the Johannesburg Stock Exchange, and a secondary listing on the Stock Exchange of Mauritius.last_img read more

This share price has fallen 70% in the stock market crash, should you buy?

first_img Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Matthew Dumigan | Thursday, 9th April, 2020 | More on: CCL Image source: Getty Images Simply click below to discover how you can take advantage of this. See all posts by Matthew Dumigan The stock market crash means there’s an abundance of bargains out there at the moment. Right now, it’s a value investors dream. These are the market conditions in which investing powerhouses like Warren Buffet truly thrive and make their money.You can build immense wealth over the long-term by taking advantage of the buying opportunities the stock market crash offers. That said, it’s important not to buy stocks just because they look cheap.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Cheap, but volatileSpeaking of stocks that look cheap, cruise ship operator Carnival (LSE: CCL) has seen its share price plummet just over 80% in the depths of the market crash.To illustrate the volatility of the Carnival share price, from March 18-26, it rocketed 91%. But just a week later, the price plummeted 55%.Thanks to a brief rally earlier this week, the share price saw a 40% hike, but still comes in just over 70% down overall since mid-February.It’s been a stomach-churning ride for investors.Future uncertaintyThe international cruise line operator has been particularly hard hit due to the nature of its business. With lockdowns and travel restrictions in place around the world, nobody is embarking on a cruise ship holiday.Ultimately, the longer the travel restrictions remain in place, the more unlikely it is that the company will stay afloat.Carnival itself acknowledges this and is looking to raise $6bn in new funding to aid its survival efforts.A big riskI think buying shares in Carnival would be a huge risk for any investor. But the prospective rewards might more than compensate for this for the risk-tolerant investor.The company reported decent results last year with cruise revenues up on the previous four years. That said, losses for this calendar year are expected to be huge, placing the company under significant financial strain.To invest, or not to investWhen making the decision whether or not to invest, it’s helpful to weigh up both sides of the argument. On the one hand, the company went into this crisis with a relatively stable balance sheet and has now began to raise funds in order to strengthen its cash position.On top of cutting its dividend, such cash-preserving developments might suffice when it comes to Carnival’s ability to weather the storm.In taking this view, now could be a good time to buy dirt-cheap shares in the company.On the other hand, nobody knows for how long the current economic conditions will prevail. Even if they’re short-lived, the costs incurred by Carnival will be immense.Repatriating passengers, assisting stranded crew and disinfecting ships all comes at a cost. What’s more, the challenge facing the company is unpreceded. Never before has the cruise operator experienced a complete dry-up in its operations.So where do I think that leaves the investment case? Well, with all that in mind, it may be best to avoid shares in Carnival.Ultimately, I think the decision depends on whether or not you’re bullish about its recovery prospects. I’m sceptical, so I’ll be sitting this one out, for now. This share price has fallen 70% in the stock market crash, should you buy? Our 6 ‘Best Buys Now’ Sharescenter_img Enter Your Email Address Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Matthew Dumigan has no position in any of the shares mentioned  The Motley Fool UK has recommended Carnival. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.last_img read more

Forget gold! I’d buy the FTSE 250 to get rich and retire early

first_img Considering the mixed outlook for the stock market and global economy, many investors might be more comfortable buying gold over stocks. However, I believe this could be the wrong decision. Today, I’m going to explain why I reckon it may be worth buying the FTSE 250, rather than gold, for high returns over the long term. The drawbacks of gold Owning gold might look attractive in a crisis, but the yellow metal has some significant drawbacks. For example, it doesn’t produce any income and usually costs money to store. This means investors are dependent upon the precious metal increasing in price to make a return. 5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Also, gold is generally traded in dollars. As such, UK investors not only have to deal with the costs associated with owning gold, but also with foreign exchange costs. Fluctuating exchange rates can also erode profits earned on the yellow metal. On the other hand, FTSE 250 stocks do produce income. Many companies offer a steady stream of dividend income. These businesses also earn profits in dollars, but their income streams are well-diversified. As such, investors are, to a significant degree, insulated from foreign exchange volatility. What’s more, the FTSE 250 has produced significantly higher returns for investors over the past few decades than gold. FTSE 250 profitsOver the past three decades, the FTSE 250 has produced an average annual return for investors of the region of 12%. That means every £1,000 invested in 1990 is worth £36,000 today, a total return of 3,500%. By comparison, from 1990 to 2020, the price of gold increased by around 360%. These are only rough figures. The exact return achieved by investors will depend on different factors such as the length of time invested and invested. Still, I think they clearly illustrate why stocks have been a better investment than gold in the long run. Time to diversifyThat said, I think it would be unwise for investors to avoid the yellow metal entirely and devote 100% of their portfolio to FTSE 250 stocks. Every portfolio should contain some gold, to provide diversification and protection against market downturns.Historically, investors have bought gold in uncertain times, pushing up the price of the precious metal when investors are usually selling stocks. This may be the best way to diversify a portfolio against uncertainty.However, it’s unlikely gold alone will help you get rich and retire early. For that, a combination of stocks, as well as a small amount of gold, may be the best option. FTSE 250 stocks have proven they can produce outstanding returns over the long run. The best way to replicate this return could be to own a diversified basket of these stocks, or buy a tracker fund. When owned as part of a diversified portfolio, I reckon these stocks have the potential to help you get rich and retire early. Now could be the time to adopt this approach while UK shares continue to trade at depressed levels following this year’s stock market crash.  I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Rupert Hargreaves | Sunday, 4th October, 2020 Enter Your Email Address Rupert Hargreaves has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Simply click below to discover how you can take advantage of this. I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool.center_img “This Stock Could Be Like Buying Amazon in 1997” Our 6 ‘Best Buys Now’ Shares Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. See all posts by Rupert Hargreaves Forget gold! I’d buy the FTSE 250 to get rich and retire early Image source: Getty Images last_img read more

Argo Blockchain: exciting or irrational?

first_img Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Enter Your Email Address I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Image source: Getty Images See all posts by Tej Kohli I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Tej Kohli | Wednesday, 10th February, 2021 | More on: ARB Tej Kohli has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.Tej Kohli is the founder of the philanthropic Tej Kohli Foundation whose ‘Rebuilding You’ philosophy supports the development of scientific and technological solutions to major global health challenges, whilst also making direct interventions to rebuild individuals and communities around the world. Tej Kohli is also an investor who backs growth-stage artificial intelligence and robotics ventures through the Kohli Ventures investment vehicle.center_img “This Stock Could Be Like Buying Amazon in 1997” Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Argo Blockchain: exciting or irrational? Our 6 ‘Best Buys Now’ Shares Simply click below to discover how you can take advantage of this. This week, Tesla pushed the price of Bitcoin to unprecedented new highs by acquiring $1.5bn of holdings. It is not entirely a surprise that Tesla has forayed into cryptocurrency because Elon Musk has form for dabbling in ‘alternative instruments’: in 2020 Tesla sold $428m in carbon emission credits, which accounted for all of its H1 operating profits.Perhaps Elon Musk hopes to sustain the irrational exuberance surrounding the Tesla stock price by deriving future profits from this $1.5bn trade in cryptocurrency? One has to question whether Tesla investors would rather have made their own decisions about whether to invest in Bitcoin themselves, rather than Tesla Inc doing it on their behalf.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…One of the beneficiaries of the record price of Bitcoin was Argo Blockchain (LSE:ARB), the only cryptocurrency mining company that is listed on the London Stock Exchange. Its share price is up an astonishing 1,800% over the last year. Argo is a large-scale crypto currency miner that uses inexpensive hydropower and efficient data centres to mine Bitcoin.In January 2020 Argo generated £2.48m of income by mining Bitcoin and attained a 71% mining margin on it. The company reported that it held 501 Bitcoin, 172.5 of which were not mined, but were purchased at market rates. At today’s exchange rate and a Bitcoin price of $45,000, Argo’s holdings are worth approximately £16.36m. If it continues its January run rate through 2021 then this year it will improve its net position by +£21m.Given these numbers, Argo Blockchain’s market cap of £466m looks unsustainable in my opinion. It represents £930,130 for every £33,209 Bitcoin that the company held at the end of January 2020. There is a cohort of people, me amongst them, who believes that Bitcoin will eventually hit $100,000 and beyond, but even at that price, it is hard to justify the Argo share premium compared to the exposure that could be attained by buying the underlying asset directly.Argo might just about make sense if it was taking on debt to leverage its Bitcoin purchases and holdings, and therefore offering investors a leverage multiplier that they could not attain alone. But this is not the case. Argo Blockchain seems predicated entirely on rising Bitcoin prices and expanding its mining capacity whilst sustaining its very high margin mining yield.Bitcoin prices are highly volatile and hard to predict. And for Argo to sustain its high margin mining yield will mean having to stay ahead of the competition in low-cost countries. It will also mean navigating the next Bitcoin halving, expected in 2024, when the number of Bitcoin available to be ‘mined’ will be halved, piling even more pressure onto miners.Of course, despite these extremely high risks, cryptocurrency is ‘hot’ at the moment, and so the appetite from investors for exposure through equity investments is inevitably high, especially as many investors are perturbed by the unknown risks of investing directly into unregulated cryptocurrencies. Given this, Argo Blockchain might look clever and exciting.It will be fascinating to continue to follow Argo Blockchain. But its current price of 130p, I believe an investment would be irrational exuberance.last_img read more

Orange County Clerk makes it easier to get a passport

first_img TAGSOrange County Clerk of the CourtPassport Previous articleCommissioner-Elect Alexander Smith: “As a team we will move this city forward”Next articleDr. Joel Hunter speaking at Christian Chamber event Denise Connell RELATED ARTICLESMORE FROM AUTHOR LEAVE A REPLY Cancel reply Support conservation and fish with NEW Florida specialty license plate From the Orange County Clerk of the Court Planning a family vacation? Excited for a study abroad program or mission trip? It all starts here at the Clerk’s Office. Visit us to apply for your passport and take the trip of your dreams.If you’re too busy with work or school during the week, we’re opening several of our branch offices on two separate Saturdays to help you and your family apply for your passports.Whether you live in Orange or any Central Florida County, join us for Passport Saturdays, April 14 and April 28, 2018. Our Apopka, Ocoee, and Winter Park locations will be open from 9:00 a.m. – 2:00 p.m., making it easier than ever to get a passport for you or your child.Passport Saturdays Locations(April 14 and 28, 9:00 am – 2:00 p.m.)Apopka1111 N. Rock Springs Rd.Apopka, FL 32712Ocoee475 Story Rd.Ocoee, FL 34761Winter Park450 N. Lakemont Ave.Winter Park, FL 32792Proof of citizenship and proof of identity are required when applying for a passport. Two forms of payment are also required. Each minor child applying must appear in person.For information on what you need to know and bring with you, watch our new passport informational video on our website at www.myorangeclerk.com. Please enter your name here Please enter your comment! Save my name, email, and website in this browser for the next time I comment. Share on Facebook Tweet on Twitter The Anatomy of Fear Free webinar for job seekers on best interview answers, hosted by Goodwill June 11 You have entered an incorrect email address! Please enter your email address herelast_img read more

New fundraising, advocacy, training and communications consultancy

first_img Tagged with: Consulting & Agencies Giving/Philanthropy Recruitment / people New fundraising, advocacy, training and communications consultancy  33 total views,  2 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. Senior fundraiser Findlay Craig has set up a new consultancy, factsinternational.com, to provide complementary services in fundraising, advocacy, communications, training and solutions for UK and international NGOs.The new consultancy is headed by Finlay Craig, the respected Scottish fundraising consultant and trainer. He has assembled a network of experienced professionals in the UK, Switzerland, France and in Asia.Finlay will be building on his eleven years’ management experience with NGOs in Asia to develop the international side of the new consultancy. Advertisementcenter_img Howard Lake | 13 July 2003 | News AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis “We are delighted with our international progress in only a few months,” said Mr Craig. “We have already provided training to voluntary organisations in China, the Czech Republic, Ukraine, Thailand and the UK. Over the next six months we expect to have clients in, Switzerland, the Dominican Republic, Ethiopia and Slovakia.”The factsinternational.com associates include Anne Morrison who has been instrumental in advancing the Institute of Fundraising in Scotland as its Development Officer since 1998. She will be factsinternational.com’s consultant on individual and organisational coaching and training, while continuing to work as the Institute’s part-time Scottish Co-ordinator.last_img read more

Auditory Verbal UK holds first national fundraising & awareness day

first_img About Melanie May Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via www.thepurplepim.com.  124 total views,  2 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis14 Tagged with: fundraising events Auditory Verbal UK holds first national fundraising & awareness day AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis14 Auditory Verbal UK is holding LOUD Shirt Day on 17th June: its first ever national fundraising and awareness day.The charity is asking people to wear their loudest clothes to raise funds that will help deaf children and their families access an auditory verbal therapy programme. Participants can download a LOUD fundraising pack from the campaign page on the Auditory Verbal UK site as well as create a fundraising page.The campaign is supported by a number of celebrities, including Usain Bolt, Matt Lucas, Daniel Radcliffe and Paloma Faith, with schools and businesses, as well as individuals taking part.Matt Lucas shows off his loud shirtThis is the first Loud Shirt Day for deaf children in the UK. Loud Shirt Day was first organised in Australia ten years ago by charities supporting deaf children. Over the past ten years, it has helped to raise awareness of deafness as well as funds to support listening and spoken language programmes for young deaf children across Australia and New Zealand.Anita Grover, chief executive of Auditory Verbal UK said:“Many people don’t know what impact deafness can have on a child and how it can make it more difficult to make friends, enjoy school, and communicate with your family. Fewer people know that with the right support, deaf children can overcome most of these challenges. Loud Shirt Day is raising awareness of what deaf children can achieve and supporting our work at Auditory Verbal UK with the families of young deaf children.”  123 total views,  1 views today Advertisement Melanie May | 23 May 2016 | Newslast_img read more

Commentary: The Other Food Story at the Fair

first_img At this year’s Indiana State Fair, the focus is food – not just one kind of food, but all kinds of food.  As Fair officials are fond of pointing out, food is the number one reason people come to the Fair. Farm groups have gone all out to present a variety of new food items and to help consumers to understand a bit more about where their food comes from and how it is produced. There is another food story, however, that does not get as much attention, most likely because it is not deep fried and covered with sugar. It’s dirt, more specifically soil. Farmers know food production starts with the soil, but that is a message lost on many food consumers.For the past 25 years, the Pathway to Water Quality has been telling that story in a very unassuming manner in a quiet corner of the fairgrounds. This park-like setting provides a cool and relaxing place for Fair visitors, but also demonstrates the connection between soil, water, the environment, and food production. More importantly, it shows not only what farmers are doing to protect the environment, but what they as nonfarm folks can do to improve the environment.When people think about climate change, they like to blame industry and agriculture for the problems. The World Watch Institute claims that “animals raised for food has been vastly underestimated, and in fact accounts for at least half of all human-caused greenhouse gases.” This has led some radical environmental groups to suggest, in all seriousness, that we eliminate animal agriculture worldwide. Obviously, they are not big bacon eaters.What gets left out of this discussion are the things that the average homeowner can do to improve the environment. When algae bloom occurs in our lakes and reservoirs, runoff from farms is blamed. Yet, the lawn care treatments homeowners use or contract for seldom get mentioned. Livestock farms are accused of water pollution, but municipal waste water treatment plants and homeowner septic systems get a pass. The Pathway to Water Quality has full-scale demonstrations on how landscaping, lawn care, and septic systems impact the environment. The Pathway also shows what farmers do to minimize runoff and to protect water quality.This is as much a part of the food message as anything else at the Fair. As one farmer told me recently, we are only 6 inches away from a desert. Meaning on average we only have about 6 inches of top soil with which to produce food.  So we had better learn to take care of it.My only complaint with the Pathway to Water Quality is where it was placed. It should have been put at the entrance to the Midway, so all those folks who come the Fair to ride the rides would have to walk through it and at least learn something while at the Fair.  I would also like to see them move the media room to the center of the exhibit. This way local TV stations might be inspired to do some Fair stories with substance, rather than just what new thing is being deep-fried this year.By Gary Truitt By Gary Truitt – Aug 14, 2017 SHARE Commentary: The Other Food Story at the Fair Facebook Twitter SHARE Home Commentary Commentary: The Other Food Story at the Fair Previous articleFarm Economy May Be Starting to StabilizeNext articleBower Trading Market Strategy Report: Market Waiting for Actual Yield Data Gary Truitt Facebook Twitterlast_img read more

G-7 vows ‘equitable’ world vaccine access, but details scant

first_img TAGS  Local NewsBusinessUS NewsWorld News Britian’s Prime Minister Boris Johnson prepares to host a virtual meeting of G7 world leaders, from within the Cabinet Room at Downing Street in London, Friday Feb. 19, 2021. Johnson is chairing a virtual meeting Friday with leaders of the Group of Seven economic powers, holding their first meeting of 2021. Pinterest Facebook Facebook WhatsApp Previous articleEverbridge annuncia di essersi aggiudicata cinque contratti relativi alle soluzioni Public Warning con società di trasmissioni wireless, governi e Stati finalizzati alla protezione delle persone e delle aziende in Europa e in AsiaNext articleWilliams career-high 32 sparks WSU to romp over Cal 82-51 Digital AIM Web Supportcenter_img By Digital AIM Web Support – February 19, 2021 WhatsApp G-7 vows ‘equitable’ world vaccine access, but details scant Twitter Pinterest Twitterlast_img read more

Gannett Announces Fourth Quarter and Full Year 2020 Results

first_img Publishing 113,334 By Digital AIM Web Support – February 25, 2021 63,660 Twitter 20,795 875,447 3,405,670 Table No. 5 Fourth Quarter 2020 74,329 100,743 378,246 Cash and cash equivalents 497,094 3,405,670 Loss on early extinguishment of debt — Asset impairments 3,538 — — $ (11,250) Non-operating pension income Free cash flow (1) (non-GAAP) (24,541) (100.0) 26,350 48,874 $ Total — 636,686 3,009 Net loss Changes in other financing activities $ Currency impact (11.6) Total current liabilities 45,300 26,523 Table No. 1 — — Redeemable noncontrolling interests $ Change in other investing activities $ Acquisition costs Loss per share attributable to Gannett – basic 4,024 1,992 — Digital Marketing Solutions 107,318 $ % 1,867,909 338,468 999,789 $ $ $ % ConsolidatedTotal $ Operating lease assets Repayments under revolving credit facility $ — 2,034,272 57,770 $ $ $ Deferred tax assets 223,871 4,582 914,331 % (393) $ 6,058 (1) — 4,020,102 Liabilities and equity (1.05) DigitalMarketingSolutions 3,009 DigitalMarketingSolutions CONSOLIDATED STATEMENTS OF OPERATIONS Gannett Co., Inc. In thousands (except per share amounts) (18.6) (16,510) — 2,585 (7,995) 8,790 *** $ (3,283) 24,989 148,829 (1,861) — Long-term debt 73,376 Interest expense Convertible debt 338,238 3,300 — 186,007 (41,766) — December 31,2019 $ Indicates a percentage change greater than 100. Free cash flow (non-GAAP basis) (a) 151,847 Other long-term liabilities 145,731 136,188 % 459,928 $ Additional paid-in capital 43,148 — 364,109 $ 4,182,220 25,878 $ 3,629 206,726 $ — 441 Other 1,580,759 1,707,670 Other income, net Corporate andOther $ Currency impact Accumulated deficit $ 1,643 Accumulated other comprehensive loss (income) — Investing activities: 71,753 Net income (loss) attributable to Gannett Net cash flow provided by operating activities Balance of cash, cash equivalents and restricted cash at beginning of year $ — Net cash used for investing activities 38,999 $ *** Three months ended % Pinterest Loss per share attributable to Gannett – diluted $ Year ended December 31,2020 309,112 Advertising and marketing services 2,227,318 — Gain on sale of investments 380,848 14,018 1,262 42,110 188,664 Circulation 338,468 255,574 58,113 Currency impact 4,024 Full Year 2020 147,428 — 26,350 Total operating revenues December 31,2020 112,876 15,297 1,867,909 Non-cash loss on early extinguishment of debt 498,733 (22.7) (18.5) (24,541) $ (1,329) $ — Property, plant, and equipment, net 28 1,103,881 779,115 (121,190) 1,636,335 100,743 Financing activities: Other non-operating (income) expense, net — 1,294 *** 223,871 Net (gain) loss on sale or disposal of assets Total current assets 461,088 45,300 — 38,999 Adjusted EBITDA: $ — — Same pro forma storecirculation revenue Unrealized loss on Convertible notes derivative 100,743 — 9,529 263,819 ConsolidatedTotal 4,723 *** $ Corporate and Other Borrowings under revolving credit facility 2,014,886 Cash, cash equivalents and restricted cash at end of year TAGS  37,442 Insurance proceeds received for damaged of property (146,977) Other revenues contributed $71.6 million in the fourth quarter.Digital-only subscriptions totaled approximately 1.1 million at the end of the fourth quarter, up 29% year-over-year.Publishing segment Net income attributable to Gannett was $104.9 million and Adjusted EBITDA was $147.4 million, representing an Adjusted EBITDA margin of 18.6% for the fourth quarter. Fourth Quarter 2020 Digital Marketing Solutions SegmentDigital Marketing Solutions segment revenues were $107.3 million in the fourth quarter.Same store pro forma Digital Marketing Solutions segment revenues decreased by 10.3% compared to the prior year fourth quarter, versus the 17.4% decline that we experienced in the third quarter of 2020. Fourth quarter 2020 trend improvement was driven by overall growth in our core ReachLocal business, offset by continued impacts from the COVID-19 pandemic. 534,088 (11,250) Accounts payable and accrued expenses 235,906 — 60,656 Publishing 123 6,058 52,212 Facebook — *** 104,884 Total operating expenses 6,855 111,882 74,329 Other assets — Share-based compensation 952,644 (7,995) Total (23.2) SEGMENT INFORMATION Gannett Co., Inc. Unaudited, In thousands 428,605 699,274 1,054,252 1,520 (7,800) 30,632 257,959 (155,773) (100,452) in thousands 55,090 $ 1,517 Digital Marketing Solutions segment Net income attributable to Gannett was $0.6 million and Adjusted EBITDA was $9.5 million, representing an Adjusted EBITDA margin of 8.9% for the quarter. Integration of Legacy Gannett Update 100,743 (90,924) (785,060) % Current liabilities: — December 31,2019 63,660 (16,510) — 384,376 42,110 $ Net loss attributable to redeemable noncontrolling interests $ Prepaid expenses and other current assets Table No. 6 (227,640) Net loss attributable to Gannett $ (122,174) % (4) Loss on early extinguishment of debt Year ended December 31, 2019 Repayments under term loans — $ (670,479) Acquired revenues $ 540 Depreciation and amortization Integration and reorganization costs 303,430 (1.77) $ 540 (95,088) Loss on early extinguishment of debt 289,504 Accounts receivable, net of allowance for doubtful accounts of $20,843 and $19,923, respectively $ USE OF NON-GAAP INFORMATION The Company uses non-GAAP financial performance and liquidity measures to supplement the financial information presented on a GAAP basis. These non-GAAP financial measures, which may not be comparable to similarly titled measures reported by other companies, should not be considered in isolation from or as a substitute for the related GAAP measures and should be read together with financial information presented on a GAAP basis. The Company defines its non-GAAP measures as follows:Adjusted EBITDA is a non-GAAP performance measure the Company believes offers a useful view of the overall operations of our business. The Company defines Adjusted EBITDA as Net income (loss) attributable to Gannett before: (1) Income tax expense (benefit), (2) Interest expense, (3) Gains or losses on early extinguishment of debt, (4) Non-operating pension income (expense), (5) Unrealized (gain) loss on Convertible notes derivative, (6) Other Non-operating items, primarily equity income, (7) Depreciation and amortization, (8) Integration and reorganization costs, (9) Asset impairments, (10) Goodwill and intangible impairments, (11) Gains or losses on the sale or disposal of assets, (12) Share-based compensation expense, (13) Acquisition costs, (14) Gains or losses on the sale of investments, and (15) certain other non-recurring charges. The most directly comparable GAAP measure is Net income (loss) attributable to Gannett. $ Net income (loss) attributable to Gannett $ 794,179 $ (2,824) $ (775) (832) 875,447 (78,539) $ Year ended 15 (52,036) (670,479) 78,216 (5,680) (672,397) (90,924) Unrealized loss on Convertible notes derivative Adjustments to reconcile net loss to operating cash flows: (a) Asset impairments Advertising and marketingservices revenue (a) (1,168) 101,881 1.52 Benefit for income taxes 413,895 Adjusted EBITDA (non-GAAP basis) (108,606) $ 3,851 24,361 Common stock, $0.01 par value, 2,000,000,000 shares authorized; 139,494,741 shares issued and138,102,993 shares outstanding at December 31, 2020; 129,386,258 shares issued and 128,991,544shares outstanding at December 31, 2019 (426) $ (4.8) (3,279) $ 1,792,652 Same store pro formaadvertising and marketingservices revenue (796,502) Other non-operating income, net Three months ended — 459,195 Integration and reorganization costs Intangible assets, net 857,369 3,009 (74.9) (1,348) 33,259 20,795 $ (a) DigitalMarketingSolutions 6,058 (17,643) 12,608 Publishing Facebook $ $ $ (13,978) 3,597 $ (670,479) Deferred revenue (19,348) Table No. 6 (continued) Other items 413,895 — 218,823 45,756 25,535 (16,350) 16,195 60,618 (69,661) 263,819 — 7,775 Proceeds from sale of publications, real estate and other assets 196,344 $ (705,847) Total assets Change in assets and liabilities: (69,661) Dividends declared per share (1,698) 74,329 90,240 6,058 — Operating costs 2,395 (119,842) Circulation revenue (a) 1,710,244 4 Gannett Announces Fourth Quarter and Full Year 2020 Results — 153,900 Other non-operating (income) expense, net (100.0) (481,058) 134 2,018 WhatsApp $ *** (197,950) 74,329 145,731 Capital expenditures 101,881 (6,728) (41,660) December 31,2020 — 1,727 % Adjusted EBITDA (non-GAAP basis) (36,975) $ Adjusted EBITDA (non-GAAP basis) 898,913 Other items (839) % (16.3) $ $ 58,113 ConsolidatedTotal (0.92) December 31,2019 Refer to “Use of Non-GAAP Information” below for the Company’s definition of Adjusted EBITDA and Free cash flow, as well as the reconciliation of such measures to the most comparable GAAP measure included herein. ConsolidatedTotal — 1,574,054 Net loss (6,599) (5) Operating activities: 1,391,996 Benefit for income taxes — $ 160,136 Pension and other postretirement benefit obligations $ $ 891 Three months ended Exited operations — (41,766) Increase in cash, cash equivalents and restricted cash Digital Marketing Solutions 116,581 (2,307) (5,680) — Net cash flow (used for) provided by operating activities (GAAP basis) — — Inventory 4,554 *** (447,888) — — Benefit for deferred income taxes 3,714 1,076 (122,174) 25,878 18,062 (12) 453,628 — Payments of dividends 1,710,244 Depreciation and amortization: % $ (20,326) $ 2,585 Deferred revenue — $ 303,430 9,514 (11,250) 75,891 Benefit for income taxes Corporate and Other (8,113) 461,088 297,662 2,585 Interest expense WhatsApp (1,918) (11.9) (2,066) 4,163,117 $ December 31,2020 Goodwill and intangible impairments Total liabilities and equity Revenues (186,405) 45,756 $ (29,894) 60,852 $ $ 10,791 391,562 7,775 Acquisition costs 98,821 Three months ended December 31, 2019 23,614 — 1,992 370,324 228,513 Prepaid expenses $ — (6,185) 43,148 11,029 54,608 $ 111,882 Deferred tax liabilities (90,924) Net (gain) loss on sale or disposal of assets Year ended 6,534 890,323 44,311 52,770 $ Borrowings under term loans Total revenue (a) 6,058 2,208,254 Non-cash interest expense 42,702 $ (8,499) $ 33,283 43,148 100,743 98,821 Other revenue (a) (920) 151,840 Goodwill and intangible impairments 582 3,853,558 3,108,914 *** 875,447 — *** (153,900) $ — 3,080,447 43,760 Digital advertising and marketing services revenues reached $223.3 million in the fourth quarter, or 25.5% of total revenues.Net loss attributable to Gannett of $122.2 million in the fourth quarter reflects a $74.3 million non-cash loss on the derivative associated with our convertible notes and a $42.1 million loss associated with the early extinguishment of debt.Adjusted EBITDA totaled $148.8 million, an increase of 50.6% compared to the prior year and represented a 17.0% margin.Adjusted EBITDA grew $7.4 million, or 5.4%, year-over-year on a pro forma basis. (1.77) 824,650 Table No. 3 Operating revenues: $ (100.0) Preferred stock, $0.01 par value, 300,000 shares authorized, of which 150,000 shares are designated asSeries A Junior Participating Preferred Stock, none of which were outstanding at December 31, 2020 andDecember 31, 2019 (7,541) View source version on businesswire.com:https://www.businesswire.com/news/home/20210225005327/en/ CONTACT: For investor inquiries: Ashley Higgins Investor Relations 212-479-3160 [email protected] For media inquiries: Stephanie Tackach Director, Public Relations 212-715-5490 [email protected] KEYWORD: UNITED STATES NORTH AMERICA VIRGINIA INDUSTRY KEYWORD: PROFESSIONAL SERVICES MARKETING ADVERTISING COMMUNICATIONS SMALL BUSINESS PUBLISHING SOURCE: Gannett Co., Inc. Copyright Business Wire 2021. PUB: 02/25/2021 06:30 AM/DISC: 02/25/2021 06:31 AM http://www.businesswire.com/news/home/20210225005327/en (11,264) 7,016 — 69,336 (66.7) Same store pro forma revenue Year ended $ (8,326) 3,538 438,523 4,723 11,324 3,392,073 $ $ Share-based compensation expense — 111,882 Selling, general and administrative expenses $ $ 135,894 (18.6) % (38) Share-based compensation expense (22.2) 1,498 58,113 % Change Acquired revenues — 128,445 (33,450) Acquisition costs Table No. 2 8,790 704,842 14,420 Intersegment eliminations Year ended December31, 2020 (481) — 232,514 (114,342) 268,916 (12,872) (2,343) Print advertising revenues totaled $237.6 million in the fourth quarter, reflecting continued secular pressures.Same store pro forma print advertising revenues decreased 26.9% compared to the prior year fourth quarter, a 400 basis point improvement over the third quarter of 2020, reflecting secular industry trends and the negative impact of the COVID-19 pandemic on all categories. (12) (8) $ — (97.8) Depreciation and amortization (8,460) 54,623 1,202 Net cash (used for) provided by financing activities Goodwill and intangible impairments 149,242 9,514 $ 75,803 554,601 Free cash flow is a non-GAAP liquidity measure that adjusts our reported GAAP results for items we believe are critical to the ongoing success of our business. The Company defines Free cash flow as Net cash provided by 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 stockholders. The most directly comparable GAAP financial measure is Net cash from operating activities. Management’s Use of Non-GAAP Measures Adjusted EBITDA and Free cash flow are not measurements of financial performance under GAAP and should not be considered in isolation or as an alternative to income from operations, net income (loss), cash flow from operating activities, or any other measure of performance or liquidity derived in accordance with GAAP. We believe these non-GAAP financial measures as we have defined them are helpful in identifying trends in our day-to-day performance because these items excluded have little or no significance on our day-to-day operations. These measures provide an assessment of controllable expenses and affords management the ability to make decisions which are expected to facilitate meeting current financial goals as well as achieve optimal financial performance. Adjusted EBITDA provides us with a measure of financial performance, independent of items that are beyond the control of management in the short-term such as depreciation and amortization, taxation, non-cash impairments, and interest expense associated with our capital structure. This metric measures our financial performance based on operational factors that management can impact in the short-term, namely the cost structure or expenses of the organization. Adjusted EBITDA is one of the metrics we use to review the financial performance of our business on a monthly basis. We use Adjusted EBITDA as a measure of our day-to-day operating performance, which is evidenced by the publishing and delivery of news and other media and excludes certain expenses that may not be indicative of our day-to-day business operating results. Limitations of Adjusted EBITDA and Free Cash Flow Each of our non GAAP measures have limitations as an analytical tool. They should not be viewed in isolation or as a substitute for GAAP measures of earnings or cash flows. Material limitations in making the adjustments to our earnings to calculate Adjusted EBITDA and using this non-GAAP financial measure as compared to GAAP net income (loss) include: the cash portion of interest / financing expense, income tax (benefit) provision, and charges related to asset impairments, which may significantly affect our financial results. A reader of our financial statements may find this item important in evaluating our performance, results of operations, and financial position. We use non-GAAP financial measures to supplement our GAAP results in order to provide a more complete understanding of the factors and trends affecting our business. Adjusted EBITDA and Free Cash Flow are not alternatives to net income, income from operations, or cash flows provided by or used in operations as calculated and presented in accordance with GAAP. Readers of our financial statements should not rely on Adjusted EBITDA or Free Cash Flow as a substitute for any such GAAP financial measure. We strongly urge readers of our financial statements to review the reconciliations of Net income (loss) attributable to Gannett to Adjusted EBITDA and Cash provided by operations to Free Cash Flow along with our consolidated financial statements included elsewhere in this report. We also strongly urge readers of our financial statements to not rely on any single financial measure to evaluate our business. In addition, because Adjusted EBITDA and Free Cash Flow are not a measures of financial performance under GAAP and are susceptible to varying calculations, the Adjusted EBITDA and Free Cash Flow measures as presented in this report may differ from and may not be comparable to similarly titled measures used by other companies. $ 718,453 (4,903) (117,522) Payments of debt issuance costs % Change % (17,716) Goodwill and intangible impairments Net loss attributable to Gannett $ Total equity $ (5.09) (786,437) 2,745,955 $ — 566,211 (1,506) 24,086 — — 48,602 19,965 $ $ (672,397) (291) 873,969 1,391,996 (347) 2,820 $ December 31,2020 — — (100.0) Deferred revenue adjustment (99.9) 1,289 71,753 268,916 33,283 (15,083) MCLEAN, Va.–(BUSINESS WIRE)–Feb 25, 2021– Gannett Co., Inc. (“Gannett”, “we”, “us”, “our”, or the “Company”) (NYSE: GCI) today reported its financial results for the fourth quarter and full year ended December 31, 2020. “During a challenging 2020, we achieved strong operational execution, significant cost and debt reductions, improved operating trends and financial position, and we enter 2021 with good momentum, prepared to implement our subscription-led growth plan,” said Michael Reed, Gannett Chairman and Chief Executive Officer. “We are making significant progress on our transition from a traditional media business to a digitally focused content platform, having already surpassed one million digital subscribers. We are committed to becoming a subscription-led business that drives audience growth and engagement by delivering deeper content experiences to our consumers and offering the products and marketing expertise our business partners desire.” He continued, “We have outlined five key operating priorities: accelerating digital subscriber growth, driving digital marketing services growth, optimizing our traditional print operations and advertising businesses, prioritizing investments into growth businesses that support our vision, and building our inclusive and diverse culture. In 2021, you will hear us speak to these priorities regularly and share data points with you to track our progress. We expect this strategy to create significant stockholder value in the coming years by driving increased revenues from digital products, bringing our Company’s total revenue trend back toward growth, and allowing us to continue significant debt reduction.” Financial Highlights (122,512) 352,947 Interest expense 815,807 % Benefit for income taxes $ 111,506 — $ 875,447 $ $ 4,078 113,334 16,195 $ Three months endedDecember 31, 2020 Current assets: $ — (85,994) (21.9) 398,322 — Unrealized loss on Convertible notes derivative (7,220) Adjusted EBITDA (non-GAAP basis) (0.92) — — 74,329 10,791 (201,342) (95,481) Net loss attributable to Gannett 284 — (195) 23,487 147,428 (72,149) 10,918 6,534 (2,486) — Year ended December 31, 2020 3,714 $ (100.0) Integration and reorganization costs % 18,078 — — (100.0) 75,891 (85,994) $ (121,190) 2,859 (33,450) Deferred revenue adjustment Pension and other postretirement benefit obligations Depreciation and amortization Three months ended December 31, 2020 43,760 *** (1,187) (17.1) $ (3,494) 43,760 Revenue for 2019 represents unaudited pro forma Revenues, which assumes that the acquisition of Legacy Gannett, along with transactions necessary to finance the acquisition, occurred at the beginning of 2019. DigitalMarketingSolutions 60,207 Publishing (1,803) Other current liabilities 100,743 40,499 Acquisition costs 143,474 % 3,467 (36,975) (122,174) — — (17,716) 74,329 December 31,2019 60,618 Non-operating pension income (1) 148,829 $ — — 42,110 $ (95,088) — (Unaudited) (73) 103 $ 1,090,694 Digital advertising and marketing services revenues were $146.5 million in the fourth quarter.Same store pro forma digital advertising and marketing services revenues decreased 2.0% versus the same period in the prior year, an improvement from the 13.5% year-over-year decline we experienced in the third quarter of 2020. Net (gain) loss on sale or disposal of assets Acquired revenues Other non-operating (income) expense, net December 31,2020 (2,100) Asset impairments (1,506) % 540 Long-term operating lease liabilities 6,663 1,043,643 Integration and reorganization costs 111,882 Issuance of common stock, net of underwriters’ discount 10,960 Deferred revenue adjustment (42,494) Non-operating expense % $ 891 Total Net (gain) loss on sale or disposal of assets — (3,279) 4,036 Purchases of property, plant, and equipment (9,417) (98.0) % — % (28,870) SAME STORE REVENUES Gannett Co., Inc. Unaudited, in thousands — Other assets and liabilities 50,173 (88) 28 Digital advertising and marketing services revenues reached $808.4 million in 2020, or 23.7% of total revenues.Net loss attributable to Gannett of $670.5 million in 2020 reflects a second quarter non-cash write-down related to the second quarter 2020 impairment of goodwill and intangible assets of $393.4 million, as well as a $74.3 million non-cash loss on the derivative associated with our convertible debt and a $43.8 million loss associated with the early extinguishment of debt, offset by non-operating pension income of $72.1 million.Adjusted EBITDA totaled $413.9 million and represented a 12.2% margin. Balance Sheet & Cash FlowAs of December 31, 2020, the Company had cash and cash equivalents of $170.7 million.During the fourth quarter of 2020, the Company repaid $653.4 million in principle under its $1.075 billion 11.5% term loan (the “Acquisition Term Loan”) using the proceeds from the issuance of the $497.1 million 6% senior secured convertible notes due 2027 (the “2027 Convertible Notes”), along with real estate and other asset sales and cash on hand.Total debt outstanding as of December 31, 2020 was $1.575 billion, comprised of:$1.075 billion Acquisition Term Loan;$497.1 million of 2027 Convertible Notes; and$3.3 million of 4.75% senior secured convertible notes (the “2024 Convertible Notes”). 753 — Repayments of convertible debt 1,079,593 $ 35,075 6,034 (8,113) 99,765 148,829 $ 11,152 Corporate andOther Previous articleBG seeks revenge on AkronNext articleVirgin Galactic Announces Doug Ahrens as Chief Financial Officer Digital AIM Web Support Operating income (loss) December 31,2019 Non-cash acquisition related costs NON-GAAP FINANCIAL INFORMATION FREE CASH FLOW Gannett Co., Inc. Unaudited, in thousands 1,855 (1,392) 44 228,513 $ (14,006) 981,356 103,665 (133,762) Asset impairments 393,446 3,405,670 *** 2,004,655 27,486 (115,958) (2,876) Goodwill and intangible impairments December 31,2019 (85,994) Proceeds from convertible debt Non-operating pension income 221 — (207,184) December 31,2019 14,083 (9,085) (775) Treasury stock, at cost, 1,391,748 and 394,714 shares at December 31, 2020 and December 31, 2019, respectively (249) (121,223) — $ $ Share-based compensation expense 11,324 *** 965 Corporate and Other 4,723 Publishing (9,085) *** 45,300 Integration and reorganization costs Facility consolidation costs 2,318,443 $ (6,599) Non-operating pension income (30,175) 590,272 — — 210,423 (17.0) $ 5,150 $ (91,936) Share-based compensation expense Interest expense 393,446 (71,858) Commitments and contingent liabilities Other items Adjusted EBITDA (1) (non-GAAP) Table No. 4 — 292,162 — 263,819 26,411 170,725 314,305 Acquisitions, net of cash acquired (18,537) $ $ *** 1,792,000 (100.0) — Realized $61 million in savings in the fourth quarter, bringing our total 2020 integration savings to approximately $177 million.On an annualized basis, that will result in over $245 million of ongoing savings. Corporate andOther 148 1,433 Acquisition costs 2,809 $ 221,746 5,144 — (519,379) Full Year 2020 Consolidated ResultsFull year 2020 revenues of $3.406 billion rose 82.3% as compared to the prior year reflecting the acquisition of Legacy Gannett.Same store pro forma revenues decreased 18.5%, due to unfavorable impacts resulting from the COVID-19 pandemic and general trends adversely impacting the publishing industry. 11,029 Unrealized loss on Convertible notes derivative 76,297 Net cash provided by operating activities Corporate andOther 10,312 Gain on sale of investments $ 228,371 100,743 Loss on early extinguishment of debt $ — 142 (423) Exited operations CONSOLIDATED BALANCE SHEETS Gannett Co., Inc. In thousands (except per share amounts) (66,377) (25,957) (72,149) 393,446 717 Fourth Quarter 2020 Publishing SegmentPublishing segment revenues totaled $794.2 million in the fourth quarter.Circulation revenues totaled $338.5 million in the fourth quarter.Same store pro forma circulation revenues decreased 13.6% in the fourth quarter, primarily driven by single copy sales, reflecting the impact of the COVID-19 pandemic on businesses that buy and sell copies of our publications, and the overall secular declines in the volume of home delivery due to subscriber declines. (1,150) — 741,300 Same store pro forma other revenue $ — 274,460 Acquired revenues Publishing $ (192) (8,031) Depreciation and amortization 3,300 (876) % 74,329 % Loss on early extinguishment of debt (5.09) (2,278) 11,324 26,350 Asset impairments Benefit for income taxes 11,152 (13.6) 3,036,896 Currency impact 855,047 — (20.3) *** NON-GAAP FINANCIAL INFORMATION ADJUSTED EBITDA Gannett Co., Inc. Unaudited, in thousands — 374,104 Current portion of long-term debt — — (98.0) $ Net (gain) loss on sale or disposal of assets (8,460) 11,152 602,106 Non-operating pension income 4,020,102 1,395 699,274 459,195 Fourth Quarter 2020 Consolidated Results Note: During the comparable period in 2019 until November 19, 2019, our corporate name was New Media Investment Group Inc. (“New Media”), and Gannett Co., Inc. (“Legacy Gannett”) was a separate publicly traded company. On November 19, 2019, we completed the acquisition of Legacy Gannett and changed our name to Gannett Co., Inc.Fourth quarter revenues of $875.4 million rose 25.2% as compared to the prior year quarter reflecting the acquisition of Legacy Gannett.Same store pro forma revenues (as defined and reconciled on Table No. 5 below) decreased 16.3%, due to unfavorable impacts resulting from the COVID-19 pandemic and general trends adversely impacting the publishing industry. This is an improvement of 330 basis points over the third quarter 2020 trend. $ (87,765) 1,449 54,623 — 24,361 — 221,746 129,460 8,202 — (7,220) $ $ Asset impairments 188,664 $ 22,523 3,108,914 $ 1,384 (128,359) Publishing Accounts payable and accrued liabilities Table No. 7 $ 24 — (5,680) % Management remains confident in its ability to implement additional measures by the end of 2021 that are expected to result in over $300 million in aggregate annualized synergies. Earnings Conference Call Management will host a conference call on Thursday, February 25, 2021 at 8:30 A.M. Eastern Time. A copy of the earnings release will be posted to the Investor Relations section of Gannett’s website, investors.gannett.com. The conference call may be accessed by dialing 1-855-319-1124 (from within the U.S.) or 1-703-563-6359 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference “Gannett Fourth Quarter and Full Year 2020 Earnings Call” or access code “6922159”. A simultaneous webcast of the conference call will be available to the public on a listen-only basis at investors.gannett.com. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the internet broadcast. A telephonic replay of the conference call will also be available approximately two hours following the call’s completion through 11:59 P.M. Eastern Time on Thursday, April 8, 2021 by dialing 1-855-859-2056 (from within the U.S.) or 1-404-537-3406 (from outside of the U.S.); please reference access code “6922159”. About Gannett Gannett Co., Inc. (NYSE: GCI) is a subscription-led and digitally focused media and marketing solutions company committed to empowering communities to thrive. With an unmatched reach at the national and local level, Gannett touches the lives of millions with our Pulitzer-Prize winning content, consumer experiences and benefits, and advertiser products and services. Our current portfolio of media assets includes USA TODAY, local media organizations in 46 states in the U.S., and Newsquest, a wholly owned subsidiary operating in the United Kingdom with more than 120 local news media brands. Gannett also owns the digital marketing services companies ReachLocal, Inc., UpCurve, Inc., and WordStream, Inc., which are marketed under the LOCALiQ brand, and runs the largest media-owned events business in the U.S., USA TODAY NETWORK Ventures. To connect with us, visit www.gannett.com. Same Store Pro Forma Revenues Same store pro forma revenues are based on (i) the sum of GAAP revenues for New Media and Legacy Gannett prior to New Media’s acquisition of Legacy Gannett and (ii) GAAP revenues for Gannett for the current period, excluding (1) revenues related to the acquisitions that occurred in 2019, including Legacy Gannett, from the beginning of 2020 through the first year anniversary of the applicable acquisition date, (2) exited operations, (3) currency impacts, and (4) deferred revenue impacts related to the acquisition of Legacy Gannett. Cautionary Statement Regarding Forward-Looking Statements Certain items in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding measures expected to result in over $90 million in annualized cash interest savings, our ability to achieve our operating priorities and increase stockholder value, our digital revenue performance, shifts in our revenue mix and the timing of realizing such shifts, the potential sales of non-core assets, including the anticipated use of any proceeds from such sales, integration of our acquisitions, our ability to achieve $300 million of synergies through measures expected to be implemented by the end of 2021, our expectations, in terms of both amount and timing, with respect to debt repayment, real estate sales and debt refinancing, growth of our digital-only subscriptions, digital marketing services, and events and promotions businesses, the impact from and our response to the COVID-19 pandemic, our strategy, and future revenue trends and our ability to influence trends. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties. These and other risks and uncertainties could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond our control. The Company can give no assurance its expectations will be attained. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the risks and important factors that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission. Furthermore, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. December 31,2020 63,537 Assets $ 1,262 Exited operations Accounts receivables, net 6,058 57,770 — $ 653,877 — (26.8) (426) 43,760 Local NewsBusiness December 31,2019 Depreciation and amortization Goodwill (1) *** CONSOLIDATED STATEMENTS OF CASH FLOWS Gannett Co., Inc. In thousands 9,052 Interest expense Loss before income taxes (681,050) 52,212 (249) (6,744) 7,425 (1.05) 21,803 (119,842) 97,480 Other items 226,611 Inventories — 1,850 2,153 (18,537) Cash flow provided by operations was $57.8 million for the year ended December 31, 2020 compared to $25.5 million for the prior year primarily due to a decrease in pension and postretirement payments of $44.2 million and an increase in tax refunds of $5.2 million, offset by an increase in interest paid of $177.9 million and an increase in severance payments of $73.1 million. The remainder of the change was due to the acquisition of Legacy Gannett, as well as overall timing of receipts and payments.Capital expenditures were $8.0 million in the fourth quarter of 2020 and $37.0 million for the year ended December 31, 2020, primarily for product development, technology investments, and operating infrastructure.Subsequent to December 31, 2020, the Company further amended its debt structure by:Reducing its Acquisition Term Loan debt by an additional $32.6 million utilizing net proceeds from real estate sales; andRefinancing the remaining Acquisition Term Loan with a five-year, senior secured term loan facility in an aggregate principal amount of $1.045 billion (the “5-Year Term Loan”), at LIBOR+700 with a 0.75% LIBOR floor.Total debt outstanding at February 25, 2021, after giving effect to those changes is $1.545 billion, which includes the $1.045 billion 5-Year Term Loan, $497.1 million of 2027 Convertible Notes, and $3.3 million of 2024 Convertible Notes.Cash interest during 2021 is expected to be $90.0 million less than 2020 due to the interest rate savings from the 5-Year Term Loan and 2027 Convertible Notes, and the approximately $250.0 million in debt reduction made since the acquisition of Legacy Gannett.The Company also expects to sell an additional $100 million to $125 million in non-core assets during 2021 that are anticipated to accelerate debt pay down and further reduce cash interest costs.Targeting first lien net leverage of 1.0x by the end of 2022. 3,009 1,392,241 6,058 692 Depreciation and amortization 891 Net loss attributable to Gannett (6,029) Exited operations 9,529 Net (gain) loss on sale or disposal of assets 1,384 2,202 8,097 Total noncurrent liabilities 156,042 — (21,400) $ 263,819 December 31,2020 581,405 11,029 Digital Marketing Solutions Operating revenues: (33,450) $ *** 193 Pinterest NON-GAAP FINANCIAL INFORMATION ADJUSTED EBITDA Gannett Co., Inc. Unaudited, in thousands Equity (11.9) 3,405,670 413,895 Total liabilities (8,499) (338) 3,467 4,582 37,442 $ Free cash flow for the fourth quarter of 2020 was negatively impacted by $53.5 million of integration and reorganization costs. Free cash flow for the full year of 2020 was negatively impacted by $132.2 million of integration and reorganization costs, $6.1 million of acquisition costs, and $2.6 million of other one-time adjustments. 1,012,564 $ 57,770 Twitter $ Effect of currency exchange rate change $last_img read more