Usa Today Co., Inc. · NYSE:TDAY
Usa Today — Gannett — Q2 2019 Earnings Presentation
18 slides from Usa Today's earnings presentation, Aug 6, 2019
Slide 1: Company Overview Second Quarter 2019
Company OverviewSecond Quarter 2019
Slide 2: Disclaimers & Notes
Disclaimers & Notes No Offer or SolicitationThis communication is neither an offer to sell, nor a solicitation of an offer to buy any securities, the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed transaction or otherwise, nor shall there be a
Slide 3: Disclaimers & Notes
Disclaimers & Notes Participants in SolicitationNew Media and Gannett and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of shares of New Media common stock and holders of shares of Gannett common stock in respect of
Slide 4: Investment Highlights – Q2 2019 & Subsequent Events
Investment Highlights – Q2 2019 & Subsequent Events(1) Reported revenue was $404.4 million, an increase of 4.0% to prior year on a reported basis, and down 6.9% on an organic same store basisDigital revenue of $51.2 million represents 12.7% of total revenueCirculation revenue trend in line to prior
Slide 5: 2019 Focus Areas – Q2 Update
2019 Focus Areas – Q2 Update Revenue, active customers, and top customer verticals are rounded and are as of Q2 2019.Active customers excludes AdEnhance customers. News UpCurve GateHouse Live + Promotions Increased ARPU while maintaining low churn and high recurring revenue Agreement to Acquire Gann
Slide 6: Q2 2019 Revenue
Q2 2019 Revenue Q2 2019 Revenue Trend vs. PY(1) 2019 Revenue Trend Target(2) $22.4 million +82.9% +25-35% $27.3 million +13.7% +25-35% $28.9 million +3.0%(3) +0-1%(3) $150.9 million (5.5%)(3) (3%) – (4%)(3) 2019 Revenue Trend Targets Growth rate from Q2 2018 to Q2 2019 calculated based on: GateHouse
Slide 7: Capital Allocation Update
Capital Allocation Update Announced a second quarter dividend of $0.38 per share, which annualizes to $1.52(1)Liquidity of $51.5 million, consisting of cash on the balance sheet and undrawn revolver(2)Capital allocation strategy focused on maximizing long-term shareholder valueExpect to accelerate r
Slide 8: New Media Overview
New Media Overview Note: All figures are as of June 30, 2019. SMBs in our market based upon data from Hoover’s using newspaper asset zip codes. Community Focused Solutions SMB Solutions Provider New Media supports small to mid-size communities by providing locally-focused print and digital content t
Slide 9: Q2 2019 Financial Overview
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Slide 10: Q2 2019 Results and Non-GAAP Highlights
Q2 2019 Results and Non-GAAP Highlights(1) A reconciliation of non-GAAP highlights is located in the appendix of the presentation. Total revenues of $404.4 million were 4.0% ahead of prior yearOrganic same store revenue decreased 6.9% vs. the prior yearAs Adjusted EBITDA of $47.5 millionFree Cash Fl
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Slide 12: New Media Diversified Revenue
New Media Diversified Revenue Note: Small discrepancies may exist due to rounding of revenue or percentage categories. ($ in millions) Q2 2019$ Q2 2019% Traditional Print Local $69.4 17.2% Classified $49.2 12.2% Preprints $35.4 8.7% Total Traditional Revenue $153.9 38.1% Digital Digital Advertising
Slide 13: Debt & Leverage Overview
Debt & Leverage Overview Gross leverage ratio is calculated by dividing total debt by Q2 2019 LTM As Adjusted EBITDA.Net leverage ratio is calculated by subtracting cash on the balance sheet from total debt, and dividing it by Q2 2019 LTM As Adjusted EBITDA. ($ in millions) Rate Ending Balance as of
Slide 14: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets
Slide 15: Unaudited Condensed Consolidated Income Statement
Unaudited Condensed Consolidated Income Statement
Slide 16: New Media Quarterly and Full Year Same Store and Organic Same Store Revenue
New Media Quarterly and Full Year Same Store and Organic Same Store Revenue Same store revenues take into account material acquisitions and divestitures of the Company by adjusting prior year performance to include or exclude financial results as if the Company had owned or divested a business for t
Slide 17: Non-GAAP Reconciliation
Non-GAAP Reconciliation A non-GAAP financial measure is generally defined as one that purports to measure historical or future financial performance, financial position or cash flows, but excludes or includes amounts that would not be so adjusted in the most comparable GAAP measure. This presentatio
Slide 18: New Media Non-GAAP Reconciliation – Quarterly and Full Year
New Media Non-GAAP Reconciliation – Quarterly and Full Year(1) Small discrepancies may exist due to rounding.Average interest paid for the three and twelve month period, respectively.