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- **Digital Dominance**: Digital revenue now 47% of total, with AI licensing deals (Microsoft, Perplexity) driving future growth.
- **Cost Efficiency**: $100M cost reduction program fully implemented, positioning Q4 for strong EBITDA growth (+$7M+ delayed revenue).
- **Legal Milestone**: Google antitrust case establishes liability; trial focus shifts to damages.
- **AI Resistance**: Blocked 75M AI bot scrapes in September, emphasizing content value and fair licensing.
- **Debt Reduction**: Total debt below $1B for first time since 2019; 2025 free cash flow expected to grow 30%.

**【CEO Summary Section】**
- Total debt fell below $1 billion for the first time since 2019, with digital revenues accounting for 47% of total revenue.
- AI licensing deals with Perplexity and Microsoft are driving future growth, with 75 million AI bot scrapes blocked in September.
- Q4 expectations include strong adjusted EBITDA growth due to cost reductions and delayed Q3 revenue (e.g., Perplexity campaigns).
- Legal progress against Google: partial summary judgment establishes liability, moving toward damages phase.

**【CFO Financial Commentary】**
- Q3 revenue: $560.8 million (-8.4% YoY), with digital advertising up 2.9% YoY.
- Adjusted EBITDA: $57.2 million (10.2% margin), impacted by $7 million in delayed revenue and $100 million cost reduction expenses.
- Digital-only ARPU reached $8.80 (+8% YoY), with sequential growth in subscription revenue.
- Free cash flow expected to grow 30% YoY, driven by debt reduction ($135 million+ in 2025) and lower interest rates.

**【Q&A Highlights】**
- **AI Licensing**: Microsoft deal positions Gannett as a key content provider for AI marketplaces; OpenAI remains uncooperative despite 70M+ bot attempts to scrape local content.
- **Traffic Trends**: No meaningful traffic from AI search platforms; focus on direct consumer engagement (e.g., 187M monthly uniques in Q3).
- **DMS Strategy**: Shifting large, media-heavy clients to Media segment to optimize platform ROI; core platform ARPU near all-time highs.
- **Debt Paydown**: $116M repaid YTD, targeting $135M+ for 2025; real estate sales pipeline supports further balance sheet strengthening.

Gannett Co., Inc. (GCI) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

TDAY

TDAY fundamentals

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