New Media Investment Group Inc. (“New Media” or the “Company”,
NYSE: NEWM) today reported its financial results for the fourth
quarter and full year ended December 30, 2018.
Fourth Quarter 2018 Financial
Summary
- New Media declared a cash dividend of
$0.38 per common share for the fourth quarter of 2018
- Operating income of $25.2 million
- Net income attributable to New Media of
$13.3 million
- Total revenues of $416.0 million, an
increase of 5.5% to prior year on a reported basis, and down 6.6%
on an organic same store basis excluding, for comparability, the
impact of ASC Topic 606
- Natural disasters affected several
properties, which we estimate resulted in approximately $2.3
million of loss to revenue, As Adjusted EBTIDA and Free Cash Flow
within the fourth quarter. Adjusting for this impact, organic same
store revenue would have been down 6.0%.
- Digital revenue of $48.4 million, an
increase of 16.4% to prior year on a reported basis
- As Adjusted EBITDA of $56.4
million
- Free Cash Flow of $42.7 million
- Liquidity, consisting of cash on the
balance sheet and undrawn revolver, of $88.2 million at the close
of Q4 2018
Full Year 2018 Financial
Summary
- Operating income of $58.1 million
- Net income attributable to New Media of
$18.2 million
- Total revenues of $1.53 billion, an
increase of 13.7% compared to the prior year on a reported basis
and a decrease of 5.3% compared to the prior year on an organic
same store basis excluding, for comparability, the impact of ASC
Topic 606
- Digital revenue of $179.2 million, an
increase of 25.2% year-over-year on a reported basis
- As Adjusted EBITDA of $181.8
million
- Free Cash Flow of $131.9 million
Business Highlights
- Closed the acquisition of The Oklahoman
in Oklahoma City, OK for $12.5 million on October 1, 2018
- Closed the acquisition of Progressive
Business Media for $35.0 million on November 16, 2018
- UpCurve, our small and medium business
(“SMB”) solutions platform, achieved $26.9 million in revenue for
the fourth quarter, a 29.6% increase as compared with the same
quarter in the prior year. Excluding the $1.6 million impact of ASC
Topic 606, UpCurve revenue growth increased 37.5% compared to prior
year period.
- GateHouse Live and Promotions achieved
$10.2 million in revenue, a 23.8% increase compared with the prior
year period
- Subsequent to year end, closed the
acquisition of the publishing arm of Schurz Communications for
$30.0 million on January 31, 2019
Summary of Fourth Quarter and Full Year 2018 Results
($ in million, except per share)
GAAP Reporting
Q4 2018
FY 2018
Revenues $ 416.0 $ 1,526.0 Operating income $ 25.2 $ 58.1 Net
income $ 13.3 $ 18.2
Non-GAAP
Reporting* Q4 2018
FY 2018
As Adjusted EBITDA $ 56.4 $ 181.8 Free Cash Flow $ 42.7 $ 131.9
*For definitions and reconciliations of Non-GAAP Reporting
measures, please refer to the Non-GAAP Financial Measures Note and
reconciliations below.
“2018 was a year of strong progress for New Media,” said Michael
E. Reed, New Media President and Chief Executive Officer. “I am
very pleased with the operational execution and the financial
results we achieved across many areas of our business. Importantly,
our same store revenue trends improved 60bps in 2018 to a decrease
of 5.3%, an improvement from the 5.9% decline in 2017. We expect
continued improvement in that trend in 2019, as we progress toward
our goal of same store revenue growth. Overall, we delivered just
over $1.5 billion in revenue for the year, an increase of 13.7%
over 2017. We also delivered $181.8 million of EBITDA and $131.9
million of Free Cash Flow, both increasing over 2017. We deployed
over $200 million of capital in 2018 acquiring leading media and
experiential businesses in important markets which are already
integrating well into our portfolio. Our track record illustrates
that we are seen as a preferred acquirer of local news franchises,
due to our commitment to quality local journalism and the
successful execution of our business model. As a result of the
continued strength of the Company’s operations and financial
results, the Company’s Board of Directors increased the dividend in
2018 for the fifth consecutive year, paying total dividends in 2018
of $1.49 per share.
“We continued to make strong progress with our growth businesses
in 2018, which were the primary contributors to our improved same
store revenue trend. UpCurve produced $95.8 million in revenue for
the year, up 34.4% over 2017, or up 42.9% excluding the impact of
ASC Topic 606. Importantly, UpCurve experienced full year positive
cash flow for the first time in 2018. Our GateHouse Live events
business and our Promotions business also achieved strong results,
with revenue of $45.7 million, up 58.0% over 2017. On a combined
basis, these two businesses produced total revenue of $141.5
million, an increase of 41.2% over 2017. We expect to see these
businesses continue to grow meaningfully in 2019 and beyond.
“We are also making strong progress in our core business of
consumer marketing and subscriptions. We implemented a strategic
shift this year to focus more on driving volumes, especially
digital subscriptions, while relying less on pricing to build our
consumer revenue foundation. To accomplish this, we created a
centralized consumer agency with dedicated talent who are investing
into customer acquisition channels and focused on retention and our
customer experience. The fourth quarter organic same store
circulation trends were down modestly to previous quarters,
reflecting the temporary impact associated with our strategy shift
and the hurricanes. However, our overall paid circulation volumes
have increased by over 1,000 subscribers per week for the past
twenty weeks – results which have not been achieved for the past
ten years. Continued execution of this strategy is expected to
produce paid subscriber growth in the mid-term, providing a more
stable and sustainable circulation revenue base. As consumer
marketing and subscriptions are our single largest revenue
category, it is vital that we achieve long-term revenue growth
driven by customer growth, and we believe we are on that track
now.
“The results of the fourth quarter of 2018 reflect the impact of
hurricanes in the southeast, the temporary impact to circulation
revenue trends driven by our change in strategy, and a very large
commercial print job we cycled in the quarter. Excluding these
temporary impacts, our performance was actually quite good. We
continue to execute well on our organic revenue growth strategy, we
continue to reduce and reallocate costs to both improve cash flow
and invest in growth, and we continue to find highly accretive
acquisitions. I am confident about the future for New Media and our
ability to create outsized returns for our shareholders.
“We also are announcing this morning that our Chief Financial
Officer, Greg Freiberg, is leaving to pursue other opportunities.
Over the past five years, Greg has made many contributions to the
Company, including building a strong finance team who will continue
in his footsteps. Greg will continue to assist with the transition
to his successor, a search for whom is underway. I would like to
personally thank Greg for his contributions to our growth and I
wish him the very best in his next endeavor.”
Greg Freiberg also commented, “It’s been an honor to work with
the experienced and motivated team at New Media. During my tenure
with the Company, we successfully executed over $1 billion in
acquisitions and repositioned the Company’s portfolio toward
higher-growth digital and experiential businesses. New Media has an
unparalleled position in small to mid-markets, owning some of the
most respected brands in media. With its pivot toward new
media and consumer experiences, I am convinced the future is bright
for the Company and I look forward to seeing its continued
growth.”
Fourth Quarter 2018 Financial
Results
New Media recorded total revenues of $416.0 million for the
quarter, up 5.5% to the prior year, and down 6.6% on an organic
same store basis, excluding the $1.6 million impact of ASC Topic
606. This is a 180bps decrease as compared with our third quarter
organic same store revenue performance, due to weaker print trends,
natural disasters, and investments made in circulation. Natural
disasters affected several of our southeast locations, which we
estimate resulted in approximately $2.3 million loss in revenue, As
Adjusted EBITDA and Free Cash Flow within the fourth quarter,
adjusting for the natural disasters, organic same store revenue
decreased 6.0% as compared with the prior year period. Traditional
Print advertising revenue decreased 15.0% on an organic same store
basis to prior year, reflecting a weak holiday season for
traditional brick and mortal retailers.
Digital revenue increased 16.4% on a reported basis from the
prior year to $48.5 million or 20.4% excluding the $1.6 million
impact of ASC Topic 606. The Company adopted ASC Topic 606 –
“Revenue from Contracts with Customers” on January 1, 2018 using a
modified retrospective method. The impact is the revenue treatment
of certain UpCurve Cloud transactions at “net” vs. previously being
at “gross”, with no adjustment to the prior year or 2018 beginning
Retained Earnings. UpCurve generated $26.9 million in revenue, an
increase of 29.6% to the prior year on a reported basis. Excluding
the $1.6 million impact of ASC Topic 606, UpCurve performance
increased 37.5% as compared with the prior year period.
Circulation revenue declined 3.3% on an organic same store
basis, due in large part to our shift away from pricing increases
to stabilizing volume trends. Our digital-only subscription base
grew to 145,000, an increase of 35% year-over- year. Commercial
Print, Distribution and Events revenue increased 1.7% versus the
prior year on an organic same store basis, with GateHouse Live
driving this growth.
Operating income was $25.2 million and Net income attributable
to New Media was $13.3 million.
As Adjusted EBITDA and Free Cash Flow were $56.4 million and
$42.7 million, respectively.
Full Year 2018 Financial
Results
New Media recorded revenues of $1,526.0 million in 2018, which
represents an increase of 13.7% when compared to the prior year on
a reported basis, and a decrease of 5.3% on an organic same store
basis.
Total Print Advertising decreased 13.7% from prior year on an
organic same store basis to $618.3 million.
UpCurve contributed $95.8 million to Digital revenue, an
increase of 34.4% compared to the prior year on a reported basis,
and up 42.9% excluding the impact of ASC Topic 606. Total digital
revenue was $179.2 million for the year, growing 25.2% over the
prior year on a reported basis.
Circulation revenue, our largest individual revenue category,
achieved revenue of $575.0 million in 2018, down 2.2% to the prior
year on an organic same store basis. Commercial Print, Distribution
and Events revenue was $153.6 million, growing 5.7% versus the
prior year on an organic same store basis.
Operating income ended the year at $58.1 million and Net income
attributable to New Media totaled $18.2 million.
As Adjusted EBITDA and Free Cash Flow were $181.8 million and
$131.9 million for the year, respectively.
New Media’s 2018 dividends will not be treated as taxable
dividends, as they are a return of capital.
Fourth Quarter 2018
Dividend
New Media’s Board of Directors declared a fourth quarter 2018
cash dividend of $0.38 per share of common stock. The dividend is
payable on March 20, 2019 to shareholders of record as of the close
of business on March 11, 2019.
The declaration and payment of any dividends are at the sole
discretion of the Board of Directors, which may decide to change
the Company’s dividend policy at any time.
Additional Information
For additional information that management believes to be useful
for investors, please refer to the presentation posted on the
Investor Relations section of New Media’s website,
www.newmediainv.com, and the Company’s most recent Quarterly Report
on Form 10-Q or Annual Report on Form 10-K, which will
be available on the Company’s website. Nothing on our website is
included or incorporated by reference herein.
Earnings Conference Call
New Media’s management will host a conference call on Wednesday,
February 27, 2019 at 9:00 A.M. Eastern Time. A copy of the earnings
release will be posted to the Investor Relations section of New
Media’s website, www.newmediainv.com.
All interested parties are welcome to participate on the live
call. 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 “New Media Fourth Quarter Earnings Call” or access code
“4063209.”
A simultaneous webcast of the conference call will be available
to the public on a listen-only basis at www.newmediainv.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 Wednesday, March 13, 2019 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
“4063209.”
About New Media Investment Group
Inc.
New Media supports small to mid-size communities by providing
locally-focused print and digital content to its consumers and
premier marketing and technology solutions to our small and medium
business partners. The Company is one of the largest publishers of
locally based print and online media in the United States as
measured by our 146 daily publications. As of December 31, 2018,
New Media operates in over 580 markets across 37 states reaching
over 22 million people on a weekly basis and serves over 199,000
business customers.
For more information regarding New Media and to be added to our
email distribution list, please visit www.newmediainv.com.
Same Store and Organic Same Store
Revenues
Same store results 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 the comparable period. The results of
several acquisitions (“tuck-in acquisitions”) were funded from the
Company’s available cash and are not considered material. Organic
same store revenues are same store revenues adjusted to remove
non-material acquisitions and non-material divestitures, and to
adjust for Commercial Print revenues that are now intercompany.
Non-GAAP Financial
Measures
The Company strongly urges stockholders and other interested
persons not to rely on any single financial measure to evaluate its
business. In addition, because Adjusted EBITDA, As Adjusted EBITDA,
and Free Cash Flow are not measures of financial performance under
GAAP and are susceptible to varying calculations, these non-GAAP
measures, as presented in this press release, may differ from and
may not be comparable to similarly titled measures used by other
companies.
Adjusted EBITDA, As Adjusted EBITDA,
and Free Cash Flow
The Company defines Adjusted EBITDA as net income (loss) from
continuing operations before income tax expense (benefit),
interest/financing expense, depreciation and amortization, and
non-cash impairments. The Company defines As Adjusted EBITDA as
Adjusted EBITDA before transaction and project costs, merger and
acquisition related costs, integration and reorganization costs,
gain/loss on sale or disposal of assets, non-cash items such as
non-cash compensation, and Adjusted EBITDA from non-wholly owned
subsidiaries. The Company defines Free Cash Flow as As Adjusted
EBITDA less capital expenditures, cash taxes, interest paid, and
pension payments.
Management’s Use of Adjusted EBITDA, As
Adjusted EBITDA, and Free Cash Flow
Adjusted EBITDA, As Adjusted EBITDA, and Free Cash Flow are not
measures of financial performance under GAAP and should not be
considered in isolation or as alternatives to income from
operations, net income (loss), cash flow from continuing operating
activities or any other measure of performance or liquidity derived
in accordance with GAAP. New Media’s management believes these
non-GAAP measures, as defined above, are useful to investors for
the following reasons:
- Evaluating performance and identifying
trends in day-to-day performance because the items excluded have
little or no significance on the Company’s day-to-day operations;
and
- Providing assessments of controllable
expenses that afford management the ability to make decisions which
are expected to facilitate meeting current financial goals as well
as achieving optimal financial performance.
We use Adjusted EBITDA, As Adjusted EBITDA, and Free Cash Flow
as measures of our deployed revenue generating assets between
periods on a consistent basis. We believe As Adjusted EBITDA and
Free Cash Flow measure our financial performance and help identify
operational factors that management can impact in the short term,
mainly our operating cost structure and expenses. We exclude
mergers and acquisition, transaction, and project related costs
such as diligence activities and new financing related costs
because they represent costs unrelated to the day-to-day operating
performance of the business that management can impact in the short
term. We consider the loss on early extinguishment of debt to be
financing related costs associated with interest expense or
amortization of financing fees, which by definition are excluded
from Adjusted EBITDA. Such charges are incidental to, but not
reflective of our day-to-day operating performance of the business
that management can impact in the short term.
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, but not
limited to, statements regarding our ability to execute on our
business plan, the availability of future acquisitions and
strategic opportunities, finding, pursuing and completing future
acquisitions and strategic opportunities and the benefits
associated with such opportunities, deliver shareholder value,
expected revenue trends, including expectations for revenue growth
in our UpCurve and GateHouse Live businesses, and our ability to
identify, implement, and realize expense savings. These statements
are based on management’s current expectations and beliefs and are
subject to a number of risks and uncertainties, such as continued
declines in advertising and circulation revenues exceeding what we
have seen in the past 12 months, economic conditions in the markets
in which we operate, including natural disasters, tariffs and other
factors affecting economic conditions generally, competition from
other media companies, the possibility of insufficient interest in
our digital and other businesses, technological developments in the
media sector, an ability to source acquisition opportunities with
an attractive risk-adjusted return profile, inadequate diligence of
acquisition targets, and difficulties integrating and reducing
expenses, including at our newly acquired businesses. 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 that 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.
NEW MEDIA INVESTMENT GROUP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In thousands,
except share data) December 30,
December 31, 2018 2017 Assets
Current assets: Cash and cash equivalents $ 48,651 $ 43,056
Restricted cash 4,119 3,106
Accounts receivable, net of allowance for
doubtful accounts of $8,042 and $5,998 at December 30, 2018 and
December 31, 2017, respectively
174,274 151,692 Inventory 25,022 18,654 Prepaid expenses 23,935
23,378 Other current assets 21,608 23,311
Total current assets 297,609 263,197
Property, plant, and equipment, net of
accumulated depreciation of $219,256 and $171,395 at December 30,
2018 and December 31, 2017, respectively
339,608 373,123 Goodwill 310,737 236,555
Intangible assets, net of accumulated
amortization of $101,543 and $67,588 at December 30, 2018 and
December 31, 2017, respectively
486,054 403,493 Other assets 9,856 7,178
Total assets $ 1,443,864 $ 1,283,546
Liabilities and Stockholders' Equity Current liabilities:
Current portion of long-term debt $ 12,395 $ 2,716 Accounts payable
16,612 15,750 Accrued expenses 113,650 97,027 Deferred revenue
105,187 88,164 Total current
liabilities 247,844 203,657 Long-term liabilities: Long-term debt
428,180 357,195 Deferred income taxes 8,282 8,080 Pension and other
postretirement benefit obligations 24,326 25,462 Other long-term
liabilities 16,462 14,759 Total
liabilities 725,094 609,153 Redeemable
noncontrolling interest 1,547 -
Stockholders’ equity:
Common stock, $0.01 par value,
2,000,000,000 shares authorized; 60,508,249 shares issued and
60,306,286 shares outstanding at December 30, 2018; 53,367,853
shares issued and 53,226,881 shares outstanding at December 31,
2017
605
534 Additional paid-in capital 721,605 683,168 Accumulated other
comprehensive loss (6,881 ) (5,461 ) Retained earnings (accumulated
deficit) 3,767 (2,767 )
Treasury stock, at cost, 201,963 and
140,972 shares at December 30, 2018 and December 31, 2017,
respectively
(1,873 ) (1,081 ) Total stockholders' equity
717,223 674,393 Total liabilities, redeemable
noncontrolling interest and stockholders' equity $ 1,443,864
$ 1,283,546
NEW MEDIA
INVESTMENT GROUP INC. AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS (UNAUDITED) (In thousands, except
per share data) Three months ended Year
ended December 30, December 31, December
30, December 31, 2018 2017 2018
2017 Revenues: Advertising $ 200,998 $ 201,563 $
728,327 $ 683,990 Circulation 154,503 140,164 574,963 474,324
Commercial printing and other 60,538 52,704
222,734 183,690 Total revenues
416,039 394,431 1,526,024
1,342,004 Operating costs and expenses: Operating
costs 230,299 210,287 865,234 742,822 Selling, general, and
administrative 137,756 129,277 505,282 449,108 Depreciation and
amortization 20,515 19,773 84,791 74,394 Integration and
reorganization costs 1,768 2,086 15,011 8,903 Impairment of
long-lived assets 417 657 1,538 7,142 Goodwill and mastheads
impairment - - - 27,448 Net loss (gain) on sale or disposal of
assets 80 211 (3,971 )
(1,649 ) Operating income 25,204 32,140 58,139 33,836 Interest
expense 9,606 8,193 36,072 30,476 Loss on early extinguishment of
debt 2,886 - 2,886 4,767 Other expense (income) 452
(405 ) (838 ) (973 ) Income (loss) before
income taxes 12,260 24,352 20,019 (434 ) Income tax (benefit)
expense (679 ) (2,076 ) 1,912
481 Net income (loss) 12,939 26,428 18,107 (915 ) Net loss
attributable to redeemable noncontrolling interest (321 )
- (89 ) - Net income (loss)
attributable to New Media $ 13,260 $ 26,428 $ 18,196
$ (915 ) Income (loss) per share: Basic: Net
income (loss) attributable to New Media $ 0.22 $ 0.50
$ 0.31 $ (0.02 ) Diluted: Net income (loss) attributable to
New Media $ 0.22 $ 0.50 $ 0.31 $ (0.02 )
Dividends declared per share $ 0.38 $ 0.37 $
1.49 $ 1.42
NEW MEDIA INVESTMENT
GROUP INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH
FLOWS (UNAUDITED) (In thousands)
Year ended December 30, 2018 December 31, 2017
Cash flows from operating activities: Net income (loss) $
18,107 $ (915 )
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization 84,791 74,394 Non-cash compensation
expense 3,156 3,135 Non-cash interest expense 1,996 2,339 Deferred
income taxes 202 294 Net gain on sale or disposal of assets (3,971
) (1,649 ) Non-cash charge to investments 505 250 Non-cash loss on
early extinguishment of debt 2,886 2,344 Impairment of long-lived
assets 1,538 7,142 Goodwill and mastheads impairment - 27,448
Pension and other postretirement benefit obligations (2,575 )
(1,963 ) Changes in assets and liabilities: Accounts receivable,
net 15 4,981 Inventory (4,336 ) 1,073 Prepaid expenses 3,338 (3,538
) Other assets 4,434 (4,632 ) Accounts payable (2,530 ) (3,996 )
Accrued expenses 8,019 6,645 Deferred revenue (7,642 ) (4,607 )
Other long-term liabilities 1,626 1,761
Net cash provided by operating activities 109,559
110,506 Cash flows from investing activities:
Acquisitions, net of cash acquired (204,877 ) (164,155 ) Purchases
of property, plant, and equipment (11,639 ) (11,090 )
Proceeds from sale of publications, real
estate and other assets, and insurance proceeds
15,040 14,972 Net cash used in
investing activities (201,476 ) (160,273 ) Cash flows
from financing activities: Payment of debt issuance costs (800 )
(3,576 ) Borrowings under term loans 79,675 20,000 Borrowings under
revolving credit facility 20,000 - Repayments under term loans
(3,093 ) (14,443 ) Repayments under revolving credit facility
(20,000 ) - Payment of offering costs (369 ) (431 ) Issuance of
common stock, net of underwriters' discount 111,099 - Purchase of
treasury stock (792 ) (664 ) Repurchase of common stock - (5,001 )
Payments of dividends (87,195 ) (75,608 ) Net cash
provided by (used in) financing activities 98,525
(79,723 )
Net increase (decrease) in cash, cash
equivalents and restricted cash
6,608 (129,490 ) Cash, cash equivalents and restricted cash at
beginning of period 46,162 175,652
Cash, cash equivalents and restricted cash at end of period $
52,770 $ 46,162
NEW
MEDIA INVESTMENT GROUP INC. AND SUBSIDIARIES AS ADJUSTED
EBITDA AND FREE CASH FLOW (In thousands, except share
data) Three months ended Year ended
December 30, 2018 December 31, 2017 December 30,
2018 December 31, 2017 Net income (loss) $ 12,939
$ 26,428 $ 18,107 $ (915 ) Income tax (benefit) expense (679 )
(2,076 ) 1,912 481 Interest expense 9,606 8,193 36,072 30,476
Impairment of long-lived assets 417 657 1,538 7,142 Loss on early
extinguishment of debt 2,886 - 2,886 4,767 Goodwill and mastheads
impairment - - - 27,448 Depreciation and amortization 20,515
19,773 84,791 74,394
Adjusted EBITDA 45,684 52,975 145,306 143,793 Non-cash
compensation and other expense 8,906 3,705 25,500 15,021
Integration and reorganization costs 1,768 2,086 15,011 8,903 Net
loss (gain) on sale or disposal of assets 80
211 (3,971 ) (1,649 ) As Adjusted EBITDA
56,438 58,977 181,846 166,068 Interest Paid(1) (9,384 ) (6,917 )
(34,414 ) (26,983 ) Net capital expenditures (3,610 ) (3,884 )
(11,639 ) (11,090 ) Pension payments (414 ) (160 ) (2,575 ) (1,963
) Cash taxes(2) (330 ) (203 ) (1,272 )
(52 ) Free Cash Flow $ 42,700 $ 47,814 $ 131,946
$ 125,980 Basic weighted average shares outstanding
59,921,421 52,876,929 58,013,617 53,010,421 Diluted weighted
average shares outstanding 60,124,974 53,094,493 58,398,147
53,010,421
(1) Average interest paid during 2017 and 2018 for the twelve
month period.
(2) Cash paid, net of refunds.
NEW MEDIA INVESTMENT GROUP INC. AND
SUBSIDIARIES SAME STORE AND ORGANIC SAME STORE REVENUES
(In thousands) Three months ended Year
ended December 30, 2018 December 31, 2017
December 30, 2018 December 31, 2017
Total revenues from continuing operations $ 416,039 $ 394,431 $
1,526,024 $ 1,342,004 Revenue adjustment for material acquisitions
- - - -
Same Store Revenues 416,039 394,431 1,526,024 1,342,004 Tuck-in
Acquisitions(1) (69,294 ) (1,804 ) (285,032 ) (6,218 ) 53rd Week
Adjustment - (19,438 ) (19,438 )
Organic Same Store Revenues(2),(3) $ 346,745 $ 373,189
$ 1,240,992 $ 1,316,348
(1) Tuck-in acquisitions are adjusted to remove non-material
acquisitions and non-material divestitures, and to adjust for
Commercial Print revenues that are now intercompany.
(2) Revenue recognized during the three and twelve months ended
December 30, 2018 was impacted by $1,642 and $6,022 respectively as
a result of applying ASC Topic 606. For comparison purposes to the
prior year quarter and prior year, removing the impact of the
revenue recognized from ASC Topic 606 would have resulted in an
Organic Same Store Revenues declines of 6.6% for the quarter and
5.3% for the year.
(3) Revenue recognized during the three months ended December
30, 2018 was negatively impacted by ($2,300) as a result of natural
disasters. For comparison purposes to the prior year quarter,
removing the impact of natural disasters would have resulted in an
Organic Same Store Revenues decline of 6.0%.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190227005262/en/
Ashley Higgins, Investor Relationsir@newmediainv.com(212)
479-3160
New Media Investment (NYSE:NEWM)
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From Jun 2024 to Jul 2024
New Media Investment (NYSE:NEWM)
Historical Stock Chart
From Jul 2023 to Jul 2024