Gannett : Quarterly Supplement Q2 2020

Q2 2020 Earnings

August 6, 2020

Disclaimers and Notes

In General. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the "Presentation." Prior to November 19, 2019, our corporate name was New Media Investment Group Inc. ("New Media" or "Legacy New Media"), and Gannett Co., Inc. ("Legacy Gannett") was a separate publicly traded company. On November 19, 2019, New Media acquired Legacy Gannett (the "Acquisition"). In connection with the Acquisition, Legacy Gannett became a wholly owned subsidiary of New Media, and New Media's name was changed to Gannett Co., Inc. (also referred to as "Gannett," "we," "us," "our" or the "Company").

Cautionary Statement Regarding Forward-LookingStatements. Certain statements in this Presentation 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 expectations, in terms of both amount and timing, with respect to implementation of synergies, realization of cost savings, debt repayment, real estate and other asset sales, debt refinancing, future growth and revenue trends, liquidity benefit under CARES Act provisions, and our ability to influence trends, and the timing of any future dividend. These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. Many of these risks and uncertainties 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 Presentation. 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.

Past Performance. In all cases where historical performance is presented, please note that past performance is not a reliable indicator of future results and should not be relied upon as the basis for making an investment decision. This Presentation is not an offer to sell, nor a solicitation of an offer to buy any securities.

Non-GAAPMeasures. This Presentation includes non-GAAP measures, such as Adjusted EBITDA, Free Cash Flow and same store pro forma revenue. Year-over-year same store pro forma revenue changes are calculated based on GAAP revenue for Legacy New Media and Legacy Gannett prior to the Acquisition and GAAP revenue for the Company for the reporting period, excluding (1) revenues related to 2019 acquisitions 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. See the "Appendix" in this presentation for information regarding these non-GAAP measures, including reconciliations to the most directly comparable GAAP financial measure.

2

2020-2021 Operating Priorities to Drive Growth

Strong opportunity for creating shareholder value

• Improved financial performance through the growth of revenue and cash flow
• • Grow our consumer marketing revenue through increasing our digital-only subscriptions and stabilizing print subscriptions
  • Continued expansion of our community events, both through locations and concepts, with revenue growth of over 40% annually
  • Return digital marketing services to double-digit growth through product and customer growth leveraging our broad reach across the country
  • Continue to lower cost structure in order to grow EBITDA and margin
• Aggressively pay down debt with goal to refinance term loan at the end of 2021; leads to a lower cost of capital for the Company
• • Generate strong cash flow to contribute to debt pay down
  • Sell $100-$125 million in real estate assets by the end of 2021
  • Sell $40 - $50 million of non-strategic assets with zero or minimal EBITDA by the end of 2021
• Completion of our integration to align the Company around our growth areas and maximize efficiencies
• • Complete our implementation of $300 million in synergies by the end of 2021
  • Leverage consolidated systems and increased data to drive product and customer growth
  • Share best practices across our footprint and business divisions leading to improved financial performance

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Performance Highlights - Q2 2020 & Subsequent Events(1,2)

Q2 Financial

Performance

COVID-19 Update

Integration &

Synergy Update

Balance Sheet &

Liquidity

• Revenue of $767.0 million for the quarter, down 28.0% on a same store pro forma basis to the prior year quarter due to COVID- 19 pandemic
• Digital advertising and marketing services revenue of $168.8 million in Q2 2020, or 22.0% of Q2 2020 revenue
• Digital subscriptions grew to 927,000, up 31.3% to the prior year
• Adjusted EBITDA of $78.0 million
• While Q2 revenue was down 28% on a same store pro forma basis, our June revenue was down ~24% and we expect our Q3 revenue trend to be in line or slightly stronger than June, depending on the pandemic's effect on the economy
• Maintaining cost measures into Q3, however shifting away from temporary measures to enhance stability for the second half of the year; minimizing all but essential capital expenditures
• Continue to support our consumers, businesses, and communities while implementing employee safety measures; maintained consistent operations across all properties with zero significant disruptions
• Over $160 million in annualized synergies implemented year to date, reducing Q2 2020 expenses by $41.2 million
• Over $200 million in cumulative annualized synergies expected to be implemented by the end of Q3; $50 - $55 million expected savings in Q3 2020
• Integration plan on track; have exceeded our goal to implement half of the $300 million target by the end of 2020
• Cash on the balance sheet of $158.6 million at the end of Q2
• $6.3 million of debt pay down in Q2; paid first interest payment since closing for $125 million during the quarter
• • $1.739 billion debt outstanding as of August 6, 2020
  • Additional $100-$125 million in total real estate sales expected to drive accelerated debt pay down during 2020 and 2021
• The Company is in compliance with all the terms of its credit agreement

1)	As of August 6, 2020.	4
2)	Pro forma results reflect the consolidated operations, assuming the companies had been consolidated for the entire period.

Q2 2020 Results and Non-GAAP Highlights(1)

• Total revenues of $767.0 million
  - Same store total revenues on a pro forma basis declined 28.0%
• Adjusted EBITDA of $78.0 million
• Free Cash Flow of ($44.2) million
• Net loss attributable to Gannett of ($436.9) million reflects $393.4 million of goodwill and intangible impairments and $66.3 million of depreciation and amortization, both of which are non-cash charges

GAAP Results Q2 2020			Non-GAAP Results(1) Q2 2020
($ in millions)	As		($ in millions)		As
	Reported				Reported
Operating revenues	$767.0		Adjusted EBITDA		$78.0
Net loss attributable to Gannett	($436.9)		Free Cash Flow		($44.2)
Net Cash flow used by operating activities	($35.8)

1) A reconciliation of non-GAAP results is located in the appendix of the presentation.

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COVID-19 Response

Employees	Consumers / Community	Businesses
• Health and safety is our #1 priority	• Launched new tailored content	• Community platform to support local
		NATION'S	COVID-19	businesses
	Expense Measures	HEALTH	Newsletters	Additional Liquidity Measures

• Realized over $125 million of incremental cost measures in Q2
• • Predominantly through temporary measures like furloughs and wage reductions
• Minimizing capital expenditures
• • Expect $9 - $10 million spend in both Q3 and Q4
• Goal to hold expenses flat, outside of variable cost of goods sold, for the remainder of the year
• • Cost measures will be shifted from temporary to permanent over time

• Expected liquidity benefit in 2020 of over $50 million due to several CARES Act provisions relating to:
• • FICA tax deferral
  • ERISA pension contribution deferral
  • NOL tax carryback provisions
• Restructured required additional pension contributions into quarterly installments beginning in the fourth quarter of this year through the third quarter of 2022

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Integration & Synergy Update

• $300 million of integration synergies are expected to be implemented by the end of 2021
• Additional cost savings beyond synergies also underway based on previously identified and/or implemented actions taken by prior companies
• Over $160 million in annualized synergies implemented year to date, reducing Q2 2020 expenses by $41.2 million
• Over $200 million in cumulative annualized synergies expected to be implemented by the end of Q3; $50 - $55 million expected savings in Q3 2020

Estimated Run-Rate

Synergies

Newspaper Operations

$115+ million

Corporate/Procurement

$70+ million

Other Operations

$50+ million

Systems

$40+ million

Areas Targeted for Savings

• Rationalization of manufacturing and distribution
• Centralization of management structure and consumer marketing
• Consolidation of procurement
• Centralization of finance
• Elimination of duplicative public company functions and costs
• Centralization of sales
• Digital services
• Events
• Centralization and expansion of technology systems

Quarterly Update

• Consolidated 10 print sites in Q2; 23 sites consolidated year to date
• Manufacturing and Distribution delivered $10+ million of synergy savings in Q2 unrelated to COVID
• Executive team savings
• Launched program driven by COVID changes to re-think future Real Estate requirements and lower costs
• Launched first 30 markets on common CRM to support sales centralization
• Market rollout for new CMS underway; first three markets launched
• New B2B and B2C system rollouts initiated
• Collaboration platform roll-out completed to sales and marketing Org under single LOCALiQ brand

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Balance Sheet & Liquidity

• Cash on the balance sheet of $158.6 million at the end of Q2
• $6.3 million of debt paid down in Q2 2020, driven by real estate sales
• • Paid first interest payment since closing for $125 million during the quarter
  • $100-$125million of additional real estate sales targeted by the end of 2021
• The Company is in compliance with the terms of its credit agreement and is confident it will remain in compliance

Debt Outstanding under Credit Facility(1)

$2,050			3.75x
RP Basket Threshold
$1,950	3.48x	3.63x	3.62x
Leverage
$1,850	$1,792
Debt Outstanding	$1,756	$1,743
$1,750

$1,650 $1,550 $1,450 $1,350

		Key Credit Facility Terms
3.75x	2.5	• No Event of Default tied to debt to EBITDA or other financial ratios
4.04x		• Only financial covenant test quarterly is requirement to have $20
2	million of cash on the balance sheet
	• $60 million cap on capital expenditures annually
$1,736
1.5	• Quarterly interest payments
	1
	0.5

$1,250					0
	Closing	Q4 2019	Q1 2020	Q2 2020

1. Credit Facility outstanding as of August 6, 2020. Excludes $3.3 million of remaining convertible notes that were not tendered in December 2019.

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Journalism Update

Newsroom Highlights

• George Floyd is not alone."I can't breathe" has been uttered by dozens in fatal police holds. USA TODAY examined 32 fatal police encounters since
  2010 in which victims said they couldn't breathe while being restrained.
• Louisville police executed a "no-knock" search warrant in March that ended with an officer shot and Breonna Taylor dead. The Courier Journal has since exposed multiple issues in the tragedy, including how no one tried to save herafter being shot and a "virtually blank" incident report.
• An Austin American-Statesman investigative reporter was first to report that county attorneys were expanding investigations into thein-custodydeath ofJavier Ambler to include possible tampering with evidence after "Live PD" television video was destroyed.
• A statue of abolitionist Frederick Douglass was found July 5 after being knocked off its pedestal in Rochester, New York. The timing is significant: on July 5, 1852, Douglass delivered his famous speech that pointed out the hypocrisy of celebrating independence when millions of Black people remained enslaved. To accompany the coverage, our Emerging Tech team quickly produced an augmented realityexperience.
• A USA TODAYinvestigationof 15 states hit hard by COVID-19 found hundreds of millions of dollars in sole-sourced,non-competitive awards went to vendors that have been accused of defrauding taxpayers through the False Claims Act.
• The Courier Journal urged Kentucky Gov. Andy Beshear in a front-pageeditorialto "Order us to put on the mask." Barely 24 hours later, Beshear said, "It's time to acknowledge an explosion of COVID" and declared all
  Kentuckians need to wear a mask in public.

• Georgia has been at the heart of the intense mask requirement debate, particularly between local authorities and the governor. In recent weeks, our markets in Savannah, Augusta and Athens have been showing the power of our Network in coordinating coverage of the national story.
• As COVID-19 cases in the state shot up, The Arizona Republic rallied to capture a single day's impact. Between a rally by President Donald Trump and a visit by Vice President Mike Pence, 50+ journalists fanned out across the state to see and hear everything they could in 24 hours.
• There is a lot of misinformation about when a vaccine could be available. To help bring clarity, USA TODAY put together an exclusive panel of prominent experts and developed a clock-based visualization. We asked each expert to estimate where we are along that timeframe. The result was anenterprising story that really explained why we are still far away from a widely available vaccine. It will be updated monthly.
• Rojai Fentress sent out 50 letters to the media from his Virginia prison. Only one journalist, Staunton reporter Brad Zinn, responded. His uncovering of missing evidence led the Innocence Project to take it on and led to the governor's surprise pardon. Fentress had spent 24 years behind bars.
• A Delaware Onlineinvestigationtells the story of six women in one of the state's largest police departments who say the former deputy chief sexually harassed them for decades while high-ranking superiors and county officials repeatedly looked the other way. The deputy chief was allowed to retire "in good standing" as the allegations were investigated.
• A USA TODAYinvestigationexplored how millions of homeowners who think they're safe from floods are, in fact, at risk from water damage right now and even more so in the future as climate change wreaks havoc on the country. The team also produced 48 state versions of the story using The

Localizer that populates text files with state-specific data.

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Quarterly Business Update

Consumer Marketing

• Pro forma paid digital-only subscribers grew 31.3% over the prior year quarter to ~927,000

						927K
			863K
812K
Dec-19	Jan-20	Feb-20	Mar-20	Apr-20	May-20	Jun-20

B2B Marketing Solutions

• Sequential improvement in revenue trend each month during Q2
• Partnered with content an editorial report called Rebuilding America that highlighted over 250 communities and brought in thousands of businesses for advertising
• Support Local generated 1.6 million page views to help communities support and access their small businesses
• ReachLocal saw significant trend improvement throughout the quarter(1) as SMBs reopened

1. ReachLocal is one business within the Marketing Solutions segment.

Events

• Successfully pivoted 91 events during the quarter to a virtual format
• • On June 18th hosted our virtual high school sports awards on demand in 59 local markets which generated 14 million social media audience engagements
  • • Hosted by ESPN's Jesse Palmer and Sage Steele but tailored to each local market
    • Celebrity athletes announced Player of the Year awards for each sport, including Patrick Mahomes, Michael Phelps, and Venus Williams
  • Throughout the quarter, road races were moved to a virtual format with strong interest
  • • Amazon is sponsoring our partnership series with DC Comics for the Wonder Woman Run Series, which currently has over 45,000 virtual registrations
    • Milwaukee Marathon has had ~9,000 virtual registrations

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Appendix

Gannett Diversified Revenue

($ in millions)			Q2 2020	Q2 2020
		$	% of Total
	Print Advertising
Print Advertising Revenue	(1)		$183.4	23.9%
Digital Advertising and Marketing Services
Digital Marketing Services			$87.1	11.4%
Digital Media			$64.1	8.4%
Digital Classified			$15.4	2.0%
Total Digital Advertising and Marketing Services Revenue	(1)	$166.6	21.7%
	Circulation & Other
Circulation			$342.6	44.7%
Commercial Print, Distribution & Other		$60.7	7.9%
Events			$13.6	1.8%
Total Subscription & Other Revenue		$416.9	54.4%
Total Revenue			$767.0	100%

Note: Small discrepancies may exist due to rounding of revenue or percentage categories.

1. Events has been removed from all revenue categories.

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Debt & Leverage Overview

($ in millions)

Rate	Ending Balance as
of June 30, 2020

Convertible Senior Notes	4.75%	$3.3
Credit Facility	11.5%	$1,737.2
Total Debt Outstanding	11.49% Blended Rate	$1,740.5
Q2 2020 pro forma LTM Adjusted EBITDA	$430.6
Cash on the Balance Sheet		$158.6
Gross Leverage Ratio(1)		4.05x
Net Leverage Ratio(2)		3.68x

1. Gross leverage ratio is calculated by dividing total debt by Q2 2020 LTM Adjusted EBITDA.
2. Net leverage ratio is calculated by subtracting cash on the balance sheet from total debt, and dividing it by Q2 2020 LTM Adjusted EBITDA.

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Same Store Pro Forma Revenue(1) Metrics

	Q1 2019	Q2 2019	Q3 2019	Q4 2019	FY 2019	Q1 2020	Q2 2020
Print Advertising	-17.6%	-16.8%	-17.2%	-18.4%	-17.6%	-21.1%	-45.0%
Digital advertising and marketing services	-5.1%	-4.5%	-1.5%	-1.7%	-2.8%	2.1%	-26.2%
Advertising and marketing services	-13.0%	-12.3%	-11.0%	-12.1%	-12.0%	-12.1%	-37.4%
Circulation	-5.8%	-5.8%	-5.8%	-9.1%	-6.7%	-7.5%	-13.6%
Commercial printing and other	2.8%	1.6%	3.7%	1.8%	1.9%	-9.0%	-31.5%
Total Gannett	-9.1%	-8.8%	-7.8%	-9.9%	-8.9%	-10.0%	-28.0%

1. Same store revenues are defined as GAAP revenues excluding (1) revenues related to 2018 acquisitions from the beginning of 2019 through the first year anniversary of their

applicable acquisition date, (2) exited operations, (3) currency impacts, and (4) deferred revenue impacts related to the transaction.

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Gannett Same Store Revenue Reconciliation

(In thousands)	3 months ended	3 months ended	$ Variance	% Variance
	June 30, 2020	June 30, 2019
Total Pro Forma Gannett Revenue	$767,000	$1,064,725	(297,725)	-28.0%
Acquired revenue	(3,797)	-
Currency Impacts	1,867	(957)
Exited operations	(2)	-
Deferred Revenue Adjustments	980	-
Same Store Revenue, Total Gannett	$766,048	$1,063,768	(297,720)	-28.0%

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Pro Forma 2019 Quarterly View

($m)	Q1	Q2	Q3	Q4	FY
Legacy GCI
Print advertising	186,192	184,246	161,609	177,991	710,038
Digital advertising and marketing services	179,044	184,083	183,614	187,786	734,527
Advertising and marketing services	365,236	368,329	345,223	365,777	1,444,565
Circulation	252,727	247,092	240,591	236,128	976,538
Commercial printing and other	45,462	44,916	49,755	52,227	192,360
Total Revenue	$663,425	$660,337	$635,569	$654,132	$2,613,463
Legacy NEWM
Print advertising	150,900	158,205	139,243	156,438	604,786
Digital advertising and marketing services	42,645	46,492	44,835	43,997	177,969
Advertising and marketing services	193,545	204,697	184,078	200,435	782,755
Circulation	152,165	150,850	146,254	148,248	597,517
Commercial printing and other	41,889	48,840	46,317	51,437	188,485
Total Revenue	$387,599	$404,387	$376,649	$400,121	$1,568,757
Consolidated
Print advertising	337,092	342,450	300,852	334,429	1,314,824
Digital advertising and marketing services	221,688	230,575	228,449	231,783	912,496
Advertising and marketing services	558,781	573,026	529,301	566,212	2,227,320
Circulation	404,891	397,942	386,845	384,376	1,574,055
Commercial printing and other	87,352	93,757	96,072	103,664	380,845
Total Revenue	$1,051,024	$1,064,725	$1,012,218	$1,054,253	$4,182,220
Adjusted EBITDA	$102,170	$129,719	$112,355	$141,208	$485,452

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Non-GAAP Reconciliation

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 financial performance measure the Company believes offers a useful view of the overall operation 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 items, primarily pension costs, (5) depreciation and amortization, (6) integration and reorganization costs,
  (7) impairment of long-lived assets, (8) goodwill and intangible impairments, (9) net loss (gain) on sale or disposal of assets, (10) non-cash compensation, (11) acquisition costs, and (12) certain other non-recurring charges. The most directly comparable GAAP financial measure is net income (loss) attributable to Gannett.
• 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 shareholders. 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 continuing operating activities, or any other measure of performance or liquidity derived in accordance with GAAP. We believe our non-GAAP measures as we have defined them are helpful in identifying trends in our day-to-day performance because the items excluded have little or no significance on our day-to-day operations. These measures provide an assessment of controllable expenses and afford 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. We consider the unrealized (gain) loss on derivative instruments and the (gain) loss on early extinguishment of debt to be financing related costs associated with interest expense or amortization of financing fees. Accordingly, we exclude financing related costs such as the early extinguishment of debt because they represent the write-off of deferred financing costs, and we believe these non-cashwrite-offs are similar to interest expense and amortization of financing fees, which by definition are excluded from Adjusted EBITDA. Additionally, the non-cash gains (losses) on derivative contracts, which are related to interest rate swap agreements to manage interest rate risk, are financing costs associated with interest expense. Such charges are incidental to, but not reflective of, our day-to-day operating performance, and it is appropriate to exclude charges related to financing activities such as the early extinguishment of debt and the unrealized (gain) loss on derivative instruments which, depending on the nature of the financing arrangement, would have otherwise been amortized over the period of the related agreement and does not require a current cash settlement. 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.

Limitations of Non-GAAP Measures

Each of our non-GAAP measures has 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 impairment of long-lived assets, 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 reconciliation of income (loss) from continuing operations to Adjusted EBITDA and the reconciliation of net cash from operating activities 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 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.

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Gannett Non-GAAP Reconciliation(1)

(in thousands)	3 months ended
	June 30, 2020
Net income (loss) attributable to Gannett	($436,893)
Income tax expense (benefit)	(34,276)
Interest expense	57,928
Loss on early extinguishment of debt	369
Non-operating pension liability	(17,553)
Other non-operating items, net	(6,261)
Depreciation and amortization	66,327
Integration and reorganization costs	32,306
Acquisition costs	2,379
Impairment of long-lived assets	6,859
Goodwill and mastheads impairment	393,446
Net (gain) loss on sale or disposal of assets	88
Equity-based compensation	7,391
Other items	5,908
Adjusted EBITDA (non-GAAP basis)	$78,018

(in thousands)		3 months ended
		June 30, 2020
Net cash flow from operating activities (GAAP basis)	($34,844)
Capital expenditures		(8,374)
Free cash flow (non-GAAP basis)	(2)	($43,218)

1. Small discrepancies may exist due to rounding.
2. Free cash flow for the second quarter was negatively impacted by $23.7 million of integration and reorganization costs and $0.1 million of acquisition costs.

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