Five Industries That Still Prefer Print — And Why

Keep US Posted, an alliance consisting of consumer interests, industry groups, newspapers, nonprofits and businesses, applauds the U.S. House Committee on Appropriations for directing the Postal Regulatory Commission, which governs the U.S. Postal Service, to study the impact of planned postage increases. The Committee’s action, included in the 2023 spending package, is a direct response to Postmaster General Louis DeJoy’s announcement that stamp prices will increase July 31 and every six months thereafter, despite this year’s bipartisan postal reform law designed to fiscally stabilize the Postal Service and prevent unnecessary postage hikes. “It is destructive for Postal Service leadership to squeeze every last drop of revenue from the mail at the expense of the American people,” said Keep US Posted Executive Director and former Congressman Kevin Yoder (R-Kans.). “In just a decade, Americans could be paying well over $1 to mail a single letter. Using the mail will become unaffordable for American families, as well as newspapers, nonprofits, and businesses that depend on the Postal Service. These excessive postage increases will decrease volume and revenue so much that it will ultimately hurt the Postal Service’s 650,000 workers and their ability to keep delivering for our country. Projected mail decline will become a self-fulfilling prophecy.

Second Quarter 2023 Highlights: • Total revenues of $672.4 million decreased 10.2% compared to the second quarter of 2022 ◦ Same store revenues(1) decreased 8.6% compared to the second quarter of 2022, reflecting a sequential improvement of 70 basis points compared to the first quarter of 2023 • Total digital revenues were $262.1 million, or 39.0% of total revenues, up 0.8% over the same period in the prior year on a same store(1) basis • Net loss attributable to Gannett of $12.7 million improved by $41.0 million versus the net loss attributable to Gannett of $53.7 million in the second quarter of 2022 • Cash provided by operating activities of $46.1 million • Free cash flow(1) of $38.4 million, an increase of 188.8% compared to second quarter of 2022

* Dotdash Meredith Digital revenue was $221 million and Print revenue was $251 million. Pro Forma revenue decreased 19% due to 13% Digital declines and 24% Print declines. o Operating loss of $95 million and Adjusted EBITDA of $31 million in Q3 2022 reflect restructuring charges and transaction-related items associated with the acquisition of Meredith ($25 million impacting operating loss and $18 million impacting Adjusted EBITDA) * Angi Inc. revenue increased 8% year-over-year to $498 million and operating loss improved to $11 million (compared to a loss of $15 million in Q3 2021) and Adjusted EBITDA increased 85% to $23 million. o Angi Ads and Leads revenue increased 7% year-over-year, the second consecutive quarter of growth o Angi Services revenue was $132 million, increasing 12% year-over-year * Emerging & Other revenue increased 7% year-over-year to $181 million reflecting: o 13% growth from Care.com o 77% growth from Vivian Health * IAC repurchased approximately 367,000 shares at an average price of $71.56 in Q3 2022.