Textbook Is First to Use Clickable Paper for Access to Multimedia Content

Fourth quarter net income decreased 16% to $454 million and diluted earnings per share decreased 15% to $1.88 as the Company took a number of lease impairment and restructuring charges aimed at improving future financial performance. Adjusted net income for the fourth quarter increased 5% to $654 million due to revenue growth, productivity improvements, and a lower effective tax rate partially offset by increased investment spending. Adjusted diluted earnings per share increased 7% to $2.71 benefiting from a 2% decrease in the average diluted shares outstanding. Pre-tax adjustments in the fourth quarter of 2020 totaled $247 million primarily due to office lease and equipment impairments, and restructuring charges all intended to improve future financial performance. Additional pre-tax adjustments included IHS Markit merger costs, deal-related amortization, and Kensho retention-related expenses. For the full year, revenue increased 11% to $7.44 billion. 2020 net income increased 10% to $2.34 billion and diluted earnings per share increased 12% to $9.66. 2020 adjusted net income increased 20% to $2.83 billion and adjusted diluted earnings per share increased 23% to $11.69.

The United States Postal Service announced today improved deliveries of First-Class Mail, Marketing Mail and Periodicals since the second quarter as its operations continue to recover from challenges experienced during the COVID-19 pandemic. Since the second quarter, delivery performance against existing USPS service targets showed the following improvements: *A 9.5 percentage point improvement in First-Class Mail deliveries, as 87.6 percent were delivered on-time against the USPS service standard in May. On average, a first-class mailpiece took 2.4 days to be delivered so far this quarter. *A 5.5 percentage point improvement in delivery of Marketing Mail to 90.6 percent against the USPS service standard in May. On average, a marketing mailpiece took 2.9 days to be delivered so far this quarter.

Fourth Quarter 2022 Financial Highlights: • Total revenues of $730.7 million decreased 11.6% compared to the fourth quarter of 2021 ◦ Same store revenues(2) decreased 10.3% compared to the fourth quarter of 2021 • Total digital revenues were $269.2 million or 36.8% of total revenues, down 0.4% over the same period in the prior year on a same store(2) basis mainly as a result of declines in digital media year-over-year • Net income attributable to Gannett of $32.8 million, an income margin of 4.5%