USA TODAY Co., Inc. (TDAY) SEC Filings & Earnings Calls

Board expansion is routine; no material risk identified.

“Standard board appointment; no unusual terms or conflicts disclosed.”

Continued revenue decline in print; total revenues down 8.3% YoY

“Total revenues of $536.3 million decreased 8.3% year-over-year” · word for word

High debt load of $970.5M; leverage still elevated

“Total debt principal outstanding at June 30, 2026 was $970.5 million” · word for word

Dependence on digital transformation to offset print decline; revenue inflection point not yet reached

“we believe are getting close to crossing that revenue inflection point” · word for word

Continued print revenue decline

“Print advertising and Print circulation revenues have and are expected to continue to decline as our audience increasingly moves to digital platforms.” · word for word

Newsprint cost inflation

“Shortages of newsprint have resulted in price volatility, and we have experienced and expect continued price increases in 2026.” · word for word

Macroeconomic advertising pressure

“We believe that these uncertain economic conditions have adversely impacted and may continue to have an adverse impact on our revenues, and the occurrence of these factors has resulted in a reduction in demand for our print and digital advertising, reduced the rates for our advertising, and caused marketers to shift, reduce or stop spend.” · word for word

Third-party platform dependency

“We rely on third-party platforms from large technology companies, particularly search engines, social media platforms, and emerging technologies. These platforms exert significant control over the visibility and ranking of our content, and their actions can adversely impact traffic, engagement, and revenues.” · word for word

Interest rate exposure on debt

“We are exposed to potential increases in interest rates associated with our 2029 Term Loan Facility, which as of June 30, 2026, accounted for approximately 74% of our outstanding debt.” · word for word

Litigation outcome uncertainty; no publicly quantified damages estimate; potential for significant but uncertain recovery.

“Company has not publicly disclosed, reported, or quantified any estimate of damages in connection with this litigation.”

Total revenues still declining YoY (-4.0%), though improving on same-store basis.

“Total revenues of $548.5 million decreased 4.0% year-over-year” · word for word

High debt load ($988.3M total debt principal) with first lien net leverage at 2.3x.

“Total debt principal outstanding at March 31, 2026 was $988.3 million, including $740.5 million in first lien debt” · word for word

Print Revenue Secular Decline

“Print advertising revenues decreased compared to the three months ended March 31, 2025, primarily due to a decrease in local advertiser inserts and print display advertisements.” · word for word

LocaliQ Customer Churn

“LocaliQ Digital revenues decreased compared to the three months ended March 31, 2025, primarily due to a decline in the core direct business, mainly driven by a decline in customer count.”

High Leverage

“Our leverage may adversely affect our business and financial performance and restricts our operating flexibility.” · word for word

Governance risk – supermajority proposals may fail again

“While these proposals received significant stockholder support at past meetings, the proposals did not achieve the required supermajority approval thresholds.” · word for word

Digital revenue growth below target

“Total Digital Revenues $1,056.1M (target $1,184.2M)”

Free cash flow significantly below target

“Free Cash Flow $64.2M (target $93.3M)”

Adjusted EBITDA below target

“Total Adjusted EBITDA $263.0M (target $280.0M)”

Revenue still declining; total revenues down 5.8% YoY.

“Total revenues of $585.0 million decreased 5.8% year-over-year” · word for word

Net loss still present; $30.1M net loss in Q4.

“Net loss attributable to USA TODAY Co. of $30.1 million” · word for word

High debt load; total debt $977.3M.

“Total debt principal outstanding at December 31, 2025 was $977.3 million” · word for word

High debt burden

“As of December 31, 2025, our outstanding indebtedness included (i) $729.5 million of term loans... (ii) $24.1 million of 6.000% Senior Secured Convertible Notes due 2027... (iii) $223.7 million of 6.000% Senior Secured Convertible Notes due 2031.” · word for word

Print revenue decline

“Print-related revenue streams have continued to decline at a significant pace.” · word for word

AI disruption

“Use of AI tools by consumers could result in decreased viewership and engagement with our media content and impact the monetization of our content.” · word for word

Secular print revenue decline

“Print advertising and Print circulation revenues have and are expected to continue to decline as our audience increasingly moves to digital platforms.” · word for word

Macroeconomic uncertainty reducing ad spend

“We believe that these factors are contributing to uncertainty, which is resulting in lower levels of advertising performance and reduced spending.” · word for word

Dependence on third-party platforms

“These platforms exert significant control over the visibility and ranking of our content, and their actions can adversely impact traffic, engagement, and revenues.” · word for word

High leverage and debt service

“Our leverage may adversely affect our business and financial performance and restricts our operating flexibility.” · word for word

Revenue decline continues; total revenues down 8.4% YoY.

“Total revenues decreased 8.4% year-over-year” · word for word

Net loss still significant; $39.2M net loss in Q3.

“Net loss attributable to Gannett of $39.2 million” · word for word

Digital revenue shift to Q4; $7M shifted, impacting Q3 results.

“Impacted by approximately $7.0 million of digital revenue that shifted to the fourth quarter of 2025” · word for word