USA TODAY Co., Inc.TDAY
USA TODAY Co., Inc. Segments Disclosure
NOTE 15 — Segment reporting
Reconciliation of Segment Revenues to Segment Adjusted EBITDA
We define our reportable segments based on the way the CODM, which is our Chief Executive Officer, manages the
operations for purposes of allocating resources and assessing segment performance. Our reportable segments include the
following:
•USA TODAY Media is comprised of our portfolio of domestic local, regional, and national newspaper publishers. The
results of this segment include Digital revenues mainly derived from digital advertising offerings such as digital
marketing services delivered by our LocaliQ segment, digital distribution of our publications and digital content
syndication and affiliate and partnership revenues as well as classified advertisements and display advertisements run
on our platforms as well as third-party sites, and Print and commercial revenues mainly derived from the sale of local,
national, and classified print advertising products, the sale of both home delivery and single copies of our publications,
as well as commercial printing and distribution arrangements, and revenues from our events business.
•Newsquest is comprised of our portfolio of newspaper publishers in the U.K. The results of this segment include
Digital revenues mainly derived from digital advertising offerings such as digital marketing services delivered by our
LocaliQ segment, digital distribution of our publications and digital content syndication revenues as well as classified
advertisements and display advertisements run on our platforms and third-party sites, and Print and commercial
revenues mainly derived from the sale of local, classified, and national advertising as well as niche publications, the
sale of both home delivery and single copies of our publications, as well as commercial printing.
•LocaliQ is comprised of our digital marketing services companies under the brand LocaliQ. The results of this segment
include Digital revenues derived from digital marketing services generated through multiple services, including search
advertising, display advertising, search optimization, social media, website development, web presence products,
customer relationship management, and software-as-a-service solutions.
In addition to the reportable segments above, we have a Corporate category that includes activities not directly attributable
to a specific reportable segment and includes expenses associated with broad corporate functions.
In the ordinary course of business, our reportable segments enter into transactions with one another. While intersegment
transactions are treated like third-party transactions to determine segment performance, the revenues and expenses recognized
by the segment that is the counterparty to the transaction are eliminated in consolidation and do not affect consolidated results.
We regularly provide management reports to the CODM that include Segment revenues and Segment Adjusted EBITDA
(defined below). Significant Segment expenses regularly provided to the CODM, and included within Segment Adjusted
EBITDA include Payroll, Benefits, Newsprint and other production materials, Distribution, Outside services and Digital cost of
goods sold.
The CODM uses Segment Adjusted EBITDA to evaluate the performance of the segments and allocate resources. Segment
Adjusted EBITDA provides an assessment of controllable expenses and affords the CODM the ability to make decisions which
are expected to facilitate meeting current financial goals as well as achieve optimal financial performance.
Management considers Segment Adjusted EBITDA to be an important metric to evaluate and compare the ongoing
operating performance of our segments on a consistent basis across reporting periods as it eliminates the effect of items that we
do not believe are indicative of each segment's core operating performance.
We define Segment Adjusted EBITDA as Segment revenues less (1) operating costs and (2) selling, general and
administrative expenses, plus (3) equity (income) loss in unconsolidated investees, net.
Segment Adjusted EBITDA also does not include: (1) Income tax expense (benefit), (2) Noncontrolling interest, (3)
Interest expense, (4) Gains or losses on the early extinguishment of debt, (5) Loss on convertible notes derivative, (6)
Depreciation and amortization, (7) Integration and reorganization costs, (8) Asset impairments, (9) Goodwill and intangible
impairments, (10) Gains or losses on the sale or disposal of assets, (11) Share-based compensation expense, and (12) Other
(income) expense, net.
The following tables below present summarized financial information for each of the Company's reportable segments.Revenues
Year ended December 31, 2025 | |||||||
In thousands | USA TODAY Media | Newsquest | LocaliQ | Total | |||
External revenues | $1,617,453 | $230,394 | $448,311 | $2,296,158 | |||
Intersegment revenues | 126,129 | 7,873 | — | 134,002 | |||
Segment revenues | 1,743,582 | 238,267 | 448,311 | 2,430,160 | |||
Reconciliation of revenues: | |||||||
Other revenues | 6,068 | ||||||
Elimination of intersegment revenues | (134,002) | ||||||
Total revenues | $2,302,226 | ||||||
Year ended December 31, 2024 | |||||||
In thousands | USA TODAY Media | Newsquest | LocaliQ | Total | |||
External revenues | $1,793,757 | $232,095 | $477,807 | $2,503,659 | |||
Intersegment revenues | 144,641 | 7,178 | — | 151,819 | |||
Segment revenues | 1,938,398 | 239,273 | 477,807 | 2,655,478 | |||
Reconciliation of revenues: | |||||||
Other revenues | 5,656 | ||||||
Elimination of intersegment revenues | (151,819) | ||||||
Total revenues | $2,509,315 | ||||||
Year ended December 31, 2023 | |||||||
In thousands | USA TODAY Media | Newsquest | LocaliQ | Total | |||
External revenues | $1,953,252 | $226,121 | $477,909 | $2,657,282 | |||
Intersegment revenues | 142,601 | 7,859 | — | 150,460 | |||
Segment revenues | 2,095,853 | 233,980 | 477,909 | 2,807,742 | |||
Reconciliation of revenues: | |||||||
Other revenues | 6,268 | ||||||
Elimination of intersegment revenues | (150,460) | ||||||
Total revenues | $2,663,550 | ||||||
Year ended December 31, 2025 | |||||
In thousands | USA TODAY Media | Newsquest | LocaliQ | ||
Segment revenues | $1,743,582 | $238,267 | $448,311 | ||
Less: | |||||
Payroll | 494,619 | 101,211 | 93,180 | ||
Benefits | 97,519 | 4,181 | 13,177 | ||
Newsprint and other production materials | 56,289 | 12,189 | — | ||
Distribution | 246,778 | 12,549 | — | ||
Outside services | 164,053 | 12,125 | 18,866 | ||
Digital cost of goods sold | 173,389 | 8,920 | 270,336 | ||
Other(a) | 329,819 | 30,202 | 6,417 | ||
Segment Adjusted EBITDA | $181,116 | $56,890 | $46,335 | ||
(a)Other expenses primarily include corporate allocations of shared costs, facility-related expenses, advertising costs, and Equity loss (income) in
unconsolidated investees, net, which are not separately provided to the CODM. Corporate allocations of shared costs include, but are not limited to
technology, finance, analytics, legal, and human resources, as well as other general business costs.
Year ended December 31, 2024 | |||||
In thousands | USA TODAY Media | Newsquest | LocaliQ | ||
Segment revenues | $1,938,398 | $239,273 | $477,807 | ||
Less: | |||||
Payroll | 549,478 | 96,526 | 102,641 | ||
Benefits | 99,206 | 4,075 | 12,752 | ||
Newsprint and other production materials | 74,419 | 12,820 | — | ||
Distribution | 276,069 | 12,755 | — | ||
Outside services | 183,382 | 10,396 | 10,542 | ||
Digital cost of goods sold | 176,962 | 9,175 | 295,549 | ||
Other(a) | 376,141 | 40,117 | 12,645 | ||
Segment Adjusted EBITDA | $202,741 | $53,409 | $43,678 | ||
(a)Other expenses primarily include corporate allocations of shared costs, facility-related expenses, advertising costs, and Equity loss (income) in
unconsolidated investees, net, which are not separately provided to the CODM. Corporate allocations of shared costs include, but are not limited to
technology, finance, analytics, legal, and human resources, as well as other general business costs.
Year ended December 31, 2023 | |||||
In thousands | USA TODAY Media | Newsquest | LocaliQ | ||
Segment revenues | $2,095,853 | $233,980 | $477,909 | ||
Less: | |||||
Payroll | 562,209 | 93,492 | 99,942 | ||
Benefits | 102,193 | 4,002 | 11,852 | ||
Newsprint and other production materials | 108,257 | 15,330 | — | ||
Distribution | 323,750 | 13,325 | — | ||
Outside services | 201,906 | 10,046 | 8,319 | ||
Digital cost of goods sold | 180,876 | 9,876 | 289,878 | ||
Other(a) | 421,631 | 37,781 | 14,695 | ||
Segment Adjusted EBITDA | $195,031 | $50,128 | $53,223 | ||
(a)Other expenses primarily include corporate allocations of shared costs, facility-related expenses, advertising costs, and Equity loss (income) in
unconsolidated investees, net, which are not separately provided to the CODM. Corporate allocations of shared costs include, but are not limited to
technology, finance, analytics, legal, and human resources, as well as other general business costs.
Reconciliation of Segment Adjusted EBITDA to Net income (loss) attributable to USA TODAY Co.Year ended December 31, | |||||
In thousands | 2025 | 2024 | 2023 | ||
USA TODAY Media | $181,116 | $202,741 | $195,031 | ||
Newsquest | 56,890 | 53,409 | 50,128 | ||
LocaliQ | 46,335 | 43,678 | 53,223 | ||
Segment Adjusted EBITDA | 284,341 | 299,828 | 298,382 | ||
Corporate | 21,293 | 26,672 | 30,802 | ||
(Benefit) provision for income taxes | (3,030) | (51,286) | 21,729 | ||
Net income (loss) attributable to noncontrolling interests | 6 | (33) | (103) | ||
Interest expense | 97,225 | 104,697 | 111,776 | ||
Loss (gain) early extinguishment of debt | 1,516 | (55,559) | (4,529) | ||
Depreciation and amortization | 165,759 | 156,287 | 162,622 | ||
Integration and reorganization costs(a) | 31,595 | 66,155 | 24,468 | ||
Asset impairments | 2,243 | 46,589 | 1,370 | ||
(Gain) loss on sale or disposal of assets, net | (16,844) | 1,106 | (40,101) | ||
Share-based compensation expense | 9,149 | 12,522 | 16,567 | ||
Other (income) expense, net(b) | (26,320) | 19,032 | 1,572 | ||
Net income (loss) attributable to USA TODAY Co. | $1,749 | $(26,354) | $(27,791) | ||
(a)Integration and reorganization costs mainly reflect severance-related expenses and other reorganization-related costs, designed primarily to right-size the
Company's employee base, consolidate facilities and improve operations.
(b)Other (income) expense, net primarily reflects the components of net periodic pension and postretirement benefits other than service cost, expert fees
associated with the litigation with Google, consulting fees related to a discrete initiative to reformulate our go-to-market strategy and post-sales processes,
(gains) losses from the sale of investments, third-party debt costs and the components of net periodic pension and postretirement benefits other than service
cost.
Asset and asset related information by segment are not key measures of performance used by the CODM function.
Accordingly, we have not disclosed asset and asset related information by segment. Additionally, equity income in
unconsolidated investees, net, interest expense, other non-operating items, net, and provision for income taxes, as reported in
the Consolidated financial statements, are not part of operating income and are primarily recorded at the corporate level.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Mar 2, 2020 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.