Loading...
•
Mar 31, 2023
Gannett Q1 2023 Earnings Report
Gannett's Q1 2023 results reflected a solid start to the year with digital-only businesses delivering solid results and Digital Marketing Solutions business sustaining a high level of performance.
Key Takeaways
Gannett reported a net income of $10.3 million and an adjusted EBITDA of $62.9 million for Q1 2023. The company saw year-over-year growth in digital-only circulation revenues and digital marketing solutions core platform revenues. Gannett is raising its full year outlook with respect to Adjusted EBITDA, Net Income, and cash flow.
Net income attributable to Gannett was $10.3 million.
Adjusted EBITDA totaled $62.9 million.
Digital-only circulation revenues grew 19% year-over-year.
Digital Marketing Solutions core platform revenues were up 4% year-over-year.
Forward Guidance
Gannett is raising its 2023 full year outlook with respect to net income (loss) attributable to Gannett, cash provided by operating activities, free cash flow, and Adjusted EBITDA. The Company is reiterating its 2023 full year outlook with respect to revenues, same store total revenues year-over-year, and first lien net leverage.
Positive Outlook
- Net income (loss) attributable to Gannett: ($15M) to $15M
- Cash provided by operating activities: $125M to $145M
- Free cash flow: $85M to $105M
- Adjusted EBITDA: $285M to $305M
- First lien net leverage <2.0x
Challenges Ahead
- Revenues: $2.75B to $2.80B
- Same store total revenues Year-Over-Year: (5% to 3%)
- The Company's estimates do not factor in the impact of any future acquisitions or dispositions.
- The Company’s future financial results could differ materially from the Company’s current estimates.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...