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Mar 31, 2024
Gannett Q1 2024 Earnings Report
Reported financial results for the first quarter ended March 31, 2024, with digital revenues reaching an all-time high and total digital revenues increasing 8% year-over-year.
Key Takeaways
Gannett's first quarter results showed improvement in year-over-year revenue trends, with digital revenues increasing 8% and accounting for over 42% of total revenues. The company drove free cash flow growth and saw improved trends in Adjusted EBITDA.
Total digital revenues increased 8% year-over-year, representing 42.1% of total revenues.
Digital-only subscription revenues grew 21.3% year-over-year.
Digital-only average revenue per user increased 22.4% year-over-year.
Free cash flow improved year-over-year.
Revenue by Segment
Forward Guidance
The company reiterated its full year 2024 outlook and its mid-term outlook over the course of 2025 and 2026.
Positive Outlook
- Total digital revenues are expected to grow approximately 10%.
- Net income attributable to Gannett is expected to improve, after excluding an impairment charge.
- Adjusted EBITDA is expected to grow versus the prior year.
- Cash provided by operating activities is expected to grow versus the prior year.
- Free cash flow is expected to grow in excess of the expected growth in Adjusted EBITDA.
Challenges Ahead
- Total revenues are expected to be down in the low to mid-single digits on a reported and same store basis.
- Capital expenditures are expected to increase as a result of investments in technology and products.
- Projections are based on Company estimates as of May 2, 2024 and are provided solely for illustrative purposes.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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