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Jun 30, 2023
Gannett Q2 2023 Earnings Report
Reported strong operational and financial results, with significant year-over-year growth in Adjusted EBITDA and free cash flow, and digital revenues returning to growth.
Key Takeaways
Gannett reported a net loss of $12.7 million, but Adjusted EBITDA increased by 40% year-over-year to $71.2 million and free cash flow increased by 189% year-over-year to $38.4 million. Total digital revenues returned to growth and accounted for nearly 40% of total revenues.
Operating Income of $13.5 million; Net Loss Attributable to Gannett of $12.7 million.
Adjusted EBITDA of $71.2 million, up 40% Year-over-Year.
Cash Provided by Operating Activities of $46.1 million, up 250% Year-over-Year, Free Cash Flow of $38.4 million, up 189% Year-over-Year
Total Digital Revenues returned to growth in Q2; expect further improvement to digital growth trend in Q3
Forward Guidance
The Company 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 ($10M) to $20M
- Cash provided by operating activities $130M to $150M
- Free cash flow $90M to $110M
- Adjusted EBITDA $290M to $310M
- First lien net leverage <2.0x
Challenges Ahead
- Revenues $2.75B to $2.80B
- Same store total revenues Year-Over-Year (5%) to (3%)
- Projections are based on Company estimates as of August 3, 2023 and are provided solely for illustrative purposes.
- Actual results may vary.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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