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Sep 30, 2024
Gannett Q3 2024 Earnings Report
Reported financial results, showing progress on key priorities with year-over-year Adjusted EBITDA growth and digital revenues surpassing 45% of total revenues.
Key Takeaways
Gannett reported its Q3 2024 financial results, highlighting progress on key priorities, including year-over-year Adjusted EBITDA growth and digital revenue growth. Total digital revenues surpassed 45% of total revenues. The company also repaid approximately $29 million of debt and significantly increased its free cash flow by 168% year-over-year.
Total digital revenues increased 5.2% year-over-year, representing an all-time high of 45% of total revenues.
Digital-only subscription revenues grew 25.0% year-over-year.
Free cash flow increased by 168% year-over-year.
The company repaid approximately $29 million of debt during the quarter.
Revenue by Segment
Forward Guidance
Gannett expects total digital revenues to grow approximately 6%-7% on a same store basis. Total revenues are expected to be down in the low to mid-single digits on a reported and same store basis. Adjusted EBITDA is expected to grow versus the prior year. Free cash flow is expected to grow in excess of the expected growth in Adjusted EBITDA after excluding the estimated $7 million impact of the debt refinancing.
Positive Outlook
- Total digital revenues are expected to grow approximately 6%-7% on a same store basis.
- Net income attributable to Gannett is expected to improve, after excluding an impairment charge of approximately $46.0 million related to the exit of our McLean, Virginia office during the first quarter of 2024.
- 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 after excluding the estimated $7 million impact of the debt refinancing.
Challenges Ahead
- Total revenues are expected to be down in the low to mid-single digits on a reported and same store basis.
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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