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Dec 31, 2022
Gannett Q4 2022 Earnings Report
Gannett's Q4 2022 financial performance was reported, demonstrating progress against strategic priorities with the highest quarterly Adjusted EBITDA of the year and significant sequential growth over the prior quarter.
Key Takeaways
Gannett reported Q4 2022 results, with digital-only paid subscriptions growing 24% year-over-year to 2.03 million, and digital marketing solutions core platform revenues up 9% year-over-year. The company repaid $47.3 million in debt during the quarter and ended the year with a cash balance of $94 million.
Digital-only paid subscriptions grew 24% year-over-year, reaching 2.03 million.
Digital-only circulation revenues increased by 29% year-over-year.
Digital Marketing Solutions core platform revenues increased 9% year-over-year.
The company repaid $47.3 million of debt during the fourth quarter.
Forward Guidance
Gannett provided its full year 2023 outlook, expecting revenues between $2.75B to $2.80B, net income attributable to Gannett between ($20M) to $10M, cash provided by operating activities between $120M to $140M, free cash flow between $80M to $100M, and Adjusted EBITDA between $280M to $300M.
Positive Outlook
- Revenues between $2.75B to $2.80B
- Cash provided by operating activities between $120M to $140M
- Free cash flow between $80M to $100M
- Adjusted EBITDA between $280M to $300M
- First lien net leverage <2.0x
Challenges Ahead
- Net income attributable to Gannett between ($20M) to $10M
- Same-store total revenues Year-Over-Year (5% to 3%)
- Capital expenditures are assumed at $40 million for full year 2023
- Estimates do not factor in the impact of any future acquisitions or dispositions
Historical Earnings Impact
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Avg. Return Before/After Earnings
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