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Dec 31, 2023
Gannett Q4 2023 Earnings Report
Reported financial results for the fourth quarter ended December 31, 2023.
Key Takeaways
Gannett's total digital revenues exceeded 41% of total revenues in the fourth quarter. The company achieved full-year growth in both Adjusted EBITDA and free cash flow. They also repaid over $140 million in debt during the year.
Total digital revenues reached $277.1 million, representing 41.4% of total revenues, a 2.9% increase year-over-year.
Digital-only subscription revenues grew 18.1% year-over-year, reaching $41.9 million.
Total digital-only paid subscriptions were approximately 2.0 million, showing sequential growth of 1.6%.
The company repaid $23.9 million of debt during the fourth quarter and $141.6 million for the full year 2023.
Forward Guidance
The company expects to capitalize on its progress and build to inflection in its revenue as it ends 2024. The business outlook reflects investments in strategy and prioritization of revenue and free cash flow growth.
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 of approximately $45 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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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