GCI - Gannett reports mixed Q4 earnings; initiates FY23 outlook

• Gannett press release ( NYSE: GCI ): Q4 GAAP EPS of $0.17 beats by $0.02 .
• Revenue of $730.7M (-11.6% Y/Y) misses by $13.8M .
• Same store revenues decreased 10.3% compared to the fourth quarter of 2021.
• FY 2023 Guidance: Revenue is expected between $2.75B to $2.80B vs $2.81B consensus ; Same-store total revenues growth to be negative between -5% to -3%;
• Adjusted EBITDA for the full-year is forecasted to range between $280M to $300M; Net income (loss) attributable to Gannett to be -$20M to $10M.
• First lien net leverage <2.0x.

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