GCI - Gannett shows Q1 results

May, 02 2024 07:15 AM Gannett Co. Inc.

2024-05-02 07:15:56 ET

Gannett press release ( NYSE: GCI ): Q1 GAAP EPS of -$0.60.
Revenue of $635.8M.
Total digital revenues of $267.5 million, or 42.1% of total revenues, up 8.1% versus the same period of the prior year
Digital-only subscription revenues of $43.5 million grew 21.3% year-over-year
Digital-only average revenue per user ⁽¹⁾ of $7.22 increased 22.4% year-over-year
Total digital-only paid subscriptions ⁽¹⁾ surpassed 2.0 million, representing sequential growth of 1.1%
187 million global average monthly unique visitors in the first quarter of 2024, up 0.6% year-over-year
Digital advertising revenues of $84.5 million grew 5.3% year-over-year
Digital Marketing Solutions segment core platform revenues of $116.1 million increased 4.2% year-over year.
Adjusted EBITDA ⁽³⁾ totaled $57.6 million, a decrease of 8.4% compared to the first quarter of 2023
Cash provided by operating activities of $22.5 million, an increase of $15.7 million year-over-year
Free cash flow of $9.5 million, an improvement of $11.5 million year-over-year.
Full Year 2024 Business Outlook: Total digital revenues are expected to grow approximately 10%.
Full Year 2025 and Full Year 2026 Business Outlook: Total digital revenues are expected to accelerate with growth exceeding 10% Y/Y; Total digital revenues are expected to make up 50% of total revenues in 2025 and exceed 55% of total revenues in 2026; Total revenues are expected to grow in the low single digits on a reported basis and same store basis
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