GCI - Gannett slides after lower same-store revenue soft guidance: Q4 Earnings

Gannett (NYSE:GCI) is down 14% in premarket trading after the company reported 4.3% Y/Y decline in fourth quarter's same store revenues. Total revenues of $826.5M (-5.6% Y/Y). It included 33% of digital revenue that stood at $272.6M (+5% Y/Y). Adjusted EBITDA totaled $115.4M (-22.5% Y/Y); Adjusted EBITDA margin of 14.0%. Digital-only paid subscribers were up 49% compared to the prior year quarter and exceeded 1.6M at the end of the 4Q21. Cash used for operating activities of $5.9M and free cash flow usage of $18.2M. The company ended the quarter with $130.8M in cash and cash equivalents.  "In addition, we repaid over $235 million in debt during 2021, and through two refinancing efforts, lowered our cost of debt to approximately 5.8% and our first lien net leverage has dropped to 1.7x at year end," noted Chairman and CEO Michael Reed. FY 2022 Outlook: The company expects Revenue to range between $3.07-$3.16B, same-store revenue growth of

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Gannett slides after lower same-store revenue, soft guidance: Q4 Earnings