TPCO - Research - Tribune Publishing (TPCO) - Why We Are Raising Our Price Target

Overachieves Q1 results.  Revenues were $216.5 million, which was better than our $208.8 million estimate. Cash flow, as measured by adj. EBITDA, was better than expected at $13.3 million versus our $11.3 million estimate. Company took a large non cash charge, $42.9 million, on goodwill and to terminate or restructure leases. Digital subscribers grew 36,000 in Q1 and the company indicated Q2 will surpass that. Provides Q2 guidance, backs off of full year guidance. Management provides Q2 revenue guidance of $172 million to $175 million and cash flow (adj. EBITDA) of $10.5 million to $12 million. While the revenue guidance is below our thoughts on the quarter...Read More >>