The following is a summary of the Gannett Co., Inc. (GCI) Q1 2024 Earnings Call Transcript:
Financial Performance:
Gannett reported Q1 revenue of $635.8 million, a decrease of 5%, with a net loss of $84.8 million and adjusted net loss of $36.4 million.
Adjusted EBITDA remained relatively unchanged from the prior year, tallying at $57.6 million.
The company achieved an all-time high with digital revenues constituting 42% of its total revenues, showing an 8% year-over-year growth
An improved free cash flow was reported in comparison to the prior year, with anticipations for full-year growth.
Business Progress:
Gannett has successfully grown digital revenue streams, with notable highs in digital-only subscription ARPU and subscription revenue with growth rates surpassing 20%.
Digital-only paid subscriptions crossed the 2 million mark in Q1.
The company anticipates generating $20 million from partnerships in 2024.
Gannett is endeavoring a strategic shift into video to further diversify digital revenue streams.
The company's successful Q1 performance has validated their strategic plan and they remain committed to debt reduction.
A promising future is anticipated due to the successful milestones achieved in Q1, with aims of exiting 2024 with overall revenue growth.
More details: Gannett IR
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