Gannett shows Q1 results

• 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
• Shares +1.2% PM.