NYSE$TDAY
USA TODAY Co Inc · Q1 2020 earnings
Q1 2020 earnings · · Investor relations
Briefing
Reported solid financial results despite the disruption experienced from the COVID-19 pandemic.
Gannett reported strong first quarter revenue and Adjusted EBITDA performance despite impact from COVID-19. The company implemented $75 million in annualized synergies and ended the quarter with approximately $200 million of cash and cash equivalents.
- First quarter revenues of $948.7 million rose 144.8% as compared to the prior year, reflecting the Acquisition.
- Digital advertising and marketing services revenues were $219.2 million, or 23.1% of total revenues.
- Over $75 million in annualized synergy measures were implemented, with approximately $19 million in savings recognized in the quarter.
- Adjusted EBITDA totaled $99.1 million, despite the negative revenue impact related to the COVID-19 pandemic.
Headline financials
Revenue & EPS history
Gannett · Revenue · Quarterly
$949M
Forward guidance
Gannett expects $140 million in annualized synergy measures to be implemented by the end of the second quarter, with $35 - $40 million of synergies savings to be recorded in the second quarter.
Tailwinds
- Reducing expenses for the second quarter by $100 - $125 million through implementation of furloughs, significant pay reductions, reductions in force, and cancellation of non-essential travel and spending.
- Reduced planned capital expenditures for 2020 by approximately 20%.
- Suspended quarterly dividend until conditions improve.
- Implemented NOL Rights Plan to protect approximately $435 million in tax assets.
- Transitioned 95% of our non-production and delivery employees to work from home by late March.
Headwinds
- The impact on our business from the pandemic came fast and is significant.
- Same store pro forma revenues decreased 10.0%, approximately in line with Q4 2019 performance, including the negative impact of approximately $17.0 million related to the COVID-19 pandemic.
- GAAP net loss attributable to Gannett of $80.2 million in the first quarter reflects $78.0 million of depreciation and amortization, $34.2 million of cash charges related to integration, reorganization and transaction related costs, $18.5 million related to non-operating pension income and $9.0 million of tax provision, the majority of which is non-cash.
- Same store pro forma print advertising revenues decreased 21.2% to the prior year.
- Same store pro forma circulation revenues decreased 7.5% in the first quarter.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2020
-0.7%
Avg return
Earnings day
-0.8%
Avg return
5 days after
+6.7%
Avg return
30 days after
47%
22 / 47 earnings
Positive
+31.5%
Q1 2024
Best reaction
-28.1%
Q2 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.8% | -1.1% | +7.4% | |
| Q3 2025 | +28.4% | +23.8% | +21.9% | |
| Q1 2025 | -3.4% | -1.6% | +10.6% | |
| Q4 2024 | -3.7% | -15.8% | -36.3% | |
| Q3 2024 | -19.4% | -14.5% | -10.7% | |
| Q2 2024 | -12.8% | -10.2% | +7.7% | |
| Q1 2024 | +31.5% | +33.2% | +56.0% | |
| Q4 2023 | -6.3% | -2.7% | +0.5% | |
| Q3 2023 | -14.8% | -15.2% | -16.1% | |
| Q2 2023 | +17.1% | +26.2% | +7.3% | |
| Q1 2023 | +1.5% | -2.0% | +13.6% | |
| Q4 2022 | +17.8% | +17.4% | -29.1% | |
| Q3 2022 | +23.0% | +31.1% | +74.3% | |
| Q2 2022 | -26.5% | -26.2% | -28.7% | |
| Q1 2022 | -8.8% | -11.7% | -7.9% | |
| Q4 2021 | -5.6% | -12.4% | -13.2% | |
| Q3 2021 | -7.1% | -13.7% | -21.1% | |
| Q2 2021 | +11.4% | +11.0% | +15.7% | |
| Q1 2021 | -4.0% | -1.3% | +12.4% | |
| Q4 2020 | -11.8% | -2.7% | -4.6% | |
| Q3 2020 | +12.3% | +20.2% | +148.2% | |
| Q2 2020 | -7.8% | +6.0% | +10.2% | |
| Q1 2020 | +1.9% | +3.7% | +162.6% | |
| Q4 2019 | -14.1% | -18.6% | -59.3% | |
| Q3 2019 | -3.5% | -11.1% | -23.3% | |
| Q2 2019 | -28.1% | -18.3% | -8.2% | |
| Q1 2019 | -3.8% | -3.1% | -13.7% | |
| Q4 2018 | +0.7% | +0.9% | -16.0% | |
| Q3 2018 | -2.4% | -3.8% | -12.1% | |
| Q2 2018 | -1.8% | -1.3% | -1.8% | |
| Q1 2018 | +2.3% | -1.1% | +6.2% | |
| Q4 2017 | -1.6% | +0.4% | +9.3% | |
| Q3 2017 | +2.2% | -0.1% | +12.4% | |
| Q2 2017 | +1.9% | -1.5% | +4.4% | |
| Q1 2017 | +2.8% | -7.6% | -10.9% | |
| Q4 2016 | +2.1% | +1.8% | -4.9% | |
| Q3 2016 | +1.0% | +0.8% | +11.3% | |
| Q2 2016 | -9.1% | -10.6% | -21.3% | |
| Q1 2016 | +1.2% | — | — | |
| Q4 2015 | +1.5% | — | — | |
| Q3 2015 | -6.5% | — | — | |
| Q2 2015 | +8.6% | — | — | |
| Q1 2015 | +0.5% | — | — | |
| Q4 2014 | +2.4% | — | — | |
| Q3 2014 | -1.3% | — | — | |
| Q2 2014 | -1.0% | — | — | |
| Q1 2014 | -1.1% | — | — | |
| Q4 2013 | — | — | — | |
| Q3 2013 | — | — | — | |
| Q2 2013 | — | — | — | |
| Q1 2013 | — | — | — | |
| Q4 2012 | — | — | — | |
| Q3 2012 | — | — | — |
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