NYSE$TDAY
USA TODAY Co Inc · Q1 2021 earnings
Q1 2021 earnings · · Investor relations
Briefing
Gannett's Q1 2021 revenues decreased but digital subscriptions grew, and the company achieved significant synergy targets.
Gannett reported a decrease in first quarter revenues, but experienced growth in digital-only subscriptions and digital marketing solutions. The company also successfully refinanced its term loan and achieved its synergy target ahead of schedule.
- Total digital revenues were $229.2 million or 29.5% of total revenues.
- Paid digital-only subscriptions surpassed 1.2 million, an increase of 37% from the prior year period.
- Achieved $300 million of annualized synergies to date, ahead of targeted timeline.
- Adjusted EBITDA totaled $100.5 million, an increase of $1.4 million or 1.4% compared to the first quarter of 2020 and represented a 12.9% margin.
Headline financials
Revenue & EPS history
Gannett · Revenue · Quarterly
$777M
Forward guidance
Gannett is focused on a long-term, subscription-led, digital growth strategy and expects to meaningfully grow Adjusted EBITDA year over year.
Tailwinds
- Company expects to sell an additional $90 million to $115 million in non-core assets during the remainder of 2021 that are anticipated to accelerate debt pay down and further reduce cash interest costs.
- Management remains confident in its ability to implement additional measures by the end of 2021 that are expected to result in the Company outperforming original synergy targets, resulting in a total of $325 million of annualized synergies.
- With the refinancing behind us, we are focused on a long-term, subscription-led, digital growth strategy.
- The first quarter of 2021 was our best quarter to date for new digital-only subscriptions.
- Core digital marketing solutions teams also had a fantastic quarter, setting new records in productivity.
Headwinds
- First quarter revenues of $777.1 million decreased 18.1% as compared to the prior year quarter.
- Same store revenues decreased 16.5% compared to the first quarter of 2020, due to unfavorable impacts resulting from the COVID-19 pandemic and general trends adversely impacting the publishing industry.
- First quarter same store revenue trends were impacted by the cessation of industry wide digital marketing services incentives at the end of 2020.
- Net loss attributable to Gannett of $142.3 million in the first quarter reflects a $126.6 million non-cash loss on the derivative associated with the 6% senior secured convertible notes due 2027
- Print advertising revenues were $193.2 million in the first quarter of 2021, reflecting secular industry trends impacting all categories and impacts from the COVID-19 pandemic.
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 2021
-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 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro