Q3 2024 Lee Enterprises Inc Earnings Call Transcript
Key Points
- Lee Enterprises Inc (LEE) achieved a significant milestone in its digital transformation, with digital revenue surpassing print revenue in the third quarter.
- Digital subscription revenue grew 34% year over year, with digital subscribers increasing by 23%.
- The company's digital agency, Amplified Digital, saw a 12% growth in the third quarter, contributing to a 37% annual growth rate over the last three years.
- Total digital revenues reached nearly $290 million over the last 12 months, marking a 17% annual growth rate.
- Lee Enterprises Inc (LEE) has effectively managed costs, leading to an 8% reduction in cash costs compared to the prior year.
- Total print revenue declined by 22% year over year, reflecting ongoing challenges in the print business.
- The company had to update its adjusted EBITDA outlook to $73 million to $78 million due to the lagging print business.
- Despite the digital growth, the company still faces volatility in the print business, impacting overall financial performance.
- The principal amount of debt remains high at $453 million, although it has decreased by $3 million year to date.
- There is uncertainty surrounding the closure of identified non-core asset sales, with some expected to close in 2025.
Good day, and welcome to the Lee Enterprises 2024 third-quarter webcast and conference call. The call Is being recorded and will be available for replay at investors.lee.net. (Operator Instructions)
Now I will turn the call over to your host, Jared Marks, Vice President of Finance.
Good morning. Thank you for joining us. And in addition to myself, speaking on this morning's call are Kevin Mowbray, President and Chief Executive Officer; and Tim Millage, Vice President, Chief Financial Officer, and Treasurer.
Earlier today, we issued a news release with preliminary results for our third fiscal quarter of 2024. It is available at lee.net as well as major financial websites. Please also refer to our earnings presentation found at investors.lee.net, which includes supplemental information.
As a reminder, this morning's discussion will include forward-looking statements based on our current expectations. These statements are subject to certain risks, trends, and uncertainties that
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
