The following is a summary of the Lee Enterprises (LEE) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Lee Enterprises reported Q3 total operating revenue of $151 million.

• Digital revenue streams collectively grew, with digital advertising reaching $50 million and digital subscriptions totaling $21 million, each showing year-over-year growth.

• Adjusted EBITDA for the quarter was $15 million.

• Digital margin stands impressively at 72%, indicative of high profitability in digital businesses.

Business Progress:

• Achieved a digital revenue inflection point, surpassing print revenue.

• Digital subscriber count increased to 748,000, a 23% rise year-over-year.

• Amplified Digital Agency grew 12% in the quarter, reaching annualized revenue of over $100 million.

• Total digital revenues over the last 12 months hit $290 million, maintaining a 17% annual growth rate over three years.

Opportunities:

• Lee Enterprises' diverse and growing digital revenue streams, particularly in digital subscriptions and services, present a significant opportunity for sustainable profitability.

• Approaching sustainability purely from digital operations offers potential for reduced reliance on the volatile print sector.

Risks:

• Print revenue declined by 22% year-over-year, reflecting ongoing challenges and volatility in the print business, necessitating significant digital transformation efforts to offset this decline.

More details: Lee Enterprises IR

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