The following is a summary of the Lee Enterprises, Incorporated (LEE) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Lee Enterprises reported an operating revenue of $147 million in Q2.

• The company experienced a 24% decrease in print revenue but enjoyed an 11% growth in digital revenue.

• They achieved a 5% growth in adjusted EBITDA, totalled at $15 million for the quarter, and managed to decrease their debt by $2 million year-to-date, $454 million in total.

• They've made $3 million from asset sales this year and plan to sell an additional $25 million in non-core assets, hoping to close around $10 million in sales by fiscal year end.

Business Progress:

• Lee Enterprises has seen significant growth in digital transformations, marked by a 48% year-over-year increase in digital subscription revenue.

• They've added Les Ottolenghi as Chief Transformation and Commercial Officer to accelerate digital transformation.

• The company has plans to derive over half their total revenue from digital sources by next quarter, as part of their Three Pillar Digital Growth Strategy.

• Long-term targets include generating $150 million of recurring digital subscription revenue and $300 million of digital advertising revenue by 2028.

• They aim to reach between $310 million and $330 million in digital revenue for FY '24, a 70% increase from FY '23, with a goal of $450 million digital revenue by 2028.

• Digital subscribers are now over 745,000, a 25% increase from the previous year, and their average rates for digital subscriptions have increased by 17%.

More details: Lee Enterprises IR

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