Business
Lee Enterprises achieves all fiscal-year guidance with strong fourth quarter results
Adjusted EBITDA(1) grew 17% YOY in the quarter, in line with full year guidanceAchieved all digital revenue guidance for the quarter and for the fiscal
About this update from Lee Enterprises, Incorporated
[{"type":"text","content":"Adjusted EBITDA(1) grew 17% YOY in the quarter, in line with full year guidanceAchieved all digital revenue guidance for the quarter and for the fiscal yearDigital-only subscribers total 532,000 (+32% YOY)Amplified Digital® revenue totaled $76M in the fiscal year (+83% YOY) DAVENPORT, Iowa, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Lee Enterprises, Incorporated (NASDAQ: LEE), a digital-first subscription platform providing high quality, trusted, local news, information and a major platform for advertising in 77 markets, today reported preliminary fourth quarter fiscal 2022 financial results(2) for the period ended September 25, 2022. “Lee delivered strong fourth quarter and fiscal year 2022 results accelerating our execution of the Three Pillar Digital Growth Strategy,” said Kevin Mowbray, President and Chief Executive Officer. “We exceeded all our revenue and digital subscription guidance, and Adjusted EBITDA was in line with our guidance. Mowbray added, “Lee remains the fastest growing digital subscription platform in media with 32% digital subscriber growth, and Amplified Digital® remains the fastest growing digital marketing agency solution with 82% revenue growth in the quarter. I am really encouraged at the pace of Lee’s digital transformation as our results and execution place us well on our way to achieving our long-term goals.” Key Fourth Quarter Highlights: Total operating revenue was $194 million, flat versus the prior year.Total Digital Revenue(3) was $65 million, a 31% increase over the prior year, and represented one-third of our total operating revenue.Digital-only subscription revenue increased 46% in the fourth quarter compared to the same quarter last year and totaled $40 million in the fiscal year. Digital-only subscribers increased 32% and now total 532,000, exceeding our updated guidance of 515,000.Digital advertising and marketing services revenue represented 55% of our total advertising revenue and totaled $49 million, a 33% increase over the prior year. Digital marketing services revenue at Amplified Digital® fueled the growth, with quarterly revenue of $22 million, an 82% increase compared to the prior year.The Company recognized $20 million in non-cash impairments of intangible assets and leases.Net loss totaled $6 million and Adjusted EBITDA totaled $30 million. Key Fiscal Year 2022 Highlights: FY22 Results202...