Business
Lee Enterprises reports continued revenue and Adjusted EBITDA growth and strong fourth quarter results
Quarterly total operating revenue increase driven by 37% digital revenue growthAdjusted EBITDA(1) grew for the third consecutive quarterDigital-only
About this update from Lee Enterprises, Incorporated
[{"type":"text","content":"Quarterly total operating revenue increase driven by 37% digital revenue growthAdjusted EBITDA(1) grew for the third consecutive quarterDigital-only subscribers grew 65% to over 400,000Amplified revenue grew 71% in the quarter and totaled more than $41 million in 2021 DAVENPORT, Iowa, Dec. 09, 2021 (GLOBE NEWSWIRE) -- Lee Enterprises, Incorporated (NASDAQ: LEE), a leading provider of high quality, trusted, local news, information and a major digital and subscription platform in 77 markets, today reported fourth quarter and year-to-date financial results(2) for the period ended September 26, 2021. On a GAAP basis, total operating revenue was $193.9 million and net income totaled $5.3 million in the fourth quarter. “Our strong fourth quarter and full year results clearly demonstrate the significant progress we have made since we launched our Three Pillar Digital Growth Strategy in early 2021, positioning us with strong momentum in our digital transformation as we enter 2022,” said Kevin Mowbray, President and Chief Executive Officer. “Total operating revenue grew for the second straight quarter and totaled $193.9 million, driven by 71% growth in Amplified, our full-service digital marketing services agency, 28% growth in digital-only subscription revenue and 8% revenue growth at TownNews, our SaaS content platform. Total digital revenue increased 37% in the fourth quarter and now represents 34% of our total operating revenue,” Mowbray added. “Almost 55% of our total operating revenue, representing $106 million, is subscription-based recurring revenue. Digital-only subscribers grew 65% compared to last year and 19% sequentially over the third quarter, with digital-only subscribers now totaling 402,000. Based on this strong performance, Lee remains the fastest growing digital subscription platform in local media,” Mowbray added. “Total advertising and marketing services revenue increased 6% in the quarter driven by the continued growth of Amplified. Amplified continues to diversify and expand its suite of products for local advertisers. We are providing robust custom video offerings, leveraging our relationships with local advertisers to build or enhance their e-commerce capabilities, and leveraging our first-party data to better monetize our digital inventory. Video continues to be a major growth driver, with revenue more than doub...