Slide 1: Accelerating Our Digital Transformation
ACCELERATING OUR DIGITAL TRANSFORMATION FOURTH QUARTER AND 2021 EARNINGS | DECEMBER 2021 of ENTERPRISES
Slide 2: Safe Harbor
SAFE HARBOR The information provided in this presentation may include forward-looking statements relating to future events or the future financial performance of the Company. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or
Slide 3: Leverage strong liquidity position and balance sheet to invest in digital future
Leverage strong liquidity position and balance sheet to invest in digital future + Expectto reach <2.5x leverage target within five years + Healthy balané 3 and enhanced operating cash oF Unlock full value of Lee through multiple expansion Ac ne with diltal-fist peers
Slide 4: Introduction to Lee Enterprises
INTRODUCTION TO LEE ENTERPRISES (NASDAQ: LEE) Leading provider of digital products and services and high quality, trusted, local news and information Fastest growing digital subscription platform in local media Bost-in-class management team with a strong performance track record Digital wing with en
Slide 5: Large and Growing Base of Recurring, Sustainable Digital Revenue
LARGE AND GROWING BASE OF RECURRING, SUSTAINABLE DIGITAL REVENUE Consumer Advertising & TownNews Revenue Marketing Services Digital Services $358M FY2021 Revenue 402K Digital-only Subscribers Deiverng valuable, intensely focal, original ewe and information + Leading portfolio of ~360 daily print and
Slide 6: Strategic Pillars
PILLAR 2 Accelerate subscription growth Transform subsenpton model to more than oubie digtal-ony subseritons over next fi ntet to drive sively promote dynamic vd ‘ontent hat drves consumption, fengagementand dita-only subscriptions PILLAR 3 Diversify and expand offerings for advertisers. ont
Slide 7: Digital Subscribers Surpassed 400K in 2021
DIGITAL SUBSCRIBERS SURPASSED 400K IN 2021 Fastest growing digital subscription platform Digital Only Subscribers ceca oes 401,600 «50% digital subscriber growth in each of last five quarters, Total paid subscriber growth in the last three quarters 337,000 308,000 286,000 zona 74400 + $26M in digita
Slide 8: Amplified Revenue Grew 43% in 2021
AMPLIFIED REVENUE GREW 43% IN 2021 Reach $100M annualized revenue from Amplified Digital Agency in three years + $42M revenue in 2024, up 43% in fiscal year with growth accelerating in the last half of the year (+81% YOY) + Fueled by Lee's Viston platform, a data criven Amplified Revenue ‘omnichanne
Slide 9: Strengthened Balance Sheet and Reduced Cost in 2021
STRENGTHENED BALANCE SHEET AND REDUCED COST IN 2021 Significant Debt Reduction $578,000. $576,000 3538200 $523,587 li 102.2020 032020 042020 012021 22021 $405.162 sasz616 932021 a8 2021 '$56M in debt reduction in 2021 and $94M since refinancing In March 2020, Favorable credit agreement with Berkshir
Slide 10: Fourth Quarter and Full Year Financial Highlights
FOURTH QUARTER AND FULL YEAR FINANCIAL HIGHLIGHTS ‘aa Fyz021 ‘Total operating revenue of $193.9M, up 1% year over year. + Subscription revenue lotaled $27.8 milion, down 1.8% compared lo the prior year. Digital-only subscriptions al the end of the quarter totaled 402.000, or up 65% compared to the s
Slide 11: A Bold Course for Our Future
A BOLD COURSE FOR OUR FUTURE ne Executing against clearly-defined digital transformation strategy to drive recurring, long-term revenue growth Well-positioned in highly attractive markets Best-in-class management team with a proven track record to drive results Improving cash flow will facilitate co
Slide 12: Lee Enterprises
f= ENTERPRISES
Slide 13: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (ten of tor Pr sep 2001 ‘Adjusted EOTOA ea sorAA? foal pacermarce etna autem eroprneng sserss net uy cs (enon sala fase char rat stock conasiton ‘nership sham TW and EBTOA( 50%) ‘aun FDA ra som shre ot stron Titan cs ecu nearing FT