$400M DIGITAL TRANSFORMATION: KEY TAKEAWAYS Lee's digital transformation strategy is expected to generate recurring sustainable digital subscription revenue of $100M in 2026 12 13 3 SOLID Q2 RESULTS Q2 Revenue • Digital Subscription Revenue $14M, +39% Q2 Adjusted EBITDA(1) • Industry-leading digital revenue growth in a dynamic market • Digital Advertising grew 7% YoY driven by Amplified growth of 20% • Thoughtful investments in digital future • $76M of annualized cost reductions executed in mid-Q2 had a sig ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Quarterly Period Ended March 26, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 mon ...

Financial Data and Key Metrics Changes - Digital subscribers increased to 564,000, a 25% rise compared to the previous year [5][10] - Digital subscription revenue grew by 56% year-over-year, contributing to a total digital revenue increase of 17% [11][20] - Total operating revenue for the first quarter was $185 million, with digital revenue now representing 35% of total operating revenue [10][11] Business Line Data and Key Metrics Changes - Print revenue declined to $120 million, an 18% decrease year-over-year due to cyclical headwinds [32] - Digital advertising revenue increased by 12%, driven by a 45% growth in Amplified Digital revenue, totaling $21 million for the quarter [12][10] - Adjusted EBITDA for the quarter was reported at $18 million, with operating expenses totaling $176 million, reflecting a 5% decrease in cash costs [13][14] Market Data and Key Metrics Changes - Total digital revenue reached nearly $250 million over the last 12 months, indicating strong growth in the digital segment [10] - The company is experiencing industry-leading digital revenue growth, outpacing peers for 13 consecutive quarters [10] Company Strategy and Development Direction - The company is focused on its Three Pillar Digital Growth Strategy, aiming for $435 million in recurring sustainable digital revenue by 2026 [6][9] - Continued investment in digital talent and technology is prioritized to support long-term digital revenue growth [17][34] - The rebranding of TownNews to BLOX Digital reflects a strategic shift to expand services beyond the media sector [30][44] Management's Comments on Operating Environment and Future Outlook - Management acknowledged cyclical headwinds affecting print revenue and emphasized the importance of digital transformation [32][24] - The company reaffirmed its adjusted EBITDA target for the fiscal year at $94 million to $100 million, despite current market conditions [20][21] - Management expressed confidence in digital subscription growth and the overall digital revenue guidance [24][52] Other Important Information - The principal amount of debt at the end of the first quarter was $463 million, with no expected material pension contributions in fiscal 2023 [35] - The company executed an additional $60 million in annualized cost reductions, with $40 million expected to be realized in fiscal year 2023 [15][19] Q&A Session Summary Question: How is print advertising pacing in the current quarter? - Management noted that cyclical headwinds observed in the first quarter are also present in the second quarter, but digital subscription guidance remains strong [24] Question: What are the types of cost reductions being implemented? - The company is evaluating all departments as part of its digital transformation, focusing on costs tied to the print business, which still represents a significant portion of revenue [49] Question: What is the current status of digital revenue growth? - Digital revenue growth is consistent with the first quarter, maintaining a 17% increase [52] Question: What led to the rebranding of TownNews? - The rebranding to BLOX Digital aims to expand service offerings beyond the media sector, reflecting the company's growth strategy [44]

| --- | --- | --- | --- | --- | |---------------------------|-------------------------------------------|-----------------------------------------------|----------------------------------------------|---------------------------| | | Digital Subscriber Growth Leads Industry | Digital Agency Revenue Growth Leads Industry | Total Digital Revenue Growing Significantly | | | 564K | Current Digital-only Subscribers | LTM Revenue | $249M | LTM Total Digital Revenue | | 13 quarters of leading | digital subscriber g ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Quarterly Period Ended December 25, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-6227 LEE ENTERPRISES, INCORPORATED (Exact name of Registrant as specified in its Charter) Delaware 42-0823980 (State or other jurisdiction of incorporatio ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Fiscal Year Ended September 25, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-6227 LEE ENTERPRISES, INCORPORATED (Exact name of Registrant as specified in its Charter) Delaware 42-0823980 (State of incorporation) (I.R.S. Employer Identific ...

Lee Enterprises, Incorporated (NASDAQ:LEE) Q3 2022 Earnings Conference Call August 4, 2022 10:00 AM ET Company Participants Josh Rinehults - Vice President, Finance Kevin Mowbray - President & Chief Executive Officer Tim Millage - Vice President, Chief Financial Officer & Treasurer Conference Call Participants Mike Kupinski - NOBLE Capital Markets Operator Welcome to the Lee Enterprise 2022 Third Quarter Webcast and Conference Call. The call is being recorded and will be available for replay beginning later ...

| --- | --- | --- | --- | |-------------------------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | UPDATE ON LEE'S DIGITAL | | | | | TRANSFORMATION THIRD QUARTER FY2022 EARNINGS \| AUGUST 2022 | | | | | | | | | 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Delaware 42-0823980 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 4600 E. 53rd Street, Davenport, Iowa 52807 (Address of principal executive offices) (563) 383-2100 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: For The ...

| --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | UPDATE ON LEE'S DIGITAL | | | | | | | TRANSFORMATION SECOND QUARTER FY2022 EARNINGS \| MAY 2022 | | | | | | | | | | | | | 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 sub ...