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 For The Quarterly Period Ended December 26, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-6227 LEE ENTERPRISES, INCORPORATED Delaware 42-0823980 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 4600 E. 53rd Stre ...

Financial Data and Key Metrics Changes - Total operating revenue for Q1 2022 was $202 million, with total digital revenue increasing 17% year-over-year to $55 million [34][35] - Digital-only subscription revenue increased 26% to $8 million, with over 450,000 paid digital-only subscribers, representing a 57% year-over-year growth [35][10] - Total print revenue declined 11% year-over-year to $147 million due to secular declines and supply chain constraints [36] Business Line Data and Key Metrics Changes - Digital advertising and marketing services revenue increased 19% to $43 million, with a 30% increase when excluding political revenue [35] - Amplified Digital Agency revenue grew 69% year-over-year to $15 million, contributing to a total of $47 million over the last 12 months [35][30] - Subscription-based revenue reached $107 million, accounting for 53% of total operating revenue [12] Market Data and Key Metrics Changes - The company serves over 47 million unique visitors monthly, with 12 million loyal readers and 2.4 million highly engaged readers [24] - Video revenue increased by 98% in the quarter, indicating strong growth potential in leveraging trusted brands [20] Company Strategy and Development Direction - The company is focused on a Three Pillar Digital Growth Strategy aimed at expanding digital audiences, growing digital subscriptions, and diversifying offerings for local advertisers [14][18] - The goal is to achieve over $435 million in recurring sustainable digital revenue by 2026 [14] - Investments in talent and technology are being made to support the digital transformation and enhance user experience [40][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of regional local advertisers, with strong growth in digital advertising [56] - The company anticipates continued digital growth and expects to achieve 495,000 digital-only subscribers and $230 million in total digital revenue for fiscal 2022 [37] - Management highlighted the importance of managing costs while investing in digital growth, expecting a reduction in legacy costs of $20 million to $30 million in fiscal 2022 [39] Other Important Information - The principal amount of debt decreased to $463 million, down $20 million sequentially [43] - The company is targeting $20 million to $30 million in asset sales for fiscal 2022, with $14 million already closed in Q1 [44] Q&A Session Summary Question: What was the digital political advertising number in the prior year quarter? - The prior year had around $3 million of political revenue associated with various campaigns [52] Question: When do you cycle against the changes in the paywall with your digital sites? - Most changes were cycled in the middle of FY22, fairly late in the fiscal year in '21 [54] Question: Can you discuss the tone of the current market, particularly regarding Amplified and print advertising? - The recovery for regional local advertisers is strong, but print advertising recovery is slower due to supply chain issues [56] Question: How important is the auto category for the company? - The auto category is significant, but revenues have declined due to supply chain issues affecting advertising [57] Question: Clarification on the $14 million in closed real estate sales and fiscal 2022 guidance? - The fiscal year '22 guidance of $20 million to $30 million in closed sales includes the $14 million already closed [58] Question: Thoughts on selling or spinning off Amplified or TownNews? - Both Amplified and TownNews are crucial for the digital growth strategy, and their value is better leveraged within the company [63] Question: Status of warrants issued in 2014? - None of the warrants have been exercised as of now, and they are set to expire on March 31, 2022 [64]

| --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | UPDATE ON LEE'S DIGITAL | | | | | | | TRANSFORMATION FIRST QUARTER FY2022 EARNINGS \| FEBRUARY 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 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Fiscal Year Ended September 26, 2021 OR ☐ 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 ...

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 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: For The Quarterly Period Ended June 27, 2021 OR ☐ 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 ...

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 For The Quarterly Period Ended March 28, 2021 OR ☐ 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 incorporation or organization) (I ...

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 For The Quarterly Period Ended December 27, 2020 OR ☐ 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 incorporation or organization) ...

Financial Data and Key Metrics Changes - Total operating revenue decreased by 10.8% on a pro forma basis compared to the previous fiscal year, with trends improving from declines of 16.9% and 24.7% in the third and fourth quarters of fiscal year 2020 respectively [9] - Adjusted EBITDA for the first quarter totaled $40 million, reflecting strong cost management [10][22] - Total cash costs were down 10.1% compared to the same quarter last year, with compensation down 5.9% and newsprint costs down 34% [20] Business Line Data and Key Metrics Changes - Digital revenue reached $62.5 million, accounting for 29.5% of total operating revenue, marking a 26% improvement year-over-year [10] - Digital-only subscriptions grew by 69% year-over-year, totaling 286,000 paid subscriptions, contributing to a 1.9% quarter-over-quarter growth in subscription revenue [11] - Advertising revenue trends improved significantly, with a 690 basis point improvement compared to the fourth quarter trends of fiscal 2020 [12][13] Market Data and Key Metrics Changes - Revenue from top local accounts and small-to-medium businesses (SMBs) comprised nearly 50% of total advertising revenue, indicating a strong focus on local market relationships [13] - TownNews revenue increased by 8.5%, with 45% of total revenue being recurring or subscription-based [16] Company Strategy and Development Direction - The company is focused on executing its post-dynamic strategy to drive new revenues, with significant progress in digital transformation and cost management [8][17] - Plans to triple digital-only subscriptions by 2025 and expand into new revenue streams such as video sales, e-commerce, and first-party data [28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about revenue trends improving and emphasized the importance of local audience and advertising revenue [8] - The company has exceeded its cost synergy target of $100 million nine months ahead of schedule, achieving $103 million in cost synergies by the end of the first quarter [19] Other Important Information - The principal amount of debt at the end of the first quarter was $523.6 million, down $52.4 million since refinancing in March [22] - The company has $30 million in non-core real estate assets available for sale, which will be used to further reduce debt [25] Q&A Session Summary Question: Are there further opportunities for cost synergies in the second quarter? - Management confirmed their commitment to managing cost structures and driving efficiencies while investing in revenue growth, particularly in digital [27] Question: What are the company's expectations for digital revenue growth? - The company aims to triple digital-only subscriptions by 2025 and is focused on new revenue achievements in video sales, e-commerce, and first-party data [28] Question: What is the company's debt reduction target for fiscal year 2021? - Management did not provide specific guidance but indicated that all cash flow and excess cash flow will be used to repay debt [29]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Fiscal Year Ended September 27, 2020 OR ☐ 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) Q4 2020 Results Earnings Conference Call December 10, 2020 10:00 AM ET Company Participants Timothy Millage - VP, CFO & Treasurer Kevin Mowbray - President & CEO Nathan Bekke - Vice President, Consumer Sales and Marketing Conference Call Participants Operator Good day, everyone. And thank you for standing by. Welcome to the Lee Enterprises 2020 Fourth Quarter Webcast and Conference Call. The call is being recorded and will be available for replay beginning later th ...