Financial Data and Key Metrics Changes - Total operating revenue on a GAAP basis was $182.5 million in the quarter, exceeding the range of $177 million to $180 million provided last quarter [21] - On a pro forma basis, total revenue was down 25% compared to the prior year due to the significant negative effects from COVID-19 [21] - Adjusted EBITDA totaled $26.3 million in the third quarter, which was $2.8 million higher than the high end of the outlook [14][24] - Cash costs on a pro forma basis were down 22.1% in the quarter due to a combination of temporary and permanent cost reductions [22] Business Line Data and Key Metrics Changes - Subscription revenue was down 5% in the quarter on a pro forma basis, with single-copy sales down 26.9% due to COVID-19 impacts [10] - Excluding single-copy revenue, subscription revenue was down just 1.6% compared to the prior year on a pro forma basis, showing improvement from Q1 and Q2 trends [11] - Digital-only subscribers increased to 222,000, representing a 35.1% annualized increase over the March 2020 quarter [12] Market Data and Key Metrics Changes - Advertising demand has changed dramatically during COVID-19, with a significant negative impact on advertising revenue [12] - Trends in advertising revenue showed a slow and steady improvement, with June trends being 15 percentage points better than in April [13] Company Strategy and Development Direction - The company aims to transform the way it presents local news, focusing on improving digital presentations and creating new content channels [15][16] - The post-pandemic strategy includes diversifying and transforming services and products offered to advertisers [17] - The company is committed to remaining a leading provider of local news and information while focusing on digital audience growth [18] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the future despite significant negative impacts from COVID-19, emphasizing the importance of local news and robust digital products [18][19] - The company has secured financing that eliminates financing risk for 25 years, which contributes to a positive outlook [19] Other Important Information - The company executed a temporary compensation reduction for all employees, which reduced costs by $10 million in the quarter [23] - The company expects to achieve more than $100 million in cost synergies due to business transformation initiatives and acquisition integration [26] Q&A Session Summary Question: What is the difference between EBITDA and excess cash flow? Can debt reduction continue at this pace going forward? - Adjusted EBITDA is a non-GAAP financial performance measure used to monitor operating results, while excess cash flow is defined as cash on the balance sheet in excess of $20 million [31][32] Question: Did Lee buy back any stock in the past quarter or the past year? - The company did not buy back any stock in the past quarter or year due to restrictions under the current credit agreement [33] Question: Did Lee make any asset sales in the quarter? - The company is still focused on its real estate monetization program, which slowed down due to government shutdowns, but remains active with $34 million of real estate for sale [34] - After the quarter end, the company monetized part of its private equity investment, realizing $3.9 million of a $10 million investment [35]

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 June 28, 2020 OR ☐ 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 months (or for such sh ...

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 29, 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 on a pro forma basis was $207.3 million, a 10% decline compared to the prior year, but a 100 basis point improvement from the first quarter trend [16][28] - Adjusted EBITDA in the second quarter totaled $24 million, with pro forma adjusted EBITDA for the last 12 months at $152.1 million [38] - Operating expenses decreased by 2.6% in the quarter, with cash costs down 9.8% on a pro forma basis [29] Business Line Data and Key Metrics Changes - Subscription revenue on a pro forma basis was down 2.8% in the second quarter, representing 41.5% of total operating revenue [13] - Digital-only subscribers increased by 91.7% in the second quarter compared to the same quarter a year ago, reaching nearly 200,000 [14] - Revenue at TownNews increased by 11.1% in the second quarter, despite some slowdown due to COVID-19 [15] Market Data and Key Metrics Changes - Pro forma advertising revenue in the second quarter was on par with first quarter trends, despite a significant decline in demand due to COVID-19 [10] - The company expects total operating revenue for the third quarter to be between $177 million and $180 million, down 24.9% compared to the prior year on a pro forma basis [17] Company Strategy and Development Direction - The acquisition of BH Media Group and the Buffalo News is expected to unlock significant value through synergies and reduce the cost of capital, extending the company's runway for 25 years [9][26] - The company aims to achieve more than $100 million in cash cost savings by the end of 2021 through business transformation initiatives and acquisition integration [25][36] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the future despite the significant negative impact from COVID-19, citing a favorable mix of advertising revenue and strong local advertising relationships [21][22] - The company has taken swift actions to mitigate the impacts of COVID-19, including launching a local marketing brand program that has attracted over 4,400 advertisers [11][12] Other Important Information - The company completed a comprehensive refinancing of its debt with Berkshire Hathaway, borrowing $576 million at a fixed interest rate of 9%, which is expected to save nearly $5 million annually [31][35] - As of the call, the company had more than $50 million in cash on its balance sheet, providing sufficient liquidity in the near term [20][40] Q&A Session Summary Question: How much of the $17.7 million received from asset sales came from the sale of the Oregon and California newspaper publications? - The majority of the $17.7 million came from real estate sales, with less than $4 million from the sale of four business operations out West [43]

(Exact name of Registrant as specified in its Charter) 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) 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 29, 2019 OR [ ] TRANSITION REPORT PURSU ...

Table of Contents [ ] 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 Identification No.) 4600 E 53rd Street, Davenport, Iowa 52807 (Address of principal executive offices) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K [X] ANNUAL REPORT PURSUANT TO SECTION 1 ...

Financial Data and Key Metrics Changes - Total digital revenue for fiscal year 2019 was $144.6 million, an increase of 4.3% on a same-property basis [6] - Adjusted EBITDA for the fourth quarter totaled $31.1 million, compared to $35.9 million in the prior quarter [10] - Cash costs on a same-property basis decreased by 8.1% in the fourth quarter, with compensation costs down 9.7% [11] - For fiscal year 2019, adjusted EBITDA totaled $121.5 million, and debt reduction amounted to $41.2 million [12] Business Line Data and Key Metrics Changes - Digital advertising represented 40% of total advertising in the fourth quarter, with local controllable retail accounts contributing over 50% of advertising revenue [6] - Revenue from Amplified Digital agency increased by 13.1% in the fourth quarter, with strong margins [7] - Digital-only subscriptions grew by 79.1% in 2019, adding 13,000 net new subscribers in the fourth quarter [8] - TownNews revenue increased by 10.7% in the fourth quarter, totaling $22.6 million for the fiscal year [9] Market Data and Key Metrics Changes - The company reached 75% to 80% of adults in local markets through print, digital, and mobile platforms [7] - Subscription revenue improved modestly in the fourth quarter, down 4.6% on a same-property basis [8] Company Strategy and Development Direction - The company is focused on digital transformation and reducing costs while maintaining strong performance [10] - Plans to monetize non-core assets, including excess real estate valued at $30.8 million, to reduce leverage [12] - The transition to the News+ membership program aims to stabilize the full access audience and stimulate digital-only subscription growth [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth despite industry challenges, highlighting the success of digital revenue growth [10] - The company is evaluating options for opportunistic refinancing to reduce capital costs [17] Other Important Information - The company became a taxpayer in 2019, paying $8.4 million in income taxes [13] - The company has extended its revolver maturity to December 2020 [15] Q&A Session Summary Question: What is the plan for extending the revolver maturing on December 28, 2019? - The revolver has been extended for an additional 12 months, maturing in December 2020 [15] Question: What involvement will Lee have in Facebook's recently announced Facebook Live News tab? - Lee is involved in the test in three markets, but it is too early to determine the outcome [16] Question: Will Lee be able to complete a debt refinancing deal by March 2022? - The company is exploring options for refinancing and aims to reduce leverage as quickly as possible [17] Question: Can you provide further details on the $6 million of restructuring costs in the quarter? - The majority of the restructuring costs were related to severance due to business transformation projects, with $3.8 million associated with withdrawals from multi-employer pension plans [19] Question: Can you comment on debt paydown and bond buybacks in the December quarter? - The company has reduced debt by $7 million in the first quarter and expects similar results historically [20]

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 June 30, 2019 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) (State or other jurisdiction of incorporation or organization) Delaware 42-0823980 ...

Financial Data and Key Metrics Changes - Total revenue decreased by 4% in the third quarter, consistent with the previous quarter [7] - Adjusted EBITDA for the third quarter was $30.7 million, down 1.3% compared to the prior year, with total adjusted EBITDA over the last 12 months amounting to $125.5 million [20] - Cash costs on a same-property basis decreased by 7.6% in the third quarter and are expected to decline between 4.75% and 5.5% for fiscal year 2019 [19][20] Business Line Data and Key Metrics Changes - Total digital revenue, including digital advertising and services, increased by 6.9% to nearly $120 million over the last 12 months [9] - Programmatic revenue grew by 6.2% on a same-property basis, marking nearly a decade of quarter-over-quarter digital advertising revenue growth [9] - Revenue from the Amplified Digital Agency increased by 32% in the third quarter [11] - Subscription revenue was down 3.2% on a reported basis and 5.3% on a same-property basis [13] Market Data and Key Metrics Changes - Digital-only subscriptions increased by 72%, totaling 79,000, with expectations to nearly double in fiscal year 2019 [14] - Local controllable retail accounts represent 50% of advertising revenue, with Edison revenue up 13.3% and customer accounts increasing by almost 8% over Q2 [10] Company Strategy and Development Direction - The company is focused on driving digital growth by leveraging its position in midsize markets and maintaining industry-leading margins and strong cash flow [7] - The relaunch of the Edison sales approach aims to improve local retail revenue trends [10] - TownNews is positioned for substantial future revenue growth through market share expansion and diversification of the customer base [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future performance despite industry challenges, highlighting strong execution on cost management and digital growth strategies [16][17] - The company anticipates improvements in subscription trends in the current quarter following the launch of the News+ membership model [13] Other Important Information - The company reduced debt by $17.9 million, with a leverage ratio net of cash standing at 3.5x [20] - The company has identified approximately $26 million of excess real estate for potential sale to reduce leverage [20] Q&A Session Summary Question: How does New Media's $1.8 billion, 11.5% coupon affect Lee's refinancing efforts? - Management indicated that there is no direct connection between the two situations, emphasizing Lee's strong financial metrics and position for opportunistic financing [24] Question: Did you repurchase the notes in the open market at a discount? - The notes repurchased were just below the current call price, indicating a discount to the call price but still above par [25] Question: At what date do you estimate that digital revenue will exceed print revenue? - Management did not provide specific guidance but emphasized a focus on driving digital transformation and monetizing large audiences [26] Question: What actions have been taken to buy back Lee stock since Board authorization? - To date, no shares have been repurchased, with management considering various factors including stock price and leverage ratio [27]

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 31, 2019 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) (State or other jurisdiction of incorporation or organization) Delaware 42-082398 ...