Revenue Performance - Total net operating revenue for 2024 was 125,391,adecreaseof10.2139,696 in 2023[95]. - Advertising and marketing services revenue decreased by 18.9% to 47,900,accountingfor38.264,891, a slight decline of 0.7%, representing 51.8% of total revenue for 2024[95][100]. - Print advertising revenue decreased by 34.6% to 22,914millionin2024from35,045 million in 2023, while digital advertising revenue remained flat at 8,633million[115][116].−Circulationrevenueslightlydecreasedby0.764,891 million in 2024, with print circulation down 4.8% and digital circulation up 11.7%[120][121]. - Marketing and media services revenue increased by 6.5% to 16,353millionin2024,reflectingnewcustomercontracts[118][137].−Otherincomeincreasedby57.02,233 million in 2024 from 1,422millionin2023[108].CostManagement−Thecompanyexpectsannualexpensesavingsofapproximately5,000 from streamlining its print operations to a smaller facility[85]. - Employee compensation and benefits decreased by 8.0% to 63,923in2024,reflectingcostmanagementefforts[95].−Newsprint,ink,andothersuppliesexpensesdecreasedsignificantlyby40.25,256, indicating improved cost efficiency[95]. - Total operating costs and expenses decreased by 10.4% to 132,449millionin2024from147,766 million in 2023, driven by reductions in employee compensation and other operating costs[128]. Operational Changes - The company exited its shared mail program for weekly preprints in Q3 2023, reflecting a strategic shift in response to declining print revenue[86][97]. - The company plans to reduce its headcount by 76 employees, or 14.4%, in 2025, with related severance costs of 2,765[89].−Thetotalemployeeheadcountdecreasedby12.56,404 were made in 2024 for a more efficient press and related equipment, with an additional 2,000expectedforthenewfacility[89].−TheCompanysuspendedthedeclarationandpaymentofdividendsuntilfurthernoticeduetorequiredcapitalinvestmentsfortransitioningprintoperations[164].−ThesalepriceoftheNorthPlantPropertyis43,500, with expected net cash proceeds of 40,651afterclosing[161].−TheCompanyplanstomakeavoluntarycashcontributiontotheDallasNewsPensionPlansusingaportionoftheproceedsfromtheNorthPlantPropertysale[162].CashFlowandFinancialPosition−TheCompany′scashbalancesdecreasedfrom11,697 in 2023 to 9,594in2024,primarilyduetoseverancepayments,dividends,andcapitalinvestments[158].−Netcashusedforoperatingactivitiesincreasedby4,307, totaling 5,481in2024comparedto1,174 in 2023, mainly due to severance payments and changes in working capital[166]. - Net cash provided by investing activities was 4,234in2024,asignificantimprovementfrom(11,528) in 2023, due to reinvestments in CDs and capital spending[167]. Pension Obligations - The projected benefit obligations of the DallasNews Pension Plans were estimated using a discount rate of 5.3% for 2024 and 4.7% for 2023[152]. Taxation - The income tax benefit recorded in 2024 was 4,956million,comparedtoaprovisionof464 million in 2023, resulting in effective income tax rates of 102.7% and (7.0%) respectively[110][111]. Segment Performance - TDMN segment profit improved to 20,004millionin2024from18,629 million in 2023, while Agency segment loss decreased to (249)millionfrom(1,446) million[134][135]. Newsprint Consumption - Newsprint consumption decreased to approximately 4,850 metric tons in 2024 from 6,658 metric tons in 2023, with average cost per metric ton dropping from 779to646[130]. Digital Strategy - The Company continues to focus on a sustainable strategy to balance pricing and digital subscriber growth, with a 5.1% sequential improvement in digital-only subscriptions in Q3 2024[121][136]. Contractual Obligations - The Company had contractual obligations totaling $17,064 for the next five years as of December 31, 2024[171].
