Lee Enterprises Reports First Quarter Results

Core Insights - Lee Enterprises reported a 5% year-over-year increase in Total Digital Revenue, which accounted for 51% of total revenue [1][7] - Digital-only subscription revenue rose by 14% year-over-year [1][7] - Amplified Digital® Agency revenue reached $24 million, also up 14% year-over-year [1][7] Financial Performance - Total operating revenue for the first quarter was $145 million, with Total Digital Revenue at $73 million [7][17] - Operating expenses were $149 million, with Cash Costs totaling $139 million, showing a 1% decrease compared to the prior year [7][8] - The company reported a net loss of $16 million and Adjusted EBITDA of $8 million [7][18] Strategic Initiatives - A strategic partnership with Amazon Web Services (AWS) was announced to enhance digital transformation and optimize content delivery [3] - The company anticipates digital revenue growth to accelerate, projecting a full-year growth rate between 7% and 10% [4] - Lee Enterprises has identified approximately $40 million in annualized cost reductions expected to be realized by the end of the second quarter [4] Debt and Cash Flow - The company has $446 million in outstanding debt with favorable terms, including a fixed annual interest rate of 9.0% [6][8] - Cash on the balance sheet totaled $6 million, resulting in net debt of $440 million [8]