Lee Enterprises Q1 adjusted EBITDA up 6% YoY; digital-only subscribers rise 30% to 735k

LEE ENTERPRISES, Inc

2024-Q1 EPS reported $0.12 revenue$155,678,000

Q1 total operating revenue $156M; total digital revenue $71M (+11% YoY), 46% of total revenue.
Digital-only subscribers 735,000 (+30% YoY); digital-only subscription revenue +60% YoY on 20% rate increase.
Adjusted EBITDA $19M (+6% YoY); net income $1M; FY2024 guidance unchanged ($83M–$90M EBITDA).
Debt $454M at fixed 9% with 25-year maturity, no covenants; net debt $439M; cash $15M.
Company expects digital revenue to exceed print in H2 FY24, targeting sustainability without print within five years.

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