Lee Enterprises Incorporated (NASDAQ:LEE) Q3 2023 Earnings Conference Call August 3, 2023 10:00 AM ET
Company Participants
Jared Marks - Senior Director, FP&A
Kevin Mowbray - President and Chief Executive Officer
Tim Millage - Vice President, Chief Financial Officer and Treasurer
Conference Call Participants
Michael Kupinski - NOBLE Capital
Operator
Welcome to the Lee Enterprises 2023 Third Quarter Webcast and Conference Call. The call is being recorded and will be available for replay at investors.lee.net. At the close of the planned remarks, there will be an opportunity for questions. [Operator Instructions] A link to the live webcast can be found at investors.lee.net.
Now, I will turn the call over to your host, Jared Marks, Senior Director, FP&A.
Jared Marks
Good morning. Thank you for joining us. In addition to myself, speaking on this morning’s call are Kevin Mowbray, President and Chief Executive Officer; and Tim Millage, Vice President, Chief Financial Officer and Treasurer.
Earlier today, we issued a news release with preliminary results for our third quarter of 2023, which is available at lee.net as well as at major financial websites. Please also refer to our earnings presentation found at investors.lee.net that includes supplemental information.
As a reminder, this morning’s discussion will include forward-looking statements based on our current expectations. These statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially. Such factors are described in this morning’s news release and also in our SEC filings.
During the call, we will refer to certain non-GAAP financial measures, including adjusted EBITDA and cash costs, which are defined in our news release. Reconciliations to the relevant GAAP measures are included in tables accompanying the release.
And now to open the discussion is our President and Chief Executive Officer, Kevin Mowbray. Kevin will open the conversation on Slide 3 of the earnings presentation for those following along.
Kevin Mowbray
Good morning, everyone and thank you for joining us. Our third quarter results represent solid digital growth, especially revenue growth tied to our digital subscription offerings as well as strong revenue growth at Amplified Digital as we continue to grow our digital businesses and an industry-leading [clip] [ph].
Later in the call, Tim will review our third quarter results, including our updated FY ‘23 guidance. And lastly, I’ll discuss how we continue to accelerate our digital transformation tied to our three-pillar digital growth strategy.
Our third quarter digital subscription results continue to lead the industry by a significant margin, continuing our streak for the last 14 quarters. We now have 606,000 digital subscribers, which represents a 44% compound annual growth rate over the last three years. This long-standing outperformance gives us even more confidence in achieving our goal of 900,000 digital subscribers and more than $100 million of digital subscription revenue.