Lee Enterprises, Incorporated (NASDAQ:LEE) Q1 2024 Earnings Call Transcript February 1, 2024 10:00 AM ET
Company Participants
Josh Rinehults - VP, Finance
Kevin Mowbray - President and CEO
Tim Millage - VP, CFO & Treasurer
Conference Call Participants
Daniel Harriman - Sidoti & Company
Operator
Welcome to the Lee Enterprises 2024 First 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, Josh Rinehults, Vice President, Finance. Please go ahead.
Josh Rinehults
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 first fiscal quarter of 2024. It is available at lee.net as well as 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 refer to certain non-GAAP financial measures. 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 Mowbray
Good morning, everyone, and thank you for joining us. We will begin our time this morning, demonstrating the success of our Three Pillar Digital Growth Strategy in growing digital subscribers, transforming the mix of our revenue and growing adjusted EBITDA. We'll also discuss our first quarter operating results, highlighting our industry-leading digital performance. We'll conclude by reiterating our confidence in our long-term goals.
Lee's fiscal year 2024 is off to a good start as we executed well on our Three Pillar Digital Growth Strategy. We're concentrated on expanding our digital audiences, growing our digital subscriber base and revenue and diversify and expanding our offerings for regional and local advertisers. The long-term results of our strategy are expected to generate more than $450 million of recurring sustainable digital revenue within five years. With that level of performance, we will be sustainable solely through cash flow generation from our digital products. That is an incredibly important point as is the objective of our Three Pillar Digital Growth Strategy.