Lee Enterprises, Incorporated (NASDAQ:LEE) Q2 2024 Results Conference Call May 2, 2024 10:00 AM ET
Company Participants
Josh Rinehults - Vice president Finance
Kevin Mowbray - President, CEO & Director
Timothy Millage - VP, CFO & Treasurer
Conference Call Participants
Daniel Harriman - Sidoti
Operator
Welcome to Lee Enterprises 2024 Second Quarter Webcast and Conference Call. This call is being recorded, and will be available for replay at investors.lee.net. [Operator Instructions] A link to the live webcast can be found at investors.lee.net.
I will turn the call over to your host, Josh Rinehults, Vice President, Finance. Sir, please begin.
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 second 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, which 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 in our SEC filings. During the call, we refer to certain non-GAAP financial measures. Reconciliations to the relevant GAAP measures are included in the 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 and your interest in Lee.
I'm excited to share with you our solid second quarter operating results, as well as update you on our digital transformation progress. Tim will cover the quarter in more detail later on the call. But in summary, our second quarter operating results were strong as we improved our overall revenue trends, managed our costs well and grew adjusted EBITDA. Lee is rapidly transforming from a print-centric to a digital-centric company, demonstrated by another quarter of strong execution of our Three Pillar Digital Growth Strategy.
Our focus is on expanding our digital audiences, growing our digital subscriber base and revenue, and diversifying and expanding our offerings for local advertisers. The long-term results of our strategy are expected to generate more than $450 million of recurring sustainable digital revenue within 5 years. With our performance through the second quarter of FY '24, we're steadily becoming sustainable, solely through cash flow generation from our digital products.