Lee Enterprises (NASDAQ:LEE) Q3 2024 Results Conference Call August 1, 2024 10:00 AM ET
Company Participants
Jared Marks - VP, Finance
Kevin Mowbray - Chief Executive Officer
Tim Millage - Chief Financial Officer
Conference Call Participants
Todd Thomas - KeyBanc Capital Markets
Rich Anderson - Wedbush
Nick Thillman - Baird
Brian Maher - B. Riley
Mitchell Germain - Citizens JMP
Nikita Bely - JPMorgan
Anthony Hau - Truist
Brendon Lynch - Barclays
Steven Domanski - Janney
Operator
Good day, and welcome to the Lee Enterprises' 2024 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 prepared remarks, there will 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, Vice President of Finance.
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 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
Thank you, Jared. Good morning, everyone, and thanks for joining our call this morning. I'm delighted to share that we've made significant progress in our digital transformation. In the third quarter, each of our digital revenue streams grew year-over-year, and we effectively managed costs.
In our last call, we told you digital revenue had surpassed print revenue in the third quarter. I'm happy to share that our third quarter operating results achieved this digital revenue inflection point. This marks an important milestone in our digital transformation as it reduces our reliance on print. It's also important as the volatility of the print business is the driving force behind the updates and our adjusted EBITDA guidance that Tim will share more on in a few minutes.