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Lee Enterprises Inc (NASDAQ:LEE) reported Q4 FY23 operating revenue was $164.0 million, missing the consensus of $173.4 million.
Total Digital revenue increased 14% Y/Y to $73 million in the quarter. Digital-only subscription revenue rose 68% Y/Y, led by an increase of 36% Y/Y in digital-only subscribers and marketing efforts driving price yields. At the end of the quarter, digital-only subscribers totaled 721,000.
Adjusted EBITDA stood at $30 million, and net loss came in at $(1) million. EPS of $(0.32) missed the consensus of $1.40.
As of September 24, 2023, cash totaled $15 million, and debt (net of cash) came in at $441 million.
"Our aggressive cost actions in FY23, as well as the strong performance of our digital revenue streams, will have a favorable impact on FY24 operating results," said Kevin Mowbray, President and Chief Executive Officer.
Outlook: For FY24, LEE expects digital revenue of $310 million (+13% Y/Y) - $330 million (+21% Y/Y), digital-only subscribers of 771,000 (+7% Y/Y), and adjusted EBITDA of $83 million (-3% Y/Y) - $90 million (+6% Y/Y).
For 2024 - 2028, the company expects a digital revenue of $450 million-$500 million and 1.2 million digital-only subscribers.
Price Action: LEE shares are trading lower by 8.42% at $9.90 on the last check Thursday.
Posted In: LEE
