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Lee Enterprises Inc  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.

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