Financial Data and Key Metrics Changes - Total revenue for fiscal 2025 was $562 million, with 53% derived from digital sources, indicating a significant shift towards digital reliance over legacy print business [4][11] - Digital-only subscription revenue reached $94 million, with a year-over-year growth of 16% on a same-store basis, despite challenges from a cyber incident [4][11] - Adjusted EBITDA showed growth for the second consecutive quarter, reflecting effective cost management and operational execution [6][15] Business Line Data and Key Metrics Changes - The digital marketing services business, Amplified Digital Agency, surpassed $100 million in revenue with a 5% growth on a same-store basis [5][10] - Digital subscription revenue growth was 32% annually over the last three years, significantly outpacing industry peers [8][12] - Total digital revenue for fiscal 2025 was $298 million, representing 53% of total company revenue, highlighting the successful transition to a digital-first model [11][12] Market Data and Key Metrics Changes - Digital revenue growth was 2% on a same-store basis, indicating solid momentum in the digital transformation strategy [10] - The company nearly doubled the number of clients valued at over $1 million annually, showcasing the effectiveness of its innovative solutions [10] - The transition from 21% digital revenue in 2020 to 53% in 2025 marks a critical revenue inflection point for the company [12] Company Strategy and Development Direction - The three-pillar digital growth strategy aims for $450 million in digital revenue by 2030, focusing on digital subscriptions and advertising [5][12] - The company is committed to achieving 90% digital revenue by fiscal year 2030, reducing reliance on print products [12][21] - Investments in content, branding, and consumer marketing are expected to drive digital subscription revenue to $175 million by fiscal 2030 [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to drive sustainable growth and deliver long-term value to shareholders, despite challenges faced in fiscal 2025 [7][15] - The company anticipates adjusted EBITDA growth in mid-single digits for fiscal 2026, supported by ongoing digital transformation efforts [17] - The upcoming $50 million common stock rights offering is expected to enhance balance sheet flexibility and support digital transformation [21] Other Important Information - The company executed a strategic termination of its defined benefit pension plan, improving balance sheet flexibility and eliminating long-term cost uncertainty [17] - The company identified $25 million in additional non-core assets for future monetization, enhancing liquidity [17][21] - The CFO, Tim Millage, will depart in early 2026, with management expressing gratitude for his contributions [22] Q&A Session Summary Question: What was the total debt reduction in the fourth fiscal quarter and the full fiscal year? - The company reduced debt by $121 million since the credit agreement was launched in 2020, with a reduction of approximately $3.5 million in fiscal 2025, excluding increases related to a cyber incident [25] Question: No further questions were asked, and the call concluded. - The call ended with management reiterating their focus on long-term transformation for the benefit of shareholders and stakeholders [26][27]

Financial Data and Key Metrics Changes - Total revenue for fiscal 2025 was $562 million, with 53% derived from digital sources, indicating a significant shift towards digital reliance over legacy print business [4][11] - Digital-only subscription revenue reached $94 million, with a year-over-year growth of 16% on a same-store basis, despite challenges from a cyber incident [4][11] - Adjusted EBITDA showed growth for the second consecutive quarter, reflecting effective cost management and operational execution [6][14] Business Line Data and Key Metrics Changes - The digital marketing services business, Amplified Digital Agency, surpassed $100 million in revenue with a 5% growth on a same-store basis [5][10] - Digital subscription revenue growth was 32% annually over the last three years, significantly outpacing industry peers [8][11] - Digital advertising revenue contributed $184 million, with Amplified Digital Agency accounting for $103 million of this total [10][11] Market Data and Key Metrics Changes - Digital revenue constituted 53% of total company revenue, a notable increase from 21% in 2020, marking a critical revenue inflection point [12][21] - The company aims for $450 million in digital revenue by fiscal 2030, with a long-term goal of achieving 90% digital revenue [12][21] Company Strategy and Development Direction - The company is focused on a three-pillar digital growth strategy, which is expected to drive sustainable growth and long-term shareholder value [5][12] - Investments in local journalism, branding, and consumer marketing are anticipated to enhance digital subscription revenue, targeting $175 million by fiscal 2030 [18][19] - The company plans to leverage advanced data-driven advertising technology and expand its digital audience to boost high-margin digital advertising revenue [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid-single-digit adjusted EBITDA growth in fiscal 2026, despite challenges faced in 2025 [17] - The company anticipates a positive lift in digital revenue and margins in 2026 as transformational projects come to fruition [14][17] - The upcoming $50 million common stock rights offering is expected to support digital transformation and deleveraging efforts [21][22] Other Important Information - The company executed $40 million in annualized cost reductions and an additional $10 million entering fiscal 2026, focusing on non-core print operations [16][17] - A strategic termination of the fully funded defined benefit pension plan was announced, enhancing balance sheet flexibility [17] - The company is identifying opportunities to monetize non-core assets, with $9 million in asset sales completed in fiscal 2025 and an additional $25 million identified for future monetization [17] Q&A Session Summary Question: What was the total debt reduction in the fourth fiscal quarter and the full fiscal year? - Since the credit agreement was launched in 2020, the company has reduced debt by $121 million. In fiscal 2025, excluding increases due to the cyber incident, debt was reduced by approximately $3.5 million through operations and asset sales [26]

Revenue Performance - Q4 total operating revenue was $139 million, with total digital revenue at $74 million, representing 53% of total revenue[2] - For the fiscal year 2025, total operating revenue was $562 million, with total digital revenue flat at $298 million[5] - Total Operating Revenue for the three months ended September 28, 2025, was $139.1 million, a decrease of 12.3% compared to $158.6 million for the same period in 2024[15] - Same-store Total Advertising Revenue for the twelve months ended September 29, 2025, was $252.3 million, down 5.5% from $266.9 million in 2024[15] - Digital Advertising Revenue for the three months ended September 28, 2025, was $44.1 million, a decline of 16.0% from $52.5 million in the same period last year[15] - Print Subscription Revenue for the twelve months ended September 29, 2025, decreased to $164.2 million, down 16.9% from $197.6 million in 2024[15] - Total Subscription Revenue for the three months ended September 28, 2025, was $67.0 million, a decrease of 8.5% from $73.0 million in the same period last year[15] Digital Revenue Insights - Digital-only subscription revenue increased by 16% year-over-year, totaling $25 million, with 633,000 digital-only subscribers at the end of the quarter[2] - The company reported Same-store Digital Subscription Revenue of $94.2 million for the twelve months ended September 29, 2025, an increase of 16.2% from $81.0 million in 2024[15] Financial Performance - Adjusted EBITDA for Q4 was $15 million, a decrease of $2 million year-over-year, but an increase of $2 million on a comparable basis[2] - Adjusted EBITDA for FY25 was negatively impacted by a cyber incident, with an estimated impact of approximately $8 million[17] - The company expects mid-single-digit Adjusted EBITDA growth for fiscal year 2026[4] Operating Expenses and Losses - Operating expenses for FY25 totaled $571 million, a 7% decrease compared to the prior year[5] - The company reported a net loss of $36 million for FY25, compared to a net loss of $25.8 million in the previous year[5] Debt and Financial Strategy - The company has $455 million of debt outstanding with favorable financing terms, including a fixed annual interest rate of 9.0%[4] - The company’s debt stands at $576 million under a credit agreement with BH Finance LLC[17] Strategic Changes - The strategic termination of the fully funded benefit pension plan is aimed at improving balance sheet flexibility and reducing long-term volatility[6] Operational Context - The fourth quarter of fiscal 2025 consisted of 13 weeks, compared to 14 weeks in the fourth quarter of fiscal 2024[17] - Cash Costs are defined as compensation, newsprint, ink, and other operating expenses, excluding non-cash operating expenses[17]

Financial Performance - Total revenue for FY25 was $562 million[3], impacted by a cyber incident that reduced revenue by approximately $12 million[4] - Digital revenue accounted for 53% of total revenue in FY25[3] - Adjusted EBITDA for FY25 was $45 million[3], also impacted by the cyber incident which reduced Adjusted EBITDA by approximately $8 million[4] - Q4 2025 total operating revenue was $139 million, a 12% year-over-year decrease, or a 5% decrease on a same-store basis[6] - Q4 2025 total digital revenue was $74 million, a 3% year-over-year decrease[6] - Q4 2025 total print revenue was $65 million, an 8% decrease[6] - Q4 2025 Adjusted EBITDA was $15 million, a 14% increase on a comparable basis[9] - The company has reduced gross debt by $121 million since refinancing in March 2020[40] Digital Growth - Digital subscription revenue grew 16%[3, 11, 22] - The company aims to achieve over $450 million in digital revenue by 2030 through its Three Pillar Digital Growth Strategy[13] - The company expects to surpass 12 million subscribers in 2030[43, 51] - The company is targeting $250 million of digital advertising[46, 51]

Core Insights - Lee Enterprises reported a fourth quarter fiscal 2025 Adjusted EBITDA growth of $2 million year-over-year on a comparable basis, indicating a positive trend in profitability [1][2] - Total Digital Revenue accounted for 53% of total revenue in the quarter, amounting to $74 million, showcasing the company's strong digital presence [1][5] - Digital-only subscription revenue increased by 16% year-over-year, reflecting the effectiveness of the company's digital growth strategy [2][5] Financial Performance - For the fourth quarter ended September 28, 2025, total operating revenue was $139 million, with digital revenue contributing $74 million [5][15] - Operating expenses totaled $142 million, with cash costs at $126 million, both showing a decrease of 13% and 12% respectively compared to the prior year [5][16] - The net loss for the quarter was $6 million, while Adjusted EBITDA was reported at $15 million [5][16] Digital Strategy - Digital-only subscribers reached 633,000 by the end of the quarter, with digital-only subscription revenue totaling $25 million, a 6% increase year-over-year [5][15] - Digital advertising and marketing services revenue represented 74% of total advertising revenue, totaling $44 million [5][15] - The company has seen a 32% annual increase in digital-only subscription revenue over the past three years, indicating strong growth in this segment [5][15] Debt and Cash Flow - The company has $455 million of debt outstanding under a credit agreement with favorable terms, including a fixed annual interest rate of 9.0% [6][9] - Cash on the balance sheet totaled $10 million, resulting in net debt of $445 million after accounting for cash [9][19] - Capital expenditures for the quarter were $1 million, with expectations of up to $10 million in FY26 [9][19] Operational Highlights - The company is executing a strategic termination of its fully funded benefit pension plan, which is expected to improve balance sheet flexibility [9][19] - The fiscal year 2025 results were materially impacted by a cyber incident in February 2025, affecting revenue and Adjusted EBITDA by approximately $12 million and $8 million respectively [19][20]

Group 1 - Wall Street anticipates Zoom Communications Inc (NASDAQ:ZM) to report quarterly earnings of $1.44 per share on revenue of $1.21 billion [2] - Lee Enterprises, Inc. (NYSE:LEE) announced the resignation of CFO Tim Millage, effective February 28, 2026, with shares gaining 1.6% to close at $4.56 [2] - Keysight Technologies Inc (NYSE:KEYS) is expected to post quarterly earnings of $1.83 per share on revenue of $1.38 billion, with shares gaining 1.8% to close at $172.71 [2] - Wrap Technologies Inc (NASDAQ:WRAP) filed for a mixed shelf offering of up to $200 million, with shares gaining 6.6% to close at $2.11 [2] - Agilent Technologies Inc (NYSE:A) is expected to report quarterly earnings of $1.58 per share on revenue of $1.83 billion, with shares gaining 4.3% to close at $151.25 [2]

Core Insights - Lee Enterprises' Chief Financial Officer, Tim Millage, will leave the company to pursue a role as an Executive Pastor, effective February 28, 2026 [1][2] - Millage expressed confidence in the company's future and highlighted the success of the Three Pillar Digital Growth Strategy, which is enhancing revenue composition and digital margins [2] - The company is actively searching for a new CFO and Millage will provide consulting services until May 31, 2026 [2] Company Overview - Lee Enterprises is a significant subscription and advertising platform, providing local news and information through daily newspapers and nearly 350 weekly and specialty publications across 72 markets in 25 states [3] - The company is committed to delivering valuable local news and information to its communities, with key markets including St. Louis, MO; Buffalo, NY; Omaha, NE; and others [3] - Lee Common Stock is traded on NASDAQ under the symbol LEE [3]

Core Viewpoint - Lee Enterprises, Incorporated is set to announce preliminary results for its quarter ended September 28, 2025, during a scheduled audio webcast and conference call on November 26, 2025, at 9 a.m. Central Time [1] Company Overview - Lee Enterprises is a significant subscription and advertising platform, providing local news and information through daily newspapers, digital products, and nearly 350 weekly and specialty publications across 72 markets in 25 states [3] - The company is committed to delivering valuable, intensely local news and information to the communities it serves, with notable markets including St. Louis, MO; Buffalo, NY; Omaha, NE; and others [3] - Lee Common Stock is traded on NASDAQ under the symbol LEE [3]

Core Viewpoint - Lee Enterprises, Inc. is initiating a proposed equity rights offering to raise up to $50 million to support its digital transformation efforts [1][2]. Group 1: Proposed Rights Offering - The proposed rights offering aims to raise capital for the company's digital transformation, with an aggregate offering value of up to $50 million [1]. - If the full offering amount is raised, the company will benefit from a reduction in its annual interest rate from 9% to 5% for five years, resulting in annual interest savings of approximately $18 million and up to $90 million over the five-year period [2]. - The net proceeds from the offering will be allocated for working capital and investments in technology related to advertising strategies, audience outreach, and digital products [3]. Group 2: Stockholder Consent and Share Structure - The company is seeking stockholder consent to amend its charter to authorize additional shares of existing common stock, a new class of convertible non-voting common stock, and "blank check" preferred stock [4]. - Holders of the company's voting common stock will receive subscription rights, which include a basic subscription right and an over-subscription privilege [5][10]. - The non-voting common stock issued in the offering is expected to convert automatically into voting common stock after three years [7]. Group 3: Regulatory and Procedural Aspects - A registration statement on Form S-1 has been filed with the U.S. Securities and Exchange Commission (SEC) to facilitate the proposed rights offering [8]. - The company reserves the right to modify, postpone, or cancel the proposed rights offering at any time [9]. - The offering will be made only by means of a prospectus that meets the requirements of the Securities Act of 1933 [11].

As filed with the Securities and Exchange Commission on November 10, 2025 Registration No. 333- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________ FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 _________________ Lee Enterprises, Incorporated (Exact name of registrant as specified in its charter) _________________ | Delaware | 2711 | 42-0823980 | | --- | --- | --- | | (State or other jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer | | incorporation ...