Lee Enterprises Files 2024 10-K

TL;DR

LEE filed its 2024 10-K. Full financials and biz ops details inside.

AI Summary

Lee Enterprises, Inc. filed its 2024 10-K report for the fiscal year ending September 29, 2024. The company, headquartered in Davenport, IA, operates in the newspapers publishing and printing industry. The filing details financial performance and business operations for the period, with specific financial data and disclosures to be found within the full document.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of Lee Enterprises' financial health and strategic direction for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: medium — This is a standard annual financial filing providing historical data and disclosures, not indicative of immediate new risks.

Key Numbers

• 20240929 — Fiscal Year End (The reporting period concluded on this date.)
• 20241213 — Filing Date (The date the 10-K was submitted to the SEC.)

Key Players & Entities

• LEE ENTERPRISES, Inc (company) — Filer of the 10-K report
• Davenport, IA (location) — Company headquarters
• 20240929 (date) — Fiscal year end
• 20241213 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — nge On Which Registered Common Stock - $0.01 par value LEE The Nasdaq Global Select
• $38.6 million — Digital grew 10.4% in 2024 and totaled $38.6 million. We made significant investments in B

Filing Documents

• lee-20240929.htm (10-K) — 1683KB
• lee10-k9292024ex21.htm (EX-21) — 101KB
• lee10-k9292024ex23.htm (EX-23) — 2KB
• lee10-k9292024ex24.htm (EX-24) — 11KB
• lee10-k9292024ex311.htm (EX-31.1) — 9KB
• lee10-k9292024ex32.htm (EX-32) — 6KB
• lee10-k9292024ex312.htm (EX-32.2) — 9KB
• lee-20240929_g1.jpg (GRAPHIC) — 58KB
• 0001628280-24-051167.txt ( ) — 11640KB
• lee-20240929.xsd (EX-101.SCH) — 74KB
• lee-20240929_cal.xml (EX-101.CAL) — 120KB
• lee-20240929_def.xml (EX-101.DEF) — 466KB
• lee-20240929_lab.xml (EX-101.LAB) — 918KB
• lee-20240929_pre.xml (EX-101.PRE) — 733KB
• lee-20240929_htm.xml (XML) — 1660KB

Business

Business 1 Item 1A

Risk Factors

Risk Factors 7 Item 1B Unresolved Staff Comments 13 I tem 1C C ybersecurity 13 Item 2

Properties

Properties 14 Item 3

Legal Proceedings

Legal Proceedings 15 Item 4 Mine Safety Disclosures 15 Part II Item 5 Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 16 Item 6 [Reserved] 17 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 24 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 24 Item 9A

Controls and Procedures

Controls and Procedures 24 Item 9B Other Information 27 Part III Item 10 Directors, Executive Officers and Corporate Governance 28 Item 11

Executive Compensation

Executive Compensation 28 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 28 Item 13 Certain Relationships and Related Transactions, and Director Independence 28 Item 14 Principal Accounting Fees and Services 28 Part IV Item 15 Exhibits and Financial Statement Schedules 29 Consolidated Financial Statements 30 Exhibit Index 70

Signatures

Signatures 73 Table of Contents References to "Lee", "the Company", "we", "our", "us" and the like throughout this document refer to Lee Enterprises, Incorporated and subsidiaries. References to "2024", "2023", "2022" and the like refer to the fiscal years ended the last Sunday in September. PART I

BUSINESS

ITEM 1. BUSINESS Lee Enterprises, Incorporated is a leading digital-first subscription business dedicated to delivering high-quality, trusted, and intensely local news, information, advertising, and marketing services. We serve 73 mid-sized communities across 26 states, engaging over 771,000 digital subscribers through our rapidly growing digital platform. Our mission is to enrich communities by providing engaging local content, enhancing subscriber experiences, and empowering more than 25,000 local advertisers with a comprehensive suite of omni-channel advertising and marketing solutions. Our diverse portfolio includes digital subscription platforms, daily, weekly, and monthly newspapers, and niche products, all tailored to deliver original local content alongside national and international news. These products are accessible in both digital and print formats, with real-time updates available through our websites and mobile apps. Operating predominantly in mid-sized communities, our offerings range from prominent daily newspapers and their digital counterparts—such as the St. Louis Post-Dispatch and The Buffalo News —to non-daily newspapers and digital platforms serving smaller towns. By combining deep local insights with innovative digital solutions, Lee Enterprises is transforming the way communities stay informed and connected. Technology, media, and consumer behavior are experiencing a seismic shift driven by the rise of generative AI. This groundbreaking innovation is transforming how information is created, shared, and consumed, offering an unprecedented opportunity for media companies to adapt, innovate, and solidify their role as trusted providers of news and information. As a local news organization operating across 26 states, Lee is uniquely positioned to succeed in this evolving landscape. Our communities depend on us not only for unbiased reporting but also as the vital connection that brings together neighbors, leaders, and businesses. Levera

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. This Annual Report contains information that may be deemed forward-looking that is based largely on our current expectations, and is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those anticipated. Among such risks, trends and other uncertainties, which in some instances are beyond our control, are: We may be required to indemnify the previous owners of the BH Media or Buffalo News for unknown legal and other matters that may arise; Our ability to manage declining print revenue; The impact and duration of adverse conditions in certain aspects of the economy affecting our business; Change in advertising and subscription demand; Changes in technology that impact our ability to deliver digital advertising; Potential changes in newsprint, other commodities and energy costs; Interest rates; Labor costs; Significant cyber-security breaches or failure of our information technology systems; 5 Table of Contents Our ability to maintain employee and customer relationships; Our ability to manage increased capital costs; Our ability to maintain our listing Nasdaq; Competition; and Other risks detailed from time to time in our publicly filed documents, including this Annual Report and particularly in "Risk Factors", Part I, Item 1A herein. Any statements that are not statements of historical fact (including statements containing the words "may", "will", "would", "could", "believes", "expects", "anticipates", "intends", "plans", "projects", "considers" and similar expressions) generally should be considered forward-looking statements. They reflect our expectations, are not guarantees of performance and speak only as of the date the statement is made. Readers are cautioned not to place undue reliance on such forward-looking statements, which are made as of the date

RISK FACTORS

ITEM 1A. RISK FACTORS The risks described below could materially and adversely affect our business, financial condition and results of operations. We could also be affected by additional risks that apply to all companies operating in the U.S., as well as other risks that are not presently known to us or that we currently consider to be immaterial. These Risk Factors should be carefully reviewed in conjunction with Management's Discussion and Analysis of Financial Condition and Results of Operations in Item 7 and our Financial Statements and Supplementary Data in Item 8 of this Report. For ease of review, the risk factors generally have been grouped into categories, but many of the risks described in a given category relate to multiple categories. Risks Related to our Business and Operations Our advertising revenues may decline due to weakness in the retail sector. A significant portion of our revenue is derived from advertising and a decline in the financial or economic conditions of our advertisers could alter discretionary spending by those advertisers. Our publications' and websites' advertisers are primarily retail businesses, which have been challenged in recent years by increased competition from online retailers. This trend has reduced and may continue to reduce advertising revenue from the brick-and-mortar retail sector. Specifically, advertising revenues may worsen if advertisers reduce their budgets, shift their spending priorities, are forced to consolidate, or cease operations. Our ability to generate revenue is highly sensitive to the strength of the economies in which we operate and the demographics of the local communities that we serve. Our advertising and marketing services revenues and subscription revenues depend upon a number of factors, including the size and demographic characteristics of the local population; the general local economic conditions; and the economic condition of the retail segments in the communities that our publications

View Full Filing

View this 10-K filing on SEC EDGAR