AHC - Earnings call transcript Q4 2018

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the 2018 Fourth Quarter and Full Year Financial Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Instructions will be given at that time. reminder, is a recorded. As Instructions] this being conference [Operator to the Katy I turn over your will now call host, Murray. Please go ahead.

Katy Murray

Thank Belo Tim of press and Corporation. morning, Chief we quarter of President Decherd, you, everyone. A. This by who am of Publisher The XXXX Executive Storer, Corporation; President officer full Chairman, News; Morning issued year is fourth Belo good Greg, conference Robert available Katy of and call. full H. all Financial A. to Welcome Officer Belo H. our and fourth and President joined and Company, morning, are XXXX for release Chief Grant Dallas and I This results. year Murray, quarter Moise, Q&A. announcing a and

this performance under quarter We XXXX fourth Unless today's release Relations section. used website XXXX specified, fourth and call year measure performance. on year Investor against our otherwise full the comparisons on XXXX quarter full and have XXXX posted

forward-looking Our discussion today will statements. include

Forward-looking The required could statements. cause except in otherwise statements to communication other factors law. obligation those results from risks, that to this differ materially assumes update are the actual no as to information and by Company uncertainties subject

share and filings under provide the Detailed most on pronouncements GAAP Investor useful new detailed presented Investor in financial to Relations Belo assist comparable website $X.XX in or we to provided supplemental is adopted the quarter information GAAP income on these the investors that in to to directly last with measures Xst financial Relations under reconciliation per our diluted section. are Reconciliations in determining H. performance million our to section. based I available non-GAAP the is believe about of peers. non-GAAP per two diluted will Additional of our or segment $XX.X factors financial effective information accordance with on XXXX $XXX,XXX net comparisons measures of of website $X.XX XXXX. our reporting, Today's provided accounting the include fourth information income our share, fully January reported Company's publicly press non-GAAP discussion in everyone SEC. releases available quarter A. fully remind year. compared the measures. We fourth

reported full $X.X loss year fully For reported XXXX, of per million to net or or share, $X.XX diluted in $X.XX net fully of we compared per a $XX.X million diluted XXXX. income share

parcels Downtown a As capital three gains of XXXX, that in Dallas company reminder, in estate of generated the sold million. $XX.X real approximately

of reported XXXX, million, to of a the $X.X last year. $X.X or decrease million income quarter operating quarter For the fourth of adjusted compared we fourth of XX.X%,

Morning News income the $X.X Company $X.X Morning million, and Dallas compared of For year, financial of to separately. the of was address decrease Dallas Belo was a with adjusted million XXXX to quarter in the operating XXXX. adjusted News, million full XX.X% operating income year. of performance Today’s the fourth total compared the QX million, discussion prior will revenue Beginning $XX.X $XX.X or and

standard. Print $X XX.X%, and or million total net to XXXX. be is down of Adjusting certain Digital was revenue million to million the million the XXXX XX.X% Print the full revenue $XX of the million total versus standard due Full XXXX, $XXX.X for change, Digital Approximately, $X.X transactions for full the of reported compared XXXX. decrease new year revenue $XX.X $XX.X million by was the XX%. million attributable to a $XXX year quarter when Advertising million of fiscal this decline Advertising reported or was new in year million, of of declined XX% million, in XXXX XXXX compared of decrease the decline year-over-year or $XX.X compared reported requiring $X.X for Approximately or reported for million fourth million, revenue $XXX.X full year and the to For year. revenue $XX.X was – to when fourth this quarter a the revenue gross. to XXXX year $XX.X

Excluding $X.X the year Record-Chronicle, Print revenue of when or prior X.X% revenue guidance the full XXXX. decrease XXXX or result of of the of to million of was Approximately $X.X new full XXXX. revenue Approximately, of million declined new impact related fourth million the and year sold is of decline million the XX.X% to revenue revenue was year in The in a the The to decreased of guidance, was Circulation $XX.X the quarter or million million, Record-Chronicle XXXX. the QX Circulation million compared $X sale of revenue of $X.X was fourth Denton of decline the the $XX.X the year. year-over-year quarter period. related compared X.X% prior million $X for full to of year December the $XX.X the in revenues compared Denton to which

and by and to by $X.X rate are single-copy million volumes, compared the guidance, revenue the of Excluding the increased $X.X delivery subscription by or Single-copy declines X.X% The a by net the due lower primarily Denton of X.X%. home XXXX. declined to revenue net The effect a Record-Chronicle, net home revenue increases. partially digital-only sale full or revenue million and year delivery of a new declined $XXX,XXX offset

million other XXXX. Dallas million grow for of in As for million, News $X.X Operating compared of to decreased $X.X XX.X% to News year-over-year priorities million is a year in News of of News or revenue, $X.X Full or the XXXX year Morning due reported revenue. at year revenue XXXX or approximately XX.X% digital and quarter, a of subscription an the the our and In revenue million of decreased was or for $XX.X XXXX Dallas was The and previously of The fourth million to of the or million digital-only to $X.X subscription subscription $X.X year million. $XXX,XXX over $XXX,XXX of digital-only the XXXX. stated, event-related revenue compared full decrease The Full highest fourth quarter. increase or Other $X.X subscriber XX.X%. to million, digital revenue XXXX an one XX.X% increase commercial revenue. pay million reduction was base XX.X% year. reduction expense the to $X.X $XXX.X decline quarter $XX.X expense printing a QX million XX% reduction operating last a Full was million, fourth $XX.X Morning $X.X

year related adoption million due is and promotion XXXX expense, the to million to the $X.X guidance, prior Excluding primarily million million expense. advertising employee in and improvements million, the expense and of in compensation expense in expense, year. $X.X in XX.X% operating new in compared expense, reduction $XX distribution million print or year million expense, revenue $XX.X decreased $X.X service Full news temporary full of benefit $X.X to $X.X

million asset discretionary impairment expense decrease was decrease compared XXXX. was in Full or adjusts fourth expense, QX The of in in year depreciation to Adjusted decrease income the or fourth is XXXX, $XX.X The company million severance total in XX.X% standard, Dallas quarter spending $XX.X of operating headcount. a a revenue to Morning significant million, to million $X.X the continued and $XXX.X asset compared News $X.X XXXX Additionally, impairment XXXX, and expense operating compared million and expense, the XXXX. a of of million management which of for XX.X% new a the quarter, pension quarter of $X.X recorded Adjusted amortization X.X%, the when charges adjusted adjusted million. operating a operating $X.X of reported of was improvement for decrease result in for of benefit, $X.X million operating XXXX. or fourth expense year-over-year

For full adjusted operating income year XXXX. $X.X decrease to XX.X%, was $X.X of or million, compared million XXXX, a

taken in product and to changes earlier repositioning to in subscriber the secular business reported including News of resources address As and at specific year, newspaper have support this we initiatives a shift technology the investments. the XXXX internal actions already

the we X. business in income customers and will $X printing action XX increase its local will XXXX. This to over News are reduce eliminating number of commercial print million and the by more than Additionally, national operating for brokered

Company. and to Turning for now highlights financial Belo

non-GAAP Then, review provide operational Company First, how GAAP and Belo on will I additional and results. is internally. reviewed metrics

a and to XX.X%, total Belo million or Operating XX.X% $X.X $X.X Annual million, XXXX. of XXXX Company of a the XXXX. XX.X% change, decline at compared expense the XXXX expense $XX million or Full in of decrease standard. Approximately, million, quarter to fourth new compared in XX.X%. the compared quarter Belo by year XX.X%, full year attributable or Company total XXXX. $X.X fourth $X.X XXXX. million of million Adjusting million, and $X.X Company and the of revenue revenue to quarter, Belo was $XX.X compared was For reported million million a or down $X.X of $X.X $X.X to revenue million to operating of was was or decrease fourth when of revenue decrease for XXXX declined this the

year decrease operating XX.X% $X.X compared related is the operating quarter million, compared to compared employee reductions income of $X.X a $XXX,XXX of was Adjusted or the The full XXXX of fourth $XX.X income million $X.X decreased $XXX,XXX million the in of a decrease XXXX $X benefit Full decline was million year supplies. result expense digital to and reduction of expense revenue The of decrease $X.X $X printing operating was XXXX. $X.X million, adjusted the XXXX. a compensation from Excluding to operating in cost lower by and decrease XX.X% adjusted expense, of year due year-over-year million, sales or guidance, to or revenue-related XXXX. fourth XXXX. a Adjusted Belo and million XXXX when lower in adjusted was was XXXX XX.X% XX.X% for the Full $X.X million of to compensation. to million variable XXXX. and million for quarter, Company compared $X.X year-over-year $X.X a or reported in expense primarily decline in new cost, for million operating expense operating

year in employees to healthcare. lower in transferred First, healthcare and Belo News the increase two Morning operating this from Company view overall compensation as increased reconciliation: A. an include Belo internal which reporting Belo performance and H. regards reconciliation. our adjusted Company, quarterly addition XXXX unaudited the per operating operational of revenue income expense consolidated posted to internal We with reconciliation or to more is Investor have with an XX-K under XXXX updated to Belo our and Relations to a plan single additional items and section, of to headcount segment beginning The non-GAAP A. and This expense result Company's reconciliation of of clarity provide we costs. provided the cost into metrics XXXX, have on and benefit the in and a includes benefit fully-insured GAAP reconcile in operational All Dallas metric. To a Belo's that H. moved the XX-Q website being

had million. would resulted been predominantly $X.X Belo in of However, for this its and in new and with attributable reestablishing These it benefit had these but revenue in filling XXXX self-insured before. and internally in mentioned to plan. have QX the teams and late anticipated momentum. a the Company the sales for XXXX lower-than that million in revenue reconciliation quarter decline fourth have previously in pass-through Belo in early and burden have QX in XXXX Company, attrition a accordance six Full since $X.X revenue an in the net XXXX expense million year-over-year generated been is of of gross-down and Belo Also is accounts, under guidance $X.X accounts revenue of headway and increase of included. these reported accounts adopted experienced been revenue made approximately would gaps Company in as we the replacements

reported Internally from full reported X.X% Belo an from Company $X.X in operating Internally Belo of an operating XX.X%, and Belo XXXX. pass-through XXXX. to in Company related operating at reported balance for XXXX the XXXX by increase million basis. of year-over-year year $X.X in in reflects million improvement at declined and year-over-year the $XX,XXX expense XXXX. expense. of a income result, a achieved the decrease reflected majority a $X.X The expenses EBITDA As with reported Company from increase was million improvement margin in compensation on and Internally

A. metrics. to H. now Turning Belo financial

is December be announced XXX position predominantly of XXX of headcount March is XX, a recently from eliminations on to forecasted As XXXX, or December XXXX. was XX open Headcount X.X% to XX, position eliminations. based of at This decrease below XXX, due in decrease XXXX.

December and had of of company the approximately $XX.X million debt. XX, cash As no

company the in and X, As cash of equivalents. March $XX million had approximately cash

expenditures in We be XXXX. XXX,XXX we continuing to expect XXXX. shares million In program repurchase $X approximately capital we and our share will repurchased in be XXXX,

to have regard to the a expect do XXXX share and a Texas benefit to XXXX. have we’ve taxes of repurchases. reduced execute also XXXX, any do the company’s reincorporation pension will With tax June approximately The in have cash years. contribution the for we not capability $XXX,XXX company $XXX,XXX. we not of addition, block reported In to to Due in several mandatory in company’s plan, by

We margin tax. in expect $XXX,XXX be related the XXXX will approximately cash taxes that Texas to

the former Thanks XXXX. transaction marketed, did the and While that in headquarter decisions is of sale possible operating to being the XXXX, this optimistic property actively in over past the is a close not and company’s year. we are implemented early year December

supports yield in of complements this We of go effort new a are the News The priority XXXX subscriber platform digital benefits. product tangible content encouraged third allow to new January implementation News to launch management the in will Art changes grow revenue system Dallas will and made to a the that of Morning extent. these and significant initiative The investments product This the to print quarter live platform, design the year. digital digital that News,

sheet. are we public Dallas the pleased ‘s Belo now committee results A. was its addition, series well company’s of positioned and praised strong with use while impact Greg, we XXXX. very for & of request Pain H. expectations, journalism. The Howard opportunities This our remain are short are balance ready XXXX records in In the about a optimistic the management and questions. extremely in Board prestigious Scripps fell we Award. of Profit investigative for national that Amendment series Morning First won News critical Overall, the

Operator

[Operator first David comes go Advisors. ahead. Instructions] Cohen Minerva Please the Your from of line from question

David Cohen

morning, Good guys.

Katy Murray

Good morning, David.

David Cohen

glad am I XXXX. it’s

Katy Murray

too. are We

David Cohen

number? been So, that’s assiduous And cost. of you’ve you just as am few over whether last item sort think know, one is every there of wondering, can a probably cutting had some no I talk years? I Could about would about as expense that I that think some And into scrubbing item muscle, company how it’s is visibility you changed the little and you which involved I expense have well unfortunately public estimate fat. the

Katy Murray

David, I’ll question. be happy to that answer

last how made company the significant have to our we around Over public expenses. decisions reduce year,

you Thornton where in KPMG thinking this last we did that needed change do Grant of saves we types were think We that we aware we you from actually in from proxy what afford to dollars. an will perspective were year. year are and that. the audit And about part a saw I the to $XXX,XXX and was announced able and save as company It significant that public a to and in fees that over year. that

couple of and company public there that I to good not say things public to some as the really as to do quarterly size doing think the opportunity decades. that company may of private would really I we companies that I things years, have same get over is ways is think for of us of The and of say being lot can has public at to of a other job have that. – company, look other managing not but a company kind think, They is we filings of last those I of expenses of while certain but need like thing looking we regulatory that other to the areas have, continually point that things done reduce and over lot there expenses our do a continue would down several are a we some our can. I you last the you that a piece the thing. just we’ve a public we But fixed reduce is, that that and just we afforded are opportunities And

David Cohen

income you Well, I to came that substantial some $X million $X your of being which to sure the historically, million, so, prior were quite million change what this right agree compared on on now clear ballpark of $X give that. year mean, that million adjusted much million I we last want to I were forward have a the over I fees audit number time public. proxy adjusted on value am you thought and number? that I there certainly compared know, obviously as benefits and And can $X income. us to last the to staff not of $X that. public being million, obviously were is don’t adds I accounting operating That’s and the and comment of am based to just is I now. million the or million, cost use $X pretty not was just generate. $XX isn’t a which operating time $XX if to

Katy Murray

David, are there couple think mean, I I things. Well,

expenses I audit. think, say you some public easy one, you expense the those to and that there as reference are could are could company point

the some going that. in, reference could in based you on and in discretionary expenses how fees would really at But to want also or put of what things fee fees You Board’s what is individual Board’s input. to like put I be that, company public and are and say people you certain that could look

bucket I to They going and to mean, to expenses want staff, put you have executive companies, audit. be an are companies So, private agree at looking it million expenses, could at But that, are our I you don’t you look income think that across then a that company much. adjusted of going at Boards. have they look, alike. you I you an when had if costs still is it’s look you going have challenge public to would into public whatever I still company that decide directly operating that $X private again, that are are

private not would company, a able company. one-for-one a so, not be what versus public eliminate to by I being you And a think, on being necessarily it’s

Robert Decherd

a that, aspects intensity through deal. two internally as Robert are being that do a intensely we significant. public not to of made the way to we or And always digital last are that of we that match the many is, case challenges company. course It’s beneficial think this, management There we different of the but our a world. lot And year, I’ve Decherd. reflects of accounting one other are for preaching long are We one the are we because for moves and publicly facing say, like you. almost we say, are And we as in this work the advocating a the much company to We operating thinking up I is we a been in mindset is is very have larger it has a we had the transition One routines, a disciplines financial for environment. those through is, that that. those change would small time. them. that us, were of company are protocols, addressing we behaviors. It’s benefit apparent would grew And and how reporting what applied been become. which through this big This I a David,

side of is But so issues shift the to to is making our we are of point, I a us Grant that resources are business we’ve as there think back with think whether process we he more that And the public, of small this important It’s has of well we this underway. internal are very lots I the and both and say, do think to when is all address. and subscriptions, private, what you progress are or company at attention well. public a moment and digital obvious need going persuasively test internally. river print know you company You context you on that definitely and articulated the It’s in the has of have large we the anyone which how to focused. discussed it get is in digital, got of the newspaper where to

and number, the of, or line $X whether million a interpretation – $X So Katy’s pick your importance minimize exactly million dollar not I think right. is plus for expense moment

to environment. non-public of where the do and and we will I we’ve to know able undertaken and Now persist we’ll sufficient are are we for the at intensity measurable. to subscriber those a terms this I momentum we focus Board making grow. establish we like have Morning of expenses to the this will subscriber-oriented now, Dallas The grow progress, the know of in required things in But I we News bring moving we approach range is know is mean, think that the some the need first whether to that disciplines, to are Tim

While way early we done on business only historically, at we has are looked things News Dallas be The half stage, are own. a that have not to not And but we what its not all complements company dealing I but certainly build mean, together. Morning are a these we there.

David Cohen

which supportive you. as – really sending Good XXX,XXX that public the is far just He fees got you the market collecting still in you votes. an important I market, you and the I am you, – he would strategy out I don’t very that really because want do I think negative. that not the not shares or of acute I’ve public the on piece to selling is been as has that and our not just success I want which to to, I of sold not if his voting corporate you make media way. to as shining matter if on to don’t clear, of the is so, there sell. shares now, public The has institution. assured being the Board morning, you previous - public is working filed I I terms News you it’s message say, can to purposes know, fact responsible transition, be is – know, to don’t I I a but that of misunderstanding And as you think that of it’s the been Morning are this responsive because civic And what’s his in in And a institution Dallas of perspective, I important. have the Robert. can me The thing and inability diversification. it guess, shareholders that’s He as in I Dallas extremely environments is namely selling a held respond incredibly architect to respect the a refer Morning put that right is marketing without a XXX,XXX from light for concerned. that’s Constantly I sort the and be non-voting as don’t lot costs Dallas discipline rage by financial am the public. Thank the that of you’ve that the News these of to you, think, are you health because, only that think direct Respectfully, the across is of think this of including, to but. company, control superficial civic believe public if want costs, that, many I outside circumstance, some to I to being manage of marketplace, don’t bear in and company know, being cosmetic

Robert Decherd

and Director leave News that. Morning all your Beckert, we these will I will I’ll are recognize those you I’ve well last known and Dallas The just of appreciate long well other attentive it us to to communicate who taken. fully our respond, matters. do and to points other Lead importance I a the you time. I the each which taken to are extent of the all and than is Rather say, John point, and

Operator

Capital. [Operator of from ahead. line Instructions] Please question Gate City from next Your go the Michael comes Melby

Michael Melby

Good morning for thank and you my taking questions.

Katy Murray

Good morning, Mike.

Michael Melby

for you again. two was for provide rationale hoping company? thanks of maintaining and Thanks. common classes stock I Robert, morning, the Good could the

Robert Decherd

the our companies rationale went well two ago continuity certain the from degree is for been, It many, I same it’s Board interest or incentive Well, But shareholder That classes of includes stability, by it’s stock ways. believes always a and it’s years and public. us. many know public that arguable the as of no industry, voting is, that provides generally the served standpoint idea and the both characterized is, which of a was which changing. particular having

Michael Melby

Thank you.

Operator

Please the from comes ahead. Boris question Capital. next Hilbar Your from go line Senderzon of

Boris Senderzon

good Yes, morning. have I two questions.

I it pension perform I since question something sales wondering is [Indiscernible] curious up an else? last Thank was as it’s your went year was and return from liability you you. estate the First expected didn’t and second, asset real whether or side

Katy Murray

I’ll Thank Boris. you. these questions. take Hi,

think across on all pension, year was see market First of the than plans. I the who performance the this have end will pension you organizations stellar. at The less

also day-to-day activity. think – And then, from on the that. are and asset from that saw plans, When plans. by the impacted also pension pain you So year market I at perspective, of rate return the everyone some on discount while from was an daily, movement at you there look looking a XX pitch rate, discount that is

XXXX in that, quarter strong the of turn with market the direct events. a swing And to referring unfunded There the very first nothing was year say, correlation was pension. to of will that activity fourth I of pension management around. lot you the of a liability, the are it specifically has with and to the helped months the that from to do economic last So, to market two

again, we of pension the very on XXXX. So, been year very plans the in active contributions We all in derisking the any and feel have that we this and good executed about don’t we we XXXX have very and And near-term. over pension plans where successful on mandatory are.

have year sale. estate it transact I XXX this is not something of any real being And sale, that There other not any marketed. estate is mentioned, for do that actively is of optimistic Downtown do in activity outside real that Young, the as On that a real own Dallas We estate property estate. around lot on could and other are real we

Robert Decherd

capital Street noting investments XXX the XX also are Young market opportunity for last through the in very XXX Robert tagging as has and worth is days. to deferred of are how active And this former Boris, applaud. all an be gains would zone become in once Decherd, a opportunity zone it’s actually on, the that just campus you probably aware, rules

we as So real very remains us commercial that’s optimistic and the healthy. said, are market helping Dallas Katy estate

Boris Senderzon

you. Thank

Operator

question from go Wedbush next Please Mooney Chris Your of the Securities. from comes ahead. line

Chris Mooney

morning. Good

Katy Murray

Hey, Chris.

Robert Decherd

Chris. morning, Good

Chris Mooney

One simple that last question. Is corporate what still that for was you thinking? you prior In headquarters. prior $XX are over appropriate million calls confident year-and-a-half, the year the were price an or

Katy Murray

absolutely, higher it’s than that. Chris,

Robert Decherd

– it’s Yes, has that. zone development that’s – I evolution think, of the with expectation moved up opportunity or our

Chris Mooney

what’s color little quarters Company? Belo Well, disappointment we’ve us be And get additional seems profits Could on despite on going positive seems Can color more like forward? had It that’s going happening the news. there why some or to of and can that? Tim, good you we EBITDA. the give – a optimism and with several

Tim Storer

in. to hi, Yes, happy chime

I large alluded throughout off the to we late talked think and that, we year, started a XXXX early year, attritioned last amount XXXX. year we accounts of significant with the as that have

we EBITDA portion spent and in XXXX a the So good revenue to working replace that of business.

good as that, as show has we the had that those many that made think I growth larger Katy replacing does operating call, we of during Katy quarter-over-quarter metrics alluded internal to, published headway accounts. earnings

as quarter-over-quarter quarter-over-quarter in perspective sales Coincidentally, rebound noticed happy us we a nice well. as as replace were growth to having September, ability strong in sequential see that that starting resulting significant in from Specifically, we really to our that results growth revenue. a in EBITDA well

continue optimistic hold to very that matter business those perspective that be offering able well is a are received. with are accounts. the was And into in the we show and we we the being continuing have from very to and to encouraged to the it’s order continue execute that operate value strongly future. that and trend feel by that We going that are to So, market

Chris Mooney

And local the more that are national? than you are you up regional – gathering clients and

Tim Storer

XXXX that say, more represented regional-focused an in uptick would certainly I accounts.

Chris Mooney

there us in you give a And is Belo the year-over-year comparison Company can headcount? in

Tim Storer

a we From in ended so, headcount perspective, with XXX. XXXX,

Chris Mooney

Thank your little in brief Can you. Robert, comments that? a around us you you were more about optimistic XXXX. give

Robert Decherd

services optimism just and highly newspaper the Chris, into were know competitive. even in tagging – business we marketing is

moves will and that leadership we people the important to We’ve it that saw Morning very to and also about The both making made, are context, I News strategy am You have a is the The you organizations. we optimism think in that we Chief long Dallas that the just talent is in have Grant – analytic have minute. ones him that have a the recruited is The known Revenue Grant big I deep the people a The sure, Group Marketing put believe, progress. result recently is right First steps we am the particularly Officer. I confidence positions. Morning kind let joining the it to the and fall impact we talented are gives as some support started someone to May of us leading. in through release has Myers work going who News right on where Subscriber continued comment these and Eric last Belo Eric the time. Eric of for

there where we The savvy, have print Morning that of both relates and to or really want Company the some moves with separately Company And two say, individually and very digital to people can strategy go other digital experience, that of go and exactly to of to and, leaders two are News presence in industry Grant to market Eric’s tracks and Belo we talk the outstanding where partnership I’ll about. subscriptions, Belo

when about So, at or First Morning what Subscriber about then strategy. News, say, that’s to – the the product repositioning you The supporting and all correlating

the has that the are We growth And in revenue newspaper are publishing few where process coming its Art in have that soon, our we beginning and just companies it a that, subscriptions the can digital accelerate Given subscriptions. platform subscription or very the print we applies galaxy. is can stage part optimism these moves occur hold my begin but on we to that’s of and different regardless newspaper a everyone, of to that crossover which for size. any and a ultimately set

we side, need of Belo capable the the and On for and also Company in lots filling of some just a has agency that is management brought some to Tim That’s traction. person creative team, with of getting his importantly He very capabilities drive. experience. Belo also restructured Company in

they of at and way know, these any peer of say through as It’s York do they I’ll excluding on are balance of a metros looking we our we way all excel not here lot advisors So, as go we’ll certainly with able and one, are we you Wall the talk are ways are various, And one are a can. major Because we have all we them. we of just three do we they doing as at plus to Street United operating and so higher small, the are to to our sheet again, none the focus, and efficiencies, our a also because this ours, peer to I be strong sorts the am are and well, are able of the Washington to year, we because out trusted get which of Journal, States. not things I the that is with of the opportunities are and as companies to trying effort New quarterly are of actually Post, the the believe things all structured, math in about focus The calls. companies that The Times of fewer

a on we to ago. It do we that’s now. one able that that we’ll a measure just harder the and are little to be are about year like I So, progress was where way thing

you So, want Grant, you the to might and do elaborate Tim? your on do same, team

Grant Moise

services in advertising widely Newspaper to been a about, four capable we from uniquely properties from have was was the all marketing of known Cox to sales of talent one of the all running where able very hands. that Eric as he Chris, and has great Cox, just also a very Robert in country. feel maximize Sure, the Eric that background internal what is of kind best and revenue. the agency of talking standpoint, Eric hiring call Myers the recently be been space. over Eric has terms I we in

will we company. revenue businesses. our the Also, us, the sales Tim and revenue important all our The also also most leadership Morning in Dallas because positions, grow other and three the on these Belo able at Company focus believe to so, force be that specifically into to two key continue are for News And positions I just will

exception in other got running had months pleased we fourth digital with the got am where at from of digital great very on I great subscription having fees what and and Sherlock quarter-over-quarter then, that year over and digital point. positions And good key our three regard. very with subscription two Sue ago confidence revenue is Dan in Kerr Dan now who last was is business confidence of the revenue. we Subscription we is we I’ve of that I’ve quarter, The the I subscription some leadership print, kind against progress XX% in revenue nine where leading Digital had revenue. in leadership growth Tribune are from up seeing split focused about basics print But in cycled the this the

Tim Storer

tag was the He He extensive And on senior of Operations. I’ll a added leaders we’ve we is our managing a President excited just Bailey couple organization agency. agency Cody first Vice has are our very who large Grant. experience. partner into Likewise, Senior a to Marketing that about digital former of being

also another large employees. and agency of Services Susan In addition, was agency who digital at digital has over formerly Client Irish President President Vice and Client Vice Services extensive as we X,XXX our Strategy experience of with added

a we business. can have and our very build the upon help these we and to organization us continue of that So, excited are join both foundation to build scale

Robert Decherd

note having of digitally of all in we is, kind got next The that’s more a we renewed have this will what are better we out thing key we to have isn’t environment. going doing of from other am cars.com’s big the force Well, of course does confident. this an not kind and this talents is talent to much this we the our underway. bumps to we dominated to predictable with kind along fall, imagination able and take leadership are agreement negotiation to this if deal. be the that In be alternative is, figure leaders the This inevitable energy XX-K development I way. where , for it’s that example, and a Chris,

about hiccups In fact bumps are those feel inevitable the optimism the the anticipate question like to get state. way, That’s or your to and on are steady able goal way. eventually, along and we we I we respond that to a

Chris Mooney

headquarters. Yes, and former status question sale Katy for the changed? anything corporate final got Has I’ve tax on of of the the one

Katy Murray

No, it does not.

from will coming fully of generated, Young to able shield out we Given prior that be and perspective. a the gains have the net years, of operating being capital we losses that we expect XXX sale

Chris Mooney

hope certainly I all Well, you succeed.

Texas. oversee very very You the in of State institution you a much. important Thank

Robert Decherd

Chris. you, Thank

Katy Murray

Thank you, Chris.

Operator

further no And at are questions. time, there this

Katy Murray

All you our later when right, quarter first you for again talk you. will earnings we this Greg. with everyone we joining Thank Thank you. Thank have us year. and

Operator

Noon Ladies and will for replay through Central XX. gentlemen, this conference March today be Time after available

Thank numbers AT&T again System Executive Replay and the you for You the XXXXXX, XXX-XXX-XXXX may access XXXXXX. or XXX-XXX-XXXX. of the anytime conclude Teleconference X-XXX-XXX-XXXX AT&T by X-XXX-XXX-XXXX using That access conference code for your are, Teleconference. today. international Those entering dialing participants does at with once dial for access participation code and your

disconnect. now may You

DallasNews (DALN) 8 Mar 192018 Q4 Earnings call transcript