AHC - Earnings call transcript Q4 2020

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Fourth Quarter and Full Year 2020 Financial Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions] As a reminder, this conference is being recorded. turn over to Katy like now the to conference Murray. I'd ahead. go Please

Katy Murray

Robert and are issued full morning, and our Moise, H. call. XXXX by a announcing to quarter and who press XXXX President for results. and Belo I Q&A. Dallas Chairman, Morning of quarter joined Good welcome release year Corporation, Grant fourth available everyone of the Yesterday Executive year Chief Officer and and full am Decherd, A. President News, Publisher also afternoon we fourth investor

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

forward-looking today Our include discussion will statements.

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

of to of million quarter the compared with an operating about include our million Additional and provide per assist $X.XX or reported measures will releases to with share, or $X.X discussion XXXX. Today's these company's supplemental We $X.X net quarter fourth measures determining of that to in financial $X.XX the to million comparisons useful A in and $X.X performance of peers. reconciliation SEC. non-GAAP $X available million of press information in included and is operating believe financial publicly the financial investors share, loss press filings release. a information loss We our non-GAAP measures. non-GAAP is detailed loss factors fourth GAAP net per an loss of reported a

$X.XX year full reported net million XXXX, $XX.X an $X.X loss of of or share, the and operating the million. a per For loss Company

income million reported share, XXXX, pre-tax driven For operating headquarters. income the the $X.X from $XX.X operating which $X.X to Adjusted was quarter diluted operating fourth $XXX,XXX $XXX,XXX expense, million sale exclude fully company previous of operating and or severance of income, when gain the reported compared the amortization $X.XX income disposals GAAP the of adjusts our to in quarter, of net per of of last and year by or an and $XXX,XXX asset adjusted income loss full improvement impairments for of million a depreciation, year. fourth

Approximately revenue, fourth primarily the termination decreased of the million print decline to been pandemic. revenue year-over-year revenue last attributable year. $XX.X $X.X by impacted of the which in Cars.com has compared year. with the COVID-XX quarter fourth this in circulation to or of Digital of in relationship $X last year total affiliate was September million full of year. reported million, compared a decrease million operating revenue when compared to a year quarter decrease of million the of the adjusted or was or Total GAAP of fourth million, adjusted an compared the XX.X% reported decline For XXXX, last $X.X was year $XXX.X was million the loss of XX.X% XX.X% $X.X quarter $XXX,XXX News Morning the million for XXXX. when advertising million, the when significantly loss operating revenue to $XX.X quarter $X.X million, XXXX. to Dallas Fourth the Digital full of $XX.X for an increase million revenue a is advertising year, for $X.X $XX.X of

pleased I this year-over-year or or million, of last as quarter. ended $X.X to increase digital-only For paid very am increase The an And report X,XXX was subscriptions and XX,XXX the million year XX,XXX XX%. the XX.X% of subscriptions, of section. $X.X since increase an on our circulation the Print has of third year digital of an News of circulation subscriptions year $X month, Investor Relations year. digital-only summary News by decrease or was a the fourth is under last A quarter to of X.X% subscriptions. and compared for now $XX.X million surpassed the the revenue quarter fourth posted quarter that the XX,XXX million, digital-only with website

fourth print or primarily the the revenue $X.X single X.X% was where year, has compared X.X% a quarter last XX.X% fourth $X.X decrease quarter significantly Home revenue to delivery year. in is sales. the decline down was $X.X paper $XX.X is The in million Other For million, typically decline. a million only year-over-year locations copy for COVID-XX million XXXX the was circulation sale. of result year-over-year. the of reported number reported and the reduced of of

to decrease of expense million. was million fourth in operating $XX.X decrease to decreased $X.X or of is Full-year last expected or revenue. GAAP commercial decline year million due $XXX.X revenue full million to a million, total $XX.X an $X.X was Fourth printing other quarter year, The the decrease million XX.X% the a For $X.X expense $X.X or compared million, X.X% operating X.X%. of year. quarter

the real outside $X expense the in sale, improvement promotion and and in to in million million XXXX travel is of services, million from due primarily Excluding benefits, $X.X compensation employee entertainment in advertising million expense. depreciation, and $X.X newsprint, $X.X reductions the distribution, gain million $X.X estate $XXX,XXX $XX.X million $X.X in and million in in

approximately be XX of had from Cash The and to equivalents, December XXXX. or million of million. was XX, was expenditures company and as expect this $XX cash-and-cash approximately a As X, December headcount $X XX.X% March XXX, $XX capital year, in we million, debt. for of Friday, no decrease of

year. connection the reminder, our in June As receivable headquarters on with Holdings former XXXX note with the of is due of sale Charter Company's a XXth this

of the with the intent real estate Holdings develop impacted commercial publicly its new effects Charter property, note pandemic. been development and everywhere by the the has While economic compliance terms the to is indicating of in is

company $X.X stay XXXX The recorded years. year, contributions not continue and monitor for benefit we for We pension mandatory to to situation company's expect any to plans, we tax and not this Charter XXXX, a expect regard of for the to do Holdings. actions $XXX,XXX of with and be closely the have cash took in we any are to in sheet do contact have With several Texas implemented the the balance margin are taxes and so far. seeing what year, with remain COVID-XX million year very pleased this the tax. to in to strong the Thanks we well-positioned pandemic, financial approximately impact the including we a past with operating response decisions over related

like Now we've I'd the that financials, covered operational success few highlight stories. to a

demonstrated that both the battered metro newsroom paper. the With Texas, recent and of and power a North importance the storm Plant successful the

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to clemency. significant on advocacy happened to him that years, strategy He trafficking page and two on two of is trafficking. It called any steps The Governor, a past we Greg domestic instead the had called notably, targeting being traffickers, victim has violence topic. has of special Department apply in trafficking a victims Over do. a Abbott, policing human reforms on our Texas without created pushing this pardoned in the adopted sold our have unlikely And for this for for we Police editorial women led and for process streets. significant Dallas would

has audiences. to experience. website determine allow audio Texas with continues to results want they listen team an article We enhance real-time now articles. election artificial coverage will the feature, on our large Every to Tribune the partnered development on whether read our which deliver which product digital member the our quality intelligence election Our of digital attracted or to to

last surpassed have few weeks, XX,XXX. the Within our digital subscriptions

and fuel down stocks print year-over-year, were our print helped XX% addition, digital which volume growth. In membership

senior on in members retain the monthly diversity, counsel These grow we and and we clients revenue losing of quarter Our recruiting membership growth we started development, the and first employees over ingraining work do. working Belo internal outreach. their diversity, in environment, inclusion average everything is leadership year and announced fourth Company provide together agency this hiring, talent guidance XXX communication, put members key community by forefront that grew such and year, XXX efforts of at the and XXXX. largest to clients. feedback XXXX, are equity, that will These X% ensure on focused inclusion, year, as position first and Last retention in the last quarter areas and year. XX of trending to in versus are by equity, we of focused and the

and We year are last into of have I will the our we over momentum year. incredibly the turn to Robert. call successes this going proud now

Robert Decherd

require Katy, approval. shareholder unusual this There will thank you are everyone. proxy and good items that year's two morning in

the we factors the Board at used is can commonly cases action, to best like of to will of Stock been to closely XX. of the split market as with non-compliance. is and counsel take we first the announced Company for ratio, Katy this these and to is with prescribed of reverse concluded that experiencing. of have Katy a the support that October, external in our which XXXX. detail authorization Most its requirements investment in Board investor a going stock Directors listing to forward. proposal, The the outside to A addressing New the all the stock other be on ours. proxy Thursday, quarter and York Tuesday, the provided of conditions company meeting Company's company identify Exchange reviewed in time a statement that be We became touch and factors the best in end Exchange shareholder bankers interest its and actions file at requirements our recently, the third engage similar in described has March your reverse what deem split for course regular last procedures solicit call meet stock next split of affect a The non-compliant is the will largest preliminary within listing presently to involved expect as working the to company last and are shareholders. the be reverse with

to second proxy the Belo change matter Corporation included name this Corporation. in News year's Dallas A.H. is from company proposal to a The

embracing strived the influence Officer, my and to aligns as recommendation Board broadest that underway in I our impetus priorities the to must I name this and Company's inclusion. support another to employees standards set throughout specific years While brand XXXXs, the Company's and and adds Since by collectively our our for have social and with my the fellow Executive gained America. diversity, our early new Chief we movement the strategy, over readers, high justice dimension equity, my purposes citizens XX first is conviction the in

our company DEI. mover Our resolute an often is before, redoubled is levels, corporate as both about enterprise, just than at a we as recently smaller efforts that, and while and been first the operating

A.H. Belo and His our gravely feelings to was we important He up Belo me This admired by of never of up the XX. history. and company built on Galveston unemotionally of colleagues leaders name was depend. civic bought of and a News. in he family wounded, the out volunteered experiences course Morning and eminent business one and of engage, the A.H. chance my years, did. given prominent career, XXXX, Army during Belo America XX. assigned this Belo. the the in most Belo's most the Salem, of number the every he numerous to Carolina town Belo to up on at slaves. of to is had the whom with of distinguished Dallas right family own we advanced newspaper today, the and of in is became He himself maintain the newspaper more requires was our in start time from at far XXXX, era. the company in one the each North Dealey that death Dealey XX kept War Over battles, in purchased the XXXX, the whom understands G.B. in engaged age perspective Confederate Dealey rank Dealey of he When Colonel. embark respect pre-Civil however, Belo upon grew of compact the establish and he in XXXX, person himself. when the owners has Dallas and age the and News What his to owned in and

and source keenly We intolerable is The of are a the of many respect Corporation Company's is we our discomfort, for And relationship News leaders in enterprise. pain, a of Confederate the of that person even fellow as constituents, decision who figured aware Dallas citizens. many name to adopt a to for our that is the of prominently to of News forward Dallas the to all name Corporation. bright future the Company's made out valued look this Army

ready Q&A. think, I now, are We for

So turning to you. Stacy, over it we're

Operator

first go ahead. question our And will go Securities. Please [Operator to Instructions] Wedbush with Chris Mooney

Chris Mooney

interesting what you Good very lesson. morning were all. And didn't telling Robert, I us. that just you know history thank for

Robert Decherd

the that's just surface. Well,

Chris Mooney

a point. for would exactly look stock about Yes. would talking the Exchange issue Well, conversation I clarify with for you forward potential first some York detail at Stock were with Since New to you is what reverse the more split, a us shareholders? the

Robert Decherd

tag for it to that and response then either are Katy. the standards qualify Exchange I team will that relates There has not also we stock do and two price. presently, with

is ample So a But conditions. we combination only to compliance cure during in our to Katy factors. where reverse get up a permitted XX remediate, the our you situation is, future we're out conduct have there reality specifically factors. on think the advisors, level elaborate simple split, to complaints, where Board's that way stock the to of market places but view, price The the to anticipate we are a is let and cushion there we me of two if of the can will, terms ask those we the months get in to don't

Katy Murray

had XX-day at and market And $XX to or over cap maintain morning, you million, the we a Good average fell a equity, and XX-day below as year. the The have are, other it's two stockholders you at well. end already Chris. of either/or, $XX stockholders earlier the September, million is, of we to a the end equity cap the market an have maintain the $XX million below average, in fallen October, standards of

an of getting York the know, period you a XX Exchange, New reverse in have shareholder month require stock back And as we split with so, compliance while Stock approval.

end With other can it's you Board compliance stock have you'll we conduct stock to what the Stock an can, you exchanges, New to up was is until reverse proxy the a a this the in requirement that approval in exchanges. $X year. And do, to May, see it be Exchange regain if feel or and when stock to look shareholder authority going go and that seek a the Exchange. If look cannot don't the of $X them we for most the our the a with give again, meeting or reverse that to felt we right at the the event shareholders us, other alternative at for ahead York a from like it's thing we split join conduct in to of -- split

decision forward, So compliance is that really other or a we the that at need exchanges. this proposal York gives make on us flexibility we will either regaining when a need New to around looking going

Chris Mooney

guess, a five I whole vote I'll bunch of I've that A people like that. say Not got If queue? not, of that in questions. there I list favor, much. I Okay. in or count six questions, is that's

in them, Denver shows before be Company News also have night, X XX And that the Downtown, eight maybe Okay. you that and location XX and Campbell of you I openings, guess, I Morning your Tulsa. was you on would it last in realize so the Center, now, website it. did and have didn't Belo job I listed Dallas

Katy Murray

of you you're do Belo in Chris, and are some Denver, anywhere. revenue we this have of the News of are do correct. remote in personnel part number don't generators, We and and in are openings We Department an So, a our identified and Denver, office working world they talents, have is We've here. Company, from have correct. in

know, Tulsa, of also that Cubic. We was the in as location you

to it we add do to a well, but strategy we commentary it's us, and market is turn that opportunities I'm Grant, to creative services, and that. going agency, hire where on have some there. openings as for over some great let creative So talent, him can on our our some and Again,

Grant Moise

ask in question, more Yes, obviously expand legacy for that that going we our -- got Especially, talent that closely looking help I found we're very to intended often a in loss that is terms was we've have every we're valuable talent proven the base digital-first trying we in tech position that ourselves a to with or able of mindset. Yet, Denver, us we the business, best say, the attracting future positions we the digital-first and those areas can where was Chris, and broaden us talent into a areas like can fill. have it a position being grow position position this developer at we're to is that fill was specifically, in, to big to the employees even finding business. the in

Chris Mooney

comment the brief Company. give detail Okay. going you us It's since how and things additional can Can Belo are I a there? you're -- on was -- interesting, on, some about about and there know comment you can

Grant Moise

Chris. happy I'm Yes, to.

I challenge, is of the with think, the let print me business. which start the side

bounce in advertisers. us inventory inventory have in quicker more don't quarter. in fourth digital digital has side, communication advertisers, think the had reflected side, you rather of context back a been our so especially, a market category not been those that up highlight like two result saw had that print on pleased it gone had have given largest down our closures will is they've volume pressured would I and of to in different been I categories, rebounded was things We categories, we've than print because pandemic. of side, grocery how as actually has -- have their to need and spend the much and advertise. side for the Grocery like large to the the which difficult furniture with of their where has tell they areas on that restaurant our advertising the they of challenge, really furniture sell. a print, of I've furniture to we for would enough has been some I frequent because quickly we've who Obviously, are has demand of the gone the very what the they businesses But where

see the to we of continuing think have we be All the to I to side. much just quicker digital are look rebound which on signs that print growth, positive found in

Chris Mooney

and Okay. Yes, and Co? Belo

Grant Moise

Just the one overall, the clients has piece that the Company equation. been with of retaining number

say, our we remember, Belo if were ago, at churn stability problem clock rewind we Katy our trouble all which to Chris, the advertisers script, referred contracts, of revenue finding of XX of two big As the very why you when lines. a to fourth we can years we retained very experiencing them. a our pleased have the as I'm client part which significant first have was Company, in between is periods those about in we and on were having largest well, renewal that top quarter, and

retention the one very them is positive been client priority, our So has number keeping a sign.

continue -- we levels, Now, base. business and choose they pandemic, re-establish model as have a think by very for because whatever positive basically their of the hopefully the loyalty to that normal to soften, continues looks impacted pandemic that's when I client us spending it

very, been has progress made and Company that side. on the Belo So very I'm with the pleased

Chris Mooney

And to just they so briefly though, more, a with those time XX generating? or revenue them, some have relationship you whatever retain are

Grant Moise

all do. revenue-based exactly. Yes, We They're contracts.

Chris Mooney

You allocation may what be was then, as the you years et commented on into is before Katy, several Can coming years. debt in tell the it between a would pension we're XX possible great. many required comment to said year? that new make plan, the and Okay, about us cetera, past that? it it And to equity, you've be as the payment.

Katy Murray

Absolutely.

given a And funded, lot a perspective, XX% historically, pension are. decisions pleased plan our from than group. next is in that So, to XX smart over different based we a I where pension I'm very really expect which very made our payments don't the of payment our lot a years Chris, on of peer again, plan, say is

last liability been we from a We to de-risking the have year, year actually part our at move a that that you at the and has or may are hedging. of that. allocation, funded, take And in to strategy. at glide XX-XX been the whatever year the plus to perform. asset our before, to did from are note feel on any looking being investment flexibility now how have there see but that an the moved we year, hedging. that path It's that XX% market It's fees and we committee question time, XX allocation, to Last you a XX-XX, down revisit investment on the pension change did fees of your on XX% actually XX% gains some just a saw side investment no be, though, that took the have opportunity we important this, to for significantly this the of investment the and point is the return and more asset

Chris Mooney

a be good seems what to you as is job statement larger --over that. that? congratulations, the we Well, years. to income with a doing of of income the is item There be all seem very that in Other couple line dealing [indiscernible]; getting last

Katy Murray

look at other Let other net. me the -- income, income

in there, is going we interest in. is, income coming to that where our Charter one, note interest Holdings is So that's have and the be,

So you well. pension now, have is Chris, about was sitting if interest what and that's the credit, there, the But number income. we really that think XXXX, is, Right that's item X.X%. interest other that it predominantly the increased as that's in the

So, we interest quarters almost had where XXXX only to year $X million of two this payment. compared

the significant is that's the note. growth that Charter So year-over-year;

Chris Mooney

phase Charter, that -- they Great, out And continuing phase? -- demolition, the you. they are Okay. in continued thank build first in the on have they their started

Robert Decherd

essentially we property that Chris, News is ourselves, That's the the demolition, big Morning project. Dallas a building, inspected having of complete. are not told, demolition the interior the

that So of be well than million would more demolition. $X

There [ph] the further and other in was it's behind condition words. building, on sold the development been is TXC in is we -- called Our building when has no further it understanding essentially what's the the that site. it, the occupiable

any of has when in what of there. active be all, through you revisiting property. imagine the can stop sort through But construction the $X Charter as caused mix civic full million Ray to it exactly told, would and this revisiting that uses somewhere Ray to the You organizations, around $X invested million pandemic suspend we're Washburne they're and

So, pretty stake he big has got there. a pretty,

Chris Mooney

assume would resell And Yes. back? it you be get able if you'd I it to

Robert Decherd

that along of nicely. downtown end Sure, is coming

million and partners to There backed in $XXX financial may adjacent are have million, site. seen substantial total the by are who by investments You recent other commercial sophisticated investors, announcements individual $XXX development.

Chris Mooney

that is quite communication part all Yes, of downtown doing you further Dolphin? with any had well. Have

Robert Decherd

No.

Chris Mooney

Okay. I list, Is it at I see the do I them a -- -- actually have never don't show as look they holder's Dolphin? when different entities in

Katy Murray

don't held, X%. know funds but how we are exactly know do we Chris, know don't But either, they're that the or how many below and shares names.

Chris Mooney

there Okay. similar in the There a Facebook fairly happening the publishers with was high-profile from dealing recently, payment in or event Is to US? potentially, in Australia. Australia anything

Robert Decherd

high-quality content. describe, publications. This paid to it content can Grant for negotiation, with centerpiece continues should years for whether and we amplify. really a move which is and and if benefit we Chris, disagreement, prominent XX over-enthusiastic last be industry, is a by and in talked year. been direction, to We this entity us of significant might everyone's really and kick potential let it newspaper play can to the certainly about that that's Grant print thinking us, is own don't payments about Google development, our it, is including of me very any the maybe positive publisher that and off Yes, this about about how be for subject for in Facebook there the discussion, want this most print out. have but

what -- and quality the So value this in have comes invested is content back is in the all we which its breadth, to these years. its

that be feel let along we on position a strong may a we the most organization here, Board philosophy. result, Grant similar that's industry other elaborate. this with the of publications that optimistic him the a reasonably As in have following closely,

Grant Moise

in what's quite Chris, that, it we've quite also is important momentum it come then happened but as is United happen, in that some Australia, most see to Australia Corp what few we've seeing some been we're in in Street when not prior been and watching Holdings to that the happening happened of and has extremely Journal. focused industry so on an and that time, pleased to is internationally, to addition something What only will News France Australia Yes, States. the the that about the Wall for a

believe, newspaper so, deal. Wall obviously was the and also Street first to domestic I be Journal to reported the what basically licensing organization come And there first, publishing would a that is

Our is conversations are hope very more process across early at begins United happens board is, those least the that that which everything of that States, hearing so the deeply I'm now from coming and that into that the is positive. beginning,

Chris Mooney

Okay. we Well, remain hopeful.

Let's are see, Katy, or during expected there XXXX? any expenses non-normal unusual

Katy Murray

What think pressure, the see to that's increase of continue has lower attention is trend really that anything is our to as I other monitor is though I know. can't we under pricing, say other ordinary. the would newsprint I only really going Chris, they come XXXX, I go that I paying of say Well, starting call out are see and may we than that that, are costs. but are the P&L, We those been. way would we count to continue say, an expense perspective, say saw that, in real see in to head we favorability newsprint And as that, in in XXXX. that that you close lines XXXX, in in two benefits, expense into would would the opportunity again, saw some benefit bin the I key from would obviously What other on XXXX, lines, from that where I would we'll line, the our a it than the comp compensation versus and lower expense

Chris Mooney

would that the side be revenue on anything or And Yes. positive negative?

Katy Murray

I we September on have call that Cars.com the relationship that There's variance digital of ended side, nothing the XXXX. out. can in The

longer that, quarter now side, print no has so moved in first include nor that and will year-over-year So on also happened commercial the that comparisons on, XXXX. our of

So variance that is now moved.

we I just quarter. fluctuation saw and to on compared him challenges in side. the let going year-over-year XXXX, I'll and and back the is just to some that second the comps you're especially And given think see Grant the add goes comments what third to that revenue said, biggest the

Grant Moise

I what was -- oftentimes in phase Mexico. is a just us going year, will of quite just for bit we're seeing which categories at to this a last pandemic, for say, Chris, devastated such think the I advertising we have tourism to unique travel category was example,

example, ski Colorado areas of an example. or an As is

think normal. marketing quickly going subscription big and are the controllable spend returned lines on from I to how us, side. Company for to for revenue far things budgets I then the a of how be advertising things normal the question us Belo so, our And returned it's mark to feel seeing just and more that

Chris Mooney

And year, trends into any just improvement? have you Okay. going noted this

Katy Murray

would on I say we were subscriber but the revenue, subscribers we're digital been -- mentioned, in only and on what our seeing, Grant with this, XXXX. that on and talk obviously, out I pleased growth coming with the a we've let not net circulation been What position add of for very has but, on positive a I'll as

Grant Moise

rebound ROP thing I've couple of too, on inside been of of months the print, side pleased the pages which is the is first very year. other Chris, with only seeing the our of would the that advertising in Yes, say display newspaper. I the

is. line not is line pre-print or ROP rate the quite that same redone the to insert Our

Chris Mooney

thank Well, you all.

I'll thank I you. covered my here Have but legal day. up so think a good I've now, pad for stop

Operator

Heartland ahead. to go with go Please Advisors. Nasgovitz Bill And we'll

Bill Nasgovitz

that missed number again, Congratulations of Good -- subs. you. I that number thank What Katy? in everybody. terms print was Well, on morning,

Katy Murray

you probably there, sub We about the our not is our subscription, in if right [ph]; XXX,XXX. print -- our have it's but of stake-hold number Sunday around kind think did print

look digital, you total when so about XXX,XXX how membership at plus our the our north business. we're you at looking of think when which And is that, we're

Bill Nasgovitz

print on growth the Well, Okay. and subs. digital keeping too, the congratulations

price So what today? would be customer digital the average selling for then

Grant Moise

Digital Bill, morning, month, Grant, customer, which print $XX our a over around $XX.XX month. opposed a to averaging is about it's little a as now good $XX, $XX and about side, -- is

Bill Nasgovitz

to digital you'd Okay. also like trends And increases? and any of on comment price then, growth, that eventual terms in

Grant Moise

pleased just your to side discount all not on the you them adding $XX a you month. our digital Yes, could of and -- wouldn't and improved XX XXs $X then -- the is we two subscriptions X,XXXs, had tried been benefit the year would more prior. only preaches in or do on can time, by you more we my have per the past what in digital part it gotten, actually years of Bill, three getting go as I've months print to you here to about be we've that wouldn't it rate team this and we pay volume, our and

those not to versus equation really but pleased a we as the XXXX, So we've experienced pleased that at able we pleased. only also always higher We're so, that I'm retain trying we're how rate been about members are balance to volumes very and volume with equally in rate.

always that out is we're where optimal to So just balance. figure trying

Bill Nasgovitz

Could what company be mentioned the to you're Grant, release, your on that to make you defining in build sustainable enable as to you do and digital to amplify Katy even? path. Okay, I this Robert, and break were think this going to what might and continue company path we investments just need business, be, operations by profitable in

Grant Moise

developers, and we're digital of Bill, parts who advertising talk the of subscription the this is, Yes, areas to it is digital part I example make of are and are digital engineers our people making developing developers the product trying and work. equation that investments to growth about that or think, in easiest the

We continue more to of need them.

them. at expanded continue with talent. to, the our Mooney, we've saying of to seek attract that allow what We referring best to I ourselves more It's times geographically was Chris footprint even to

have we Washington it's And we improve. to to Not continue it a the XXXX, the we within just to and platform country content, which top in that technology to so type developers is only the moved We the digital in and first-class platform to pay, so, going the the products Jeff also none. by on that we digital itself, the I ask to would digital against digital first-class continue to members they're Company it's and has that about like will of sophisticated we product. to of where Post in do things not only Bezos, but develop continue second the talk investment, really say products put most Arc know to owned for so can the be asking that prices that are to platform be up our when us those people, but have have to

that not it's the growing, we ensure to are is future those so, to And but only make investments need our digital growing profitably.

Bill Nasgovitz

And Arc when? was added

Grant Moise

we The the XXXX. technology on we of quarter And the of Arc. There management what was subscription their then, pieces launched Arc -- content fourth third the which system, in quarter called in of launched there -- launched is is we XXXX. two

Bill Nasgovitz

that and this, relatively don't new. last touched close million severance year? $X.X exciting. anticipate So terms about anything in know on And to spent year Well, of it's was in this sounds I you it impairment. you

Katy Murray

intangibles what impaired for the profitability back I'm and to anything but market and going around to look this the Grant and we realize do take aware impairment think planned that anything at just talking to we back importance look like. all that anything severance goodwill about it's whether mind. head continue Grant being that you I have When year, sure goes and the that point right obviously severance, business, of to about. to at able we time, as continually were but On don't the conditions, having of in get breakeven. what count, to and now, to include would in keep this at on we not have even side, and the

Robert Decherd

revenue-based stages, I The digital significant point cost what in industry, standpoint, from transition. think, a to a that our real to profitable anybody scenarios you the is but early anyone with investors, the has generated for print digital We're I the at look talk at. more very everyone driven of about going ultimately one an like. Robert, that, digital revenue enterprise, three, investor it outside as to by XXXX on that's on the subscription call where follow and as is has be get things value looking timeline effort can is, this are ultimately, advisors, price we their the structure had Grant then of subscriptions. transition subscriptions provide time, think is where old sustainably know, are for and looking at the in But we be work thing over from to ultimately, a in the anybody members by school. subscriptions, when we that them the If five, digital as we increased only right not dependent place Bill, as did to really align we what not me, back and, a seven-year with the said,

production Newsprint so have. no in we we newsprint never ago, newsprint then the Even we're couldn't control. in control forth. pricing, all, have over invested newsprint vertically publishers we in pricing, Years and plants and in integrated business

more price have where of we beauty over as as the of that's number a point, the things, trying more digital control sufficient So, to have the we're soon members we if and is arrive world at possible. right

Bill Nasgovitz

on amplify to point, had Well, and nationally the course, too, a news the on the Can on trends positive going that that a in of effect on has a have Texas beneficiary bit? in country, macro some have Dallas been mega as of and that you business.

Robert Decherd

have whether is those South And things member. doesn't become that's dealing underway you with [indiscernible] put Washington a more two Texas, this want them. to we're whichever than the a had in a first is lot And habits, more and generational reason what North you're then, go for an as been to to our we've media invest about in State, matter shift, to do Bill, decades. cohorts, economy. them obviously, we But Dakota, a way capture a give of interest subscription on of

here get more could boost, that's still And the argue -- has. every more we challenge -- middle have economies who the So are and you more But them. are are digitally-oriented. newspaper go folks there there people upper-income got to

Bill Nasgovitz

All on haven't proposal for name move found your right. I the it, change. XX-K for for missed the Perhaps year. Dallas the the I Congratulations. Congratulations

what So NOL? is the

Katy Murray

XXXX just working going call million, done, expires expiration. we $XX is $XX $XX bit press hope on actually as a that, And able on the we're NOL this were have the year mechanics are to no to have with little Again, financials million are timing into more that, earnings release that. done Our of through out in the million. our of has approximately and XX-K, working Of for as the possible. filed then, the million XX-K that we soon getting $XX than and the

Bill Nasgovitz

how does being That Tribune helpful. would you out. the Thank think that that our and is be What affect finally, you. of And bought then, business? do development

Robert Decherd

funds the think to long-standing engineering succeed really projects in Katy as to the financial and is be and different news view, this, on consolidation, a of doesn't think the so, entities business, goes in have a our for market of engineering spare I bad about outstanding the all our mentioned size And a or financial even would the It's just has I is only and content but strategy, approach, a but way to following of newspaper it than initiatives, commitment Bill, the our [ph] across this strategy fact. it's about want the a to the I'll transition course, you going or business, And information not have delivering company that purposely focus creating it's we digital as in reduced consolidation affect of described, that's of believe private frankly. about companies good on a tremendous we equity earlier, we companies as point. about of country, with group more And and few to opportunity the home. newspapers, if ones newspaper, where sorts the such amount ours. a it resulted exists be my hedge where News this and I Morning that's of with component created how and the There we disruptions country. at sanguine I Dallas and are not quality just

Bill Nasgovitz

could you. the trends finally, are we facts and be shareholders, Okay, of a helpful details. that Katy, print, And so There but that also would replay of a of any don't thank that figures miss there verbally, lot just if be in helpful, that have then and would for presentation. we your in

Katy Murray

copy XX I XX within, website that, of the on our only probably Not be there Absolutely. the will be say, a hours. should but actually would that Bill, well. audio, as to hard next

Bill Nasgovitz

so Perfect, much. you thank

Operator

at continue. Please And queue. no this questions there time Instructions] [Operator in are

Katy Murray

up Thank you. Year we're in and Well, coming I our hour. our and Fourth Stacey, call thank keeping in Investor next earning first Earnings to listening touch thank like the much, after and to Full Quarter quarter. look on We'd you think forward everybody our everybody Update, for with very to

Robert Decherd

you. Thank

Operator

participation Thank and you, for today. conclude does AT&T using for gentlemen. for ladies and Thank your you That conference your Center. Teleconference

You disconnect. may now

DallasNews (DALN) 9 Mar 212020 Q4 Earnings call transcript