DALN - Earnings call 2 2021 | DallasNews Corporation

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the DallasNews Corporation Second Quarter 2021 Investor Call.

[Operator Instructions]

I'll now turn the conference call over to your first speaker, Chief Financial Officer of DallasNews Corporation, Katy Murray. Go ahead, please.

Mary Murray

welcome second and call. XXXX everyone, morning, to quarter our investor Good and Dallas am Chairman, for Corporation; of Publisher Decherd, by Q&A. and of and Moise, I Robert Officer President joined are News, Morning who Chief Executive Grant President available the DallasNews

we Yesterday and a XXXX issued quarter second we release announcing our afternoon, quarter XX-Q. second press results, filed

XXXX specified, We performance measure Investor Relations the website dallasnewscorporation.com have under call XXXX quarter posted both second today's Unless against of comparisons otherwise performance. these second on on quarter our new used section.

Our discussion today will include forward-looking statements.

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

is the and in about Additional company's the factors information available publicly these releases SEC. with filings press detailed

measures. discussion to with in assist believe release. We that non-GAAP non-GAAP performance to our A determining of include comparisons peers. Today's measures information is investors included useful financial our measures reconciliation will supplemental financial press provide financial non-GAAP to GAAP

became value Directors per reflect a split in the the a company's par the split. common Board approved reminder, release June effective of The issued XXXX. per of shares share stock outstanding X-for-X of reverse which and As share, X, yesterday's treasury company's stock $X.XX amount reverse stock

$X Dallas ticker loss $X.XX DALN. operating its DallasNews net of million. Corporation the million symbol or company reported and quarter name effective NASDAQ and addition, per changed XXXX, to under XX, an $X.X In the the June a loss of transferred share XXXX News second

of per for $X.X and of $X.X voluntary million the million company XXXX which when of an related expense, asset the $X.X in announced severance of and of loss million. quarter, severance million the $XXX,XXX we million loss, second severance operating an reported to operating in In depreciation, or second operating a net an XXXX, of loss expense compared quarter Adjusted disposals includes $X.X loss offer. loss impairments reported quarter adjusts the the and quarter the amortization reported was improvement operating GAAP $X.X net to previously The to year. loss of exclude last share adjusted $X.XX second

Digital compared This second primarily total improvement to $XX.X an reflects second advertising the of marketing is in or improvement year. GAAP a year, $XX.X year. quarter revenue $X.X million a services for the For reported this last was X.X% $X.X million, to revenue. last print million to compared $X.X revenue of when million the when $XXX,XXX due of increase of million advertising and decrease quarter

in million $X the with personal and sales Excluding or customers, associated the of equipment force company's digital decline pandemic XX.X%. protective brokering advertising Belo of increased

result a print and has subscription is initiatives of attrition digital a currently growing focused is show and revenue subscription. news last in approximately total number This Total QX circulation X.X% million the growth over year-over-year reflects revenue of QX a circulation since print XXXX. first of subscribers pricing, on XXX,XXX year. quarter subscribers. growth The to $XX.X and of digital lowering of The growth

digital-only Digital million second the of news decrease compared X.X% year, of of second quarter million, the revenue when or an with circulation $XXX,XXX quarter quarter quarter of revenue this XXXX. or second a XXXX $XXX,XXX compared The to was Print year. the prior $X,XXX $XX.X to ended second the last was increase of or XX.X% and circulation in XX,XXX the of $X.X year. compared for to an XX.X% paid increase memberships,

X.X%. -- This and is the copy sales in revenue year by of have a relative revenue this $XXX,XXX to pandemic last compared in quarter second news was in $X.X reported million X.X%. year. printing million due has The as commercial decrease in decline revenue. revenue experienced second impacted the reported the quarter its to $X the print only of Other declined declined member delivery stability base home been Single

$XXX,XXX severance Second X.X% The $XXX,XXX year. offer, partially quarter outside $X.X in the distribution, voluntary change expense operating depreciation million, related to XXXX total quarter in driven GAAP company or Texas compared benefits, tax by million expenses $X.X expense promotion offset to in margin this $X.X recorded last in decreases This -- compensation of expense advertising second is the $XXX,XXX by to of services. due $XXX,XXX million and expense in distribution of was high increases primarily and and an approximately tax. $XX.X quarter increase of of employee the million

XX June XXX, XX, period. is reflecting to employees, company XXX to an relating compared when had XX As or XXXX, the of of voluntary decrease Current severance additional headcount of the X.X% year a offer. decrease the prior

Cash debt. $XX.X and cash and were million, equivalents company has the no

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

will years a XX, any plans in and over the to extending purchase note a XX, Effective million campus in related X.X%, pension interest the the $X the at the amounts were headquarter of original the XX property. Holdings, be All reminder, in to XX%. not XXXX, at funded are amendment the As priority due of secured XXXX, note Charter's company payments signed do Dallas. to promissory generating million June lien we continues note interest second The promissory the company's to income $XX.X downtown currently from a second $XX.X on paid next other XX promissory quarter. former first continue full the June million Charter mandatory by of have bear with pension Charter rate of next in The months.

XX we now take operating some to QX, office and employees the production additional electing voluntary with completed back updates. offer. will In severance the provide offering I

million and the news including We expect first XX in X places. managing press approximately won expense editor associated to $X realize In savings. June, more benefit compensation than annualized awards,

including including honors. X Managing first-place finishes. X won awards, Awards, Our Texas Editor Al Dea, XX Spanish won Place Associated also language paper, -- The First XX so news National Headliner XX Press

and immediate of terms the research new the subscribers, content X subscriptions. we was and department analysis new recently in on by of expanded results business news have reporters and Based seen

in Belo and see continues print company and digital to advertising. recovery

spending back Morning levels, grocery, charities is thank to driven who to not completely Every Dallas Feeding pre-pandemic verticals. important increases donated seen very year, primarily to the would and the the campaign. Kids' restaurant by like we run While News We have telecommunication Campaign. Summer everyone this

summer total in base I than digital get results very the we now Robert. progress to our $XXX,XXX and support we food regional programs financial through nonprofit that will months. feeding This over are hungry to organizations to children Overall, provide encouraging. offer with year, the revenue to enough raised summer more the growing turn are making X call

Robert W. Decherd

almost and people of channels you, realized take X we ago time, of and thank its met that investors XXXX we and would who and a our years Dallas as follow to When everyone. the Katy, the Board in company. distribution we you that News transformation described all of September good morning, and Morning the other

without that year. XXXX what out any idea course, be would gap to I turn Of call the

So meeting many need long-range we in as going direction, But earlier call, the as we're plans our so concluded to Board regular and contrasted can, we those those revisited plans, the right described of real. in the we that this of and possibility a work with evidence The things this digital measurable X year newspaper other last through see Katy Q&A. or is I just that reported newspapers, think a and touch sustainably still to we go is want progress smartly that to patiently, on profitable this, X progress. just we before in

Dallas to strongly are all, the the who Morning imaginable of to way she at conducted First in what that Katrice we the an to standards and happen he the out an to And of occur change stood extremely connected very over print pace finalists a Grant both are absolute of every News. requirement has personally with being at digital, X as months. are and term. sense went and search the the for products, and interviewed, Hardy that long Editor in almost successful as candidates looked excited needs we he the quality on welcome which as our Executive needs she important almost

to you'd call. I'd this about further He like in later can more Katrice, comment if hear like to.

As that subscriber Katy we follow the first the half. advertising believe, digital to to based it. on to numbers year footprint that, our second us the The will forward about come in seeing member and we're substantial are made associated likely and the or and with circulation looking revenues revenues is and growing half through the progress what of noted, this encouraging we've year reported

themselves continue you the that The impressive is to X-month this opportunities and performance, agree, XXXX earlier circumstances the of hope presented those opportunities year, I exist. given

that it's or impact comparison occurred, was QX that at look but obviously aberrational the is in sense COVID percent first up the When X-plus I aberrational the an to revenue full down quarter. of that quarter a

we're here the we've out on that in evidence optimistic while and into comparisons. are seen leveling that we QX comparatively going we've continue against and XXXX. give and still today up trends We'll easy can reported So QX,

have Grant the number than Board and actions a that the ahead, a day-to-day all that rather are take the not Katy those. are on side, certain as to basic There anticipatory can think the of view digital we opportunities basis, and to about on They noted, relate has long-range I to on digital, milestones reactive. transition achieve comment though, occasionally that

just corner on think count typical economy plenty environment, But back even, or So almost of we loss, word the on look the for in math profitability. good becoming saying ahead the levels whether turned industry. not I'm into you our there's of you've sure -- we loss can and norm loss the We net at to again. if adjusted we're we spending reluctant can operating we've upside. use get the net the news that operating there's I'm done pre-pandemic quarter. broke if

thing to we the over backdrop XX go occurred with the But against very with I'll of what's Q&A, we're mentioned pleased to performance. Katy that the last plan. before pension months until we again, XX to pandemic, last go The -- say the

We and Morning One plans, with the the in Journal News at A.H. we managed up Providence Belo they're are but legacy size, they're And -- same Fidelity. by XX% roll together. other the as funded is Dallas is plan, both that team plan. very the they similar plan,

don't confident is And we when for of with the we that the even conservative we've and to And this point of that period decision right around of portfolio. U.S. that time, portfolio. as contributions be. we that's of posture world, to of because made in both very seen the My is volatility are the conservative the say have the be we markets, earlier any the a more part required place year prolonged a

that planning stick So approach. to we're just with

we that I manage are can -- heavily side cash, volatility. we to assure but you fixed we're the not typical say, all through weighted any income I'll

and pause got see me we there, Let let's Katy, if Q&A.

Mary Murray

we'll Alan, right. questions. for All open it up

Operator

[Operator Instructions]

to first Chris the line We'll go Wedbush of with Securities. Mooney

Chris Mooney

at million that?... look I the in out quarter, $XX.XXX for I severance. that June if normalize to the $X.X compensation, So Is should million employee back

Mary Murray

That that is includes for services correct. We outplacement and the COBRA VSO. severance, did the of a for which all accrue severance those elected

Chris Mooney

would by And quarter... couple have hundred so the employee had comp in a costs lower thousand you of

Mary Murray

correct. That is

Chris Mooney

Without -- okay...

Mary Murray

Yes.

Chris Mooney

you? said Can forward. you $X about And something million savings going in [indiscernible]...

Mary Murray

-- when Chris, it the start year. so it in Yes, this of will third actually quarter you

over the last Now who was majority day the elected their VSO, X. obviously, annualized the people is July XX-month XX But the on period. the of

to if months, we're about XX next going savings. think you so over be the realizing compensation And

we as part we had product the around is, will our investments resources, of Now and in talked resources about development making say in year, platform. this our plan, building what are earlier I

So compared those are But taking handful again, the people XX those will and a VSO on. moving to, continue.

Chris Mooney

Okay.

on are numbers headcount heard departing XX with XXX So employee heard [indiscernible]? XX I -- the I another where and of -- then So subsequent

Mary Murray

Chris. That's correct,

Chris Mooney

So we the about? moment. so at that employees or XXX would at Is be

Mary Murray

VSO. includes XXX No. the The No, of Chris. the impact

So as today. of that's headcount

Chris Mooney

Okay. there this expenses severance subsequent additional be and will And quarter in quarters?

that Is or planned expected?

Mary Murray

really self opportunity we mean, to make I that offered decision. of looking for the VSO the that offering an April way was from Chris, employees at perspective, our

continuing are Now could forward, But going I planned. making to organization move Grant planned. right there the there's nothing but look continue anything obviously, and at there's to not we as now, forward, be, and decisions,

Robert W. Decherd

signals alarm Chris, on to let me to We send tag that. don't want internally.

running have when course, need another severance move no to people for we normal around. we're resources will as plans transition company the the offer, voluntary We and are, in a depart

would to internally. So assignment. expect, a time be Grant may may department in reallocating not will Katy resources or as time, different you from with and fit And a or different incumbents

we'll So up and in see movement down headcount. some

that rest not going just depart. a they that benefits But offer of in terms terms meaning a in this receive an almost of near-term if even But the like future, like reductions that's of voluntary case-to-case the be some in year. initiative the people to be may severance that situation. look There that's

Chris Mooney

you of Could Katy, lot other again? I even. writing you looked the us in et cetera. may I a at Okay. weren't it wasn't haven't digital That's which fast on queue, yet enough. go subscribers, people I great. gave numbers those over and advertising suspect be and

Mary Murray

problem. a Not Okay.

think I revenue. So let's with start subscriber

getting membership around revenue, total we've subscribers. get we internally, revenue, questions total -- always been call of and our One, as our number we subscription it

currently So view and approximately a digital XXX,XXX we subscribers. that. wanted print give have to And we of

quarter in is that The that subscriber really is other seen was the have this first revenue. important thing quarter growth year-over-year this we actually

last XXXX. Chris, not get the this on comps improving digital coming. had, call obviously, year, the digital but Robert the year making have that the what really progress those it's and to harder revenue The attrition because Now numbers that does each we to focusing around going to quarter will side, growth last to print beat is, that been only teams both harder we're I continue prior of we from wanted our the had the we've of really think and time in but QX saying, are seeing because of out say really and I in show X.X%. this subscribers, initiatives our to was what was

last and compared a revenue memberships was grew news fashion, our compared an was was of Dallas last million. copy of Digital lot year, we some or saw time And that compared revenue XX.X% seeing this that or $XX.X area diminished we is single of back. to last This again. $XXX,XXX decrease capacity year circulation were the So $XXX,XXX. our was sell XX.X% Print morning to see X,XXX last to first growth circulation people a copy, year. to then able copy single single where up come in to year are X.X% of

But are year, comes single pandemic, sell But hopefully, right of still that. we are when copy Whether have on we'll now, improved we see back the opportunity you some working single all last to the that's impacted compare and we're to where them. it sales X.X%. down or not, And really related numbers. copy to by

go -- ahead. into Going

Chris Mooney

Anyway, I understand single go the phenomena. no. No, ahead. copy

Mary Murray

Okay.

see XX-Q, and print these our digital separately. marketing and in on So advertising services, roll up you're going to

have have print. advertising digital we We then marketing And and services. obviously,

our What digital operated marketing wanted advertising out is to we this call digital the be sites. And advertising. and service owned and performance for our would non around

websites So and if about you dallasnews.com think advertising there. also other and then

as actually through came and websites of last assist has personal us also able digital Belo through with equipment number result of protective year, infrastructure. last to we're the customers customers the and platform, to year, company pandemic, because a So ordering our and that then to distribution do the capacity a

[ PPE we're out, level last year. when not selling of that ] obviously, were at I the so like you mean, And back we

out of the or specific million in what line you're to we XX.X%. then advertising digital revenues increased to item way and see call print to wanted not the going advertising. advertising that because That's $X roll XX-Q the Digital because up year-over-year

Chris Mooney

But that's Okay. news. good

Mary Murray

is It news. good

Chris Mooney

there I've were I we want in if the want see to got like I should did put other a just to didn't queue last other and number just questions, of me people time? back but --

Mary Murray

be would great. that Chris, Yes,

that. do Let's

is Alan, queue in for there the questions? anybody else

Operator

Instructions] have queue. line do in we Yes, another [Operator

of And the Nasgovitz. we to will Bill go line

William Nasgovitz

lull, seeing Well, pandemic to see with that. but as the the on even congratulations revenue a nice increase

that you time First XXXX, is said correct? since

Mary Murray

will we the digital show have able revenue to to subscription to right and Obviously, see harder again restate able revenue that do to Bill. Not is now. commit drive that continue we that, pleased That is in with increase correct, to growth. seen. to grow they our -- were but get I comps the goal will to to continue the year-over-year harder whether want But We growth? that be

William Nasgovitz

And ago? you year seeing subscribers a one in Okay. total What year print terms point, you're today? and it And said -- was ago, stabilization? as digital reference some a XXX,XXX was what of just

Mary Murray

We last true if to are that of are and quarter, the you estimated say has And shift and at I estimate going around in the the the higher an where decline now, right year, end with I up I'm stabilization, subscribers actually time, I seeing our we were would we digital-only XX,XXX between had, print second probably been close give Bill. than subscriptions. were some at XXX,XXX, little XXX,XXX. line a can And We maybe pretty print. the in probably

William Nasgovitz

wash? a about it's Bet

Mary Murray

increase the a wash right. And then the on About digital.

William Nasgovitz

-- seeing continuing trend? So Are to positive trend? see growth are subscriber you you X.X% subscriber A year-over-year. this that

Mary Murray

I'm and about can we going to have. the let Grant initiatives answer that talk this, we

Grant Moise

we digital of a beginning say not aggressive quite but of is Yes. only Bill, a a subscriptions in things we've lift, would strategies the pricing nice support that. really I bit saw of applied couple also in are especially of the pandemic, with

when did off, summer the mid- keep I'd initiatives help the from volume, more late that highs, say, year to even lift. which last to the we have the it the So taper begin in probably pricing

growth the revenue And we so consumer in can us we high, mode that feel to but range, keep mid-X% continue the we maybe do total pricing little believe while. like that not can that for see number a the

future happens price it able what obviously, volumes the because, in we But obviously, be in to on volumes to the need with just depends order them.

eye a keeping we're so And on that. close just

William Nasgovitz

an are might -- for what How just number? going be So the you forward, price digital? average average selling

Robert W. Decherd

-- our as high say I'd And probably just average digital the that trying a as monthly a subscriber. rate around $XX of we're subscriber $XX.X digital push that can. right Bill, a to for I think now rate we going about we're is range, average for high our in to is

But with the price time, introductory versus the those we testing price we kind at to introductory time. what of the is same time. prices We're and over begin right all ability kind testing the are of

William Nasgovitz

So $XX.XX. a it than if memory less think I was serves year ago, correct? somewhat me Is that correct,

Robert W. Decherd

correct. That's

-- were average. little I maybe $X probably more say, bet We about believe would correct. That's time, this about a less, bit on I I we were

William Nasgovitz

Okay.

see. Well, you subs even? that What to break take that's How digital to do good many it need break to even? might

Mary Murray

like you Or P&L talking talking against you breaking are Bill, on even. print So for on -- even a a bottom breaking are about line about declines? a

William Nasgovitz

Bottom line.

Mary Murray

we as lot expense right within are to allocation things there newsroom, Bill, now far that digital. and don't company that allocating So are office Obviously, the as including back disclose the like. a of not we

So currently provide. we that is not something

William Nasgovitz

below on Is Okay. And cash an -- the there the of with And stock. balance were selling what's with authorization? capital? our so, amount the intent sheet, then buying being in a if I priced back past, think you working price stock the fair we business to essentially still

Mary Murray

buying would plan Bill, we the a correct. buying now do you're in from capital now. not have that's of do We be a on not to plan in stock currently But that something we the not active not We any were but previous decision were that, right stock do are couldn't There future. to years. an the to is allocation. right change that, that say back Directors If Board back.

Robert W. Decherd

Charter to standpoint, all had Bill, discussed current, I'll one care that came capital say that very let paid. pacing way of Holdings us. fully where deferred $XXX,XXX is plus on take requirements which a positive a our in the before, not sign From of our agreeing or that. second the to been cash was would expect extension you amendment Board, the That brought -- to -- the to for -- me allocation contract Everything items was amplify discusses the and as The time. I've was

people continue So the than Holdings conditions up economic thinking ability decisions. point, at our holds set course, their Charter our rise. going confidence to essentially will I that are to is everything what to this pay is of affect XXXX. If who financially operations also fund we're and about affect this doing about mentioned the well the they still of

But today are everyone variant a the as We're factors U.S. very and is outlook sorts call the could this in economic based confident other economic the on on of conditions. change there knows, markets. all wildcard existing that

Board in we've the about thinks cash, are when So that three discussed terms of there previously. again, things it,

One is shareholders. to the distributing cash some of

the tax there's benefits course, that The that certain we which mention highest the always voluntary but and plan that, the then, which, are to close deductible back possibility are second important financial are buying is that there And engineering. pension it's out pure plan, could just priority, the by not substantially because to of contributions with of stock. is additional way,

suspended, We We talked recently buybacks. have not you as about know. stock

is did we hard plan, is an volume. in very reason established it get one And to

is outlook and the the with. a challenges. our question or radar And do to to the So things piece meeting the of last question, want then off the more being September at get us of this of is not continue annual then, But to X- screen familiar cash we pool support discuss of time the really X-year cushion March. kind long-range response end we and very to things in what you get to volume so. into operating course, certainly because blocks of acquire It you're available of the these will them, of all

William Nasgovitz

Okay.

it. going labor and negotiations have comments might forward? I missed So terms Any compensation here of in costs

what status with -- the is the the union? What is

Mary Murray

this So really a But We of at on to that. come, would Bill, But right nothing ongoing. increased expense. were things the in are report estimate don't with the that have disclose are time. to contract union have now, place forward. don't There's moving any just conversations compensation if We we any that.

Robert W. Decherd

She's been point. this. say, little, I key [ is amplify Dallas a ] -- low to Katy again, about want I'd on

I of our unit, That of the the very and to to committee the guild. ability a best about We the long-term preparing meetings success want and constructive. together through bargain our the for the products. bargaining News with has What's for of the of related articulating new been complement Katy. skilled all and tremendous amount time working Morning spent to have conversation Dallas achieve the important

priorities not is I'm that is meaning the situation that part our this newspapers, saying our from of whatever is but is newsroom at open we then come there terms a look situation first financial there and is completely belief other's each really operating on get. newspaper and impact an understanding protocols our have with will guild to different in conclusions benefit other to to of where leaders that that an or mind the leaders, handle

encouraged I'm And that business saying. has This the not and to I'm very albeit news. is along, contentious been our needs what the about the to and reflects and it moving there is that pace report run

Operator

Instructions] [Operator

We'll go next to Marcus Network the Joel line with of One.

Unknown Analyst

this my a small question and personal position large. I or in it Yes, closely. account with my follow I've customers got

currently to cetera. property lot which the to a et and the $XX one cash, more equivalents, by million retrieve a counting note, over paid share. worth assume, comes is going you would You it's And in since you in can $XX about be cash currently which securitized note have a that. Do

which at a sporadically under of indicate enterprise huge value. would trading sort currently You're have $X, negative you that

you your price acquisition basically, and basically, shareholder to basis to you that it. protect much on on anybody would the the kind a to of be trading trading move at half really detrimental on is stock that at this something need expedited to all-time need about more interest. stock, of vis-a-vis And a of be highs to could the at shareholders. price price focus And acquire that on highly make about your you which a would doing a think cash. focus need And that market don't Don't of

Robert W. Decherd

absolutely The managed the in the fortunes far, Robert company newspaper debt. this answer we industry. we with decline no that XXXX, Joel, going kept as of intentionally is Board And -- split say, in Decherd. we've I'll dramatic have newspaper of to The is too the back spun mind. through last Without off the yes. when has the we point top historically, the

that those And from and equivalent we, as company the level. during or Not assets at views every being here. around pension as of We're circumstances has. dispositions a on whole ever of took since, And good make industry and affecting not of the debt, this and XX% then the did we that that funded to and years, obligations. our the frankly. first the few activities -- plan around That's Board And as view newspaper other us. going our an because pension through option were to

come very through on good plan, have markets, volatility the to and the of been realize in Board, we're, the think, Because of cash that and We very pension will again, I shape time. conscious. industry local we, the over the

regarded our pleased get Holdings. the way market somewhat all with being mathematics exactly is the that response efforts. You're we $XX-plus from as in are not right. predicated I Bill do on as mean said do million your The has indeed final sure correct. I are Charter We And math to question of in-so-far time. to stock the the timing probably we the price, pace, his

value real. enterprise is Our

really attractiveness stock's them better is Our in sustainable now has trends we earlier over theme it and combination of a time. is greater described value future in the And achieve first describe been whole quite our a have we're think the seeing here kind we there seen that build to even that which business into call, time to that a is we then this there can long the then that time. opportunity

certainly of if I begin enterprise conditions more not darling can the are, work we to but be attention obviously where undertaking the value Grant going equation. fall. and will on hold they So the and to economic be We're that this beginning get NASDAQ, Katy of and part

the our the to management to next interested calls investors frankly, estate interested real our At or plus of potential X see with X team time someone first the is pretty about enterprise on. value the as what of split two timing dispose at keep and now or years was cash. were we're company. beginning getting for to value thoughts: in we're cash, going focused leg to These the just in the to As we after X opposed all challenging all pulling more and our off who and it cash one are

appreciate the it's the as the company story a I a lot call now certainly cash So first possibility. small substantial a frankly, company But managing to interest it, progress. mindset, really and the easier and like as in making is we're feel understand -- we

CEO, differential keep as important the votes family a the this of our structure. we to mind to pace. I XX% very shares result two another years fall, work years, two coming where this stock smartly I It's can of in it's on my that as have position predecessor where right up ago, us And that member, of purchased the get in voting with

Unknown Analyst

As to the were or a maybe realize were on Gabelli, his and that, top #X dividend list XX ago you with you on, of three about this or you by publish in United in the are stocks months Mario two States. follow-up

$XX environment, Certainly, launching basis your value the stock annualized yield which compelling a is a this an is on the is a stock is but a so just considered above make buyback, XXX% this to to time, where the this to which to XXX% in increasing right now, taking somewhat just without the at to you share, rate around have value trading. XX%, reasonable probably ridiculous interest point dividend dividend go in $XX further increasing is which would basically point dividend where

interest there's stock necessarily the without your obviously, mean, to an your shareholders protect to achieve equitable valuation holdings this I buyback. and So in doing other ways

side dividend tremendously to listen, valuation this the this this, you get a rational it's bright, to considered to confident. because where a increase you of have like at you're both sound way of tremendously valuation as So the

fulfilling I managing price levels, fundamental guess, the this could basically not, their -- certainly to the don't think really fair of your to to can shareholders, that is stock that for one your almost would not say current you're I one facts certainly, your shareholders have But conclusion the one at way which of just access value and deliberate, assures a company that but duties the holdings. is lead with in this you're that

levels, I not current being management fiduciary that with stock is So responsibility is at of this mean, fulfilled a that company. by the

Robert W. Decherd

higher two did say fiduciary dividend factor Board's dividend perspective. primary of comment at from regards, and previously capital. or The the that at that our One consider rate. the three we and this even dividend obviously, things. duty. your not -- reason I the now view Board looking purely in to just appreciate basically a point you're all is did stock these be is I when at that relative paying and the of would reverse the they levels rate a views standpoint, responsibility Joel, we would one no is changing split just making, financial price its is Obviously, the distribution the a

X%, of XX% yet themes point into it's on shareholders, putting about your depending discussed price. X%, one cash is accounts right, talk whether we And the we payout when dividend, current about of the share

the a this and of much done years question. for several twice distribution to special larger we described now, is dividend, have, a absence as consideration capital We a tying always in of Bill's have which back

September. depth discussed in be All in things of again those will

appreciated. are comments Your

we'll is at dividend specifically other and gap of into higher looked about and point that made, because suggestion consideration not as a year take it factors, something, but have the is well. frankly, well Your we

Unknown Analyst

as necessary Okay. a this achieve I to of I look the mean, fundamentally and forward, clients to as steps mean this my in this of to Board this I the taking I this the I look investment. management, for marketplace. valuation forward fair Directors basically recommended company bought a do long-term obviously company

tremendous that. engaging every certainly, et is investors, I to expect reason introduce of cetera, an institutional other that And firm to going in the I really to given has considered the take this story relations this the cognizant this investment true perhaps quite think investor the company a consider engaging have I to community. company be as of and company undervaluation bring stock firm to marketplace mean, the the the to IR

it on nobody which in an active there there in this at the and going the mean, last I you even there indicate with mean to the out would company. with this shares stock investing is interest looked, next being and with screen, out X,XXX mean, the is with on, time released I volume day, earnings that I on this much call there I is pretty if under today their was radar look nothing. nobody

Robert W. Decherd

the in been of about the are actively that, is mind, and me before been years experience. even the on this and the reasons again, But let COVID. sure call. Bill have out are that transformation the you not or at not volatility we've of Joel, and others on just fairly from the -- front early markets stage I'm talking way, retrospect, think and transition in was we I of true very that call today, it we put at for apparent, many least same in investors for

in delivering I results, and something the be of terms our Katy to in want going that much effort. of to feel and more attentive of we the When about I get out better time referenced this but and are to earlier Grant don't much is front that outlook. allocation prospect You of own

terms lift. we can was know Day organize the folks years and still. always bigger get been give And role, We've of really used over parties upon. an York community gazillion that's that the And on party We benefited us Investor I've this to try a of I third a point or from off in that. and in in we've touching should front mostly New third

respect is taken. this as So point your in very well well,

Unknown Analyst

in, an look in zero able access but will next the conference you've Okay. to I tell forward being currently, mean and the your their us here liquidity to in being firm, at increase will served that I look with well to enterprise up development quarter very value the changes, obviously, are of not I bring got again, IR an a story and buyback. this and investors nothing now. investment And share I with to having cash call. forward dividend, being XX% on if

need mean, investment the I to in community. I make think company does of effort that story this get And a greater front to

Robert W. Decherd

said. Thank well you. All

Operator

[Operator Instructions]

to Chris of a back question. follow-up for the go Mooney line We'll

Chris Mooney

Okay.

own that at note liability. Just aside of plan the downtown on from the the undervalue your under more building worth funding considerably estate plan, real to the you looking pension than note, Collin County pension is thinks

more not give update then Google Facebook you're the have you soon. going payments know building of quick serious I XX Belo How note, you to office require any the anytime your return and the status On interest? can on pension doesn't a us either. And for But for Company sell handled just potential And years and payments? plan to phenomena?

Grant Moise

Chris, it's Grant. I'll handle that.

company, very First overall, been with of all, pleased. and I've Belo

I from quarter, just last the matter advertising the pandemic of depth know, think of the type XX% largely growth year. the saw in as is we we comps of a print that this

seeing I'm are fundamentals I and business some of the that But we the that which of at, of I'm look always looking what at, number is clients that have.

time, at foundation year-over-year if XX% client need look, base get marketing to the company. But we means, our spending, our and Bill, grown increase same as our with about it's clients with talking we was I existing and clients which have Belo advertising to can the our We be great. services membership to of growing just earlier

UO know. to is the doing We're me lot margin, which I'm key most in very of kind and [ areas of important pleased that ] the the us they're most that. a well, growth I our provide that as seeing

conversations folks Google. from well I of a are in -- been let Google personally active in could conversation I both known over are am I is companies those those what to involved over we at in and And So they involved directly. shift have point -- say with for Facebook have I me decade. those because this

with which terms content, when question We Facebook know being you're an the I paid have we're content deal existing of is and for in asking. talking that primary about in place

Chris, the D.C. of all journalism payment in about We is the with Chris. place now. is smaller but at content. had associated JCPA this to content in in fact or Preservation is that ways deals point, that of Act right those for you very conversations engaged have Washington, I planning, about the they voluntary had And part remain the the talked which in But pleased obviously, office kind with am Nothing in return and with with biggest progress a companies us. active past. you read this phase really We're and the last, imminent then our

say, That's we take full just bring on looking now, employees at up Obviously, probably a in is have XX/X to after of at offices. our about voluntary off. of our North able terms is our way basis. XX% phase being Day are part a an to back we our evening staff have, our XX% I'd operation. in voluntary staff the here works in to news to And the trying corporate right offices. of kind plant week XXX-plus the The Labor back But of never our of been business

a close COVID keeping very on levels. we're obviously, But eye

alluded real. is As Robert had to delta variant earlier, this

daily. We that on are reporting

we're job mindful and going very so health frankly, the of is be because And a prioritizing employees right productive the to be our remotely great now. being doing team

safely. them And when so -- pandemic back quickly do the we're bring going we as can allows so health as us to to when basically

Robert W. Decherd

agreement a years. of was back not put is The Chris, This a point in place. of quick couple something goes Facebook recently clarification. that

to got question your referred or are on negotiations it. discussions Grant the side this So larger think I scale, that opportunity

Grant Moise

Yes.

showcase believe, the is publishers. with throughout domestic happening, we're clear, that's negotiation what is the Just I about Google know current I News so everyone talking is country

Chris Mooney

Okay.

time you prior And last seems XX%, just last interest. that you see I the Let's to made I'll -- I have dividend do was others surprising that of capital really that activity company if shares the you any being was progress the and in questioner a it looked note a think wouldn't year. there bit the and was have level inside under see see, insider the -- of and the in can June

ago. paid Robert, lot I from a stock you higher time know price some

on want was Jacobs. this weekend as that. to to very well. And do a Hall so done, think write-up good need to don't respond very complement I on well You That company Cheryl

Robert W. Decherd

thought Cheryl forth e-mailing and with well been was just Thanks, that Chris. I've extremely was. written. I I back pleased how

you So I saying appreciate that.

Chris Mooney

I know and have good very job, did a communicated company the with as she company well. the reasonably about and it well,

Operator

time. We in queue have further this questions no at

Mary Murray

on talking summer. the Enjoy right. moderating. Alan, for call. your rest for and quarter everyone, you third look All thank our we everybody thank And with joining call, of forward you our quarter second to

you. Thank

Operator

today. for you Event your and call conference your Thank for conclude will Teleconferencing. that for AT&T participation using gentlemen, and Ladies

You may now disconnect.

DallasNews (DALN) 27 Jul 212021 Q2 Earnings call transcript