TPCO - Earnings call transcript Q1 2018

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Operator

Good afternoon, and welcome to the tronc Incorporated First Quarter 2018 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Aaron Miles, Vice President, Investor Relations. Please go ahead.

Aaron Miles

Thank you, and welcome to our first quarter 2018 earnings conference call.

differ would statements remind this during our results I will that call begin, actual forward-looking make the could we like you to management and Before materially. course of may, Statements containing continue, outlook other or anticipate, statements. intend, expressions forward-looking plan, estimate, are believe, similar words will, expect, as such from from company’s in actions company the taken results in risks uncertainties forward-looking the those as beyond and differences Material actual statements these control. by as described our may from well result

uncertainties expenses, and diluted on in is definitions mention provided risks measures comparable Form Some total income, margin could in with net impact Securities press EBITDA adjusted our include adjusted most included earnings which at the of should Commission, share, that on are reconciliations businesses net that today EBITDA, debt. including will available annual we references adjusted documents and the also earnings our remarks GAAP our XX-K. to website I the report adjusted filed to operating publicly our measures, investor.tronc.com. And including non-GAAP per and and Exchange our financial have adjusted release,

Officer, President, Executive turn Joining call Officer, Jimenez; Dearborn; and Chief over is to Vice call the Tim Chairman, troncX Terry Financial Dearborn. President and Chief me Justin and Justin Knight. I and now Executive Chairman today’s on will CEO our

Justin Dearborn

our for platforms the will us overall to about of our that significant our detail. multiple some rooted suite products I’m In the in departments today. and Terry review marketing clients. we results growth financial our in each changes joining strategies ongoing everyone, XXXX. local and going market, and newsrooms business, over in steps sales of the have across delivering to solve quarter thanks Across to success each services we turn a decisions implemented business effort world-class some important journalism then talking strategies and future. and position are These and made announced our we call to call to well both I’ll providing in us greater to digital our more to the begin Aaron, a by you, made Thank become enterprise. for start and problems for to in markets this

called each priority. transformation on First, business steps leaders that have to in company. headquartered from how been accelerate their journalism on market and of digital Chicago, and markets. in newspapers Production Like hasten focused Studio, produce had for digital to leading our truly unit, created transformation, newsrooms news the our taken journalists other each reimagining our a new organizations Excellence top our remains bold Design mission print central our deliver we have media the

to to in providing the will to more accelerate success. us Second, focusing strategy by within their products, technology new we aggressively on drive tools revenue vision and our clients growth unveiled our the that with These a with quickly markets. will our in the compete changes allow and local win unique team organization, sales most categories service, opportunity, allow and us digital

solutions is with We also XXXX. Studio local that agency target XXXX is agency focused streams that provide launched revenue Studio proposition, to results. on that will a focused events called creating content a market-unique deliver specialty our designed digitally and new branded rapidly in sellers and value growing a integrated

we new readers, positive and strategies they excited our impact, employees and have our anticipate company. the are about for advertisers, the our We our will

to make when so gain content receive need collective for value with improving economic dollars. utilize the two no on tangible to intellectual of We its little industry so respect other the others platform We of billions to relationship also ad property for focused all can I the receives real duopoly. remained publishers think these that revenue much. platforms for

industry, to order one. negotiate an the with have seeking duopoly As as in been exemption antitrust an we

granted, new in their initiatives. exemption lab The to policies learning they the the aimed avoid news of negotiates bolster models. a local profits audiences Journalism hopeful for proactively understanding organizations quarter nearly to we a paywall is with was acquire news to We to digital the a Tribune three be through amends University’s first with in School digital Northwestern’s our number are work how audiences, good or portion local digital of of content, Northwestern versus business and will respect Medill to of duopoly ago. yet, year the greater in become doubled news faith This are to enormous subscribers With partner our better of access realizing. finding at providing a one approaches local news the of engage to XXXX preserve

XX% year. in subscriptions strengthened company’s A versus same of X% versus Revenue XX% a the quarter subscribers digital-only and expectations. QX XX,XXX York of or quarter, subscribers News Our the over weeks paywall up digital-only increase New The reached drove launch new of the XX,XXX last the at XXXX. versus our exceeding quarter, in February the growing of three close Daily XX% also XXX,XXX versus from to QX. net last and digital quarter prior first

terms XX% paywalls, and the than longer-standing March in was record-setting For of This our higher a other peaked acquisition XXXX. March experienced paywall. in markets of we metric XXXX of with quarter

The Foundation Reporting. Congratulations were named with winner U.S. Royko Illinois, wins Award a test for international and Ray Glanton, achievement lays recognize who are Government and American and national our her named honor Dahleen Tribune’s Long great of audience Ese were we significant honored that journalism Callahan company work Awards journalism. Journalists. ProPublica share quality local, Writing. Gregory Pratt which and reporting A. to the just has was top And foundation the our for of Delay, most the Award The work Krabbe News Awards placements Society with editorial this Dahleen, Trish recent highlights Young the Awards in engages of failure Olumhense of the some to journalism. for general of for Young Accountability XXXX. Mike Livingston Doomed Investigative Livingston it. I American by Better The the partners how the of and Blethen Editors Tribune’s finalist our alongside Journalists received by on one for reporting. awards of All for across outstanding want in prize all-media Frank to the Reporting in Chicago disease. largest to impactful our finalists for for Callahan, Driehaus the in This the for Trish the is Local also the professionals Associations Illinois The a for of also Commentary/Column

Delta to took the work [Indiscernible] Awards of top the prize category. want on also in last to Marcus Los year Yam, We’re pleased that won announce Feature Society photographer Photography Journalists Angeles Sigma the from Professional contest. We Chi commend who’s Times incredible Above the Death

award. addition, copy editorial Award This the the graphics, Deadline desk the entertainment, desk team truly we arts effort In with mass staffers data took DC, a business, sports, board, for home in national, work all Las from staff our engagement, Vegas. the audience Reporting review tragic on and sharing politics, the was shooting the Metro, and

sports. overall are journalists video and earned San Emmy in proud team wins. was editing, Since we has XX and nominated XXXX, regional has for Diego our categories categories news, Diego XX Staff on-camera to XX recognized Additionally, Union-Tribune San talent, Emmy XX share the for awards. Union-Tribune that in nominations

were total course as of share our finalists. two have the Pulitzer year, a that local Chicago newsrooms I’m recognized for Tribune system. finalists Tax history, Over to Prizes. reporting ProPublica in for newsrooms our our Divide, their as Prize of property series won The of and This investigating County, were unfair The Cook tax XXX XXXX assessment Illinois Pulitzer Illinois recognized the pleased

cost Los is Steve Prize Lopez existential for an of columns illustrated for for finalist how state. Angeles vividly a The the addition, series Time’s housing In California in crisis the that was becoming commentary the of in Pulitzer crippling

We are exceptional of proud all this journalism.

Sun produced to Nickelodeon daughter I’m and number a Sentinel kidnapping of South The podcast and The police years. its sixth for Murders the Florida’s Veteran Florida the horrific Sentinel Boca at and anticipated week listens. chart at South X.X nationwide. inside Ortega notorious Lisa premiered and reporters its is take Apple haunted of Additionally, on Florida two on the one share Casey’s first Juan listeners currently by episode podcast Arthur excited final has Raton Felonious and launched most mother that podcast crimes. unsolved highly million

release, the and closed. sale documented in mentioned California As to the the has press, [indiscernible] asset well not in

EBITDA look complex proceeds tronc loan remaining on a between assets the the items each million the of open for for the does occurred. but $X X,XXX on employs to private want other counterproductive of thoughtful divestiture value to with tariffs that the existing administration each policy seasonality related industry retire inflection point to tariffs people. frame. XXX,XXX tariffs benefited oppose transaction has We term newsprint In the balance this comment is production Depending an our merge increase in to we there’s equity-owned to further a $XXX,XXX earlier complete, challenges healthy expeditious costlier, turn the to over the employs in I call contribute of to to less unwise single to to moment net $X announced public the not take policy they year. an industry in by words, these adjusted business, time also of $XXX,XXX a sheet. very corporate now week. are the makes free and the I believe will a day like government-supported Once that than million and finalize would closing broadly. unwanted. The with and A are than markets and more Americans. at with the tariffs The newspapers mill Terry. We strongly the looking

Terry Jimenez

I few Justin. items first first the you, results I touch a for will XXXX. for financial the our as quarter. me quarter highlight Bear on Thank with of unique

the accounting related The of beginning adopted the at to first items pronouncements company XXXX. effective that new two

to our standard for to first K. requires basis, classified certain and has This revenue our net primarily effects, historically revenue covers gross disclosed The bring were on relates Qs presentation. as revenue to no but to which revenue. income This amounts XXX, is previously net a Cars.com net have recognition, that and company presented contra-revenue a it versus a in to we be transactions expenses Topic which that

approach, impact financials the retrospective standard historical modified the with material. of adopted of XXXX. are adopting not The cumulative our adoption a restating first but beginning quarter we whereby was this not have prospectively of We income

second related The change accounting expenses. the to Topic pension is XXX recording of

have all restated. operations. expense that including have below or prior expense pension the Under been the operating and line is of adopted loss above benefit the benefit or periods new versus component retrospectively recorded standard, We non-service or standard so income the

that range. which of from February XX%-plus XXXX, at in As and in simply approximately the same previously have XXX million Cars.com this $XX.X profit resulted for agreement margins. approximately revenue, low-XX% XXXX, announced, we business The a would been shifted $XX Cars.com. our Cars.com partner business same we in In branding are we’ve dollars have revenue margin with recognized had the of now in to a Topic have million

and branding small partnership our positive new negative XXXX, revenue revenues is thus improvement, adjusted $XXX the offset EBITDA the been margin of revenue historically New a replacing is is quarter down Total by revenue in in Our due the our of the troncX has York a there quarter first advertising BestReviews.com. to XXXX dollars, in segment. operation effect. partially certainly revenue continuingly advertising recorded This X% acquisition declines, same for which but million, Daily were from News primarily

Excluding Cars.com X%. York declined have Daily revenue New News, total businesses’ and the the would impact from revenue the BestReviews

up of first the quarter from consolidated $XXX XXXX expenses Adjusted million XXXX. $XXX XXXX Our $XXX versus million operating quarter versus in operating in QX were $XXX million, expenses first million of XXXX. were

with expenses, expenses The share New first In the QX in behind or first drivers of $XX.X compared Daily investments a on the of to agreement of the operating $X News Adjusted EBITDA a have $XX the quarter first in $X was million million to to the first net would or swing $X.XX Chairman. QX Daily $X York consulting seasonally York acceleration The the and for the made quarter decreased XXXX. quarter by per News operating compared XXXX, million million XXXX. loss quarter our negatively New of negative BestReviews XX% a compared adjusted Excluding weak at had net the XXXX million or impacted of of accounting adjustments, we we share a charge teams. as related had reserve digital anticipated, operating loss for XXXX. non-executive a million quarter of for decline per were XXXX $X.XX year-over-year million $XX.X $XX.X to the EBITDA former first was the the to we for quarter our of and

the Debt million is sheet and $X solid to reduce $XXX.X fourth quarter with XXXX. debt in compared end quarter balance has quarter were our plans to to million at of Our the of through Pension and We $X declined XXXX, exited of $XXX very the million first position. million postretirement of liabilities other we cash. principal down amortization. continue

Now the $XXX on the of million, compared I for X% segments. to for the quarter touch prior down first of will the of Total our quarter performance each year. revenues which were reporting was troncM

of prior circulation advertising experienced print experience advertising a total to revenue to down same the this compared period with in continue pressure increase for year. XX%. We revenue XX.X% TroncM segment the

declines more New was in of print highlight, decline but addition resulted underlying revenue. along Daily circulation in XXXX, circulation historically advertising print of quarter the our down than in circulation BestReviews. had $XX other greater XX.X% the has News We quarter, year results by previously that volume to continue changes, advertising the with The which is total the revenue York stable the revenue. digital increases see been in Also improvements to offsetting from print million the print revenue prior in much mentioned first revenue to quarter. important of price note, the TroncX business of compared Cars.com was offset than revenue

guidance. of terms In

headwinds billion adjusted $X in EBITDA, Adjusted million perspective. the $XXX California the EBITDA full be the assets, is excluding year we $X.XX revenue. XXXX. billion the generating This guidance California For to million following for excluding the XXXX, from again expected to for to assets, anticipate $XXX an fiscal year reflects

Justin tariffs and prices that And Newsprint employees trade arbitrary Canadian an U.S. as to believe this on and policy mentioned, consumers. industry, U.S. an the extraordinarily unfair at prices, historically we high due imposed businesses, penalizes substantially our is the U.S. rule suppliers.

collective across Our and our plan not increases a that merit employees agreement. reward bargaining to are motivate organization retain, our provide under top covered

in Continued California from adjusted not EBITDA our the of operations for does any our XXXX. investments digital guidance revenue the part team. include or Again,

referred. the build those that Justin not to Although, transaction week continue each does close, as

position that have the with We goals. Our we’ll time effective growth, to in few should be posted the subscribers. you next XXXX organic this BestReviews.com great forth digital X and note online, we a tax acquisitions, financial will position is a rate remain to will in in million investor solid the expansion over XX%. in XX% significant we direction. to frame, three of we five Also, future range in consolidated our set layered revenue presentation, years. step a with a in that margin be investments long-term in of growth, growth In believe

We excited open to we’ll future. are we’re company organizing these now goals With that, our achieve the and for questions. about call the

Operator

Noble Michael Markets. Capital [Operator from Instructions] with question is our first And Kupinski

Michael Kupinski

the the at the, of you then is it what me figure TSAs that transaction this is you kind close. can tell might you have holdup give just you if the of some have? to And this out? when point, you think And with maybe Can still what just color is

Justin Dearborn

Sure, Michael. for the thanks question. Justin, It’s

it related is the So to TSA.

we company. So way. spent to me company basically, provides it’s as a across services combining But operation systems we across we services predates spent and on unfold. obligation of by to XX -- are provide for efficiencies And XX realize fairly years a how complex through -- the have single that working months, and long but the trying kind will an we

taking earlier the there And call, to diligence up given I a earlier to leading So in -- we is with It period those an familiar as time. think this wasn’t on was alluded to some transaction. unwind effect Dr. business

the the seat. company, from involvement But to support cases. entire of plus there’s and we company Soon-Shiong’s board most systems when of down instance one the that in got infrastructure XXX the company

But work the I to very time still transaction. we’re taking and that. over close positive it’s So through remain think

Michael Kupinski

-- talking this versus months expect give versus quarters? a time are frame? you us -- little we can Or Do weeks you what

Justin Dearborn

month, hopeful. I Weeks a quarters. would -- not to I’m Definitely

Michael Kupinski

you Okay. you some the And you’re your a do be your at about you of then that about the allocation talk point, Just Can financial of kind that plans, and pipeline going quickly see? have? position. in thoughts cash capital you have how give things to the to strong very for deploy in sheet balance obviously, you some of plan us kind

Justin Dearborn

that cash be large would a up. we’ll our Yes, term choose. have if on position. to still at that And ability cleaning as very loan, mentioned, remain retire focused fully And we the we’re

be to very really, with pensions with coming we active respect to a very, as group, which markets side. And liability, sheet the the we’ll balance think, continue our from is in I clean peer So M&A have. low very

in as do some and great So well grow to a organically. inorganically position M&A the company as

Michael Kupinski

you’re newspaper that thought of wasn’t you to -- process Can exemption -- some When that ruling there surprises you antitrust and talk content out try the there just can you extract that about now? that. might filing you’re and always value had a I’ve this through always won’t that going right industry great the be you’re of in? describe what the talk that process

Justin Dearborn

it on alliance media here. But is the taken high Sure. news a the fairly really I’ll keep level. flight at

majority international Axel publishers So of we’re now all joining with a and member joined recently. along the well. publishers as U.S. Springer vast the in some

they work ground. doing the So are on the

in ground some members, districts, been with might have the gain support congressional working as our So imagine [Indiscernible]. to we you on

of up summer. the at end vote for it So is this

sounds, duopoly, the which So negotiating for we concern. is one an get ironic don’t exemption asking real the is so antitrust what that as with is as we’re for penalized

them great table, has exemption although, it’s visible movement Facebook that little some been think I if publicly a positive to get there path been more. bit pretty a to one granted, the the and to has So clear trying for engage with to were happen, that

the required, won’t content. and be can So again, exemption we hopefully, for our negotiate

Michael Kupinski

quarter, terms a to it of terms little your not last an advertising much thoughts a thought the just not bit down see the stabilization in in looked of of was us half or of first was but Or fourth Any year. line from we about side the start about it can down acceleration it XX%, as give as the like advertising? And print of revenue, there? in you being little whether trend certainly some

Terry Jimenez

Terry, this think Yes, I Mike. -- is

seeing consistent little But overall, point There’s relatively basis we’re it’s XXX, think a I the of swings trends. quarter-to-quarter. same. bit roughly XXX directionally,

Michael Kupinski

in business? terms the margins what And the that are troncX, of for of to on we in look of side terms

Terry Jimenez

Yes, margins relatively we’ve today. so got healthy

you’ll I into that think some that have what level mute short go that investments as will term certainly see the some we of also profitability. segment

that will in consolidated as size you’ll troncX business as acceleration on think side to see some margins that but significant contribute the as well. I on scales, margin great well the both expansion the

Operator

Arthur Our question Huber with next is from Doug Research.

Doug Arthur

Terry, troncM, for adjusting that pro XX%. assume I forma that a advertising -- Is Daily without you Daily In includes the down decline Is there News. the said was print News?

Terry Jimenez

Yes, the if there’s News. so decline, out exclude X Daily or X-point another you

Doug Arthur

that have the with I Okay. been there? surprises you you’re pleased News was there expected I mean the Daily loss mean, you And said as are paywall, the major is obviously, --

Terry Jimenez

a digital of wouldn’t come been That’s out the any one. positive surprises. major with would we gate certainly stronger I surprise, the subs. say of growth did I say certainly

move about able the facility. we is, were I consolidating new talked faster we think printing have into on which the from the Allentown, before function to second

think really that’s surprises. the those yet. there’s think, as, on us So we’ve anything positive downside had surprised been I don’t I

Doug Arthur

impact of And long Cars.com How out around in does the called that terms for? linger conversion. of troncX, you

Terry Jimenez

Without been of transaction will bit it have of revenue a -- it view. a away messy been anyway. explaining yes, So have itself, little every would it we with the change, recognition be the point would quarter

this conversation next eight the quarters. likely we’ll have So for essentially

Operator

Lance question Our next Cowen. with from comes Vitanza

Lance Vitanza

I’ve back like-for-like digital Could like-for-like revenue excluding you go side comps the X%, XX%. sounds want for a to right. circulation also down got basis, the print the [indiscernible] down XX% First, total or on have sure It to ad print that revenue a comps make just comp second. get to on and I all revenues these Do Cars.com? handy? revenues revenue I

Terry Jimenez

roughly print side, have on we Yes, circulation the been would X.X%. up

digital then If digital you looking you side, advertising? total out the at Lance, are the on or And are I’m looking take News. -- Daily sorry you for

Lance Vitanza

have both Well, it. if you

Terry Jimenez

a component level, On would have the consolidated look go of up of couple have to been points. that. and back ad we I’ll the at

Lance Vitanza

on are maybe digital-only if helpful. down that’s But visitors I the despite touched circulation. direct. more it was rising around And you unique it the Okay, I or edges missed think this

kind So of issue? is on there? function I was How What just an that issue? paywall? situation? wondering, a an you doing what’s to big that Or going the are remedy it Is of just

Terry Jimenez

gone to of bumps Yes, were so there’s transition in But went QX sequentially that when that. you think we’re definitely very new some We’d pleased there And paywall look certainly a our I some transition. the at coming as QX. that’s element through we into system. through play through also CMS from LA with

live and on saw were now New the of bumps we York get to transition the of any York, LA, that side. ahead New in We’re able we in

think Lance, I the percentage total a visitors. we’ve as of unique overall, got

we’re paid we and pretty or are think really more monetize And focused what percentage. paid how effectively Our do a take is, subscribers through advertising. that I larger even on audience subscriptions small still the

So we’re decline not in unique visitors. the worried overly about

We’re that comfortable we the with term. value customers for long have

Lance Vitanza

talked then okay. about Great, on a couple factors EBITDA, you the adjusted And there. of

the you help I and Of a factors EBITDA negative In News the New like how News of negative at kind when through digital investments Daily I that in digital and there was third factor investments think it was York $XX million primary something any EBITDA sort case, the but of could forth? me the much you the downdraft, of I went versus was hoping so read, I saw Daily well. then that a qualify. as sounded the

Terry Jimenez

Daily News, And the adjustments. and for is about component. the one roughly balance Yes, then year-over-year third the to third XX% essentially reserve it’s

Lance Vitanza

close then on when you remind News? York did me can Daily New And you

Terry Jimenez

The beginning of September of XXXX.

Lance Vitanza

the debt the million increased versus on sheet, restructuring added of I’m it $XX I million net like, reading if that then in were see obviously charges quarter of million And looks So positive EBITDA. $XX balance to the $XX back it right, did EBITDA.

cash if entirely, to But there’s were they quarter? still help presumably, cash from even So you not were the if some -- flow entirely, almost the free items. other us can those EBITDA in bridge

Terry Jimenez

Yes, well, from first I thing into just play. so -- we balance think to is cash debt on of point come highlight the had the for view and BestReviews net effectively investment the

that million million nearly draw about So -- that for was a $XX $XX cash acquisition.

about So million we’ve cash that’s big the chunk $X and And reduction some provided the a there. well. is, in in, release reduction debt by CapEx we What was net the then and pension million. had operations put as $XX.X

Lance Vitanza

just two think I for I me, then more And could. if

is -- what first The well, actually, I know covered you this. think

and just of Merrick talked jump what’s if the the sale apologize stake Or Times I’ve give we last still something, there? closed? timing is you LA of McCormick would The me but -- but us an that update on? Has that the about, timing to the equity one. Could I that? to Let missed

Justin Dearborn

is Yes. this Justin. Lance,

hasn’t But we’ll X-K it to is read closed. our or So about when an it knowledge XX-D filed.

way. in a that not was we’re involved in private that So any so transaction,

Lance Vitanza

that read-through any expect seek is Merrick team, you it’s McCormick change mean, to And that with to do that’s we big a big -- be and should it’s they the have will be I’m shareholder if I respect was? a to as active there’s coming But be or passive going wondering in.

Justin Dearborn

the the really. -- had not any Unclear trying had avoid not question. really anyone I buyer. haven’t discussion I really with any I’m to representing haven’t --

to the no us as obtain we in But had So transaction. I It contact not company any reach shares. they did done communications. was private the truly assume conversations. haven’t advance, they out will when a They

Operator

our is with question from Jacome Dan Company. Sidoti And Instructions] [Operator next and

Dan Jacome

on closing of the Times. LA expected Just following up

stripping the And if it in Just in from financing everything read I thinking if it’s kind of it’s wrong correctly, would Times about surrounding it there’s Because on the quarter? close more I current LA mean, all issues reading have go parent-level some not adequate. side. been but you of we’ve the What financing, headlines, the to no been to sounds the like was that the infrastructure for complexity. out

Justin Dearborn

Yes, the it’s more later.

So there of August is closing date of X. a back-end

long, that So been the in don’t it I is that in discussing. and but we’ve was taking complex. envision initial transaction

As didn’t, mention this a call, but mentioned marketed. prior we on wasn’t now, up I if think we bundled I’ll and

So we advance and we weren’t in infrastructure in perspective prepare capability from this assets, it for a a get times great carve technical do divest to lot an do A and companies out. the they position segmented, didn’t you that.

Dan Jacome

something said repeat You you that about what can would Can -- August -- you X. again?

Justin Dearborn

a So on the back-end August X transaction. is date close

agreement. purchase So the original that was in

Dan Jacome

And then me. was the Okay. leverage how And vast a about portfolio? Can they could And I would help? that’s new imagine, for envision that your then, wondering if are there coming from or that, current the pretty this studio. talk you publishing anything running personnel I little are bit about that exactly do Tribune, you it

Tim Knight

Sure, it’s Tim Knight speaking.

group our digital events. and then of different creative studio So our group, and areas, our live is three essentially comprised content solutions

-- advertisers And regional where in creative opportunity of the so each is see we content actually they’re with and the large our biggest markets.

the use to sales those able We’re in connections strong leadership that business. each to grow and of develop

Dan Jacome

of from arm? the time with personnel they -- And ahead the from the Okay. Tribune company were came already

Tim Knight

before the most company. Yes, the have yes, been -- been -- have company with they have all with

Operator

for I would to the Chairman Q&A And you. our our Mr. gentlemen, call turn back to like CEO, concludes and session this ladies and Thank today.

Justin Dearborn for remarks. final his

Justin Dearborn

you. thank Thank And you, everyone, for interest. your

quarter. you organization, on consistent updating execution remaining We forward to of while on position strategically have focused We continue to our look and our we’ll progress strategy. next

Operator

And for may Have in today’s participating ladies the program, with you a day. thank wonderful conference. all and and This concludes that disconnect. gentlemen, you we

Tribune Publishing (TPCO) 12 May 182018 Q1 Earnings call transcript