Tribune Publishing Company (NYSE:TPUB) Q1 2019 Earnings Conference Call Transcript

May 08, 2019 • 05:00 pm ET

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Tribune Publishing Company (NYSE:TPUB) Q1 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the First Quarter 2019 Tribune Publishing Company's Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. Now it's my pleasure to turn the call to the Vice President of Financial Planning and Analysis, Ms. Amy Bullis.

Executive
Amy Bullis

Thank you, and welcome to our first quarter 2019 earnings conference call. Before we begin, I would like to remind you that management will make forward-looking statements during the course of this call, and our actual results could differ materially. Statements containing words such as may, believe, anticipate, expect, intent, plan, will, continue, estimate, outlook or other similar expressions are forward-looking statements. Material differences in our actual results from those described in these forward-looking statements may result in actions taken by the company, as well as from risks and uncertainties beyond the company's control.

Some of these risks and uncertainties that could impact our businesses are included in documents publicly filed with the Securities and Exchange Commission, including our annual report on Form 10-K. I should also mention that our remarks today will include references to non-GAAP financial measures, including adjusted EBITDA, adjusted total operating expenses, adjusted net income, adjusted diluted earnings per share, adjusted EBITDA margin, and net debt. And we have provided definitions and reconciliations to the most comparable GAAP measures in our earnings press release, which is available on our website at investor.tribpub.com. Joining me today is CEO and President Tim Knight; and Executive Vice President and Chief Financial Officer Terry Jimenez.

I will now turn the call over to CEO and President Tim Knight.

Executive
Tim Knight

Thank you, Amy. I'm pleased to be here this afternoon and also want to welcome everyone to our first quarter 2019 earnings call. We are off to a great start in 2019 as our efforts over the last year and particularly, over the last several months are beginning to bear fruit as demonstrated by our solid top-line growth performance and substantial profitability improvement in the first quarter. When we last spoke in mid-March, I outlined four key areas of focus at Tribune Publishing as we work to accelerate our growth; first, expanding our engagement with a digital audience that pays for content; second, selling and delivering a range of digital advertising, marketing and commerce solutions on both a local and national level; third, optimizing cash flow, particularly from our traditional print business; and fourth, ensuring that we have the right team, in the -- including the right people in the right roles and the organizational structure to execute our plan.

I would like to start with an overview of the solid progress we made on each of these areas during the quarter before passing the call over to Terry, who will discuss our financial results and provide an update on our outlook for the second quarter and full-year 2019. At a high level, our journalistic excellence combined with our continued efforts to drive digital subscriptions have led to a significant