Yellow Pages Limited Reports Third Quarter 2024 Financial and Operating Results and Declares a Cash Dividend(1)
MONTREAL, Nov. 12, 2024 /CNW/ - Yellow Pages Limited (TSX: Y) (the "Company"), a leading Canadian digital media and marketing company, released its operating and financial results today for the quarter and nine-months ended September 30, 2024.
"In the third quarter, we report continued progress toward revenue stability, along with good profitability and a healthy cash balance," said David A. Eckert, President and CEO of Yellow Pages Limited.
Eckert commented on the key developments:
Continued climb toward revenue stability. "For the third consecutive quarter, we report a favorable 'bending of the revenue curve' in Q3, as our rate of change in revenue was better than the change reported for the previous quarter."
Progress on revenue initiatives. "We are pleased with our progress on metrics underlying our revenue generation, including the size of our sales force, as well as a deceleration of the customer count decline rate fueled by an increase in new customer acquisitions, which were 36% higher than in the same quarter last year. We believe these fundamentals bode well for our medium- and long-term future."
Solid quarterly earnings. "Our Adjusted EBITDA2 for the quarter was on track at 23.8% of revenue, even with our continued investments in revenue initiatives, including the steady continued expansion of our sales force."
Healthy cash balance. "Our steady cash generation has grown cash on hand to approximately $43 million at the end of October."
Pension plan funding on track. "Consistent with our deficit-reduction plan announced in May 2021, in the third quarter of 2024 we made $1.5 million of voluntary incremental payments toward our Defined Benefit Pension Plan's wind-up deficit."
Quarterly dividend declared. "Our Board has declared a dividend of $0.25 per common share, to be paid on December 16, 2024 to shareholders of record as of November 27, 2024."
Financial Highlights (In thousands of Canadian dollars, except percentage information and per share information)
Yellow Pages Limited
For the three-month periodsended September 30,
For the nine-month periodsended September 30,
2024
2023
2024
2023
Revenues
$52,619
$58,072
$163,428
$183,523
Adjusted EBITDA2
$12,526
$17,926
$42,593
$60,615
Adjusted EBITDA margin2
23.8 %
30.9 %
26.1 %
33.0 %
Income before income taxes
$8,568
$13,735
$30,358
$47,866
Net income
$6,269
$10,103
$22,290
$35,222
Basic income per share
$0.46
$0.57
$1.64
$1.98
Diluted income per share
$0.46
$0.56
$1.62
$1.95
CAPEX2
$310
$706
$1,995
$3,016
Adjusted EBITDA less CAPEX2
$12,216
$17,220
$40,598
$57,599
Adjusted EBITDA less CAPEX margin2
23.2 %
29.7 %
24.8 %
