The decrease in Adjusted EBITDA is the result of revenue pressures, partially offset by price increases, the efficiencies from optimization in cost of sales, reductions in other operating costs including reductions in our workforce and associated employee expenses, the decrease in bad debt expense and the impact of the Company's share-price on cash settled stock-based compensation expense. The Adjusted EBITDA margin 1 increased by 1.4% to 34.2% for the second quarter of 2022 compared to 32.8% for the same period last year. The improved customer spend per customer is due in part to increased pricing.Īdjusted EBITDA 1 decreased by $0.7 million or 2.7% to $23.8 million for the three-month period ended June 30, 2022, compared to $24.4 million for the same period last year. These improvements were due to better spend per customer as well as increased renewal rates. Print revenue decline of 11.2% this quarter compares to a decline of 20.8% reported for the same period last year. Digital revenue decline of 5.2% this quarter compares to a decline of 13.6% reported for the same period last year. Total revenue decline of 6.7% this quarter compares to a decline of 15.5% reported for the same period last year.
The decline rates for total revenues, digital revenues and print revenues all improved significantly year-over-year. The decrease in revenues is mainly due to the decline of our higher margin digital media and print products and to a lesser extent to our lower margin digital services products, thereby creating pressure on our gross profit margins. Total revenues for the second quarter ended Jdecreased by 6.7% to $69.6 million, as compared to $74.6 million for the same period last year. "Our Board has approved the use of discretionary cash of $100 million to buy back the Company's shares and also advance $24 million of planned voluntary contributions to the Defined Benefit Pension Plan (the "Pension Plan") by the end of the year, as part of a plan of arrangement."į inancial Results for the Second Quarter of 2022 Cash to Shareholders and to Pension Plan.This completed our NCIB program, which resulted in the Company purchasing a cumulative total of 1,122,511 common shares for cash of $16.0 million." "Under our current NCIB program, commencedĪugust 10, 2021, the Company purchased 423,099 common shares for cash of $6.1 million during Q2, 2022. "Our Board has declared a dividend of $0.15 per common share, to be paid on Septemto shareholders of record as of August 25, 2022." "Consistent with our previously announced deficit-reduction plan, in the second quarter of 2022 alone we made $1 million of voluntary incremental payments toward our Defined Benefit Pension Plan's wind-up deficit." "Our steadily strong cash generation has grown cash on hand to approximately $135 million as of the end of July."
"Our Adjusted EBITDA 2 for the quarter was 34.2% of revenue, even higher than last year's second quarter, despite our continued, productive investments in revenue initiatives and evolving product mix." "As we have said frequently, we continue to see increasingly favorable trends in our bookings, which are the leading indicator of our future reported revenue."
"For the seventh consecutive quarter since COVID-19 hit, and the twelfth of the last fourteen quarters overall, we report a favorable 'bending of the revenue curve' in Q2, with a better rate of change in revenue than reported for the previous quarter."
Eckert, President and CEO of Yellow Pages Limited.Įckert commented on the key developments: "Today we report another significant step in our steady march toward revenue stability, while maintaining superior profitability, and we announce a plan to distribute cash of $100 million to our shareholders and $24 million into our defined benefit pension plan," said David A. 5, 2022 /CNW Telbec/ - 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 six months ended Jand made several announcements relating to its use of cash.
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