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Back to News 12 février 2015 Résultats financiers et opérationnels du 4e trimestre de 2014 et de l'année entière Ajouter à mon agenda Rapport de gestion (309,8 Kio) États financiers (347,1 Kio) Complément d'information (en anglais) (297,6 Kio) Fiche d'information (715,5 Kio) Webdiffusion de la conférence téléphonique (en anglais) Retour aux événements Événements

Press Releases Back to News Back to News Montreal (Quebec) , — 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 ended March 31, 2021 and made several announcements relating to its use of cash. “Today we report another good quarter’s results, and we are making several significant announcements regarding how we plan to use our cash,” said David A. Eckert, President and CEO of Yellow Pages Limited. Eckert commented on the key developments: Solid quarterly earnings. “Our Adjusted EBITDA1 for the quarter was a healthy 36% of revenue, despite the COVID-19 crisis and our investments in revenue initiatives.” Continued rebound of the “revenue curve.” “For the second consecutive quarter since COVID-19 hit, we report a favorable ‘bending of the revenue curve’ in Q1, with a better rate of change in revenue than reported for the previous quarter.” Progress on revenue initiatives. “We continue to make progress on executing on our programs to expand our tele-sales force and to add to our strong product portfolio.” Promising trends in bookings. “The trends in our bookings are favorable, suggesting further improvement in our revenue curve in coming quarters, as the sales levels already booked become reported revenue.” Mounting cash balance. “As of the end of April, our cash on hand was approximately $181 million.” Debt-free by June 1 . “As announced on April 23rd, on May 31, 2021 we will pay off the principal amount of our Exchangeable Debentures of $107.0 million, at par, plus any related interest owing, which are our only remaining debt, excluding lease obligations.” Cash to Shareholders and to Pension Plan. “Having effectively paid off all of our debt, we now round a corner and are able to begin directing more discretionary cash to our shareholders and to our Defined Benefit Pension Plan (the “Plan”). Today we announce these initial steps: Increase in quarterly cash dividend 2. “Our board has modified its dividend policy of paying a quarterly cash dividend to its common shareholders by increasing the dividend from $0.11 per share to $0.15 per share, an increase of 36%.” New Common Stock NCIB. “Subsequent to full repayment of our Exchangeable Debentures on May 31, 2021 and the expiration of the Company’s current NCIB program on August 9, 2021, the Company intends to commence a new NCIB on or around August 10, 2021, subject to regulatory approval, to purchase up to 5% of the Company’s outstanding shares for cancellation during a twelve-month period. The Company limited aggregate purchases under its current NCIB to $5 million and intends to limit aggregate purchases under the new NCIB to $16 million.” Pension Plan Funding. “Our board has approved a voluntary incremental $4 million cash contribution to the Plan in 2021, to bring 2021 cash payments to the Plan’s wind-up deficit to $6 million. The voluntary cash infusions are part of a deficit-reduction plan to increase the probability that the Plan will be fully funded on a wind-up basis by 2030, compared to a current projection in the 2040s. The deficit-reduction plan includes an intention to make cash payments to the wind-up deficit of $6.0 million every year until 2030. The probability of achieving a wind-up ratio of 100% by 2030 is dependent upon other, uncontrollable factors, including, among others, market returns and discount rates. The board will review the deficit reduction plan annually.” On June 1, 2021, following the full repayment of the Exchangeable Debentures, the Board of Directors intends to formally declare a cash dividend of $0.15 per common share, payable on June 30, 2021 to shareholders of record as at June 9, 2021. (1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s interim condensed consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX, Adjusted EBITDA less CAPEX margin and Net debt excluding lease obligations are non-IFRS financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-IFRS financial measures on page 4 of this document for more details. (2) The dividend will be designated as an eligible dividend pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends. First Quarter of 2021 Results Adjusted EBITDA less CAPEX1 totaled $25.3 million and the EBITDA less CAPEX margin1 was 34.5%. Net earnings remained relatively stable at $12.1 million, or $0.44 per diluted share. Cash position at the end of the period was $170.9 million and approximately $181.0 million as at April 30, 2021. Financial Results for the First Quarter of 2021 Total revenues for the first quarter ended March 31, 2021 of $73.5 million decreased by $14.8 million or 16.8% as compared to $88.3 million for the same period last year. The decrease in revenues for the three-month period ended March 31, 2021 is mainly due to the decline of our higher margin digital media and print products and to a lesser extent our lower margin digital services products, thereby creating pressure on our gross profit margins. The results were also impacted by the COVID-19 pandemic which impacted customer spend and to a lesser extent customer renewal rates. Adjusted EBITDA1 for the three-month period ended March 31, 2021 totaled $26.6 million compared to $32.6 million for the same period last year. The Adjusted EBITDA margin1 remained relatively stable at 36.2% in the first quarter of 2021 compared to 36.9% for the same period last year. The decrease in Adjusted EBITDA is the result of the revenue pressures partially offset by efficiencies from optimization in cost of sales and reductions in other operating costs including reductions in our workforce and associated employee expenses as well a reduction in the Company’s office space footprint and other spending reductions across the Company. The Company also received a $0.7 million emergency wage subsidy during the three-month period ended March 31, 2021. Furthermore, the first quarter of 2020 was negatively impacted by an increase in bad debt expense of $1.5 million related to the COVID-19 pandemic. Revenue pressures, coupled with increased headcount in our salesforce partially offset by continued optimization, will create some pressure on margin in upcoming quarters. Adjusted EBITDA less CAPEX1 for the three-month period ended March 31, 2021 totaled $25.3 million compared to $31.3 million for the same period last year. The decrease for the three-month period ended March 31, 2021 is driven by the decrease in Adjusted EBITDA as CAPEX was stable year-over-year. Net earnings for the three-month period ended March 31, 2021, remained relatively stable at $12.1 million as compared to net earnings of $12.4 million for the same period last year, as lower Adjusted EBITDA was offset by lower depreciation and amortization, restructuring and other charges and financial charges. 1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s interim condensed consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX, Adjusted EBITDA less CAPEX margin and Net debt excluding lease obligations are non-IFRS financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-IFRS financial measures on page 4 of this document for more details Cash flows from operating activities decreased by $4.5 million to $22.6 million from $27.1 million for the three-month period ended March 31, 2020, mainly due to lower Adjusted EBITDA1 of $6.0 million partially offset by lower payments for restructuring and other charges of $1.6 million. The Company had $154.0 million of total debt, as at March 31, 2021 and December 31, 2020. As at March 31, 2021, the Company had ($69.2) million net debt excluding lease obligations1, compared to ($52.4) million as at December 31, 2020. 1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s interim condensed consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX, Adjusted EBITDA less CAPEX margin and Net debt excluding lease obligations are non-IFRS financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-IFRS financial measures on page 4 of this document for more details Conference Call & Webcast Yellow Pages Limited will hold an analyst and media call and simultaneous webcast at 8:30 a.m. (Eastern Time) on May 13, 2021 to discuss first quarter 2021 results. The call may be accessed by dialing 416-695-6725 within the Toronto area, or1-866-696-5910 outside of Toronto, Passcode 8577790#. Please be prepared to join the conference at least 5 minutes prior to the conference start time. The call will be simultaneously webcast on the Company’s website at: https://corporate.yp.ca/en/investors/financial-reports . The conference call will be archived in the Investors section of the site at: https://corporate.yp.ca/en/investors/financial-events-presentations . About Yellow Pages Limited Yellow Pages Limited (TSX: Y) is a Canadian digital media and marketing company that creates opportunities for buyers and sellers to interact and transact in the local economy. Yellow Pages holds some of Canada’s leading local online properties including YP.ca , Canada411 and 411.ca . The Company also holds the YP, Canada411 and 411 mobile applications and Yellow Pages print directories. For more information visit www.corporate.yp.ca . Caution Concerning Forward-Looking Statements This press release contains forward-looking statements about the objectives, strategies, financial conditions and results of operations and businesses of YP (including, without limitation, (a) full repayment of the Company’s remaining exchangeable debentures on May 31, 2021, at par, and (b) payment of a cash dividend per share per quarter to its common shareholders).These statements are forward-looking as they are based on our current expectations, as at May 12, 2021, about our business and the markets we operate in, and on various estimates and assumptions. Our actual results could materially differ from our expectations if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. As a result, there is no assurance that any forward-looking statements will materialize. Risks that could cause our results to differ materially from our current expectations are discussed in section 5 of our May 12, 2021 Management’s Discussion and Analysis. We disclaim any intention or obligation to update any forward-looking statements, except as required by law, even if new information becomes available, as a result of future events or for any other reason. Contacts: Investors Franco Sciannamblo Senior Vice-President and Chief Financial Officer investors@yp.ca Media Treena Cooper Senior Vice President, Secretary and General Counsel communications@yp.ca Non-IFRS Financial Measures Adjusted EBITDA and Adjusted EBITDA margin In order to provide a better understanding of the results, the Company uses the terms Adjusted EBITDA and Adjusted EBITDA margin. Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown inYellow Pages Limited’s interim condensed consolidated statements of income. Adjusted EBITDA margin is defined as the percentage of Adjusted EBITDA to revenues. Adjusted EBITDA and Adjusted EBITDA margin are not performance measures defined under IFRS and are not considered an alternative to income from operations or net earnings in the context of measuring Yellow Pages performance. Adjusted EBITDA and Adjusted EBITDA margin do not have a standardized meaning under IFRS and are therefore not likely to be comparable to similar measures used by other publicly traded companies. Adjusted EBITDA and Adjusted EBITDA margin should not be used as exclusive measures of cash flow since they do not account for the impact of working capital changes, income taxes, interest payments, pension funding, capital expenditures, business acquisitions, debt principal reductions and other sources and uses of cash, which are disclosed on page 13 of our May 12, 2021 MD&A. Management uses Adjusted EBITDA and Adjusted EBITDA margin to evaluate the performance of its business as it reflects its ongoing profitability. Management believes that certain investors and analysts use Adjusted EBITDA and Adjusted EBITDA margin to measure a company’s ability to service debt and to meet other payment obligations or as common measurement to value companies in the media and marketing solutions industry as well as to evaluate the performance of a business. Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin The Company also uses Adjusted EBITDA less CAPEX, which is defined as Adjusted EBITDA, as defined above, less CAPEX which we define as additions to intangible assets and additions to property and equipment as reported in the Investing Activities section of the Company’s interim condensed consolidated statements of cash flows. Adjusted EBITDA less CAPEX margin is defined as the percentage of Adjusted EBITDA less CAPEX to revenues. Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin are non-IFRS financial measures and do not have any standardized meaning under IFRS. Therefore, are unlikely to be comparable to similar measures presented by other publicly traded companies. We use Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin to evaluate the performance of our business as it reflects cash generated from business activities. We believe that certain investors and analysts use Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin to evaluate the performance of businesses in our industry. The most comparable IFRS financial measure to Adjusted EBITDA less Capex is Income from operations before depreciation and amortization and restructuring and other charges (defined above as Adjusted EBITDA) as shown in Yellow Pages Limited’s interim condensed consolidated statements of income. Refer to page 8 of the May 12, 2021 MD&A for a reconciliation of Adjusted EBITDA less CAPEX. Net debt excluding lease obligations Net debt excluding lease obligations is a non-IFRS financial measure and does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other publicly traded companies. Net debt excluding lease obligations is comprised of Exchangeable debentures less Cash as presented in our interim condensed consolidated statements of financial position. We use net debt as an indicator of the Company's ability to cover financial obligations and reduce debt and associated interest charge as it represents the amount of debt excluding lease obligations that is not covered by available cash. We believe that certain investors and analysts use net debt to determine a company’s financial leverage. The most comparable IFRS financial measure is total debt, as presented in the capital disclosures note on page 48 of our consolidated financial statements for the years ended 2020 and 2019. The table below provides a reconciliation of total debt to net debt excluding lease obligations. Yellow Pages Limited Reports Solid Financial and Operating Results in First Quarter 2021 and Intentions for Use of Mounting Cash Balance Back to News Print Print

Vice President of Sales Planning, Operations & IT  Pierre-Marc Laflèche Back Pierre-Marc Laflèche Vice-President of Acquisition and Customer Service With over 20 years of experience in sales leadership, operations, and organizational transformation, Pierre-Marc is Vice-President, Acquisition and Customer Service. He is known for his strategic vision, ability to inspire teams, and a proven record of driving revenue growth, optimizing costs, and enhancing profitability. Since joining our organization in 2019, he has drawn on his executive experience at Vidéotron, Sun Media/Québecor, and Vidéotron Business Market, where he led high-performing sales teams, managed large-scale transformation projects, and reimagined the customer experience. Pierre-Marc holds a degree in Administration and Marketing from HEC Montréal. Widely recognized for his dynamic leadership and deep knowledge of the business market, he excels at translating strategic vision into measurable results.

Back to News 3 septembre 2015 WEBINAR: Yellow Pages: A Canadian Case Study in Digital Transformation (en anglais seulement) Ajouter à mon agenda Retour aux événements Événements

Communiqués de presse Back to News Retour aux nouvelles Print Retour aux nouvelles Print Montréal (Québec), le 6 octobre 2025 — Pages Jaunes Limitée (TSX : Y) (la « Société » ou « Pages Jaunes »), chef de file en matière de médias numériques et de solutions marketing au Canada, annonce aujourd’hui le lancement du Concours de transformation du marketing numérique , dans le cadre du Mois de la PME au Canada. Cette initiative nationale met en lumière l’importance et l’impact des petites entreprises partout au pays. Un entrepreneur remportera un prix d’une valeur de 10 000 $, comprenant un accompagnement en marketing par des experts, des outils numériques et une visibilité promotionnelle. Ce forfait d’un an aidera l’entreprise gagnante à obtenir des résultats durables en stimulant sa croissance et en renforçant sa présence en ligne. Le forfait comprend : De la publicité payante par le biais du référencement payant via les moteurs de recherche (SEM); Un outil de gestion de la visibilité, de la réputation et des médias sociaux; Un positionnement prioritaire sur PJ.ca ; et Un tout nouveau site Web professionnel propulsé par Wix. « Ce concours, lancé en l’honneur du Mois de la PME, reflète notre mission de soutenir les entrepreneurs qui inspirent, emploient et desservent les Canadiens dans les communautés d’un océan à l’autre. Depuis plus de cent ans, Pages Jaunes appuie les petites entreprises et les aide à croître et à prospérer. Cet engagement demeure au cœur de tout ce que nous faisons aujourd’hui, et cette initiative en est une autre démonstration. » a déclaré Sherilyn King, Présidente et Cheffe de la direction de Pages Jaunes. Pages Jaunes invite tous les Canadiens à se mobiliser et à faire connaître le concours : partagez-le avec une petite entreprise de votre entourage et contribuez à mettre en valeur les entrepreneurs qui façonnent nos communautés. Le concours s’adresse uniquement aux propriétaires d’entreprises canadiennes prêts à accroître leur visibilité en ligne et à franchir une nouvelle étape dans leur parcours de croissance. Les entrepreneurs de partout au pays sont invités à participer en remplissant un simple formulaire en ligne et en partageant davantage d’informations sur leur entreprise. Pages Jaunes encourage également les Canadiens à répandre la nouvelle et à mettre en lumière les entrepreneurs qui dynamisent leurs communautés. Détails du concours Qui peut participer : Les propriétaires de petites et moyennes entreprises au Canada qui acceptent le règlement du concours Comment participer : Remplir le formulaire en ligne Date limite de participation : 31 octobre 2025 Modalités et conditions : Disponibles ici À travers cette initiative, Pages Jaunes réaffirme son engagement à aider les petites entreprises canadiennes à réussir dans une économie de plus en plus numérique. En célébrant le Mois de la petite entreprise avec ce concours, l’entreprise perpétue sa longue tradition d’appuyer les entrepreneurs afin qu’ils puissent croître, créer des liens et prospérer. À propos de Pages Jaunes Limitée Pages Jaunes Limitée (TSX : Y) est une société canadienne de médias numériques et de solutions marketing qui offre des occasions aux vendeurs et aux acheteurs d'interagir et de faire des affaires au sein de l'économie locale. Pages Jaunes détient certains des principaux médias locaux en ligne au Canada, notamment PJ.ca , Canada411 et 411.ca . La Société détient également les applications mobiles PJ, Canada411 et 411 ainsi que les annuaires imprimés Pages Jaunes. Pour plus d'information, visitez notre site Web à www.entreprise.pj.ca . Contact: Relations avec les investisseurs et les médias Philip Samman Conseiller juridique et secrétaire général investisseurs@pj.ca communications@yp.ca Pages Jaunes lance un concours d’une valeur de 10 000 $ en solutions et publicités marketing numériques pour le mois de la PME

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Back to News 5 avril 2016 Le leadership au féminin dans le monde juridique Ajouter à mon agenda Retour aux événements Événements

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Previous Next Treena Cooper Retour Treena Cooper Administratrice Présidente du comité des ressources humaines et de rémunération Treena Cooper occupe actuellement le poste de vice-présidente des affaires juridiques et du contentieux chez IPEX Management Inc. Avant de se joindre à IPEX, Mme Cooper a occupé des postes de responsabilité croissante auprès de Pages Jaunes entre 2008 et 2023, y compris, plus récemment, le poste de première vice-présidente, secrétaire et chef du contentieux, et, avant cela, vice-présidente, secrétaire et chef du contentieux. Mme Cooper est titulaire d'un baccalauréat en droit t et d’un baccalauréat en sciences sociales de l'Université d'Ottawa et a été admise au Barreau en 2001 et 2004 en Ontario et au Québec, respectivement.

Previous Next Craig Forman Retour Craig Forman Administrateur Président du comité de gouvernance d’entreprise et de nomination Craig Forman est associé commandité chez Next News Ventures LLC, une société de capital-risque axée sur la technologie des médias qui investit dans des jeunes entreprises en phase de croissance. Comptant plus de 20 ans d’expérience dans les secteurs de l’Internet, des médias et des communications, M. Forman a été, jusqu’en 2020, président et chef de la direction de McClatchy Company, une société californienne de nouvelles et d’information. M. Forman a été président du conseil membre de la direction d’Appia, Inc., société œuvrant dans la publicité mobile, d’août 2011 jusqu’à son acquisition par Digital Turbine Inc. et a été membre du conseil de cette dernière jusqu’en janvier 2017. M. Forman a également été président du conseil membre de la direction de WHEREInc., société du secteur des médias localisés qui a été acquise par eBay. M. Forman est actuellement président-directeur du conseil d’administration du Center for News, Technology & Innovation (CNTI). M. Forman est titulaire d’un diplôme de premier cycle en affaires publiques et internationales de l’Université de Princeton et d’une maîtrise en droit de la Yale Law School.

Press Releases Back to News Back to News Montreal (Quebec), February 14, 2024 — 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 year ended December 31, 2023. “We are pleased with our fourth quarter and full year results which reflect continued strong profitability and cash generation, despite headwinds in the global economy and, particularly, the Canadian small business sector hindering our progress on the revenue front,” said David A. Eckert, President and CEO of Yellow Pages Limited. Eckert commented on the key developments: Strong earnings . “Our Adjusted EBITDA2 for the quarter and full year was 29.1% and 32.1% of revenue, respectively, despite our continued investments in revenue initiatives, including the further expansion of our sales force.” Cash to Shareholders and Pension Plan . “During the fourth quarter, we completed the previously announced plan of arrangement, distributing $50.0 million to shareholders through a share buy back and advancing $12.0 million of voluntary contributions to our Defined Benefit Pension Plan’s wind-up deficit. In addition, consistent with our deficit-reduction plan announced in May 2021, we made $1.5 million of voluntary incremental payments in the quarter and $6.0 million for the full year toward our Pension Plan’s wind-up deficit, bringing the total voluntary contributions to our Defined Benefit Pension Plan’s wind-up deficit in 2023 to $18.0 million.” Healthy cash balance . “Following the disbursements to shareholders and the Pension Plan, our steady cash generation has grown cash on hand to approximately $27.0 million at the end of January.” Continued progress on revenue initiatives . “The headwinds in the global economy and, particularly, the Canadian small business sector contributed to a challenging quarter for revenue. However, we remain pleased with our progress on underlying metrics, including the size of our sales force, our rate of churn of customers, and our rate of gaining new accounts. In particular, our rate of gaining new accounts was 28.5% higher than in the previous year. We believe these fundamentals bode well for our medium- and long-term future.” Optimistic outlook for “revenue curve.” “After 2023’s four quarters of declining rate of change of revenue vs. prior year, we expect in the first quarter of 2024 a resumption of our climb toward revenue stability.” Increase in quarterly cash dividend. “Our board has modified the dividend policy of paying a quarterly cash dividend to common shareholders by increasing the dividend from $0.20 per share to $0.25 per share.” Quarterly dividend declared . “Our Board has declared a dividend of $0.25 per common share, to be paid on March 15, 2024 to shareholders of record as of February 27, 2024.” Financial Highlights (In thousands of Canadian dollars, except percentage information and per share information) *Includes voluntary contributions to the Defined Benefit Pension Plan (the “Pension Plan”) of $12.0 million, made during the fourth quarter of 2023 ($24.0 million in the fourth quarter of 2022) pursuant to the plan of arrangement (the “Arrangement”). (1) The dividend will be designated as an eligible dividend pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends. (2) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-GAAP financial measures at the end of this document for more details. Fourth Quarter of 2023 Results Total revenues decreased 13.4% year-over-year and amounted to $55.9 million for the three-month period ended December 31, 2023 compared to the decrease of 5.9% reported for the same period last year. Adjusted EBITDA less CAPEX1 totalled $15.3 million and the EBITDA less CAPEX margin1 was 27.4%. Net income amounted to $12.2 million, or to $0.71 per diluted share. Financial Results for the Fourth Quarter of 2023 Total revenues for the fourth quarter ended December 31, 2023 decreased by 13.4% to $55.9 million, as compared to $64.6 million for the same period last 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 digital revenues decreased 12.1% year-over-year and amounted to $45.3 million for the three-month period ended December 31, 2023, as compared to $51.5 million for the same period last year. The revenue decline is mainly attributable to a decrease in digital customer count partially offset by a higher spend per customer. Total print revenues decreased 18.7% year-over-year and amounted to $10.6 million during the fourth quarter of 2023 compared to $13.1 million in the fourth quarter of 2022. The revenue decline was mostly attributable to decreases in the number of print customers and to a lesser extent, the spend per customer. The decline rate of revenues increased year-over-year. Total revenue decline of 13.4% this quarter compares to a decline of 5.9% reported for the same period last year. Digital revenue decline of 12.1% this quarter compares to a decline of 4.3% reported for the same period last year. Print revenue decline of 18.7% this quarter compares to a decline of 11.7% reported for the same period last year. The higher decline rates are attributable to a decrease in customer count in both digital and print, and to customer claim rates remaining stable in 2023, while 2022 benefited from a substantial improvement. These pressures, augmented by the economic headwinds, were partially offset by a higher spend per customer in digital, driven in part by increased pricing. Adjusted EBITDA1 decreased to $16.2 million or 29.1% of revenues in the fourth quarter ended December 31, 2023, relative to $21.0 million or 32.5% of revenues for the same period last year. The decrease in Adjusted EBITDA and Adjusted EBITDA margin for the three-month period ended December 31, 2023 is the result of revenue pressures, the ongoing investments in our tele-sales force capacity and higher bad debt expense, partially offset by the impact of the Company’s share price on cash settled stock-based compensation expense, price increases, the efficiencies from optimization in cost of sales and reductions in other operating costs including reductions in our workforce and associated employee expenses. Revenue pressures, coupled with increased headcount in our salesforce partially offset by continued optimization, will continue to cause some pressure on margins in upcoming quarters. Adjusted EBITDA less CAPEX decreased by $4.7 million to $15.3 million during the fourth quarter of 2023, compared to $20.0 million during the same period last year. The decrease in Adjusted EBITDA less CAPEX for the three-month period ended December 31, 2023 is mainly due to lower Adjusted EBITDA. Net income for the three-month period ended December 31, 2023 amounted to $12.2 million as compared to net income of $29.4 million for the same period last year. The decrease is mainly attributable to higher recognition of previously unrecognized tax attributes and temporary differences in 2022. Income before taxes decreased from $16.7 million for the fourth quarter of 2022 to $12.4 million for the three-month period ended December 31, 2023, explained principally by the decrease in Adjusted EBITDA. Cash flows from operating activities increased by $7.3 million to $6.7 million for the three-month period ended December 31, 2023. The increase is mainly due to a decrease in funding of post-employment benefits plans $12.2 million resulting from the difference in funding pursuant to the 2023 Arrangement compared to the 2022 Arrangement and an increase of $0.7 million from changes in operating assets and liabilities, partially offset by lower Adjusted EBITDA of $4.7 million, higher income taxes paid of $0.6 million and higher restructuring and other charges paid of $0.3 million. The change in operating assets and liabilities is mainly due to the timing in the collection of trade receivables and the payment of trade receivables as well as the impact of the share price on the cash settled stock-based compensation. (1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX, Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-GAAP financial measures at the end of this document for more details. Financial Results for the Year Ended December 31 of 2023 Total revenues for the year ended December 31, 2023 decreased by 10.8% to $239.4 million, as compared to $268.3 million for the same period last 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 digital revenues decreased 9.0% year-over-year and amounted to $190.3 million for the year ended December 31, 2023, as compared to $209.1 million for the same period last year. The revenue decline for the period ended December 31, 2023, was mainly attributable to a decrease in digital customer count partially offset by an increase in average spend per customer. Total print revenues decreased 17.0% year-over-year and amounted to $49.1 million for year ended December 31, 2023. The revenue decline is mainly attributable to the decrease in the number of print customers and to a lesser extent, a decrease in spend per customer. The decline rate of revenues increased year-over-year. The higher decline rate is attributable, in part, to (a) the headwinds in the global economy, whereby, customer renewal rates have remained strong but stable while the improvements in average spend per customer has slowed as customers look to optimize their spend, (b) customer claim rates remaining stable in 2023, while 2022 benefited from a substantial improvement and (c) a cybersecurity incident which resulted in the Company’s operations and IT systems being suspended for approximately three weeks during the second quarter of 2023. For the year ended December 31, 2023 Adjusted EBITDA1 decreased by $19.7 million or 20.7% to $76.9 million, compared to $96.6 million for the same period last year. The adjusted EBITDA margin1 decreased during the year ended December 31, 2023 to 32.1%, compared to 36.0% for the same period last year. The decrease in Adjusted EBITDA and Adjusted EBITDA margin for the year ended December 31, 2023 is the result of revenue pressures and the ongoing investments in our tele-sales force capacity, partially offset by the efficiencies from optimization in cost of sales and reductions in other operating costs including reductions in our workforce and associated employee expenses, lower variable compensation expense and the impact of the Company’s share price on cash settled stock-based compensation expense. Furthermore, the Company received a total of $1.1 million of emergency wage subsidies for the year ended December 31, 2022. Revenue pressures, coupled with increased headcount in our salesforce partially offset by continued optimization, will continue to cause pressure on margins in upcoming quarters. For the year ended December 31, 2023 Adjusted EBITDA less CAPEX1 decreased by $18.7 million or 20.4% to $72.9 million, compared to $91.6 million for the same period last year. The adjusted EBITDA less CAPEX margin1 decreased during the year ended December 31, 2023 to 30.4%, compared to 34.1% for the same period last year. The decrease in Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin for the year ended December 31, 2023 is driven by the decrease in Adjusted EBITDA, partially offset by the decrease in CAPEX spend. The decrease in CAPEX spend is partly due to the nature of Information Technology spend whereby more of the spend was classified as operating versus capital in nature. Furthermore, the CAPEX spend during the year ended December 31, 2022 was impacted by the integration of new products. Net income decreased to $47.4 million for the year ended December 31, 2023 compared to net income of $73.4 million for the same period last year. The decrease in net income for the year ended December 31, 2023 is mainly due to lower Adjusted EBITDA and higher income tax expense, partially offset by the decrease in depreciation and amortization, restructuring and other charges and financial charges. Cash flows from operating activities decreased by $2.7 million to $46.8 million for the year ended December 31, 2023 from $49.5 million last year. The decrease is mainly due to lower Adjusted EBITDA of $19.7 million, a decrease of $2.1 million from changes in operating assets and liabilities partially offset by a decrease in funding of post-employment benefit plans of $12.0 million resulting from the difference in funding pursuant to the 2023 Arrangement compared to the 2022 Arrangement, the decrease in stock-based compensation cash settlements of $1.3 million, lower income taxes paid of $4.8 million, and lower restructuring and other charges paid of $1.6 million. The change in operating assets and liabilities is mainly due to the timing in the collection of trade receivables and the payment of trade receivables as well as the impact of the share price on the cash settled stock-based compensation expense. The first quarter of 2022 benefited from the cancellation of the forward contracts resulting in a decrease in other receivables of $3.1 million. As at December 31, 2023, the Company had $23.2 million of cash. (1) Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s consolidated statements of income. Adjusted EBITDA, Adjusted EBITDA margin, CAPEX, Adjusted EBITDA less CAPEX, Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-GAAP financial measures at the end of this document for more details. Conference Call & Webcast Yellow Pages Limited will hold an analyst and media call and simultaneous webcast at 8:30 a.m. (Eastern Time) on February 14, 2024 to discuss fourth quarter 2023 results. The call may be accessed by dialing 416-695-6725 within the Toronto area, or 1-866-696-5910 outside of Toronto, Passcode 6613383#. Please be prepared to join the conference at least 5 minutes prior to the conference start time. The call will be simultaneously webcast on the Company’s website at: http s :// c o rp o r ate. yp . c a/e n / i n v e s to rs /f i n a n cial-r epo r t s . The conference call will be archived in the Investors section of the site at: http s :// c o rp o r ate. yp . c a/e n / i n v e s to rs /f i n a n cial- e v e n t s- p r e s enta tio n s . About Yellow Pages Limited Yellow Pages Limited (TSX: Y) is a Canadian digital media and marketing company that creates opportunities for buyers and sellers to interact and transact in the local economy. Yellow Pages holds some of Canada’s leading local online properties including YP.ca , Canada411 and 411.ca . The Company also holds the YP, Canada411 and 411 mobile applications and Yellow Pages print directories. For more information visit www. c o rp o r ate. y p. c a . Caution Concerning Forward-Looking Statements This press release contains forward-looking statements about the objectives, strategies, financial conditions and results of operations and businesses of YP (including, without limitation, payment of a cash dividend per share per quarter to its common shareholders and completion of the plan of arrangement). These statements are forward-looking as they are based on our current expectations, as at February 13, 2024, about our business and the markets we operate in, and on various estimates and assumptions. Our actual results could materially differ from our expectations if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. As a result, there is no assurance that any forward-looking statements will materialize. Risks that could cause our results to differ materially from our current expectations are discussed in section 5 of our February 13, 2024 Management’s Discussion and Analysis. We disclaim any intention or obligation to update any forward-looking statements, except as required by law, even if new information becomes available, as a result of future events or for any other reason. Contact: Investors & Media Franco Sciannamblo Senior Vice-President and Chief Financial Officer investors@yp.ca Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA margin In order to provide a better understanding of the results, the Company uses the terms Adjusted EBITDA and Adjusted EBITDA margin. Adjusted EBITDA is equal to Income from operations before depreciation and amortization and restructuring and other charges (defined herein as Adjusted EBITDA), as shown in Yellow Pages Limited’s consolidated statements of income. Adjusted EBITDA margin is defined as the percentage of Adjusted EBITDA to revenues. Adjusted EBITDA and Adjusted EBITDA margin are not performance measures defined under IFRS and are not considered an alternative to income from operations or net income in the context of measuring Yellow Pages performance. Adjusted EBITDA and Adjusted EBITDA margin do not have a standardized meaning under IFRS and are therefore not likely to be comparable to similar measures used by other publicly traded companies. Adjusted EBITDA and Adjusted EBITDA margin should not be used as exclusive measures of cash flow since they do not account for the impact of working capital changes, income taxes, interest payments, pension funding, capital expenditures, debt principal reductions and other sources and uses of cash, which are disclosed on page 19 of our February 13, 2024 MD&A. Management uses Adjusted EBITDA and Adjusted EBITDA margin to evaluate the performance of its business as it reflects its ongoing profitability. Management believes that certain investors and analysts use Adjusted EBITDA and Adjusted EBITDA margin to measure a company’s ability to service debt and to meet other payment obligations or as common measurement to value companies in the media and marketing solutions industry as well as to evaluate the performance of a business. Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin The Company also uses Adjusted EBITDA less CAPEX, which is defined as Adjusted EBITDA, as defined above, less CAPEX which we define as additions to intangible assets and additions to property and equipment as reported in the Investing Activities section of the Company’s consolidated statements of cash flows. Adjusted EBITDA less CAPEX margin is defined as the percentage of Adjusted EBITDA less CAPEX to revenues. Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, are unlikely to be comparable to similar measures presented by other publicly traded companies. We use Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin to evaluate the performance of our business as it reflects cash generated from business activities. We believe that certain investors and analysts use Adjusted EBITDA less CAPEX and Adjusted EBITDA less CAPEX margin to evaluate the performance of businesses in our industry. The most comparable IFRS financial measure to Adjusted EBITDA less CAPEX is Income from operations before depreciation and amortization and restructuring and other charges (defined above as Adjusted EBITDA) as shown in Yellow Pages Limited’s consolidated statements of income. Refer to pages 8 and 14 of the February 13, 2024 MD&A for a reconciliation of Adjusted EBITDA less CAPEX. Yellow Pages Limited Reports Fourth Quarter and Full Year 2023 Financial and Operating Results and Announces an Increase in Quarterly Cash Dividends1 Back to News Print Print