Back to Events June 6, 2014 Identity Management at Yellow Pages Group Add to my Calendar Back to Events Events

Press Releases Back to News Back to News Print Back to News Print Montreal (Quebec), May 11, 2022 — 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, 2022. “In the first quarter of 2022, our steady march toward revenue stability accelerated, while we continued to produce excellent earnings,” said David A. Eckert, President and CEO of Yellow Pages Limited. Eckert commented on the key developments: Accelerated progress toward revenue stability. “Our rate of change in revenue for Q1 was almost 3 points better than reported for the previous quarter.” Continued favorable trends in bookings. “We continue to see favorable trends in our bookings, which are the leading indicator of our future reported revenue.” Productive investments in revenue initiatives. “Our programs to expand our tele-sales force and to add to our strong product portfolio are bearing fruit.” Strong quarterly earnings. “Our Adjusted EBITDA2 for the quarter was 37.5% of revenue, even higher than last year’s first quarter, despite our continued investments in revenue initiatives and evolving product mix.” Strong cash balance. “Despite disbursements during the quarter for 2021 full year income tax and certain stock-based, long-term compensation and regular annual bonuses, cash on hand stood at approximately $125 million as of the end of April.” Pension plan funding on track. “Consistent with our previously announced deficit-reduction plan, in the first quarter of 2022 alone we made $1.0 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 $0.15 per common share, to be paid on June 15, 2022 to shareholders of record as of May 27, 2022.” Continuing common stock NCIB. “Under our current NCIB program commenced August 10, 2021, the company purchased 448,036 common shares for cash of $6.3 million in the first quarter, bringing the cumulative total to 699,412 common shares for cash of $9.9 million as of March 31, 2022.” (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 interim condensed 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 on page 5 of this document for more details. First Quarter of 2022 Results Total revenues decreased 7.8% year-over-year and amounted to $67.8 million for the three-month period ended March 31, 2022, an improvement from the decrease of 10.5% reported last quarter. Adjusted EBITDA less CAPEX totalled $23.9 million and the EBITDA less CAPEX margin was 35.3%. Net earnings increased to $14.6 million, or to $0.56 per diluted share. Financial Results for the First Quarter of 2022 Total revenues for the first quarter ended March 31, 2022 decreased by 7.8% to $67.8 million, as compared to $73.5 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. The decline rates for total revenues, digital revenues as well as print revenues all improved significantly year-over-year. Total revenue decline of 7.8% this quarter compares to a decline of 16.8% reported for the same period last year. This improvement was due to better spend per customer as well as increased renewal rates. The improved customer spend per customer is due in part to increased pricing. Adjusted EBITDA1 decreased by $1.2 million or 4.4% to $25.4 million for the three-month period ended March 31, 2022, compared to $26.6 million for the same period last year. The Adjusted EBITDA margin1 increased by 1.3% to 37.5% for the first quarter of 2022 compared to 36.2% for the same period last year. 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 and the impact of the Company’s share-price on cash settled stock-based compensation expense. Revenue pressures, coupled with increased headcount in our salesforce partially offset by continued optimization, will continue to cause some pressure on margin in upcoming quarters. Adjusted EBITDA less CAPEX1 decreased by $1.4 million or 5.7% to $23.9 million for the three-month period ended March 31, 2022, compared to $25.3 million for the same period last year. The decrease is mainly driven by the decrease in Adjusted EBITDA. The Adjusted EBITDA less CAPEX margin has increased to 35.3% for the first quarter of 2022 from 34.5% for the same period last year. (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 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 on page 5 of this document for more details. Net earnings increased to $14.6 million for the three-month period ended March 31, 2022 compared to net earnings of $12.1 million, for the same period last year, explained principally by lower Adjusted EBITDA being more than offset by the decrease in financial charges due to lower debt as well as decreases in restructuring and other charges and depreciation and amortization. Cash flows from operating activities decreased by $18.2 million to $4.4 million for the three-month period ended March 31, 2022. The decrease is mainly due to income taxes paid of $6.8M, of which $5.7 million related to the full year 2021 and $1.1 million related to instalments for 2022, increased stock-based compensation cash settlements of $2.8 million, increased funding of post-employment benefit plans of $1.3 million, lower Adjusted EBITDA of $1.2 million, and by a decrease of $6.3 million from the change in operating assets and liabilities. The change in operating assets and liabilities is mainly due to the timing in the collection of trade receivables and the timing of payment of trade payables. The first quarter of 2022 also benefited from the cancellation of the forward contracts resulting in a decrease in other receivables of $3.1 million. As at March 31, 2022, the Company had $115.9 million of cash. 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 11, 2022 to discuss first quarter 2022 results. The call may be accessed by dialing 416-695-6725 within the Toronto area, or 1-866-696-5910 outside of Toronto, Passcode 3850483#. 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, payment of a cash dividend per share per quarter to its common shareholders; the number of Shares purchased by the Company during the NCIB; and the intention to limit purchases to $16.0 million).These statements are forward-looking as they are based on our current expectations, as at May 10, 2022, 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 10, 2022 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-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 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 12 of our May 10, 2022 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-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 interim condensed consolidated statements of income. Refer to page 8 of the May 10, 2022 MD&A for a reconciliation of Adjusted EBITDA less CAPEX. Yellow Pages Limited Reports Strong First Quarter 2022 Financial and Operating Results and Declares a Cash Dividend(1)

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Back to News 6 juin 2014 Identity Management at Yellow Pages Group (en anglais seulement) Ajouter à mon agenda Retour aux événements Événements

Press Releases Back to News Back to News Print Back to News Print Montreal (Quebec), May 13, 2020 — 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, 2020. The Company also announced that its Board of Directors has adopted a dividend policy of paying a quarterly cash dividend1 to its common shareholders of $0.11 per share. “We are very pleased with our first quarter results. Our Adjusted EBITDA less CAPEX margin2 continued to be strong, at 35.5%. Supported by appropriate levels of investment in our business, our various initiatives to “bend the revenue curve” produced an improved year-on-year rate of revenue change in our YP segment for the fifth consecutive quarter. And as of quarter-end, we had a cash balance of $70.9 million and had driven down our net debt excluding lease obligations2 to only $28.3 million. “Beginning late in the first quarter, the covid-19 pandemic has created great anxiety across Canada and around the world, and we do expect a financial impact from it in future quarters, as we have experienced some decline in revenue “bookings.” However, we are well-positioned to weather the storm, as we expect more businesses will be looking for ways to successfully serve their local communities and we have been adapting quickly to the situation. “We entered this period of uncertainty with high cash generation, much lowered debt, and a hefty cash balance. And every member of our team, all across the country and in every capacity, has continued working steadily to serve our customers, despite the obvious obstacles. As a result, we are announcing a first quarter regular dividend of $0.11 per common share, to be paid on June 15, 2020, and we are reaffirming our intention to fully repay our remaining debt, our exchangeable debentures, on or shortly after May 31, 2021, at par. Also, we intend to double our current monthly contributions to the company’s Defined Benefit Pension Plan, beginning in June 2020 and extending through next year,” said David A. Eckert, President and CEO of Yellow Pages Limited. Following the Corporation’s annual meeting of shareholders, the Board of Directors will formally declare a cash dividend1 of $0.11 per common share, payable on June 15, 2020 to shareholders of record as at May 29, 2020. First Quarter of 2020 Results Adjusted EBITDA less CAPEX2 totaled $31.3 million and the EBITDA less CAPEX margin2 was 35.5%. Net earnings remained relatively stable at $12.4 million, or $0.44 per diluted share. Cash at the end of the period stood at $70.9 million. (1) A portion of the dividends paid will not be eligible dividends as they come from earnings of acquired companies that were taxed at lower rates. Therefore, $0.07 per share of the current dividend will not be designated as an eligible dividend while the balance of $0.04 per share 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, Adjusted EBITDA less CAPEX margin and Net debt excluding lease obligations 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 on page 4 of this document for more details. Segmented Information The Company’s operations are categorized into two reportable segments: YP and other. The YP segment provides small and medium-sized businesses across Canada digital and traditional marketing solutions, including online and mobile priority placement on Yellow Pages’ owned and operated media, content syndication, search engine solutions, website fulfillment, social media campaign management and digital display advertising, video production and print advertising. This segment also includes the 411.ca digital directory service helping users find and connect with people and local businesses. The Other segment includes YP Dine digital property until its sale on April 30, 2019 and the Mediative division until its liquidation on January 31, 2019. An overview of each segment and the performance of each segment for the three-month periods ended March 31, 2020 and 2019 can be found in the May 12, 2020 Management’s Discussion and Analysis. Financial Results for the First Quarter of 2020 Revenues for the YP segment for the three-month period ended March 31, 2020 totaled $88.3 million compared to $103.7 million for the same period last year. The $15.4 million or 14.8% decrease for the three-month period ended March 31, 2020 is mainly due to the decline of our higher margin YP 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. Adjusted EBITDA for the YP segment for the three-month period ended March 31, 2020 totaled $32.6 million compared to $45.1 million for the same period last year. The Adjusted EBITDA margin for the YP segment for the first quarter of 2020 decreased to 36.9% compared to 43.5% for the same period last year. The decrease in Adjusted EBITDA and Adjusted EBITDA margins were mainly due to the revenue pressures, investments in customer care and in new customer acquisition and an increased bad debt provision related to the COVID-19 pandemic. These impacts were only partly offset by reductions in both our cost of sales and other operating costs including reductions in our workforce and associated employee expenses, reductions in the Company’s office space footprint and other spending reductions across the segment. The first quarter of 2019 was also favorably impacted by an adjustment to the variable compensation expense due to employee attrition and previous year performances. Total revenues for the first quarter ended March 31, 2020 of $88.3 million decreased by 15.7% as compared to $104.8 million for the same period last year. The decline in total revenue for the three-month period ended March 31, 2020 was due mainly to lower digital and print revenues in the YP segment. Adjusted EBITDA decreased by 28.2% to $32.6 million in the first quarter ended March 31, 2020, relative to $45.4 million for the same period last year. The Company’s Adjusted EBITDA margin for the first quarter of 2020 was 36.9% compared to 43.3% for the same period last year. The decrease in Adjusted EBITDA and Adjusted EBITDA margin was almost entirely due to the YP segment. Adjusted EBITDA less CAPEX decreased by $11.4 million to $31.3 million during the first quarter of 2020, compared to $42.8 million during the same period last year. The decrease in Adjusted EBITDA less CAPEX for the three-month period ended March 31, 2020 was mainly due to lower Adjusted EBITDA partially offset by lower capital expenditures due to decreased spending in software development in the YP segment. Net earnings for the three-month period ended March 31, 2020, remained relatively stable at $12.4 million as compared to net earnings of $12.7 million for the same period last year, as lower Adjusted EBITDA was essentially offset by lower depreciation and amortization and lower financial charges. Cash flows from operating activities decreased by $6.4 million to $27.1 million from $33.5 million for the three-month period ended March 31, 2019 mainly due to lower Adjusted EBITDA of$12.8 million partially offset by lower payments for restructuring and other charges of $3.8 million and lower interest paid of $0.5 million. Cash flows also benefited by a $1.3 million improvement in the change in operating assets and liabilities. As at March 31, 2020, the Company had $157.7 million of total debt, compared to $156.4 million as at December 31, 2019. As at March 31, 2020, the Company had $28.3 million of net debt excluding lease obligations1, compared to $54.1 million as at December 31, 2019. (1) Net debt excluding lease obligations is a non-GAAP financial measure and does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other public companies. Refer to the section on Non-GAAP financial measures on page 4 of this document for more details including reconciliations to the most comparable IFRS financial measure. 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, 2020 to discuss first quarter 2020 results. The call may be accessed by dialing 416-340-2216 within the Toronto area, or 1-800-273-9672 outside of Toronto. 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, including potential full repayment of the Company’s remaining exchangeable debentures on or shortly after May 31, 2021, at par; to its common shareholders, a cash dividend payment of $0.11 per share per quarter; and results of operations and businesses of the Company. These statements are forward-looking as they are based on our current expectations, as at May 12, 2020, 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, 2020 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 John Ireland Senior Vice-President, Organizational Effectiveness communications@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 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. 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 5 and page 10 of the May 12, 2020 MD&A for a reconciliation of CAPEX and Adjusted EBITDA less CAPEX, respectively. Net debt excluding lease obligations Net debt excluding lease obligations is a non-GAAP 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 consolidated statements of financial position. We use net debt as 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 49 in our Audited consolidated financial statements for the years ended 2019 and 2018. The table below provides a reconciliation of total debt to net debt excluding lease obligations. Yellow Pages Limited Reports Continued Strong Financial and Operating Results in First Quarter 2020 and Announces a Cash Dividend(1) Payment of $0.11 per Common Share.

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Back to Events February 15, 2023 Q4 2022 Financial and Operational Results Add to my Calendar Yellow Pages Limited will hold an analyst and media call and simultaneous webcast at 8:30 a.m. (Eastern Time) on February 15, 2023 to discuss fourth quarter 2022 results. The call may be accessed by dialing 416-695-6725 within the Toronto area, or 1-866-696-5910 outside of Toronto, both with the passcode 2713953#. Please be prepared to join the conference at least 5 minutes prior to the conference start time. Management's Discussion and Analysis (283 KB) Financial Statements (939 KB) Supplemental Disclosure (6.4 MB) Back to Events Events

Previous Next Craig Forman Back Craig Forman Director Chair of the Corporate Governance and Nominating Committee Craig Forman is General Partner of Next News Ventures, a media tech-focused venture capital firm investing in growth-stage startups. With over 20 years of experience in the internet, media and communications industries, Mr. Forman served as President and Chief Executive Officer at McClatchy Company, a California-based news and information company until 2020. Mr. Forman was Executive Chairman of the Board of the mobile advertising company Appia, Inc. from August 2011 until its acquisition by Digital Turbine Inc., and on whose board Mr. Forman served until January 2017. Mr. Forman has also served as Executive Chairman of WHERE, Inc., a location-based media company which was acquired by eBay. Mr. Forman currently serves as Executive Chair at the Center for News, Technology & Innovation (CNTI). Mr. Forman has an undergraduate degree in Public and International Affairs from Princeton University and a Master’s degree in law from Yale Law School.