2019 Annual Report

About A. H. Belo Corporation

A. H. Belo Corporation (NYSE: AHC), headquartered in Dallas, Texas, is the leading local

news and information publishing company in Texas. The Company has commercial

printing, distribution and direct mail capabilities, as well as a presence in emerging media

and digital marketing. While focusing on extending the Company’s media platforms, A. H.

Belo delivers news and information in innovative ways to a broad range of audiences with

diverse interests and lifestyles.

May 7, 2020
Dear Fellow Shareholders:
2019 was a year of notable progress for A. H. Belo Corporation, as we made important organizational changes
while sharpening the focus of the Company’s operations. The Dallas Morning News continued to provide high-quality
content and commentary for one of the most vibrant regions in America as The News makes the transition to a mostly
digital media environment. A. H. Belo’s balance sheet remains a distinguishing factor in the Company’s success; we
ended the year with $48.6 million of cash and cash equivalents, and no debt. This staying power enables us to develop
and implement operating and financial strategies that benefit shareholders, employees and our fellow citizens.
For 2019, A. H. Belo had total revenue of $183.6 million, a 9.3 percent decline from 2018. However, the
percentage rate of decline attenuated as we, like all newspaper companies, work to build revenue in emerging and
novel categories. Paid digital-only subscription revenue increased $1.1 million or 27.1 percent in 2019, while the
number of digital subscribers across all channels increased from 27,725 to 35,759, or 29 percent. Integrated digital
and print advertising concepts such as Forward DFW contributed several million dollars of new revenue.
The most significant action during the year was the establishment of a single decision-making structure for
daily operations under Grant Moise. This resulted in better, more streamlined implementation of the Company’s
strategy – a strategy predicated on the idea that the value of exceptional journalism over time is durable. The single
decision-making structure enables Grant, Katy Murray and their teams to make the most of existing competitive
advantages and create new ones across our print and digital platforms. The addition of Cubic Creative in April
added a key capability in pursuit of this goal.
Investments made in technology and new operating systems during 2019 are already having a measurable
positive effect on the Company’s operations and financial outcomes. Two notable examples are the Arc content
management system launched in September that provides a broad range of digital content applications, and
Workday’s “Adaptive” planning system launched in May that dramatically improved our financial planning and
modeling capability.
A. H. Belo will likely become smaller in size before the Company finds its footing as a sustainably profitable,
digital-first newspaper publisher. This will take several years. The strategic framework to achieve this result is
available to only a few newspapers in America. We have the financial wherewithal to build a business based on
high-quality products that are unduplicated in our market and enjoy a long-standing reputation for enabling our
audiences and business partners. By eliminating every possible cost unrelated to A. H. Belo’s core mission, and
emphasizing the proprietary nature of the journalism and digital content our colleagues produce every day – in every
circumstance – we have our priorities right. I believe that over time these distinctive characteristics of our Company
will be recognized in the financial markets.
Events during the first four months of 2020 have stressed the systems that undergird A. H. Belo’s operations.
We have moved quickly and decisively to respond to these pressures at every level of the Company. One
manifestation of this response was to accelerate a plan the Board has discussed over the past year to reduce its size
and the compensation of directors to reflect the “smaller company” mantra referenced above. Our fellow directors
Ty Miller and Nicole Small opted not to stand for reelection at the annual meeting on June 2, and on behalf of all
current and former Board colleagues of theirs, I thank them for the exceptional insight and diligence they brought
forth during their tenures. Ty served for five years as Lead Director following a stint as chair of the
Audit Committee, and Nicole added a special combination of business acumen and digital know-how to Board
deliberations. We will miss Ty and Nicole, and wish them both good fortune.
Our task now is to handle wisely the travails caused for all Americans by the coronavirus pandemic.
Companies like A. H. Belo and The Dallas Morning News are deemed to be “critical infrastructure” for a reason.
My management colleagues and I look forward to communicating regularly with the Company’s shareholders and
all of its constituencies as the future reveals itself.

Robert W. Decherd
Chairman, President and Chief Executive Officer
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A. H. Belo Corporation Corporate Information

Independent Registered Public Accounting Firm

Grant Thornton LLP

Dallas, Texas

Common Stock Transfer Agent & Registrar

Computershare

P.O. Box 505000

Louisville, KY 40233

Enquiry: www-us.computershare.com/Investor/Contact/Enquiry

Internet: www-us.computershare.com/Investor

Investor Inquiries

A. H. Belo Corporation

Investor Relations
Phone: 214-977-7342

Fax: 214-977-8285

E-mail: invest@ahbelo.com

Internet: www.ahbelo.com

Stock Trading

The Company’s Series A Common Stock is traded on the New York Stock Exchange under the trading symbol AHC.

Annual Meeting

The Company’s Annual Meeting of Shareholders will be held by teleconference at 9:30 a.m. on Tuesday, June 2, 2020. Shareholders may participate in the

telephonic meeting by dialing: (844) 291-5491 and entering the following access code when prompted: 3295508 Shareholders calling from outside the

United States, Canada or Mexico you should dial: (409) 207-6989 and enter the following access code when prompted: 3295508
P.O. Box 224866

Dallas, Texas 75222-4866

www.ahbelo.com