Yellow Pages Canada Confirms Leadership Transition to Sherilyn King as President and CEO Français
This announcement follows the Company's Press Release issued on March 6, 2025, which announced Mr. Eckert's planned retirement and named Sherilyn as his successor after a thorough internal succession process.
Sherilyn brings nearly 30 years of experience with Yellow Pages, having joined in 1996 as a Sales Administration Clerk. Her leadership journey has spanned key departments including sales, marketing, customer service, operations, and product innovation. Before stepping into her new role, she was Senior Vice President Sales, Marketing and Customer Service.
"It is a privilege to lead an organization that has played such a vital role in the success of local Canadian businesses for over a century," said Sherilyn King. "As we write this new chapter, we are committed to delivering real, measurable value to our customers and helping small and medium-sized businesses grow through effective digital marketing solutions."
Building on its legacy as a print directory, Yellow Pages has transformed into a national leader in digital marketing solutions. While continuing to publish its iconic print directories, which remain valuable in many communities, the Company helps small and medium-sized businesses navigate digital transformation with confidence and focus on what matters most: growing their business. Through strong partnerships with Microsoft Advertising, Meta, Canada Post, Wix, Google, and more, Yellow Pages ensures businesses are discoverable across all major platforms. At the same time, as artificial intelligence transforms the marketing landscape, the company offers trusted expertise and innovative tools to help business owners navigate change and thrive in an increasingly complex world.
Sherilyn King's appointment marks a rare and inspiring career progression story - rising from entry-level to the highest leadership role within a publicly traded Canadian company. The Company looks forward to her leadership as it continues to innovate and support local businesses nationwide.
The Company also extends its deep appreciation to Mr. David A. Eckert for his eight years of transformative leadership. During his tenure, Yellow Pages underwent a remarkable financial and operational turnaround, regaining stability and sustained profitability. He significantly strengthened the funding position of the Company's defined benefit pension plan and led a high-performing management team that repositioned Yellow Pages for long-term success. Thanks to Mr. Eckert's leadership, the Company is well positioned to continue delivering value to shareholders and helping local businesses connect with their communities.
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.
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The forward-looking information reflects management's current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although we have attempted to identify important factors that could cause actual results to differ materially from the forward-looking information contained herein, there are other factors that could cause results not to be as anticipated, estimated or intended. The forward-looking information contained herein is current as of the date of this press release and, except as required under applicable law, we do not undertake to update or revise it to reflect new events or circumstances. Additionally, we undertake no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus Group, our financial or operating results, or our securities. 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57,680 Total current liabilities 199,604 288,096 Non-current liabilities Trade payables and other 19,981 19,828 Lease liabilities 32,928 26,751 Borrowings 155,914 281,887 Deferred tax liabilities 20,733 17,179 Total non-current liabilities 229,556 345,645 Total liabilities 429,160 633,741 Shareholders' equity Share capital 639,354 798,087 Contributed surplus 38,851 21,394 Accumulated other comprehensive income (loss) 39,117 56,243 Retained earnings (deficit) 95,384 (275,935) Reserves of assets held for sale - 17,431 Total shareholders' equity 812,706 617,220 Total liabilities and shareholders' equity $ 1,241,866 $ 1,250,961 Interim Condensed Consolidated Statements of Cash Flows For the Six Months Ended June 30, 2025 and 2024 (Unaudited) (Expressed in Thousands of Canadian Dollars) Six months ended June 30 2025 2024 Cash flows from operating activities Profit (loss) before income taxes from continuing operations $ 10,565 $ (20,074) Profit (loss) before income taxes from discontinued operations 454,026 26,584 Profit (loss) before income taxes $ 464,591 $ 6,510 Adjustments for: Depreciation of right-of-use assets 4,028 5,677 Depreciation of property, plant and equipment 1,928 2,534 Amortization of intangibles 14,741 20,423 Finance costs (income), net – leases 599 578 Finance costs (income), net – other (1,696) 8,674 Share-based compensation 7,916 11,430 Unrealized foreign exchange (gain) loss (1,162) (1,866) (Gain) loss on investments 6 241 (Gain) loss on disposal of right-of-use assets, property, plant and equipment and intangibles 27 2,042 (Gain) loss on disposal of assets (457,757) - (Gain) loss on equity derivatives 5,407 (5,119) Share of (profit) loss of joint venture (121) (506) Impairment of right-of-use assets, net of (gain) loss on sub-leases 3,534 (322) Net changes in: Operating working capital (7,472) (2,114) Liabilities for cash-settled share-based compensation (5,691) 5,501 Deferred consideration payables - (1,674) Net cash generated by (used in) operations 28,878 52,009 Interest paid on borrowings (3,374) (9,659) Interest paid on leases (599) (578) Interest received 7,280 - Income taxes paid (4,305) (5,149) Income taxes refunded 580 217 Net cash provided by (used in) operating activities 28,460 36,840 Cash flows from financing activities Proceeds from exercise of options 11,984 6,455 Financing fees paid (763) (50) Proceeds from borrowings 50,590 20,000 Repayment of borrowings (177,615) (27,184) Payments of principal on lease liabilities (6,025) (7,853) Dividends paid (12,354) (12,254) Treasury shares purchased for share-based compensation (11,241) (3,563) Cancellation of shares (177,998) - Net cash provided by (used in) financing activities (323,422) (24,449) Cash flows from investing activities Purchase of investments (352) (282) Purchase of intangibles (806) (4,562) Purchase of property, plant and equipment (2,173) (425) Proceeds from investments 5,197 2 Proceeds from sale of discontinued operations, net of cash disposed 655,811 - Income taxes paid on disposal of discontinued operations (20,027) - Net cash provided by (used in) investing activities 637,650 (5,267) Effect of foreign currency translation (10,566) 456 Net increase (decrease) in cash and cash equivalents 332,122 7,580 Cash and cash equivalents, beginning of period 50,592 41,892 Cash and cash equivalents, end of period $ 382,714 $ 49,472 Reconciliation of Profit (Loss) to Adjusted EBITDA and Adjusted Earnings (Loss) The following table provides a reconciliation of Profit (Loss) to Adjusted EBITDA and Adjusted Earnings (Loss): Three months ended June 30, Six months ended June 30, In thousands of dollars, except for per share amounts 2025 2024 (1) 2025 2024 (1) Profit (loss) for the period $ 8,764 $ 2,284 $ 384,548 $ 2,131 (Profit) loss from discontinued operations, net of tax 513 (10,918) (381,694) (22,917) Occupancy costs calculated on a similar basis prior to the adoption of IFRS 16 (2) (2,218) (2,775) (4,431) (5,218) Depreciation of right-of-use assets 1,934 2,194 4,028 4,254 Depreciation of property, plant and equipment and amortization of intangibles (8) 8,372 8,863 16,669 18,224 Acquisition and related transition costs (income) 48 5,373 66 8,869 Unrealized foreign exchange (gain) loss (3) 664 (475) (1,162) (1,746) (Gain) loss on disposal of right-of-use assets, property, plant and equipment and intangibles (3) 15 1,056 27 1,571 Share of (profit) loss of joint venture (352) (664) (121) (506) Non-cash share-based compensation costs (4) 3,807 3,353 6,279 6,886 (Gain) loss on equity derivatives net of mark-to-market adjustments on related RSUs and DSUs (4) 98 417 2,664 (2,174) Restructuring costs (recovery) 920 1,929 7,137 7,105 (Gain) loss on investments (5) (132) 55 6 241 Other non-operating and/or non-recurring (income) costs (6) 2,395 1,573 3,628 2,456 Finance costs (income), net – leases 354 195 599 359 Finance costs (income), net – other (9) (184) 4,534 (1,696) 8,660 Income tax expense (recovery) (10) 3,517 991 7,711 712 Adjusted EBITDA $ 28,515 $ 17,985 $ 44,258 $ 28,907 Depreciation of property, plant and equipment and amortization of intangibles of non-acquired businesses (8) (1,811) (1,494) (2,758) (3,211) Finance (costs) income, net – other (9) 184 (4,534) 1,696 (8,660) (Gain) loss on hedging transactions, including currency forward contracts and interest expense (income) on swaps (9) 1,179 (78) 2,029 (975) Tax effect of adjusted earnings (loss) adjustments (10) (6,176) (5,553) (14,481) (10,092) Adjusted earnings (loss)* $ 21,891 $ 6,326 $ 30,744 $ 5,969 Weighted average number of shares – basic 43,841,362 45,782,032 44,824,199 45,657,634 Weighted average number of restricted shares 91,003 331,672 91,697 375,090 Weighted average number of shares – adjusted 43,932,365 46,113,704 44,915,896 46,032,724 Adjusted earnings (loss) per share (7) $0.50 $0.14 $0.68 $0.13 (1) Comparative figures have been restated to reflect discontinued operations. (2) Management uses the non-GAAP occupancy costs calculated on a similar basis prior to the adoption of IFRS 16 when analyzing financial and operating performance. (3) Included in other operating expenses in the interim condensed consolidated statements of comprehensive income (loss). (4) Included in employee compensation expenses in the interim condensed consolidated statements of comprehensive income (loss). (5) (Gain) loss on investments relates to changes in the fair value of investments in partnerships. (6) Other non-operating and/or non-recurring (income) costs for the three and six months ended June 30, 2025 relate to legal, advisory, consulting, and other professional fees related to organizational and strategic initiatives. These are included in other operating expenses in the interim condensed consolidated statements of comprehensive income (loss). (7) Refer to page 4 of the MD&A for the definition of Adjusted EPS. (8) For the purposes of reconciling to Adjusted Earnings (Loss), the amortization of intangibles of acquired businesses is adjusted from Profit (loss) for the period. Per the quantitative reconciliation above, we have added back depreciation of property, plant and equipment and amortization of intangibles and then deducted the depreciation of property, plant and equipment and amortization of intangibles of non-acquired businesses to arrive at the amortization of intangibles of acquired businesses. (9) For the purposes of reconciling to Adjusted Earnings (Loss), the interest accretion on contingent consideration payables and (gains) losses on hedging transactions and interest expense (income) on swaps is adjusted from Profit (loss) for the period. Per the quantitative reconciliation above, we have added back finance costs (income), net – other and then deducted finance costs (income), net – other prior to adjusting for interest accretion on contingent consideration payables and (gains) losses on hedging transactions and interest expense (income) on swaps. (10) For the purposes of reconciling to Adjusted Earnings (Loss), only the tax impacts for the reconciling items noted in the definition of Adjusted Earnings (Loss) is adjusted from profit (loss) for the period. Constant Currency Three months ended June 30, 2025 Six months ended June 30, 2025 As presented For Constant Currency As presented For Constant Currency Canadian Dollar 1.000 1.000 1.000 1.000 United States Dollar 1.384 1.368 1.409 1.358 Pound Sterling 1.847 1.726 1.827 1.718 Euro 1.570 1.472 1.539 1.468 Australian Dollar 0.886 0.902 0.893 0.894 Three months ended June 30, 2024 Six months ended June 30, 2024 As presented For Constant Currency As presented For Constant Currency Canadian Dollar 1.000 1.000 1.000 1.000 United States Dollar 1.368 1.343 1.358 1.347 Pound Sterling 1.726 1.681 1.718 1.661 Euro 1.472 1.462 1.468 1.456 Australian Dollar 0.902 0.897 0.894 0.911
