TEGNA Inc. Reports Fourth Quarter and Full-Year 2021 Results
TEGNA has announced its acquisition by Standard General for $24.00 per share, pending shareholder and regulatory approvals. In 2021, TEGNA achieved record revenues of $3.0 billion, with subscription revenue up 14% to $1.5 billion, and AMS revenue rising 22% to $1.4 billion. Despite a 17% decline in Q4 total revenue to $775 million, the company reported strong performance in AMS and subscription segments. TEGNA's net income for Q4 was $129 million, and full-year Adjusted EBITDA reached $948 million. The acquisition is expected to close in the second half of 2022, transitioning TEGNA to a private entity.
- Record total company revenue of $3.0 billion for 2021, a 2% increase year-over-year.
- Subscription revenue climbed 14% year-over-year to $1.5 billion.
- AMS revenue reached a record $1.4 billion, up 22% year-over-year.
- Achieved net income of $477 million for the full year.
- Free cash flow as a percentage of revenue was 22.2%, exceeding guidance.
- Q4 total revenue decreased 17% year-over-year, primarily due to absence of $238 million in political revenue.
- Adjusted EBITDA in Q4 fell 43% compared to the previous year.
- Total debt stood at $3.3 billion with net leverage of 3.24x.
As previously announced,
Achieved another record for full-year total company revenue in 2021 despite the absence of
Company met or exceeded full-year 2021 guidance for all key financial metrics
Significantly advanced Diversity, Equity & Inclusion (“DE&I”) goals; conducted diversity and inclusion content audits across all 49 newsrooms; and completed greenhouse gas (“GHG”) emissions inventories across our direct operations (scopes 1 and 2), and indirect value chain (scope 3) in 2021
TYSONS, Va.--(BUSINESS WIRE)--
FOURTH QUARTER FINANCIAL HIGHLIGHTS:
-
Total company revenue was
, down 17 percent year-over-year and in line with the guidance of down mid-to-high teens percent provided on$775 million November 4, 2021 .-
Total company revenue was disproportionately impacted by the absence of
incremental political revenue reported in the fourth quarter of 2020, partially offset by growth in AMS revenue and subscription revenue.$238 million - Total company revenue was up 12 percent from the fourth quarter of 2019, driven by growth in subscription revenue and record AMS revenue in the fourth quarter of 2021.
-
Total company revenue was disproportionately impacted by the absence of
-
Subscription revenue of
was up seven percent year-over-year due to rate increases, partially offset by subscriber declines as well as the interruption of service with DISH, which was resolved on$336 million February 4, 2022 .- Subscriber trends through November improved relative to year-end 2020, with the pace of year-over-year change improving by approximately 200 basis points.
-
TEGNA renewed comprehensive retransmission consent agreements representing approximately 30 percent of our subscribers since our third quarter earnings release onNovember 4, 2021 .
-
AMS revenue was a record
, up 14 percent year-over-year, demonstrating significant broad-based strength across advertising categories.$400 million - Compared to 2019, fourth quarter AMS revenue was up seven percent, despite ongoing weakness in the auto category due to supply chain issues.
-
TEGNA achieved net income of in the fourth quarter on a GAAP basis, or$129 million on a non-GAAP basis.$128 million
-
Total company Adjusted EBITDA was
, representing a decrease of 43 percent compared with fourth quarter 2020 due to the absence of record high-margin political revenue reported in the fourth quarter of 2020.$245 million - Adjusted EBITDA was up seven percent from the fourth quarter of 2019, reflecting growth in subscription and AMS revenues and execution of thoughtful expense management.
-
GAAP and non-GAAP earnings per diluted share were
and$0.58 , respectively, in the fourth quarter.$0.57
-
Free cash flow for the fourth quarter was
, driven by continued growth in subscription and AMS revenues.$189 million -
For the trailing two-year period ended
December 31, 2021 , free cash flow as a percentage of revenue was 22.2 percent, exceeding the high-end of the guidance range of 21.5 to 22.0 percent reaffirmed onNovember 4, 2021 .
-
For the trailing two-year period ended
-
The Company ended the year with total debt of
and net leverage of 3.24x.$3.3 billion -
TEGNA achieved the previously provided year-end target of low 3x net leverage in the third quarter of 2021, one quarter earlier than planned. -
TEGNA completed the redemption of stub debt and refinanced with revolver borrowings.$137 million
-
FULL-YEAR FINANCIAL HIGHLIGHTS:
-
Total company revenue was a record
, up two percent year-over-year, driven by record subscription and AMS revenues more than offsetting the absence of$3.0 billion of incremental political revenue achieved in 2020.$385 million - Total company revenue on a two-year basis was up 30 percent driven by growth in subscription and AMS revenues, as well as a partial year impact of acquisitions1.
-
Record subscription revenue of
was up 14 percent year-over-year due to rate increases, partially offset by subscriber declines and the interruption of service with DISH. The increase would have been up mid-teens but for the interruption in service with DISH.$1.5 billion
-
AMS revenue was a record
, up 22 percent year-over-year.$1.4 billion - AMS revenue was up five percent on a two-year pro forma basis2.
- Premion continued to grow during the year, achieving more than 40 percent growth in 2021 relative to 2020 despite the absence of political revenue and the ongoing weakness in the auto category due to supply chain issues.
-
TEGNA achieved GAAP and non-GAAP net income of .$477 million
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1 Throughout earnings release, “acquisitions” refers to (1) the |
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2 Throughout earnings release, “pro forma” reflects 2019 acquisitions as if they had been completed on |
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Total company Adjusted EBITDA was
, down seven percent year-over-year due to the absence of record high-margin political revenue reported in 2020.$948 million - 2021 Adjusted EBITDA was a record for an odd-year, and up 34 percent on a two-year basis.
-
GAAP earnings per diluted share were
and non-GAAP earnings per diluted share were$2.14 .$2.15
TRANSACTION ANNOUNCEMENT
On
Following the close of the transaction,
Upon completion of the transaction,
CEO COMMENT
“Following a thorough review of acquisition proposals, TEGNA’s standalone prospects, and other strategic alternatives, our Board unanimously concluded that Standard General’s offer maximizes value for our shareholders,” said
“TEGNA’s performance achievements in 2021 are a testament to our operational excellence, value of our local station brands and powerful advertising platforms. We generated nearly
“Our 2021 ESG Report outlines our recent achievements and commitments across our DE&I and ESG focus areas. We are currently progressing at or above the rate of change needed to achieve our stated 2025 DE&I goals, with double-digit growth in Black, Indigenous and People of Color representation in content teams, content leadership and company leadership during 2021.
“Additionally, our colleagues continued to give back to their communities during the year. We approved more than 3,100 employee matching gifts through our two-for-one match program, which was recently extended through the end of 2022. More than 1,700 nonprofits were reached and employee donations combined with
OVERVIEW OF FOURTH QUARTER RESULTS
Total company revenue was down 17 percent in the quarter year-over-year, driven by the absence of incremental political revenue of
Subscription revenue grew seven percent year-over-year as a result of rate increases, partially offset by subscriber declines and the interruption of service with DISH, which was resolved on
AMS revenue increased 14 percent driven by strong growth in nearly every advertising category with the exception of automotive, which continues to be impacted by supply chain disruptions.
GAAP operating expenses were
GAAP and non-GAAP operating income totaled
Interest expense in the quarter decreased to
OVERVIEW OF FULL-YEAR RESULTS
Total company revenue was a record for the full-year totaling
RECENT ESG, STRATEGIC, CONTENT AND PROGRAMMING UPDATES
-
2021 ESG Report – Today, we published our comprehensive 2021 ESG Report and 2021 SASB Disclosure for the
Media & Entertainment industry standard, which outlines the steps we have taken to live our purpose of serving the greater good of our local communities. Both the report and SASB disclosure are available to download on the Social Responsibility section of our website: TEGNA.com/social-responsibility. The report includes an update on Diversity, Equity & Inclusion and outlines the progress we have made ahead of schedule on achieving our 2025 DE&I goals. We enhanced our Environment section to describe TEGNA’s focus on being responsible stewards of our resources. The report provides an update on corporate and employee giving and the work of our stations to help make the communities we serve better places to live and work. Finally, we provide an overview of how we are serving our people with professional development opportunities and mental health and wellness resources.
-
Completed Diversity and Inclusivity Content Audits –
TEGNA recently completed diversity and inclusion content audits across all 49 newsrooms as part of our Inclusive Journalism program. We conducted these audits in partnership with an independent research firm, which reviewed stations’ diversity of broadcast, digital, and marketing content compared to their markets to measure the degree to which stories were inclusive of people and communities of color and provided us with actionable feedback.
-
TEGNA Honored for Leadership in Board Gender Parity – The Women’s Forum of
New York honoredTEGNA for achieving 42 percent female representation on its board of directors, recognizing the Board’s effort to ensure our directorship reflects the diversity of the communities we serve. (Press release)
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TEGNA Stations Debut “A Different Cry” Investigation into Rising Suicide Rates Among Black Youth in America – In January,
TEGNA premiered a three-part investigation into the rising suicide rates among Black youth in America and how poor records and data obscure this crisis. “A Different Cry” aired onTEGNA stations’ Fire TV and Roku apps and all stations’ websites. (Press release)
-
TEGNA Foundation Continues to Support our Communities and DE&I Through Local Grants –
The TEGNA Foundation , in partnership with local stations, announced 234 community grants in the fourth quarter in support of our purpose of serving the greater good of our communities. Grants support a variety of local causes, including providing shelter and support for those experiencing homelessness and food insecurity as well as education programs for at-risk youth. Four special grants were made for programs supporting and promoting diversity, equity, and inclusion and local journalism. (Press release)
-
TEGNA Honored with 2022 Alfred I. duPont-Columbia University Awards and 2021 Salute to Excellence Awards from
The National Association of Black Journalists (NABJ) – KARE (Minneapolis ) and KXTV (Sacramento ) were two of only four local television stations to win prestigious 2022 duPont-Columbia Awards.TEGNA stations WUSA (District of Columbia ) and WVEC (Norfolk) were honored with NABJ Salute to Excellence awards, which recognizes journalism that best covers the Black experience or addresses issues affecting the worldwide Black community. (Press release)
-
TEGNA Names a Best Place to Work for LGBTQ Equality for Sixth Consecutive Year –
TEGNA received a perfect score on the 2022 Corporate Equality Index (CEI). The 2022 CEI evaluates LGBTQ-related policies and practices including non-discrimination workplace protections, domestic partner benefits, transgender-inclusive healthcare benefits, competency programs and public engagement with the LGBTQ community. (Press release)
-
Locked On Podcast Network Grows Audience and Sports Coverage – One year after its acquisition, Locked On Podcast Network achieved 48 percent growth in audio and video audience year-over-year. In 2021, Locked On continued adding to its show lineup, including approximately 10 new podcasts covering major college football and basketball programs and finished the year with 118 active channels on YouTube, increasing its sports coverage. Locked On's Live NBA Draft show from WFAA’s studios in
Dallas attracted its largest live streaming audience to date for a single event, and the network delivered a week of special coverage at Super Bowl LVI. Additionally, Locked On has established regular collaborations withTEGNA local stations, including featuring station sports reporters in podcasts, podcast hosts contributing to local sports coverage, roundtable discussions, digital content for stations’ websites, and extended interviews featured on Locked On podcasts. (Press release)
-
VERIFY Continues to Connect with Customers Through Marketing Campaign – With a strong editorial platform and operation in place for VERIFY, TEGNA’s national fact-checking brand dedicated to combating misinformation, the Company is growing awareness and engagement with a high-impact out of home (OOH) and targeted streaming and digital marketing campaign. During the quarter, VERIFY was present on digital billboards in New York City’s
Times Square and in digital OOH in transit systems, airports, shopping centers and more. VERIFY’s OOH campaign is also accompanied by promotion on key digital and streaming platforms, such as YouTube, Roku and targeted digital inventory.
-
TEGNA Stations Named Top Trusted Local News – Newsguard named three ofTEGNA station websites to the top 10 trusted local news sites, including WXIA/11Alive inAtlanta as the number one site.
CAPITAL ALLOCATION
In
As a result of the announcement of the definitive agreement on
FORWARD-LOOKING STATEMENTS
Certain statements in this communication may constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Action of 1995. Any forward-looking statements contained herein are subject to a number of risks, trends and uncertainties that could cause actual results of company actions to differ materially from what is expressed or implied by these statements, including risks related to the recently announced transaction between
ADDITIONAL INFORMATION AND WHERE TO FIND IT
In connection with the proposed transaction, the Company will file relevant materials with the
PARTICIPANTS IN THE SOLICITATION
The Company and certain of its directors, executive officers and employees may be considered to be participants in the solicitation of proxies from the Company’s stockholders in connection with the proposed transaction. Information regarding the persons who may, under the rules of the
ADDITIONAL INFORMATION
* * * *
CONSOLIDATED STATEMENTS OF INCOME |
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Unaudited, in thousands of dollars (except per share amounts) |
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Table No. 1 |
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Quarter ended |
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2021 |
|
2020 |
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% Increase (Decrease) |
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Revenues |
|
$ |
774,647 |
|
|
$ |
937,575 |
|
|
(17.4 |
) |
|
|
|
|
|
|
|
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Operating expenses: |
|
|
|
|
|
|
|||||
Cost of revenues |
|
|
407,198 |
|
|
|
399,367 |
|
|
2.0 |
|
Business units - Selling, general and administrative expenses |
|
|
109,746 |
|
|
|
97,682 |
|
|
12.4 |
|
Corporate - General and administrative expenses |
|
|
16,183 |
|
|
|
12,006 |
|
|
34.8 |
|
Depreciation |
|
|
16,315 |
|
|
|
17,183 |
|
|
(5.1 |
) |
Amortization of intangible assets |
|
|
15,704 |
|
|
|
17,113 |
|
|
(8.2 |
) |
Spectrum repacking reimbursements and other, net |
|
|
87 |
|
|
|
578 |
|
|
(84.9 |
) |
Total |
|
|
565,233 |
|
|
|
543,929 |
|
|
3.9 |
|
Operating income |
|
|
209,414 |
|
|
|
393,646 |
|
|
(46.8 |
) |
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|
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Non-operating income (expense): |
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|
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|
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Equity (loss) income in unconsolidated investments, net |
|
|
(3,997 |
) |
|
|
1,990 |
|
|
*** |
|
Interest expense |
|
|
(46,079 |
) |
|
|
(49,561 |
) |
|
(7.0 |
) |
Other non-operating items, net |
|
|
2,485 |
|
|
|
(16,759 |
) |
|
*** |
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Total |
|
|
(47,591 |
) |
|
|
(64,330 |
) |
|
(26.0 |
) |
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Income before income taxes |
|
|
161,823 |
|
|
|
329,316 |
|
|
(50.9 |
) |
Provision for income taxes |
|
|
32,011 |
|
|
|
84,594 |
|
|
(62.2 |
) |
Net income |
|
|
129,812 |
|
|
|
244,722 |
|
|
(47.0 |
) |
Net income attributable to redeemable noncontrolling interest |
|
|
(381 |
) |
|
|
(418 |
) |
|
(8.9 |
) |
Net income attributable to |
|
$ |
129,431 |
|
|
$ |
244,304 |
|
|
(47.0 |
) |
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Earnings per share: |
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Basic |
|
$ |
0.58 |
|
|
$ |
1.11 |
|
|
(47.7 |
) |
Diluted |
|
$ |
0.58 |
|
|
$ |
1.11 |
|
|
(47.7 |
) |
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Weighted average number of common shares outstanding: |
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|
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Basic shares |
|
|
222,068 |
|
|
|
219,932 |
|
|
1.0 |
|
Diluted shares |
|
|
223,362 |
|
|
|
220,659 |
|
|
1.2 |
|
|
|
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|
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*** Not meaningful |
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CONSOLIDATED STATEMENTS OF INCOME |
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Unaudited, in thousands of dollars (except per share amounts) |
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Table No. 1 (continued) |
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Year ended |
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2021 |
|
2020 |
|
% Increase (Decrease) |
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|
|
|
|
|
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|
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Revenues |
|
$ |
2,991,093 |
|
|
$ |
2,937,780 |
|
|
1.8 |
|
|
|
|
|
|
|
|
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Operating expenses: |
|
|
|
|
|
|
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Cost of revenues |
|
|
1,598,759 |
|
|
|
1,503,287 |
|
|
6.4 |
|
Business units - Selling, general and administrative expenses |
|
|
396,446 |
|
|
|
365,601 |
|
|
8.4 |
|
Corporate - General and administrative expenses |
|
|
68,127 |
|
|
|
73,295 |
|
|
(7.1 |
) |
Depreciation |
|
|
64,841 |
|
|
|
66,880 |
|
|
(3.0 |
) |
Amortization of intangible assets |
|
|
63,011 |
|
|
|
67,690 |
|
|
(6.9 |
) |
Spectrum repacking reimbursements and other, net |
|
|
(2,307 |
) |
|
|
(9,955 |
) |
|
(76.8 |
) |
Total |
|
|
2,188,877 |
|
|
|
2,066,798 |
|
|
5.9 |
|
Operating income |
|
|
802,216 |
|
|
|
870,982 |
|
|
(7.9 |
) |
|
|
|
|
|
|
|
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Non-operating income (expense): |
|
|
|
|
|
|
|||||
Equity (loss) income in unconsolidated investments, net |
|
|
(9,713 |
) |
|
|
10,397 |
|
|
*** |
|
Interest expense |
|
|
(185,650 |
) |
|
|
(210,294 |
) |
|
(11.7 |
) |
Other non-operating items, net |
|
|
6,825 |
|
|
|
(34,029 |
) |
|
*** |
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Total |
|
|
(188,538 |
) |
|
|
(233,926 |
) |
|
(19.4 |
) |
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|
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|
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|
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Income before income taxes |
|
|
613,678 |
|
|
|
637,056 |
|
|
(3.7 |
) |
Provision for income taxes |
|
|
135,481 |
|
|
|
154,293 |
|
|
(12.2 |
) |
Net income |
|
|
478,197 |
|
|
|
482,763 |
|
|
(0.9 |
) |
Net (income) loss attributable to redeemable noncontrolling interest |
|
|
(1,242 |
) |
|
|
15 |
|
|
*** |
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Net income attributable to |
|
$ |
476,955 |
|
|
$ |
482,778 |
|
|
(1.2 |
) |
|
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|
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Earnings per share: |
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|
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Basic |
|
$ |
2.15 |
|
|
$ |
2.20 |
|
|
(2.3 |
) |
Diluted |
|
$ |
2.14 |
|
|
$ |
2.19 |
|
|
(2.3 |
) |
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Weighted average number of common shares outstanding: |
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|
|
|
|
|
|||||
Basic shares |
|
|
221,504 |
|
|
|
219,232 |
|
|
1.0 |
|
Diluted shares |
|
|
222,471 |
|
|
|
219,733 |
|
|
1.2 |
|
|
|
|
|
|
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*** Not meaningful |
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USE OF NON-GAAP INFORMATION
The company uses non-GAAP financial performance measures to supplement the financial information presented on a GAAP basis. These non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the related GAAP measures, nor should they be considered superior to the related GAAP measures, and should be read together with financial information presented on a GAAP basis. Also, our non-GAAP measures may not be comparable to similarly titled measures of other companies.
Management and the company’s Board of Directors use non-GAAP financial measures for purposes of evaluating company performance. Furthermore, the
The company discusses in this release non-GAAP financial performance measures that exclude from its reported GAAP results the impact of “special items” consisting of spectrum repacking reimbursements and other, net, gains related to business we account for under the equity method, M&A-related costs, advisory fees related to activism defense, workforce restructuring expense and certain non-operating items such as expenses related to the early extinguishment of debt and a valuation gain from an investment. In addition, we have excluded certain income tax special items associated with deferred tax benefits related to state tax planning strategies, and a partial capital loss valuation allowance release.
The company believes that such expenses and gains are not indicative of normal, ongoing operations. While these items may be recurring in nature and should not be disregarded in evaluation of our earnings performance, it is useful to exclude such items when analyzing current results and trends compared to other periods as these items can vary significantly from period to period depending on specific underlying transactions or events that may occur. Therefore, while we may incur or recognize these types of expenses and gains in the future, the company believes that removing these items for purposes of calculating the non-GAAP financial measures provides investors with a more focused presentation of our ongoing operating performance.
The company also discusses Adjusted EBITDA (with and without corporate expenses), a non-GAAP financial performance measure that it believes offers a useful view of the overall operation of its businesses. The company defines Adjusted EBITDA as net income attributable to
This earnings release also discusses free cash flow, a non-GAAP performance measure that the Board of Directors uses to review the performance of the business. Free cash flow is reviewed by the Board of Directors as a percentage of revenue over a trailing two-year period (reflecting both an even and odd year reporting period given the political cyclicality of the business). The most directly comparable GAAP financial measure to free cash flow is Net income attributable to
NON-GAAP FINANCIAL INFORMATION |
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Unaudited, in thousands of dollars (except per share amounts) |
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Table No. 2 |
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Reconciliations of certain line items impacted by special items to the most directly comparable financial measure calculated and presented in accordance with GAAP on the company's Consolidated Statements of Income follow: |
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Special Items |
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Quarter ended
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GAAP measure |
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M&A-related costs |
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Spectrum repacking reimbursements and other |
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Other non- operating items |
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Special tax items |
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Non-GAAP measure |
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Corporate - General and administrative expenses |
|
$ |
16,183 |
|
|
$ |
(3,738 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
12,445 |
|
|
|
|
|
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|
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Spectrum repacking reimbursements and other, net |
|
|
87 |
|
|
|
— |
|
|
|
(87 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||||||
Operating expenses |
|
|
565,233 |
|
|
|
(3,738 |
) |
|
|
(87 |
) |
|
|
— |
|
|
|
— |
|
|
|
561,408 |
|
|
|
|
|
|
|
||||||
Operating income |
|
|
209,414 |
|
|
|
3,738 |
|
|
|
87 |
|
|
|
— |
|
|
|
— |
|
|
|
213,239 |
|
|
|
|
|
|
|
||||||
Other non-operating items, net |
|
|
2,485 |
|
|
|
— |
|
|
|
— |
|
|
|
2,448 |
|
|
|
— |
|
|
|
4,933 |
|
|
|
|
|
|
|
||||||
Income before income taxes |
|
|
161,823 |
|
|
|
3,738 |
|
|
|
87 |
|
|
|
2,448 |
|
|
|
— |
|
|
|
168,096 |
|
|
|
|
|
|
|
||||||
Provision for income taxes |
|
|
32,011 |
|
|
|
60 |
|
|
|
21 |
|
|
|
629 |
|
|
|
6,994 |
|
|
|
39,715 |
|
|
|
|
|
|
|
||||||
Net income attributable to |
|
|
129,431 |
|
|
|
3,678 |
|
|
|
66 |
|
|
|
1,819 |
|
|
|
(6,994 |
) |
|
|
128,000 |
|
|
|
|
|
|
|
||||||
Earnings per share- diluted (a) |
|
$ |
0.58 |
|
|
$ |
0.02 |
|
|
$ |
— |
|
|
$ |
0.01 |
|
|
$ |
(0.03 |
) |
|
$ |
0.57 |
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
(a) Per share amounts do not sum due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
Special Items |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Quarter ended
|
|
GAAP measure |
|
Spectrum repacking reimbursements and other |
|
Gains on equity method investment |
|
Other non- operating items |
|
Non-GAAP measure |
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Corporate - General and administrative expenses |
|
$ |
12,006 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
12,006 |
|
|
|
|
|
|
|
|
|
||||||||
Spectrum repacking reimbursements and other, net |
|
|
578 |
|
|
|
(578 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses |
|
|
543,929 |
|
|
|
(578 |
) |
|
|
— |
|
|
|
— |
|
|
|
543,351 |
|
|
|
|
|
|
|
|
|
||||||||
Operating income |
|
|
393,646 |
|
|
|
578 |
|
|
|
— |
|
|
|
— |
|
|
|
394,224 |
|
|
|
|
|
|
|
|
|
||||||||
Equity income (loss) in unconsolidated investments, net |
|
|
1,990 |
|
|
|
— |
|
|
|
(4,021 |
) |
|
|
— |
|
|
|
(2,031 |
) |
|
|
|
|
|
|
|
|
||||||||
Other non-operating items, net |
|
|
(16,759 |
) |
|
|
— |
|
|
|
— |
|
|
|
16,575 |
|
|
|
(184 |
) |
|
|
|
|
|
|
|
|
||||||||
Total non-operating expenses |
|
|
(64,330 |
) |
|
|
— |
|
|
|
(4,021 |
) |
|
|
16,575 |
|
|
|
(51,776 |
) |
|
|
|
|
|
|
|
|
||||||||
Income before income taxes |
|
|
329,316 |
|
|
|
578 |
|
|
|
(4,021 |
) |
|
|
16,575 |
|
|
|
342,448 |
|
|
|
|
|
|
|
|
|
||||||||
Provision for income taxes |
|
|
84,594 |
|
|
|
120 |
|
|
|
(1,033 |
) |
|
|
1,894 |
|
|
|
85,575 |
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to |
|
|
244,304 |
|
|
|
458 |
|
|
|
(2,988 |
) |
|
|
14,681 |
|
|
|
256,455 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share- diluted (a) |
|
$ |
1.11 |
|
|
$ |
— |
|
|
$ |
(0.01 |
) |
|
$ |
0.07 |
|
|
$ |
1.16 |
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
(a) Per share amounts do not sum due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
NON-GAAP FINANCIAL INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Unaudited, in thousands of dollars (except per share amounts) |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Table No. 2 (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
Special Items |
|
|
|
|
|
|
||||||||||||||||||||||||||
Year ended
|
|
GAAP measure |
|
Advisory fees related to activism defense |
|
M&A-related costs |
|
Spectrum repacking reimbursements and other |
|
Other non- operating items |
|
Special tax items |
|
Non-GAAP measure |
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Corporate - General and administrative expenses |
|
$ |
68,127 |
|
|
$ |
(16,611 |
) |
|
$ |
(3,738 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
47,778 |
|
|
|
|
|
||||
Spectrum repacking reimbursements and other, net |
|
|
(2,307 |
) |
|
|
— |
|
|
|
— |
|
|
|
2,307 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
||||
Operating expenses |
|
|
2,188,877 |
|
|
|
(16,611 |
) |
|
|
(3,738 |
) |
|
|
2,307 |
|
|
|
— |
|
|
|
— |
|
|
|
2,170,835 |
|
|
|
|
|
||||
Operating income |
|
|
802,216 |
|
|
|
16,611 |
|
|
|
3,738 |
|
|
|
(2,307 |
) |
|
|
— |
|
|
|
— |
|
|
|
820,258 |
|
|
|
|
|
||||
Equity income (loss) in unconsolidated investments, net |
|
|
(9,713 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,713 |
) |
|
|
|
|
||||
Other non-operating items, net |
|
|
6,825 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
507 |
|
|
|
— |
|
|
|
7,332 |
|
|
|
|
|
||||
Total non-operating expenses |
|
|
(188,538 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
507 |
|
|
|
— |
|
|
|
(188,031 |
) |
|
|
|
|
||||
Income before income taxes |
|
|
613,678 |
|
|
|
16,611 |
|
|
|
3,738 |
|
|
|
(2,307 |
) |
|
|
507 |
|
|
|
— |
|
|
|
632,227 |
|
|
|
|
|
||||
Provision for income taxes |
|
|
135,481 |
|
|
|
4,291 |
|
|
|
60 |
|
|
|
(605 |
) |
|
|
127 |
|
|
|
14,138 |
|
|
|
153,492 |
|
|
|
|
|
||||
Net income attributable to |
|
|
476,955 |
|
|
|
12,320 |
|
|
|
3,678 |
|
|
|
(1,702 |
) |
|
|
380 |
|
|
|
(14,138 |
) |
|
|
477,493 |
|
|
|
|
|
||||
Earnings per share-diluted |
|
$ |
2.14 |
|
|
$ |
0.06 |
|
|
$ |
0.02 |
|
|
$ |
(0.01 |
) |
|
$ |
— |
|
|
$ |
(0.06 |
) |
|
$ |
2.15 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
Special Items |
|
|
||||||||||||||||||||||||||||||
Year ended
|
|
GAAP measure |
|
Workforce restructuring expense |
|
M&A-related costs |
|
Advisory fees related to activism defense |
|
Spectrum repacking reimbursements and other |
|
Gains on equity method investment |
|
Other non- operating items |
|
Special tax items |
|
Non-GAAP measure |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Cost of revenues |
|
$ |
1,503,287 |
|
|
$ |
(595 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,502,692 |
|
Business units - Selling, general and administrative expenses |
|
|
365,601 |
|
|
|
(372 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
365,229 |
|
Corporate - General and administrative expenses |
|
|
73,295 |
|
|
|
(54 |
) |
|
|
(4,588 |
) |
|
|
(23,087 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
45,566 |
|
Spectrum repacking reimbursements and other, net |
|
|
(9,955 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,955 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Operating expenses |
|
|
2,066,798 |
|
|
|
(1,021 |
) |
|
|
(4,588 |
) |
|
|
(23,087 |
) |
|
|
9,955 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,048,057 |
|
Operating income |
|
|
870,982 |
|
|
|
1,021 |
|
|
|
4,588 |
|
|
|
23,087 |
|
|
|
(9,955 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
889,723 |
|
Equity income (loss) in unconsolidated investments, net |
|
|
10,397 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(22,606 |
) |
|
|
— |
|
|
|
— |
|
|
|
(12,209 |
) |
Other non-operating items, net |
|
|
(34,029 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
38,319 |
|
|
|
— |
|
|
|
4,290 |
|
Total non-operating expenses |
|
|
(233,926 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(22,606 |
) |
|
|
38,319 |
|
|
|
— |
|
|
|
(218,213 |
) |
Income before income taxes |
|
|
637,056 |
|
|
|
1,021 |
|
|
|
4,588 |
|
|
|
23,087 |
|
|
|
(9,955 |
) |
|
|
(22,606 |
) |
|
|
38,319 |
|
|
|
— |
|
|
|
671,510 |
|
Provision for income taxes |
|
|
154,293 |
|
|
|
256 |
|
|
|
1,151 |
|
|
|
5,801 |
|
|
|
(2,646 |
) |
|
|
(5,703 |
) |
|
|
7,357 |
|
|
|
3,944 |
|
|
|
164,453 |
|
Net income attributable to |
|
|
482,778 |
|
|
|
765 |
|
|
|
3,437 |
|
|
|
17,286 |
|
|
|
(7,309 |
) |
|
|
(16,903 |
) |
|
|
30,962 |
|
|
|
(3,944 |
) |
|
|
507,072 |
|
Earnings per share-diluted |
|
$ |
2.19 |
|
|
$ |
— |
|
|
$ |
0.02 |
|
|
$ |
0.08 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.08 |
) |
|
$ |
0.14 |
|
|
$ |
(0.02 |
) |
|
$ |
2.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
NON-GAAP FINANCIAL INFORMATION |
||||||||||||
|
||||||||||||
Unaudited, in thousands of dollars |
||||||||||||
|
|
|
|
|
|
|||||||
Table No. 3 |
|
|
|
|
|
|||||||
|
|
|
|
|
|
|||||||
Reconciliations of Adjusted EBITDA to net income presented in accordance with GAAP on the company's Consolidated Statements of Income are presented below: |
||||||||||||
|
|
|||||||||||
|
Quarter ended |
|||||||||||
|
2021 |
|
2020 |
|
2019 |
|||||||
Net income attributable to |
$ |
129,431 |
|
|
$ |
244,304 |
|
|
$ |
83,955 |
|
|
Plus: Net income attributable to redeemable noncontrolling interest |
|
381 |
|
|
|
418 |
|
|
|
— |
|
|
Plus: Provision for income taxes |
|
32,011 |
|
|
|
84,594 |
|
|
|
36,690 |
|
|
Plus: Interest expense |
|
46,079 |
|
|
|
49,561 |
|
|
|
60,304 |
|
|
Plus (Less): Equity loss (income) in unconsolidated investments, net |
|
3,997 |
|
|
|
(1,990 |
) |
|
|
773 |
|
|
(Less) Plus: Other non-operating items, net |
|
(2,485 |
) |
|
|
16,759 |
|
|
|
(4,998 |
) |
|
Operating income (GAAP basis) |
|
209,414 |
|
|
|
393,646 |
|
|
|
176,724 |
|
|
Plus: Workforce restructuring expense |
|
— |
|
|
|
— |
|
|
|
4,912 |
|
|
Plus: M&A-related costs |
|
3,738 |
|
|
|
— |
|
|
|
— |
|
|
Plus: Acquisition-related costs |
|
— |
|
|
|
— |
|
|
|
1,664 |
|
|
Plus: Advisory fees related to activism defense |
|
— |
|
|
|
— |
|
|
|
6,080 |
|
|
Plus: Spectrum repacking reimbursements and other, net |
|
87 |
|
|
|
578 |
|
|
|
6,064 |
|
|
Adjusted operating income (non-GAAP basis) |
|
213,239 |
|
|
|
394,224 |
|
|
|
195,444 |
|
|
Plus: Depreciation |
|
16,315 |
|
|
|
17,183 |
|
|
|
15,694 |
|
|
Plus: Amortization of intangible assets |
|
15,704 |
|
|
|
17,113 |
|
|
|
17,574 |
|
|
Adjusted EBITDA (non-GAAP basis) |
$ |
245,258 |
|
|
$ |
428,520 |
|
|
$ |
228,712 |
|
|
Corporate - General and administrative expense (non-GAAP basis) |
|
12,445 |
|
|
|
12,006 |
|
|
|
12,015 |
|
|
Adjusted EBITDA, excluding Corporate (non-GAAP basis) |
$ |
257,703 |
|
|
$ |
440,526 |
|
|
$ |
240,727 |
|
|
|
|
|
|
|
|
|||||||
|
Year ended |
|||||||||||
|
2021 |
|
2020 |
|
2019 |
|||||||
Net income attributable to |
$ |
476,955 |
|
|
$ |
482,778 |
|
|
$ |
286,235 |
|
|
Plus (Less): Net income (loss) attributable to redeemable noncontrolling interest |
|
1,242 |
|
|
|
(15 |
) |
|
|
— |
|
|
Plus: Provision for income taxes |
|
135,481 |
|
|
|
154,293 |
|
|
|
89,422 |
|
|
Plus: Interest expense |
|
185,650 |
|
|
|
210,294 |
|
|
|
205,470 |
|
|
Plus (Less): Equity loss (income) in unconsolidated investments, net |
|
9,713 |
|
|
|
(10,397 |
) |
|
|
(10,149 |
) |
|
(Less) Plus: Other non-operating items, net |
|
(6,825 |
) |
|
|
34,029 |
|
|
|
(11,960 |
) |
|
Operating income (GAAP basis) |
|
802,216 |
|
|
|
870,982 |
|
|
|
559,018 |
|
|
Plus: Workforce restructuring expense |
|
— |
|
|
|
1,021 |
|
|
|
6,364 |
|
|
Plus: M&A and acquisition-related costs |
|
3,738 |
|
|
|
4,588 |
|
|
|
30,756 |
|
|
Plus: Advisory fees related to activism defense |
|
16,611 |
|
|
|
23,087 |
|
|
|
6,080 |
|
|
Less: Spectrum repacking reimbursements and other, net |
|
(2,307 |
) |
|
|
(9,955 |
) |
|
|
(5,335 |
) |
|
Adjusted operating income (non-GAAP basis) |
|
820,258 |
|
|
|
889,723 |
|
|
|
596,883 |
|
|
Plus: Depreciation |
|
64,841 |
|
|
|
66,880 |
|
|
|
60,525 |
|
|
Plus: Amortization of intangible assets |
|
63,011 |
|
|
|
67,690 |
|
|
|
50,104 |
|
|
Adjusted EBITDA (non-GAAP basis) |
$ |
948,110 |
|
|
$ |
1,024,293 |
|
|
$ |
707,512 |
|
|
Corporate - General and administrative expense (non-GAAP basis) |
|
47,778 |
|
|
|
45,566 |
|
|
|
43,085 |
|
|
Adjusted EBITDA, excluding Corporate (non-GAAP basis) |
$ |
995,888 |
|
|
$ |
1,069,859 |
|
|
$ |
750,597 |
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
NON-GAAP FINANCIAL INFORMATION |
|||||||||||||||||
|
|||||||||||||||||
Unaudited, in thousands of dollars |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Table No. 4 |
|
|
|
|
|
|
|
|
|
||||||||
Below is a detail of our primary sources of revenue presented in accordance with GAAP on company’s Consolidated Statements of Income. In addition, we show Adjusted EBITDA and Adjusted EBITDA margins (see non-GAAP reconciliations at Table No. 3). |
|||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||
|
Quarter ended |
||||||||||||||||
|
2021 |
|
2020 |
|
% Increase (Decrease) |
|
2019 |
|
% Increase (Decrease) |
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Subscription |
$ |
335,943 |
|
|
$ |
313,657 |
|
|
7.1 |
|
|
$ |
286,558 |
|
|
17.2 |
|
Advertising and Marketing Services |
|
400,125 |
|
|
|
351,933 |
|
|
13.7 |
|
|
|
375,303 |
|
|
6.6 |
|
Political |
|
26,554 |
|
|
|
264,110 |
|
|
(89.9 |
) |
|
|
24,414 |
|
|
8.8 |
|
Other |
|
12,025 |
|
|
|
7,875 |
|
|
52.7 |
|
|
|
7,680 |
|
|
56.6 |
|
Total revenues |
$ |
774,647 |
|
|
$ |
937,575 |
|
|
(17.4 |
) |
|
$ |
693,955 |
|
|
11.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA |
$ |
245,258 |
|
|
$ |
428,520 |
|
|
(42.8 |
) |
|
$ |
228,712 |
|
|
7.2 |
|
Adjusted EBITDA Margin |
|
31.7 |
% |
|
|
45.7 |
% |
|
|
|
|
33.0 |
% |
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Year ended |
||||||||||||||||
|
2021 |
|
2020 |
|
% Increase (Decrease) |
|
2019 |
|
% Increase (Decrease) |
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Subscription |
$ |
1,466,433 |
|
|
$ |
1,286,611 |
|
|
14.0 |
|
|
$ |
1,005,030 |
|
|
45.9 |
|
Advertising and Marketing Services |
|
1,428,082 |
|
|
|
1,174,774 |
|
|
21.6 |
|
|
|
1,226,607 |
|
|
16.4 |
|
Political |
|
60,573 |
|
|
|
445,535 |
|
|
(86.4 |
) |
|
|
38,478 |
|
|
57.4 |
|
Other |
|
36,005 |
|
|
|
30,860 |
|
|
16.7 |
|
|
|
29,382 |
|
|
22.5 |
|
Total revenues |
$ |
2,991,093 |
|
|
$ |
2,937,780 |
|
|
1.8 |
|
|
$ |
2,299,497 |
|
|
30.1 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA |
$ |
948,110 |
|
|
$ |
1,024,293 |
|
|
(7.4 |
) |
|
$ |
707,512 |
|
|
34.0 |
|
Adjusted EBITDA Margin |
|
31.7 |
% |
|
|
34.9 |
% |
|
|
|
|
30.8 |
% |
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||||
*** Not meaningful |
|
|
|
|
|
|
|
|
|
||||||||
NON-GAAP FINANCIAL INFORMATION |
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Unaudited, in thousands of dollars |
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Table No. 5 |
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
Reconciliations of free cash flow to net income presented in accordance with GAAP on the company's Consolidated Statements of Income are presented below: |
|||||||||||
|
|
|
|
|
|
||||||
|
Quarter ended |
||||||||||
|
2021 |
|
2020 |
|
% Increase (Decrease) |
||||||
|
|
|
|
|
|
||||||
Net income attributable to |
$ |
129,431 |
|
|
$ |
244,304 |
|
|
(47.0 |
) |
|
Plus: Provision for income taxes |
|
32,011 |
|
|
|
84,594 |
|
|
(62.2 |
) |
|
Plus: Interest expense |
|
46,079 |
|
|
|
49,561 |
|
|
(7.0 |
) |
|
Plus: M&A-related costs |
|
3,738 |
|
|
|
— |
|
|
*** |
||
Plus: Depreciation |
|
16,315 |
|
|
|
17,183 |
|
|
(5.1 |
) |
|
Plus: Amortization |
|
15,704 |
|
|
|
17,113 |
|
|
(8.2 |
) |
|
Plus: Stock-based compensation |
|
8,378 |
|
|
|
7,728 |
|
|
8.4 |
|
|
Plus: Company stock 401(k) contribution |
|
3,567 |
|
|
|
3,446 |
|
|
3.5 |
|
|
Plus: Syndicated programming amortization |
|
18,016 |
|
|
|
17,479 |
|
|
3.1 |
|
|
Plus: Cash dividend from equity investments for return on capital |
|
3,144 |
|
|
|
602 |
|
|
*** |
||
(Less) Plus: Cash reimbursements from spectrum repacking |
|
(87 |
) |
|
|
510 |
|
|
*** |
||
Plus (Less): Equity loss (income) in unconsolidated investments, net |
|
3,997 |
|
|
|
(1,990 |
) |
|
*** |
||
Plus: Net income attributable to redeemable noncontrolling interest |
|
381 |
|
|
|
418 |
|
|
(8.9 |
) |
|
Plus: Reimbursement from company-owned life insurance policies |
|
475 |
|
|
|
— |
|
|
*** |
||
Plus: Spectrum repacking reimbursements and other, net |
|
87 |
|
|
|
578 |
|
|
(84.9 |
) |
|
Plus: Other non-operating items, net |
|
(2,485 |
) |
|
|
16,759 |
|
|
*** |
||
Less: Pension contributions |
|
(934 |
) |
|
|
(941 |
) |
|
(0.7 |
) |
|
Less: Income tax payments |
|
(32,564 |
) |
|
|
(45,017 |
) |
|
(27.7 |
) |
|
Less: Syndicated programming payments |
|
(18,292 |
) |
|
|
(21,439 |
) |
|
(14.7 |
) |
|
Less: Interest payments |
|
(13,979 |
) |
|
|
(26,191 |
) |
|
(46.6 |
) |
|
Less: Purchases of property and equipment |
|
(23,658 |
) |
|
|
(14,916 |
) |
|
58.6 |
|
|
Free cash flow (non-GAAP basis) |
$ |
189,324 |
|
|
$ |
349,781 |
|
|
(45.9 |
) |
|
|
|
|
|
|
|
||||||
*** Not meaningful |
|
|
|
|
|
||||||
|
|
|
|
|
|
||||||
|
|
|
|
|
|
NON-GAAP FINANCIAL INFORMATION |
|
|||
|
|
|||
Unaudited, in thousands of dollars |
|
|||
|
|
|||
Table No. 5 (continued) |
|
|||
|
Two-year period ended
|
|||
|
|
|||
Net income attributable to |
$ |
959,733 |
|
|
Plus: Provision for income taxes |
|
289,774 |
|
|
Plus: Interest expense |
|
395,944 |
|
|
Plus: M&A-related costs |
|
8,326 |
|
|
Plus: Depreciation |
|
131,721 |
|
|
Plus: Amortization |
|
130,701 |
|
|
Plus: Stock-based compensation |
|
51,821 |
|
|
Plus: Company stock 401(k) contribution |
|
33,611 |
|
|
Plus: Syndicated programming amortization |
|
141,752 |
|
|
Plus: Workforce restructuring expense |
|
1,021 |
|
|
Plus: Advisory fees related to activism defense |
|
39,698 |
|
|
Plus: Cash dividend from equity investments for return on capital |
|
11,806 |
|
|
Plus: Cash reimbursements from spectrum repacking |
|
18,122 |
|
|
Plus: Other non-operating items, net |
|
27,204 |
|
|
Plus: Net income attributable to redeemable noncontrolling interest |
|
1,227 |
|
|
Plus: Reimbursement from Company-owned life insurance policies |
|
1,005 |
|
|
Less: Income tax payments, net of refunds |
|
(264,053 |
) |
|
Less: Equity income in unconsolidated investments, net |
|
(684 |
) |
|
Less: Spectrum repacking reimbursements and other, net |
|
(12,262 |
) |
|
Less: Syndicated programming payments |
|
(147,305 |
) |
|
Less: Pension contributions |
|
(11,470 |
) |
|
Less: Interest payments |
|
(380,569 |
) |
|
Less: Purchases of property and equipment |
|
(108,575 |
) |
|
Free cash flow (non-GAAP basis) |
$ |
1,318,548 |
|
|
|
|
|||
Revenue |
$ |
5,928,873 |
|
|
Free cash flow as a % of revenue |
|
22.2 |
% |
|
|
|
|||
|
|
NON-GAAP FINANCIAL INFORMATION | ||||||||||
|
||||||||||
Unaudited, in thousands of dollars |
||||||||||
|
|
|
|
|
|
|||||
Table No. 6 |
||||||||||
Below is a reconciliation of non-GAAP operating expenses to GAAP operating expenses on the company's Consolidated Statements of Income: |
||||||||||
|
|
|
|
|
|
|||||
|
Quarter ended |
|
|
|||||||
|
2021 |
|
2020 |
|
|
|||||
Operating expenses (GAAP basis) |
$ |
565,233 |
|
|
$ |
543,929 |
|
|
|
|
Less: Special items 1, 2 |
|
(3,825 |
) |
|
|
(578 |
) |
|
|
|
Operating expenses (non-GAAP basis) |
|
561,408 |
|
|
|
543,351 |
|
|
|
|
Less: Programming expenses |
|
(222,473 |
) |
|
|
(209,972 |
) |
|
|
|
Operating expenses, less programming (non-GAAP basis) |
$ |
338,935 |
|
|
$ |
333,379 |
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|||||
1 Q4 2021 special items include M&A-related costs and reimbursements from the FCC for required spectrum repacking (see Table 2). |
||||||||||
|
|
|
|
|
|
|||||
2 Q4 2020 special items include intangible asset impairment charge and reimbursements from the FCC for required spectrum repacking (see Table 2). |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220227005136/en/
For media inquiries, contact:
Vice President, Corporate Communications
703-873-6366
abentley@TEGNA.com
For investor inquiries, contact:
Senior Vice President, Financial Planning & Analysis
703-873-6747
investorrelations@TEGNA.com
Source:
FAQ
What is the acquisition price for TEGNA by Standard General?
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What were TEGNA's total revenues for 2021?
How much did TEGNA's subscription revenue increase in 2021?
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