TEGNA Inc. Reports Second Quarter 2024 Results and Provides Third Quarter 2024 Guidance
TEGNA Inc. (NYSE: TGNA) reported its Q2 2024 financial results and provided Q3 2024 guidance. Key highlights include:
- Total revenue decreased 3% to $710 million, within guidance range
- Subscription revenue down 7% to $367 million due to subscriber declines
- AMS revenue fell 5% to $301 million due to softness in national accounts
- GAAP EPS of $0.48, Non-GAAP EPS of $0.50
- Adjusted EBITDA decreased 10% to $176 million
- On track to return ~$350 million to shareholders in 2024
- Reaffirmed full-year 2024 guidance
- Mike Steib to succeed David Lougee as President and CEO on August 12, 2024
- Appointed two new independent Directors to the Board
The company expects a robust political cycle in H2 2024 and benefits from Summer Olympics coverage.
TEGNA Inc. (NYSE: TGNA) ha riportato i risultati finanziari del secondo trimestre 2024 e ha fornito le previsioni per il terzo trimestre 2024. I punti salienti includono:
- I ricavi totali sono diminuiti del 3% a 710 milioni di dollari, rimanendo nel range delle previsioni
- I ricavi da abbonamenti sono calati del 7% a 367 milioni di dollari a causa della diminuzione degli abbonati
- I ricavi AMS sono diminuiti del 5% a 301 milioni di dollari a causa di una debolezza nei conti nazionali
- Utile per azione GAAP di 0,48 dollari, utile per azione non GAAP di 0,50 dollari
- EBITDA rettificato è diminuito del 10% a 176 milioni di dollari
- In via di ritorno di circa 350 milioni di dollari agli azionisti nel 2024
- Confermata la guida per l'intero anno 2024
- Mike Steib succederà a David Lougee come Presidente e CEO il 12 agosto 2024
- Nominate due nuove Direttori indipendenti nel Consiglio
L'azienda prevede un ciclo politico robusto nel secondo semestre del 2024 e beneficia della copertura delle Olimpiadi estive.
TEGNA Inc. (NYSE: TGNA) reportó sus resultados financieros del segundo trimestre de 2024 y proporcionó orientación para el tercer trimestre de 2024. Los aspectos destacados incluyen:
- Los ingresos totales disminuyeron un 3% a 710 millones de dólares, dentro del rango de orientación
- Los ingresos por suscripción cayeron un 7% a 367 millones de dólares debido a la disminución de suscriptores
- Los ingresos de AMS cayeron un 5% a 301 millones de dólares debido a la debilidad en cuentas nacionales
- EPS GAAP de 0.48 dólares, EPS no GAAP de 0.50 dólares
- EBITDA ajustado disminuyó un 10% a 176 millones de dólares
- En camino a devolver aproximadamente 350 millones de dólares a los accionistas en 2024
- Reafirmada la guía para todo el año 2024
- Mike Steib sucederá a David Lougee como Presidente y CEO el 12 de agosto de 2024
- Nombrados dos nuevos Directores independientes en la Junta
La compañía espera un ciclo político robusto en el segundo semestre de 2024 y se beneficiará de la cobertura de los Juegos Olímpicos de verano.
TEGNA Inc. (NYSE: TGNA)는 2024년 2분기 재무 결과를 발표하고 2024년 3분기 전망을 제공했습니다. 주요 내용은 다음과 같습니다:
- 총 수익은 3% 감소한 7억 1천만 달러로, 전망 범위 내에 있음
- 구독 수익은 7% 감소한 3억 6천7백만 달러로, 가입자수 감소에 따른 것
- AMS 수익은 5% 감소한 3억 1천만 달러로, 국가 계정의 부진에 기인함
- GAAP 기준 주당 순이익은 0.48달러, 비 GAAP 기준 주당 순이익은 0.50달러
- 조정 EBITDA는 10% 감소한 1억 7천6백만 달러
- 2024년까지 주주에게 약 3억 5천만 달러를 환원할 예정
- 2024년 전체 연도 전망을 재확인
- 마이크 스테이브가 2024년 8월 12일 데이비드 루기에게 사장 겸 CEO로 취임
- 이사회에 새로운 독립 이사를 2명 임명
회사는 2024년 하반기에 강력한 정치 주기를 예상하고 있으며, 여름 올림픽 중계로 혜택을 받을 것입니다.
TEGNA Inc. (NYSE: TGNA) a rendu compte de ses résultats financiers pour le deuxième trimestre 2024 et a fourni des prévisions pour le troisième trimestre 2024. Les points forts comprennent :
- Le chiffre d'affaires total a diminué de 3 % pour atteindre 710 millions de dollars, dans la fourchette de prévisions
- Les revenus d'abonnement ont baissé de 7 % pour atteindre 367 millions de dollars en raison d'une diminution du nombre d'abonnés
- Les revenus AMS ont chuté de 5 % à 301 millions de dollars en raison d'une faiblesse des comptes nationaux
- BPA GAAP de 0,48 $, BPA non GAAP de 0,50 $
- L'EBITDA ajusté a diminué de 10 % pour atteindre 176 millions de dollars
- En bonne voie pour retourner environ 350 millions de dollars aux actionnaires en 2024
- Confirmation des prévisions pour l'année entière 2024
- Mike Steib succédera à David Lougee en tant que président et PDG le 12 août 2024
- Deux nouveaux administrateurs indépendants ont été nommés au conseil d'administration
La société s'attend à un cycle politique dynamique au second semestre 2024 et bénéficie de la couverture des Jeux Olympiques d'été.
TEGNA Inc. (NYSE: TGNA) berichtete über die Finanzergebnisse des zweiten Quartals 2024 und gab die Prognose für das dritte Quartal 2024 bekannt. Die wichtigsten Punkte sind:
- Der Gesamtumsatz fiel um 3% auf 710 Millionen Dollar, innerhalb des Prognosebereichs
- Die Abonnementumsätze sanken um 7% auf 367 Millionen Dollar aufgrund eines Rückgangs der Abonnenten
- Die AMS-Umsätze fielen um 5% auf 301 Millionen Dollar aufgrund von Schwächen in nationalen Konten
- GAAP EPS von 0,48 USD, Non-GAAP EPS von 0,50 USD
- Der bereinigte EBITDA ging um 10% auf 176 Millionen Dollar zurück
- Das Unternehmen plant, insgesamt etwa 350 Millionen Dollar im Jahr 2024 an die Aktionäre zurückzugeben
- Die Prognose für das Gesamtjahr 2024 wurde bekräftigt
- Mike Steib wird am 12. August 2024 David Lougee als Präsident und CEO nachfolgen
- Zwei neue unabhängige Direktoren wurden in den Vorstand berufen
Das Unternehmen erwartet einen robusten politischen Zyklus in der zweiten Hälfte von 2024 und profitiert von der Berichterstattung über die Olympischen Sommerspiele.
- Achieved Q2 guidance metrics and reaffirmed full-year guidance
- Returned $93 million to shareholders in Q2, on track for $350 million in 2024
- Expecting strong political ad spending in H2 2024
- Expanded distribution of WNBA Indiana Fever and NHL Seattle Kraken games
- Appointed new CEO Mike Steib and two new independent Directors
- Received 73 Regional Edward R. Murrow Awards
- Maintained strong cash position with $446 million in cash and cash equivalents
- Total revenue decreased 3% to $710 million
- Subscription revenue down 7% to $367 million due to subscriber declines
- AMS revenue fell 5% to $301 million due to softness in national accounts
- Adjusted EBITDA decreased 10% to $176 million
- Net leverage at 2.9x at the end of Q2
Insights
TEGNA's Q2 2024 results show a mixed performance in a challenging macroeconomic environment. The
- Subscription revenue fell
7% due to subscriber declines, partially offset by rate increases. - AMS revenue dropped
5% , indicating softness in national advertising. - Political advertising showed growth, a positive sign for the upcoming election cycle.
- Adjusted EBITDA decreased
10% to$176 million .
The company's focus on cost control and strategic initiatives, such as expanding sports broadcasting, could help mitigate headwinds. The reaffirmed full-year guidance and expected strong political ad spending in H2 2024 provide some optimism. However, investors should monitor subscriber trends and national advertising demand closely.
TEGNA's Q2 results reflect broader trends in the media industry. The decline in subscription revenue highlights the ongoing challenge of cord-cutting, a persistent issue for traditional broadcasters. However, TEGNA's strategic moves are noteworthy:
- Expansion into sports broadcasting, including WNBA and NHL partnerships, diversifies content offerings and could attract viewers and advertisers.
- The upcoming Olympics coverage presents a significant opportunity for ad revenue and audience engagement.
- The company's positioning for political advertising in key battleground states could be a major revenue driver in H2 2024.
The appointment of Mike Steib as CEO, with his background in digital platforms and advertising-supported businesses, signals a potential shift towards more digital-focused strategies. This could be important for TEGNA's long-term adaptation to changing media consumption habits.
The leadership transition at TEGNA is a significant development. Key points to consider:
- Mike Steib's appointment as CEO brings fresh perspective from digital and e-commerce sectors, potentially accelerating TEGNA's digital transformation.
- The addition of two new independent directors enhances board diversity and brings valuable expertise in media, finance and technology.
- These changes could lead to new strategic directions and potentially different capital allocation priorities.
The company's commitment to returning
Mike Steib to succeed David Lougee as President, CEO and Director, effective August 12, 2024
Achieved second quarter key guidance metrics and reaffirms full-year guidance
Returned
Appointed two new independent Directors to the Board of Directors
TYSONS, Va.--(BUSINESS WIRE)-- TEGNA Inc. (NYSE: TGNA) today announced financial results for the second quarter ended June 30, 2024.
SECOND QUARTER FINANCIAL HIGHLIGHTS:
All Year-Over-Year Comparisons Unless Otherwise Noted:
-
Total company revenue decreased
3% to , at the midpoint of our guidance range, primarily due to lower subscription and advertising and marketing services (“AMS”) revenues partially offset by higher political advertising dollars.$710 million -
Subscription revenue decreased
7% to , primarily due to subscriber declines partially offset by contractual rate increases.$367 million -
AMS revenue decreased
5% to due to softness in demand from national accounts.$301 million -
GAAP operating expenses increased
26% to primarily due to the receipt of a$569 million merger termination fee reflected in last year’s results. Non-GAAP operating expenses1 were flat benefiting from our initial set of cost transformation initiatives.$136 million -
GAAP and non-GAAP operating income1 totaled
and$142 million , respectively.$147 million -
GAAP net income attributable to TEGNA Inc. was
and non-GAAP net income attributable to TEGNA Inc.1 was$82 million .$86 million -
GAAP and non-GAAP earnings per diluted share1 were
and$0.48 , respectively.$0.50 -
Total company Adjusted EBITDA2 decreased
10% to primarily due to lower subscription and AMS revenue partially offset by higher political revenues.$176 million
___________________________________________ |
1 See Table 3 for details |
2 See Table 4 for details |
“Results for the second quarter fell within our guidance range, underscoring TEGNA’s ability to effectively manage what we can control in the current macroeconomic environment,” said Dave Lougee, president and chief executive officer. “As we look ahead to the back half of the year, it is shaping up to be another robust political cycle. We are encouraged by the unprecedented energy and additional fundraising taking place that could result in record spending following the Democratic National Convention through election day. The substantial cash raised from both sides of the ticket thus far gives us high confidence that ad spending will be very healthy this election season. Our footprint and scale provide us with a competitive advantage during election years, particularly those with tight races in key battleground states. In addition, Premion is also experiencing growing demand from political advertisers for a multi-faceted programmatic and managed service approach to executing data-driven and outcomes-based CTV campaigns.”
Mr. Lougee continued, “Aiding our confidence in the second half of the year is the early success of the Summer Olympics in
Mr. Lougee concluded, “As I approach my final days as CEO, I want to thank all our TEGNA stakeholders for making the last seven years leading this great organization the highlight of my career. I am extremely enthused about the addition of Mike Steib as my successor, with his strong track record of performance and results. Mike has hands-on experience developing high-performing teams that build industry-defining products and brands, which have delivered extraordinary shareholder returns. His passion for the vital role we play in local communities across this country will help the team build on our purpose-driven focus as a company. I look forward to following Mike’s journey closely and to being a trusted advisor to him through this transition.”
KEY STRATEGIC UPDATES:
- Mike Steib to Succeed David Lougee as President, CEO and a Director as of August 12, 2024 – Steib is the former CEO of Artsy, the world’s largest online platform for discovering and collecting art, and previously served as president and CEO of XO Group (NYSE: XOXO), parent company of The Knot. Prior to those roles, he spent 10 years in executive positions at NBCUniversal and Google launching, scaling, and acquiring advertising-supported businesses. (Press Release)
- TEGNA Board of Directors Appoints Two New Independent Directors as of July 1, 2024 – As part of its regular refreshment process, the Board appointed two new independent directors, Catherine Dunleavy, the incoming COO and CFO of Olaplex, who also has experience as a media and finance executive with Away, NIKE and NBCUniversal, and Denmark West, who heads Market Intelligence and Strategic Engagements at X, The Moonshot Factory, a division of Alphabet. (Press Release)
-
TEGNA’s NBC Stations Head to the
Paris 2024 Olympics – TEGNA journalists traveled toParis to bring the emotion and excitement of 100 local athletes participating in the Summer Olympic Games home to our local communities. TEGNA stations are producing “Olympic Zone,” airing before primetime NBC coverage and featuring stations’ top personalities who provide an inspiring look at the games, local athletes and their families. -
Indiana Fever Broadcasts in 12 Markets Grows Advertiser and Sponsorship Opportunities – In the second quarter, on the heels of our initial WTHR (
Indianapolis ) deal to carry Indiana Fever games in April, TEGNA expanded distribution of free over-the-air broadcasts of Fever games to 11 additional markets in May, which include TEGNA stations WOI (Des Moines ), WQAD (Quad Cities) and WHAS (Louisville ) and stations owned by Gray Media, Sinclair, Nexstar Media Group, Inc., Coastal Television Broadcasting Group and Weigel Broadcasting Co. Games aired on TEGNA stations during the quarter have experienced excellent audience and sponsor reaction. (Press Release) -
TEGNA Signs Multi-Year Distribution Agreement with NHL’s Seattle Kraken for Upcoming Season – TEGNA’s partnership with the Seattle Kraken to air games for free over-the-air begins in October across
Washington ,Oregon , andAlaska , marking a significant expansion in access for fans throughout the Pacific Northwest. (Press Release) -
TEGNA Named 2024 Honoree of The Civic 50 and Telecommunications Sector Leader – The Civic 50 by Points of Light named TEGNA one of the most community-minded companies in the
U.S. for a fifth consecutive year and Telecommunications Sector Leader for a fourth year. (Press Release) - TEGNA Stations Honored with 73 Regional Edward R. Murrow Awards – TEGNA stations garnered six overall excellence, seven diversity, equity and inclusion and five innovation awards. TEGNA stations received more honors in these categories than any other local broadcast station group. (Press Release)
CAPITAL ALLOCATION, LEVERAGE, AND LIQUIDITY:
-
The company continues to expect to return 40
-60% of Adjusted free cash flow3 generated in 2024-2025 to shareholders through share repurchases and dividends, including approximately in 2024 through dividends and share repurchases.$350 million -
During the second quarter, the company returned
of capital to shareholders, with$93 million in share repurchases, representing 5.1 million shares, and$72 million in dividends.$21 million -
Interest expense fell slightly to
due to decreased undrawn fees on the company’s revolving credit facility.$42 million -
As noted last quarter, the company’s Board approved a
10% increase to the company’s regular quarterly dividend, from 11.375 to12.5 cents per share. This increase was reflected for the first time in dividends paid to eligible shareholders in July. -
Cash flow from operating activities was
for the quarter and$125 million for the first six months.$225 million -
Adjusted free cash flow was
for the quarter and$131 million for the first six months.$230 million -
The company is reaffirming its expectation of 2024-2025 two-year Adjusted free cash flow guidance range of
.$900 million -$1.1 billion -
Cash and cash equivalents totaled
at the end of the second quarter. Net leverage finished the second quarter at 2.9x4.$446 million
___________________________________________
|
FULL-YEAR AND THIRD QUARTER 2024 OUTLOOK:
Full-Year 2024 Key Guidance Metrics |
|
|
|
|
|
TEGNA is reaffirming its guidance metrics for the full year of 2024 and improving the effective tax rate |
||
|
|
|
2024/2025 Two-Year Adjusted FCF |
|
|
Net Leverage Ratio |
|
Below 3x at year end |
Corporate Expenses |
|
|
Depreciation |
|
|
Amortization |
|
|
Interest Expense |
|
|
Capital Expenditures |
|
|
Effective Tax Rate |
|
22.5 – |
Third Quarter 2024 Key Guidance Metrics |
|
|
|
Reflects expectations relative to third quarter 2023 results |
|
|
|
Total company GAAP Revenue |
Up |
Total Non-GAAP Operating Expenses |
Flat to down slightly |
|
|
CONFERENCE CALL
TEGNA will host a conference call and webcast on Wednesday, August 7, 2024, to discuss the company’s financial results and other business matters. The teleconference will begin at 10:00 a.m. Eastern Time and will be hosted by Dave Lougee, Chief Executive Officer, and Julie Heskett, Chief Financial Officer.
The conference call will be webcast through the company’s website, and is open to investors, the financial community, the media and other members of the public. To access the meeting by phone, please visit investors.TEGNA.com at least 10 minutes prior to the scheduled start time to access the links and register before the conference call begins. Once registered, phone participants will receive dial-in numbers and a unique PIN to seamlessly access the call.
________________________ |
4 See Table 6 for details |
FORWARD-LOOKING STATEMENTS
This communication includes forward-looking statements within the meaning of the “safe harbor” provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this communication, the words “believes,” “estimates,” “plans,” “expects,” “should,” “could,” “outlook,” and “anticipates” and similar expressions as they relate to the company or its financial results are intended to identify forward-looking statements. Forward-looking statements in this communication may include, without limitation, statements regarding anticipated growth rates and the company’s plans, objectives and expectations. Forward-looking statements are based on a number of assumptions about future events and are subject to various risks, uncertainties and other factors that may cause actual results to differ materially from the views, beliefs, projections and estimates expressed in such statements, many of which are outside the company’s control. These risks, uncertainties and other factors include, but are not limited to, risks and uncertainties related to: changes in the market price of the company’s shares, general market conditions, constraints, volatility, or disruptions in the capital markets; the possibility that the company’s capital allocation plan, including dividends, share repurchases, and/or strategic acquisitions, investments, and partnerships may not enhance long-term stockholder value; legal proceedings, judgments or settlements; the company’s ability to re-price or renew subscribers; potential regulatory actions; changes in consumer behaviors and impacts on and modifications to TEGNA’s operations and business relating thereto; and economic, competitive, governmental, technological and other factors and risks that may affect the company’s operations or financial results, which are discussed in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Any forward-looking statements in this communication should be evaluated in light of these important risk factors. The company is not responsible for updating the information contained in this communication beyond the published date, or for changes made to this press release by wire services, Internet service providers or other media.
Readers are cautioned not to place undue reliance on forward-looking statements made by or on behalf of the company. Each such statement speaks only as of the day it was made. The company undertakes no obligation to update or to revise any forward-looking statements.
ADDITIONAL INFORMATION
TEGNA Inc. (NYSE: TGNA) is an innovative media company that serves the greater good of our communities. Across platforms, TEGNA tells empowering stories, conducts impactful investigations and delivers innovative marketing solutions. With 64 television stations in 51 U.S. markets, TEGNA is the largest owner of top 4 network affiliates in the top 25 markets among independent station groups, reaching approximately 39 percent of all television households nationwide. TEGNA also owns leading multicast networks True Crime Network and Quest. TEGNA offers innovative solutions to help businesses reach consumers across television, digital and over-the-top (OTT) platforms, including Premion, TEGNA’s OTT advertising service. For more information, visit www.TEGNA.com.
CONSOLIDATED STATEMENTS OF INCOME TEGNA Inc. Unaudited, in thousands of dollars (except per share amounts)
Table No. 1 |
|||||||||||
|
Quarters ended June 30, |
|
|||||||||
|
2024 |
|
|
2023 |
|
|
Change |
|
|||
|
|
|
|
|
|
|
|
|
|||
Revenues |
$ |
710,363 |
|
|
$ |
731,506 |
|
|
|
(3 |
%) |
|
|
|
|
|
|
|
|
|
|||
Operating expenses: |
|
|
|
|
|
|
|
|
|||
Cost of revenues |
|
432,044 |
|
|
|
430,528 |
|
|
|
0 |
% |
Business units - Selling, general and administrative expenses |
|
94,938 |
|
|
|
97,231 |
|
|
|
(2 |
%) |
Corporate - General and administrative expenses |
|
12,685 |
|
|
|
26,506 |
|
|
|
(52 |
%) |
Depreciation |
|
15,173 |
|
|
|
14,987 |
|
|
|
1 |
% |
Amortization of intangible assets |
|
13,663 |
|
|
|
13,296 |
|
|
|
3 |
% |
Asset impairment and other |
|
— |
|
|
|
3,359 |
|
|
*** |
|
|
Merger termination fee |
|
— |
|
|
|
(136,000 |
) |
|
*** |
|
|
Total |
|
568,503 |
|
|
|
449,907 |
|
|
|
26 |
% |
Operating income |
|
141,860 |
|
|
|
281,599 |
|
|
|
(50 |
%) |
|
|
|
|
|
|
|
|
|
|||
Non-operating (expense) income: |
|
|
|
|
|
|
|
|
|||
Interest expense |
|
(41,748 |
) |
|
|
(42,797 |
) |
|
|
(2 |
%) |
Interest income |
|
5,873 |
|
|
|
8,536 |
|
|
|
(31 |
%) |
Other non-operating items, net |
|
(2,749 |
) |
|
|
(3,038 |
) |
|
|
(10 |
%) |
Total |
|
(38,624 |
) |
|
|
(37,299 |
) |
|
|
4 |
% |
|
|
|
|
|
|
|
|
|
|||
Income before income taxes |
|
103,236 |
|
|
|
244,300 |
|
|
|
(58 |
%) |
Provision for income taxes |
|
21,207 |
|
|
|
44,207 |
|
|
|
(52 |
%) |
Net income |
|
82,029 |
|
|
|
200,093 |
|
|
|
(59 |
%) |
Net loss attributable to redeemable noncontrolling interest |
|
115 |
|
|
|
12 |
|
|
*** |
|
|
Net income attributable to TEGNA Inc. |
$ |
82,144 |
|
|
$ |
200,105 |
|
|
|
(59 |
%) |
|
|
|
|
|
|
|
|
|
|||
Earnings per share: |
|
|
|
|
|
|
|
|
|||
Basic |
$ |
0.48 |
|
|
$ |
0.92 |
|
|
|
(48 |
%) |
Diluted |
$ |
0.48 |
|
|
$ |
0.92 |
|
|
|
(48 |
%) |
|
|
|
|
|
|
|
|
|
|||
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|||
Basic shares |
|
169,512 |
|
|
|
217,830 |
|
|
|
(22 |
%) |
Diluted shares |
|
169,880 |
|
|
|
217,979 |
|
|
|
(22 |
%) |
*** Not meaningful |
CONSOLIDATED STATEMENTS OF INCOME TEGNA Inc. Unaudited, in thousands of dollars (except per share amounts)
Table No. 1 (continued) |
|||||||||||
|
Six months ended June 30, |
|
|||||||||
|
2024 |
|
|
2023 |
|
|
Change |
|
|||
|
|
|
|
|
|
|
|
|
|||
Revenues |
$ |
1,424,615 |
|
|
$ |
1,471,833 |
|
|
|
(3 |
%) |
|
|
|
|
|
|
|
|
|
|||
Operating expenses: |
|
|
|
|
|
|
|
|
|||
Cost of revenues |
|
862,611 |
|
|
|
857,460 |
|
|
|
1 |
% |
Business units - Selling, general and administrative expenses |
|
197,198 |
|
|
|
196,340 |
|
|
|
0 |
% |
Corporate - General and administrative expenses |
|
27,483 |
|
|
|
38,606 |
|
|
|
(29 |
%) |
Depreciation |
|
29,483 |
|
|
|
30,036 |
|
|
|
(2 |
%) |
Amortization of intangible assets |
|
27,323 |
|
|
|
26,878 |
|
|
|
2 |
% |
Asset impairment and other |
|
1,097 |
|
|
|
3,359 |
|
|
|
(67 |
%) |
Merger termination fee |
|
— |
|
|
|
(136,000 |
) |
|
*** |
|
|
Total |
|
1,145,195 |
|
|
|
1,016,679 |
|
|
|
13 |
% |
Operating income |
|
279,420 |
|
|
|
455,154 |
|
|
|
(39 |
%) |
|
|
|
|
|
|
|
|
|
|||
Non-operating (expense) income: |
|
|
|
|
|
|
|
|
|||
Interest expense |
|
(84,116 |
) |
|
|
(85,703 |
) |
|
|
(2 |
%) |
Interest income |
|
11,446 |
|
|
|
16,109 |
|
|
|
(29 |
%) |
Other non-operating items, net |
|
147,009 |
|
|
|
(5,437 |
) |
|
*** |
|
|
Total |
|
74,339 |
|
|
|
(75,031 |
) |
|
*** |
|
|
|
|
|
|
|
|
|
|
|
|||
Income before income taxes |
|
353,759 |
|
|
|
380,123 |
|
|
|
(7 |
%) |
Provision for income taxes |
|
82,468 |
|
|
|
76,026 |
|
|
|
8 |
% |
Net income |
|
271,291 |
|
|
|
304,097 |
|
|
|
(11 |
%) |
Net loss attributable to redeemable noncontrolling interest |
|
413 |
|
|
|
311 |
|
|
|
33 |
% |
Net income attributable to TEGNA Inc. |
$ |
271,704 |
|
|
$ |
304,408 |
|
|
|
(11 |
%) |
|
|
|
|
|
|
|
|
|
|||
Earnings per share: |
|
|
|
|
|
|
|
|
|||
Basic |
$ |
1.56 |
|
|
$ |
1.37 |
|
|
|
14 |
% |
Diluted |
$ |
1.55 |
|
|
$ |
1.37 |
|
|
|
13 |
% |
|
|
|
|
|
|
|
|
|
|||
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|||
Basic shares |
|
173,668 |
|
|
|
221,168 |
|
|
|
(21 |
%) |
Diluted shares |
|
174,158 |
|
|
|
221,391 |
|
|
|
(21 |
%) |
*** Not meaningful |
REVENUE CATEGORIES TEGNA Inc. Unaudited, in thousands of dollars
Table No. 2 |
Below is a detail of our primary sources of revenue: |
|
Quarters ended June 30, |
||||||||
|
2024 |
|
|
2023 |
|
|
Change |
||
|
|
|
|
|
|
|
|
||
Subscription |
$ |
367,025 |
|
|
$ |
396,126 |
|
|
( |
Advertising & Marketing Services |
|
300,977 |
|
|
|
317,726 |
|
|
( |
Political |
|
31,643 |
|
|
|
5,991 |
|
|
*** |
Other |
|
10,718 |
|
|
|
11,663 |
|
|
( |
Total revenues |
$ |
710,363 |
|
|
$ |
731,506 |
|
|
( |
|
Six months ended June 30, |
||||||||
|
2024 |
|
|
2023 |
|
|
Change |
||
|
|
|
|
|
|
|
|
||
Subscription |
$ |
742,349 |
|
|
$ |
810,406 |
|
|
( |
Advertising & Marketing Services |
|
599,669 |
|
|
|
625,571 |
|
|
( |
Political |
|
59,471 |
|
|
|
11,282 |
|
|
*** |
Other |
|
23,126 |
|
|
|
24,574 |
|
|
( |
Total revenues |
$ |
1,424,615 |
|
|
$ |
1,471,833 |
|
|
( |
*** Not meaningful |
USE OF NON-GAAP INFORMATION
The company uses non-GAAP financial performance and liquidity 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 (the "Board") regularly use Corporate–General and administrative expenses, Operating expenses, Operating income, Income before income taxes, Provision for income taxes, Net income attributable to TEGNA Inc., and Diluted earnings per share, each presented on a non-GAAP basis, for purposes of evaluating company performance. Management and the Board also use Adjusted EBITDA and Adjusted free cash flow to evaluate company performance and liquidity, respectively. The Leadership Development and Compensation Committee of our Board uses non-GAAP measures such as Adjusted EBITDA, non-GAAP net income, non-GAAP EPS, and Adjusted free cash flow to evaluate and compensate senior management. The Board uses Adjusted free cash flow in its periodic assessments of, among other things, repurchases of the company’s common stock, the company’s dividends, strategic opportunities and long-term debt retirement. The company, therefore, believes that each of the non-GAAP measures presented provides useful information to investors and other stakeholders by allowing them to view our business through the eyes of management and our Board, facilitating comparisons of results across historical periods and focus on the underlying ongoing operating performance of our business. The company also believes these non-GAAP measures are frequently used by investors, securities analysts and other interested parties in their evaluation of our business and other companies in the broadcast industry.
The company discusses in this release non-GAAP financial performance and liquidity measures that exclude from its reported GAAP results the impact of “special items” consisting of asset impairment and other, M&A-related costs, Merger termination fee, retention costs, workforce restructuring, and a gain related to the sale of the company’s investment in Broadcast Music Inc. (“BMI”). In addition, we have excluded an income tax special item associated with a tax benefit associated with previously disallowed transaction costs. The company believes that such expenses and gains are not indicative of normal, ongoing operations. While these items should not be disregarded in evaluation of our earnings or liquidity 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, charges, gains, payments and receipts 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 stock-based compensation expense), 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 TEGNA before (1) net loss attributable to redeemable noncontrolling interest, (2) income taxes, (3) interest expense, (4) interest income, (5) other non-operating items, net, (6) M&A-related costs, (7) asset impairment and other, (8) workforce restructuring, (9) employee retention costs, (10) the Merger termination fee, (11) depreciation and (12) amortization of intangible assets. The company believes these adjustments facilitate company-to-company operating performance comparisons by removing potential differences caused by variations unrelated to operating performance, such as capital structures (interest expense), income taxes, and the age and book appreciation of property and equipment (and related depreciation expense). The most directly comparable GAAP financial measure to Adjusted EBITDA is Net income attributable to TEGNA. Users should consider the limitations of using Adjusted EBITDA, including the fact that this measure does not provide a complete measure of our operating performance. Adjusted EBITDA is not intended to purport to be an alternate to net income as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. In particular, Adjusted EBITDA is not intended to be a measure of cash flow available for management’s discretionary expenditures, as this measure does not consider certain cash requirements, such as working capital needs, capital expenditures, contractual commitments, interest payments, tax payments and other debt service requirements.
This earnings release also discusses Adjusted free cash flow, a non-GAAP liquidity measure. The most directly comparable GAAP financial measure to Adjusted free cash flow is Net cash flow from operating activities. Starting in the second quarter of 2024, the company updated its definition of Adjusted free cash flow. Adjusted free cash flow is now calculated as net cash flow from operating activities less payments for purchases of property and equipment plus or minus special items. The company removes special items affecting cash flow from operating activities because we do not consider these items to be indicative of its underlying cash flow generation for the reporting period. Adjusted free cash flow is not intended to be a measure of residual cash available for management’s discretionary use since it omits significant sources and uses of cash flow including mandatory debt repayments. The principal difference between the new definition and the former definition is the inclusion of cash flows driven by changes in certain working capital accounts (primarily accounts receivable, accounts payable and accrued expenses) which are now included. The company’s 2024/2025 Two-Year Adjusted free cash flow guidance of
This earnings release also presents our net leverage ratio which includes Adjusted EBITDA (without stock-based compensation) as a component of the computation. Our net leverage ratio is a financial measure that is used by management to assess the borrowing capacity of the company and management believes it is useful to investors for the same reason. The company defines its Net Leverage Ratio as (a) net debt (total debt less cash and cash equivalents) as of the balance sheet date divided by (b) Average Annual Adjusted EBITDA for the trailing two-year period.
The company is furnishing forward-looking guidance with respect to Adjusted free cash flow for the combined 2024-25 years, net leverage and corporate expenses for fiscal year 2024 and non-GAAP operating expenses for the third quarter of 2024. Our future GAAP financial results will include the impact of special items such as retention costs including stock-based compensation and cash payments, M&A-related costs, workforce restructuring, and asset impairment. The company believes that such expenses are not indicative of normal, ongoing operations. While these items 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. Therefore, while we may incur or recognize these types of expenses in the future, the company believes that removing these items for purposes of calculating the non-GAAP basis financial measures provides investors with a more focused presentation of our ongoing operating performance.
The company is not able to reconcile these amounts to their comparable GAAP financial measures without unreasonable efforts because certain information necessary to calculate such measures on a GAAP basis is unavailable, dependent on future events outside of our control and cannot be predicted. An example of such information is share-based compensation, which is impacted by future share price movement in the company’s stock price and also dependent on future hiring and attrition. In addition, the company believes such reconciliations could imply a degree of precision that might be confusing or misleading to investors. The actual effect of the reconciling items that the company may exclude from these non-GAAP expense numbers, when determined, may be significant to the calculation of the comparable GAAP measures.
NON-GAAP FINANCIAL INFORMATION TEGNA Inc. Unaudited, in thousands of dollars (except per share amounts)
Table No. 3 |
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: |
|
|
|
|
|
Special Items |
|
|
|
|
|||||||||||
Quarter ended June 30, 2024 |
|
GAAP
|
|
|
Retention costs
|
|
|
Retention costs -
|
|
|
Workforce
|
|
|
Non-GAAP
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Corporate - General and administrative expenses |
|
$ |
12,685 |
|
|
$ |
(571 |
) |
|
$ |
(654 |
) |
|
$ |
(492 |
) |
|
$ |
10,968 |
|
Operating expenses |
|
|
568,503 |
|
|
|
(2,198 |
) |
|
|
(1,003 |
) |
|
|
(1,830 |
) |
|
|
563,472 |
|
Operating income |
|
|
141,860 |
|
|
|
2,198 |
|
|
|
1,003 |
|
|
|
1,830 |
|
|
|
146,891 |
|
Income before income taxes |
|
|
103,236 |
|
|
|
2,198 |
|
|
|
1,003 |
|
|
|
1,830 |
|
|
|
108,267 |
|
Provision for income taxes |
|
|
21,207 |
|
|
|
362 |
|
|
|
171 |
|
|
|
445 |
|
|
|
22,185 |
|
Net income attributable to TEGNA Inc. |
|
|
82,144 |
|
|
|
1,836 |
|
|
|
832 |
|
|
|
1,385 |
|
|
|
86,197 |
|
Earnings per share - diluted |
|
$ |
0.48 |
|
|
$ |
0.01 |
|
|
$ |
— |
|
|
$ |
0.01 |
|
|
$ |
0.50 |
|
|
|
|
|
|
|
Special Items |
|
|
|
|
|||||||||||||||
Quarter ended June 30, 2023 |
|
GAAP
|
|
|
M&A-related
|
|
|
Merger
|
|
|
Asset
|
|
|
Special
|
|
|
Non-GAAP
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Corporate - General and administrative expenses |
|
$ |
26,506 |
|
|
$ |
(17,082 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9,424 |
|
Operating expenses |
|
|
449,907 |
|
|
|
(17,082 |
) |
|
|
136,000 |
|
|
|
(3,359 |
) |
|
|
— |
|
|
|
565,466 |
|
Operating income |
|
|
281,599 |
|
|
|
17,082 |
|
|
|
(136,000 |
) |
|
|
3,359 |
|
|
|
— |
|
|
|
166,040 |
|
Income before income taxes |
|
|
244,300 |
|
|
|
17,082 |
|
|
|
(136,000 |
) |
|
|
3,359 |
|
|
|
— |
|
|
|
128,741 |
|
Provision for income taxes |
|
|
44,207 |
|
|
|
4,371 |
|
|
|
(24,504 |
) |
|
|
860 |
|
|
|
6,443 |
|
|
|
31,377 |
|
Net income attributable to TEGNA Inc. |
|
|
200,105 |
|
|
|
12,711 |
|
|
|
(111,496 |
) |
|
|
2,499 |
|
|
|
(6,443 |
) |
|
|
97,376 |
|
Earnings per share - diluted (a) |
|
$ |
0.92 |
|
|
$ |
0.06 |
|
|
$ |
(0.51 |
) |
|
$ |
0.01 |
|
|
$ |
(0.03 |
) |
|
$ |
0.44 |
|
(a) Per share amounts do not sum due to rounding. |
NON-GAAP FINANCIAL INFORMATION TEGNA Inc. Unaudited, in thousands of dollars (except per share amounts)
Table No. 3 (continued) |
||||||||||||||||||||||||||||||||
|
|
|
|
|
Special Items |
|
|
|
|
|||||||||||||||||||||||
Six months ended June 30, 2024 |
|
GAAP
|
|
|
Retention
|
|
|
Retention
|
|
|
M&A-
|
|
|
Workforce
|
|
|
Asset
|
|
|
BMI sale
|
|
|
Non-GAAP
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Corporate - General and administrative expenses |
|
$ |
27,483 |
|
|
$ |
(1,323 |
) |
|
$ |
(875 |
) |
|
$ |
(2,290 |
) |
|
$ |
(603 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
22,392 |
|
Operating expenses |
|
|
1,145,195 |
|
|
|
(5,091 |
) |
|
|
(1,573 |
) |
|
|
(2,290 |
) |
|
|
(3,637 |
) |
|
|
(1,097 |
) |
|
|
— |
|
|
|
1,131,507 |
|
Operating income |
|
|
279,420 |
|
|
|
5,091 |
|
|
|
1,573 |
|
|
|
2,290 |
|
|
|
3,637 |
|
|
|
1,097 |
|
|
|
— |
|
|
|
293,108 |
|
Income before income taxes |
|
|
353,759 |
|
|
|
5,091 |
|
|
|
1,573 |
|
|
|
2,290 |
|
|
|
3,637 |
|
|
|
1,097 |
|
|
|
(152,867 |
) |
|
|
214,580 |
|
Provision for income taxes |
|
|
82,468 |
|
|
|
793 |
|
|
|
248 |
|
|
|
593 |
|
|
|
890 |
|
|
|
284 |
|
|
|
(36,621 |
) |
|
|
48,655 |
|
Net income attributable to TEGNA Inc. |
|
|
271,704 |
|
|
|
4,298 |
|
|
|
1,325 |
|
|
|
1,697 |
|
|
|
2,747 |
|
|
|
813 |
|
|
|
(116,246 |
) |
|
|
166,338 |
|
Earnings per share - diluted (a) |
|
$ |
1.55 |
|
|
$ |
0.03 |
|
|
$ |
0.01 |
|
|
$ |
0.01 |
|
|
$ |
0.02 |
|
|
$ |
0.01 |
|
|
$ |
(0.67 |
) |
|
$ |
0.95 |
|
(a) Per share amounts do not sum due to rounding. |
|
|
|
|
|
Special Items |
|
|
|
|
|||||||||||||||
Six months ended June 30, 2023 |
|
GAAP
|
|
|
M&A-related
|
|
|
Merger
|
|
|
Asset
|
|
|
Special
|
|
|
Non-GAAP
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Corporate - General and administrative expenses |
|
$ |
38,606 |
|
|
$ |
(19,848 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
18,758 |
|
Operating expenses |
|
|
1,016,679 |
|
|
|
(19,848 |
) |
|
|
136,000 |
|
|
|
(3,359 |
) |
|
|
— |
|
|
|
1,129,472 |
|
Operating income |
|
|
455,154 |
|
|
|
19,848 |
|
|
|
(136,000 |
) |
|
|
3,359 |
|
|
|
— |
|
|
|
342,361 |
|
Income before income taxes |
|
|
380,123 |
|
|
|
19,848 |
|
|
|
(136,000 |
) |
|
|
3,359 |
|
|
|
— |
|
|
|
267,330 |
|
Provision for income taxes |
|
|
76,026 |
|
|
|
4,552 |
|
|
|
(24,504 |
) |
|
|
860 |
|
|
|
6,443 |
|
|
|
63,377 |
|
Net income attributable to TEGNA Inc. |
|
|
304,408 |
|
|
|
15,296 |
|
|
|
(111,496 |
) |
|
|
2,499 |
|
|
|
(6,443 |
) |
|
|
204,264 |
|
Earnings per share - diluted (a) |
|
$ |
1.37 |
|
|
$ |
0.07 |
|
|
$ |
(0.50 |
) |
|
$ |
0.01 |
|
|
$ |
(0.03 |
) |
|
$ |
0.91 |
|
(a) Per share amounts do not sum due to rounding. |
NON-GAAP FINANCIAL INFORMATION TEGNA Inc. Unaudited, in thousands of dollars
Table No. 4 |
Reconciliations of Adjusted EBITDA to net income presented in accordance with GAAP on the company’s Consolidated Statements of Income are presented below: |
|
Quarters ended June 30, |
|
|||||
|
2024 |
|
|
2023 |
|
||
|
|
|
|
|
|
||
Net income attributable to TEGNA Inc. (GAAP basis) |
$ |
82,144 |
|
|
$ |
200,105 |
|
Less: Net loss attributable to redeemable noncontrolling interest |
|
(115 |
) |
|
|
(12 |
) |
Plus: Provision for income taxes |
|
21,207 |
|
|
|
44,207 |
|
Plus: Interest expense |
|
41,748 |
|
|
|
42,797 |
|
Less: Interest income |
|
(5,873 |
) |
|
|
(8,536 |
) |
Plus: Other non-operating items, net |
|
2,749 |
|
|
|
3,038 |
|
Operating income (GAAP basis) |
|
141,860 |
|
|
|
281,599 |
|
Plus: M&A-related costs |
|
— |
|
|
|
17,082 |
|
Plus: Asset impairment and other |
|
— |
|
|
|
3,359 |
|
Plus: Workforce restructuring |
|
1,830 |
|
|
|
— |
|
Plus: Retention costs - Employee stock-based compensation expenses |
|
2,198 |
|
|
|
— |
|
Plus: Retention costs - Cash |
|
1,003 |
|
|
|
— |
|
Less: Merger termination fee |
|
— |
|
|
|
(136,000 |
) |
Adjusted operating income (non-GAAP basis) |
|
146,891 |
|
|
|
166,040 |
|
Plus: Depreciation |
|
15,173 |
|
|
|
14,987 |
|
Plus: Amortization of intangible assets |
|
13,663 |
|
|
|
13,296 |
|
Adjusted EBITDA |
$ |
175,727 |
|
|
$ |
194,323 |
|
Stock-based compensation expenses: |
|
|
|
|
|
||
Employee awards |
|
6,740 |
|
|
|
5,157 |
|
Company stock 401(k) match contributions |
|
4,787 |
|
|
|
4,662 |
|
Adjusted EBITDA before stock-based compensation costs |
$ |
187,254 |
|
|
$ |
204,142 |
|
|
Six months ended June 30, |
|
|||||
|
2024 |
|
|
2023 |
|
||
|
|
|
|
|
|
||
Net income attributable to TEGNA Inc. (GAAP basis) |
$ |
271,704 |
|
|
$ |
304,408 |
|
Less: Net loss attributable to redeemable noncontrolling interest |
|
(413 |
) |
|
|
(311 |
) |
Plus: Provision for income taxes |
|
82,468 |
|
|
|
76,026 |
|
Plus: Interest expense |
|
84,116 |
|
|
|
85,703 |
|
Less: Interest income |
|
(11,446 |
) |
|
|
(16,109 |
) |
(Less) Plus: Other non-operating items, net |
|
(147,009 |
) |
|
|
5,437 |
|
Operating income (GAAP basis) |
|
279,420 |
|
|
|
455,154 |
|
Plus: M&A-related costs |
|
2,290 |
|
|
|
19,848 |
|
Plus: Asset impairment and other |
|
1,097 |
|
|
|
3,359 |
|
Plus: Workforce restructuring |
|
3,637 |
|
|
|
— |
|
Plus: Retention costs - Employee stock-based compensation expenses |
|
5,091 |
|
|
|
— |
|
Plus: Retention costs - Cash |
|
1,573 |
|
|
|
— |
|
Less: Merger termination fee |
|
— |
|
|
|
(136,000 |
) |
Adjusted operating income (non-GAAP basis) |
|
293,108 |
|
|
|
342,361 |
|
Plus: Depreciation |
|
29,483 |
|
|
|
30,036 |
|
Plus: Amortization of intangible assets |
|
27,323 |
|
|
|
26,878 |
|
Adjusted EBITDA |
$ |
349,914 |
|
|
$ |
399,275 |
|
Stock-based compensation expenses: |
|
|
|
|
|
||
Employee awards |
|
14,980 |
|
|
|
8,845 |
|
Company stock 401(k) match contributions |
|
10,216 |
|
|
|
10,226 |
|
Adjusted EBITDA before stock-based compensation costs |
$ |
375,110 |
|
|
$ |
418,346 |
|
NON-GAAP FINANCIAL INFORMATION TEGNA Inc. Unaudited, in thousands of dollars
Table No. 5
Reconciliations of Adjusted free cash flow to net cash flow from operating activities presented in accordance with GAAP on the company’s Consolidated Statements of Cash Flows are presented below: |
|||||||
|
Period ending June 30, 2024 |
|
|||||
|
Quarter |
|
|
Year-to-date |
|
||
|
|
|
|
|
|
||
Net cash flow from operating activities (GAAP basis) |
$ |
124,779 |
|
|
$ |
225,159 |
|
|
|
|
|
|
|
||
Less: Purchases of property and equipment |
|
(15,972 |
) |
|
|
(20,883 |
) |
|
|
|
|
|
|
||
Special items: |
|
|
|
|
|
||
M&A related costs |
|
356 |
|
|
|
1,704 |
|
Workforce restructuring |
|
1,023 |
|
|
|
2,062 |
|
Retention costs - cash |
|
1,650 |
|
|
|
1,650 |
|
Asset impairment and other |
|
— |
|
|
|
1,097 |
|
Taxes on BMI gain |
|
18,800 |
|
|
|
18,800 |
|
Total Adjustments |
|
21,829 |
|
|
|
25,313 |
|
|
|
|
|
|
|
||
Adjusted free cash flow (non-GAAP basis) |
$ |
130,636 |
|
|
$ |
229,589 |
|
NON-GAAP FINANCIAL INFORMATION TEGNA Inc. Unaudited, in thousands of dollars
Table No. 6 |
The following table reconciles long-term debt, net of current portion to Net debt. |
|
June 30, 2024 |
|
|
Long-term debt, net of current portion |
$ |
3,090,000 |
|
Plus: Current portion of long-term debt |
|
— |
|
Less: Cash and cash equivalents |
|
(445,729 |
) |
Net debt (numerator) |
$ |
2,644,271 |
|
The following table shows the calculation of the average annual Adjusted EBITDA before stock-based compensation over the trailing two-year period ("T2Y"). |
Adjusted EBITDA before stock-based compensation: |
|
|
|
Six months ended June 30, 20241 |
$ |
375,110 |
|
Plus: Year ended December 31, 20232 |
|
781,562 |
|
Plus: Year ended December 31, 20222 |
|
1,181,045 |
|
Less: Six months ended June 30, 20223 |
|
(532,417 |
) |
Combined T2Y |
$ |
1,805,300 |
|
Divided by |
|
2 |
|
T2Y Adjusted EBITDA (denominator) |
$ |
902,650 |
|
The following table shows the calculation of the Net Leverage Ratio. |
|
June 30, 2024 |
|
||
Net debt (numerator) |
$ |
2,644,271 |
|
|
T2Y Adjusted EBITDA (denominator) |
$ |
902,650 |
|
|
Net Leverage Ratio |
|
2.9 |
x |
1 A non-GAAP measure detailed in Table 4. |
2 Refer to page 39 of the 2023 Form 10-K for reconciliations of 2023 and 2022 Adjusted EBITDA before stock-based compensation costs to net income attributable to TEGNA Inc. |
3 Refer to page 27 in our Q2 2022 Form 10-Q for a reconciliation of the first six months ended 2022 Adjusted EBITDA. Note that we did not present Adjusted EBITDA before stock-based compensation in our Q2 2022 10-Q. Our Adjusted EBITDA was |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806403969/en/
For media inquiries, contact:
Anne Bentley
Vice President, Chief Communications Officer
703-873-6366
abentley@TEGNA.com
For investor inquiries, contact:
Julie Heskett
Senior Vice President, Chief Financial Officer
703-873-6747
investorrelations@TEGNA.com
Source: TEGNA Inc.
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