TEGNA Announces Record Final First Quarter Results, Second Quarter Guidance
Record first quarter revenue, net income and Adjusted EBITDA driven by record first quarter advertising and marketing services and subscription revenues
Subscriber trends continue to improve year-over-year to levels not seen since 2019
Full-year 2021 Premion revenues accelerating with growth now expected to be up between 45 and 50 percent above 2020, reflecting continued growth of TEGNA’s innovative CTV / OTT advertising business
TYSONS, Va.--(BUSINESS WIRE)--May 10, 2021--
FIRST QUARTER HIGHLIGHTS:
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Total company revenue was
$727 million , up six percent year-over-year, driven by continued growth in subscription revenue and record first quarter advertising and marketing services (“AMS”) revenues. Revenue was up 41 percent from the first quarter of 2019 driven by the same factors, as well as the impact of acquisitions.1 -
Subscription revenue was a first quarter record of
$387 million , up 16 percent year-over-year driven by rate increases.-
Subscriber trends continue to improve, down below five percent year-over-year according to first quarter data; these are the strongest trends we have seen since
December 2019 . - Full-year subscription revenues are on track to grow mid-to-high teens percent.
- Net subscription profits are still expected to grow in the mid-to-high twenties percent in 2021.2
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Subscriber trends continue to improve, down below five percent year-over-year according to first quarter data; these are the strongest trends we have seen since
-
Record first quarter AMS revenues of
$323 million were up 9.4 percent year-over-year.- Revenues of Premion, TEGNA’s over-the-top advertising business, were up more than 50 percent year-over-year in the first quarter.
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TEGNA now expects full-year Premion revenues to be up 45 to 50 percent relative to 2020.
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Net income was
$113 million , up 30 percent from the first quarter of 2020, and non-GAAP net income was$115 million . -
Total company Adjusted EBITDA was a first quarter record of
$231 million , an increase of nine percent despite the impact of record political advertising revenues in the first quarter of 2020.- Adjusted EBITDA growth reflects strong operational performance of TEGNA’s stations including ongoing cost efficiency efforts, in addition to continued growth in subscription revenue and strong AMS revenues.
- First quarter Adjusted EBITDA was up 51 percent compared with the first quarter of 2019.
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1 Throughout earnings release, “acquisitions” includes (1) the |
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2 Computed as subscription revenue less reverse compensation expense paid to our affiliate partners. |
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GAAP earnings per diluted share were
$0.51 and non-GAAP earnings per diluted share were$0.52 . -
Free cash flow was a first quarter record of
$159 million or 22 percent of first quarter revenue, driven by recent business performance including continued growth in subscription revenue and strong AMS revenues, as well as the ongoing benefit of significant cost initiatives that have been under way for more than 24 months.- The Company is on track to achieve recently updated full-year guidance for free cash flow as a percentage of 2020-2021 revenue of 21.0 - 22.0 percent.
-
Total debt at the end of the quarter was
$3.5 billion and net leverage was 3.82x.-
TEGNA is on track to achieve recently updated full-year net leverage guidance of low 3x by year-end.
-
CEO COMMENT
“Our final first quarter results, including projected second quarter and full-year 2021 guidance, reflect our favorable positioning for continued growth. Our record first quarter total revenue and advertising and marketing services (“AMS”) and subscription revenues, net income, and Adjusted EBITDA are indicative of TEGNA’s sustained positive momentum,” said
“AMS revenues have continued their positive trajectory, with quarterly sequential improvement since the height of the pandemic and finishing the quarter up more than nine percent year-over-year. With the growing distribution of vaccines across the
“Our recently increased full-year 2021 guidance underscores our conviction in our future cash flows, which we are deploying to create shareholder value. We are paying down a significant amount of debt, and expect to end 2021 with net leverage of low 3x. Additionally, closely following our Board’s authorization of our three-year,
“Premion, our innovative over-the-top (“OTT”) advertising business, is accelerating ahead of our previous estimates for 2021 with revenues now estimated to grow 45 to 50 percent relative to 2020. Premion has a long runway for rapid growth as advertisers shift more dollars away from cable networks and digital to connected TV and OTT. Additionally, at last week’s IAB NewFronts, we announced we are expanding our industry-leading attribution capabilities to provide industry-specific performance and sales data for the automotive and tourism industries for campaigns placed with
“On the content side of our business we reached a distribution agreement with Amazon in March for all of our stations to provide on-demand news through Amazon’s news app on Fire TV. Shows from Locked On, our recently acquired podcast network for local sports, will soon be available on select stations’ Roku and Amazon Fire TV OTT apps and YouTube properties. These actions have allowed us to further leverage positive streaming trends which broaden our reach and support future revenue growth.
“As our nation continues to confront acts of racial and social injustice, I want to thank our journalists across the country for their unwavering commitment to providing critical reporting on these topics, and for covering and facilitating important discussions about race and inequality that will help drive systemic change.”
OVERVIEW OF FIRST QUARTER RESULTS
Total company revenues increased six percent in the quarter year-over-year, driven by continued growth in subscription revenue and strong AMS revenues.
Subscription revenue grew 16 percent year-over-year due to rate increases partially offset by subscriber declines. Subscriber trends continue to improve as the rate of year-over-year decline in the quarter is the best it has been since 2019, down less than five percent.
AMS revenues increased 9.4 percent in the quarter compared to last year. Not only have AMS revenues shown quarterly sequential improvement since the height of the pandemic in the second quarter of 2020, AMS revenues have returned to pre-COVID levels, showing growth above 2019 on pro forma basis.
GAAP operating expenses were
GAAP operating income totaled
The first quarter included a few special items, the full details of which can be found in Table 2. The net effect of these items was to increase GAAP net income by
Interest expense decreased to
SECOND QUARTER AND FULL-YEAR 2021 OUTLOOK
In the second quarter of 2021,
For the second quarter of 2021, the company expects:
Second Quarter 2021 Key Guidance Metrics |
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Reflects expectations relative to second quarter 2020 results |
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Total Company GAAP Revenue |
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+ Mid-to-High Twenties percent |
Total Non-GAAP Operating Expenses |
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+ Low-Double Digits percent |
Non-GAAP Operating Expenses (excluding programming) |
+ Low-Double Digits percent |
Full-Year 2021 Key Guidance Metrics |
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Subscription Revenue Growth |
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+ Mid-to-High Teens percent3 |
Corporate Expenses |
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Depreciation |
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Amortization |
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Interest Expense |
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Capital Expenditures (Non-recurring capital expenditures) |
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Effective Tax Rate |
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24.0 - 25.0% |
Net Leverage Ratio |
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Low 3x |
Free Cash Flow as a % of est. combined 2020/21 Revenue |
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21.0 - 22.0% |
RECENT STRATEGIC, CONTENT AND PROGRAMMING INITIATIVES
Premion Continues Exceptional Growth – Premion, TEGNA’s over-the-top advertising platform, continued its rapid growth trajectory in the first quarter, and is currently pacing ahead of the previously communicated revenue growth estimate for 2021. New customer innovations, such as attribution capabilities to give advertisers deeper insights into audience and campaign performance, allow Premion and
TEGNA Attribution Expands Product Offerings – TEGNA Attribution, a leading solution for measuring performance of linear and over-the-top (OTT) advertising campaigns, announced new offerings to provide industry-specific data for advertisers in the automotive and tourism categories. TEGNA’s partnership with IHS Markit to leverage Polk Automotive Solutions will provide advanced data including number of sales, make, model, price and vehicle type to help advertisers better measure ROI for their campaigns. In the tourism category, TEGNA’s partnership with Arrivalist provides advertisers with key metrics including arrivals to destinations, cities of origin and days and distance to arrival. (Press release)
TEGNA’s Over-the-Top (OTT) Footprint Continues to Expand –
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3 Relative to full-year 2020 results. |
Launched Inclusive Journalism Program – Developed at the end of 2020 in partnership with diverse leaders at the
VERIFY Completes Transition to National Brand – TEGNA’s VERIFY launched a new national website, www.verifythis.com, a daily newsletter and branded social media channels on YouTube, Facebook, Twitter, Instagram and
Received 86 Regional Edward R. Murrow Awards, Including Six Inaugural “Excellence in Diversity, Equity, and Inclusion” Category –
Twist Multicast Network Debuts – In early April,
VAULT Studios Launches Two New Podcast Projects – In January,
Rollout of ATSC 3.0 Continues – In March, WGRZ in Buffalo became the latest
CAPITAL ALLOCATION
In the first quarter,
FORWARD-LOOKING STATEMENTS
Certain statements in this communication may constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are subject to a number of risks, trends and uncertainties that could cause actual results or company actions to differ materially from what is expressed or implied by these statements, including risks relating to the coronavirus (COVID-19) pandemic and its effect on our revenues, particularly our nonpolitical advertising revenues. Potential regulatory actions, changes in consumer behaviors and impacts on and modifications to TEGNA’s operations and business relating thereto and TEGNA’s ability to execute on its standalone plan can also cause actual results to differ materially. Other economic, competitive, governmental, technological and other factors and risks that may affect TEGNA’s operations or financial results are discussed in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Any forward-looking statements in this press release should be evaluated in light of these important risk factors.
_________________________
CONFERENCE CALL
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 |
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2020 |
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% Increase
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Revenues |
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$ |
727,051 |
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$ |
684,189 |
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6.3 |
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Operating expenses: |
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Cost of revenues |
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394,692 |
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369,368 |
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6.9 |
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Business units - Selling, general and administrative expenses |
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89,326 |
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92,968 |
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(3.9 |
) |
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Corporate - General and administrative expenses |
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16,870 |
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21,714 |
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(22.3 |
) |
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Depreciation |
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15,896 |
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16,900 |
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(5.9 |
) |
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Amortization of intangible assets |
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15,760 |
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16,216 |
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(2.8 |
) |
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Spectrum repacking reimbursements and other, net |
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(1,423 |
) |
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(7,515 |
) |
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(81.1 |
) |
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Total |
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531,121 |
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509,651 |
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4.2 |
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Operating income |
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195,930 |
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174,538 |
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12.3 |
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Non-operating income (expense): |
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Equity (loss) income in unconsolidated investments, net |
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(1,329 |
) |
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9,015 |
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*** |
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Interest expense |
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(46,485 |
) |
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(56,960 |
) |
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(18.4 |
) |
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Other non-operating items, net |
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330 |
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(19,270 |
) |
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*** |
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Total |
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(47,484 |
) |
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(67,215 |
) |
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(29.4 |
) |
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Income before income taxes |
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148,446 |
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107,323 |
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38.3 |
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Provision for income taxes |
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35,614 |
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21,125 |
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68.6 |
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Net income |
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112,832 |
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86,198 |
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30.9 |
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Net (income) loss attributable to redeemable noncontrolling interest |
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(215 |
) |
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110 |
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*** |
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Net income attributable to |
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$ |
112,617 |
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$ |
86,308 |
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30.5 |
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Earnings per share: |
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Basic |
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$ |
0.51 |
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$ |
0.40 |
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27.5 |
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Diluted |
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$ |
0.51 |
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$ |
0.39 |
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30.8 |
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Weighted average number of common shares outstanding: |
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Basic shares |
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220,602 |
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218,277 |
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1.1 |
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Diluted shares |
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221,198 |
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218,863 |
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1.1 |
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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, gain related to business we account for under the equity method, M&A due diligence costs, advisory fees related to activism defense, and certain non-operating expenses such as the early extinguishment of debt. In addition, we have excluded certain income tax special items associated with deferred tax benefits related to 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. The most directly comparable GAAP financial measure to free cash flow is Net income attributable to
The company is furnishing guidance with respect to free cash flow as a percentage of revenue for the combined 2020-21 years as well as non-GAAP operating expenses for the second quarter of 2021. As noted above, 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
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Advisory fees
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Spectrum
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Non-GAAP
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Corporate - General and administrative expenses |
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$ |
16,870 |
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$ |
(4,599 |
) |
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$ |
— |
|
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$ |
12,271 |
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|
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|
|
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Spectrum repacking reimbursements and other, net |
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(1,423 |
) |
|
— |
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1,423 |
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— |
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|
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Operating expenses |
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531,121 |
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(4,599 |
) |
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1,423 |
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527,945 |
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Operating income |
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195,930 |
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|
4,599 |
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(1,423 |
) |
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199,106 |
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Income before income taxes |
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148,446 |
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4,599 |
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(1,423 |
) |
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151,622 |
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Provision for income taxes |
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35,614 |
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|
1,180 |
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(367 |
) |
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36,427 |
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Net income attributable to |
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112,617 |
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3,419 |
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(1,056 |
) |
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114,980 |
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Net income per share-diluted |
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$ |
0.51 |
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$ |
0.02 |
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$ |
(0.01 |
) |
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$ |
0.52 |
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Special Items |
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Quarter ended |
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GAAP
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M&A due
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Advisory fees
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Spectrum
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Gain on equity
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Other non-
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Special
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Non-GAAP
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Corporate - General and administrative expenses |
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$ |
21,714 |
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|
$ |
(4,588 |
) |
|
$ |
(7,639 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9,487 |
|
Spectrum repacking reimbursements and other, net |
|
(7,515 |
) |
|
— |
|
|
— |
|
|
7,515 |
|
|
— |
|
|
— |
|
|
— |
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|
— |
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Operating expenses |
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509,651 |
|
|
(4,588 |
) |
|
(7,639 |
) |
|
7,515 |
|
|
— |
|
|
— |
|
|
— |
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|
504,939 |
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Operating income |
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174,538 |
|
|
4,588 |
|
|
7,639 |
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|
(7,515 |
) |
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— |
|
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— |
|
|
— |
|
|
179,250 |
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Equity income (loss) in unconsolidated investments, net |
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9,015 |
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|
— |
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— |
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|
— |
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|
(12,071 |
) |
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— |
|
|
— |
|
|
(3,056 |
) |
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Other non-operating items, net |
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(19,270 |
) |
|
— |
|
|
— |
|
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— |
|
|
— |
|
|
21,744 |
|
|
— |
|
|
2,474 |
|
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Total non-operating expenses |
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(67,215 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(12,071 |
) |
|
21,744 |
|
|
— |
|
|
(57,542 |
) |
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Income before income taxes |
|
107,323 |
|
|
4,588 |
|
|
7,639 |
|
|
(7,515 |
) |
|
(12,071 |
) |
|
21,744 |
|
|
— |
|
|
121,708 |
|
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Provision for income taxes |
|
21,125 |
|
|
1,151 |
|
|
1,919 |
|
|
(1,990 |
) |
|
(3,033 |
) |
|
5,463 |
|
|
3,944 |
|
|
28,579 |
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Net income attributable to |
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86,308 |
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|
3,437 |
|
|
5,720 |
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|
(5,525 |
) |
|
(9,038 |
) |
|
16,281 |
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(3,944 |
) |
|
93,239 |
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Net income per share-diluted (a) |
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$ |
0.39 |
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$ |
0.02 |
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$ |
0.03 |
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$ |
(0.03 |
) |
|
$ |
(0.04 |
) |
|
$ |
0.07 |
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|
$ |
(0.02 |
) |
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$ |
0.43 |
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(a) - Per share amounts do not sum due to rounding. |
NON-GAAP FINANCIAL INFORMATION |
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Unaudited, in thousands of dollars |
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Table No. 3 |
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Reconciliations of Adjusted EBITDA to net income presented in accordance with GAAP on the company's Consolidated Statements of Income are presented below: |
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Quarter ended |
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2021 |
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2020 |
|
2019 |
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Net income attributable to |
$ |
112,617 |
|
|
$ |
86,308 |
|
|
$ |
73,979 |
|
|
Plus (Less): Net income (loss) attributable to redeemable noncontrolling interest |
215 |
|
|
(110 |
) |
|
— |
|
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Plus: Provision for income taxes |
35,614 |
|
|
21,125 |
|
|
22,774 |
|
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Plus: Interest expense |
46,485 |
|
|
56,960 |
|
|
46,385 |
|
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Plus (Less): Equity loss (income) in unconsolidated investments, net |
1,329 |
|
|
(9,015 |
) |
|
(12,028 |
) |
||||
(Less) Plus: Other non-operating items, net |
(330 |
) |
|
19,270 |
|
|
1,539 |
|
||||
Operating income (GAAP basis) |
195,930 |
|
|
174,538 |
|
|
132,649 |
|
||||
Plus: M&A due diligence costs |
— |
|
|
4,588 |
|
|
3,911 |
|
||||
Plus: Advisory fees related to activism defense |
4,599 |
|
|
7,639 |
|
|
— |
|
||||
Less: Spectrum repacking reimbursements and other, net |
(1,423 |
) |
|
(7,515 |
) |
|
(7,013 |
) |
||||
Adjusted operating income (non-GAAP basis) |
199,106 |
|
|
179,250 |
|
|
129,547 |
|
||||
Plus: Depreciation |
15,896 |
|
|
16,900 |
|
|
14,917 |
|
||||
Plus: Amortization of intangible assets |
15,760 |
|
|
16,216 |
|
|
8,689 |
|
||||
Adjusted EBITDA (non-GAAP basis) |
$ |
230,762 |
|
|
$ |
212,366 |
|
|
$ |
153,153 |
|
|
Corporate - General and administrative expense (non-GAAP basis) |
12,271 |
|
|
9,487 |
|
|
10,824 |
|
||||
Adjusted EBITDA, excluding Corporate (non-GAAP basis) |
$ |
243,033 |
|
|
$ |
221,853 |
|
|
$ |
163,977 |
|
|
|
|
|
|
|
|
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
|
|
2019 |
|
% Increase
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Subscription |
$ |
386,737 |
|
|
$ |
332,802 |
|
|
16.2 |
|
|
$ |
241,575 |
|
|
60.1 |
|
Advertising and Marketing Services |
322,834 |
|
|
295,153 |
|
|
9.4 |
|
|
264,402 |
|
|
22.1 |
|
|||
Political |
9,428 |
|
|
47,387 |
|
|
(80.1 |
) |
|
2,704 |
|
|
*** |
||||
Other |
8,052 |
|
|
8,847 |
|
|
(9.0 |
) |
|
8,072 |
|
|
(0.2 |
) |
|||
Total revenues |
$ |
727,051 |
|
|
$ |
684,189 |
|
|
6.3 |
|
|
$ |
516,753 |
|
|
40.7 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDA |
$ |
230,762 |
|
|
$ |
212,366 |
|
|
8.7 |
|
|
$ |
153,153 |
|
|
50.7 |
|
Adjusted EBITDA Margin |
31.7 |
% |
|
31.0 |
% |
|
|
|
29.6 |
% |
|
|
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
|
|||||
|
|
|
|
|
|
|||||
Net income attributable to |
$ |
112,617 |
|
|
$ |
86,308 |
|
|
30.5 |
|
Plus: Provision for income taxes |
35,614 |
|
|
21,125 |
|
|
68.6 |
|
||
Plus: Interest expense |
46,485 |
|
|
56,960 |
|
|
(18.4 |
) |
||
Plus: M&A due diligence costs |
— |
|
|
4,588 |
|
|
*** |
|||
Plus: Depreciation |
15,896 |
|
|
16,900 |
|
|
(5.9 |
) |
||
Plus: Amortization |
15,760 |
|
|
16,216 |
|
|
(2.8 |
) |
||
Plus: Stock-based compensation |
8,761 |
|
|
(757 |
) |
|
*** |
|||
Plus: Company stock 401(k) contribution |
5,304 |
|
|
5,138 |
|
|
3.2 |
|
||
Plus: Syndicated programming amortization |
16,977 |
|
|
18,175 |
|
|
(6.6 |
) |
||
Plus: Advisory fees related to activism defense |
4,599 |
|
|
7,639 |
|
|
(39.8 |
) |
||
Plus: Cash dividend from equity investments for return on capital |
1,357 |
|
|
208 |
|
|
*** |
|||
Plus: Cash reimbursements from spectrum repacking |
1,423 |
|
|
7,515 |
|
|
(81.1 |
) |
||
Plus: Other non-operating items, net |
(330 |
) |
|
19,270 |
|
|
*** |
|||
Plus (Less): Net income (loss) attributable to redeemable noncontrolling interest |
215 |
|
|
(110 |
) |
|
*** |
|||
Plus (Less): Income tax receipts (payments) |
33 |
|
|
(793 |
) |
|
*** |
|||
Plus (Less): Equity loss (income) in unconsolidated investments, net |
1,329 |
|
|
(9,015 |
) |
|
*** |
|||
Less: Spectrum repacking reimbursements and other, net |
(1,423 |
) |
|
(7,515 |
) |
|
(81.1 |
) |
||
Less: Syndicated programming payments |
(15,721 |
) |
|
(17,865 |
) |
|
(12.0 |
) |
||
Less: Pension contributions |
(935 |
) |
|
(2,309 |
) |
|
(59.5 |
) |
||
Less: Interest payments |
(76,045 |
) |
|
(66,240 |
) |
|
14.8 |
|
||
Less: Purchases of property and equipment |
(13,185 |
) |
|
(13,264 |
) |
|
(0.6 |
) |
||
Free cash flow (non-GAAP basis) |
$ |
158,731 |
|
|
$ |
142,174 |
|
|
11.6 |
|
|
|
|
|
|
|
|||||
*** Not meaningful |
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210510005426/en/
For investor inquiries:
Head of Investor Relations
703-873-6764
dkuckelman@TEGNA.com
For media inquiries:
VP, Communications
703-873-6366
abentley@TEGNA.com
Source: