SEC Filings

10-Q
TEGNA INC filed this Form 10-Q on 11/08/2018
Entire Document
 


Consolidated Results from Operations

The following discussion is a comparison of our consolidated results from continuing operations on a GAAP basis. The year-to-year comparison of financial results is not necessarily indicative of future results. In addition, see the section on page 25 titled ‘Results from Operations - Non-GAAP Information’ for additional tables presenting information which supplements our financial information provided on a GAAP basis. Our consolidated results of continuing operations on a GAAP basis were as follows (in thousands, except per share amounts):
 
Quarter ended Sept. 30,
 
Nine months ended Sept. 30,
 
2018
 
2017
 
Change
 
2018
 
2017
 
Change
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
$
538,976

 
$
464,264

 
16
%
 
$
1,565,146

 
$
1,412,703

 
11
%
 
 
 
 
 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 


 
 
 
 
 
 
Cost of revenues, exclusive of depreciation
271,156

 
235,474

 
15
%
 
793,943

 
696,565

 
14
%
Business units - Selling, general and administrative expenses, exclusive of depreciation
76,639

 
70,914

 
8
%
 
229,193

 
214,645

 
7
%
Corporate - General and administrative expenses, exclusive of depreciation
17,593

 
12,881

 
37
%
 
41,522

 
42,462

 
(2
%)
Depreciation
14,262

 
15,186

 
(6
%)
 
41,594

 
41,721

 
0
%
Amortization of intangible assets
8,047

 
5,395

 
49
%
 
22,791

 
16,172

 
41
%
Asset impairment and other (gains) charges
(3,005
)
 
7,553

 
***

 
(9,331
)
 
11,086

 
***

Total operating expenses
$
384,692

 
$
347,403

 
11
%
 
$
1,119,712

 
$
1,022,651

 
9
%
 
 
 
 
 
 
 
 
 
 
 
 
Total operating income
$
154,284

 
$
116,861

 
32
%
 
$
445,434

 
$
390,052

 
14
%
 
 
 
 
 
 
 
 
 
 
 
 
Non-operating expenses
(47,669
)
 
(54,660
)
 
(13
%)
 
(142,980
)
 
(190,515
)
 
(25
%)
Provision for income taxes
13,789

 
11,447

 
20
%
 
61,929

 
54,855

 
13
%
Net income from continuing operations
$
92,826

 
$
50,754

 
83
%
 
$
240,525

 
$
144,682

 
66
%
 
 
 
 
 
 
 
 
 
 
 
 
Earnings from continuing operations per share - basic
$
0.43

 
$
0.24

 
79
%
 
$
1.11

 
$
0.67

 
66
%
Earnings from continuing operations per share - diluted
$
0.43

 
$
0.23

 
87
%
 
$
1.11

 
$
0.66

 
68
%
 
 
 
 
 
 
 
 
 
 
 
 
*** Not meaningful

Revenues

Our Advertising and Marketing Services (AMS) category includes all sources of our traditional television advertising and digital revenues including Premion and other digital advertising and marketing revenues across our platforms. Our Subscription revenue category includes revenue earned from cable and satellite providers for the right to carry our signals and the distribution of TEGNA stations on OTT streaming services.
The following table summarizes the year-over-year changes in our revenue categories (in thousands):
 
Quarter ended Sept. 30,
 
Nine months ended Sept. 30,
 
2018
 
2017
 
Change
 
2018
 
2017
 
Change
 
 
 
 
 
 
 
 
 
 
 
 
Advertising & Marketing Services
$
264,852

 
$
277,817

 
(5
%)
 
$
829,638

 
$
843,175

 
(2
%)
Subscription
207,463

 
177,692

 
17
%
 
622,382

 
540,344

 
15
%
Political
60,410

 
3,783

 
***

 
93,725

 
13,387

 
***

Other
6,251

 
4,972

 
26
%
 
19,401

 
15,797

 
23
%
Total revenues
$
538,976

 
$
464,264

 
16
%
 
$
1,565,146

 
$
1,412,703

 
11
%
 
 
 
 
 
 
 
 
 
 
 
 
*** Not meaningful

22