TEGNA Provides Comprehensive Update, 2017 Outlook at UBS Global Media and Communications Conference
TEGNA Media
Cars.com
CareerBuilder
Martore also commented on continued progress at CareerBuilder, “CareerBuilder’s pre-hire platform has become the most innovative solution on the market – no one else is offering the same time-saving and cost-saving mix of recruitment advertising, software and services to employers. Additionally, with the acquisition of WORKTERRA, CareerBuilder is moving into post-hire revenue solutions, enabling us to open up new revenue streams and serve our customers in an even more robust way. CareerBuilder had one of the best third quarters in its history and is positioned to close out 2016 with fourth quarter revenue growth in the mid-single digits. Additionally, we continue to make strong progress on our strategic review process for CareerBuilder. Interest in the business is high and we, along with our partners, are confident we’ll find a solution that maximizes value for shareholders and puts CareerBuilder in the best position to succeed for its customers and employees.”
Expected Results
A replay of the
Below this press release are TEGNA’s operating assumptions for 2017.
About
TEGNA INC. OPERATING ESTIMATES (2016) AND ASSUMPTIONS (2017) | ||||
December 7, 2016 | ||||
A. | TEGNA Media Revenue | |||
2017 Plan | Percentage growth in the low- to mid-single digits over 2016 | |||
B. | Retransmission Revenue | |||
2017 Plan | Growth of 17% to 21% over 2016 | |||
2016 Estimate | Growth of approximately 30% over 2015 | |||
C. | Capital Expenditures | |||
2017 Plan | $110 million to $115 million | |||
2016 Estimate | $90 million to $95 million | |||
D. | Depreciation | |||
2017 Plan | $95 million to $100 million | |||
2016 Estimate | $88 million to $92 million | |||
E. | Amortization of Intangibles | |||
2017 Plan | Approximately $115 million | |||
2016 Estimate | Approximately $115 million | |||
F. | Debt | |||
We expect our debt at the beginning of 2017 to be in the range of $4.1 – $4.2 billion. For modeling purposes only, we have assumed that the preponderance of our free cash flow, after dividends and potential share repurchases, will likely be used to pay down debt. |
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G. | Tax Rate | |||
The tax rate for 2017 will be approximately 34%, depending on the mix of earnings. | ||||
Certain factors affecting forward-looking statements
Certain statements in this press release, including the operating assumptions for 2017, may be deemed “forward-looking statements” as defined in the Private Securities Litigation Re-form Act of 1995. The forward-looking statements contained in this press release[, including the operating assumptions,] are subject to a number potential risks, uncertainties and changes in circumstances which may cause actual results or company actions to differ materially from what is expressed or implied by these statements. Such risks, uncertainties and changes in circumstances include, without limitation: (a) changes in economic conditions in the U.S. and other markets we serve may depress demand for our products and services; (b) competition from alternative forms of media may impair our ability to grow or maintain revenue levels in core and new businesses; (c) uncertainties of as to the timing of the planned separation of Cars.com from our remaining businesses or whether it will be completed, or the failure to achieve some or all of the anticipated benefits of such separation; (d) our evaluation of strategic alternatives for CareerBuilder may not result in a transaction or we may fail to achieve some or all of the anticipated benefits of any such potential transaction; (e) the value of our assets or operations may be diminished if our information technology systems fail to perform adequately or if we are the subject of a data breach or cyberattack; (f) volatility in the U.S. credit markets could significantly impact our ability to obtain new financing to fund our operations and strategic initiatives or to refinance our existing debt at reasonable rates as it matures; (g) volatility in global financial markets directly affects the value of our pension plan assets and liabilities; (h) changes in the regulatory environment could encumber or impede our efforts to improve operating results or the value of assets; (i) our strategic acquisitions, investments and partnerships could pose various risks, increase our leverage and may significantly impact our ability to expand our overall profitability; (j) the value of our existing intangible assets may become impaired, depending upon future operating results; and (k) adverse results from litigation or governmental investigations can impact our business practices and operating results.
These forward-looking statements are subject to certain risks and uncertainties that could cause actual results and events to differ materially from those anticipated in the forward-looking statements. We disclaim any obligation to update or revise any forward-looking statements, whether the result of new information, future events or otherwise, except as required by law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161207006188/en/
Source:
TEGNA Inc.
For media inquiries, contact:
Steve Kidera
Manager,
Corporate Communications
703-873-6434
skidera@TEGNA.com
or
For
investor inquiries, contact:
Jeffrey Heinz
Vice President,
Investor Relations
703-873-6917
jheinz@TEGNA.com