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Press Release

TEGNA Inc. Reports Third Quarter 2023 Results and Provides Fourth Quarter Guidance

November 7, 2023 at 8:00 AM EST

Increases shareholder return of capital commitment to nearly $800 million this year through accelerated share repurchase (“ASR”) programs, settlement of merger termination fee, and incremental opportunistic repurchases in the open market

Completes initial $300 million ASR program on August 31, 2023, ahead of schedule

Completes multi-year affiliation agreement renewal with ABC

Achieves record third quarter subscription revenue and continues sequential improvement in advertising and marketing services revenue

TYSONS, Va.--(BUSINESS WIRE)--Nov. 7, 2023-- TEGNA Inc. (NYSE: TGNA) today announced financial results for the third quarter ended September 30, 2023.

THIRD QUARTER FINANCIAL HIGHLIGHTS1:

  • Total company revenue of $713 million finished in-line with our guidance range in the third quarter, down 11 percent year-over-year, primarily due to the reduction of political revenue from the mid-term election cycle last year.
    • Total company revenue was down six percent compared to the third quarter of 2021 due to the absence of Summer Olympics and macroeconomic headwinds in Advertising and Marketing Services (“AMS”) revenue, partially offset by growth in subscription revenue.
  • Subscription revenue was a third quarter record of $378 million, up slightly year-over-year, driven by contractual rate increases, partially offset by subscriber declines.
  • AMS revenue was $312 million in the third quarter, down three percent year-over-year. Advertising trends in the third quarter showed sequential improvement compared to the second quarter. Automotive advertising revenue continued to show strong year-over-year growth for the fifth consecutive quarter. Underlying advertising trends were down less than one percent year-over-year, adjusting for the loss of a single national Premion account. As noted earlier this year, this impact will continue to be felt throughout 2023.
    • Compared to 2021, third quarter AMS revenue was down 14 percent driven by the absence of Summer Olympics and continued macroeconomic headwinds. As a reminder, TEGNA is the largest NBC affiliation group.

 

 

 

 

 

1 In analyzing third quarter 2023 results, investors should be reminded that TEGNA’s odd-to-even year results are negatively impacted by the absence of even-year political revenues.

  • GAAP operating expenses were $579 million, up one percent year-over-year. Non-GAAP operating expenses2 of $576 million finished in-line with our guidance range, up one percent year-over-year, with the increase driven primarily by programming costs, partially offset by operational expense management improvements.
    • Non-GAAP expenses less programming decreased one percent from the third quarter of 2022 as a result of operational expense management improvements.
  • GAAP and non-GAAP operating income totaled $135 million and $138 million, respectively.
  • Interest expense was flat year-over-year at $43 million due to our attractively priced fixed-rate debt.
  • As previously announced, in July 2023, TEGNA sold a portion of its MadHive investment, recognizing a gain in the third quarter of approximately $26 million ($19 million after tax or $0.10 per share) reflected in Other non-operating items, net on the Consolidated Statement of Income.
  • TEGNA achieved net income of $96 million on a GAAP basis, or $78 million on a non-GAAP basis.
  • GAAP and non-GAAP earnings per diluted share were $0.48 and $0.39, respectively.
  • Total company Adjusted EBITDA3 was $166 million, representing a decrease of 38 percent compared to the third quarter of 2022, as expected, due to the absence of high-margin political revenue from mid-term elections and an increase in programming expenses.
    • Third quarter Adjusted EBITDA was down 32 percent compared to the third quarter of 2021 reflecting the absence of Summer Olympics, macroeconomic headwinds and higher programming expenses.
  • Free cash flow4 was $60 million for the quarter.
    • For the trailing two-year period ending September 30, 2023, free cash flow as a percentage of revenue was 20.6 percent.
  • Total cash and cash equivalents and net leverage at the end of the quarter were $553 million and 2.61x, respectively.

CAPITAL ALLOCATION

TEGNA delivered on its return of capital commitment with the completion of its initial $300 million ASR program on August 31, 2023, earlier than anticipated. Following the completion of the ASR and before entering TEGNA’s third quarter blackout period on September 16, the Company opportunistically repurchased an incremental $28 million of shares taking advantage of attractive market pricing. The repurchases were made under TEGNA’s existing share repurchase program approved by the Board of Directors in December of 2020.

 

 

 

 

 

2 A non-GAAP measure detailed in Table 2

3 A non-GAAP measure detailed in Table 3

4 A non-GAAP measure detailed in Table 5

The initial $300 million ASR program reduced the Company’s outstanding shares by approximately 18 million shares, including final settlement of approximately three million shares.

As announced last quarter, TEGNA’s Board of Directors approved a second ASR program of $325 million, which is expected to commence this week.

Since the termination of the merger agreement, TEGNA has committed this year to nearly $800 million in share repurchases with approximately 45-50 million5 shares that will be retired by end of March 2024, which will represent more than twenty percent of shares outstanding prior to these actions. As of September 30, 2023, TEGNA had retired a total of 28.7 million shares.

CEO COMMENT

“TEGNA is operating from a position of strength within the broadcast industry, and we are seeing positive momentum across our organization,” said Dave Lougee, president and chief executive officer. “Our management team and Board are laser focused on generating shareholder value and building a track record of disciplined capital allocation as TEGNA advances its strategy as a standalone company. We are pleased with our initial actions to return cash accumulated during the pendency of the merger process by retiring a significant amount of shares. Our balance sheet affords us the unique opportunity to pursue organic growth and bolt-on M&A opportunities while also offering shareholders our recently increased dividend, as well as share repurchases. We fully expect 2024 will be another strong year driven by our favorable portfolio of stations in key markets benefiting from a robust presidential election cycle, the Summer Olympic Games, and the Super Bowl.

“We are pleased to share that we will surpass our previously announced three-quarters of a billion dollars commitment of capital return to shareholders. During the third quarter, we opportunistically repurchased an incremental $28 million of shares in the open market under our existing share repurchase program. The initial $300 million ASR program we entered in June was completed at the end of August, earlier than anticipated. A second ASR program of $325 million is expected to commence this week. Taken together with the $136 termination fee from Standard General that was satisfied through the transfer of TEGNA common stock, we are now committing this year to nearly $800 million in share repurchases.

“We are pleased to announce we’ve reached a comprehensive multi-year agreement renewal with ABC. Our strong relationships with our valued network partners have been built over decades and led to mutual success based on common goals. This renews TEGNA’s ABC network affiliations in 13 markets across the country, which cover nine percent of the U.S. and serve nearly 11 million households. Our partnership combines ABC’s popular entertainment, sports and news programming with our strong local stations and large audiences.

“Turning to our results, we achieved a new third quarter record for subscription revenue. Our high-margin subscription revenue remains a core driver of our cash flow and, looking ahead, we will be repricing approximately 30 percent of our traditional subscribers at the end of this year.

“Advertising and marketing services revenue saw sequential improvement driven by improving trends in key verticals such as automotive. Automotive, our largest category within AMS, has steadily recovered and is generating strong year-over-year growth for the fifth consecutive quarter.

 

 

 

 

 

5 Share retirement projection based on TEGNA Inc. November 6, 2023, close price of $15.41. Actual share retirement will depend on future share prices of TEGNA. As a result, actual share retirement may vary from this projection.

“Finally, all of us at TEGNA wish to congratulate our colleagues at WWL in New Orleans for receiving a News Emmy from the National Academy of Television Arts & Sciences for Outstanding Regional News Story: Investigative Report for ‘The Man Behind the Warehouse,’ an in-depth report on how more than 800 nursing homes residents ended up living in squalor after Hurricane Ida. We are proud that the investigation has contributed to the changing of laws, which will positively impact numerous lives in the community.”

FOURTH QUARTER AND FULL-YEAR 2023 OUTLOOK

In the fourth quarter of 2023, TEGNA expects to be disproportionately impacted by cyclical odd-to-even year results due to the absence of $179 million of high-margin political revenue reported in the fourth quarter of 2022. Fourth quarter revenue excluding political is projected to be flat despite macroeconomic headwinds in advertising.

Fourth Quarter 2023 Key Guidance Metrics

 

 

 

 

 

 

 

Reflects expectations relative to fourth quarter 2022 results

 

 

 

 

 

 

 

Total Company GAAP Revenue

 

 

Down Mid-to-High Teens percent

Total Non-GAAP Operating Expenses

 

 

Up Low-Single Digit percent

Non-GAAP Operating Expenses (excluding programming)

 

Down Low-Single Digit percent

 

 

 

 

 

Full-Year 2023 Key Guidance Metrics

 

 

 

 

 

 

 

Corporate Expenses

 

 

 

$40 - 45 million

Depreciation

 

 

 

$60 - 65 million

Amortization

 

 

 

$53 - 54 million

Interest Expense

 

 

 

$170 - 175 million

Capital Expenditures

 

 

 

$55 - 60 million

Effective Tax Rate

 

 

 

23.5 - 24.5%

Net Leverage Ratio

 

 

 

Below 3x

 

 

 

 

 

KEY STRATEGIC UPDATES

  • TEGNA’s Station (KENS) Teams-Up with San Antonio Spurs for 11 Exclusive Games – Poised to be an epic season with number one draft pick Victor Wembanyama joining the Spurs, KENS will bring 11 Spurs games exclusively to all one million households in the San Antonio region. Games will be available across KENS TV, the KENS streaming app, the official Spurs mobile app and through KENS’ partnerships with cable, satellite and streaming services that offer live TV programming.
  • Daily Blast Live Now in More Than 55 Percent of U.S. TV Homes – In the quarter, Daily Blast Live (DBL), a daily talk and trending topics show, began airing in 21 new markets as it enters its seventh season. Sinclair began airing DBL in 20 markets and Hearst Television added DBL in Milwaukee, in addition to four existing Hearst markets. DBL also airs on all TEGNA markets, in 16 Gray Television markets and on KPVM, an independent station in Las Vegas.
  • Premion Continues to Gain Momentum with Local Advertisers – Premion continues to strengthen its position in the convergent TV marketplace by winning additional local advertisers that are allocating larger spending dollars to streaming advertising. In the quarter, Premion introduced programmatic selling capabilities, enabling agencies to leverage either a managed service or a hands-on-keyboard buying workflow. During the quarter, Premion released its second annual 2023 CTV/OTT Advertiser Survey with Advertiser Perceptions and received the “2023 Advanced Advertising Innovation Award for Best Use of Data,” its 14th CTV industry award win, presented at the Advanced Advertising Summit.
  • Locked On’s Audience Blazes Past 27 Million Listens and Views Per Month  Locked On Podcast Network’s monthly audio downloads and video views crossed nearly 28 million per month for the first time in September 2023, rapidly breaking a record of 26 million set just the previous month in August. Total views and listens across the sports podcast network grew 40 percent year-over-year through Q3 2023, achieving 213 million downloads and views year-to-date. Locked On also broke new ground in the quarter, launching four FAST channels for Locked On Sports Atlanta, Locked On Sports Cleveland, Locked On Sports Dallas, and Locked On Sports Los Angeles on the NewsON app, with more linear streaming channels and platforms slated to launch in Q4.
  • TEGNA Station Streaming Apps Continue Robust Growth – In the third quarter, stations’ streaming apps generated 677 million minutes on streaming, 78 percent increase year-over-year. Streaming apps are now available for all stations across Roku, FireTV and Apple TV devices, and in the third quarter, stations began rolling out apps for Samsung, LG, Chromecast and additional platforms and all stations are expected to be live on these platforms by year-end.
  • VERIFY Growth Continues – VERIFY, TEGNA’s national brand that combats disinformation, ended the third quarter with approximately 467,000 followers across its various dedicated channels, which include TikTok, Snapchat, and YouTube among others. Subscribers to VERIFY’s daily “Fast Facts” email newsletter are up 52 percent year-over-year and unique visitors to VERIFYThis.com are up 22 percent compared to the same period in 2022. Viewership to VERIFY’s weekly “VERIFY This” OTT show increased for the fourth consecutive quarter with more than 2.48 million minutes watched across TEGNA station streaming apps during the third quarter.
  • TEGNA Station WWL Receives News Emmy®  WWL in New Orleans received a News Emmy from the National Academy of Television Arts & Sciences for Outstanding Regional News Story: Investigative Report for “The Man Behind the Warehouse.” The three-part investigation took a deep dive into how more than 800 nursing home residents ended up in squalor in a Tangipahoa Parish warehouse after Hurricane Ida. The investigation contributed to changing of laws regarding nursing homes’ evacuation plans that have to be filed with the Louisiana Department of Health. (Press Release)

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 share repurchases, including through ASR programs, may not enhance long-term stockholder value; the possibility that share repurchases could increase the volatility of the price of the Company's common stock; legal proceedings, judgments or settlements; the response of customers, suppliers and business partners to the Company's plans, operations and business as a stand-alone company; 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, Twist 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

 

 

 

 

 

 

 

 

Quarter ended Sept. 30,

 

 

 

2023

 

 

 

2022

 

 

% Increase

(Decrease)

 

 

 

 

 

 

 

Revenues

 

$

713,243

 

 

$

803,111

 

 

(11.2

)

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

Cost of revenues

 

 

438,260

 

 

 

428,891

 

 

2.2

 

Business units - Selling, general and administrative expenses

 

 

98,394

 

 

 

98,582

 

 

(0.2

)

Corporate - General and administrative expenses

 

 

13,552

 

 

 

13,367

 

 

1.4

 

Depreciation

 

 

15,083

 

 

 

15,219

 

 

(0.9

)

Amortization of intangible assets

 

 

13,297

 

 

 

14,953

 

 

(11.1

)

Asset impairment and other

 

 

 

 

 

(159

)

 

***

 

Total

 

 

578,586

 

 

 

570,853

 

 

1.4

 

Operating income

 

 

134,657

 

 

 

232,258

 

 

(42.0

)

 

 

 

 

 

 

 

Non-operating (expense) income:

 

 

 

 

 

 

Equity loss in unconsolidated investments, net

 

 

(256

)

 

 

(178

)

 

43.8

 

Interest expense

 

 

(43,418

)

 

 

(43,406

)

 

0.0

 

Other non-operating items, net

 

 

33,072

 

 

 

1,310

 

 

***

 

Total

 

 

(10,602

)

 

 

(42,274

)

 

(74.9

)

 

 

 

 

 

 

 

Income before income taxes

 

 

124,055

 

 

 

189,984

 

 

(34.7

)

Provision for income taxes

 

 

27,801

 

 

 

43,827

 

 

(36.6

)

Net income

 

 

96,254

 

 

 

146,157

 

 

(34.1

)

Net income attributable to redeemable noncontrolling interest

 

 

(71

)

 

 

(92

)

 

(22.8

)

Net income attributable to TEGNA Inc.

 

$

96,183

 

 

$

146,065

 

 

(34.2

)

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

Basic

 

$

0.48

 

 

$

0.65

 

 

(26.2

)

Diluted

 

$

0.48

 

 

$

0.65

 

 

(26.2

)

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

Basic shares

 

 

200,779

 

 

 

223,968

 

 

(10.4

)

Diluted shares

 

 

201,218

 

 

 

224,921

 

 

(10.5

)

 

 

 

 

 

 

 

*** Not meaningful

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENTS OF INCOME

 

 

 

 

 

 

TEGNA Inc.

 

 

 

 

 

 

Unaudited, in thousands of dollars (except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

Table No. 1 (continued)

 

 

 

 

 

 

 

 

Nine months ended Sept. 30,

 

 

 

2023

 

 

 

2022

 

 

% Increase

(Decrease)

 

 

 

 

 

 

 

Revenues

 

$

2,185,076

 

 

$

2,362,115

 

 

(7.5

)

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

Cost of revenues

 

 

1,295,720

 

 

 

1,260,576

 

 

2.8

 

Business units - Selling, general and administrative expenses

 

 

294,734

 

 

 

300,136

 

 

(1.8

)

Corporate - General and administrative expenses

 

 

52,158

 

 

 

48,299

 

 

8.0

 

Depreciation

 

 

45,119

 

 

 

46,058

 

 

(2.0

)

Amortization of intangible assets

 

 

40,175

 

 

 

44,952

 

 

(10.6

)

Asset impairment and other

 

 

3,359

 

 

 

(322

)

 

***

 

Merger termination fee

 

 

(136,000

)

 

 

 

 

***

 

Total

 

 

1,595,265

 

 

 

1,699,699

 

 

(6.1

)

Operating income

 

 

589,811

 

 

 

662,416

 

 

(11.0

)

 

 

 

 

 

 

 

Non-operating (expense) income:

 

 

 

 

 

 

Equity loss in unconsolidated investments, net

 

 

(776

)

 

 

(4,225

)

 

(81.6

)

Interest expense

 

 

(129,121

)

 

 

(129,976

)

 

(0.7

)

Other non-operating items, net

 

 

44,264

 

 

 

16,764

 

 

***

 

Total

 

 

(85,633

)

 

 

(117,437

)

 

(27.1

)

 

 

 

 

 

 

 

Income before income taxes

 

 

504,178

 

 

 

544,979

 

 

(7.5

)

Provision for income taxes

 

 

103,827

 

 

 

132,595

 

 

(21.7

)

Net income

 

 

400,351

 

 

 

412,384

 

 

(2.9

)

Net loss (income) attributable to redeemable noncontrolling interest

 

 

240

 

 

 

(516

)

 

***

 

Net income attributable to TEGNA Inc.

 

$

400,591

 

 

$

411,868

 

 

(2.7

)

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

Basic

 

$

1.86

 

 

$

1.84

 

 

1.1

 

Diluted

 

$

1.86

 

 

$

1.83

 

 

1.6

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

Basic shares

 

 

214,297

 

 

 

223,456

 

 

(4.1

)

Diluted shares

 

 

214,591

 

 

 

224,221

 

 

(4.3

)

 

 

 

 

 

 

 

*** Not meaningful

 

 

 

 

 

 

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 Leadership Development and Compensation Committee of our Board of Directors uses non-GAAP measures such as Adjusted EBITDA, non-GAAP net income, non-GAAP EPS and free cash flow to evaluate management’s performance. 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 of Directors, 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 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, gains on an available for sale investment and on an equity investment that we sold a portion of and an impairment charge recorded for another investment. In addition, we have excluded certain income tax special items associated with a valuation allowance on a deferred tax asset related to an equity method investment and 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 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 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 TEGNA before (1) net loss (income) attributable to redeemable noncontrolling interest, (2) income taxes, (3) interest expense, (4) equity loss in unconsolidated investments, net, (5) other non-operating items, net, (6) the Merger termination fee, (7) M&A-related costs, (8) asset impairment and other, (9) employee retention costs, (10) depreciation and (11) 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 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 TEGNA. Free cash flow is calculated as non-GAAP Adjusted EBITDA (as defined above), further adjusted by adding back (1) stock-based compensation, (2) non-cash 401(k) company match, (3) syndicated programming amortization, (4) dividends received from equity method investments, (5) reimbursements from spectrum repacking and (6) proceeds from company-owned life insurance policies. This is further adjusted by deducting payments made for (1) syndicated programming, (2) pension, (3) interest, (4) taxes (net of refunds) and (5) purchases of property and equipment. Like Adjusted EBITDA, free cash flow is not intended to be a measure of cash flow available for management’s discretionary use.

 

NON-GAAP FINANCIAL INFORMATION

TEGNA Inc.

Unaudited, in thousands of dollars (except per share amounts)

 

Table No. 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Sept. 30, 2023

 

GAAP

measure

 

Retention
costs - SBC

 

Retention
costs - Cash

 

Other non-operating item

 

Special tax
item

 

Non-GAAP
measure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

$

438,260

 

 

$

(751

)

 

$

 

 

$

 

 

$

 

 

$

437,509

 

 

 

 

 

 

 

Business units - Selling, general and administrative expenses

 

 

98,394

 

 

 

(501

)

 

 

(639

)

 

 

 

 

 

 

 

 

97,254

 

 

 

 

 

 

 

Corporate - General and administrative expenses

 

 

13,552

 

 

 

(440

)

 

 

(553

)

 

 

 

 

 

 

 

 

12,559

 

 

 

 

 

 

 

Operating expenses

 

 

578,586

 

 

 

(1,692

)

 

 

(1,192

)

 

 

 

 

 

 

 

 

575,702

 

 

 

 

 

 

 

Operating income

 

 

134,657

 

 

 

1,692

 

 

 

1,192

 

 

 

 

 

 

 

 

 

137,541

 

 

 

 

 

 

 

Other non-operating items, net

 

 

33,072

 

 

 

 

 

 

 

 

 

(25,809

)

 

 

 

 

 

7,263

 

 

 

 

 

 

 

Total non-operating expenses

 

 

(10,602

)

 

 

 

 

 

 

 

 

(25,809

)

 

 

 

 

 

(36,411

)

 

 

 

 

 

 

Income before income taxes

 

 

124,055

 

 

 

1,692

 

 

 

1,192

 

 

 

(25,809

)

 

 

 

 

 

101,130

 

 

 

 

 

 

 

Provision for income taxes

 

 

27,801

 

 

 

237

 

 

 

152

 

 

 

(6,604

)

 

 

1,516

 

 

 

23,102

 

 

 

 

 

 

 

Net income attributable to TEGNA Inc.

 

 

96,183

 

 

 

1,455

 

 

 

1,040

 

 

 

(19,205

)

 

 

(1,516

)

 

 

77,957

 

 

 

 

 

 

 

Earnings per share-diluted

 

$

0.48

 

 

$

0.01

 

 

$

0.01

 

 

$

(0.10

)

 

$

(0.01

)

 

$

0.39

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Special Items

 

 

 

 

 

 

 

 

 

 

Quarter ended

Sept. 30, 2022

 

GAAP

measure

 

M&A-
related
costs

 

Asset
impairment
and other

 

Special tax
item

 

Non-GAAP
measure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate - General and administrative expenses

 

$

13,367

 

 

$

(3,701

)

 

$

 

 

$

 

 

$

9,666

 

 

 

 

 

 

 

 

 

Asset impairment and other

 

 

(159

)

 

 

 

 

 

159

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

570,853

 

 

 

(3,701

)

 

 

159

 

 

 

 

 

 

567,311

 

 

 

 

 

 

 

 

 

Operating income

 

 

232,258

 

 

 

3,701

 

 

 

(159

)

 

 

 

 

 

235,800

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

189,984

 

 

 

3,701

 

 

 

(159

)

 

 

 

 

 

193,526

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

43,827

 

 

 

47

 

 

 

(37

)

 

 

2,588

 

 

 

46,425

 

 

 

 

 

 

 

 

 

Net income attributable to TEGNA Inc.

 

 

146,065

 

 

 

3,654

 

 

 

(122

)

 

 

(2,588

)

 

 

147,009

 

 

 

 

 

 

 

 

 

Earnings per share-diluted (a)

 

$

0.65

 

 

$

0.02

 

 

$

 

 

$

(0.01

)

 

$

0.65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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. 2 (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Special Items

 

 

Nine months ended

Sept. 30, 2023

 

GAAP

measure

 

M&A-
related
costs

 

Retention
costs - SBC

 

Retention
costs - Cash

 

Merger
termination
fee

 

Asset
impairment
and other

 

Other non-operating item

 

Special tax
item

 

Non-GAAP
measure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

$

1,295,720

 

 

$

 

 

$

(751

)

 

$

 

 

$

 

 

$

 

 

$

 

 

$

 

 

$

1,294,969

 

Business units - Selling, general and administrative expenses

 

 

294,734

 

 

 

 

 

 

(501

)

 

 

(639

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

293,594

 

Corporate - General and administrative expenses

 

 

52,158

 

 

 

(19,848

)

 

 

(440

)

 

 

(553

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31,317

 

Asset impairment and other

 

 

3,359

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,359

)

 

 

 

 

 

 

 

 

 

Merger termination fee

 

 

(136,000

)

 

 

 

 

 

 

 

 

 

 

 

136,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

1,595,265

 

 

 

(19,848

)

 

 

(1,692

)

 

 

(1,192

)

 

 

136,000

 

 

 

(3,359

)

 

 

 

 

 

 

 

 

1,705,174

 

Operating income

 

 

589,811

 

 

 

19,848

 

 

 

1,692

 

 

 

1,192

 

 

 

(136,000

)

 

 

3,359

 

 

 

 

 

 

 

 

 

479,902

 

Other non-operating items, net

 

 

44,264

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25,809

)

 

 

 

 

 

18,455

 

Total non-operating expenses

 

 

(85,633

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25,809

)

 

 

 

 

 

(111,442

)

Income before income taxes

 

 

504,178

 

 

 

19,848

 

 

 

1,692

 

 

 

1,192

 

 

 

(136,000

)

 

 

3,359

 

 

 

(25,809

)

 

 

 

 

 

368,460

 

Provision for income taxes

 

 

103,827

 

 

 

4,552

 

 

 

237

 

 

 

152

 

 

 

(24,504

)

 

 

860

 

 

 

(6,604

)

 

 

7,959

 

 

 

86,479

 

Net income attributable to TEGNA Inc.

 

 

400,591

 

 

 

15,296

 

 

 

1,455

 

 

 

1,040

 

 

 

(111,496

)

 

 

2,499

 

 

 

(19,205

)

 

 

(7,959

)

 

 

282,221

 

Earnings per share-diluted (a)

 

$

1.86

 

 

$

0.07

 

 

$

0.01

 

 

$

 

 

$

(0.52

)

 

$

0.01

 

 

$

(0.09

)

 

$

(0.04

)

 

$

1.31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Per share amounts do not sum due to rounding.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Special Items

 

 

 

 

 

 

 

 

Nine months ended

Sept. 30, 2022

 

GAAP

measure

 

M&A-
related
costs

 

Asset
impairment
and other

 

Other non-operating items

 

Special tax
items

 

Non-GAAP
measure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate - General and administrative expenses

 

$

48,299

 

 

$

(18,147

)

 

$

 

 

$

 

 

$

 

 

$

30,152

 

 

 

 

 

 

 

Asset impairment and other

 

 

(322

)

 

 

 

 

 

322

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

1,699,699

 

 

 

(18,147

)

 

 

322

 

 

 

 

 

 

 

 

 

1,681,874

 

 

 

 

 

 

 

Operating income

 

 

662,416

 

 

 

18,147

 

 

 

(322

)

 

 

 

 

 

 

 

 

680,241

 

 

 

 

 

 

 

Other non-operating items, net

 

 

16,764

 

 

 

 

 

 

 

 

 

(18,308

)

 

 

 

 

 

(1,544

)

 

 

 

 

 

 

Total non-operating expenses

 

 

(117,437

)

 

 

 

 

 

 

 

 

(18,308

)

 

 

 

 

 

(135,745

)

 

 

 

 

 

 

Income before income taxes

 

 

544,979

 

 

 

18,147

 

 

 

(322

)

 

 

(18,308

)

 

 

 

 

 

544,496

 

 

 

 

 

 

 

Provision for income taxes

 

 

132,595

 

 

 

85

 

 

 

(78

)

 

 

168

 

 

 

(4,529

)

 

 

128,241

 

 

 

 

 

 

 

Net income attributable to TEGNA Inc.

 

 

411,868

 

 

 

18,062

 

 

 

(244

)

 

 

(18,476

)

 

 

4,529

 

 

 

415,739

 

 

 

 

 

 

 

Earnings per share-diluted

 

$

1.83

 

 

$

0.08

 

 

$

 

 

$

(0.08

)

 

$

0.02

 

 

$

1.85

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NON-GAAP FINANCIAL INFORMATION

TEGNA Inc.

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 Sept. 30,

 

 

2023

 

 

 

2022

 

 

 

2021

 

 

 

 

 

 

 

Net income attributable to TEGNA Inc. (GAAP basis)

$

96,183

 

 

$

146,065

 

 

$

128,280

 

Plus: Net income attributable to redeemable noncontrolling interest

 

71

 

 

 

92

 

 

 

419

 

Plus: Provision for income taxes

 

27,801

 

 

 

43,827

 

 

 

36,870

 

Plus: Interest expense

 

43,418

 

 

 

43,406

 

 

 

46,477

 

Plus: Equity loss in unconsolidated investments, net

 

256

 

 

 

178

 

 

 

1,790

 

Less: Other non-operating items, net

 

(33,072

)

 

 

(1,310

)

 

 

(2,486

)

Operating income (GAAP basis)

 

134,657

 

 

 

232,258

 

 

 

211,350

 

Plus: M&A-related costs

 

 

 

 

3,701

 

 

 

 

Plus: Retention costs - SBC

 

1,692

 

 

 

 

 

 

 

Plus: Retention costs - Cash

 

1,192

 

 

 

 

 

 

 

(Less) Plus: Asset impairment and other

 

 

 

 

(159

)

 

 

504

 

Adjusted operating income (non-GAAP basis)

 

137,541

 

 

 

235,800

 

 

 

211,854

 

Plus: Depreciation

 

15,083

 

 

 

15,219

 

 

 

16,792

 

Plus: Amortization of intangible assets

 

13,297

 

 

 

14,953

 

 

 

15,774

 

Adjusted EBITDA (non-GAAP basis)

$

165,921

 

 

$

265,972

 

 

$

244,420

 

Corporate - General and administrative expense (non-GAAP basis)

 

12,559

 

 

 

9,666

 

 

 

11,891

 

Adjusted EBITDA, excluding Corporate (non-GAAP basis)

$

178,480

 

 

$

275,638

 

 

$

256,311

 

 

 

 

 

 

 

 

Nine months ended Sept. 30,

 

 

2023

 

 

 

2022

 

 

 

2021

 

 

 

 

 

 

 

Net income attributable to TEGNA Inc. (GAAP basis)

$

400,591

 

 

$

411,868

 

 

$

347,524

 

(Less) Plus: Net (loss) income attributable to redeemable noncontrolling interest

 

(240

)

 

 

516

 

 

 

861

 

Plus: Provision for income taxes

 

103,827

 

 

 

132,595

 

 

 

103,470

 

Plus: Interest expense

 

129,121

 

 

 

129,976

 

 

 

139,571

 

Plus: Equity loss in unconsolidated investments, net

 

776

 

 

 

4,225

 

 

 

5,716

 

Less: Other non-operating items, net

 

(44,264

)

 

 

(16,764

)

 

 

(4,340

)

Operating income (GAAP basis)

 

589,811

 

 

 

662,416

 

 

 

592,802

 

Plus: M&A-related costs

 

19,848

 

 

 

18,147

 

 

 

 

Plus: Advisory fees related to activism defense

 

 

 

 

 

 

 

16,611

 

Plus: Retention costs - SBC

 

1,692

 

 

 

 

 

 

 

Plus: Retention costs - Cash

 

1,192

 

 

 

 

 

 

 

Plus (Less): Asset impairment and other

 

3,359

 

 

 

(322

)

 

 

(2,394

)

Less: Merger termination fee

 

(136,000

)

 

 

 

 

 

 

Adjusted operating income (non-GAAP basis)

 

479,902

 

 

 

680,241

 

 

 

607,019

 

Plus: Depreciation

 

45,119

 

 

 

46,058

 

 

 

48,526

 

Plus: Amortization of intangible assets

 

40,175

 

 

 

44,952

 

 

 

47,307

 

Adjusted EBITDA (non-GAAP basis)

$

565,196

 

 

$

771,251

 

 

$

702,852

 

Corporate - General and administrative expense (non-GAAP basis)

 

31,317

 

 

 

30,152

 

 

 

35,333

 

Adjusted EBITDA, excluding Corporate (non-GAAP basis)

$

596,513

 

 

$

801,403

 

 

$

738,185

 

 

 

 

 

 

 

 

NON-GAAP FINANCIAL INFORMATION

TEGNA Inc.

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 Sept. 30,

 

 

2023

 

 

 

2022

 

 

% Increase

(Decrease)

 

 

2021

 

 

% Increase

(Decrease)

 

 

 

 

 

 

 

 

 

 

Subscription

$

377,891

 

 

$

377,368

 

 

0.1

 

 

$

368,672

 

 

2.5

 

Advertising and Marketing Services

 

312,413

 

 

 

320,764

 

 

(2.6

)

 

 

364,234

 

 

(14.2

)

Political

 

11,643

 

 

 

92,904

 

 

(87.5

)

 

 

15,010

 

 

(22.4

)

Other

 

11,296

 

 

 

12,075

 

 

(6.5

)

 

 

8,571

 

 

31.8

 

Total revenues

$

713,243

 

 

$

803,111

 

 

(11.2

)

 

$

756,487

 

 

(5.7

)

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

165,921

 

 

$

265,972

 

 

(37.6

)

 

$

244,420

 

 

(32.1

)

Adjusted EBITDA Margin

 

23.3

%

 

 

33.1

%

 

 

 

 

32.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended Sept. 30,

 

 

2023

 

 

 

2022

 

 

% Increase

(Decrease)

 

 

2021

 

 

% Increase

(Decrease)

 

 

 

 

 

 

 

 

 

 

Subscription

$

1,188,297

 

 

$

1,158,101

 

 

2.6

 

 

$

1,130,490

 

 

5.1

 

Advertising and Marketing Services

 

937,984

 

 

 

1,010,490

 

 

(7.2

)

 

 

1,027,957

 

 

(8.8

)

Political

 

22,925

 

 

 

161,727

 

 

(85.8

)

 

 

34,019

 

 

(32.6

)

Other

 

35,870

 

 

 

31,797

 

 

12.8

 

 

 

23,980

 

 

49.6

 

Total revenues

$

2,185,076

 

 

$

2,362,115

 

 

(7.5

)

 

$

2,216,446

 

 

(1.4

)

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

565,196

 

 

$

771,251

 

 

(26.7

)

 

$

702,852

 

 

(19.6

)

Adjusted EBITDA Margin

 

25.9

%

 

 

32.7

%

 

 

 

 

31.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NON-GAAP FINANCIAL INFORMATION

 

 

 

 

 

TEGNA Inc.

 

 

 

 

 

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 Sept. 30,

 

 

2023

 

 

 

2022

 

 

% Increase
(Decrease)

 

 

 

 

 

 

Net income attributable to TEGNA Inc. (GAAP basis)

$

96,183

 

 

$

146,065

 

 

(34.2

)

Plus: Provision for income taxes

 

27,801

 

 

 

43,827

 

 

(36.6

)

Plus: Interest expense

 

43,418

 

 

 

43,406

 

 

0.0

 

Plus: M&A-related costs

 

 

 

 

3,701

 

 

***

 

Plus: Depreciation

 

15,083

 

 

 

15,219

 

 

(0.9

)

Plus: Amortization of intangible assets

 

13,297

 

 

 

14,953

 

 

(11.1

)

Plus: Stock-based compensation

 

6,558

 

 

 

6,416

 

 

2.2

 

Plus: Company stock 401(k) contribution

 

3,924

 

 

 

4,415

 

 

(11.1

)

Plus: Syndicated programming amortization

 

13,308

 

 

 

17,944

 

 

(25.8

)

Plus: Net loss attributable to redeemable noncontrolling interest

 

71

 

 

 

92

 

 

(22.8

)

Plus: Equity loss in unconsolidated investments, net

 

256

 

 

 

178

 

 

43.8

 

Plus: Reimbursement from company-owned life insurance policies

 

496

 

 

 

 

 

***

 

Plus: Retention costs - cash portion

 

1,192

 

 

 

 

 

***

 

Plus: Cash reimbursements from spectrum repacking

 

 

 

 

159

 

 

***

 

Less: Asset impairment and other

 

 

 

 

(159

)

 

***

 

Less: Other non-operating items, net

 

(33,072

)

 

 

(1,310

)

 

***

 

Less: Income tax payments

 

(26,829

)

 

 

(44,291

)

 

(39.4

)

Less: Syndicated programming payments

 

(11,940

)

 

 

(14,801

)

 

(19.3

)

Less: Pension contributions

 

(959

)

 

 

(1,052

)

 

(8.8

)

Less: Interest payments

 

(73,866

)

 

 

(73,932

)

 

(0.1

)

Less: Purchases of property and equipment

 

(14,810

)

 

 

(12,433

)

 

19.1

 

Free cash flow (non-GAAP basis)

$

60,111

 

 

$

148,397

 

 

(59.5

)

 

 

 

 

 

 

*** Not meaningful

 

 

 

 

 

 

 

 

 

 

 

NON-GAAP FINANCIAL INFORMATION

 

TEGNA Inc.

 

Unaudited, in thousands of dollars

 

 

 

Table No. 5 (continued)

 

 

Two-year period ended
Sept. 30, 2023

 

 

Net income attributable to TEGNA Inc. (GAAP basis)

$

1,160,491

 

Plus: Provision for income taxes

 

338,208

 

Plus: Interest expense

 

349,222

 

Plus: M&A-related costs

 

44,103

 

Plus: Depreciation

 

122,629

 

Plus: Amortization of intangible assets

 

115,761

 

Plus: Stock-based compensation

 

54,262

 

Plus: Company stock 401(k) contribution

 

36,378

 

Plus: Syndicated programming amortization

 

132,137

 

Plus: Cash dividend from equity investments for return on capital

 

3,344

 

Plus: Asset impairment and other

 

3,123

 

Plus: Net income attributable to redeemable noncontrolling interest

 

870

 

Plus: Reimbursement from Company-owned life insurance policies

 

1,895

 

Plus: Retention costs - cash portion

 

1,192

 

Plus: Equity income in unconsolidated investments, net

 

9,246

 

Plus: Cash reimbursements from spectrum repacking

 

236

 

Less: Other non-operating items, net

 

(68,180

)

Less: Merger termination fees

 

(136,000

)

Less: Syndicated programming payments

 

(127,545

)

Less: Income tax payments, net of refunds

 

(304,860

)

Less: Pension contributions

 

(9,599

)

Less: Interest payments

 

(338,436

)

Less: Purchases of property and equipment

 

(104,292

)

Free cash flow (non-GAAP basis)

$

1,284,185

 

 

 

Revenue

$

6,238,968

 

Free cash flow as a % of revenue

 

20.6

%

 

 

NON-GAAP FINANCIAL INFORMATION

TEGNA Inc.

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 Sept. 30,

 

 

2023

 

 

2022

 

Operating expenses (GAAP basis)

$

578,586

 

$

570,853

 

Less: Special items 1, 2

 

(2,884

)

 

(3,542

)

Operating expenses (non-GAAP basis)

 

575,702

 

 

567,311

 

Less: Programming expenses

 

(252,367

)

 

(240,912

)

Operating expenses, less Programming (non-GAAP basis)

$

323,335

 

$

326,399

 

 

 

 

 

 

 

1 Q3 2023 special items include retention costs (see Table 2).

2 Q3 2022 special items include reimbursements from the FCC for required spectrum repacking and M&A-related costs (see Table 2).

 

For media inquiries, contact:
Anne Bentley
Vice President, Corporate Communications
703-873-6366
abentley@TEGNA.com

For investor inquiries, contact:
Julie Heskett
Senior Vice President, Financial Planning & Analysis
703-873-6401
investorrelations@TEGNA.com

Source: TEGNA Inc.