UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ Commission file number 1-6961 TEGNA INC. (Exact name of registrant as specified in its charter) Delaware 16-0442930 (State or other juris ...

TEGNA Inc (NYSE:TGNA) Q4 2024 Results Conference Call February 27, 2025 9:00 AM ET Company Participants Kirk von Seelen - Investor Relations Mike Steib - Chief Executive Officer Julie Heskett - Chief Financial Officer Conference Call Participants Stephen Cahall - Wells Fargo Craig Huber - Huber Research Patrick Sholl - Barrington Research Marlane Pereiro - Bank of America Dan Kurnos - The Benchmark Company Operator Good day, and thank you for standing by. Welcome to the Q4 2024 TEGNA Inc. Earnings Conferenc ...

Core Insights - TEGNA Inc. reported revenue of $870.53 million for Q4 2024, marking a year-over-year increase of 19.9% and an EPS of $1.21 compared to $0.43 a year ago, with a slight revenue miss of -0.09% against the Zacks Consensus Estimate [1] - The EPS exceeded the consensus estimate of $1.15 by +5.22% [1] Revenue Breakdown - Political revenues were $187.44 million, slightly below the estimated $190 million, reflecting a significant year-over-year increase of +719.4% [4] - Subscription revenues reached $357.26 million, surpassing the average estimate of $348.52 million, with a year-over-year change of +5.3% [4] - Advertising & Marketing Services revenues were $314.01 million, below the estimated $320.27 million, showing a year-over-year decline of -10.8% [4] - Other revenues totaled $11.83 million, slightly below the average estimate of $12.50 million, with a year-over-year change of +0.3% [4] Stock Performance - TEGNA's shares have returned -8.9% over the past month, compared to a -2.2% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Revenue Growth - Total company revenue increased 20% to $871 million in Q4 2024, driven by strong political advertising revenue [3] - Political advertising revenue for Q4 2024 totaled $187 million, contributing significantly to overall revenue growth [3] - Full-year 2024 total company revenue increased 7% to $3,102 million, with political advertising revenue reaching $373 million [4] - Total revenues for 2024 reached $3,101,971, a 7% increase from $2,910,930 in 2023 [19] - Political revenue surged to $373,229 in 2024, compared to $45,800 in 2023, marking a significant increase [20] Subscription Revenue - Subscription revenue rose 5% to $357 million, despite a temporary disruption with a distribution partner [3] - Subscription revenue for 2024 was $1,455,811, down 5% from $1,527,563 in 2023 [20] Profitability and Earnings - Adjusted EBITDA for full-year 2024 increased 25% to $931 million, primarily due to political advertising strength and cost-cutting initiatives [4] - Net income attributable to TEGNA Inc. for 2024 was $599,818, reflecting a 26% increase from $476,724 in 2023 [19] - Basic earnings per share increased by 55% to $3.55 in 2024, compared to $2.29 in 2023 [19] - TEGNA Inc. reported a net income of $180,666,000 for Q4 2024, compared to $76,133,000 in Q4 2023, representing an increase of 137% [34] - Adjusted EBITDA for the year ended December 31, 2024, was $931,472,000, up from $742,340,000 in 2023, reflecting a growth of 25.5% [34] Operating Income and Expenses - Operating income for 2024 was $784,784, a 7% increase from $733,545 in 2023 [19] - Total operating expenses increased by 6% to $2,317,187 in 2024, up from $2,177,385 in 2023 [19] - Total operating expenses for the quarter ended December 31, 2023, were $582.1 million, slightly lower than $595.1 million in the same quarter of 2024, showing a reduction of 2.4% [31] - TEGNA Inc. reported total operating expenses of $2.18 billion for the year ended December 31, 2023, compared to $2.31 billion in 2024, reflecting a decrease of 5.6% [33] Shareholder Returns - TEGNA returned $356 million to shareholders in 2024 through dividends and share repurchases, maintaining a target return range of 40-60% [4] Future Outlook - First quarter 2025 revenue is expected to decline by 4% to 7% compared to Q1 2024 [6] - TEGNA Inc. indicated ongoing investments in new technologies and market expansion strategies to drive future growth despite recent declines in earnings [31] Corporate Developments - TEGNA announced a new multi-year agreement with FuboTV Inc. to provide live sports telecasts, enhancing content distribution [7] - The company appointed Dhanusha Sivajee as Chief Experience Officer to improve local community engagement across its platforms [7] Cash and Debt Management - TEGNA's cash and cash equivalents totaled $693 million at the end of Q4 2024, with a net leverage ratio of 2.7x [4] - TEGNA Inc. reported a net debt of $2,396,786,000 as of December 31, 2024, with a net leverage ratio of 2.7x [39] - The net leverage ratio is calculated using net debt divided by average annual Adjusted EBITDA for the trailing two-year period [28] Non-Operating Items - TEGNA Inc. incurred $130,450,000 in other non-operating items for the year ended December 31, 2024, compared to $16,613,000 in 2023, indicating a significant increase in non-operating costs [34]

Core Insights - TEGNA Inc. reported a 20% increase in total company revenue for Q4 2024, reaching $871 million, driven primarily by political advertising revenue [4] - The company reaffirmed its two-year Adjusted Free Cash Flow guidance for 2024/2025, estimating between $900 million and $1.1 billion [6][30] - TEGNA's CEO highlighted the company's strategy to reinvent content creation and monetization in response to technological advancements and regulatory changes [2] Financial Highlights - Q4 2024 political advertising revenue was $187 million, contributing significantly to the overall revenue growth [4] - Subscription revenue for Q4 2024 increased by 5% to $357 million, while AMS revenue decreased by 11% to $314 million [4][21] - Full-year 2024 total revenue was $3,102 million, a 7% increase from the previous year, with political advertising revenue totaling $373 million [4][19] Operational Performance - Adjusted EBITDA for Q4 2024 rose 76% to $312 million, attributed to strong political advertising and cost-cutting initiatives [4] - The company returned $356 million to shareholders in 2024 through dividends and share repurchases, maintaining a target range of 40-60% of cash flow returned [4][28] - Cash and cash equivalents at the end of Q4 2024 totaled $693 million, with a net leverage ratio of 2.7x [4][29] Strategic Developments - TEGNA announced a multi-year agreement with FuboTV Inc. for live sports telecasts and an exclusive distribution agreement with the WNBA's Dallas Wings [4] - The company appointed Dhanusha Sivajee as Senior Vice President and Chief Experience Officer to enhance local community engagement across its platforms [11] - TEGNA's station KXTV received a prestigious award for excellence in journalism, showcasing the company's commitment to quality content [11]

Company Information - TEGNA Inc. (NYSE:TGNA) will hold its 2025 Annual Meeting of Shareholders on May 21, 2025, at 9 a.m. (ET) [1] - Shareholders of record as of March 24, 2025, will be notified and eligible to vote at the meeting, which will be conducted virtually via a live webcast [2] - TEGNA operates 64 television stations across 51 U.S. markets, reaching over 100 million people monthly through various platforms including web, mobile apps, streaming, and linear television [3]

Core Insights - TEGNA Inc. has appointed Adrienne Roark as the new chief content officer, effective March 31, 2025, bringing over 30 years of experience in news leadership and content development [1][4]. Company Overview - TEGNA Inc. operates 64 television stations across 51 U.S. markets, reaching over 100 million people monthly through various platforms including web, mobile apps, streaming, and linear television [6]. Leadership Experience - Roark previously worked at CBS News and Stations, where she managed editorial content and launched weather initiatives across the network [2]. - She has held leadership roles at multiple stations, including general manager positions at KPTV/DPDX and KOIN-TV in Portland, and vice president and news director roles at KTVT-TV and KTXA-TV in Dallas-Fort Worth [3]. Strategic Vision - CEO Mike Steib emphasized Roark's commitment to local communities and her ability to drive innovation in both TV and digital platforms, aligning with TEGNA's goals [4]. - Roark expressed enthusiasm about joining TEGNA and aims to enhance the delivery of high-quality, audience-driven stories for local communities [4]. Professional Affiliations - Roark is involved with several boards, including the National Advisory Board of Poynter and the Broadcasters Foundation of America's Board of Directors [5].

Company Overview - TEGNA Inc. (NYSE:TGNA) announced the appointment of Tom Cox to an expanded role overseeing distribution efforts, including partnerships with major networks like NBC, CBS, ABC, and Fox [1][2] - The company operates 64 television stations across 51 U.S. markets, reaching over 100 million people monthly through various platforms [4] Leadership and Strategy - Tom Cox, with 20 years of media experience, aims to strengthen the media ecosystem and enhance relationships with distribution partners to support local news [2] - In addition to his new distribution responsibilities, Cox will continue to lead M&A and business development, having completed over 50 transactions totaling nearly $10 billion since joining TEGNA in 2011 [3] Business Development - Cox's leadership is expected to deepen TEGNA's relationships with key distribution partners, which is crucial for the company's mission to serve local communities [2] - The company is focused on building a sustainable future for local news, emphasizing the importance of trusted local news and services [4]

Core Points - The Dallas Wings have entered a landmark broadcast rights agreement with TEGNA's KFAA, making KFAA the exclusive local television partner for the Wings [1][3] - All Wings games not designated for national television will be available for free over-the-air in the Dallas-Fort Worth area on KFAA, with potential select games on WFAA [2][4] - This partnership is seen as a significant milestone for the Dallas Wings, coinciding with their tenth anniversary season and various organizational changes [3][6] Company Developments - The Dallas Wings will play their home games at a renovated Dallas Memorial Auditorium in downtown Dallas and are building a new practice facility [3] - The team has made key hires in their front office, including a new Executive Vice President of Basketball Operations and General Manager, and a new Head Coach [3] - The Wings won the Draft Lottery in November 2024 and will have the No. 1 pick in the upcoming 2025 WNBA Draft [3] Broadcast Details - Fans can access KFAA games through various providers, including AT&T U-verse, Charter Spectrum, DIRECTV, and others [4] - KFAA, launched in October 2024, is also the broadcast home for the NBA's Dallas Mavericks and the NBA G League's Texas Legends [5][7]

Watch the Dallas Wings on TEGNA's KFAA Dallas Wings fans will be able to watch KFAA (Ch. 29) games through their cable, satellite, or streaming provider or through an HD antenna. DALLAS and TYSONS, Va., Feb. 13, 2025 (GLOBE NEWSWIRE) -- The Dallas Wings and TEGNA’s (NYSE: TGNA) KFAA in Dallas have announced a landmark broadcast rights agreement, making the station the exclusive local television partner of the Dallas Wings. In 2025, all Wings games not designated for national television will be available ...