TEGNA Inc. (NYSE:TGNA) Q1 2024 Earnings Call Transcript May 8, 2024 10:00 AM ET Company Participants Kirk von Seelen - Vice President and Treasurer David Lougee - President, CEO & Director Julie Heskett - Senior VP & CFO Tom Cox - Chief Growth Officer Conference Call Participants Dan Kurnos - Benchmark Company Steven Cahall - Wells Fargo Craig Huber - Huber Research Partners James Goss - Barrington Research Operator Hello and welcome to TEGNA First Quarter 2024 Earnings Conference Call. At this time, all pa ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-6961 TEGNA INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation 8350 Broad Street, Suite 2000, Tysons, Virginia 22102-5151 ...

FOR IMMEDIATE RELEASE Wednesday, May 8, 2024 Increases regular quarterly dividend by 10% Expects previously announced business transformation initiatives to generate $90-$100 million of annualized cost savings exiting 2025 Integration of Octillion Media's cutting-edge technology into Premion is underway, will drive enhanced revenue growth and performance in local CTV/OTT Tysons, Va. – TEGNA Inc. (NYSE: TGNA) today announced financial results for the first quarter ended March 31, 2024. FIRST QUARTER FINANCIA ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ 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 jurisdiction of incorporation or | Title of ...

Financial Data and Key Metrics Changes - Non-GAAP operating expenses for the quarter were $577 million, down 2% compared to Q4 2022, and down 4% when excluding programming costs, driven by lower variable costs of sales for digital revenue and operational expense management improvements [1] - Total revenue for Q4 2023 was down 21%, primarily due to the absence of cyclical political revenue from the midterm elections in 2022 and a temporary service disruption [77] - Full year 2023 total revenue finished at $2.9 billion, down 11% year-over-year due to the cyclical reduction of political ad revenue [77] - Adjusted EBITDA for Q4 was $177 million, producing a 24% margin, while full year adjusted EBITDA was $742 million, producing a 26% margin [51] Business Line Data and Key Metrics Changes - Subscription revenue for full year 2023 was over $1.5 billion, in line with the prior year, driven by rate increases but offset by subscriber declines and service disruptions [78] - Advertising trends in Q4 showed sequential improvement, particularly in automotive and services, which are the two largest ad categories [34] - Premion's local revenue growth remained strong, finishing up double digits for the full year, while overall Premion revenue was down year-over-year due to the loss of a large national account [50][81] Market Data and Key Metrics Changes - The company expects to generate free cash flow in the range of $900 million to $1.1 billion during the period of 2024-2025, reflecting confidence in the visibility and durability of cash flows [27][82] - The company has network affiliate agreements covering almost all Big 4 subscribers through late 2026, enhancing visibility into revenues and future cash flow [62] Company Strategy and Development Direction - The company is focused on returning capital to shareholders, driving efficiencies, and evaluating growth opportunities following the merger termination [25] - A new comprehensive capital allocation framework has been announced, expecting to return 40% to 60% of free cash flow over the next two years in the form of buybacks and dividends [74] - The acquisition of Octillion Media is expected to enhance Premion's capabilities in local streaming advertising, driving product innovation and operational efficiencies [68][81] Management's Comments on Operating Environment and Future Outlook - Management noted that 2024 will be a strong year driven by key events such as the presidential election cycle, the Summer Olympic Games, and the Super Bowl [2] - The company anticipates that advertising and marketing services will remain flat throughout the year, with local advertising trends remaining strong despite some softness on the national side [54] - Management expressed confidence in the operational efficiencies and cost reduction initiatives expected to yield benefits in the latter half of 2024 and continue through 2025 [52][64] Other Important Information - The company has committed to nearly $800 million of share repurchases and increased dividends by 20% following the merger termination [32][73] - The company ended the year with total debt of $3.1 billion and cash of $361 million, with net leverage at 2.8x, well below the 3x guidance [102] Q&A Session Summary Question: What are the expectations for advertising trends in 2024? - Management indicated that while there is some softness on the national side, local advertising trends remain strong, and they expect overall advertising to be flat throughout the year [54] Question: Can you elaborate on the acquisition of Octillion Media? - The acquisition is expected to enhance Premion's capabilities, allowing for better operational control, greater innovation, and improved EBITDA margins [112] Question: How does the company view the impact of political advertising in 2024? - Management noted that their stations play a fundamental role in political marketing strategies, with a significant presence in battleground states [66][124]

Provides full-year 2024 outlook and free cash flow guidance for 2024-2025 Plans to return 40-60% of 2024-2025 free cash flow to shareholders through new capital allocation framework; represents an expected return of capital of $1.3 billion from the date of merger termination through 2025, with $350 million commitment in 2024 Received $153 million of pre-tax cash proceeds from the sale of ownership interest in BMI (Broadcast Music, Inc.) Board authorizes new two-year $650 million share repurchase to capitali ...

For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-6961 ___________________________ TEGNA INC. (Exact name of registrant as specified in its charter) ___________________________ Delaware 16-0442930 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q _______________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ...

TEGNA Inc. (NYSE:TGNA) Q3 2023 Earnings Conference Call November 7, 2023 10:00 AM ET Company Participants Julie Heskett - Senior Vice President Financial Planning & Analysis & Head of Investor Relations Dave Lougee - President & Chief Executive Officer Victoria Harker - Chief Financial Officer Conference Call Participants Dan Kurnos - The Benchmark Company Steven Cahall - Wells Fargo Craig Huber - Huber Research Partners James Goss - Barrington Research Operator Good day and thank you for standing by. Welco ...

| --- | --- | --- | --- | |---------------|-------------------------------------------------------|-------|-------| | | | | | | | | | | | NOVEMBER 2023 | .. . . . . . INVESTOR PRESENTATION . . . . . . . . . | | | | TEGNA | | | | | | | | | | | | | | 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 ...

TEGNA Inc. (NYSE:TGNA) Q2 2023 Earnings Conference Call August 3, 2023 10:00 AM ET Company Participants Julie Heskett - SVP of Finance and IR Dave Lougee - President and CEO Victoria Harker - CFO Conference Call Participants Dan Kurnos - The Benchmark Company Craig Huber - Huber Research James Goss - Barrington Research Steven Cahall - Wells Fargo Aaron Watts - Deutsche Bank Operator Thank you for standing by, and welcome to the Second Quarter TEGNA Earnings Conference Call. At this time, all participants a ...