Financial Performance - Total company revenue decreased 3% to 710million,primarilyduetolowersubscriptionandadvertisingrevenues,partiallyoffsetbyhigherpoliticaladvertisingdollars[1]−Subscriptionrevenuedecreased7367 million, primarily due to subscriber declines[1] - GAAP net income attributable to TEGNA Inc. was 82million,withGAAPearningsperdilutedshareat0.48[1] - Revenues for Q2 2024 were 710,363,adecreaseof3731,506 in Q2 2023[18] - Operating income for Q2 2024 was 141,860,down50281,599 in Q2 2023[18] - Net income attributable to TEGNA Inc. for Q2 2024 was 82,144,adeclineof59200,105 in Q2 2023[18] - Basic earnings per share for Q2 2024 were 0.48,down480.92 in Q2 2023[18] - Total revenues for the six months ended June 30, 2024, were 1,424,615,adecreaseof31,471,833 in the same period of 2023[19] - Operating income for the six months ended June 30, 2024, was 279,420,down39455,154 in the same period of 2023[19] - Net income attributable to TEGNA Inc. for the six months ended June 30, 2024, was 271,704,adecreaseof11304,408 in the same period of 2023[19] Cash Flow and Guidance - Adjusted free cash flow was 131millionforthequarter,withatwo−yearguidancerangeof900 million to 1.1billionfor2024−2025[9]−ThecompanyexpectsAdjustedfreecashflowguidancefor2024/2025toremainbetween900 million and 1.1billion[27]−Thecompanyprovidedforward−lookingguidanceforAdjustedfreecashflowforthecombined2024−25years,netleverage,andcorporateexpensesforfiscalyear2024[29]−AdjustedfreecashflowforthequarterendingJune30,2024,was130.6 million, compared to 229.6millionyear−to−date[38]OperatingMetrics−AdjustedEBITDAforthequarterendedJune30,2024,was175,727,000, compared to 194,323,000forthesamequarterin2023[36]−AdjustedEBITDAfor2024was349.9 million, down 12.3% from 399.3millionin2023[37]−OperatingincomeonaGAAPbasisfor2024was279.4 million, a decline from 455.2millionin2023[37]ShareholderReturns−Thecompanyreturned93 million of capital to shareholders in Q2 2024, including 72millioninsharerepurchasesand21 million in dividends[8] Debt and Leverage - Net debt as of June 30, 2024, was 2.64billion,withanetleverageratioof2.9x[42]−ThenetleverageratioiscalculatedusingAdjustedEBITDAandisusedtoassessthecompany′sborrowingcapacity[28]−TEGNAisreaffirmingitsfull−year2024guidancemetrics,includinganetleverageratiobelow3xatyear−end[10]SpecialItemsandCosts−Thecompanyincurredspecialitemsincludingretentioncostsof2,198,000 and workforce restructuring costs of 1,830,000 in Q2 2024[31] - The company highlighted that certain expenses, such as stock-based compensation, are excluded from non-GAAP measures to provide a clearer view of ongoing operations[30] - The company faced significant M&A-related costs of 17,082,000 in Q2 2023, impacting the operating income for that period[32] - The company incurred 14.98millioninstock−basedcompensationexpensesforthecurrentperiod,anincreasefrom8.84 million in the previous year[37] - The provision for income taxes increased to 82.5millionin2024from76.0 million in 2023[37] - M&A-related costs for the quarter were 356,withyear−to−datecoststotaling1.7 million[38] - The company reported a workforce restructuring cost of $3.6 million in 2024, with additional retention costs included[37] Strategic Initiatives - TEGNA signed a multi-year distribution agreement with NHL's Seattle Kraken to air games starting in October across multiple states[7] - TEGNA's NBC stations are covering the Paris 2024 Olympics, enhancing local community engagement[6] - The company appointed two new independent directors to its Board of Directors as part of its regular refreshment process[4]
TEGNA(TGNA)2024-08-07 12:29