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Mar 31, 2021
TEGNA Q1 2021 Earnings Report
TEGNA's first quarter performance was marked by record revenue, net income, and Adjusted EBITDA, driven by advertising, marketing services, and subscription revenues. Subscriber trends improved, and full-year Premion revenues accelerated.
Key Takeaways
TEGNA announced record first quarter revenue, net income, and Adjusted EBITDA, driven by advertising and marketing services and subscription revenues. The company's subscriber trends continued to improve year-over-year, and full-year 2021 Premion revenues are expected to accelerate.
Total company revenue was $727 million, up six percent year-over-year.
Subscription revenue was a first quarter record of $387 million, up 16 percent year-over-year.
Record first quarter AMS revenues of $323 million were up 9.4 percent year-over-year.
Net income was $113 million, up 30 percent from the first quarter of 2020.
TEGNA
TEGNA
TEGNA Revenue by Segment
Revenue by Segment
Advertising & Mktg Svcs Revenue
CapyFin.comPolitical Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
TEGNA expects continued support from strong subscription revenue and the recovery of advertising and marketing services revenue in the second quarter of 2021. TEGNA reaffirms 2021 guidance metrics as provided on April 14, 2021.
Positive Outlook
- Total Company GAAP Revenue + Mid-to-High Twenties percent
- Subscription Revenue Growth + Mid-to-High Teens percent
- Free Cash Flow as a % of est. combined 2020/21 Revenue 21.0 - 22.0%
- Net Leverage Ratio Low 3x
- Premion revenues now estimated to grow 45 to 50 percent relative to 2020.
Challenges Ahead
- Total Non-GAAP Operating Expenses+ Low-Double Digits percent
- Non-GAAP Operating Expenses(excluding programming)+ Low-Double Digits percent
- Corporate Expenses $44 - 48 million
- Interest Expense $187 - 192 million
- Effective Tax Rate 24.0 - 25.0%
Revenue & Expenses
Visualization of income flow from segment revenue to net income