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Mar 31, 2024
TEGNA Q1 2024 Earnings Report
TEGNA reported first quarter results, meeting key guidance metrics and reaffirming full-year guidance.
Key Takeaways
TEGNA Inc. reported a total company revenue of $714 million, a decrease of four percent year-over-year, but at the midpoint of their guidance range. The company achieved net income of $190 million on a GAAP basis ($80 million non-GAAP) and returned more than $100 million of capital to shareholders during the quarter, increasing the regular quarterly dividend by 10%.
Total company revenue was $714 million, down 4% year-over-year.
Subscription revenue was $375 million, down 9% year-over-year.
GAAP operating income totaled $138 million.
GAAP earnings per diluted share were $1.06.
TEGNA
TEGNA
TEGNA Revenue by Segment
Revenue by Segment
Distribution Revenue
CapyFin.comAdvertising & Mktg Svcs Revenue
CapyFin.comPolitical Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
TEGNA is reaffirming its guidance metrics for the full year of 2024, except for amortization, which is updated to include Octillion Media. Total Company GAAP Revenue for Q2 2024 is expected to be down low-to-mid single digit percent and total Non-GAAP Operating Expenses are expected to be flat.
Positive Outlook
- 2024/2025 Two-Year Adjusted FCF $900 million – 1.1 billion
- Net Leverage Ratio Below 3x at year end
- Corporate Expenses $40 – 45 million
- Depreciation $56 – 60 million
- Amortization $51 – 55 million
Challenges Ahead
- Interest Expense $170 – 173 million
- Capital Expenditures $62 – 67 million
- Effective Tax Rate 23.5 – 24.5%
- Total Company GAAP Revenue Down Low-to-Mid Single Digit Percent
- Total Non-GAAP Operating Expenses Flat
Revenue & Expenses
Visualization of income flow from segment revenue to net income