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Jun 30, 2021
TEGNA Q2 2021 Earnings Report
Announced record second quarter results and provided third quarter guidance.
Key Takeaways
TEGNA Inc. reported record second quarter total company revenue, subscription revenue, advertising and marketing services revenue, net income, and Adjusted EBITDA. The company expects to achieve the high end of new 2020 to 2021 free cash flow as a percentage of revenue guidance range of 21.5 to 22.0 percent.
Total company revenue was $733 million, up 27 percent year-over-year.
Subscription revenue was $375 million, up 16 percent year-over-year.
AMS revenue was $341 million, up 49 percent year-over-year.
Net income of $107 million on a GAAP basis.
TEGNA
TEGNA
TEGNA Revenue by Segment
Revenue by Segment
Political Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
In the third quarter of 2021, TEGNA expects strong subscription revenue and the continued recovery of advertising and marketing services revenue to offset the loss of record political advertising, which was $116 million in third quarter 2020.
Positive Outlook
- Total Company GAAP Revenue + Low-Single Digits percent
- Non-GAAP Revenue (excluding political) + High-Teens percent
- Subscription Revenue Growth + Mid-to-High Teens percent
- Net Leverage Ratio Low 3x
- 2020/21 Free Cash Flow as a % of combined 2020/21 Revenue 21.5 - 22.0%
Challenges Ahead
- Total Non-GAAP Operating Expenses+ Mid-to-High Single Digits percent
- Non-GAAP Operating Expenses(excluding programming)+ Mid-Single Digits percent
- Corporate Expenses $44 - 48 million
- Depreciation $62 - 66 million
- Amortization $60 - 65 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income