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Jun 30, 2023
TEGNA Q2 2023 Earnings Report
Announced second quarter 2023 results, declared regular quarterly dividend, and achieved record second quarter subscription revenue.
Key Takeaways
TEGNA Inc. reported a total company revenue of $732 million, a 7% decrease year-over-year, primarily due to the absence of political revenue from the prior year's mid-term election cycle. Subscription revenue reached a record $396 million, up 2% year-over-year. The company achieved net income of $200 million on a GAAP basis, or $97 million on a non-GAAP basis.
Total company revenue was $732 million, down 7% year-over-year.
Subscription revenue reached a second quarter record of $396 million, up 2% year-over-year.
AMS revenue was $318 million, down 5% year-over-year, but showed sequential improvement compared to the first quarter.
Net income was $200 million on a GAAP basis, or $97 million on a non-GAAP basis.
Revenue by Segment
Forward Guidance
In the third quarter of 2023, TEGNA expects to be disproportionately impacted by cyclical even-to-odd year results due to the absence of $93 million high-margin political revenue reported in the third quarter of 2022.
Challenges Ahead
- Total Company GAAP Revenue Down Low-Double Digit percent
- Total Non-GAAP Operating Expenses Up Low-Single Digit percent
- Non-GAAP Operating Expenses (excluding programming)Down Low-Single Digit percent
- Corporate Expenses $40 - 45 million
- Interest Expense $170 - 175 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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