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Sep 30, 2020
TEGNA Q3 2020 Earnings Report
Reported record single quarter revenue and strong overall third quarter results, driven by political advertising and subscription business strength.
Key Takeaways
TEGNA Inc. reported a 34% increase in total company revenue to $738 million in Q3 2020, driven by record political advertising revenue, continued strength in subscription revenue, and stronger than expected advertising and marketing services revenue. Net income was $132 million, and free cash flow was $153 million.
Total company revenue was $738 million, up 34 percent year-over-year.
Political revenues were $116 million, a new third quarter record.
Third quarter subscription revenue of $317 million was up 32 percent.
TEGNA achieved net income of $132 million in the third quarter.
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 that its net leverage ratio will be 4.20x or less by the end of 2020. Free cash flow as a percentage of combined 2019/20 revenue is now expected to be 20 to 21 percent, exceeding the pre-COVID 2020 guidance of 19 to 20 percent. Full year subscription revenue growth is now expected to be up in the high-twenties percentage-wise compared to 2019.
Revenue & Expenses
Visualization of income flow from segment revenue to net income