TEGNA Q3 2020 Earnings Report
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
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TEGNA Revenue by Segment
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