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Sep 30, 2021
TEGNA Q3 2021 Earnings Report
Announced record third quarter revenue driven by record third quarter subscription revenue and record advertising and marketing services (AMS) revenue.
Key Takeaways
TEGNA Inc. reported record third-quarter revenue, driven by growth in subscription and advertising and marketing services (AMS) revenue. The company's improving subscriber trends and strong performance in AMS revenue contributed to the positive results. TEGNA has achieved the year-end target of low 3x net leverage, one quarter earlier than planned.
Total company revenue was $756 million, up two percent year-over-year.
Subscription revenue was $369 million, up 16 percent year-over-year.
AMS revenue was $364 million, up 22 percent year-over-year.
Net income was $128 million on a GAAP basis, or $123 million on a non-GAAP basis.
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 to be disproportionately impacted by cyclical even-to-odd year results due to the absence of record $264 million high margin political revenue reported in the fourth quarter of 2020 and remains on track to meet or exceed full year 2021 financial guidance for all key metrics.
Positive Outlook
- Subscription Revenue Growth + Mid-to-High Teens percent
- Corporate Expenses*$44 - 48 million
- Depreciation$62 - 66 million
- Amortization$60 - 65 million
- Net Leverage RatioLow 3x
Challenges Ahead
- Total Company GAAP Revenue - Mid-to-High Teens percent
- Total Non-GAAP Operating Expenses+ Low-to-Mid Single Digits percent
- Non-GAAP Operating Expenses(excluding programming)Flat-to-down
- Interest Expense$187 - 192 million
- Capital Expenditures (Non-recurring capital expenditures)$64 - 69 million (including $20 - 22 million non-recurring)
Revenue & Expenses
Visualization of income flow from segment revenue to net income