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Dec 31, 2020
TEGNA Q4 2020 Earnings Report
TEGNA reported record fourth quarter and full-year results driven by political advertising and subscription revenue growth.
Key Takeaways
TEGNA Inc. reported record financial results for the fourth quarter and full-year ended December 31, 2020, driven by record political advertising revenues, continued strength of high-margin and recurring subscription revenues, and record GAAP net income and Adjusted EBITDA. The company exceeded full-year 2020 guidance provided prior to the COVID-19 pandemic for all key financial metrics.
Total company revenue was $938 million, up 35 percent year-over-year, driven by record political advertising and continued growth in subscription revenue.
TEGNA generated record political advertising revenue of $264 million in the fourth quarter, including $50 million of revenue generated from the Georgia Senate run-off elections.
Subscription revenue of $314 million was up nine percent year-over-year due to rate increases.
Total company Adjusted EBITDA was a record $429 million, an increase of 87 percent compared with fourth quarter of 2019.
Revenue by Segment
Forward Guidance
TEGNA expects continued growth in 2021, driven by strong subscription revenues and year-over-year AMS revenue growth.
Positive Outlook
- Total Company GAAP Revenue + Mid-Single Digits percent
Challenges Ahead
- Total Non-GAAP Operating Expenses + Mid-Single Digits percent
- Non-GAAP Operating Expenses (excluding programming) + Low-Single Digits percent
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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