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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.
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 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