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Dec 31, 2023
TEGNA Q4 2023 Earnings Report
Reported fourth quarter and full-year 2023 results and provided a business update.
Key Takeaways
TEGNA Inc. reported a decrease in total company revenue for the fourth quarter, primarily due to the absence of political revenue from the prior year's mid-term election cycle. However, advertising trends showed sequential improvement, and the company is implementing a new capital allocation framework to return capital to shareholders.
Total company revenue was $726 million, down 21 percent year-over-year.
Subscription revenue was $339 million, down nine percent year-over-year, primarily due to a temporary service disruption.
AMS revenue was $352 million, in-line with the prior year, with underlying advertising trends up four percent year-over-year when adjusted for the loss of a single national Premion account.
GAAP earnings per diluted share were $0.40, and non-GAAP earnings per diluted share were $0.43.
Revenue by Segment
Forward Guidance
TEGNA provided full-year 2024 outlook and free cash flow guidance for 2024-2025. The company expects to generate free cash flow in the range of $900 million - $1.1 billion during the 2024-2025 period.
Positive Outlook
- Free cash flow guidance of $900 million - $1.1 billion during the 2024-2025 period.
- Extension of TEGNA’s affiliation agreements with NBC and ABC.
- Completed renegotiation of retransmission agreements for approximately 30 percent of traditional subscribers.
- Transformation initiatives to streamline operations, pursue innovation-driven opportunities, and achieve cost reductions.
- Strategic investment in 6AM City to enhance the distribution of local content.
Challenges Ahead
- Total Company GAAP Revenue Down Low-to-Mid-Single Digit percent
- Total Non-GAAP Operating Expenses Up Low-Single Digit 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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