Achieves record first quarter subscription revenue which
reflects resiliency of Company’s business model following a record
year for total company revenue, subscription revenue, net income,
and Adjusted EBITDA
TEGNA declares regular quarterly dividend of 9.5 cents per
share
TEGNA Inc. (NYSE: TGNA) today announced financial results for
the first quarter ended March 31, 2023.
FIRST QUARTER FINANCIAL HIGHLIGHTS:
- Total company revenue was $740 million in the first quarter,
down four percent year-over-year, due to cyclical even-year events,
primarily driven by the absence of political revenue and Winter
Olympics on NBC, our largest big four affiliate portfolio, as well
as the Super Bowl airing on NBC last year compared to Fox stations
this year. Fox is our smallest station portfolio.
- Total company revenue was up two percent from the first quarter
of 20211 primarily driven by growth in subscription revenue,
partially offset by Advertising and Marketing Services (“AMS”)
revenue.
- Subscription revenue was a first quarter record of $414
million, up six percent year-over-year, driven by contractual rate
increases, a favorable comparison against the partial quarter
interruption experienced with Dish last year, and partially offset
by subscriber declines.
- AMS revenue was $308 million in the first quarter, down 13
percent year-over-year due to the absence of the Winter Olympics
and Super Bowl last year on our strong portfolio of NBC stations,
as well as continued macroeconomic headwinds. Automotive
advertising revenue continued to show strong year-over-year growth
for the third consecutive quarter adjusting for Winter Olympics and
Super Bowl.
- Compared to 2021, first quarter AMS revenue was down five
percent primarily driven by variances in Super Bowl on Fox stations
compared to CBS in 2021, as well as continued macroeconomic
headwinds.
- TEGNA achieved net income of $104 million on a GAAP basis, or
$107 million on a non-GAAP basis.
- Total company Adjusted EBITDA2 was $205 million, representing a
decrease of 18 percent compared to the first quarter of 2022 as
expected due to reduced high-margin advertising revenue from
political and Super Bowl on NBC stations last year, as well as
absence of NBC Winter Olympics revenue.
- First quarter Adjusted EBITDA was down 11 percent compared to
the first quarter of 2021 reflecting lower high-margin advertising
revenues from political and CBS Super Bowl.
- GAAP operating expenses were $567 million, flat year-over-year,
driven by increases in programming costs offset by lower
stock-based compensation and lower M&A related costs. Non-GAAP
operating expenses were $564 million, up two percent
year-over-year, with the increase driven entirely by programming
costs, partially offset by lower stock-based compensation expense.
- Non-GAAP expenses less programming decreased two percent from
the first quarter of 2022.
- GAAP and non-GAAP operating income totaled $174 million and
$176 million, respectively.
- Interest expense decreased to $43 million compared to $44
million in the first quarter of 2022 due to lower average debt of
$3.1 billion, resulting in net leverage of 2.34x.
- GAAP and non-GAAP earnings per diluted share were $0.46 and
$0.47, respectively.
- Free cash flow3 was $133 million for the quarter.
- For the trailing two-year period ending March 31, 2023, free
cash flow as a percentage of revenue was 21.3 percent.
- Total cash and cash equivalents at the end of the quarter was
$683 million.
_______________
1 Operating results are subject to
significant fluctuations across yearly periods (driven by even-year
election cycles and Olympics). As such, the management team and
Board of Directors also review current period operating results
compared to the same period two years ago (e.g., 2023 vs.
2021).
DIVIDEND ANNOUNCEMENT
TEGNA’s Board of Directors declared a regular quarterly dividend
of 9.5 cents per share, payable on July 3, 2023, to stockholders of
record as of the close of business on June 9, 2023.
TRANSACTION OVERVIEW
On February 22, 2022, TEGNA Inc. and Standard General L.P.
announced that TEGNA and an affiliate of Standard General entered
into a definitive agreement under which TEGNA will be acquired by
the Standard General affiliate for $24.00 per share in cash. On
February 24, 2023, the FCC issued a hearing designation order (the
“HDO”) with respect to the transaction. On March 27, 2023, certain
of the parties to the Merger Agreement filed a notice of appeal of
the HDO and a petition for a writ of mandamus with the United
States Court of Appeals for the District of Columbia Circuit (the
“D.C. Court of Appeals”). On April 3, 2023, the D.C. Court of
Appeals dismissed the appeal of the HDO. On April 21, 2023, the
D.C. Court of Appeals denied the petition for a writ of mandamus.
TEGNA is currently evaluating its options.
As a result of the pending transaction and as previously
announced, TEGNA expects to continue to pay its regular quarterly
dividend through the closing of the transaction, but has suspended
share repurchases under its previously announced share repurchase
program.
_______________
2 A non-GAAP measure detailed in Table
3
3 A non-GAAP measure detailed in Table
5
RECENT CONTENT, PROGRAMMING AND ESG UPDATES
- TEGNA Stations’ Streaming Apps for Roku and Fire TV on Growth
Trajectory – In Q1, stations’ apps saw 560 million minutes on
streaming, a 69 percent increase year-over-year. The average
visitor spent 10 hours in the apps during March.
- Premion Continues Strong Growth Trajectory in Local Sales –
Premion continues its momentum in the fast-growing streaming TV
advertising space with established, proven, and unique sales
channels, specifically local, which cannot be easily duplicated.
Premion sellers reach more than 78 percent of U.S. households and
continue to benefit from the breadth of TEGNA and Gray’s local
salesforce and footprint of local stations, a unique advantage in
selling CTV and OTT. During the quarter, we renewed a multi-year
reseller agreement with Gray.
- Locked On Delivers for Sports Fans – In Q1, Locked On Podcast
Network delivered more than 66 million podcast listens and views
across all platforms. The network finished the quarter with an
impressive increase of 57 percent in unique audience (individual
listeners and viewers) versus Q1 2022. Expansion into video
continues to be a major driver of network growth, as Locked On saw
a 170 percent increase in video views versus Q1 last year with
local sports fans consuming more than 337 million minutes of Locked
On video content during the quarter.
- VERIFY Continues Growth and Impact – VERIFY, TEGNA’s national
brand that combats disinformation, ended the quarter with
approximately 420,000 followers across its various dedicated
channels, including its daily newsletter and TikTok, both of which
were named Webby Award Honorees among some of the most notable
brands online. In Q1, unique visitors to VerifyThis.com grew 77
percent year-over-year and video views grew 18 percent
year-over-year. YouTube video plays grew 63 percent
year-over-year.
- Groundbreaking Investigations Change Lives and Laws – TEGNA
stations’ investigative reporting on important local issues has led
to new legislation. KARE 11 Investigates’ “The Gap: Failure to
Treat, Failure to Protect” received a prestigious Peabody Award
(Press Release) for their year-long investigation that led to new
legislation in Minnesota and KXTV’s “The Price of Care: Taken by
the State” received a Peabody Award nomination (Press Release) for
their work. KARE’s “The Gap” and WXIA’s “The Reveal: #Keeping” also
received prestigious Alfred I. duPont-Columbia University Awards
for their impactful investigations. (Press Release)
- TEGNA Stations and Employees Receive Top Industry Honors –
TEGNA stations and employees received industry honors, including
KING, which received the Brooks Jackson Prize for Fact-Checking
from the Annenberg Public Policy Center in partnership with USC
Annenberg’s Cronkite Awards for “The Fraud Crusade,” their series
on a misinformation campaign that sought to undermine public trust
in Washington state’s elections (Press Release); three 2023 Gracie
Awards from the Alliance for Women in Media Foundation (Press
Release); and a 2023 NAB Foundation Service to America award honor
for WBNS (Columbus) in the Television Large/Major Market category
for “Maria’s Message,” which resulted in new legislation that
toughened Ohio’s distracted driving laws.
FORWARD-LOOKING STATEMENTS
This communication includes forward-looking statements within
the meaning of the “safe harbor” provisions of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements are based on a number of assumptions about future events
and are subject to various risks, uncertainties and other factors
that may cause actual results to differ materially from the views,
beliefs, projections and estimates expressed in such statements.
These risks, uncertainties and other factors include, but are not
limited to, those discussed under “Risk Factors” in the Company’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2022, Quarterly Reports on Form 10-Q and the following: (1) the
timing, receipt and terms and conditions of any required
governmental or regulatory approvals of the proposed transaction
between TEGNA and affiliates of Standard General and the related
transactions involving the parties to the proposed transaction that
could reduce the anticipated benefits of or cause the parties to
abandon the proposed transaction, (2) risks related to the
satisfaction of the conditions to closing the proposed transaction
(including the failure to obtain necessary regulatory approvals),
and the related transactions involving the parties to the proposed
transaction, in the anticipated timeframe or at all, (3) the risk
that any announcements relating to the proposed transaction could
have adverse effects on the market price of the Company’s common
stock, (4) disruption from the proposed transaction could make it
more difficult to maintain business and operational relationships,
including retaining and hiring key personnel and maintaining
relationships with the Company’s customers, vendors and others with
whom it does business, (5) the occurrence of any event, change or
other circumstances that could give rise to the termination of the
merger agreement entered into pursuant to the proposed transaction
or of the transactions involving the parties to the proposed
transaction, (6) risks related to disruption of management’s
attention from the Company’s ongoing business operations due to the
proposed transaction, (7) significant transaction costs, (8) the
risk of litigation and/or regulatory actions related to the
proposed transaction or unfavorable results from currently pending
litigation and proceedings or litigation and proceedings that could
arise in the future, (9) other business effects, including the
effects of industry, market, economic, political or regulatory
conditions, and (10) information technology system failures, data
security breaches, data privacy compliance, network disruptions,
and cybersecurity, malware or ransomware attacks. Potential
regulatory actions, changes in consumer behaviors and impacts on
and modifications to the Company’s operations and business relating
thereto and the Company’s ability to execute on its standalone plan
can also cause actual results to differ materially. The Company is
not responsible for updating the information contained in this
press release beyond the published date, or for changes made to
this press release by wire service, Internet service providers or
other media.
Readers are cautioned not to place undue reliance on
forward-looking statements made by or on behalf of the Company.
Each such statement speaks only as of the day it was made. The
Company undertakes no obligation to update or to revise any
forward-looking statements. The factors described above cannot be
controlled by the Company. When used in this communication, the
words “believes,” “estimates,” “plans,” “expects,” “should,”
“could,” “outlook,” and “anticipates” and similar expressions as
they relate to the Company or its management are intended to
identify forward-looking statements. Forward-looking statements in
this communication may include, without limitation: statements
about the potential benefits of the proposed acquisition,
anticipated growth rates, the Company’s plans, objectives,
expectations, and the anticipated timing of closing the proposed
transaction.
ADDITIONAL INFORMATION
TEGNA Inc. (NYSE: TGNA) is an innovative media company that
serves the greater good of our communities. Across platforms, TEGNA
tells empowering stories, conducts impactful investigations and
delivers innovative marketing solutions. With 64 television
stations in 51 U.S. markets, TEGNA is the largest owner of top 4
network affiliates in the top 25 markets among independent station
groups, reaching approximately 39 percent of all television
households nationwide. TEGNA also owns leading multicast networks
True Crime Network, Twist and Quest. TEGNA offers innovative
solutions to help businesses reach consumers across television,
digital and over-the-top (OTT) platforms, including Premion,
TEGNA’s OTT advertising service. For more information, visit
www.TEGNA.com.
CONSOLIDATED STATEMENTS OF
INCOME
TEGNA Inc.
Unaudited, in thousands of
dollars (except per share amounts)
Table No. 1
Quarter ended Mar. 31,
2023
2022
% Increase
(Decrease)
Revenues
$
740,327
$
774,123
(4.4
)
Operating expenses:
Cost of revenues
426,932
411,450
3.8
Business units - Selling, general and
administrative expenses
99,109
101,969
(2.8
)
Corporate - General and administrative
expenses
12,100
21,320
(43.2
)
Depreciation
15,049
15,305
(1.7
)
Amortization of intangible assets
13,582
15,000
(9.5
)
Spectrum repacking reimbursements and
other, net
—
(58
)
***
Total
566,772
564,986
0.3
Operating income
173,555
209,137
(17.0
)
Non-operating (expense) income:
Equity loss in unconsolidated investments,
net
(237
)
(3,811
)
(93.8
)
Interest expense
(42,906
)
(43,620
)
(1.6
)
Other non-operating items, net
5,411
17,319
(68.8
)
Total
(37,732
)
(30,112
)
25.3
Income before income taxes
135,823
179,025
(24.1
)
Provision for income taxes
31,819
44,738
(28.9
)
Net income
104,004
134,287
(22.6
)
Net loss (income) attributable to
redeemable noncontrolling interest
299
(53
)
***
Net income attributable to TEGNA
Inc.
$
104,303
$
134,234
(22.3
)
Earnings per share:
Basic
$
0.46
$
0.60
(23.3
)
Diluted
$
0.46
$
0.60
(23.3
)
Weighted average number of common
shares outstanding:
Basic shares
224,544
222,712
0.8
Diluted shares
224,839
223,240
0.7
*** Not meaningful
USE OF NON-GAAP
INFORMATION
The company uses non-GAAP financial performance measures to
supplement the financial information presented on a GAAP basis.
These non-GAAP financial measures should not be considered in
isolation from, or as a substitute for, the related GAAP measures,
nor should they be considered superior to the related GAAP
measures, and should be read together with financial information
presented on a GAAP basis. Also, our non-GAAP measures may not be
comparable to similarly titled measures of other companies.
Management and the company’s Board of Directors use non-GAAP
financial measures for purposes of evaluating company performance.
Furthermore, the Leadership Development and Compensation Committee
of our Board of Directors uses non-GAAP measures such as Adjusted
EBITDA, non-GAAP net income, non-GAAP EPS, and free cash flow to
evaluate management’s performance. The company, therefore, believes
that each of the non-GAAP measures presented provides useful
information to investors and other stakeholders by allowing them to
view our business through the eyes of management and our Board of
Directors, facilitating comparisons of results across historical
periods and focus on the underlying ongoing operating performance
of our business. The company also believes these non-GAAP measures
are frequently used by investors, securities analysts and other
interested parties in their evaluation of our business and other
companies in the broadcast industry.
The company discusses in this release non-GAAP financial
performance measures that exclude from its reported GAAP results
the impact of “special items” consisting of spectrum repacking
reimbursements and other, net, M&A-related costs, a gain on an
available for sale investment, and an impairment charge recorded
for another investment. In addition, we have excluded certain
income tax special items associated with a valuation allowance on a
deferred tax asset related to an equity method investment.
The company believes that such expenses and gains are not
indicative of normal, ongoing operations. While these items should
not be disregarded in evaluation of our earnings performance, it is
useful to exclude such items when analyzing current results and
trends compared to other periods as these items can vary
significantly from period to period depending on specific
underlying transactions or events that may occur. Therefore, while
we may incur or recognize these types of expenses and gains in the
future, the company believes that removing these items for purposes
of calculating the non-GAAP financial measures provides investors
with a more focused presentation of our ongoing operating
performance.
The company also discusses Adjusted EBITDA (with and without
corporate expenses), a non-GAAP financial performance measure that
it believes offers a useful view of the overall operation of its
businesses. The company defines Adjusted EBITDA as net income
attributable to TEGNA before (1) net loss (income) attributable to
redeemable noncontrolling interest, (2) income taxes, (3) interest
expense, (4) equity loss in unconsolidated investments, net, (5)
other non-operating items, net, (6) M&A-related costs, (7)
spectrum repacking reimbursements and other, net, (8) depreciation
and (9) amortization. The company believes these adjustments
facilitate company-to-company operating performance comparisons by
removing potential differences caused by variations unrelated to
operating performance, such as capital structures (interest
expense), income taxes, and the age and book appreciation of
property and equipment (and related depreciation expense). The most
directly comparable GAAP financial measure to Adjusted EBITDA is
Net income attributable to TEGNA. Users should consider the
limitations of using Adjusted EBITDA, including the fact that this
measure does not provide a complete measure of our operating
performance. Adjusted EBITDA is not intended to purport to be an
alternate to net income as a measure of operating performance or to
cash flows from operating activities as a measure of liquidity. In
particular, Adjusted EBITDA is not intended to be a measure of cash
flow available for management’s discretionary expenditures, as this
measure does not consider certain cash requirements, such as
working capital needs, capital expenditures, contractual
commitments, interest payments, tax payments and other debt service
requirements.
This earnings release also discusses free cash flow, a non-GAAP
performance measure that the Board of Directors uses to review the
performance of the business. Free cash flow is reviewed by the
Board of Directors as a percentage of revenue over a trailing
two-year period (reflecting both an even and odd year reporting
period given the political cyclicality of the business). The most
directly comparable GAAP financial measure to free cash flow is Net
income attributable to TEGNA. Free cash flow is calculated as
non-GAAP Adjusted EBITDA (as defined above), further adjusted by
adding back (1) stock-based compensation, (2) non-cash 401(k)
company match, (3) syndicated programming amortization, (4)
dividends received from equity method investments (5)
reimbursements from spectrum repacking, and (6) proceeds from
company-owned life insurance policies. This is further adjusted by
deducting payments made for (1) syndicated programming, (2)
pension, (3) interest, (4) taxes (net of refunds) and (5) purchases
of property and equipment. Like Adjusted EBITDA, free cash flow is
not intended to be a measure of cash flow available for
management’s discretionary use.
NON-GAAP FINANCIAL INFORMATION
TEGNA Inc.
Unaudited, in thousands of dollars (except
per share amounts)
Table No. 2
Reconciliations of certain line items
impacted by special items to the most directly comparable financial
measure calculated and presented in accordance with GAAP on the
company's Consolidated Statements of Income follow:
Special Items
Quarter ended Mar. 31, 2023
GAAP
measure
M&A-related costs
Non-GAAP measure
Corporate - General and administrative
expenses
$
12,100
$
(2,766
)
$
9,334
Operating expenses
566,772
(2,766
)
564,006
Operating income
173,555
2,766
176,321
Income before income taxes
135,823
2,766
138,589
Provision for income taxes
31,819
181
32,000
Net income attributable to TEGNA Inc.
104,303
2,585
106,888
Earnings per share-diluted
$
0.46
$
0.01
$
0.47
Special Items
Quarter ended Mar. 31, 2022
GAAP
measure
M&A-related costs
Spectrum repacking
reimbursements and other
Other non- operating
items
Special tax items
Non-GAAP measure
Corporate - General and administrative
expenses
$
21,320
$
(10,234
)
$
—
$
—
$
—
$
11,086
Spectrum repacking reimbursements and
other, net
(58
)
—
58
—
—
—
Operating expenses
564,986
(10,234
)
58
—
—
554,810
Operating income
209,137
10,234
(58
)
—
—
219,313
Other non-operating items, net
17,319
—
—
(18,308
)
—
(989
)
Total non-operating expenses
(30,112
)
—
—
(18,308
)
—
(48,420
)
Income before income taxes
179,025
10,234
(58
)
(18,308
)
—
170,893
Provision for income taxes
44,738
31
(14
)
168
(7,117
)
37,806
Net income attributable to TEGNA Inc.
134,234
10,203
(44
)
(18,476
)
7,117
133,034
Earnings per share-diluted (a)
$
0.60
$
0.05
$
—
$
(0.08
)
$
0.03
$
0.59
(a) Per share amounts do not sum due to
rounding.
NON-GAAP FINANCIAL INFORMATION
TEGNA Inc.
Unaudited, in thousands of dollars
Table No. 3
Reconciliations of Adjusted EBITDA to net
income presented in accordance with GAAP on the company's
Consolidated Statements of Income are presented below:
Quarter ended Mar. 31,
2023
2022
2021
Net income attributable to TEGNA Inc.
(GAAP basis)
$
104,303
$
134,234
$
112,617
(Less) Plus: Net (loss) income
attributable to redeemable noncontrolling interest
(299
)
53
215
Plus: Provision for income taxes
31,819
44,738
35,614
Plus: Interest expense
42,906
43,620
46,485
Plus: Equity loss in unconsolidated
investments, net
237
3,811
1,329
Less: Other non-operating items, net
(5,411
)
(17,319
)
(330
)
Operating income (GAAP basis)
173,555
209,137
195,930
Plus: M&A-related costs
2,766
10,234
—
Plus: Advisory fees related to activism
defense
—
—
4,599
Less: Spectrum repacking reimbursements
and other, net
—
(58
)
(1,423
)
Adjusted operating income (non-GAAP
basis)
176,321
219,313
199,106
Plus: Depreciation
15,049
15,305
15,896
Plus: Amortization of intangible
assets
13,582
15,000
15,760
Adjusted EBITDA (non-GAAP basis)
$
204,952
$
249,618
$
230,762
Corporate - General and administrative
expense (non-GAAP basis)
9,334
11,086
12,271
Adjusted EBITDA, excluding Corporate
(non-GAAP basis)
$
214,286
$
260,704
$
243,033
NON-GAAP FINANCIAL INFORMATION
TEGNA Inc.
Unaudited, in thousands of dollars
Table No. 4
Below is a detail of our primary sources
of revenue presented in accordance with GAAP on company’s
Consolidated Statements of Income. In addition, we show Adjusted
EBITDA and Adjusted EBITDA margins (see non-GAAP reconciliations at
Table No. 3).
Quarter ended Mar. 31,
2023
2022
% Increase
(Decrease)
2021
% Increase
(Decrease)
Subscription
$
414,280
$
391,654
5.8
$
386,737
7.1
Advertising and Marketing Services
307,845
354,467
(13.2
)
322,834
(4.6
)
Political
5,291
17,965
(70.5
)
9,428
(43.9
)
Other
12,911
10,037
28.6
8,052
60.3
Total revenues
$
740,327
$
774,123
(4.4
)
$
727,051
1.8
Adjusted EBITDA
$
204,952
$
249,618
(17.9
)
$
230,762
(11.2
)
Adjusted EBITDA Margin
27.7
%
32.2
%
31.7
%
NON-GAAP FINANCIAL INFORMATION
TEGNA Inc.
Unaudited, in thousands of dollars
Table No. 5
Reconciliations of free cash flow to net
income presented in accordance with GAAP on the company's
Consolidated Statements of Income are presented below:
Quarter ended Mar. 31,
2023
2022
% Increase (Decrease)
Net income attributable to TEGNA Inc.
(GAAP basis)
$
104,303
$
134,234
(22.3
)
Plus: Provision for income taxes
31,819
44,738
(28.9
)
Plus: Interest expense
42,906
43,620
(1.6
)
Plus: M&A-related costs
2,766
10,234
(73.0
)
Plus: Depreciation
15,049
15,305
(1.7
)
Plus: Amortization
13,582
15,000
(9.5
)
Plus: Stock-based compensation
3,688
10,495
(64.9
)
Plus: Company stock 401(k)
contribution
5,564
5,338
4.2
Plus: Syndicated programming
amortization
14,459
18,422
(21.5
)
Plus: Net income attributable to
redeemable noncontrolling interest
(299
)
53
***
Plus: Equity loss in unconsolidated
investments, net
237
3,811
(93.8
)
Plus (Less): Cash reimbursements from
spectrum repacking
—
58
***
(Less) Plus: Spectrum repacking
reimbursements and other, net
—
(58
)
***
Less: Other non-operating items, net
(5,411
)
(17,319
)
(68.8
)
Less: Income tax payments
(914
)
248
***
Less: Syndicated programming payments
(17,119
)
(20,771
)
(17.6
)
Less: Pension contributions
(959
)
(960
)
(0.1
)
Less: Interest payments
(73,862
)
(75,063
)
(1.6
)
Less: Purchases of property and
equipment
(2,845
)
(5,538
)
(48.6
)
Free cash flow (non-GAAP basis)
$
132,964
$
181,847
(26.9
)
*** Not meaningful
NON-GAAP FINANCIAL INFORMATION
TEGNA Inc.
Unaudited, in thousands of dollars
Table No. 5 (continued)
Two-year period ended Mar. 31,
2023
Net income attributable to TEGNA Inc.
(GAAP basis)
$
1,099,110
Plus: Provision for income taxes
334,056
Plus: Interest expense
356,093
Plus: M&A-related costs
27,021
Plus: Depreciation
125,189
Plus: Amortization
120,715
Plus: Stock-based compensation
56,923
Plus: Company stock 401(k)
contribution
36,063
Plus: Syndicated programming
amortization
136,964
Plus: Advisory fees related to activism
defense
12,012
Plus: Cash dividend from equity
investments for return on capital
4,276
Plus: Cash reimbursements from spectrum
repacking
3,842
Plus: Net income attributable to
redeemable noncontrolling interest
1,457
Plus: Reimbursement from Company-owned
life insurance policies
1,929
Plus: Equity income in unconsolidated
investments, net
13,094
Less: Spectrum repacking reimbursements
and other, net
(1,207
)
Less: Other non-operating items, net
(33,337
)
Less: Syndicated programming payments
(140,650
)
Less: Income tax payments, net of
refunds
(351,206
)
Less: Pension contributions
(12,149
)
Less: Interest payments
(345,153
)
Less: Purchases of property and
equipment
(104,069
)
Free cash flow (non-GAAP basis)
$
1,340,973
Revenue
$
6,283,614
Free cash flow as a % of revenue
21.3
%
NON-GAAP FINANCIAL INFORMATION
TEGNA Inc.
Unaudited, in thousands of dollars
Table No. 6
Below is a reconciliation of non-GAAP
operating expenses to GAAP operating expenses on the company's
Consolidated Statements of Income:
Quarter ended Mar. 31,
2023
2022
Operating expenses (GAAP basis)
$
566,772
$
564,986
Less: Special items 1, 2
(2,766
)
(10,176
)
Operating expenses (non-GAAP basis)
564,006
554,810
Less: Programming expenses
(251,572
)
(236,314
)
Operating expenses, less Programming
(non-GAAP basis)
$
312,434
$
318,496
1 Q1 2023 special items include
M&A-related costs (see Table 2)
2 Q1 2022 special items include
reimbursements from the FCC for required spectrum repacking and
M&A-related costs (see Table 2).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230509006244/en/
For media inquiries, contact: Anne Bentley Vice President,
Corporate Communications 703-873-6366 abentley@TEGNA.com
For investor inquiries, contact: Julie Heskett Senior Vice
President, Financial Planning & Analysis 703-873-6747
investorrelations@TEGNA.com
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