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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TEGNA Inc | NYSE:TGNA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.22 | 1.37% | 16.24 | 16.36 | 16.07 | 16.19 | 1,266,048 | 01:00:00 |
Achieves first quarter key guidance metrics and reaffirms full-year guidance
Returns more than $100 million of capital to shareholders during the quarter, on track to meet commitment to return approximately $350 million of capital in 2024
Increases regular quarterly dividend by 10%
Expects previously announced business transformation initiatives to generate $90-$100 million of annualized cost savings exiting 2025
Integration of Octillion Media’s cutting-edge technology into Premion is underway, will drive enhanced revenue growth and performance in local CTV/OTT
TEGNA Inc. (NYSE: TGNA) today announced financial results for the first quarter ended March 31, 2024.
FIRST QUARTER FINANCIAL HIGHLIGHTS:
1 A non-GAAP measure detailed in Table 2
CAPITAL ALLOCATION
TEGNA’s comprehensive capital allocation framework supports shareholder value creation through predictable and sustained return of capital. The Company continues to expect to return 40-60 percent of Adjusted free cash flow generated in 2024-2025 to shareholders through share repurchases and dividends, with the remaining free cash flow expected to be used for organic investments and/or bolt-on acquisitions and to prepare for future debt retirement. TEGNA will continue to analyze all uses of capital, including regular evaluation of the dividend, with a goal of maximizing long-term shareholder value creation.
Consistent with this framework, TEGNA is on track to return approximately $350 million of capital to shareholders in 2024 through dividends and opportunistic share repurchases from time to time on the open market at prevailing prices or in negotiated transactions.
During the first quarter, TEGNA returned more than $100 million of capital to shareholders with $82 million of share repurchases, representing 5.7 million shares, and paid $20 million in dividends. In February, the Company also received a final settlement of approximately four million shares related to the completion of our previously announced accelerated share repurchase (“ASR”) program launched in November 2023.
Additionally, the TEGNA Board approved a 10 percent increase to the Company’s regular quarterly dividend, from 11.375 to 12.5 cents per share, which reflects confidence in the durability of TEGNA’s free cash flow and strength of our balance sheet. This increase builds on a 20 percent increase to TEGNA’s dividend last year. The increased dividend announced today will be in effect for quarterly dividend payments, beginning with the July 1, 2024 payment, to stockholders of record as of the close of business on June 7, 2024.
2 A non-GAAP measure detailed in Table 3
3 A non-GAAP measure detailed in Table 5
CEO COMMENT
“TEGNA remains focused on maximizing long-term value for our shareholders and delivering on our key priorities. We returned more than $100 million of capital to shareholders during the quarter and announced today that we are increasing our quarterly dividend by 10%,” said Dave Lougee, president and chief executive officer.
“We met our quarterly guidance metrics, with local advertising trends continuing to improve with positive performance in automotive and services, our two largest advertising categories as well as entertainment and restaurants. Our capabilities in local advertising are bolstered by Premion and deliver results for our clients in the converged linear and streaming television marketplace. The addition of Octillion further enhances Premion’s growth and margin potential by creating an even more attractive platform for advertisers, and we are already seeing early signs of success with our customers.
“In this new era of sports distribution, we are the first broadcast group with local television deals with teams across the NBA, WNBA, NHL and National Women’s Soccer League, including newly announced deals with the WNBA’s Indiana Fever, featuring first round pick Caitlin Clark, the NHL’s Seattle Kraken and National Women Soccer League’s Seattle Reign. These are win-win opportunities to marry local sports teams and their passionate fans with our strong station brands and our unparalleled distribution.
“We expect our previously announced business transformation initiatives to drive increased efficiency and generate annualized cost savings of $90-$100 million as we exit 2025. Several initiatives are already underway. In the quarter, we deployed a new, regional go-to-market strategy for digital advertising sales that reduces costs while better positioning TEGNA to capture and fulfill digital campaigns. Our business transformation initiatives and industry-leading balance sheet position us well to take advantage of accretive opportunities to expand and diversify our business while keeping net leverage under 3.0x.
“Looking ahead, 2024 is shaping up to be another robust political cycle and we’re in a good position to take our fair share driven by our favorable portfolio of stations in key competitive markets.”
FULL-YEAR AND SECOND QUARTER 2024 OUTLOOK
Full-Year 2024 Key Guidance Metrics
TEGNA is reaffirming its guidance metrics for the full year of 2024, except for amortization, which is updated to include Octillion Media.
2024/2025 Two-Year Adjusted FCF
$900 million – 1.1 billion
Net Leverage Ratio
Below 3x at year end
Corporate Expenses
$40 – 45 million
Depreciation
$56 – 60 million
Amortization
$51 – 55 million
Interest Expense
$170 – 173 million
Capital Expenditures
$62 – 67 million
Effective Tax Rate
23.5 – 24.5%
Second Quarter 2024 Key Guidance Metrics
Reflects expectations relative to second quarter 2023 results
Total Company GAAP Revenue
Down Low-to-Mid Single Digit Percent
Total Non-GAAP Operating Expenses
Flat
KEY STRATEGIC UPDATES
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. 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 financial results are intended to identify forward-looking statements. Forward-looking statements in this communication may include, without limitation, statements regarding anticipated growth rates, the Company’s capital allocation framework, the Company’s business transformation initiatives, and the Company's other plans, objectives and expectations. 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, many of which are outside the Company’s control. These risks, uncertainties and other factors include, but are not limited to, risks and uncertainties related to: changes in the market price of the Company's shares, general market conditions, constraints, volatility, or disruptions in the capital markets; the possibility that the Company's share repurchases, including through ASR programs, and the execution of the capital allocation framework may not enhance long-term stockholder value; the Company’s ability to realize cost savings and execute its business transformation initiatives; the possibility that share repurchases could increase the volatility of the price of the Company's common stock; legal proceedings, judgments or settlements; the Company's ability to re-price or renew subscribers; potential regulatory actions; changes in consumer behaviors and impacts on and modifications to TEGNA's operations and business relating thereto; and economic, competitive, governmental, technological and other factors and risks that may affect the Company's operations or financial results, which are discussed in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Any forward-looking statements in this communication should be evaluated in light of these important risk factors. The Company is not responsible for updating the information contained in this communication beyond the published date, or for changes made to this press release by wire services, 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.
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 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,
2024
2023
Change
Revenues
$
714,252
$
740,327
(4
%)
Operating expenses:
Cost of revenues
430,567
426,932
1
%
Business units - Selling, general and administrative expenses
102,260
99,109
3
%
Corporate - General and administrative expenses
14,798
12,100
22
%
Depreciation
14,310
15,049
(5
%)
Amortization of intangible assets
13,660
13,582
1
%
Asset impairment and other
1,097
—
***
Total
576,692
566,772
2
%
Operating income
137,560
173,555
(21
%)
Non-operating (expense) income:
Interest expense
(42,368
)
(42,906
)
(1
%)
Interest income
5,573
7,573
(26
%)
Other non-operating items, net
149,758
(2,399
)
***
Total
112,963
(37,732
)
***
Income before income taxes
250,523
135,823
84
%
Provision for income taxes
61,261
31,819
93
%
Net income
189,262
104,004
82
%
Net loss attributable to redeemable noncontrolling interest
298
299
(0
%)
Net income attributable to TEGNA Inc.
$
189,560
$
104,303
82
%
Earnings per share:
Basic
$
1.06
$
0.46
***
Diluted
$
1.06
$
0.46
***
Weighted average number of common shares outstanding:
Basic shares
177,823
224,544
(21
%)
Diluted shares
178,437
224,839
(21
%)
*** 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 regularly use Corporate–General and administrative expenses, Operating expenses, Operating income and Income before income taxes, Provision for income taxes, Net income attributable to TEGNA Inc., and Diluted earnings per share, each presented on a non-GAAP basis, for purposes of evaluating company performance. Management and our Board of Directors also use Adjusted EBITDA and Adjusted free cash flow to evaluate 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 Adjusted 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 asset impairment and other, M&A-related costs, retention costs, workforce restructuring, and a gain on an 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, charges 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 stock-based compensation expense), 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) interest income, (5) other non-operating items, net, (6) M&A-related costs, (7) asset impairment and other, (8) workforce restructuring, (9) employee retention costs, (10) depreciation and (11) amortization of intangible assets. 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 Adjusted free cash flow and Adjusted free cash flow as a percentage of revenues, non-GAAP performance measures that the Board of Directors uses to review the performance of the business and compensate senior management. Adjusted 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 Adjusted free cash flow is Net income attributable to TEGNA. Adjusted free cash flow is calculated as Adjusted EBITDA (as defined above), further adjusted by adding back (1) employee stock-based compensation awards, (2) Company stock 401(k) match contributions, (3) syndicated programming amortization, (4) dividends received from equity method investments, (5) reimbursements from spectrum repacking, (6) proceeds from company-owned life insurance policies and (7) interest income. 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. Adjusted free cash flow is not intended to be a measure of residual cash available for management's discretionary use since it omits significant sources and uses of cash flow including mandatory debt repayments and changes in working capital.
This earnings release also presents our net leverage ratio which includes Adjusted EBITDA (without stock-based compensation) as a component of the computation. Our net leverage ratio is a financial measure that is used by management to assess the borrowing capacity of the company and management believes it is useful to investors for the same reason. The company defines its Net Leverage Ratio as (a) net debt (total debt less cash and cash equivalents) as of the balance sheet date divided by (b) Average Annual Adjusted EBITDA for the trailing two-year period.
The company is furnishing forward-looking guidance with respect to free cash flow for the combined 2024-25 years, net leverage and corporate expenses for fiscal year 2024 and non-GAAP operating expenses for the second quarter of 2024. Our future GAAP financial results will include the impact of special items such as retention costs including stock-based compensation and cash payments. The company believes that such expenses 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. Therefore, while we may incur or recognize these types of expenses 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 is not able to reconcile these amounts to their comparable GAAP financial measures without unreasonable efforts because certain information necessary to calculate such measures on a GAAP basis is unavailable, dependent on future events outside of our control and cannot be predicted. An example of such information is share-based compensation, which is impacted by future share price movement in the Company’s stock price and also dependent on future hiring and attrition. In addition, the Company believes such reconciliations could imply a degree of precision that might be confusing or misleading to investors. The actual effect of the reconciling items that the Company may exclude from these non-GAAP expense numbers, when determined, may be significant to the calculation of the comparable GAAP measures.
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, 2024
GAAP measure
Retention costs - SBC
Retention costs - Cash
M&A-related costs
Workforce restructuring
Asset impairment and other
Other non-operating item
Non-GAAP measure
Corporate - General and administrative expenses
$
14,798
$
(752
)
$
(221
)
$
(2,290
)
$
(111
)
$
—
$
—
$
11,424
Operating expenses
576,692
(2,893
)
(570
)
(2,290
)
(1,807
)
(1,097
)
—
568,035
Operating income
137,560
2,893
570
2,290
1,807
1,097
—
146,217
Income before income taxes
250,523
2,893
570
2,290
1,807
1,097
(152,867
)
106,313
Provision for income taxes
61,261
431
77
593
445
284
(36,621
)
26,470
Net income attributable to TEGNA Inc.
189,560
2,462
493
1,697
1,362
813
(116,246
)
80,141
Earnings per share - diluted (a)
$
1.06
$
0.01
$
—
$
0.01
$
0.01
$
—
$
(0.65
)
$
0.45
(a) Per share amounts do not sum due to rounding.
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
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,
2024
2023
Net income attributable to TEGNA Inc. (GAAP basis)
$
189,560
$
104,303
Less: Net loss attributable to redeemable noncontrolling interest
(298
)
(299
)
Plus: Provision for income taxes
61,261
31,819
Plus: Interest expense
42,368
42,906
Less: Interest income
(5,573
)
(7,573
)
(Less) Plus: Other non-operating items, net
(149,758
)
2,399
Operating income (GAAP basis)
137,560
173,555
Plus: M&A-related costs
2,290
2,766
Plus: Asset impairment and other
1,097
—
Plus: Workforce restructuring
1,807
—
Plus: Retention costs - Employee stock-based compensation awards
2,893
—
Plus: Retention costs - Cash
570
—
Adjusted operating income (non-GAAP basis)
146,217
176,321
Plus: Depreciation
14,310
15,049
Plus: Amortization of intangible assets
13,660
13,582
Adjusted EBITDA
$
174,187
$
204,952
Stock-based compensation:
Employee awards
8,240
3,688
Company stock 401(k) match contributions
5,429
5,564
Adjusted EBITDA before stock-based compensation costs
$
187,856
$
214,204
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,
2024
2023
Change
Subscription
$
375,324
$
414,280
(9%)
Advertising & Marketing Services
298,692
307,845
(3%)
Political
27,828
5,291
***
Other
12,408
12,911
(4%)
Total revenues
$
714,252
$
740,327
(4%)
Adjusted EBITDA
$
174,187
$
204,952
(15%)
Adjusted EBITDA Margin
24
%
28
%
*** Not meaningful
NON-GAAP FINANCIAL INFORMATION
TEGNA Inc.
Unaudited, in thousands of dollars
Table No. 5
Quarter ended Mar. 31,
2024
2023
Change
Net income attributable to TEGNA Inc. (GAAP basis)
$
189,560
$
104,303
82
%
Plus: Provision for income taxes
61,261
31,819
93
%
Plus: Interest expense
42,368
42,906
(1
%)
Plus: M&A-related costs
2,290
2,766
(17
%)
Plus: Depreciation
14,310
15,049
(5
%)
Plus: Amortization of intangible assets
13,660
13,582
1
%
Plus: Employee stock-based compensation awards
11,132
3,688
***
Plus: Company stock 401(k) match contribution
5,429
5,564
(2
%)
Plus: Syndicated programming amortization
10,983
14,459
(24
%)
Plus: Workforce restructuring expense
1,807
—
***
Plus: Retention costs, cash portion
570
—
***
Plus: Asset impairment and other
1,097
—
***
(Less) Plus: Other non-operating items, net
(149,758
)
2,399
***
Less: Net loss attributable to redeemable noncontrolling interest
(298
)
(299
)
(0
%)
Less: Syndicated programming payments
(10,159
)
(17,119
)
(41
%)
Less: Income tax payments, net of refunds
(1,044
)
(914
)
14
%
Less: Pension contributions
(952
)
(959
)
(1
%)
Less: Interest payments
(74,240
)
(73,862
)
1
%
Less: Purchases of property and equipment
(4,911
)
(2,845
)
73
%
Adjusted free cash flow (non-GAAP basis)
$
113,105
$
140,537
(20
%)
*** Not meaningful
Our share of net earnings and losses from investments that we have significant influence over, but do not have control, were previously included in “Equity loss in unconsolidated investments, net” in the Consolidated Statements of Income. However, beginning in the first quarter of 2024 such amounts are now included in "Other non-operating items, net". Prior year amounts have been reclassified to conform to the new presentation.
Starting in the fourth quarter of 2023, TEGNA began presenting interest income as a separate line item on its Statements of Income as a result of its increasing size. Prior to this, interest income was included in Other non-operating items, net. Prior year amounts have been reclassified to conform to the new presentation. Interest income is included in free cash flow while Other non-operating items, net is not, consistent with past presentations.
NON-GAAP FINANCIAL INFORMATION
TEGNA Inc.
Unaudited, in thousands of dollars
Table No. 5 (continued)
Two-year period ended Mar. 31,
2024
2023
Net income attributable to TEGNA Inc. (GAAP basis)
$
1,162,519
$
1,099,110
Plus: Provision for income taxes
349,092
334,056
Plus: Interest expense
345,674
356,093
Plus: M&A-related costs
32,421
27,021
Plus: Depreciation
119,969
125,189
Plus: Amortization of intangible assets
112,009
120,715
Plus: Employee stock-based compensation awards
55,615
56,923
Plus: Company stock 401(k) match contribution
37,381
36,063
Plus: Syndicated programming amortization
114,427
136,964
Plus: Workforce restructuring expense
1,807
—
Plus: Advisory fees related to activism defense
—
12,012
Plus: Cash dividend from equity investments for return on capital
500
4,276
Plus: Cash reimbursements from spectrum repacking
265
3,842
Plus: Net income attributable to redeemable noncontrolling interest
1
1,457
Plus: Reimbursement from Company-owned life insurance policies
1,879
1,929
Plus: Retention costs, cash portion
5,018
—
Plus (Less): Asset impairment and other
4,191
(1,207
)
Less: Other non-operating items, net
(162,922
)
(5,746
)
Less: Merger termination fee
(136,000
)
—
Less: Syndicated programming payments
(110,970
)
(140,650
)
Less: Income tax payments, net of refunds
(298,525
)
(351,206
)
Less: Pension contributions
(9,613
)
(12,149
)
Less: Interest payments
(332,842
)
(345,153
)
Less: Purchases of property and equipment
(105,400
)
(104,069
)
Adjusted free cash flow (non-GAAP basis)
$
1,186,496
$
1,355,470
Revenue
$
6,130,304
$
6,286,614
Adjusted free cash flow as a % of Revenue
19.4
%
21.6
%
Our share of net earnings and losses from investments that we have significant influence over, but do not have control, were previously included in “Equity loss in unconsolidated investments, net” in the Consolidated Statements of Income. However, beginning in the first quarter of 2024 such amounts are now included in "Other non-operating items, net". Prior year amounts have been reclassified to conform to the new presentation.
Starting in the fourth quarter of 2023, TEGNA began presenting interest income as a separate line item on its Statements of Income as a result of its increasing size. Prior to this, interest income was included in Other non-operating items, net. Prior year amounts have been reclassified to conform to the new presentation. Interest income is included in free cash flow while Other non-operating items, net is not, consistent with past presentations.
NON-GAAP FINANCIAL INFORMATION
TEGNA Inc.
Unaudited, in thousands of dollars
Table No. 6
The following table reconciles long-term debt, net of current portion to Net debt.
Mar. 31, 2024
Long-term debt, net of current portion
$
3,090,000
Plus: Current portion of long-term debt
—
Less: Cash and cash equivalents
(430,764
)
Net debt (numerator)
$
2,659,236
The following table shows the calculation of the average annual Adjusted EBITDA before stock-based compensation over the trailing two-year period ("T2Y").
Adjusted EBITDA before stock-based compensation:
First quarter of 20241
$
187,856
Plus: Year ended December 31, 20232
781,562
Plus: Year ended December 31, 20222
1,181,045
Less: First quarter of 20223
(265,451
)
Combined T2Y
$
1,885,012
Divided by
2
T2Y Adjusted EBITDA (denominator)
$
942,506
The following table shows the calculation of the Net Leverage Ratio.
Mar. 31, 2024
Net debt (numerator)
$
2,659,236
T2Y Adjusted EBITDA (denominator)
$
942,506
Net Leverage Ratio
2.8
x
1 A non-GAAP measure detailed in Table 3.
2 Refer to page 39 of the 2023 Form 10-K for reconciliations of 2023 and 2022 Adjusted EBITDA before stock-based compensation costs to net income attributable to TEGNA Inc.
3 Refer to page 23 in our Q1 2022 Form 10-Q for a reconciliation of our Q1 2022 Adjusted EBITDA. Note that we did not present Adjusted EBITDA before stock-based compensation in our Q1 2022 10-Q. Our Adjusted EBITDA was $249,618 thousand while our stock-based compensation and Company stock 401(k) contribution expenses were $10,495 thousand and $5,338 thousand, respectively, which sums to the amount shown above.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240507210248/en/
For media inquiries, contact: Anne Bentley Vice President, Chief Communications Officer 703-873-6366 abentley@TEGNA.com
For investor inquiries, contact: Julie Heskett Senior Vice President, Chief Financial Officer 703-873-6747 investorrelations@TEGNA.com
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