Trusted Voices Delivering Results Investor Presentation August 2021 TEGNA Forward-Looking Statements Certain statements in this communication may constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are subject to a number of risks, trends and uncertainties that could cause actual results or company actions to differ materially from what is expressed or implied by these statements, including risks relating ...

Financial Data and Key Metrics Changes - TEGNA achieved record total revenues, advertising and marketing services revenues, subscription revenue, net income, and adjusted EBITDA in Q1 2021, marking the strongest first quarter since becoming a pure-play broadcasting company [7][28]. - Total company revenue increased by 6% year-over-year, with a 41% increase compared to Q1 2019 [33]. - Adjusted EBITDA reached a record $231 million, representing a 32% margin for the quarter, and was up 9% year-over-year [47][48]. Business Line Data and Key Metrics Changes - Advertising and marketing services revenues rose by 9.4% year-over-year, driven by both traditional and digital advertising, including the growth of Premion [8][37]. - Subscription revenues increased by 16% year-over-year, supported by strong retransmission rates and improved subscriber trends [11][35]. - Premion is projected to close 2021 with revenues 45% to 50% higher than 2020, reflecting its continued growth [9]. Market Data and Key Metrics Changes - Subscriber trends improved, with a year-over-year decline of less than 5%, the best performance since 2019 [11][34]. - The automotive advertising category, TEGNA's largest, improved significantly, with low double-digit growth compared to last year [39]. - Non-political advertising categories are recovering, with strong audience metrics across both traditional and digital platforms [38]. Company Strategy and Development Direction - TEGNA is focused on leveraging streaming growth through Premion and expanding news and entertainment content across streaming platforms [13][15]. - The company has a disciplined M&A strategy, integrating acquisitions effectively and realizing synergies [29][57]. - TEGNA aims to continue paying down debt while returning value to shareholders through increased dividends and share repurchase programs [19][55]. Management Comments on Operating Environment and Future Outlook - Management expressed optimism for continued growth in Q2 and the remainder of the year, supported by strong advertising and subscription revenue trends [7][21]. - The company noted that the advertising environment is improving, particularly in larger markets, and expects further recovery as the economy reopens [85][86]. - Management highlighted the importance of local advertising and the unique position of Premion in the competitive OTT advertising market [90][91]. Other Important Information - TEGNA has made significant progress in diversity, equity, and inclusion initiatives, including a comprehensive journalism program [23][24]. - The company has a strong balance sheet, with total debt at $3.5 billion and a net leverage ratio of 3.82x [50][51]. - Free cash flow for Q1 2021 was a record $159 million, representing 22% of total revenue [53]. Q&A Session Summary Question: Can you discuss the drivers of Premion's growth? - Management indicated that local sales are the primary driver of Premion's growth, with increasing inventory and strong demand from local advertisers [70][71]. Question: How is the automotive advertising category performing? - Management noted that automotive advertising is performing well, particularly in large markets, despite supply chain issues affecting the industry [73][75]. Question: What is the outlook for cash taxes? - Management confirmed that the cash tax guidance remains unchanged, with specific figures to be provided later [76][78]. Question: How does TEGNA's core advertising environment compare to 2019? - Management stated that core advertising levels are slightly down compared to 2019, but larger markets are performing better than both last year and 2019 [85][86]. Question: What is the significance of the new NFL deals for TEGNA? - Management emphasized that having NFL content on broadcast for the next 11 years is a significant advantage for the industry, although streaming changes may impact local inventory [87][88]. Question: What is the competitive landscape for Premion? - Management acknowledged the competitive nature of the OTT advertising space but highlighted TEGNA's focus on local advertising as a differentiator [90][91].

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-6961 ___________________________ FORM 10-Q _______________________ TEGNA INC. (Exact name of registrant as specified in its charter) ___________________________ (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification N ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-6961 TEGNA INC. (Exact name of registrant as specified in its charter) Delaware 16-0442930 (State or other jurisdiction of incorporation or ...

TEGNA Inc. (NYSE:TGNA) Q4 2020 Earnings Conference Call March 1, 2021 9:00 AM ET Company Participants Dave Lougee - President and Chief Executive Officer Victoria Harker - Chief Financial Officer Doug Kuckelman - Head of Investor Relations Conference Call Participants Dan Kurnos - The Benchmark Company Steven Cahall - Wells Fargo Alexia Quadrani - JP Morgan Kyle Evans - Stephens Doug Arthur - Huber Research Vasily Karasyov - Cannibal Research Craig Huber - Huber Research Jim Goss - Barrington Research Opera ...

Trusted Voices Delivering Results Investor Presentation March 2021 TEGNA Forward-Looking Statements Certain statements in this communication may constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are subject to a number of risks, trends and uncertainties that could cause actual results or company actions to differ materially from what is expressed or implied by these statements, including risks relating ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) TEGNA's unaudited condensed consolidated financial statements for Q3 2020 are presented, showing significant revenue and net income growth driven by political advertising and acquisitions, with notes detailing key financial impacts [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes detail financial statement preparation, COVID-19's impact on advertising, revenue breakdowns, 2019 acquisitions, goodwill impairment, debt structure, and legal proceedings - The COVID-19 pandemic negatively impacted Advertising & Marketing Services (AMS) revenue starting mid-March 2020, leading to company-wide **cost-saving measures** including furloughs and compensation reductions[21](index=21&type=chunk)[22](index=22&type=chunk) - In 2019, the company significantly expanded its portfolio through major acquisitions, including **11 stations from Nexstar for $770 million**, **two stations from Dispatch Broadcast Group for $561 million**, and **two stations from Gray Television for $110 million**[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) - The company is a defendant in **consolidated class action antitrust lawsuits** regarding local television advertising sales practices, denying any violation and intending to defend itself vigorously[70](index=70&type=chunk)[71](index=71&type=chunk) Revenue by Source (in thousands) | Revenue Source | Q3 2020 | Q3 2019 | Nine Months 2020 | Nine Months 2019 | | :--- | :--- | :--- | :--- | :--- | | **Advertising & Marketing Services** | $298,605 | $297,333 | $822,841 | $851,304 | | **Subscription** | $316,677 | $240,735 | $972,954 | $718,472 | | **Political** | $116,494 | $8,131 | $181,425 | $14,064 | | **Other** | $6,613 | $5,658 | $22,985 | $21,702 | Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sept. 30, 2020 | Dec. 31, 2019 | | :--- | :--- | :--- | | **Total current assets** | $763,281 | $707,324 | | **Total assets** | $6,944,996 | $6,953,976 | | **Total current liabilities** | $399,344 | $361,158 | | **Long-term debt** | $3,906,196 | $4,179,245 | | **Total liabilities** | $5,130,807 | $5,363,599 | | **Total equity** | $1,799,536 | $1,590,377 | Consolidated Statements of Income Highlights (in thousands) | Metric | Q3 2020 | Q3 2019 | % Change | | :--- | :--- | :--- | :--- | | **Revenues** | $738,389 | $551,857 | 34% | | **Operating income** | $227,701 | $106,833 | 113% | | **Net income attributable to TEGNA Inc.** | $132,219 | $48,346 | 173% | | **Diluted EPS** | $0.60 | $0.22 | $1.08 | Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Nine Months Ended Sept. 30, 2020 | Nine Months Ended Sept. 30, 2019 | | :--- | :--- | :--- | | **Net cash flow from operating activities** | $515,751 | $214,585 | | **Net cash flow used for investing activities** | ($24,412) | ($1,523,027) | | **Net cash flow (used for) provided by financing activities** | ($356,157) | $1,181,774 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses TEGNA's financial performance, highlighting its transformation into a pure-play broadcaster with growing high-margin subscription and political revenues, which drove significant Q3 2020 revenue growth despite COVID-19 impacts [Company Overview & COVID-19 Impact](index=22&type=section&id=Company%20Overview%20%26%20COVID-19%20Impact) TEGNA operates 63 television stations across 51 U.S. markets, with its revenue mix shifting towards high-margin subscription and political revenues, while implementing cost-saving measures in response to COVID-19's impact on advertising - TEGNA is the **largest owner** of top four network affiliates in the top 25 U.S. markets, reaching approximately **39% of U.S. television households**[80](index=80&type=chunk) - The company's revenue mix shifted, with subscription and political revenues growing to **52% of total revenue** for the two years ending September 30, 2020, up from **46%** in the prior period[82](index=82&type=chunk)[83](index=83&type=chunk) - In response to COVID-19's impact on advertising, TEGNA implemented **cost-saving measures** including temporary furloughs, reduced executive and board compensation, and decreased non-critical discretionary spending[88](index=88&type=chunk) [Consolidated Results of Operations](index=24&type=section&id=Consolidated%20Results%20of%20Operations) Q3 2020 total revenues increased **34% to $738.3 million**, with operating income more than doubling, driven by 2019 acquisitions, political advertising, and subscription revenue growth, offsetting COVID-19's impact on AMS revenue - Q3 2020 revenue growth was driven by a **$73.3 million contribution from 2019 acquisitions**, a **$95.1 million increase in political advertising**, and a **$39.1 million increase in subscription revenue**, offsetting a **$21.7 million decline in AMS revenue**[98](index=98&type=chunk) - Corporate G&A expenses **decreased by $18.5 million** in Q3 2020, primarily due to the **absence of $20.0 million in acquisition-related costs** incurred in Q3 2019[106](index=106&type=chunk) GAAP Consolidated Results of Operations (in thousands) | Metric | Q3 2020 | Q3 2019 | % Change | | :--- | :--- | :--- | :--- | | **Revenues** | $738,389 | $551,857 | 34% | | **Total operating expenses** | $510,688 | $445,024 | 15% | | **Total operating income** | $227,701 | $106,833 | 113% | | **Net income attributable to TEGNA Inc.** | $132,219 | $48,346 | 173% | [Results from Operations - Non-GAAP Information](index=28&type=section&id=Results%20from%20Operations%20-%20Non-GAAP%20Information) This section presents non-GAAP financial measures like Adjusted EBITDA and Free Cash Flow, excluding special items to reflect ongoing operational performance, with Q3 2020 Adjusted EBITDA increasing **65% to $259.0 million** and nine-month free cash flow growing **47% to $391.4 million** - Special items excluded from non-GAAP results for 2020 include **advisory fees for activism defense ($23.1 million)**, **M&A due diligence costs ($4.6 million)**, and **costs for early debt extinguishment ($21.7 million)**[128](index=128&type=chunk)[132](index=132&type=chunk) Adjusted EBITDA Reconciliation (in thousands) | Metric | Q3 2020 | Q3 2019 | % Change | | :--- | :--- | :--- | :--- | | **Net income attributable to TEGNA Inc. (GAAP)** | $132,219 | $48,346 | 173% | | **Adjusted EBITDA (non-GAAP)** | $259,019 | $157,125 | 65% | Free Cash Flow Reconciliation (in thousands) | Metric | Nine Months 2020 | Nine Months 2019 | % Change | | :--- | :--- | :--- | :--- | | **Net income attributable to TEGNA Inc. (GAAP)** | $238,474 | $202,280 | 18% | | **Free cash flow (non-GAAP)** | $391,352 | $265,363 | 47% | [Liquidity, Capital Resources and Cash Flows](index=35&type=section&id=Liquidity%2C%20Capital%20Resources%20and%20Cash%20Flows) TEGNA maintained strong liquidity with **$164.6 million in cash** and **$1.31 billion in unused credit capacity** as of September 30, 2020, with operating cash flow more than doubling to **$515.8 million** due to political ad revenue - As of September 30, 2020, the company held **$164.6 million in cash** and **$1.31 billion of unused borrowing capacity** under its revolving credit facility[149](index=149&type=chunk) - The company's net leverage ratio was **4.5x** as of September 30, 2020, with an expectation to be **4.2x or less** by year-end 2020[144](index=144&type=chunk)[149](index=149&type=chunk) - Operating cash flow increased to **$515.8 million** for the first nine months of 2020, up from **$214.6 million** in the prior year, primarily due to a **$167.4 million increase in political revenue**[152](index=152&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's market risk exposure remains largely unchanged, with primary risk from interest rate fluctuations on variable-rate debt, though **96% of debt is fixed-rate**, limiting impact to approximately **$0.9 million** annually for a 50 basis point rate change - As of September 30, 2020, approximately **96%** of the company's total debt, or **$3.77 billion**, has a fixed interest rate[158](index=158&type=chunk) - A **50 basis point** change in the average interest rate for the remaining **$175 million** of floating-rate debt would result in an annual interest expense change of approximately **$0.9 million**[158](index=158&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of September 30, 2020, with a new ERP system implemented in Q3 2020 expected to enhance the overall control environment - The principal executive and financial officers concluded that the company's disclosure controls and procedures are **effective** as of September 30, 2020[159](index=159&type=chunk) - An **enterprise resource planning (ERP) system** was implemented in Q3 2020 as a systems improvement initiative, expected to **improve the overall control environment**[160](index=160&type=chunk) [PART II. OTHER INFORMATION](index=39&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) TEGNA is a defendant in **consolidated class action antitrust lawsuits** concerning local television advertising sales practices, denying any violation and vigorously defending itself after a motion to dismiss was denied - The company is a defendant in **consolidated antitrust class action lawsuits** (the "Advertising Cases") related to local television advertising sales practices[70](index=70&type=chunk)[71](index=71&type=chunk) - After TEGNA entered a consent decree with the DOJ in June 2019, plaintiffs amended their complaint to add TEGNA as a defendant, with a **motion to dismiss denied on November 6, 2020**[71](index=71&type=chunk) [Item 1A. Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor highlights the potential for COVID-19 resurgence to cause widespread business closures, materially impacting financial condition, especially non-political advertising revenues, and potentially affecting debt covenant compliance - A new risk factor addresses the potential for a **resurgence in COVID-19 infections** to force **widespread business closures**[164](index=164&type=chunk)[165](index=165&type=chunk) - Such a resurgence could **materially and adversely affect financial results**, especially **near-term AMS revenues**, and a sustained impact could **risk future compliance with debt covenants**[166](index=166&type=chunk)[167](index=167&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company's **$300 million share repurchase program** expired in September 2020 with no Q3 2020 repurchases, concluding with approximately **$279.1 million remaining** due to prior suspension after 2019 acquisitions - The company's **$300 million share repurchase program expired in September 2020**[168](index=168&type=chunk) - **No shares were repurchased in Q3 2020**, and approximately **$279.1 million remained** under the program upon expiration, due to suspension after 2019 acquisitions[168](index=168&type=chunk) [Item 3, 4, 5. Other Information](index=39&type=section&id=Item%203%2C%204%2C%205.%20Other%20Information) The company reported no defaults on senior securities, no mine safety disclosures, and no other information required under Item 5 for the reporting period - Item 3: **No defaults upon senior securities**[169](index=169&type=chunk) - Item 4: **No mine safety disclosures**[169](index=169&type=chunk) - Item 5: **No other information to report**[170](index=170&type=chunk) [Item 6. Exhibits](index=40&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the Fifteenth Supplemental Indenture related to long-term debt and required CEO and CFO certifications under the Sarbanes-Oxley Act - A list of exhibits filed with the report is provided, including **corporate governance documents, debt indentures, and officer certifications**[171](index=171&type=chunk)

Financial Data and Key Metrics Changes - Total company revenue for Q3 2020 was $738 million, a 34% increase year-over-year, driven by record political advertising revenue of $116 million and a 14% increase in total revenue excluding political advertising [13][28] - Subscription revenue increased by 32% year-over-year to $317 million, reflecting the repricing of 50% of subscribers [15][29] - Adjusted EBITDA for the quarter was $259 million, representing a 65% year-over-year increase and a 35% margin [34] Business Line Data and Key Metrics Changes - Political advertising revenue reached a record $116 million, significantly contributing to the overall revenue growth [13] - Subscription revenue growth was attributed to both base business growth and synergies from recent acquisitions, with expectations for continued growth into next year [15][30] - Advertising and marketing services revenue was nearly $300 million, showing slight year-over-year growth, driven by a recovery in non-political advertising and the return of live sports [19][31] Market Data and Key Metrics Changes - The company capitalized on political spending in battleground states leading up to the elections, with $395 million booked year-to-date, significantly above prior records [14] - The advertising market showed improvement, particularly in categories like automotive and retail, while entertainment, travel, and tourism continued to struggle [32][64] Company Strategy and Development Direction - The company is focused on a five-pillar strategy and has executed a disciplined M&A strategy to strengthen its portfolio [13][25] - TEGNA is expanding its reach through over-the-top streaming services and has launched apps on platforms like Roku and Amazon Fire TV [10] - The company is committed to diversity and inclusion, having appointed a Chief Diversity Officer and signed the CEO Action for Diversity and Inclusion pledge [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the advertising market post-election and the potential for increased core demand [63] - The company anticipates continued improvement in subscription revenue growth, now expected to be in the high 20s percentage for the full year [40] - Management highlighted the resilience of the business model and the importance of strategic positioning during the pandemic [23][86] Other Important Information - The company reduced total expenses by $28 million from the original plan, contributing to the strong adjusted EBITDA results [21] - TEGNA has successfully managed its debt, reducing net debt by approximately $400 million year-to-date [22][36] Q&A Session Summary Question: What is the outlook for M&A in 2021 post-election? - Management indicated they have the balance sheet to be opportunistic in M&A but are currently prioritizing debt payback [47] Question: Can you provide details on connected TV revenue growth? - Management noted that while specific numbers are not available, they expect yields to improve as they expand their OTT applications [46] Question: What is the same station revenue growth for subscription and AMS? - Same station AMS was down in the high single digits, but there was a sequential improvement [54] Question: How is the advertising market performing post-election? - Management reported that advertising pacings are looking good, with improvements expected in December [64][79] Question: What percentage of political revenue was from Georgia? - Management did not provide specific numbers but acknowledged that Georgia's spending will be significant due to the upcoming senatorial runoffs [67] Question: How is the NFL impacting your affiliates? - Management expressed confidence that the majority of NFL content will remain on broadcast, which is beneficial for their ABC affiliates [65]

| --- | --- | --- | --- | |-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | Forward-Looking Statements Certain statements in this communication may constitute "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein are subject to a number of risks, trends and uncertainties that could cause actual results or company actions to differ materially from what is expressed or implied by these statements ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________ FORM 10-Q _______________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-6961 ___________________________ (Address of principal executive offices) (Zip Code) (703) 873-6600 (Registrant's telephone numb ...