TEGNA, Inc. (NYSE:TGNA) Q2 2020 Earnings Call August 10, 2020 10:00 AM ET Executives Doug Kuckelman - TEGNA, Inc. David T. Lougee - TEGNA, Inc. Victoria D. Harker - TEGNA, Inc. Analysts Daniel Kurnos - The Benchmark Co. LLC Alexia S. Quadrani - JPMorgan Kyle Evans - Stephens, Inc. Douglas Middleton Arthur - Huber Research Partners LLC James Charles Goss - Barrington Research Associates, Inc. Steven Cahall - Wells Fargo Securities LLC Craig Anthony Huber - Huber Research Partners LLC Operator Good day, and w ...

[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) The Q1 2020 financial statements show a 32% revenue increase, driven by acquisitions and subscription fees, with net income at $86.3 million and total assets at $6.9 billion Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Mar. 31, 2020 ($) | Dec. 31, 2019 ($) | | :--- | :--- | :--- | | **Total current assets** | $646,883 | $707,324 | | **Total assets** | $6,894,105 | $6,953,976 | | **Total current liabilities** | $323,510 | $361,158 | | **Long-term debt** | $4,071,897 | $4,179,245 | | **Total liabilities** | $5,221,756 | $5,363,599 | | **Total equity** | $1,658,256 | $1,590,377 | Consolidated Statement of Income Highlights (in thousands) | Account | Q1 2020 ($) | Q1 2019 ($) | | :--- | :--- | :--- | | **Revenues** | $684,189 | $516,753 | | **Operating income** | $174,538 | $132,649 | | **Net income attributable to TEGNA Inc.** | $86,308 | $73,979 | | **Diluted EPS** | $0.39 | $0.34 | Condensed Consolidated Statement of Cash Flows Highlights (in thousands) | Account | Q1 2020 ($) | Q1 2019 ($) | | :--- | :--- | :--- | | **Net cash flow from operating activities** | $177,364 | $48,409 | | **Net cash flow used for investing activities** | ($15,563) | ($110,037) | | **Net cash flow used for financing activities** | ($156,146) | ($70,416) | | **Increase (decrease) in cash** | $5,655 | ($132,044) | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the impact of COVID-19 on advertising, the influence of 2019 acquisitions, impairment assessments, debt refinancing, and the Premion business sale - The **COVID-19 pandemic** began negatively impacting advertising and marketing services revenue in mid-March 2020, prompting cost-saving measures, with the full effect not yet estimable[17](index=17&type=chunk)[18](index=18&type=chunk) - Four major acquisitions totaling **$1.5 billion** in 2019, including 15 television stations, significantly impact year-over-year financial comparisons[31](index=31&type=chunk)[78](index=78&type=chunk) - An interim impairment assessment found no impairment of FCC licenses as of March 31, 2020, despite COVID-19 impacts, though future risk remains with sustained economic decline[42](index=42&type=chunk)[44](index=44&type=chunk) - The company issued **$1.0 billion** in senior unsecured notes at 4.625% in January 2020, using proceeds to repay **$960.0 million** of existing debt and incurring a **$13.8 million** early redemption fee[54](index=54&type=chunk)[55](index=55&type=chunk) - A minority stake in Premion, LLC was sold to Gray Television for **$14.0 million** in March 2020, with Gray reselling Premion services in 93 markets[73](index=73&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a strategic shift to subscription and political revenues, Q1 2020 revenue growth of 32% despite COVID-19 impacts, and strengthened liquidity, while suspending 2020 guidance Q1 2020 vs Q1 2019 Revenue Breakdown (in thousands) | Revenue Category | Q1 2020 ($) | Q1 2019 ($) | Change | | :--- | :--- | :--- | :--- | | Advertising & Marketing Services | $295,153 | $264,402 | 12% | | Subscription | $332,802 | $241,575 | 38% | | Political | $47,387 | $2,704 | *** | | Other | $8,847 | $8,072 | 10% | | **Total revenues** | **$684,189** | **$516,753** | **32%** | - The **2019 acquisitions** contributed **$107.4 million** to Q1 2020 revenues, with an additional **$60.0 million** increase from subscription and political revenue growth[91](index=91&type=chunk) - Due to COVID-19's impact on advertising, the company implemented cost-saving measures including temporary furloughs and compensation reductions[83](index=83&type=chunk) - As of March 31, 2020, the company's leverage ratio was **4.59x**, well below the 5.5x covenant, with **$720.8 million** in unused revolving credit facility capacity[123](index=123&type=chunk)[127](index=127&type=chunk) - Full-year 2020 guidance and 2021 preliminary outlook were suspended on April 20, 2020, due to COVID-19 pandemic uncertainty[133](index=133&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Market risk exposure remains stable, with 78% of debt at fixed rates, while floating-rate debt exposes the company to interest rate fluctuations impacting annual expense by $4.4 million per 50 basis points - As of March 31, 2020, approximately **78%** (**$3.22 billion**) of the company's total principal debt has a fixed interest rate[137](index=137&type=chunk) - A **50 basis point** change in interest rates on **$885 million** of floating-rate debt would alter annual interest expense by approximately **$4.4 million**[137](index=137&type=chunk) [Item 4. Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2020, with no material changes in internal controls during the quarter - Disclosure controls and procedures were concluded to be **effective** as of March 31, 2020, by principal executive and financial officers[138](index=138&type=chunk) - No material changes in internal controls over financial reporting occurred during Q1 2020[139](index=139&type=chunk) [PART II. OTHER INFORMATION](index=31&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in legal proceedings, including a DOJ settlement and a pending class action related to local TV ad sales, which it intends to vigorously defend - Information on legal proceedings is detailed in **Note 11** of the condensed consolidated financial statements[141](index=141&type=chunk) - Note 11 outlines a DOJ settlement and an ongoing class action lawsuit concerning local TV ad sales practices, which the company is defending[64](index=64&type=chunk)[66](index=66&type=chunk) [Item 1A. Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor addresses the significant uncertainties and potential adverse effects of the COVID-19 pandemic on financial condition, operations, and cash flows, particularly advertising revenues - A new risk factor highlights the potential material adverse effects of the **COVID-19 pandemic** on the company's financial condition, operations, and cash flows[142](index=142&type=chunk)[143](index=143&type=chunk) - The pandemic began negatively impacting Advertising & Marketing Services (AMS) revenue in mid-March due to softened non-political advertising demand[143](index=143&type=chunk) - Sustained pandemic impact could jeopardize debt covenant compliance and increase cybersecurity risks due to remote work[145](index=145&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No shares were repurchased in Q1 2020 under the **$300 million** program, which remains suspended due to 2019 acquisition activities, with **$279.1 million** still available - No shares were repurchased during Q1 2020[146](index=146&type=chunk) - The share repurchase program remains suspended due to the 2019 acquisitions[146](index=146&type=chunk) [Item 6. Exhibits](index=32&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including debt indentures, executive compensation agreements, and CEO/CFO certifications - Key exhibits include the Fourteenth Supplemental Indenture for the January 2020 debt offering, executive compensation agreements, and CEO/CFO certifications[150](index=150&type=chunk)

Tegna Inc (NYSE:TGNA) Q1 2020 Earnings Conference Call May 7, 2020 ET Company Participants Doug Kuckelman - Head of Investor Relations Dave Lougee - President and Chief Executive Officer Victoria Harker - Chief Financial Officer Conference Call Participants Doug Arthur - Huber Research Steven Cahall - Wells Fargo Securities Dan Kurnos - The Benchmark Company Alexia Quadrani - J.P. Morgan Kyle Evans - Stephens Inc. Craig Huber - Huber Research Partners Jim Goss - Barrington Research Operator Good day ...

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, 2019 ☐ 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 2019 Earnings Conference Call February 11, 2020 9:00 AM ET Company Participants Dave Lougee - President and Chief Executive Officer Victoria Harker - Chief Financial Officer John Janedis - Senior Vice President of Capital Markets and Investor Relations Conference Call Participants Vasily Karasyov - Cannonball Research David Karnovsky - JP Morgan Dan Kurnos - Benchmark Company Stephen Carll - Wells Fargo Jim Goss - Barrington Research Kyle Evans - Stephens Doug Arthur - Huber Resear ...

| --- | --- | --- | |-------|-------|-----------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 2019 | Forward-Looking Statements Any statements contained in this presentation that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, including statements with respect to the expected financial results of the company. Any forward-looking statements contained her ...

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-6961 ___________________________ TEGNA INC. (Exact name of registrant as specified in its charter) ___________________________ 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 September 30, 2019 O ...

TEGNA Inc. (NYSE:TGNA) Q3 2019 Earnings Conference Call November 6, 2019 8:30 AM ET Executives David Lougee - President and CEO Victoria Harker - CFO John Janedis - SVP, IR Analysts Vasily Karasyov - Cannonball Research Marci Ryvicker - Wolfe Research Dan Kurnos - The Benchmark Company Kyle Evans - Stephens, Inc. David Joyce - Evercore ISI Craig Huber - Huber Research Partners David Karnovsky - JP Morgan Doug Arthur - Huber Research Partners Michael Kupinski - Noble Capital Markets Stephen Carll - Wells Far ...

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, 2019 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-6961 ___________________________ TEGNA INC. (Exact name of registrant as specified in its charter) ___________________________ (St ...

TEGNA Inc. (NYSE:TGNA) Q2 2019 Earnings Conference Call August 6, 2019 8:30 AM ET Company Participants John Janedis - SVP, IR David Lougee - President and CEO Victoria Harker - CFO Conference Call Participants Marci Ryvicker - Wolfe Research David Karnovsky - JP Morgan Doug Arthur - Huber Research Partners David Joyce - Evercore ISI Kyle Evans - Stephens James Goss - Barrington Research Craig Huber - Huber Research Partners Michael Kupinski - Noble Capital Markets David Heber - Wells Fargo Operator Good day ...