UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________ FORM 10-Q _______________________ 8350 Broad Street, Suite 2000, Tysons, Virginia 22102-5151 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Address of principal executive offices) (Zip Code) For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-6961 _______ ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents TEGNA's unaudited financial statements and management's discussion and analysis for the period ended June 30, 2022 [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents TEGNA's unaudited condensed consolidated financial statements for the period ended June 30, 2022, including balance sheets, income statements, cash flows, and equity, along with detailed notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2022, TEGNA's balance sheet shows total assets of **$6.97 billion**, a slight increase, with total liabilities decreasing to **$4.21 billion** and total equity increasing to **$2.74 billion** Key Balance Sheet Items (in thousands) | Account | June 30, 2022 | Dec. 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $200,770 | $56,989 | | Goodwill | $2,981,587 | $2,981,587 | | Total assets | $6,965,478 | $6,917,646 | | **Liabilities & Equity** | | | | Long-term debt | $3,067,608 | $3,231,970 | | Total liabilities | $4,206,990 | $4,381,611 | | Total equity | $2,741,723 | $2,519,906 | [Consolidated Statements of Income](index=5&type=section&id=Consolidated%20Statements%20of%20Income) For Q2 2022, TEGNA reported **$784.9 million** in revenues and **$131.9 million** in net income, with diluted EPS of **$0.59**, showing significant year-over-year growth Q2 and H1 2022 vs 2021 Performance (in thousands, except EPS) | Metric | Q2 2022 | Q2 2021 | YTD 2022 | YTD 2021 | | :--- | :--- | :--- | :--- | :--- | | Revenues | $784,881 | $732,908 | $1,559,004 | $1,459,959 | | Operating income | $221,021 | $185,522 | $430,158 | $381,452 | | Net Income | $131,940 | $106,854 | $266,227 | $219,686 | | Diluted EPS | $0.59 | $0.48 | $1.19 | $0.99 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash flow from operating activities significantly increased to **$391.4 million** for H1 2022, with cash used for investing and financing activities, resulting in a substantial increase in cash and cash equivalents Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash flow from operating activities | $391,387 | $196,493 | | Net cash flow used for investing activities | ($23,819) | ($34,252) | | Net cash flow used for financing activities | ($223,787) | ($145,947) | | **Increase in cash** | **$143,781** | **$16,294** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail significant accounting policies, the pending Merger Agreement for **$24.00** per share, revenue sources, and ongoing litigation including antitrust claims - On February 22, 2022, TEGNA entered into a Merger Agreement to be acquired for **$24.00** per share in cash, with a 'ticking fee' for delayed closing and an expected close in the second half of 2022, pending regulatory approvals[24](index=24&type=chunk) Revenue by Source (in thousands) | Revenue Source | Q2 2022 | Q2 2021 | YTD 2022 | YTD 2021 | | :--- | :--- | :--- | :--- | :--- | | Subscription | $389,079 | $375,081 | $780,733 | $761,818 | | Advertising & Marketing | $335,259 | $340,889 | $689,726 | $663,723 | | Political | $50,858 | $9,581 | $68,823 | $19,009 | | Other | $9,685 | $7,357 | $19,722 | $15,409 | - In Q1 2022, the company recognized a **$20.8 million** gain on an available-for-sale debt security from MadHive, Inc., recorded in 'Other non-operating items, net' following an amendment to the security's terms[37](index=37&type=chunk) - The company is a defendant in a consolidated class action lawsuit alleging antitrust violations in local television advertising sales, which TEGNA denies and intends to defend vigorously[52](index=52&type=chunk)[53](index=53&type=chunk) [Management's Discussion and Analysis (MD&A)](index=18&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses TEGNA's financial performance, highlighting the positive impact of political advertising, the pending merger, and the company's strong liquidity and compliance with debt covenants [Consolidated Results from Operations](index=19&type=section&id=Consolidated%20Results%20from%20Operations) Operating income increased to **$221.0 million** in Q2 2022 and **$430.2 million** in H1 2022, driven by political and subscription revenue, despite a slight dip in AMS revenue Revenue Change Analysis (2022 vs. 2021, in thousands) | Revenue Category | Q2 2022 | Q2 2021 | % Change | YTD 2022 | YTD 2021 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Subscription | $389,079 | $375,081 | 4% | $780,733 | $761,818 | 2% | | Advertising & Marketing | $335,259 | $340,889 | (2)% | $689,726 | $663,723 | 4% | | Political | $50,858 | $9,581 | 431% | $68,823 | $19,009 | 262% | - The increase in total revenues for H1 2022 was primarily driven by a **$49.8 million** increase in political revenue and an **$18.9 million** increase in subscription revenue from annual rate increases[74](index=74&type=chunk) - Corporate G&A expenses decreased in H1 2022 compared to H1 2021, mainly due to the absence of **$16.6 million** in advisory fees for activism defense incurred in 2021, partially offset by **$14.4 million** in M&A-related costs in 2022[81](index=81&type=chunk) [Non-GAAP Information](index=25&type=section&id=Results%20from%20Operations%20-%20Non-GAAP%20Information) This section reconciles non-GAAP measures, showing Adjusted EBITDA of **$505.3 million** for H1 2022 and a trailing two-year Free Cash Flow of **$1.42 billion**, reflecting improved operational performance Adjusted EBITDA Reconciliation (in thousands) | Metric | H1 2022 | H1 2021 | % Change | | :--- | :--- | :--- | :--- | | Net income attributable to TEGNA Inc. | $265,803 | $219,244 | 21% | | **Adjusted EBITDA (non-GAAP)** | **$505,279** | **$458,432** | **10%** | - For the six months ended June 30, 2022, the Adjusted EBITDA margin was **32%** with corporate expenses, compared to **31%** for the same period in 2021, driven by higher political and subscription revenue[108](index=108&type=chunk)[109](index=109&type=chunk) Free Cash Flow (Trailing Two-Year Period, in millions) | Metric | Two-Year Period Ended June 30, 2022 | Two-Year Period Ended June 30, 2021 | | :--- | :--- | :--- | | Free cash flow (non-GAAP) | $1,424.15 | $1,207.28 | | Free cash flow as a % of Revenue | 22.9% | 21.4% | [Liquidity, Capital Resources and Cash Flows](index=31&type=section&id=Liquidity,%20Capital%20Resources%20and%20Cash%20Flows) TEGNA maintains strong liquidity with **$200.8 million** in cash and **$1.49 billion** in unused credit, a leverage ratio of **2.64x**, and nearly doubled operating cash flow in H1 2022 - As of June 30, 2022, the company had total debt of **$3.07 billion**, cash of **$200.8 million**, and unused borrowing capacity of **$1.49 billion**[115](index=115&type=chunk) - The company's leverage ratio was **2.64x** as of June 30, 2022, significantly below the permitted maximum of **5.0x**[114](index=114&type=chunk) - Cash flow from operating activities increased to **$391.4 million** for H1 2022 from **$196.5 million** in H1 2021, largely due to higher political revenue (which is paid upfront) and favorable changes in accounts receivable and payable[118](index=118&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's market risk exposure remains unchanged, with **100%** of its **$3.09 billion** principal debt carrying a fixed interest rate as of June 30, 2022 - As of June 30, 2022, **100%** of the company's **$3.09 billion** in principal debt has a fixed interest rate, minimizing exposure to market interest rate risk[125](index=125&type=chunk) [Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2022, with no material changes to internal controls during the quarter - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2022[126](index=126&type=chunk) [PART II. OTHER INFORMATION](index=33&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section provides information on legal proceedings, risk factors, share repurchases, and exhibits [Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 9 of the financial statements for details on ongoing litigation, including antitrust claims and merger-related lawsuits - For details on legal proceedings, the report refers to Note 9 of the condensed consolidated financial statements[128](index=128&type=chunk) [Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes to the risk factors previously disclosed in its 2021 Annual Report on Form 10-K - No material changes have been identified from the risk factors disclosed in the 2021 Annual Report on Form 10-K[129](index=129&type=chunk) [Share Repurchases](index=33&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) TEGNA suspended its share repurchase program following the Merger Agreement announcement and made no repurchases in the first six months of 2022 - The company's share repurchase program has been suspended as a result of the pending Merger Agreement announced on February 22, 2022. No shares were repurchased in the first six months of 2022[130](index=130&type=chunk) [Exhibits](index=34&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents, compensatory plan agreements, and required certifications

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 March 31, 2022 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 8350 Broad Street, Suite 2000, Tysons, Virginia 22102-5151 (Address of principal executive offices) (Zip Code) (703) 873-6600 (Registrant's telephone number, including ar ...

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, 2021 ☐ 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 ...

Transaction Overview - Standard General 将以每股 24 美元的价格收购 TEGNA，交易对 TEGNA 的股权估值约为 54 亿美元，企业价值约为 86 亿美元[9]。 - 该交易价格较 2021 年 9 月 14 日 TEGNA 未受影响的收盘股价溢价约 39%，较 TEGNA 自 2015 年从 Gannett 出版业务分离以来的历史最高收盘价溢价约 11%[9]。 - 如果交易在签约后的 9 到 12 个月内完成，TEGNA 股东将获得额外的现金对价，形式为每天每股 000167 美元的“跳动费”，如果交易在签约后的 12 到 13 个月内完成，则增加到每天每股 00025 美元[9]。 Financial Performance - TEGNA 在 2021 年实现了创纪录的公司总收入、订阅收入和 AMS 收入[11]。 - 2021 年订阅收入为 15 亿美元，同比增长 14%，这得益于费率上涨[11]。与 2019 年相比增长 46%[11]。 - 2021 年 AMS 收入为 14 亿美元，同比增长 22%，这得益于各个广告类别的实力[11]。与 2019 年相比增长 16%[11]。 - 2021 年自由现金流为 5.77 亿美元，同比下降 22%，原因是 2020 年没有创纪录的政治收入[11]。与 2019 年相比增长 53%[11]。 - 2021 年调整后的 EBITDA 为 9.48 亿美元，同比下降 7%，原因是 2020 年没有创纪录的高利润政治收入[11]。与 2019 年相比增长 34%[11]。 Portfolio and Strategy - TEGNA 是前 25 大市场中最大的 Big Four 附属公司独立所有者，拥有 21 个电视台，其中 16 个是 Big Four 附属公司[12]。 - 自 2018 年以来，TEGNA 完成了六项收购，总额约为 18 亿美元，从而加强了市场地位和电台组合[21]。 - TEGNA 的收入来源多样化，其中两个主要收入来源在很大程度上不受广告周期的影响；高利润的订阅收入和政治收入占公司两年总收入的 50% 以上[19]。 DE&I and ESG Initiatives - TEGNA 正在加速和加强其对 DE&I 和 ESG 的长期承诺[28]。 - TEGNA 设定了 2025 年多元化和包容性目标，并在 2021 年取得了进展，包括内容团队的 BIPOC 代表性从 27% 增加到 30%，内容领导层的 BIPOC 代表性从 17% 增加到 20%，公司领导层的 BIPOC 代表性从 16% 增加到 18%，所有员工的 BIPOC 代表性从 25% 增加到 27%[37]。 - TEGNA 在 2021 年向社区提供了 330 笔社区赠款，以解决紧迫的社区需求[43]。

TEGNA Inc. (NYSE:TGNA) Q3 2021 Earnings Conference Call November 4, 2021 9:00 AM ET Company Participants Doug Kuckelman - Head-Investor Relations Dave Lougee - President & Chief Executive Officer Victoria Harker - Chief Financial Officer Conference Call Participants Dan Kurnos - The Benchmark Company Doug Arthur - Huber Research Jim Goss - Barrington Research Craig Huber - Huber Research Partners Kyle Evans - Stephens Steven Cahall - Wells Fargo Barton Crockett - DCFstocks Operator Good day and welcome to t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 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) ___________________________ (State or other jurisdiction of incorporation or organ ...

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, 2021 OR (703) 873-6600 (Registrant's telephone number, including area code) ☐ 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 i ...

TEGNA Inc. (NYSE:TGNA) Q2 2021 Earnings Conference Call August 9, 2021 9:00 AM ET Company Participants Doug Kuckelman – Head-Investor Relations Dave Lougee – President and Chief Executive Officer Victoria Harker – Chief Financial Officer Conference Call Participants Dan Kurnos – Benchmark Company Craig Huber – Huber Research Partners Steven Cahall – Wells Fargo Jim Goss – Barrington Research Doug Arthur – Huber Research David Karnovsky – JPMorgan Operator Good day, and welcome to the Second Quarter 2021 TEG ...

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 ...