Financial Data and Key Metrics Changes - Total company revenue for Q4 2024 increased by 20% year over year to $871 million, aligning with the outlook of 19% to 21% growth, primarily driven by political advertising revenue [29] - For the full year, total company revenue grew by 7% to $3.1 billion, resulting in $931 million of adjusted EBITDA [30] - Subscription revenue for Q4 was $357 million, up 5% year over year, driven by MVPD contract renewals and contractual rate increases [34] - Cash and cash equivalents totaled $693 million at year-end, with net leverage finishing at 2.7 times, comfortably below the three times annual guidance [39][40] Business Line Data and Key Metrics Changes - Advertising and marketing services revenue faced pressure in Q4, finishing 11% below last year due to political displacement and softness from national accounts [31] - Digital advertising revenue grew year over year, with TEGNA's owned and operated digital products offsetting a slight decline in premium revenue [32] - The company achieved approximately $50 million in annualized savings by the end of 2024, representing roughly 50% of the goal to generate $90 million to $100 million in core non-programming annualized savings [37] Market Data and Key Metrics Changes - Political advertising revenue for the full year reached $373 million, nearly matching 2020 results despite fewer competitive races [30] - Automotive advertising remains challenged, with slight improvements noted in Q4 but still down across the board [62] Company Strategy and Development Direction - The company has identified five key areas of opportunity: building a world-class team, leveraging strengths across stations, deploying technology and AI, growing digital revenue, and scrutinizing expenses [8][9] - TEGNA is focused on transforming operations to improve efficiency and effectiveness, including centralized marketing operations and technology deployment [14][15] - The regulatory environment is evolving, with potential M&A opportunities arising from deregulation discussions [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's strong market position and financial flexibility, emphasizing the importance of disciplined capital allocation [40][43] - The first quarter of 2025 is expected to see total company revenue down in the 4% to 7% range year over year, primarily due to lower political revenue [42] Other Important Information - TEGNA congratulated KXTV in Sacramento for receiving the prestigious 2025 Alfred DuPont Columbia University Award for excellence in journalism [23][24] - The company is committed to returning 40% to 60% of adjusted free cash flow to shareholders over the 2024-2025 period [38] Q&A Session Summary Question: TEGNA's position as a buyer or seller in the context of deregulation - Management stated that they are disciplined capital allocators and will evaluate opportunities based on value creation for shareholders, with a strong balance sheet providing optionality [48][49] Question: Details on Q1 expense guidance - Management noted that programming expenses are expected to be higher due to sports rights, while core operational reductions are showing sequential improvement [50][51] Question: Trends in core advertising for TV stations - Core advertising started sluggish but improved throughout the quarter, with low single-digit declines noted [59] Question: Challenges in the automotive advertising category - Automotive advertising remains challenged, with slight improvements but overall down across tier one and tier two markets [62] Question: Clarification on retransmission subscribers up for renewal - The majority of retransmission subscribers are up for renewal at the end of the year, with one exception during the year [65] Question: FCC's role in TV station ownership rules - Management clarified that the FCC has authority over in-market regulation, while the national cap's authority is less clear [67] Question: Challenges within the premium advertising segment - Premium advertising continues to grow locally but faces challenges nationally due to shifts in large national holding companies [71][73] Question: Addressing the 2026 bond - Management confirmed they have the cash to pay off the 2026 bonds and are looking at all options for disciplined capital deployment [82][83]

Financial Data and Key Metrics Changes - Total company revenue for Q4 2024 increased by 20% year over year to $871 million, driven primarily by political advertising revenue [29] - For the full year, total company revenue grew by 7% to $3.1 billion, resulting in $931 million of adjusted EBITDA [30] - Subscription revenue for Q4 was $357 million, up 5% year over year, with full year subscription revenue totaling $1.5 billion [34] Business Line Data and Key Metrics Changes - Advertising and marketing services revenue faced pressure in Q4, finishing 11% below last year due to political displacement and softness from national accounts [31] - Digital revenue grew year over year, with TEGNA's owned and operated digital products offsetting a slight decline in premium revenue [32] - The company achieved approximately $50 million in annualized savings by the end of 2024, representing roughly 50% of the goal to generate $90 million to $100 million in core non-programming annualized savings [37] Market Data and Key Metrics Changes - Political advertising revenue for the full year reached $373 million, nearly matching 2020 results despite fewer competitive races [30] - Automotive advertising remains challenged, with slight improvements noted in Q4 but still down across the board [62] Company Strategy and Development Direction - The company has identified five key areas of opportunity: building a world-class team, leveraging strengths across stations, deploying technology and AI, growing digital revenue, and scrutinizing expenses [8][9] - TEGNA is focused on transforming operations to improve efficiency and effectiveness, including centralizing marketing operations and deploying modern technology [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for deregulation and M&A opportunities, emphasizing the importance of being disciplined capital allocators [48][49] - The company is committed to returning 40% to 60% of adjusted free cash flow to shareholders while exploring strategic growth opportunities [82] Other Important Information - TEGNA's cash and cash equivalents totaled $693 million at year-end, with a net leverage of 2.7 times, comfortably below the three times annual guidance [39][40] - The company congratulated KXTV in Sacramento for receiving the prestigious 2025 Alfred DuPont Columbia University Award for excellence in journalism [23] Q&A Session Summary Question: TEGNA's position as a buyer or seller in the context of deregulation - Management indicated that they are disciplined capital allocators and will evaluate opportunities based on value creation for shareholders [48][49] Question: Details on Q1 expense guidance - Management noted that programming expenses are expected to be higher due to sports rights, while core operational reductions are showing sequential improvement [50][51] Question: Trends in core advertising for Q1 - Advertising and marketing services started sluggish but improved throughout the quarter, with a notable impact from the Super Bowl programming change [60] Question: Status of automotive advertising - Automotive advertising remains challenged but showed slight improvement in Q4, with tier three holding up better than tier one and two [62] Question: Renewal of retransmission subscribers - The majority of retransmission subscribers are up for renewal at the end of the year, with one renewal occurring during the year [65] Question: FCC's role in ownership rules - Management clarified that the FCC has authority over in-market regulation, while the national cap's authority is less clear [67] Question: Challenges within premium advertising - Premium continues to grow locally but faces challenges nationally due to shifts in large national holding companies [72] Question: Addressing the 2026 bond - Management confirmed they have the cash to pay off the 2026 bonds and are looking at all options for disciplined capital deployment [82][84]

Core Insights - TEGNA Inc. reported revenue of $870.53 million for Q4 2024, marking a year-over-year increase of 19.9% and an EPS of $1.21 compared to $0.43 a year ago, with a slight revenue miss of -0.09% against the Zacks Consensus Estimate [1] - The EPS exceeded the consensus estimate of $1.15 by +5.22% [1] Revenue Breakdown - Political revenues were $187.44 million, slightly below the estimated $190 million, reflecting a significant year-over-year increase of +719.4% [4] - Subscription revenues reached $357.26 million, surpassing the average estimate of $348.52 million, with a year-over-year change of +5.3% [4] - Advertising & Marketing Services revenues were $314.01 million, below the estimated $320.27 million, showing a year-over-year decline of -10.8% [4] - Other revenues totaled $11.83 million, slightly below the average estimate of $12.50 million, with a year-over-year change of +0.3% [4] Stock Performance - TEGNA's shares have returned -8.9% over the past month, compared to a -2.2% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - Total company revenue for Q4 increased 20% year over year to $871 million, driven primarily by political advertising revenue [21] - For the full year, total company revenue grew 7% to $3.1 billion, resulting in $931 million of adjusted EBITDA [21] - Subscription revenue for Q4 was $357 million, up 5% year over year, with full year subscription revenue totaling $1.5 billion [24] Business Line Data and Key Metrics Changes - Advertising and Marketing Services (AMS) revenue faced pressure in Q4, finishing 11% below last year due to political displacement and softness from national accounts [22] - Digital revenue grew year over year, with TEGNA's digital product portfolio expected to be key growth drivers for the future [23] - Core operational cost-cutting initiatives achieved approximately $50 million in annualized savings by the end of 2024, representing roughly 50% of the goal to generate $90 million to $100 million in savings [25] Market Data and Key Metrics Changes - Political advertising revenue for the full year reached $373 million, nearly matching 2020 results despite fewer competitive races [21] - Automotive advertising remains challenged, with slight improvements noted in Q4 but still down across Tier one and Tier two categories [40] Company Strategy and Development Direction - The company is focusing on five key areas: building a world-class team, leveraging strengths across stations, deploying technology and AI, growing digital revenue, and scrutinizing expenses [7] - TEGNA aims to build a sustainable future for local news while navigating a rapidly evolving industry landscape [15] - The regulatory environment is evolving, with potential M&A opportunities arising from anticipated deregulation [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's strong balance sheet and financial flexibility to navigate market changes [28] - The first quarter of 2025 is expected to see total company revenue down in the 4% to 7% range year over year, primarily due to lower political revenue [28] Other Important Information - The company is committed to returning 40% to 60% of free cash flow to shareholders, with $356 million returned in 2024 through dividends and share repurchases [27] - TEGNA has a robust cash position of $693 million at year-end, with net leverage at 2.7 times, comfortably below the three times annual guidance [27] Q&A Session Summary Question: How should we think about TEGNA in terms of being a buyer or seller with potential deregulation? - Management emphasized the importance of creating value for shareholders and noted that attractive assets and a strong balance sheet provide optionality for future opportunities [32] Question: Can you elaborate on the Q1 expense guidance? - Management indicated that programming expenses are expected to remain elevated due to sports rights, while core operational reductions are showing sequential improvement [34] Question: How is core advertising pacing in Q1? - AMS started sluggish but improved throughout the quarter, with low single-digit declines noted [39] Question: What is the trend in the automotive category? - Automotive advertising remains challenged, with slight improvements noted but still down across major tiers [40] Question: Can you provide details on the 45% of retrans subscribers up for renewal in 2025? - Most of the renewals are expected at the end of the year, with limited specifics provided on expiration dates [43] Question: Who has the final say on TV station ownership rules? - Management clarified that the FCC has authority over in-market deregulation, while the national cap may require congressional action [44] Question: What challenges does the Premium service face? - Premium continues to grow locally but faces challenges nationally due to shifts in large national holding companies towards programmatic advertising [47]

Revenue Growth - Total company revenue increased 20% to $871 million in Q4 2024, driven by strong political advertising revenue [3] - Political advertising revenue for Q4 2024 totaled $187 million, contributing significantly to overall revenue growth [3] - Full-year 2024 total company revenue increased 7% to $3,102 million, with political advertising revenue reaching $373 million [4] - Total revenues for 2024 reached $3,101,971, a 7% increase from $2,910,930 in 2023 [19] - Political revenue surged to $373,229 in 2024, compared to $45,800 in 2023, marking a significant increase [20] Subscription Revenue - Subscription revenue rose 5% to $357 million, despite a temporary disruption with a distribution partner [3] - Subscription revenue for 2024 was $1,455,811, down 5% from $1,527,563 in 2023 [20] Profitability and Earnings - Adjusted EBITDA for full-year 2024 increased 25% to $931 million, primarily due to political advertising strength and cost-cutting initiatives [4] - Net income attributable to TEGNA Inc. for 2024 was $599,818, reflecting a 26% increase from $476,724 in 2023 [19] - Basic earnings per share increased by 55% to $3.55 in 2024, compared to $2.29 in 2023 [19] - TEGNA Inc. reported a net income of $180,666,000 for Q4 2024, compared to $76,133,000 in Q4 2023, representing an increase of 137% [34] - Adjusted EBITDA for the year ended December 31, 2024, was $931,472,000, up from $742,340,000 in 2023, reflecting a growth of 25.5% [34] Operating Income and Expenses - Operating income for 2024 was $784,784, a 7% increase from $733,545 in 2023 [19] - Total operating expenses increased by 6% to $2,317,187 in 2024, up from $2,177,385 in 2023 [19] - Total operating expenses for the quarter ended December 31, 2023, were $582.1 million, slightly lower than $595.1 million in the same quarter of 2024, showing a reduction of 2.4% [31] - TEGNA Inc. reported total operating expenses of $2.18 billion for the year ended December 31, 2023, compared to $2.31 billion in 2024, reflecting a decrease of 5.6% [33] Shareholder Returns - TEGNA returned $356 million to shareholders in 2024 through dividends and share repurchases, maintaining a target return range of 40-60% [4] Future Outlook - First quarter 2025 revenue is expected to decline by 4% to 7% compared to Q1 2024 [6] - TEGNA Inc. indicated ongoing investments in new technologies and market expansion strategies to drive future growth despite recent declines in earnings [31] Corporate Developments - TEGNA announced a new multi-year agreement with FuboTV Inc. to provide live sports telecasts, enhancing content distribution [7] - The company appointed Dhanusha Sivajee as Chief Experience Officer to improve local community engagement across its platforms [7] Cash and Debt Management - TEGNA's cash and cash equivalents totaled $693 million at the end of Q4 2024, with a net leverage ratio of 2.7x [4] - TEGNA Inc. reported a net debt of $2,396,786,000 as of December 31, 2024, with a net leverage ratio of 2.7x [39] - The net leverage ratio is calculated using net debt divided by average annual Adjusted EBITDA for the trailing two-year period [28] Non-Operating Items - TEGNA Inc. incurred $130,450,000 in other non-operating items for the year ended December 31, 2024, compared to $16,613,000 in 2023, indicating a significant increase in non-operating costs [34]

Core Insights - TEGNA Inc. reported a 20% increase in total company revenue for Q4 2024, reaching $871 million, driven primarily by political advertising revenue [4] - The company reaffirmed its two-year Adjusted Free Cash Flow guidance for 2024/2025, estimating between $900 million and $1.1 billion [6][30] - TEGNA's CEO highlighted the company's strategy to reinvent content creation and monetization in response to technological advancements and regulatory changes [2] Financial Highlights - Q4 2024 political advertising revenue was $187 million, contributing significantly to the overall revenue growth [4] - Subscription revenue for Q4 2024 increased by 5% to $357 million, while AMS revenue decreased by 11% to $314 million [4][21] - Full-year 2024 total revenue was $3,102 million, a 7% increase from the previous year, with political advertising revenue totaling $373 million [4][19] Operational Performance - Adjusted EBITDA for Q4 2024 rose 76% to $312 million, attributed to strong political advertising and cost-cutting initiatives [4] - The company returned $356 million to shareholders in 2024 through dividends and share repurchases, maintaining a target range of 40-60% of cash flow returned [4][28] - Cash and cash equivalents at the end of Q4 2024 totaled $693 million, with a net leverage ratio of 2.7x [4][29] Strategic Developments - TEGNA announced a multi-year agreement with FuboTV Inc. for live sports telecasts and an exclusive distribution agreement with the WNBA's Dallas Wings [4] - The company appointed Dhanusha Sivajee as Senior Vice President and Chief Experience Officer to enhance local community engagement across its platforms [11] - TEGNA's station KXTV received a prestigious award for excellence in journalism, showcasing the company's commitment to quality content [11]

Company Information - TEGNA Inc. (NYSE:TGNA) will hold its 2025 Annual Meeting of Shareholders on May 21, 2025, at 9 a.m. (ET) [1] - Shareholders of record as of March 24, 2025, will be notified and eligible to vote at the meeting, which will be conducted virtually via a live webcast [2] - TEGNA operates 64 television stations across 51 U.S. markets, reaching over 100 million people monthly through various platforms including web, mobile apps, streaming, and linear television [3]

Core Insights - TEGNA Inc. has appointed Adrienne Roark as the new chief content officer, effective March 31, 2025, bringing over 30 years of experience in news leadership and content development [1][4]. Company Overview - TEGNA Inc. operates 64 television stations across 51 U.S. markets, reaching over 100 million people monthly through various platforms including web, mobile apps, streaming, and linear television [6]. Leadership Experience - Roark previously worked at CBS News and Stations, where she managed editorial content and launched weather initiatives across the network [2]. - She has held leadership roles at multiple stations, including general manager positions at KPTV/DPDX and KOIN-TV in Portland, and vice president and news director roles at KTVT-TV and KTXA-TV in Dallas-Fort Worth [3]. Strategic Vision - CEO Mike Steib emphasized Roark's commitment to local communities and her ability to drive innovation in both TV and digital platforms, aligning with TEGNA's goals [4]. - Roark expressed enthusiasm about joining TEGNA and aims to enhance the delivery of high-quality, audience-driven stories for local communities [4]. Professional Affiliations - Roark is involved with several boards, including the National Advisory Board of Poynter and the Broadcasters Foundation of America's Board of Directors [5].

Company Overview - TEGNA Inc. (NYSE:TGNA) announced the appointment of Tom Cox to an expanded role overseeing distribution efforts, including partnerships with major networks like NBC, CBS, ABC, and Fox [1][2] - The company operates 64 television stations across 51 U.S. markets, reaching over 100 million people monthly through various platforms [4] Leadership and Strategy - Tom Cox, with 20 years of media experience, aims to strengthen the media ecosystem and enhance relationships with distribution partners to support local news [2] - In addition to his new distribution responsibilities, Cox will continue to lead M&A and business development, having completed over 50 transactions totaling nearly $10 billion since joining TEGNA in 2011 [3] Business Development - Cox's leadership is expected to deepen TEGNA's relationships with key distribution partners, which is crucial for the company's mission to serve local communities [2] - The company is focused on building a sustainable future for local news, emphasizing the importance of trusted local news and services [4]

Core Points - The Dallas Wings have entered a landmark broadcast rights agreement with TEGNA's KFAA, making KFAA the exclusive local television partner for the Wings [1][3] - All Wings games not designated for national television will be available for free over-the-air in the Dallas-Fort Worth area on KFAA, with potential select games on WFAA [2][4] - This partnership is seen as a significant milestone for the Dallas Wings, coinciding with their tenth anniversary season and various organizational changes [3][6] Company Developments - The Dallas Wings will play their home games at a renovated Dallas Memorial Auditorium in downtown Dallas and are building a new practice facility [3] - The team has made key hires in their front office, including a new Executive Vice President of Basketball Operations and General Manager, and a new Head Coach [3] - The Wings won the Draft Lottery in November 2024 and will have the No. 1 pick in the upcoming 2025 WNBA Draft [3] Broadcast Details - Fans can access KFAA games through various providers, including AT&T U-verse, Charter Spectrum, DIRECTV, and others [4] - KFAA, launched in October 2024, is also the broadcast home for the NBA's Dallas Mavericks and the NBA G League's Texas Legends [5][7]