FOR IMMEDIATE RELEASE Wednesday, May 8, 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 Tysons, Va. – TEGNA Inc. (NYSE: TGNA) today announced financial results for the first quarter ended March 31, 2024. FIRST QUARTER FINANCIA ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ 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 | Title of ...

Financial Data and Key Metrics Changes - Non-GAAP operating expenses for the quarter were $577 million, down 2% compared to Q4 2022, and down 4% when excluding programming costs, driven by lower variable costs of sales for digital revenue and operational expense management improvements [1] - Total revenue for Q4 2023 was down 21%, primarily due to the absence of cyclical political revenue from the midterm elections in 2022 and a temporary service disruption [77] - Full year 2023 total revenue finished at $2.9 billion, down 11% year-over-year due to the cyclical reduction of political ad revenue [77] - Adjusted EBITDA for Q4 was $177 million, producing a 24% margin, while full year adjusted EBITDA was $742 million, producing a 26% margin [51] Business Line Data and Key Metrics Changes - Subscription revenue for full year 2023 was over $1.5 billion, in line with the prior year, driven by rate increases but offset by subscriber declines and service disruptions [78] - Advertising trends in Q4 showed sequential improvement, particularly in automotive and services, which are the two largest ad categories [34] - Premion's local revenue growth remained strong, finishing up double digits for the full year, while overall Premion revenue was down year-over-year due to the loss of a large national account [50][81] Market Data and Key Metrics Changes - The company expects to generate free cash flow in the range of $900 million to $1.1 billion during the period of 2024-2025, reflecting confidence in the visibility and durability of cash flows [27][82] - The company has network affiliate agreements covering almost all Big 4 subscribers through late 2026, enhancing visibility into revenues and future cash flow [62] Company Strategy and Development Direction - The company is focused on returning capital to shareholders, driving efficiencies, and evaluating growth opportunities following the merger termination [25] - A new comprehensive capital allocation framework has been announced, expecting to return 40% to 60% of free cash flow over the next two years in the form of buybacks and dividends [74] - The acquisition of Octillion Media is expected to enhance Premion's capabilities in local streaming advertising, driving product innovation and operational efficiencies [68][81] Management's Comments on Operating Environment and Future Outlook - Management noted that 2024 will be a strong year driven by key events such as the presidential election cycle, the Summer Olympic Games, and the Super Bowl [2] - The company anticipates that advertising and marketing services will remain flat throughout the year, with local advertising trends remaining strong despite some softness on the national side [54] - Management expressed confidence in the operational efficiencies and cost reduction initiatives expected to yield benefits in the latter half of 2024 and continue through 2025 [52][64] Other Important Information - The company has committed to nearly $800 million of share repurchases and increased dividends by 20% following the merger termination [32][73] - The company ended the year with total debt of $3.1 billion and cash of $361 million, with net leverage at 2.8x, well below the 3x guidance [102] Q&A Session Summary Question: What are the expectations for advertising trends in 2024? - Management indicated that while there is some softness on the national side, local advertising trends remain strong, and they expect overall advertising to be flat throughout the year [54] Question: Can you elaborate on the acquisition of Octillion Media? - The acquisition is expected to enhance Premion's capabilities, allowing for better operational control, greater innovation, and improved EBITDA margins [112] Question: How does the company view the impact of political advertising in 2024? - Management noted that their stations play a fundamental role in political marketing strategies, with a significant presence in battleground states [66][124]

[Report Highlights](index=1&type=section&id=Report%20Highlights) TEGNA's 2023 results surpassed expectations, leading to a new capital allocation framework, significant share repurchase, and a positive 2024 outlook - **Full-year 2023 results** met or exceeded **all guidance metrics**[1](index=1&type=chunk) - A new capital allocation framework aims to return **40-60%** of **2024-2025 free cash flow** to shareholders, expecting a total capital return of **$1.3 billion** from merger termination through 2025[1](index=1&type=chunk) - The Board authorized a new two-year, **$650 million** share repurchase program[1](index=1&type=chunk)[9](index=9&type=chunk) - Received approximately **$153 million** in pre-tax cash proceeds from the sale of its ownership interest in Broadcast Music, Inc (BMI)[1](index=1&type=chunk)[11](index=11&type=chunk) [Financial Performance](index=1&type=section&id=Financial%20Performance) TEGNA's 2023 financial performance reflects cyclical revenue declines due to reduced political advertising and a Q4 subscription disruption [Fourth Quarter 2023 Financial Highlights](index=1&type=section&id=FOURTH%20QUARTER%20FINANCIAL%20HIGHLIGHTS) Q4 2023 revenue declined 21% to $726 million due to absent political revenue and a subscription service disruption, impacting net income and Adjusted EBITDA Q4 2023 Key Financial Metrics (in millions) | Metric | Q4 2023 | Q4 2022 | % Change | | :--- | :--- | :--- | :--- | | Total Revenue | $726M | $917M | -21% | | Subscription Revenue | $339M | $372M | -9% | | AMS Revenue | $352M | $353M | In-line | | Net Income (GAAP) | $76M | $219M | -65% | | Diluted EPS (GAAP) | $0.40 | $0.97 | -59% | | Adjusted EBITDA | $177M | $361M | -51% | | Free Cash Flow | $130M | $302M | -57% | - Subscription revenue was down **9%** YoY primarily due to a temporary service disruption with a distribution partner, excluding which revenue would have been nearly flat[3](index=3&type=chunk) - Net leverage finished the year at **2.8x**, which is below the full-year guidance of **3.0x**[4](index=4&type=chunk) [Full-Year 2023 Financial Highlights](index=3&type=section&id=FULL-YEAR%20FINANCIAL%20HIGHLIGHTS) Full-year 2023 total revenue decreased 11% to $2.9 billion, driven by reduced political advertising, resulting in lower net income and Adjusted EBITDA Full-Year 2023 Key Financial Metrics (in millions) | Metric | FY 2023 | FY 2022 | % Change | | :--- | :--- | :--- | :--- | | Total Revenue | $2.9B | $3.3B | -11% | | Subscription Revenue | $1.5B | $1.5B | In-line | | AMS Revenue | $1.3B | $1.4B | -5% | | Net Income (GAAP) | $476M | $631M | -25% | | Diluted EPS (GAAP) | $2.28 | $2.81 | -19% | | Adjusted EBITDA | $742M | $1,132M | -34% | - The YoY revenue decline was also impacted by the absence of the Winter Olympics and Super Bowl on NBC in 2022, compared to the Super Bowl on FOX (TEGNA's smallest affiliate portfolio) in 2023[7](index=7&type=chunk) - Automotive and Services, the two largest advertising categories, generated strong growth throughout 2023[7](index=7&type=chunk) [Outlook and Guidance](index=3&type=section&id=Outlook%20and%20Guidance) TEGNA projects strong 2024-2025 free cash flow, supported by renewals, while anticipating a slight Q1 2024 revenue decline and stable full-year guidance [2024-2025 Free Cash Flow Guidance](index=3&type=section&id=FREE%20CASH%20FLOW%20GUIDANCE%20THROUGH%202024-2025) TEGNA forecasts $900 million to $1.1 billion in free cash flow for 2024-2025, bolstered by renewed agreements and transformation initiatives - The company expects to generate free cash flow in the range of **$900 million to $1.1 billion** during the 2024-2025 period[6](index=6&type=chunk) - Guidance is based on recently renewed affiliation agreements with NBC and ABC, as well as retransmission consent agreements repricing **30%** of traditional subscribers[6](index=6&type=chunk) - Guidance includes the impact of transformation initiatives to streamline operations and achieve cost reductions, with initial benefits expected in H2 2024[7](index=7&type=chunk) [Full-Year and First Quarter 2024 Outlook](index=5&type=section&id=FULL-YEAR%20AND%20FIRST%20QUARTER%202024%20OUTLOOK) TEGNA's 2024 outlook includes a net leverage ratio below 3.0x, with Q1 revenue expected to decrease and operating expenses to increase slightly Full-Year 2024 Key Guidance Metrics | Metric | Guidance | | :--- | :--- | | Net Leverage Ratio | Below 3.0x at year-end | | Corporate Expenses | $40 - $45 million | | Interest Expense | $170 - $173 million | | Capital Expenditures | $62 - $67 million | | Effective Tax Rate | 23.5% - 24.5% | First Quarter 2024 Guidance (vs Q1 2023) | Metric | Guidance | | :--- | :--- | | Total Company GAAP Revenue | Down Low-to-Mid-Single Digit % | | Total Non-GAAP Operating Expenses | Up Low-Single Digit % | [Capital Management and Corporate Strategy](index=4&type=section&id=Capital%20Management%20and%20Corporate%20Strategy) TEGNA's strategy emphasizes shareholder returns, operational efficiency, and strategic growth through a new capital allocation framework, share repurchases, and targeted acquisitions [Capital Allocation Framework & Shareholder Returns](index=4&type=section&id=CAPITAL%20ALLOCATION%20FRAMEWORK) TEGNA's new capital allocation framework aims to return 40-60% of 2024-2025 free cash flow to shareholders, supported by a $650 million share repurchase program - The company will return **40-60%** of its free cash flow generated in 2024-2025 to shareholders through share repurchases and dividends[8](index=8&type=chunk) - A new share repurchase program for up to **$650 million** of common stock has been authorized, expiring on December 31, 2025[9](index=9&type=chunk) - The company received approximately **$153 million** in pre-tax cash from the sale of its BMI interest, which will be used for shareholder returns and/or bolt-on M&A[11](index=11&type=chunk) [CEO Commentary](index=4&type=section&id=CEO%20COMMENT) CEO Dave Lougee highlights TEGNA's strong position, driven by a new capital allocation framework, successful agreement renewals, and transformation initiatives, anticipating a robust 2024 - CEO Dave Lougee described the company as being "back on offense, operating from a position of strength" with a new capital allocation framework to drive shareholder value[12](index=12&type=chunk) - Successful renegotiation of retransmission agreements (**30%** of traditional subs) and affiliation agreements with NBC and ABC provide visibility into future revenues and cash flow, with **93%** of Big 4 network subscribers now under agreements through late 2026 or longer[13](index=13&type=chunk) - The company is leveraging its scale and new technologies to drive efficiencies, with financial benefits expected in the second half of 2024[14](index=14&type=chunk) [Key Strategic Updates](index=6&type=section&id=KEY%20STRATEGIC%20UPDATES) TEGNA's strategic updates include a new credit facility, NBC affiliation renewal, acquisition of Octillion Media for CTV, and investment in 6AM City for local content - Closed a new **$750 million**, five-year amended credit agreement, securing additional capacity for strategic objectives[21](index=21&type=chunk) - Renewed a multi-year affiliation agreement with NBC for **20 markets**, covering nearly **17%** of U.S TV households[21](index=21&type=chunk) - Premion acquired Octillion Media, a Connected TV (CTV) demand-side platform, to expand its capabilities and drive growth in serving local and regional advertisers[21](index=21&type=chunk) - Made a strategic investment in 6AM City, a local media brand, to enhance the distribution of local news and weather content[21](index=21&type=chunk) [Detailed Financials and Reconciliations](index=8&type=section&id=Detailed%20Financials%20and%20Reconciliations) This section presents detailed GAAP financial statements and non-GAAP reconciliations, providing a granular view of revenue, expenses, profitability, and cash flow [Consolidated Statements of Income (GAAP)](index=8&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20INCOME) GAAP consolidated statements detail TEGNA's Q4 and full-year 2023 revenues, operating expenses, and net income, showing declines from the prior year Consolidated Income Statement - Full Year (in thousands) | Line Item | 2023 | 2022 | | :--- | :--- | :--- | | Revenues | $2,910,930 | $3,279,245 | | Operating Expenses | $2,177,385 | $2,288,613 | | Operating Income | $733,545 | $990,632 | | Net Income Attributable to TEGNA Inc. | $476,724 | $630,469 | Consolidated Income Statement - Q4 (in thousands) | Line Item | Q4 2023 | Q4 2022 | | :--- | :--- | :--- | | Revenues | $725,854 | $917,130 | | Operating Income | $143,734 | $328,216 | | Net Income Attributable to TEGNA Inc. | $76,133 | $218,601 | [Non-GAAP Reconciliations](index=10&type=section&id=NON-GAAP%20FINANCIAL%20INFORMATION) This section provides detailed reconciliations of GAAP to non-GAAP financial measures, including Adjusted EBITDA, Free Cash Flow, and Net Leverage Ratio, for evaluating ongoing performance Revenue Breakdown by Source - Full Year (in thousands) | Revenue Source | 2023 | 2022 | % Change | | :--- | :--- | :--- | :--- | | Subscription | $1,527,563 | $1,530,402 | (0.2)% | | Advertising and Marketing Services | $1,289,903 | $1,363,417 | (5.4)% | | Political | $45,800 | $341,110 | (86.6)% | | Other | $47,664 | $44,316 | 7.6% | | **Total Revenues** | **$2,910,930** | **$3,279,245** | **(11.2)%** | Reconciliation of Net Income to Adjusted EBITDA - Full Year (in thousands) | Line Item | 2023 | 2022 | | :--- | :--- | :--- | | Net income attributable to TEGNA Inc. (GAAP) | $476,724 | $630,469 | | Adjustments (Taxes, Interest, D&A, Special Items, etc.) | $265,616 | $501,434 | | **Adjusted EBITDA (non-GAAP)** | **$742,340** | **$1,131,903** | Net Leverage Ratio Calculation as of Dec 31, 2023 (in thousands) | Component | Value | | :--- | :--- | | Net Debt | $2,728,964 | | T2Y Adjusted EBITDA | $981,304 | | **Net Leverage Ratio** | **2.8x** |

PART I. FINANCIAL INFORMATION [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents TEGNA's unaudited condensed consolidated financial statements and detailed notes for the period ended September 30, 2023 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) TEGNA's total assets slightly decreased to **$7.195 billion** as of September 30, 2023, with stable long-term debt Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sept. 30, 2023 (in thousands) | Dec. 31, 2022 (in thousands) | | :--- | :--- | :--- | | **Total Assets** | **$7,195,049** | **$7,328,896** | | Cash and cash equivalents | $553,030 | $551,681 | | Goodwill | $2,981,587 | $2,981,587 | | **Total Liabilities** | **$4,216,050** | **$4,239,756** | | Long-term debt | $3,071,899 | $3,069,316 | | **Total Equity** | **$2,960,540** | **$3,071,722** | [Consolidated Statements of Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income) Q3 2023 revenues decreased to **$713.2 million** and net income to **$96.2 million**, primarily due to lower political advertising revenue Consolidated Income Statement Highlights (in thousands, except EPS) | Metric | Q3 2023 (in thousands) | Q3 2022 (in thousands) | 9 Months 2023 (in thousands) | 9 Months 2022 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | **$713,243** | **$803,111** | **$2,185,076** | **$2,362,115** | | Operating Income | $134,657 | $232,258 | $589,811 | $662,416 | | Merger Termination Fee | - | - | ($136,000) | - | | **Net Income Attributable to TEGNA** | **$96,183** | **$146,065** | **$400,591** | **$411,868** | | **Diluted EPS** | **$0.48** | **$0.65** | **$1.86** | **$1.83** | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash flow from operating activities decreased to **$408.8 million** for the nine months ended September 30, 2023, driven by lower revenue Consolidated Cash Flow Highlights (Nine Months Ended Sept. 30, in thousands) | Cash Flow Category | 2023 (in thousands) | 2022 (in thousands) | | :--- | :--- | :--- | | **Net cash flow from operating activities** | **$408,839** | **$600,705** | | Net cash flow used for investing activities | ($3,095) | ($36,062) | | Net cash flow used for financing activities | ($404,395) | ($244,991) | | **Increase in cash and cash equivalents** | **$1,349** | **$319,652** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, the terminated merger, revenue sources, debt, share repurchases, and ongoing litigation - On May 22, 2023, TEGNA terminated its merger agreement with Teton Parent Corp. (an affiliate of Standard General). As a result, TEGNA received a **$136.0 million** termination fee, which was paid via **8.6 million** shares of the company's common stock and recorded as an operating item[21](index=21&type=chunk)[22](index=22&type=chunk) Revenue by Source (in thousands) | Revenue Source | Q3 2023 (in thousands) | Q3 2022 (in thousands) | 9 Months 2023 (in thousands) | 9 Months 2022 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Subscription | $377,891 | $377,368 | $1,188,297 | $1,158,101 | | Advertising & Marketing | $312,413 | $320,764 | $937,984 | $1,010,490 | | Political | $11,643 | $92,904 | $22,925 | $161,727 | | Other | $11,296 | $12,075 | $35,870 | $31,797 | - In Q3 2023, the company sold a portion of its investment in MadHive, Inc. for **$26.4 million**, resulting in a gain of **$25.8 million**[35](index=35&type=chunk) - The company repurchased **$300 million** in shares through an Accelerated Share Repurchase (ASR) program completed in Q3 2023, receiving a total of **18.3 million** shares. An additional **1.7 million** shares were repurchased for **$27.9 million** under a separate program[49](index=49&type=chunk)[50](index=50&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, highlighting Q3 2023 revenue decrease due to lower political advertising and stable liquidity [Consolidated Results from Operations](index=22&type=section&id=Consolidated%20Results%20from%20Operations) Q3 2023 total revenues decreased by **11%** to **$713.2 million**, primarily due to an **87%** drop in political advertising revenue Revenue Comparison (Q3 2023 vs. Q3 2022, in thousands) | Revenue Category | 2023 (in thousands) | 2022 (in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Subscription | $377,891 | $377,368 | 0% | | Advertising & Marketing Services | $312,413 | $320,764 | (3)% | | Political | $11,643 | $92,904 | (87)% | | **Total revenues** | **$713,243** | **$803,111** | **(11)%** | - The decrease in total revenues for Q3 and the first nine months of 2023 was primarily due to the absence of the 2022 mid-term election cycle, which significantly reduced political revenue[76](index=76&type=chunk) - Cost of revenues increased in Q3 and the first nine months of 2023 compared to 2022, driven by rate increases under existing and newly renegotiated network affiliation agreements[78](index=78&type=chunk) - Non-operating income increased by **$31.7 million** in Q3 2023, primarily due to a **$25.8 million** gain on the sale of a portion of the MadHive investment[94](index=94&type=chunk) [Results from Operations - Non-GAAP Information](index=28&type=section&id=Results%20from%20Operations%20-%20Non-GAAP%20Information) Q3 2023 Adjusted EBITDA decreased **38%** to **$165.9 million**, reflecting lower revenues and higher programming costs Adjusted EBITDA Reconciliation (in thousands) | Metric | Q3 2023 (in thousands) | Q3 2022 (in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Net income attributable to TEGNA Inc. | $96,183 | $146,065 | (34%) | | Operating income | $134,657 | $232,258 | (42%) | | **Adjusted EBITDA (non-GAAP)** | **$165,921** | **$265,972** | **(38%)** | - Special items excluded from non-GAAP results in Q3 2023 include retention costs related to the terminated merger and a gain on the sale of an equity investment. In Q3 2022, special items included M&A-related costs[106](index=106&type=chunk) - Free cash flow for the two-year period ending September 30, 2023 was **$1.28 billion**, or **20.6%** of revenue, compared to **$1.42 billion**, or **22.6%** of revenue, for the period ending September 30, 2022[111](index=111&type=chunk) [Liquidity, Capital Resources and Cash Flows](index=33&type=section&id=Liquidity%2C%20Capital%20Resources%20and%20Cash%20Flows) TEGNA maintains strong liquidity with **$553.0 million** cash and **$1.49 billion** credit facility, increasing dividends and share repurchases - The company increased its quarterly dividend by **20%** from **9.5 cents** to **11.375 cents** per share in Q2 2023[113](index=113&type=chunk) - A **$300 million** Accelerated Share Repurchase (ASR) program was completed in Q3 2023, and an additional **$325 million** ASR is planned for Q4 2023[114](index=114&type=chunk)[115](index=115&type=chunk) - As of September 30, 2023, total debt was **$3.07 billion**, and the company was in compliance with all debt covenants, with a leverage ratio of **2.58x**[119](index=119&type=chunk)[120](index=120&type=chunk) [Goodwill](index=35&type=section&id=Goodwill) Goodwill headroom narrowed due to stock price decline, increasing future impairment risk despite current fair value exceeding carrying value - Despite the reporting unit's fair value exceeding its carrying value by over **20%** as of September 30, 2023, the decline in the company's stock price has narrowed the headroom, creating a risk of future goodwill impairment[125](index=125&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Market risk exposure remains largely unchanged, with future credit facility borrowings subject to variable SOFR rates - The company has no outstanding floating interest rate debt, but future borrowings under its **$1.49 billion** available credit facility are subject to variable rates based on SOFR[129](index=129&type=chunk) [Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2023, with no material changes - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures are effective as of September 30, 2023[130](index=130&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=36&type=section&id=Item%201.%20Legal%20Proceedings) The company faces ongoing antitrust litigation but expects no material liability, with all merger-related lawsuits dismissed - TEGNA is a defendant in ongoing putative class action lawsuits alleging antitrust violations in local television advertising sales, which the company believes are without merit and intends to defend vigorously[52](index=52&type=chunk)[53](index=53&type=chunk)[55](index=55&type=chunk) - All seven lawsuits filed by purported stockholders related to the terminated merger have been voluntarily dismissed as of November 7, 2023[56](index=56&type=chunk) [Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors, except for a new risk concerning share repurchase programs and potential stock price volatility - A new risk factor was added concerning the company's share repurchase programs, stating there is no assurance they will enhance long-term stockholder value and could increase stock price volatility[134](index=134&type=chunk)[136](index=136&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) TEGNA repurchased **4.84 million** shares in Q3 2023, including final settlement of a **$300 million** ASR program Issuer Purchases of Equity Securities (Q3 2023) | Period | Total Shares Purchased (thousands) | Average Price Paid per Share ($) | | :--- | :--- | :--- | | August 2023 | 3,091 | $16.42 | | September 2023 | 1,749 | $15.96 | | **Total Q3 2023** | **4,840** | N/A | - As of September 30, 2023, approximately **$272.1 million** remained available for repurchases under the share repurchase program authorized in December 2020[138](index=138&type=chunk)[141](index=141&type=chunk) [Other Information](index=37&type=section&id=Item%205.%20Other%20Information) CEO David T. Lougee established a Rule 10b5-1 trading plan to sell up to **425,000** shares for estate planning - CEO David T. Lougee established a Rule 10b5-1 trading plan to sell up to **425,000** shares for estate planning, representing his first potential sales since becoming CEO in 2017[144](index=144&type=chunk)

TEGNA Inc. (NYSE:TGNA) Q3 2023 Earnings Conference Call November 7, 2023 10:00 AM ET Company Participants Julie Heskett - Senior Vice President Financial Planning & Analysis & Head of Investor Relations Dave Lougee - President & Chief Executive Officer Victoria Harker - Chief Financial Officer Conference Call Participants Dan Kurnos - The Benchmark Company Steven Cahall - Wells Fargo Craig Huber - Huber Research Partners James Goss - Barrington Research Operator Good day and thank you for standing by. Welco ...

Financial Highlights and Capital Allocation - TEGNA has $1.5 billion undrawn capacity on its revolving credit facility[5] - The company is committed to nearly $800 million in share reductions this year[6] - TEGNA expects to retire approximately 45 to 50 million shares by the end of March 2024, representing over 20% of shares outstanding prior to these actions[6] - TEGNA's debt is 100% fixed-rate with an effective rate of 5.2%[7] Revenue and Performance - TEGNA achieved record third-quarter subscription revenue in 2023[20, 68] - Total video plays across TEGNA's O&Os and YouTube averaged 400 million monthly in Q3 2023, a +69% year-over-year increase[32] - Total revenue was down 11% year-over-year in Q3 2023, primarily due to the absence of political revenue from the mid-term election cycle[41] - Subscription revenue in Q3 2023 was $378 million[42] Strategic Positioning and Growth - TEGNA is the largest independent owner of Big 4 affiliates in the top 25 markets[26, 52] - TEGNA's revenues are diversified, with subscription and political revenue comprising more than 50% of total company revenue on a two-year basis[27] - True Crime Network and Quest are reaching 88% and 83% of U S TV households, respectively[32, 58]

TEGNA Inc. (NYSE:TGNA) Q2 2023 Earnings Conference Call August 3, 2023 10:00 AM ET Company Participants Julie Heskett - SVP of Finance and IR Dave Lougee - President and CEO Victoria Harker - CFO Conference Call Participants Dan Kurnos - The Benchmark Company Craig Huber - Huber Research James Goss - Barrington Research Steven Cahall - Wells Fargo Aaron Watts - Deutsche Bank Operator Thank you for standing by, and welcome to the Second Quarter TEGNA Earnings Conference Call. At this time, all participants a ...

TEGNA INC. 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, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-6961 ___________________________ (Exact name of registrant as specified in its charter) ___________________________ ( ...

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-6961 ___________________________ TEGNA INC. 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, 2023 OR (Exact name of registrant as specified in its charter) ___________________________ ...