TEGNA(US:TGNA)2025-02-27 12:53Revenue 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]