TEGNA(US:TGNA)2025-08-07 12:13Revenue Performance - Total company revenue decreased 5% to $675 million compared to $710 million in the same quarter last year[3]. - Distribution revenue remained flat at $370 million, impacted by subscriber declines but offset by contractual rate increases[3]. - Total revenues for the six months ended June 30, 2025, were $1,355,094, a decrease of 5% compared to $1,424,615 in 2024[19]. - Distribution revenue for the six months ended June 30, 2025, was $749,133, unchanged from $751,707 in 2024[20]. - Third Quarter 2025 revenue is expected to decline by 18% to 20% compared to the same quarter in 2024[8]. Profitability Metrics - Adjusted EBITDA decreased 14% to $151 million primarily due to lower political advertising revenue and AMS revenue[5]. - GAAP net income attributable to TEGNA Inc. was $68 million, a 17% decrease from $82 million in the prior year[3]. - Basic earnings per share dropped by 50% to $0.78 for the six months ended June 30, 2025, compared to $1.56 in 2024[19]. - For the six months ended June 30, 2025, TEGNA Inc. reported a net income of $131,838,000, compared to $166,338,000 for the same period in 2024, reflecting a decrease of approximately 20.8%[32][33]. - The diluted earnings per share for the first half of 2025 was $0.81, down from $0.95 in the first half of 2024, indicating a decline of about 14.7%[32][33]. Cash Flow and Financial Guidance - Net cash flow from operations was $100 million, with Adjusted Free Cash Flow at $96 million[5]. - Full-Year 2025 Adjusted Free Cash Flow guidance is reaffirmed at $900 million[7]. - Adjusted free cash flow guidance for 2024/2025 remains unchanged at $900 million to $1.1 billion[26]. - TEGNA Inc. achieved adjusted free cash flow of $96,094,000 for the quarter ended June 30, 2025, compared to $158,072,000 year-to-date, reflecting a decrease of approximately 39.2%[35]. - The company’s net cash flow from operating activities for the quarter ended June 30, 2025, was $99,862,000, compared to $159,491,000 year-to-date, indicating a decline of about 37.4%[35]. Operational Changes and Costs - TEGNA plans to add over 100 hours of new daily local programming across 50+ markets, aiming to enhance content and distribution channels[5]. - The company incurred workforce restructuring costs of $2,775,000 in the first half of 2025, compared to $3,637,000 in the same period of 2024[34]. - Corporate general and administrative expenses decreased by 26% to $20,265 for the six months ended June 30, 2025, down from $27,483 in 2024[19]. Debt and Leverage - TEGNA redeemed $250 million par value of 4.75% senior notes due March 15, 2026, on July 2, 2025[5]. - Total outstanding principal debt as of June 30, 2025, was $3,090,000,000, with cash and cash equivalents of $756,540,000, resulting in net debt of $2,333,460,000[37]. - The net leverage ratio as of June 30, 2025, was 2.8x, calculated using net debt of $2,333,460,000 and trailing two-year adjusted EBITDA of $824,635,000[39].