TEGNA(US:TGNA)2025-11-10 12:19Revenue Performance - Total company revenue decreased 19% to $651 million compared to $806 million in Q3 2024[3] - Distribution revenue decreased 1% to $358 million, impacted by subscriber declines[3] - Advertising and marketing services (AMS) revenue decreased 12% to $273 million due to macroeconomic challenges and the absence of Summer Olympic games[3] - Total revenues for the nine months ended September 30, 2025, were $2,005,885, a decrease of 10% compared to $2,231,442 in 2024[16] - Total revenues for the quarter ended September 30, 2025, were $650,791, a decline of 19% from $806,827 in 2024[17] Income and Earnings - GAAP net income attributable to TEGNA Inc. was $37 million, a 75% decrease from $147 million in Q3 2024[15] - GAAP earnings per diluted share were $0.23, down 74% from $0.89 in the same quarter last year[15] - Net income attributable to TEGNA Inc. for the nine months ended September 30, 2025, was $163,709, reflecting a 61% decline from $419,152 in 2024[16] - Basic earnings per share dropped to $1.01 for the nine months ended September 30, 2025, down 59% from $2.44 in 2024[16] - Earnings per share (diluted) for the nine months ended September 30, 2025, was $1.00, down from $2.44 in 2024, reflecting a decline of 59.0%[27] Operating Performance - Total company Adjusted EBITDA decreased 52% to $131 million, primarily due to lower political advertising revenue[3] - Adjusted EBITDA for the nine months ended September 30, 2025, was $417,862,000, down from $619,417,000 in 2024, reflecting a decline of 32.5%[27] - Operating income decreased by 36% to $323,557 for the nine months ended September 30, 2025, down from $509,312 in 2024[16] - Operating income for the nine months ended September 30, 2025, was $345,074,000, compared to $533,601,000 in 2024, a decrease of 35.3%[27] - Adjusted operating income (non-GAAP) for the quarter ended September 30, 2025, was $106,824,000, compared to $240,493,000 in 2024, a decrease of 55.6%[27] Cash Flow and Debt - Net cash flow from operations was $59 million, with Adjusted Free Cash Flow at $64 million[3] - Cash and cash equivalents totaled $233 million at the end of Q3 2025, with net leverage at 2.9x[7] - Adjusted free cash flow for the quarter ended September 30, 2025, was $64,332,000, compared to $222,404,000 year-to-date, indicating a significant reduction in cash flow[28] - Total outstanding principal debt as of September 30, 2025, was $2,540,000,000, with net debt calculated at $2,307,225,000 after accounting for cash and cash equivalents[30] - The net leverage ratio as of September 30, 2025, was 2.9x, indicating the company's debt levels relative to its earnings[32] M&A Activity - TEGNA has entered into a definitive agreement with Nexstar Media Group for acquisition at $22.00 per share, valuing the transaction at $6.2 billion[4] - TEGNA has suspended share repurchases and will continue to pay regular quarterly dividends until the transaction closes[5] - The company incurred M&A-related costs of $12,368,000 for the nine months ended September 30, 2025, compared to $2,290,000 in 2024, indicating increased expenses related to mergers and acquisitions[27] Other Financial Metrics - Political revenue for the nine months ended September 30, 2025, plummeted by 88% to $21,689 from $185,789 in 2024[17] - Advertising & Marketing Services revenue for the nine months ended September 30, 2025, was $847,631, a decrease of 6% from $904,299 in 2024[17] - Total operating expenses for the nine months ended September 30, 2025, were $1,682,328, a decrease of 2% compared to $1,722,130 in 2024[16] - Interest income increased by 20% to $22,176 for the nine months ended September 30, 2025, compared to $18,469 in 2024[16] - The company reported a net loss attributable to redeemable noncontrolling interest of $384 for the nine months ended September 30, 2025, down 43% from $673 in 2024[16] - Retention costs for cash in the nine months ended September 30, 2025, amounted to $2,974,000, reflecting ongoing investment in employee retention strategies[28]