TEGNA(US:TGNA)2023-11-07 16:13Financial 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]