TEGNA First Quarter Revenues, Income Rise

Q1 Up

TEGNA INC. first quarter total company revenue rose 32% year-to-year to $684 million, boosted by station acquisitions, subscription revenue, and politcal advertising; without political, revenues rose 24%. Net income increased 17% to $86 million (39 cents/share GAAP, 43 cents/share non-GAAP). Adjusted EBITDA rose 39% to $212 million, and free cash flow rose 30% to $142 million. The company, which has been battling investor STANDARD GENERAL over the direction of the operation and has been subject to unsolicited buyout offers, does not break out results for its only radio properties, Sports WBNS-F (97.1 THE FAN) and Sports WBNS-A (ESPN 1460)/COLUMBUS, OH.

Pres./CEO DAVE LOUGEE said, "TEGNA continues to execute on its five-pillar strategy to create value for shareholders, and our management team remains focused on managing through the current crisis—protecting our employees, supporting our customers and serving our communities. Since the onset of COVID-19, I am proud of our employees who have utilized safe and creative approaches to production during this pandemic. Our audience numbers are up significantly on all platforms whether linear TV or digital products. This audience growth reflects the critical role local broadcast plays in the communities we serve, further strengthening our value to clients in the months to come. We are proud of the performance of all of our colleagues across the country in providing a critical local link to news and information during this crisis."

"For consumers, business owners and American workers, COVID-19 has led to confusion and anxiety. Our local stations are reassuring our audiences with 'Facts Not Fear,' both a brand and a philosophy for all TEGNA journalists. Local news is the most trusted source of all, and our colleagues have risen to the challenge.

"Since the beginning of this crisis, we have moved quickly and prudently to reduce all non-essential costs and discretionary capital expenditures to protect the long-term health of our business. The strong foundation we have built over the past several years provides us the ability to respond in a thoughtful and timely manner. During that time, we have strengthened and diversified our revenue streams, as well as reinforced our balance sheet to increase liquidity and flexibility to manage through this period of volatility.

"Near-term macro dynamics clearly remain uncertain, but our first quarter results reflect continued momentum in subscription and political revenue streams. This allows us to better weather the current downturn in non-political advertising, while we continue to invest in the future and execute on our strategy for TEGNA shareholders over the long-term."

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