Delaware | 16-0442930 | |||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||
Tysons, | Virginia | |||
(Address of principal executive offices) | (Zip Code) | |||
(703) | 873-6600 | |||
(Registrant’s telephone number, including area code) |
Securities registered pursuant to Section 12(b) of the Act: | ||
Title of each class | Trading Symbol | Name of each exchange on which registered |
Common Stock | TGNA | New York Stock Exchange |
Large accelerated filer | Accelerated filer | ||
Non-accelerated filer | Smaller reporting company | ||
Emerging growth company |
Item No. | Page | Page | ||
PART I. FINANCIAL INFORMATION | PART I. FINANCIAL INFORMATION | |||
1. | Financial Statements | Financial Statements | ||
Condensed Consolidated Balance Sheets as of September 30, 2017 and December 31, 2016 | ||||
Consolidated Statements of Income for the Quarters and Nine Months Ended September 30, 2017 and 2016 | ||||
Consolidated Statements of Comprehensive Income for the Quarters and Nine Months Ended September 30, 2017 and 2016 | ||||
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2017 and 2016 | ||||
Notes to Condensed Consolidated Financial Statements | ||||
2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||
3. | Quantitative and Qualitative Disclosures about Market Risk | |||
4. | ||||
PART II. OTHER INFORMATION | PART II. OTHER INFORMATION | |||
1. | Legal Proceedings | |||
1A. | Risk Factors | |||
2. | Unregistered Sales of Equity Securities and Use of Proceeds | |||
3. | Defaults Upon Senior Securities | |||
4. | Mine Safety Disclosures | |||
5. | Other Information | |||
6. | Exhibits | |||
SIGNATURE | SIGNATURE |
Sept. 30, 2017 | Dec. 31, 2016 | Sept. 30, 2019 | Dec. 31, 2018 | |||||||||||
(Unaudited) | (Recast) | |||||||||||||
ASSETS | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | 383,354 | $ | 15,879 | $ | 9,194 | $ | 135,862 | ||||||
Accounts receivable, net of allowances of $3,222 and $3,404, respectively | 382,791 | 386,074 | ||||||||||||
Accounts receivable, net of allowances of $5,269 and $3,090, respectively | 521,118 | 425,404 | ||||||||||||
Other receivables | 20,384 | 20,685 | 29,234 | 20,967 | ||||||||||
Syndicated programming rights | 63,263 | 35,252 | ||||||||||||
Prepaid expenses and other current assets | 80,201 | 62,090 | 25,522 | 17,737 | ||||||||||
Current discontinued operations assets | — | 305,960 | ||||||||||||
Total current assets | 866,730 | 790,688 | 648,331 | 635,222 | ||||||||||
Property and equipment | ||||||||||||||
Cost | 801,791 | 805,349 | 986,263 | 858,170 | ||||||||||
Less accumulated depreciation | (456,768 | ) | (430,028 | ) | (515,436 | ) | (482,955 | ) | ||||||
Net property and equipment | 345,023 | 375,321 | 470,827 | 375,215 | ||||||||||
Intangible and other assets | ||||||||||||||
Goodwill | 2,579,417 | 2,579,417 | 2,874,063 | 2,596,863 | ||||||||||
Indefinite-lived and amortizable intangible assets, less accumulated amortization | 1,278,667 | 1,294,839 | 2,672,683 | 1,526,077 | ||||||||||
Right-of-use assets for operating leases | 90,406 | — | ||||||||||||
Investments and other assets | 173,219 | 180,616 | 145,927 | 143,465 | ||||||||||
Noncurrent discontinued operations assets | — | 3,321,844 | ||||||||||||
Total intangible and other assets | 4,031,303 | 7,376,716 | 5,783,079 | 4,266,405 | ||||||||||
Total assets | $ | 5,243,056 | $ | 8,542,725 | $ | 6,902,237 | $ | 5,276,842 |
Sept. 30, 2017 | Dec. 31, 2016 | Sept. 30, 2019 | Dec. 31, 2018 | |||||||||||
(Unaudited) | (Recast) | |||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Current liabilities | ||||||||||||||
Accounts payable | $ | 102,758 | $ | 99,568 | $ | 63,097 | $ | 83,226 | ||||||
Accrued liabilities | 219,701 | 200,417 | ||||||||||||
Compensation | 38,658 | 52,726 | ||||||||||||
Interest | 56,570 | 37,458 | ||||||||||||
Contracts payable for programming rights | 129,989 | 112,059 | ||||||||||||
Other | 71,352 | 49,211 | ||||||||||||
Dividends payable | 15,190 | 30,178 | 15,173 | 15,154 | ||||||||||
Income taxes | 14,304 | 11,448 | ||||||||||||
Current portion of long-term debt | 280,646 | 646 | ||||||||||||
Current discontinued operations liabilities | — | 276,924 | ||||||||||||
Income taxes payable | — | 19,383 | ||||||||||||
Total current liabilities | 632,599 | 619,181 | 374,839 | 369,217 | ||||||||||
Noncurrent liabilities | ||||||||||||||
Income taxes | 19,711 | 22,644 | 9,227 | 13,624 | ||||||||||
Deferred income taxes | 585,173 | 648,920 | ||||||||||||
Deferred income tax liability | 513,995 | 396,847 | ||||||||||||
Long-term debt | 3,035,166 | 4,042,749 | 4,180,938 | 2,944,466 | ||||||||||
Pension liabilities | 168,024 | 187,290 | 128,517 | 139,375 | ||||||||||
Operating lease liabilities | 101,348 | — | ||||||||||||
Other noncurrent liabilities | 96,508 | 75,438 | 71,677 | 72,389 | ||||||||||
Noncurrent discontinued operations liabilities | — | 347,233 | ||||||||||||
Total noncurrent liabilities | 3,904,582 | 5,324,274 | 5,005,702 | 3,566,701 | ||||||||||
Total liabilities | 4,537,181 | 5,943,455 | 5,380,541 | 3,935,918 | ||||||||||
Redeemable noncontrolling interests related to discontinued operations | — | 46,265 | ||||||||||||
Equity | ||||||||||||||
TEGNA Inc. shareholders’ equity | ||||||||||||||
Shareholders’ equity | ||||||||||||||
Common stock of $1 par value per share, 800,000,000 shares authorized, 324,418,632 shares issued | 324,419 | 324,419 | 324,419 | 324,419 | ||||||||||
Additional paid-in capital | 390,886 | 473,742 | 252,224 | 301,352 | ||||||||||
Retained earnings | 5,777,443 | 7,384,556 | 6,586,321 | 6,429,512 | ||||||||||
Accumulated other comprehensive loss | (121,073 | ) | (161,573 | ) | (133,359 | ) | (136,511 | ) | ||||||
Less treasury stock at cost, 109,212,809 shares and 109,930,832 shares, respectively | (5,665,800 | ) | (5,749,726 | ) | ||||||||||
Total TEGNA Inc. shareholders’ equity | 705,875 | 2,271,418 | ||||||||||||
Noncontrolling interests related to discontinued operations | — | 281,587 | ||||||||||||
Treasury stock at cost, 107,603,811 shares and 108,660,002 shares, respectively | (5,507,909 | ) | (5,577,848 | ) | ||||||||||
Total equity | 705,875 | 2,553,005 | 1,521,696 | 1,340,924 | ||||||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 5,243,056 | $ | 8,542,725 | ||||||||||
Total liabilities and equity | $ | 6,902,237 | $ | 5,276,842 |
Quarter ended Sept. 30, | Nine months ended Sept. 30, | |||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | Quarter ended Sept. 30, | Nine months ended Sept. 30, | |||||||||||||||||||||||||
(recast) | (recast) | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||||||
Revenues | $ | 464,264 | $ | 519,617 | $ | 1,412,703 | $ | 1,457,233 | $ | 551,857 | $ | 538,976 | $ | 1,605,542 | $ | 1,565,146 | ||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||
Cost of revenues, exclusive of depreciation | 235,474 | 200,495 | 696,565 | 590,058 | ||||||||||||||||||||||||||
Business units - Selling, general and administrative expenses, exclusive of depreciation | 70,914 | 83,039 | 214,645 | 246,280 | ||||||||||||||||||||||||||
Corporate - General and administrative expenses, exclusive of depreciation | 12,881 | 16,027 | 42,462 | 43,865 | ||||||||||||||||||||||||||
Cost of revenues1 | 306,474 | 271,156 | 873,078 | 793,943 | ||||||||||||||||||||||||||
Business units - Selling, general and administrative expenses | 78,439 | 76,639 | 223,845 | 229,193 | ||||||||||||||||||||||||||
Corporate - General and administrative expenses | 29,792 | 17,593 | 60,363 | 41,522 | ||||||||||||||||||||||||||
Depreciation | 15,186 | 13,212 | 41,721 | 42,653 | 15,381 | 14,262 | 44,831 | 41,594 | ||||||||||||||||||||||
Amortization of intangible assets | 5,395 | 5,775 | 16,172 | 17,542 | 15,018 | 8,047 | 32,530 | 22,791 | ||||||||||||||||||||||
Asset impairment and facility consolidation charges | 7,553 | 15,218 | 11,086 | 18,946 | ||||||||||||||||||||||||||
Spectrum repacking reimbursements and other | (80 | ) | (3,005 | ) | (11,399 | ) | (9,331 | ) | ||||||||||||||||||||||
Total | 347,403 | 333,766 | 1,022,651 | 959,344 | 445,024 | 384,692 | 1,223,248 | 1,119,712 | ||||||||||||||||||||||
Operating income | 116,861 | 185,851 | 390,052 | 497,889 | 106,833 | 154,284 | 382,294 | 445,434 | ||||||||||||||||||||||
Non-operating income (expense): | ||||||||||||||||||||||||||||||
Equity income (loss) in unconsolidated investments, net | 866 | (1,198 | ) | (1,549 | ) | (2,763 | ) | |||||||||||||||||||||||
Equity (loss) income in unconsolidated investments, net | (491 | ) | 771 | 10,922 | 15,080 | |||||||||||||||||||||||||
Interest expense | (51,855 | ) | (57,601 | ) | (162,113 | ) | (175,444 | ) | (52,454 | ) | (48,226 | ) | (145,166 | ) | (145,055 | ) | ||||||||||||||
Other non-operating items | (3,671 | ) | (11,874 | ) | (26,853 | ) | (16,029 | ) | ||||||||||||||||||||||
Other non-operating items, net | (463 | ) | (214 | ) | 6,962 | (13,005 | ) | |||||||||||||||||||||||
Total | (54,660 | ) | (70,673 | ) | (190,515 | ) | (194,236 | ) | (53,408 | ) | (47,669 | ) | (127,282 | ) | (142,980 | ) | ||||||||||||||
Income before income taxes | 62,201 | 115,178 | 199,537 | 303,653 | 53,425 | 106,615 | 255,012 | 302,454 | ||||||||||||||||||||||
Provision for income taxes | 11,447 | 38,441 | 54,855 | 92,038 | 5,079 | 13,789 | 52,732 | 61,929 | ||||||||||||||||||||||
Net Income from continuing operations | 50,754 | 76,737 | 144,682 | 211,615 | 48,346 | 92,826 | 202,280 | 240,525 | ||||||||||||||||||||||
(Loss) income from discontinued operations, net of tax | (10,803 | ) | 56,698 | (233,261 | ) | 132,141 | ||||||||||||||||||||||||
Net income (loss) | 39,951 | 133,435 | (88,579 | ) | 343,756 | |||||||||||||||||||||||||
Net loss (income) attributable to noncontrolling interests from discontinued operations | 2,806 | (14,752 | ) | 58,698 | (40,178 | ) | ||||||||||||||||||||||||
Net income (loss) attributable to TEGNA Inc. | $ | 42,757 | $ | 118,683 | $ | (29,881 | ) | $ | 303,578 | |||||||||||||||||||||
Income from discontinued operations, net of tax | — | 4,325 | — | 4,325 | ||||||||||||||||||||||||||
Net income | $ | 48,346 | $ | 97,151 | $ | 202,280 | $ | 244,850 | ||||||||||||||||||||||
Earnings from continuing operations per share - basic | $ | 0.24 | $ | 0.36 | $ | 0.67 | $ | 0.98 | $ | 0.22 | $ | 0.43 | $ | 0.93 | $ | 1.11 | ||||||||||||||
(Loss) earnings from discontinued operations per share - basic | (0.04 | ) | 0.19 | (0.81 | ) | 0.42 | ||||||||||||||||||||||||
Net income (loss) per share – basic | $ | 0.20 | $ | 0.55 | $ | (0.14 | ) | $ | 1.40 | |||||||||||||||||||||
Earnings from discontinued operations per share - basic | — | 0.02 | — | 0.02 | ||||||||||||||||||||||||||
Net income per share – basic | $ | 0.22 | $ | 0.45 | $ | 0.93 | $ | 1.13 | ||||||||||||||||||||||
Earnings from continuing operations per share - diluted | $ | 0.23 | $ | 0.35 | $ | 0.66 | $ | 0.96 | $ | 0.22 | $ | 0.43 | $ | 0.93 | $ | 1.11 | ||||||||||||||
(Loss) earnings from discontinued operations per share - diluted | (0.04 | ) | 0.19 | (0.80 | ) | 0.42 | ||||||||||||||||||||||||
Net income (loss) per share – diluted | $ | 0.19 | $ | 0.54 | $ | (0.14 | ) | $ | 1.38 | |||||||||||||||||||||
Earnings from discontinued operations per share - diluted | — | 0.02 | — | 0.02 | ||||||||||||||||||||||||||
Net income per share – diluted | $ | 0.22 | $ | 0.45 | $ | 0.93 | $ | 1.13 | ||||||||||||||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||||||||||||||
Basic shares | 215,863 | 214,813 | 215,558 | 216,865 | 217,315 | 216,015 | 217,040 | 216,210 | ||||||||||||||||||||||
Diluted shares | 218,095 | 218,099 | 217,827 | 220,511 | 218,310 | 216,348 | 217,808 | 216,617 | ||||||||||||||||||||||
Dividends declared per share | $ | 0.07 | $ | 0.14 | $ | 0.28 | $ | 0.42 | ||||||||||||||||||||||
1 Cost of revenues exclude charges for depreciation and amortization expense, which are shown separately above. | 1 Cost of revenues exclude charges for depreciation and amortization expense, which are shown separately above. |
Quarter ended Sept. 30, | Nine months ended Sept. 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income (loss) | $ | 39,951 | $ | 133,435 | $ | (88,579 | ) | $ | 343,756 | ||||||
Redeemable noncontrolling interests (earnings not available to shareholders) | 36 | (1,353 | ) | (2,797 | ) | (3,628 | ) | ||||||||
Other comprehensive income (loss), before tax: | |||||||||||||||
Foreign currency translation adjustments | 24,764 | (1,973 | ) | 34,126 | (7,934 | ) | |||||||||
Recognition of previously deferred post-retirement benefit plan costs | 2,201 | 1,763 | 6,603 | 6,085 | |||||||||||
Unrealized (losses) gains on available for sale investment during the period | — | (3,743 | ) | 1,776 | (8,017 | ) | |||||||||
Other comprehensive income (loss), before tax | 26,965 | (3,953 | ) | 42,505 | (9,866 | ) | |||||||||
Income tax effect related to components of other comprehensive income (loss) | (752 | ) | (688 | ) | (2,445 | ) | (2,368 | ) | |||||||
Other comprehensive income (loss), net of tax | 26,213 | (4,641 | ) | 40,060 | (12,234 | ) | |||||||||
Comprehensive income (loss) | 66,200 | 127,441 | (51,316 | ) | 327,894 | ||||||||||
Comprehensive income (loss) attributable to noncontrolling interests, net of tax | 1,360 | (12,470 | ) | 55,676 | (32,813 | ) | |||||||||
Comprehensive income attributable to TEGNA Inc. | $ | 67,560 | $ | 114,971 | $ | 4,360 | $ | 295,081 |
Quarter ended Sept. 30, | Nine months ended Sept. 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income | $ | 48,346 | $ | 97,151 | $ | 202,280 | $ | 244,850 | |||||||
Other comprehensive income, before tax: | |||||||||||||||
Foreign currency translation adjustments | (318 | ) | (31 | ) | (775 | ) | 551 | ||||||||
Recognition of previously deferred post-retirement benefit plan costs | 1,431 | 1,276 | 4,293 | 3,827 | |||||||||||
Pension lump-sum payment charges | — | 1,198 | 686 | 7,498 | |||||||||||
Other comprehensive income, before tax | 1,113 | 2,443 | 4,204 | 11,876 | |||||||||||
Income tax effect related to components of other comprehensive income | (278 | ) | (615 | ) | (1,052 | ) | (3,021 | ) | |||||||
Other comprehensive income, net of tax | 835 | 1,828 | 3,152 | 8,855 | |||||||||||
Comprehensive income | $ | 49,181 | $ | 98,979 | $ | 205,432 | $ | 253,705 |
Nine months ended Sept. 30, | |||||||
2017 | 2016 | ||||||
Cash flows from operating activities: | |||||||
Net (loss) income | $ | (88,579 | ) | $ | 343,756 | ||
Adjustments to reconcile net income to net cash flow from operating activities: | |||||||
Depreciation and amortization | 117,762 | 153,197 | |||||
Stock-based compensation | 14,189 | 13,216 | |||||
Loss on sale of CareerBuilder | 342,900 | — | |||||
Other losses on sales of assets and impairment charges | 19,803 | 24,082 | |||||
Equity losses in unconsolidated investments, net | 1,488 | 6,530 | |||||
Pension (contributions), net of expense | (12,547 | ) | 2,135 | ||||
Spectrum channel share agreement proceeds | 32,588 | — | |||||
Change in other assets and liabilities, net | (76,421 | ) | (88,153 | ) | |||
Net cash flow from operating activities | 351,183 | 454,763 | |||||
Cash flows from investing activities: | |||||||
Purchase of property and equipment | (63,846 | ) | (68,577 | ) | |||
Payments for acquisitions of businesses, net of cash acquired | — | (196,751 | ) | ||||
Payments for investments | (2,778 | ) | (19,132 | ) | |||
Proceeds from sale of CareerBuilder, net of $36,581 cash transferred | 198,342 | — | |||||
Proceeds from investments | 15,122 | 10,127 | |||||
Proceeds from sale of assets | 5,659 | 1,024 | |||||
Net cash flow from (used for) investing activities | 152,499 | (273,309 | ) | ||||
Cash flows from financing activities: | |||||||
(Payments) proceeds of borrowings under revolving credit facilities, net | (635,000 | ) | 10,000 | ||||
Proceeds from Cars.com borrowings | 675,000 | — | |||||
Proceeds from other borrowings | — | 300,000 | |||||
Debt repayments | (99,185 | ) | (249,592 | ) | |||
Payments of debt issuance costs | (6,208 | ) | (1,684 | ) | |||
Dividends paid | (75,109 | ) | (91,627 | ) | |||
Repurchases of common stock | (8,453 | ) | (150,917 | ) | |||
Distributions to noncontrolling membership interests | (22,980 | ) | — | ||||
Cash transferred to the Cars.com business | (20,133 | ) | — | ||||
Other, net | (5,180 | ) | (19,505 | ) | |||
Net cash flow used for financing activities | (197,248 | ) | (203,325 | ) | |||
Increase (decrease) in cash and cash equivalents | 306,434 | (21,871 | ) | ||||
Cash and cash equivalents from continuing operations, beginning of period | 15,879 | 26,096 | |||||
Cash and cash equivalents from discontinued operations, beginning of period | 61,041 | 103,104 | |||||
Balance of cash and cash equivalents, beginning of period | 76,920 | 129,200 | |||||
Cash and cash equivalents from continuing operations, end of period | 383,354 | 19,185 | |||||
Cash and cash equivalents from discontinued operations, end of period | — | 88,144 | |||||
Balance of cash and cash equivalents, end of period | $ | 383,354 | $ | 107,329 | |||
Supplemental cash flow information: | |||||||
Cash paid for income taxes, net of refunds | $ | 104,422 | $ | 145,052 | |||
Cash paid for interest | $ | 133,752 | $ | 153,510 |
Nine months ended Sept. 30, | |||||||
2019 | 2018 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 202,280 | $ | 244,850 | |||
Adjustments to reconcile net income to net cash flow from operating activities: | |||||||
Depreciation and amortization | 77,361 | 64,385 | |||||
Stock-based compensation | 13,887 | 12,292 | |||||
Company stock 401(k) contribution | 6,486 | — | |||||
Gains on assets | (11,728 | ) | (6,991 | ) | |||
Equity income from unconsolidated investments, net | (10,922 | ) | (15,080 | ) | |||
Pension contributions, net of expense | (5,543 | ) | (39,932 | ) | |||
Change in other assets and liabilities, net of acquisitions | (57,236 | ) | 73,136 | ||||
Net cash flow from operating activities | 214,585 | 332,660 | |||||
Cash flows from investing activities: | |||||||
Purchase of property and equipment | (51,231 | ) | (35,281 | ) | |||
Reimbursements from spectrum repacking | 13,975 | 5,057 | |||||
Payments for acquisitions of businesses, net of cash acquired | (1,507,483 | ) | (328,433 | ) | |||
Payments for investments | (4,041 | ) | (11,309 | ) | |||
Proceeds from investments | 4,020 | 1,224 | |||||
Proceeds from sale of assets | 21,733 | 16,335 | |||||
Net cash flow used for investing activities | (1,523,027 | ) | (352,407 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from borrowings under revolving credit facilities, net | 223,000 | 72,000 | |||||
Proceeds from issuance of Senior Notes | 1,100,000 | — | |||||
Debt repayments | (75,000 | ) | (95,985 | ) | |||
Payment of debt issuance costs | (20,276 | ) | (5,269 | ) | |||
Dividends paid | (45,451 | ) | (45,219 | ) | |||
Repurchases of common stock | — | (5,831 | ) | ||||
Other, net | (499 | ) | (4,224 | ) | |||
Net cash flow provided by (used for) financing activities | 1,181,774 | (84,528 | ) | ||||
Decrease in cash, cash equivalents and restricted cash | (126,668 | ) | (104,275 | ) | |||
Balance of cash, cash equivalents and restricted cash, beginning of period | 135,862 | 128,041 | |||||
Balance of cash, cash equivalents and restricted cash, end of period | $ | 9,194 | $ | 23,766 |
Quarters Ended: | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock | Total | ||||||||||||
Balance at June 30, 2019 | $ | 324,419 | $ | 256,024 | $ | 6,553,149 | $ | (134,194 | ) | $ | (5,519,656 | ) | $ | 1,479,742 | ||||
Net Income | 48,346 | 48,346 | ||||||||||||||||
Other comprehensive income, net of tax | 835 | 835 | ||||||||||||||||
Total comprehensive income | 49,181 | |||||||||||||||||
Dividends declared: $0.07 per share | (15,174 | ) | (15,174 | ) | ||||||||||||||
Company stock 401(k) contribution | (7,794 | ) | 11,036 | 3,242 | ||||||||||||||
Stock-based awards activity | (763 | ) | 711 | (52 | ) | |||||||||||||
Stock-based compensation | 4,445 | 4,445 | ||||||||||||||||
Other activity | 312 | 312 | ||||||||||||||||
Balance at Sept. 30, 2019 | $ | 324,419 | $ | 252,224 | $ | 6,586,321 | $ | (133,359 | ) | $ | (5,507,909 | ) | $ | 1,521,696 | ||||
Balance at June 30, 2018 | $ | 324,419 | $ | 304,066 | $ | 6,201,694 | $ | (124,741 | ) | $ | (5,588,527 | ) | $ | 1,116,911 | ||||
Net Income | 97,151 | 97,151 | ||||||||||||||||
Other comprehensive income, net of tax | 1,828 | 1,828 | ||||||||||||||||
Total comprehensive income | 98,979 | |||||||||||||||||
Dividends declared: $0.07 per share | (15,070 | ) | (15,070 | ) | ||||||||||||||
Stock-based awards activity | (2,625 | ) | 2,751 | 126 | ||||||||||||||
Stock-based compensation | 4,325 | 4,325 | ||||||||||||||||
Other activity | 312 | 312 | ||||||||||||||||
Balance at Sept. 30, 2018 | $ | 324,419 | $ | 306,078 | $ | 6,283,775 | $ | (122,913 | ) | $ | (5,585,776 | ) | $ | 1,205,583 | ||||
TEGNA Inc. | ||||||||||||||||||
CONSOLIDATED STATEMENTS OF EQUITY | ||||||||||||||||||
Unaudited, in thousands of dollars, except per share data | ||||||||||||||||||
Nine Months Ended: | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock | Total | ||||||||||||
Balance at Dec. 31, 2018 | $ | 324,419 | $ | 301,352 | $ | 6,429,512 | $ | (136,511 | ) | $ | (5,577,848 | ) | $ | 1,340,924 | ||||
Net Income | 202,280 | 202,280 | ||||||||||||||||
Other comprehensive income, net of tax | 3,152 | 3,152 | ||||||||||||||||
Total comprehensive income | 205,432 | |||||||||||||||||
Dividends declared: $0.21 per share | (45,471 | ) | (45,471 | ) | ||||||||||||||
Company stock 401(k) contribution | (15,053 | ) | 21,539 | 6,486 | ||||||||||||||
Stock-based awards activity | (48,899 | ) | 48,400 | (499 | ) | |||||||||||||
Stock-based compensation | 13,887 | 13,887 | ||||||||||||||||
Other activity | 937 | 937 | ||||||||||||||||
Balance at Sept. 30, 2019 | $ | 324,419 | $ | 252,224 | $ | 6,586,321 | $ | (133,359 | ) | $ | (5,507,909 | ) | $ | 1,521,696 | ||||
Balance at Dec. 31, 2017 | $ | 324,419 | $ | 382,127 | $ | 6,062,995 | $ | (106,923 | ) | $ | (5,667,577 | ) | $ | 995,041 | ||||
Net Income | 244,850 | 244,850 | ||||||||||||||||
Other comprehensive income, net of tax | 8,855 | 8,855 | ||||||||||||||||
Total comprehensive income | 253,705 | |||||||||||||||||
Cumulative effects of accounting changes | 21,121 | (24,845 | ) | (3,724 | ) | |||||||||||||
Dividends declared: $0.21 per share | (45,191 | ) | (45,191 | ) | ||||||||||||||
Treasury stock acquired | (5,831 | ) | (5,831 | ) | ||||||||||||||
Stock-based awards activity | (89,921 | ) | 87,632 | (2,289 | ) | |||||||||||||
Stock-based compensation | 12,292 | 12,292 | ||||||||||||||||
Other activity | 1,580 | 1,580 | ||||||||||||||||
Balance at Sept. 30, 2018 | $ | 324,419 | $ | 306,078 | $ | 6,283,775 | $ | (122,913 | ) | $ | (5,585,776 | ) | $ | 1,205,583 |
Quarter ended Sept. 30, | Nine months ended Sept. 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Advertising & Marketing Services | $ | 297,333 | $ | 264,852 | $ | 851,304 | $ | 829,638 | |||||||
Subscription | 240,735 | 207,463 | 718,472 | 622,382 | |||||||||||
Political | 8,131 | 60,410 | 14,064 | 93,725 | |||||||||||
Other | 5,658 | 6,251 | 21,702 | 19,401 | |||||||||||
Total revenues | $ | 551,857 | $ | 538,976 | $ | 1,605,542 | $ | 1,565,146 |
Market | Station | Affiliation | ||
Hartford-New Haven, CT | WTIC/WCCT | FOX/CW | ||
Harrisburg-Lancaster-Lebanon-York, PA | WPMT | FOX | ||
Memphis, TN | WATN/WLMT | ABC/CW | ||
Wilkes Barre-Scranton, PA | WNEP | ABC | ||
Des Moines-Ames, IA | WOI/KCWI | ABC/CW | ||
Huntsville-Decatur-Florence, AL | WZDX | FOX | ||
Davenport, IA and Rock Island-Moline, IL | WQAD | ABC | ||
Ft. Smith-Fayetteville-Springdale-Rogers, AR | KFSM | CBS |
Nexstar Stations | Dispatch Stations | Justice & Quest | Gray Stations | Total | ||||||||||||||||
Cash | $ | — | $ | 2,363 | $ | — | $ | — | $ | 2,363 | ||||||||||
Accounts receivable | 35,459 | 26,680 | 8,501 | 5,553 | 76,193 | |||||||||||||||
Prepaid and other current assets | 4,760 | 6,165 | 6,987 | 988 | 18,900 | |||||||||||||||
Property and equipment | 47,339 | 40,856 | 369 | 11,757 | 100,321 | |||||||||||||||
Goodwill | 84,252 | 158,077 | 23,413 | 11,458 | 277,200 | |||||||||||||||
FCC licenses | 415,225 | 298,974 | — | 53,378 | 767,577 | |||||||||||||||
Retransmission agreements | 76,894 | 55,366 | — | 12,253 | 144,513 | |||||||||||||||
Network affiliation agreements | 115,340 | 83,048 | — | 16,105 | 214,493 | |||||||||||||||
Right-of-use assets for operating leases | 19,064 | 362 | — | 252 | 19,678 | |||||||||||||||
Other intangible assets | — | — | 52,553 | — | 52,553 | |||||||||||||||
Other noncurrent assets | 2,015 | — | 5,252 | 18 | 7,285 | |||||||||||||||
Total assets acquired | $ | 800,348 | $ | 671,891 | $ | 97,075 | $ | 111,762 | $ | 1,681,076 | ||||||||||
Accounts Payable | 719 | 953 | 725 | 1 | 2,398 | |||||||||||||||
Accrued liabilities | 10,086 | 8,917 | 3,973 | 1,606 | 24,582 | |||||||||||||||
Deferred income tax liability | — | 108,132 | (471 | ) | — | 107,661 | ||||||||||||||
Operating lease liabilities - noncurrent | 17,271 | 233 | — | 235 | 17,739 | |||||||||||||||
Other noncurrent liabilities | 3,155 | — | 2,700 | — | 5,855 | |||||||||||||||
Total liabilities assumed | $ | 31,231 | $ | 118,235 | $ | 6,927 | $ | 1,842 | $ | 158,235 | ||||||||||
Net assets acquired | $ | 769,117 | $ | 553,656 | $ | 90,148 | $ | 109,920 | $ | 1,522,841 | ||||||||||
Less: cash acquired | $ | — | $ | (2,363 | ) | $ | — | $ | — | $ | (2,363 | ) | ||||||||
Less: fair value of existing ownership | — | — | (12,995 | ) | — | (12,995 | ) | |||||||||||||
Cash paid for acquisitions | $ | 769,117 | $ | 551,293 | $ | 77,153 | $ | 109,920 | $ | 1,507,483 |
Quarter ended | Nine months ended | ||||||
Sept. 30, 2019 | Sept. 30, 2019 | ||||||
Revenue | $ | 45,867 | $ | 65,308 | |||
Operating Income | $ | 5,486 | $ | 7,696 |
Quarter ended Sept. 30, | Nine months ended Sept. 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenue | $ | 605,908 | $ | 644,893 | $ | 1,841,373 | $ | 1,865,893 | |||||||
Net income | $ | 42,277 | $ | 97,290 | $ | 185,528 | $ | 234,626 |
Sept. 30, 2019 | Dec. 31, 2018 | ||||||||||||||
Gross | Accumulated Amortization | Gross | Accumulated Amortization | ||||||||||||
Goodwill | $ | 2,874,063 | $ | — | $ | 2,596,863 | $ | — | |||||||
Indefinite-lived intangibles: | |||||||||||||||
Television and radio station FCC licenses | 2,151,764 | — | 1,384,186 | — | |||||||||||
Amortizable intangible assets: | |||||||||||||||
Retransmission agreements | 266,106 | (95,469 | ) | 121,594 | (79,274 | ) | |||||||||
Network affiliation agreements | 324,883 | (42,928 | ) | 110,390 | (30,802 | ) | |||||||||
Other | 81,418 | (13,091 | ) | 28,865 | (8,882 | ) | |||||||||
Total indefinite-lived and amortizable intangible assets | $ | 2,824,171 | $ | (151,488 | ) | $ | 1,645,035 | $ | (118,958 | ) |
Sept. 30, 2017 | Dec. 31, 2016 | ||||||||||||||
Gross | Accumulated Amortization | Gross | Accumulated Amortization | ||||||||||||
(recast) | (recast) | ||||||||||||||
Goodwill | $ | 2,579,417 | $ | — | $ | 2,579,417 | $ | — | |||||||
Indefinite-lived intangibles: | |||||||||||||||
Television station FCC licenses | 1,191,950 | — | 1,191,950 | — | |||||||||||
Amortizable intangible assets: | |||||||||||||||
Retransmission agreements | 110,191 | (58,586 | ) | 110,191 | (47,280 | ) | |||||||||
Network affiliation agreements | 43,485 | (18,139 | ) | 43,485 | (14,445 | ) | |||||||||
Other | 15,763 | (5,997 | ) | 15,763 | (4,825 | ) | |||||||||
Total indefinite-lived and amortizable intangible assets | $ | 1,361,389 | $ | (82,722 | ) | $ | 1,361,389 | $ | (66,550 | ) |
Sept. 30, 2019 | Dec. 31, 2018 | ||||||
Cash value life insurance | $ | 51,714 | $ | 50,452 | |||
Equity method investments | 12,233 | 22,960 | |||||
Other equity investments | 27,377 | 24,497 | |||||
Deferred debt issuance costs | 11,680 | 9,350 | |||||
Other long-term assets | 42,923 | 36,206 | |||||
Total | $ | 145,927 | $ | 143,465 |
Sept. 30, 2017 | Dec. 31, 2016 | ||||||
(recast) | |||||||
Cash value life insurance | $ | 60,873 | $ | 64,134 | |||
Deferred compensation investments | 28,593 | 23,715 | |||||
Equity method investments | 35,599 | 18,016 | |||||
Available for sale investment | — | 16,744 | |||||
Deferred debt issuance cost | 7,008 | 9,856 | |||||
Other long term assets | 41,146 | 48,151 | |||||
Total | $ | 173,219 | $ | 180,616 |
Sept. 30, 2019 | Dec. 31, 2018 | ||||||
Unsecured floating rate term loan due quarterly through June 20201 | $ | 30,000 | $ | 60,000 | |||
Unsecured floating rate term loan due quarterly through September 20201 | 120,000 | 165,000 | |||||
Unsecured notes bearing fixed rate interest at 5.125% due October 20191 | 320,000 | 320,000 | |||||
Unsecured notes bearing fixed rate interest at 5.125% due July 20201 | 600,000 | 600,000 | |||||
Unsecured notes bearing fixed rate interest at 4.875% due September 2021 | 350,000 | 350,000 | |||||
Unsecured notes bearing fixed rate interest at 6.375% due October 2023 | 650,000 | 650,000 | |||||
Borrowings under revolving credit agreement expiring August 2024 | 273,000 | 50,000 | |||||
Unsecured notes bearing fixed rate interest at 5.50% due September 2024 | 325,000 | 325,000 | |||||
Unsecured notes bearing fixed rate interest at 7.75% due June 2027 | 200,000 | 200,000 | |||||
Unsecured notes bearing fixed rate interest at 7.25% due September 2027 | 240,000 | 240,000 | |||||
Unsecured notes bearing fixed rate interest at 5.00% due September 2029 | 1,100,000 | — | |||||
Total principal long-term debt | 4,208,000 | 2,960,000 | |||||
Debt issuance costs | (29,204 | ) | (15,458 | ) | |||
Unamortized premiums and discounts, net | 2,142 | (76 | ) | ||||
Total long-term debt | $ | 4,180,938 | $ | 2,944,466 | |||
1 We have the intent and ability to refinance the principal payments due within the next 12 months on a long-term basis through our revolving credit facility. As such, all debt presented in the table above is classified as long-term on our September 30, 2019 Condensed Consolidated Balance Sheet. |
Sept. 30, 2017 | Dec. 31, 2016 | ||||||
Unsecured floating rate term loan due quarterly through August 2018 | $ | 28,400 | $ | 52,100 | |||
VIE unsecured floating rate term loans due quarterly through December 2018 | 808 | 1,292 | |||||
Unsecured floating rate term loan due quarterly through June 2020 | 110,000 | 140,000 | |||||
Unsecured floating rate term loan due quarterly through September 2020 | 240,000 | 285,000 | |||||
Borrowings under revolving credit agreement expiring June 2020 | — | 635,000 | |||||
Unsecured notes bearing fixed rate interest at 5.125% due October 2019 | 600,000 | 600,000 | |||||
Unsecured notes bearing fixed rate interest at 5.125% due July 2020 | 600,000 | 600,000 | |||||
Unsecured notes bearing fixed rate interest at 4.875% due September 2021 | 350,000 | 350,000 | |||||
Unsecured notes bearing fixed rate interest at 6.375% due October 2023 | 650,000 | 650,000 | |||||
Unsecured notes bearing fixed rate interest at 5.50% due September 2024 | 325,000 | 325,000 | |||||
Unsecured notes bearing fixed rate interest at 7.75% due June 2027 | 200,000 | 200,000 | |||||
Unsecured notes bearing fixed rate interest at 7.25% due September 2027 | 240,000 | 240,000 | |||||
Total principal long-term debt | 3,344,208 | 4,078,392 | |||||
Debt issuance costs | (23,462 | ) | (27,615 | ) | |||
Other (fair market value adjustments and discounts) | (4,934 | ) | (7,382 | ) | |||
Total long-term debt | 3,315,812 | 4,043,395 | |||||
Less current portion of long-term debt maturities | 280,646 | 646 | |||||
Long-term debt, net of current portion | $ | 3,035,166 | $ | 4,042,749 |
Period | Leverage Ratio |
July 1, 2019 - September 30, 2020 | 5.50 to 1.00 |
October 1, 2020 - March 31, 2021 | 5.25 to 1.00 |
April 1, 2021 - September 30, 2021 | 5.00 to 1.00 |
October 1, 2021 - September 30, 2022 | 4.75 to 1.00 |
October 1, 2022 and thereafter | 4.50 to 1.00 |
Quarter ended Sept. 30, | Nine months ended Sept. 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Service cost-benefits earned during the period | $ | 2 | $ | 3 | $ | 6 | $ | 9 | |||||||
Interest cost on benefit obligation | 5,761 | 5,721 | 17,284 | 15,945 | |||||||||||
Expected return on plan assets | (6,580 | ) | (8,218 | ) | (19,740 | ) | (23,148 | ) | |||||||
Amortization of prior service cost | 23 | 42 | 68 | 126 | |||||||||||
Amortization of actuarial loss | 1,521 | 1,271 | 4,562 | 3,814 | |||||||||||
Pension payment timing related charge | — | 1,198 | 686 | 7,498 | |||||||||||
Expense for company-sponsored retirement plans | $ | 727 | $ | 17 | $ | 2,866 | $ | 4,244 |
Quarter ended Sept. 30, | Nine months ended Sept. 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Service cost-benefits earned during the period | $ | 218 | $ | 204 | $ | 654 | $ | 612 | |||||||
Interest cost on benefit obligation | 5,990 | 6,449 | 17,971 | 19,636 | |||||||||||
Expected return on plan assets | (6,580 | ) | (6,691 | ) | (19,741 | ) | (20,073 | ) | |||||||
Amortization of prior service cost | 159 | 165 | 476 | 505 | |||||||||||
Amortization of actuarial loss | 2,081 | 1,846 | 6,242 | 5,740 | |||||||||||
Expense for company-sponsored retirement plans | $ | 1,868 | $ | 1,973 | $ | 5,602 | $ | 6,420 |
Assets | |||
Right-of-use assets for operating leases | $ | 90,406 | |
Liabilities | |||
Operating lease liabilities (current)1 | 9,174 | ||
Operating lease liabilities (non-current) | 101,348 | ||
Total operating lease liabilities | $ | 110,522 |
Future Period | Cash Payments | ||
Remaining in 2019 | $ | 3,424 | |
2020 | 15,194 | ||
2021 | 16,570 | ||
2022 | 15,575 | ||
2023 | 14,411 | ||
Thereafter | 88,759 | ||
Total lease payments | 153,933 | ||
Less: amount of lease payments representing interest | 43,411 | ||
Present value of lease liabilities | $ | 110,522 |
TEGNA Inc. Shareholders’ Equity | Noncontrolling Interests | Total Equity | |||||||||
Balance at Dec. 31, 2016 | $ | 2,271,418 | $ | 281,587 | $ | 2,553,005 | |||||
Comprehensive income: | |||||||||||
Net loss | (29,881 | ) | (58,698 | ) | (88,579 | ) | |||||
Redeemable noncontrolling interests (income not available to shareholders) | — | (2,797 | ) | (2,797 | ) | ||||||
Other comprehensive income | 34,241 | 5,819 | 40,060 | ||||||||
Total comprehensive income (loss) | 4,360 | (55,676 | ) | (51,316 | ) | ||||||
Dividends declared | (60,121 | ) | — | (60,121 | ) | ||||||
Stock-based compensation | 14,189 | — | 14,189 | ||||||||
Treasury shares acquired | (8,453 | ) | — | (8,453 | ) | ||||||
Spin-off of Cars.com | (1,510,851 | ) | — | (1,510,851 | ) | ||||||
Deconsolidation of CareerBuilder | — | (225,911 | ) | (225,911 | ) | ||||||
Other activity, including shares withheld for employee taxes | (4,667 | ) | — | (4,667 | ) | ||||||
Balance at Sept. 30, 2017 | $ | 705,875 | $ | — | $ | 705,875 | |||||
Balance at Dec. 31, 2015 | $ | 2,191,971 | $ | 264,773 | $ | 2,456,744 | |||||
Comprehensive income: | |||||||||||
Net income | 303,578 | 40,178 | 343,756 | ||||||||
Redeemable noncontrolling interests (income not available to shareholders) | — | (3,628 | ) | (3,628 | ) | ||||||
Other comprehensive (loss) | (8,497 | ) | (3,737 | ) | (12,234 | ) | |||||
Total comprehensive income | 295,081 | 32,813 | 327,894 | ||||||||
Dividends declared | (90,755 | ) | — | (90,755 | ) | ||||||
Stock-based compensation | 13,216 | — | 13,216 | ||||||||
Treasury shares acquired | (150,917 | ) | — | (150,917 | ) | ||||||
Spin-off of Publishing businesses | (39,456 | ) | — | (39,456 | ) | ||||||
Other activity, including shares withheld for employee taxes | (17,645 | ) | (2,923 | ) | (20,568 | ) | |||||
Balance at Sept. 30, 2016 | $ | 2,201,495 | $ | 294,663 | $ | 2,496,158 |
Retirement Plans | Foreign Currency Translation (1) | Other | Total | ||||||||||||
Quarters Ended: | |||||||||||||||
Balance at June 30, 2017 | $ | (124,632 | ) | $ | (23,608 | ) | $ | 2,364 | $ | (145,876 | ) | ||||
Other comprehensive income before reclassifications | — | 1,428 | — | 1,428 | |||||||||||
Amounts reclassified from AOCL | 1,351 | 22,024 | — | 23,375 | |||||||||||
Other comprehensive income | 1,351 | 23,452 | — | 24,803 | |||||||||||
Balance at Sept. 30, 2017 | $ | (123,281 | ) | $ | (156 | ) | $ | 2,364 | $ | (121,073 | ) | ||||
Balance at June 30, 2016 | $ | (113,854 | ) | $ | (23,282 | ) | $ | 1,400 | $ | (135,736 | ) | ||||
Other comprehensive loss before reclassifications | — | (1,043 | ) | (3,743 | ) | (4,786 | ) | ||||||||
Amounts reclassified from AOCL | 1,075 | — | — | 1,075 | |||||||||||
Other comprehensive income (loss) | 1,075 | (1,043 | ) | (3,743 | ) | (3,711 | ) | ||||||||
Balance at Sept. 30, 2016 | $ | (112,779 | ) | $ | (24,325 | ) | $ | (2,343 | ) | $ | (139,447 | ) | |||
Retirement Plans | Foreign Currency Translation (1) | Other | Total | ||||||||||||
Nine Months Ended: | |||||||||||||||
Balance at Dec. 31, 2016 | $ | (127,341 | ) | $ | (28,560 | ) | $ | (5,672 | ) | $ | (161,573 | ) | |||
Other comprehensive income (loss) before reclassifications | — | 6,380 | (1,707 | ) | 4,673 | ||||||||||
Amounts reclassified from AOCL | 4,060 | 22,024 | 9,743 | 35,827 | |||||||||||
Other comprehensive income | 4,060 | 28,404 | 8,036 | 40,500 | |||||||||||
Balance at Sept. 30, 2017 | $ | (123,281 | ) | $ | (156 | ) | $ | 2,364 | $ | (121,073 | ) | ||||
Balance at Dec. 31, 2015 | $ | (116,496 | ) | $ | (20,129 | ) | $ | 5,674 | $ | (130,951 | ) | ||||
Other comprehensive loss before reclassifications | — | (4,196 | ) | (8,017 | ) | (12,213 | ) | ||||||||
Amounts reclassified from AOCL | 3,717 | — | — | 3,717 | |||||||||||
Other comprehensive income (loss) | 3,717 | (4,196 | ) | (8,017 | ) | (8,496 | ) | ||||||||
Balance at Sept. 30, 2016 | $ | (112,779 | ) | $ | (24,325 | ) | $ | (2,343 | ) | $ | (139,447 | ) | |||
(1) Our entire foreign currency translation adjustment is related to our CareerBuilder investment. As a result of deconsolidating the investment due to the sale of our majority ownership, we reclassified the translation adjustment from AOCL to the Consolidated Statement of Income as of the date of sale, July 31, 2017. Due to the noncontrolling stake that we retained in CareerBuilder, we will continue to record our ownership share of foreign currently translation adjustments through our equity method investment. |
Retirement Plans | Foreign Currency Translation | Total | |||||||||
Quarters Ended: | |||||||||||
Balance at June 30, 2019 | $ | (134,233 | ) | $ | 39 | $ | (134,194 | ) | |||
Other comprehensive income before reclassifications | — | (238 | ) | (238 | ) | ||||||
Amounts reclassified from AOCL | 1,073 | — | 1,073 | ||||||||
Total other comprehensive income | 1,073 | (238 | ) | 835 | |||||||
Balance at Sept. 30, 2019 | $ | (133,160 | ) | $ | (199 | ) | $ | (133,359 | ) | ||
Balance at June 30, 2018 | $ | (125,288 | ) | $ | 547 | $ | (124,741 | ) | |||
Other comprehensive income before reclassifications | — | (23 | ) | (23 | ) | ||||||
Amounts reclassified from AOCL | 1,851 | — | 1,851 | ||||||||
Total other comprehensive income | 1,851 | (23 | ) | 1,828 | |||||||
Balance at Sept. 30, 2018 | $ | (123,437 | ) | $ | 524 | $ | (122,913 | ) | |||
Retirement Plans | Foreign Currency Translation | Total | |||||||||
Nine Months Ended: | |||||||||||
Balance at Dec. 31, 2018 | $ | (136,893 | ) | $ | 382 | $ | (136,511 | ) | |||
Other comprehensive income before reclassifications | — | (581 | ) | (581 | ) | ||||||
Amounts reclassified from AOCL | 3,733 | — | 3,733 | ||||||||
Total other comprehensive income | 3,733 | (581 | ) | 3,152 | |||||||
Balance at Sept. 30, 2019 | $ | (133,160 | ) | $ | (199 | ) | $ | (133,359 | ) | ||
Balance at Dec. 31, 2017 | $ | (107,037 | ) | $ | 114 | $ | (106,923 | ) | |||
Other comprehensive income before reclassifications | — | 410 | 410 | ||||||||
Amounts reclassified from AOCL | 8,445 | — | 8,445 | ||||||||
Other comprehensive income | 8,445 | 410 | 8,855 | ||||||||
Reclassification of stranded tax effects to retained earnings | (24,845 | ) | — | (24,845 | ) | ||||||
Balance at Sept. 30, 2018 | $ | (123,437 | ) | $ | 524 | $ | (122,913 | ) |
Quarter ended Sept. 30, | Nine months ended Sept. 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Amortization of prior service credit, net | $ | (120 | ) | $ | (101 | ) | $ | (360 | ) | $ | (302 | ) | |||
Amortization of actuarial loss | 1,551 | 1,376 | 4,653 | 4,129 | |||||||||||
Pension payment timing related charges | — | 1,198 | 686 | 7,498 | |||||||||||
Total reclassifications, before tax | 1,431 | 2,473 | 4,979 | 11,325 | |||||||||||
Income tax effect | (358 | ) | (622 | ) | (1,246 | ) | (2,880 | ) | |||||||
Total reclassifications, net of tax | $ | 1,073 | $ | 1,851 | $ | 3,733 | $ | 8,445 |
Quarter ended Sept. 30, | Nine months ended Sept. 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Amortization of prior service (credit) cost | $ | 16 | $ | (22 | ) | $ | 48 | $ | 108 | ||||||
Amortization of actuarial loss | 2,185 | 1,785 | 6,555 | 5,977 | |||||||||||
Reclassification of CareerBuilder foreign currency translation | 22,024 | — | 22,024 | — | |||||||||||
Reclassification of available for sale investment | — | — | 9,743 | — | |||||||||||
Total reclassifications, before tax | 24,225 | 1,763 | 38,370 | 6,085 | |||||||||||
Income tax effect | (850 | ) | (688 | ) | (2,543 | ) | (2,368 | ) | |||||||
Total reclassifications, net of tax | $ | 23,375 | $ | 1,075 | $ | 35,827 | $ | 3,717 |
Quarter ended Sept. 30, | Nine months ended Sept. 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income from continuing operations | $ | 48,346 | $ | 92,826 | $ | 202,280 | $ | 240,525 | |||||||
Income from discontinued operations, net of tax | — | 4,325 | — | 4,325 | |||||||||||
Net income | $ | 48,346 | $ | 97,151 | $ | 202,280 | $ | 244,850 | |||||||
Weighted average number of common shares outstanding - basic | 217,315 | 216,015 | 217,040 | 216,210 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Restricted stock units | 607 | 167 | 420 | 116 | |||||||||||
Performance share units | 364 | — | 312 | 72 | |||||||||||
Stock options | 24 | 166 | 36 | 219 | |||||||||||
Weighted average number of common shares outstanding - diluted | 218,310 | 216,348 | 217,808 | 216,617 | |||||||||||
Earnings from continuing operations per share - basic | $ | 0.22 | $ | 0.43 | $ | 0.93 | $ | 1.11 | |||||||
Earnings from discontinued operations per share - basic | — | 0.02 | — | 0.02 | |||||||||||
Net income per share - basic | $ | 0.22 | $ | 0.45 | $ | 0.93 | $ | 1.13 | |||||||
Earnings from continuing operations per share - diluted | $ | 0.22 | $ | 0.43 | $ | 0.93 | $ | 1.11 | |||||||
Earnings from discontinued operations per share - diluted | — | 0.02 | — | 0.02 | |||||||||||
Net income per share - diluted | $ | 0.22 | $ | 0.45 | $ | 0.93 | $ | 1.13 |
Quarter ended Sept. 30, | Nine months ended Sept. 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income from continuing operations | $ | 50,754 | $ | 76,737 | $ | 144,682 | $ | 211,615 | |||||||
(Loss) income from discontinued operations, net of tax | (10,803 | ) | 56,698 | (233,261 | ) | 132,141 | |||||||||
Net loss (income) attributable to noncontrolling interests from discontinued operations | 2,806 | (14,752 | ) | 58,698 | (40,178 | ) | |||||||||
Net income (loss) attributable to TEGNA Inc. | $ | 42,757 | $ | 118,683 | $ | (29,881 | ) | $ | 303,578 | ||||||
Weighted average number of common shares outstanding - basic | 215,863 | 214,813 | 215,558 | 216,865 | |||||||||||
Effect of dilutive securities: | |||||||||||||||
Restricted stock units | 828 | 1,630 | 880 | 1,662 | |||||||||||
Performance share units | 721 | 775 | 674 | 1,049 | |||||||||||
Stock options | 683 | 881 | 715 | 935 | |||||||||||
Weighted average number of common shares outstanding - diluted | 218,095 | 218,099 | 217,827 | 220,511 | |||||||||||
Earnings from continuing operations per share - basic | $ | 0.24 | $ | 0.36 | $ | 0.67 | $ | 0.98 | |||||||
(Loss) earnings from discontinued operations per share - basic | (0.04 | ) | 0.19 | (0.81 | ) | 0.42 | |||||||||
Net income (loss) per share - basic | $ | 0.20 | $ | 0.55 | $ | (0.14 | ) | $ | 1.40 | ||||||
Earnings from continuing operations per share - diluted | $ | 0.23 | $ | 0.35 | $ | 0.66 | $ | 0.96 | |||||||
(Loss) earnings from discontinued operations per share - diluted | (0.04 | ) | 0.19 | (0.80 | ) | 0.42 | |||||||||
Net income (loss) per share - diluted | $ | 0.19 | $ | 0.54 | $ | (0.14 | ) | $ | 1.38 |
Fair Value Measurements as of Sept. 30, 2017 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Available for sale investment | — | — | — | — | |||||||||||
Total | $ | — | $ | — | $ | — | $ | — | |||||||
Deferred compensation investments valued using net asset value as a practical expedient: | |||||||||||||||
Interest in registered investment companies | $ | 14,921 | |||||||||||||
Fixed income fund | 13,672 | ||||||||||||||
Total investments at fair value | $ | 28,593 |
Fair Value Measurements as of Dec. 31, 2016 (recast) | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Available for sale investment | 16,744 | — | — | 16,744 | |||||||||||
Total | $ | 16,744 | $ | — | $ | — | $ | 16,744 | |||||||
Deferred compensation investments valued using net asset value as a practical expedient: | |||||||||||||||
Interest in registered investment companies | $ | 10,140 | |||||||||||||
Fixed income fund | 13,575 | ||||||||||||||
Total investments at fair value | $ | 40,459 |
Quarter ended Sept. 30, | Nine months ended Sept. 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(recast) | (recast) | ||||||||||||||
Revenues: | |||||||||||||||
Media | $ | 464,264 | $ | 517,021 | $ | 1,412,703 | $ | 1,449,202 | |||||||
Digital | — | 2,596 | — | 8,031 | |||||||||||
Total | $ | 464,264 | $ | 519,617 | $ | 1,412,703 | $ | 1,457,233 | |||||||
Operating Income (net of depreciation, amortization, asset impairment and facility consolidation charges): | |||||||||||||||
Media (a) | $ | 130,338 | $ | 219,766 | $ | 433,629 | $ | 568,163 | |||||||
Digital | — | (17,832 | ) | — | (23,300 | ) | |||||||||
Corporate (a) | (13,477 | ) | (16,083 | ) | (43,577 | ) | (46,974 | ) | |||||||
Total | $ | 116,861 | $ | 185,851 | $ | 390,052 | $ | 497,889 | |||||||
Depreciation, amortization, asset impairment and facility consolidation charges: | |||||||||||||||
Media | $ | 27,538 | $ | 18,583 | $ | 67,864 | $ | 59,735 | |||||||
Digital | — | 15,565 | — | 16,297 | |||||||||||
Corporate | 596 | 57 | 1,115 | 3,109 | |||||||||||
Total | $ | 28,134 | $ | 34,205 | $ | 68,979 | $ | 79,141 | |||||||
(a) In the first quarter of 2017, we adopted new accounting guidance that changed the classification of certain components of net periodic pension and other post-retirement benefit expense (post-retirement benefit expense). The service cost component of the post-retirement benefit expense will continue to be presented as an operating expense while all other components of post-retirement benefit expense will be presented as non-operating expense. The prior year period was adjusted to reflect the effects of applying the new guidance. This resulted in an increase to operating income in third quarter of 2017 and 2016 of $1.7 million and $1.8 million and for the nine months ended September 30, 2017 and 2016 of $4.9 million and $5.8 million, respectively. Net income, earnings per share, and retained earnings were not impacted by the new standard. |
Sept. 30, 2019 | Dec. 31, 2018 | Sept. 30, 2018 | Dec. 31, 2017 | ||||||||||||
Cash and cash equivalents | $ | 9,194 | $ | 135,862 | $ | 23,766 | $ | 98,801 | |||||||
Restricted cash equivalents included in: | |||||||||||||||
Prepaid expenses and other current assets | — | — | — | 29,240 | |||||||||||
Cash, cash equivalents and restricted cash | $ | 9,194 | $ | 135,862 | $ | 23,766 | $ | 128,041 |
Nine months ended Sept. 30, | |||||||
2019 | 2018 | ||||||
Supplemental cash flow information: | |||||||
Cash paid for income taxes, net of refunds | $ | 73,457 | $ | 51,325 | |||
Cash paid for interest | $ | 117,913 | $ | 121,616 |
Dec. 31, 2016 | |||
ASSETS | |||
Cash and cash equivalents | $ | 61,041 | |
Accounts receivable, net | 214,171 | ||
Property and equipment, net | 74,695 | ||
Goodwill | 1,488,112 | ||
Other Intangibles, net | 1,718,592 | ||
Other assets | 71,193 | ||
Total assets | $ | 3,627,804 | |
LIABILITIES | |||
Accounts payable | $ | 166,853 | |
Deferred revenue | 110,071 | ||
Deferred tax liability | 280,264 | ||
Other liabilities | 66,969 | ||
Total liabilities | $ | 624,157 |
Quarter ended Sept. 30, | Nine months ended Sept. 30, | ||||||||||||||
2017 (1) | 2016 | 2017 (1) | 2016 (2) | ||||||||||||
Operating revenues | $ | 54,874 | $ | 340,649 | $ | 647,021 | $ | 999,929 | |||||||
Cost of revenue and SG&A expenses | 60,301 | 228,152 | 522,287 | 708,815 | |||||||||||
Depreciation | — | 9,421 | 19,569 | 24,843 | |||||||||||
Amortization | — | 23,385 | 40,300 | 68,159 | |||||||||||
Loss on sale of CareerBuilder | (1,872 | ) | — | 342,900 | — | ||||||||||
Total operating expenses | 58,429 | 260,958 | 925,056 | 801,817 | |||||||||||
Total operating (loss) income | (3,555 | ) | 79,691 | (278,035 | ) | 198,112 | |||||||||
Non-operating income (expense) | 647 | (3,304 | ) | (1,078 | ) | (8,989 | ) | ||||||||
(Loss) income from discontinued operations, before income taxes | (2,908 | ) | 76,387 | (279,113 | ) | 189,123 | |||||||||
Provision for income taxes | (7,895 | ) | (19,689 | ) | 45,852 | (56,982 | ) | ||||||||
(Loss) income from discontinued operations, net of tax | $ | (10,803 | ) | $ | 56,698 | $ | (233,261 | ) | $ | 132,141 | |||||
(1) The quarter and nine months ended September 30, 2017 include CareerBuilder’s operations through the date of sale on July 31, 2017. Cars.com operations are included in the nine months ended September 30, 2017 through the date of spin-off on May 31, 2017. | |||||||||||||||
(2) The nine months ended September 30, 2016 include approximately $7.5 million of net loss from discontinued operations related to the operations of our former Sightline business through the date of sale on March 18, 2016. |
Nine months ended Sept. 30, | |||||||
2017 (1) | 2016 | ||||||
Depreciation | $ | 19,569 | $ | 24,843 | |||
Amortization | 40,300 | 68,159 | |||||
Capital expenditures | 37,441 | 38,825 | |||||
Payments for acquisitions, net of cash acquired | $ | — | $ | 196,750 | |||
(1) The nine months ended September 30, 2017 includes Cars.com through the spin-off date of May 31, 2017 and CareerBuilder’s operations through the date of sale on July 31, 2017. |
Two Years Ending September 30, | ||||||||
2019 | 2018 | |||||||
Advertising & Marketing Services | 53 | % | 57 | % | ||||
Subscription | 40 | % | } | 46% | 37 | % | } | 42% |
Political | 6 | % | 5 | % | ||||
Other | 1 | % | 1 | % | ||||
Total revenues | 100 | % | 100 | % |
Market | Station | Affiliation | ||
Hartford-New Haven, CT | WTIC/WCCT | FOX/CW | ||
Harrisburg-Lancaster-Lebanon-York, PA | WPMT | FOX | ||
Memphis, TN | WATN/WLMT | ABC/CW | ||
Wilkes Barre-Scranton, PA | WNEP | ABC | ||
Des Moines-Ames, IA | WOI/KCWI | ABC/CW | ||
Huntsville-Decatur-Florence, AL | WZDX | FOX | ||
Davenport, IA and Rock Island-Moline, IL | WQAD | ABC | ||
Ft. Smith-Fayetteville-Springdale-Rogers, AR | KFSM | CBS |
Quarter ended Sept. 30, | Nine months ended Sept. 30, | Quarter ended Sept. 30, | Nine months ended Sept. 30, | |||||||||||||||||||||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | 2019 | 2018 | Change | 2019 | 2018 | Change | |||||||||||||||||||||||||||||||
(recast) | (recast) | |||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 464,264 | $ | 519,617 | (11 | %) | $ | 1,412,703 | $ | 1,457,233 | (3 | %) | $ | 551,857 | $ | 538,976 | 2 | % | $ | 1,605,542 | $ | 1,565,146 | 3 | % | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||
Cost of revenues, exclusive of depreciation | 235,474 | 200,495 | 17 | % | 696,565 | 590,058 | 18 | % | ||||||||||||||||||||||||||||||||||
Business units - selling, general and administrative expenses, exclusive of depreciation | 70,914 | 83,039 | (15 | %) | 214,645 | 246,280 | (13 | %) | ||||||||||||||||||||||||||||||||||
Corporate - General and administrative expenses, exclusive of depreciation | 12,881 | 16,027 | (20 | %) | 42,462 | 43,865 | (3 | %) | ||||||||||||||||||||||||||||||||||
Cost of revenues | 306,474 | 271,156 | 13 | % | 873,078 | 793,943 | 10 | % | ||||||||||||||||||||||||||||||||||
Business units - Selling, general and administrative expenses | 78,439 | 76,639 | 2 | % | 223,845 | 229,193 | (2 | %) | ||||||||||||||||||||||||||||||||||
Corporate - General and administrative expenses | 29,792 | 17,593 | 69 | % | 60,363 | 41,522 | 45 | % | ||||||||||||||||||||||||||||||||||
Depreciation | 15,186 | 13,212 | 15 | % | 41,721 | 42,653 | (2 | %) | 15,381 | 14,262 | 8 | % | 44,831 | 41,594 | 8 | % | ||||||||||||||||||||||||||
Amortization of intangible assets | 5,395 | 5,775 | (7 | %) | 16,172 | 17,542 | (8 | %) | 15,018 | 8,047 | 87 | % | 32,530 | 22,791 | 43 | % | ||||||||||||||||||||||||||
Asset impairment and facility consolidation charges | 7,553 | 15,218 | (50 | %) | 11,086 | 18,946 | (41 | %) | ||||||||||||||||||||||||||||||||||
Spectrum repacking reimbursements and other | (80 | ) | (3,005 | ) | (97 | %) | (11,399 | ) | (9,331 | ) | 22 | % | ||||||||||||||||||||||||||||||
Total operating expenses | $ | 347,403 | $ | 333,766 | 4 | % | $ | 1,022,651 | $ | 959,344 | 7 | % | $ | 445,024 | $ | 384,692 | 16 | % | $ | 1,223,248 | $ | 1,119,712 | 9 | % | ||||||||||||||||||
Total operating income | $ | 116,861 | $ | 185,851 | (37 | %) | $ | 390,052 | $ | 497,889 | (22 | %) | $ | 106,833 | $ | 154,284 | (31 | %) | $ | 382,294 | $ | 445,434 | (14 | %) | ||||||||||||||||||
Non-operating expense | (54,660 | ) | (70,673 | ) | (23 | %) | (190,515 | ) | (194,236 | ) | (2 | %) | ||||||||||||||||||||||||||||||
Non-operating expenses | (53,408 | ) | (47,669 | ) | 12 | % | (127,282 | ) | (142,980 | ) | (11 | %) | ||||||||||||||||||||||||||||||
Provision for income taxes | 11,447 | 38,441 | (70 | %) | 54,855 | 92,038 | (40 | %) | 5,079 | 13,789 | (63 | %) | 52,732 | 61,929 | (15 | %) | ||||||||||||||||||||||||||
Net income from continuing operations | $ | 50,754 | $ | 76,737 | (34 | %) | $ | 144,682 | $ | 211,615 | (32 | %) | $ | 48,346 | $ | 92,826 | (48 | %) | $ | 202,280 | $ | 240,525 | (16 | %) | ||||||||||||||||||
Earnings from continuing operations per share - basic | $ | 0.24 | $ | 0.36 | (33 | %) | $ | 0.67 | $ | 0.98 | (32 | %) | $ | 0.22 | $ | 0.43 | (49 | %) | $ | 0.93 | $ | 1.11 | (16 | %) | ||||||||||||||||||
Earnings from continuing operations per share - diluted | $ | 0.23 | $ | 0.35 | (34 | %) | $ | 0.66 | $ | 0.96 | (31 | %) | $ | 0.22 | $ | 0.43 | (49 | %) | $ | 0.93 | $ | 1.11 | (16 | %) | ||||||||||||||||||
Quarter ended Sept. 30, | Nine months ended Sept. 30, | ||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||
Advertising & Marketing Services (a) | $ | 277,817 | $ | 330,589 | (16 | %) | $ | 843,175 | $ | 934,977 | (10 | %) | |||||||||
Political | 3,783 | 38,060 | (90 | %) | 13,387 | 64,050 | (79 | %) | |||||||||||||
Subscription | 177,692 | 143,676 | 24 | % | 540,344 | 436,292 | 24 | % | |||||||||||||
Other | 4,972 | 4,696 | 6 | % | 15,797 | 13,883 | 14 | % | |||||||||||||
Cofactor | — | 2,596 | *** | — | 8,031 | *** | |||||||||||||||
Total | $ | 464,264 | $ | 519,617 | (11 | %) | $ | 1,412,703 | $ | 1,457,233 | (3 | %) | |||||||||
(a) Includes traditional television advertising, digital advertising as well as revenue from our DMS business. |
Quarter ended Sept. 30, | Nine months ended Sept. 30, | ||||||||||||||||||||
2019 | 2018 | Change | 2019 | 2018 | Change | ||||||||||||||||
Advertising & Marketing Services | $ | 297,333 | $ | 264,852 | 12 | % | $ | 851,304 | $ | 829,638 | 3 | % | |||||||||
Subscription | 240,735 | 207,463 | 16 | % | 718,472 | 622,382 | 15 | % | |||||||||||||
Political | 8,131 | 60,410 | (87 | %) | 14,064 | 93,725 | (85 | %) | |||||||||||||
Other | 5,658 | 6,251 | (9 | %) | 21,702 | 19,401 | 12 | % | |||||||||||||
Total revenues | $ | 551,857 | $ | 538,976 | 2 | % | $ | 1,605,542 | $ | 1,565,146 | 3 | % |
Special Items | Special Items | |||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended September 30, 2017 | GAAP measure | Operating asset impairment and facility consolidation | Other non-operating items | Tax benefits | Non-GAAP measure | |||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended September 30, 2019 | GAAP measure | Acquisition-related costs | Spectrum repacking reimbursements and other | Special tax benefits | Non-GAAP measure | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate - General and administrative expenses | $ | 29,792 | $ | (19,973 | ) | $ | — | $ | — | $ | 9,819 | |||||||||||||||||||||||||||||||||||||||||
Spectrum repacking reimbursements and other | (80 | ) | — | 80 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | $ | 347,403 | $ | (7,553 | ) | $ | — | $ | — | $ | 339,850 | 445,024 | (19,973 | ) | 80 | — | 425,131 | |||||||||||||||||||||||||||||||||||
Operating income | 116,861 | 7,553 | — | — | 124,414 | 106,833 | 19,973 | (80 | ) | — | 126,726 | |||||||||||||||||||||||||||||||||||||||||
Other non-operating items | (3,671 | ) | — | 2,688 | — | (983 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Total non-operating expense | (54,660 | ) | — | 2,688 | — | (51,972 | ) | (53,408 | ) | — | — | — | (53,408 | ) | ||||||||||||||||||||||||||||||||||||||
Income before income taxes | 62,201 | 7,553 | 2,688 | — | 72,442 | 53,425 | 19,973 | (80 | ) | — | 73,318 | |||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | 11,447 | 2,780 | 629 | 8,086 | 22,942 | 5,079 | 3,889 | (3 | ) | 5,992 | 14,957 | |||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | 50,754 | 4,773 | 2,059 | (8,086 | ) | 49,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Earnings from continuing operations per share - diluted (a) | $ | 0.23 | $ | 0.02 | $ | 0.01 | $ | (0.04 | ) | $ | 0.23 | |||||||||||||||||||||||||||||||||||||||||
Net income from continuing operations | 48,346 | 16,084 | (77 | ) | (5,992 | ) | 58,361 | |||||||||||||||||||||||||||||||||||||||||||||
Net income from continuing operations per share-diluted (a) | $ | 0.22 | $ | 0.07 | $ | — | $ | (0.03 | ) | $ | 0.27 | |||||||||||||||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(a) Per share amounts do not sum due to rounding. | (a) Per share amounts do not sum due to rounding. | |||||||||||||||||||||||||||||||||||||||||||||||||||
Special Items | Special Items | |||||||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended September 30, 2016 | GAAP measure | Severance expense | Operating asset impairment and facility consolidation | Other non-operating items | Non-GAAP measure | |||||||||||||||||||||||||||||||||||||||||||||||
Quarter ended September 30, 2018 | GAAP measure | Severance expense | Spectrum repacking reimbursements and other | Pension payment timing related charge | Special tax benefits | Non-GAAP measure | ||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenues | $ | 306,474 | $ | (931 | ) | $ | — | $ | — | $ | — | $ | 305,543 | |||||||||||||||||||||||||||||||||||||||
Business units - Selling, general and administrative expenses | 78,439 | (875 | ) | — | — | — | 77,564 | |||||||||||||||||||||||||||||||||||||||||||||
Corporate - General and administrative expenses | 17,593 | (5,481 | ) | — | — | — | 12,112 | |||||||||||||||||||||||||||||||||||||||||||||
Spectrum repacking reimbursements and other | (3,005 | ) | — | 3,005 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | $ | 333,766 | $ | (2,870 | ) | $ | (15,218 | ) | $ | — | $ | 315,678 | 384,692 | (7,287 | ) | 3,005 | — | — | 380,410 | |||||||||||||||||||||||||||||||||
Operating income | 185,851 | 2,870 | 15,218 | — | 203,939 | 154,284 | 7,287 | (3,005 | ) | — | — | 158,566 | ||||||||||||||||||||||||||||||||||||||||
Other non-operating items | (11,874 | ) | — | — | 13,161 | 1,287 | ||||||||||||||||||||||||||||||||||||||||||||||
Other non-operating items, net | (214 | ) | — | — | 1,198 | — | 984 | |||||||||||||||||||||||||||||||||||||||||||||
Total non-operating expense | (70,673 | ) | — | — | 13,161 | (57,512 | ) | (47,669 | ) | — | — | 1,198 | — | (46,471 | ) | |||||||||||||||||||||||||||||||||||||
Income before income taxes | 115,178 | 2,870 | 15,218 | 13,161 | 146,427 | 106,615 | 7,287 | (3,005 | ) | 1,198 | — | 112,095 | ||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | 38,441 | 1,112 | 5,900 | 3,515 | 48,968 | 13,789 | 1,714 | (800 | ) | 301 | 9,657 | 24,661 | ||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | 76,737 | 1,758 | 9,318 | 9,646 | 97,459 | |||||||||||||||||||||||||||||||||||||||||||||||
Earnings from continuing operations per share - diluted (a) | $ | 0.35 | $ | 0.01 | $ | 0.04 | $ | 0.04 | $ | 0.45 | ||||||||||||||||||||||||||||||||||||||||||
Net income from continuing operations | 92,826 | 5,573 | (2,205 | ) | 897 | (9,657 | ) | 87,434 | ||||||||||||||||||||||||||||||||||||||||||||
Net income from continuing operations per share-diluted (a) | $ | 0.43 | $ | 0.03 | $ | (0.01 | ) | $ | — | $ | (0.04 | ) | $ | 0.40 | ||||||||||||||||||||||||||||||||||||||
(a) Per share amounts do not sum due to rounding. | (a) Per share amounts do not sum due to rounding. | |||||||||||||||||||||||||||||||||||||||||||||||||||
Special Items | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2019 | GAAP measure | Severance expense | Acquisition-related costs | Spectrum repacking reimbursements and other | Gains on equity method investments | Other non-operating items | Special tax benefits | Non-GAAP measure | ||||||||||||||||||||||||||||||||||||||||||||
Cost of revenues | $ | 873,078 | $ | (875 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 872,203 | |||||||||||||||||||||||||||||||||||
Business units - Selling, general and administrative expenses | 223,845 | (376 | ) | — | — | — | — | — | 223,469 | |||||||||||||||||||||||||||||||||||||||||||
Corporate - General and administrative expenses | 60,363 | (201 | ) | (29,092 | ) | — | — | — | — | 31,070 | ||||||||||||||||||||||||||||||||||||||||||
Spectrum repacking reimbursements and other | (11,399 | ) | — | — | 11,399 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Operating expenses | 1,223,248 | (1,452 | ) | (29,092 | ) | 11,399 | — | — | — | 1,204,103 | ||||||||||||||||||||||||||||||||||||||||||
Operating income | 382,294 | 1,452 | 29,092 | (11,399 | ) | — | — | — | 401,439 | |||||||||||||||||||||||||||||||||||||||||||
Equity income in unconsolidated investments, net | 10,922 | — | — | — | (13,126 | ) | — | — | (2,204 | ) | ||||||||||||||||||||||||||||||||||||||||||
Other non-operating items, net | 6,962 | — | — | — | — | (6,285 | ) | — | 677 | |||||||||||||||||||||||||||||||||||||||||||
Total non-operating expense | (127,282 | ) | — | — | — | (13,126 | ) | (6,285 | ) | — | (146,693 | ) | ||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 255,012 | 1,452 | 29,092 | (11,399 | ) | (13,126 | ) | (6,285 | ) | — | 254,746 | |||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | 52,732 | 359 | 5,931 | (2,850 | ) | (3,169 | ) | (1,574 | ) | 5,992 | 57,421 | |||||||||||||||||||||||||||||||||||||||||
Net income from continuing operations | 202,280 | 1,093 | 23,161 | (8,549 | ) | (9,957 | ) | (4,711 | ) | (5,992 | ) | 197,325 | ||||||||||||||||||||||||||||||||||||||||
Net income from continuing operations per share-diluted | $ | 0.93 | $ | 0.01 | $ | 0.11 | $ | (0.04 | ) | $ | (0.05 | ) | $ | (0.02 | ) | $ | (0.03 | ) | $ | 0.91 | ||||||||||||||||||||||||||||||||
Special Items | Special Items | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2017 | GAAP measure | Severance expense | Operating asset impairment | Other non-operating items | Tax benefits | Non-GAAP measure | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2018 | GAAP measure | Severance expense | Spectrum repacking reimbursements and other | Gain on equity method investment | Other non-operating items | Pension payment timing related charges | Special tax benefits | Non-GAAP measure | ||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenues | $ | 873,078 | $ | (931 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 872,147 | |||||||||||||||||||||||||||||||||||||||
Business units - Selling, general and administrative expenses | 223,845 | (875 | ) | — | — | — | — | — | 222,970 | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate - General and administrative expenses | 41,522 | (5,481 | ) | — | — | — | — | — | 36,041 | |||||||||||||||||||||||||||||||||||||||||||||||
Spectrum repacking reimbursements and other | (9,331 | ) | — | 9,331 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | $ | 1,022,651 | $ | (3,053 | ) | $ | (11,086 | ) | $ | — | $ | — | $ | 1,008,512 | 1,119,712 | (7,287 | ) | 9,331 | — | — | — | — | 1,121,756 | |||||||||||||||||||||||||||||||||
Operating income | 390,052 | 3,053 | 11,086 | — | — | 404,191 | 445,434 | 7,287 | (9,331 | ) | — | — | — | — | 443,390 | |||||||||||||||||||||||||||||||||||||||||
Equity income (loss) in unconsolidated investments, net | 15,080 | — | — | (16,758 | ) | — | — | (1,678 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Other non-operating items | (26,853 | ) | — | — | 31,991 | — | 5,138 | (13,005 | ) | — | — | — | 15,184 | 7,498 | 9,677 | |||||||||||||||||||||||||||||||||||||||||
Total non-operating expense | (190,515 | ) | — | — | 31,991 | — | (158,524 | ) | (142,980 | ) | — | — | (16,758 | ) | 15,184 | 7,498 | — | (137,056 | ) | |||||||||||||||||||||||||||||||||||||
Income before income taxes | 199,537 | 3,053 | 11,086 | 31,991 | — | 245,667 | 302,454 | 7,287 | (9,331 | ) | (16,758 | ) | 15,184 | 7,498 | — | 306,334 | ||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | 54,855 | 1,174 | 4,104 | 6,921 | 11,724 | 78,778 | 61,929 | 1,714 | (798 | ) | (4,216 | ) | 2,178 | 1,909 | 7,007 | 69,723 | ||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | 144,682 | 1,879 | 6,982 | 25,070 | (11,724 | ) | 166,889 | |||||||||||||||||||||||||||||||||||||||||||||||||
Earnings from continuing operations per share - diluted | $ | 0.66 | $ | 0.01 | $ | 0.03 | $ | 0.12 | $ | (0.05 | ) | $ | 0.77 | |||||||||||||||||||||||||||||||||||||||||||
Net income from continuing operations | 240,525 | 5,573 | (8,533 | ) | (12,542 | ) | 13,006 | 5,589 | (7,007 | ) | 236,611 | |||||||||||||||||||||||||||||||||||||||||||||
Net income from continuing operations per share-diluted (a) | $ | 1.11 | $ | 0.03 | $ | (0.04 | ) | $ | (0.06 | ) | $ | 0.06 | $ | 0.03 | $ | (0.03 | ) | $ | 1.09 | |||||||||||||||||||||||||||||||||||||
Special Items | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2016 | GAAP measure | Severance expense | Operating asset impairment | Equity investment impairment | Other non-operating items | Non-GAAP measure | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses | $ | 959,344 | $ | (20,118 | ) | $ | (18,946 | ) | $ | — | $ | — | $ | 920,280 | ||||||||||||||||||||||||||||||||||||||||||
Operating income | 497,889 | 20,118 | 18,946 | — | — | 536,953 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equity (loss) income in unconsolidated charges | (2,763 | ) | — | — | 1,869 | — | (894 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Other non-operating items | (16,029 | ) | — | — | — | 16,324 | 295 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total non-operating expense | (194,236 | ) | — | — | 1,869 | 16,324 | (176,043 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Income before income taxes | 303,653 | 20,118 | 18,946 | 1,869 | 16,324 | 360,910 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for income taxes | 92,038 | 7,799 | 7,345 | 725 | 4,583 | 112,490 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income from continuing operations | 211,615 | 12,319 | 11,601 | 1,144 | 11,741 | 248,420 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings from continuing operations per share - diluted | $ | 0.96 | $ | 0.06 | $ | 0.05 | $ | 0.01 | $ | 0.05 | $ | 1.13 | ||||||||||||||||||||||||||||||||||||||||||||
(a) Per share amounts do not sum due to rounding. | (a) Per share amounts do not sum due to rounding. |
Quarter ended Sept. 30, | Nine months ended Sept. 30, | ||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||
Advertising & Marketing Services (a) | $ | 277,817 | $ | 330,589 | (16.0 | %) | $ | 843,175 | $ | 934,977 | (9.8 | %) | |||||||||
Political | 3,783 | 38,060 | (90.1 | %) | 13,386 | 64,050 | (79.1 | %) | |||||||||||||
Subscription | 177,692 | 143,676 | 23.7 | % | 540,345 | 436,292 | 23.8 | % | |||||||||||||
Other | 4,972 | 4,696 | 5.9 | % | 15,797 | 13,883 | 13.8 | % | |||||||||||||
Cofactor | — | 2,596 | *** | — | 8,031 | *** | |||||||||||||||
Total company revenues (GAAP basis) | $ | 464,264 | $ | 519,617 | (10.7 | %) | $ | 1,412,703 | $ | 1,457,233 | (3.1 | %) | |||||||||
Factors impacting comparisons: | |||||||||||||||||||||
Estimated incremental Olympic and Super Bowl | $ | — | $ | (28,300 | ) | *** | $ | — | $ | (37,210 | ) | *** | |||||||||
Political | (3,783 | ) | (38,060 | ) | (90.1 | %) | (13,386 | ) | (64,050 | ) | (79.1 | %) | |||||||||
CoFactor (sold in December 2016) | — | (2,596 | ) | *** | — | (8,031 | ) | *** | |||||||||||||
Discontinued digital marketing services | — | (13,893 | ) | *** | (16,673 | ) | (40,509 | ) | (58.8 | %) | |||||||||||
Total company adjusted revenues | $ | 460,481 | $ | 436,768 | 5.4 | % | $ | 1,382,644 | $ | 1,307,433 | 5.8 | % | |||||||||
(a) Includes traditional advertising, digital advertising as well as revenue from our DMS businesses. |
Quarter ended Sept. 30, | Nine months ended Sept. 30, | ||||||||||||||||||||
2019 | 2018 | Change | 2019 | 2018 | Change | ||||||||||||||||
Advertising & Marketing Services | $ | 297,333 | $ | 264,852 | 12 | % | $ | 851,304 | $ | 829,638 | 3 | % | |||||||||
Subscription | 240,735 | 207,463 | 16 | % | 718,472 | 622,382 | 15 | % | |||||||||||||
Political | 8,131 | 60,410 | (87 | %) | 14,064 | 93,725 | (85 | %) | |||||||||||||
Other | 5,658 | 6,251 | (9 | %) | 21,702 | 19,401 | 12 | % | |||||||||||||
Total revenues (GAAP basis) | $ | 551,857 | $ | 538,976 | 2 | % | $ | 1,605,542 | $ | 1,565,146 | 3 | % | |||||||||
Factors impacting comparisons: | |||||||||||||||||||||
Estimated net incremental Olympic and Super Bowl | $ | — | $ | — | *** | $ | (8,000 | ) | $ | (24,000 | ) | (67 | %) | ||||||||
Political | (8,131 | ) | (60,410 | ) | (87 | %) | (14,064 | ) | (93,725 | ) | (85 | %) | |||||||||
Total company adjusted revenues (non-GAAP basis) | $ | 543,726 | $ | 478,566 | 14 | % | $ | 1,583,478 | $ | 1,447,421 | 9 | % | |||||||||
*** Not meaningful |
Quarter ended Sept. 30, | Nine months ended Sept. 30, | ||||||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||||||||
Net income from continuing operations (GAAP basis) | $ | 50,754 | $ | 76,737 | (34 | %) | $ | 144,682 | $ | 211,615 | (32 | %) | |||||||||
Provision for income taxes | 11,447 | 38,441 | (70 | %) | 54,855 | 92,038 | (40 | %) | |||||||||||||
Interest expense | 51,855 | 57,601 | (10 | %) | 162,113 | 175,444 | (8 | %) | |||||||||||||
Equity loss in unconsolidated investments, net | (866 | ) | 1,198 | *** | 1,549 | 2,763 | (44 | %) | |||||||||||||
Other non-operating items | 3,671 | 11,874 | (69 | %) | 26,853 | 16,029 | 68 | % | |||||||||||||
Operating income (GAAP basis) | 116,861 | 185,851 | (37 | %) | 390,052 | 497,889 | (22 | %) | |||||||||||||
Severance expense | — | 2,870 | *** | 3,053 | 20,118 | (85 | %) | ||||||||||||||
Asset impairment and facility consolidation charges | 7,553 | 15,218 | (50 | %) | 11,086 | 18,946 | (41 | %) | |||||||||||||
Adjusted operating income (non-GAAP basis) | 124,414 | 203,939 | (39 | %) | 404,191 | 536,953 | (25 | %) | |||||||||||||
Depreciation | 15,186 | 13,212 | 15 | % | 41,721 | 42,653 | (2 | %) | |||||||||||||
Amortization of intangible assets | 5,395 | 5,775 | (7 | %) | 16,172 | 17,542 | (8 | %) | |||||||||||||
Adjusted EBITDA (non-GAAP basis) | 144,995 | 222,926 | (35 | %) | 462,084 | 597,148 | (23 | %) | |||||||||||||
Corporate - General and administrative expense, exclusive of depreciation (non-GAAP basis) | 12,881 | 14,470 | (11 | %) | 41,402 | 42,308 | (2 | %) | |||||||||||||
Adjusted EBITDA, excluding Corporate (non-GAAP basis) | $ | 157,876 | $ | 237,396 | (33 | %) | $ | 503,486 | $ | 639,456 | (21 | %) |
Quarter ended Sept. 30, | Nine months ended Sept. 30, | ||||||||||||||||||||
2019 | 2018 | Change | 2019 | 2018 | Change | ||||||||||||||||
Net income from continuing operations (GAAP basis) | $ | 48,346 | $ | 92,826 | (48 | %) | $ | 202,280 | $ | 240,525 | (16 | %) | |||||||||
Plus: Provision for income taxes | 5,079 | 13,789 | (63 | %) | 52,732 | 61,929 | (15 | %) | |||||||||||||
Plus: Interest expense | 52,454 | 48,226 | 9 | % | 145,166 | 145,055 | — | % | |||||||||||||
Plus (Less): Equity loss (income) in unconsolidated investments, net | 491 | (771 | ) | *** | (10,922 | ) | (15,080 | ) | (28 | %) | |||||||||||
Plus: Other non-operating items, net | 463 | 214 | *** | (6,962 | ) | 13,005 | *** | ||||||||||||||
Operating income (GAAP basis) | 106,833 | 154,284 | (31 | %) | 382,294 | 445,434 | (14 | %) | |||||||||||||
Plus: Severance expense | — | 7,287 | *** | 1,452 | 7,287 | (80 | %) | ||||||||||||||
Plus: Acquisition-related costs | 19,973 | — | *** | 29,092 | — | *** | |||||||||||||||
Less: Spectrum repacking reimbursements and other | (80 | ) | (3,005 | ) | (97 | %) | (11,399 | ) | (9,331 | ) | 22 | % | |||||||||
Adjusted operating income (non-GAAP basis) | 126,726 | 158,566 | (20 | %) | 401,439 | 443,390 | (9 | %) | |||||||||||||
Plus: Depreciation | 15,381 | 14,262 | 8 | % | 44,831 | 41,594 | 8 | % | |||||||||||||
Plus: Amortization of intangible assets | 15,018 | 8,047 | 87 | % | 32,530 | 22,791 | 43 | % | |||||||||||||
Adjusted EBITDA (non-GAAP basis) | 157,125 | 180,875 | (13 | %) | 478,800 | 507,775 | (6 | %) | |||||||||||||
Corporate - General and administrative expense (non-GAAP basis) | 9,819 | 12,112 | (19 | %) | 31,070 | 36,041 | (14 | %) | |||||||||||||
Adjusted EBITDA, excluding Corporate (non-GAAP basis) | $ | 166,944 | $ | 192,987 | (13 | %) | $ | 509,870 | $ | 543,816 | (6 | %) | |||||||||
*** Not meaningful |
Nine months ended Sept. 30, | ||||||||||
2019 | 2018 | Change | ||||||||
Net income from continuing operations (GAAP basis) | $ | 202,280 | $ | 240,525 | (16 | %) | ||||
Plus: Provision for income taxes | 52,732 | 61,929 | (15 | %) | ||||||
Plus: Interest expense | 145,166 | 145,055 | — | % | ||||||
Plus: Acquisition-related costs | 29,092 | — | *** | |||||||
Plus: Depreciation | 44,831 | 41,594 | 8 | % | ||||||
Plus: Amortization | 32,530 | 22,791 | 43 | % | ||||||
Plus: Stock-based compensation | 13,887 | 12,292 | 13 | % | ||||||
Plus: Company stock 401(k) contribution | 6,486 | — | *** | |||||||
Plus: Syndicated programming amortization | 42,510 | 40,235 | 6 | % | ||||||
Plus: Pension reimbursements | — | 29,240 | *** | |||||||
Plus: Severance expense | 1,452 | 7,287 | (80 | %) | ||||||
Plus: Cash dividend from equity investments for return on capital | 751 | 11,295 | (93 | %) | ||||||
Plus: Cash reimbursements from spectrum repacking | 13,975 | 5,057 | *** | |||||||
(Less) Plus: Other non-operating items, net | (6,962 | ) | 13,005 | *** | ||||||
Less: Tax payments, net of refunds | (73,457 | ) | (51,325 | ) | 43 | % | ||||
Less: Spectrum repacking reimbursements and other | (11,399 | ) | (9,331 | ) | 22 | % | ||||
Less: Equity income in unconsolidated investments, net | (10,922 | ) | (15,080 | ) | (28 | %) | ||||
Less: Syndicated programming payments | (40,038 | ) | (40,523 | ) | (1 | %) | ||||
Less: Pension contributions | (8,407 | ) | (44,175 | ) | (81 | %) | ||||
Less: Interest payments | (117,913 | ) | (121,616 | ) | (3 | %) | ||||
Less: Purchases of property and equipment | (51,231 | ) | (35,281 | ) | 45 | % | ||||
Free cash flow (non-GAAP basis) | $ | 265,363 | $ | 312,974 | (15 | %) | ||||
*** Not meaningful |
Period | Leverage Ratio |
July 1, 2019 - September 30, 2020 | 5.50 to 1.00 |
October 1, 2020 - March 31, 2021 | 5.25 to 1.00 |
April 1, 2021 - September 30, 2021 | 5.00 to 1.00 |
October 1, 2021 - September 30, 2022 | 4.75 to 1.00 |
October 1, 2022 and thereafter | 4.50 to 1.00 |
Nine months ended Sept. 30, | |||||||
2017 | 2016 | ||||||
Cash and cash equivalents from continuing operations, beginning of period | $ | 15,879 | $ | 26,096 | |||
Cash and cash equivalents from discontinued operations, beginning of period | 61,041 | 103,104 | |||||
Balance of cash and cash equivalents, beginning of the period | 76,920 | 129,200 | |||||
Operating activities: | |||||||
Net (loss) income | (88,579 | ) | 343,756 | ||||
Loss on write down of CareerBuilder | 342,900 | — | |||||
Depreciation, amortization and other non-cash adjustments | 153,242 | 197,025 | |||||
Pension (contributions), net of expense | (12,547 | ) | 2,135 | ||||
Spectrum channel share agreement proceeds | 32,588 | — | |||||
Other, net | (76,421 | ) | (88,153 | ) | |||
Net cash flows from operating activities | 351,183 | 454,763 | |||||
Net cash from (used for) investing activities | 152,499 | (273,309 | ) | ||||
Net cash used for financing activities | (197,248 | ) | (203,325 | ) | |||
Increase (decrease) in cash and cash equivalents | 306,434 | (21,871 | ) | ||||
Cash and cash equivalents from continuing operations, end of period | 383,354 | 19,185 | |||||
Cash and cash equivalents from discontinued operations, end of period | — | 88,144 | |||||
Balance of cash and cash equivalents, end of the period | $ | 383,354 | $ | 107,329 |
Nine months ended Sept. 30, | |||||||
2019 | 2018 | ||||||
Balance of cash, cash equivalents and restricted cash beginning of the period | $ | 135,862 | $ | 128,041 | |||
Operating activities: | |||||||
Net income | 202,280 | 244,850 | |||||
Depreciation, amortization and other non-cash adjustments | 75,084 | 54,606 | |||||
Pension contributions, net of expense | (5,543 | ) | (39,932 | ) | |||
Other, net | (57,236 | ) | 73,136 | ||||
Cash flow from operating activities | 214,585 | 332,660 | |||||
Investing activities: | |||||||
Payments for acquisitions of businesses, net of cash acquired | (1,507,483 | ) | (328,433 | ) | |||
All other investing activities | (15,544 | ) | (23,974 | ) | |||
Cash flow used for investing activities | (1,523,027 | ) | (352,407 | ) | |||
Cash flow provided by (used for) financing activities | 1,181,774 | (84,528 | ) | ||||
Decrease in cash, cash equivalents and restricted cash | (126,668 | ) | (104,275 | ) | |||
Balance of cash, cash equivalents and restricted cash end of the period | $ | 9,194 | $ | 23,766 |
Nine months ended September 30, | |||||||||||
2017 | 2016 | ||||||||||
Net cash flow from operating activities | $ | 351,183 | $ | 454,763 | |||||||
Purchase of property and equipment | (63,846 | ) | (68,577 | ) | |||||||
Free cash flow | $ | 287,337 | $ | 386,186 |
Exhibit Number | Description | Location | ||
3-1 | Third Restated Certificate of Incorporation of TEGNA Inc. | |||
3-1-1 | Amendment to Third Restated Certificate of Incorporation of TEGNA Inc. | |||
3-1-2 | Amendment to Third Restated Certificate of Incorporation of TEGNA Inc. | |||
3-2 | By-laws, as amended through | |||
4-1 | Thirteenth Supplemental Indenture, dated as of September 13, 2019, between TEGNA Inc. and U.S. Bank National Association, as Trustee. | |||
10-1 | ||||
31-1 | Rule 13a-14(a) Certification of CEO. | |||
31-2 | Rule 13a-14(a) Certification of CFO. | |||
32-1 | Section 1350 Certification of CEO. | |||
32-2 | Section 1350 Certification of CFO. | |||
101.SCH | XBRL Taxonomy Extension Schema Document. | Attached. | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | Attached. | ||
101.DEF | XBRL Taxonomy Extension Definition Document. | Attached. | ||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | Attached. | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | Attached. | ||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | Attached. | ||
Date: November | TEGNA INC. |
/s/ Clifton A. McClelland III | |
Clifton A. McClelland III | |
Senior Vice President and Controller | |
(on behalf of Registrant and as Chief Accounting Officer) |