THIRD QUARTER AND FULL-YEAR 2021 OUTLOOK
In the third quarter of 2021, TEGNA expects strong subscription revenue and the continued recovery of advertising and marketing services revenue to offset the loss of record political advertising, which was $116 million in third quarter 2020.
For the third quarter of 2021, the company expects:
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Third Quarter 2021 Key Guidance Metrics |
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Reflects expectations relative to third quarter 2020 results |
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Total Company GAAP Revenue |
+ Low-Single Digits percent |
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Non-GAAP Revenue (excluding political) |
+ High-Teens percent |
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Total Non-GAAP Operating Expenses |
+ Mid-to-High Single Digits percent |
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Non-GAAP Operating Expenses |
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(excluding programming) |
+ Mid-Single Digits percent |
TEGNA is raising its guidance for 2020-2021 free cash flow as a percentage of 2020-2021 revenue, and reaffirming all other guidance for key financial metrics as provided on May 10, 2021.
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Full-Year 2021 Key Guidance Metrics |
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Subscription Revenue Growth |
+ Mid-to-High Teens percent4 |
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Corporate Expenses |
$44 – 48 million |
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Depreciation |
$62 – 66 million |
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Amortization |
$60 – 65 million |
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Interest Expense |
$187 – 192 million |
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Capital Expenditures (Non-recurring capital expenditures) |
$64 – 69 million (including $20 – 22 million non-recurring) |
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Effective Tax Rate |
24.0 – 25.0% |
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Net Leverage Ratio |
Low 3x |
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2020/21 Free Cash Flow as a % of combined 2020/21 Revenue |
21.5 – 22.0% |
