Benzinga | Aug 9, 2021 07:07AM EDT

Tegna Provides Updated Q3 and 2021 Guidance

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:

Third Quarter 2021 Key Guidance Metrics



Reflects expectations relative to third quarter 2020 results



Total Company GAAP Revenue + Low-Single Digits percent

Non-GAAP Revenue (excluding political) + High-Teens percent

Total Non-GAAP Operating Expenses + Mid-to-High Single Digits percent

Non-GAAP Operating Expenses

(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.

Full-Year 2021 Key Guidance Metrics



Subscription Revenue Growth + Mid-to-High Teens percent4

Corporate Expenses $44 - 48 million

Depreciation $62 - 66 million

Amortization $60 - 65 million

Interest Expense $187 - 192 million

Capital Expenditures (Non-recurring $64 - 69 million (including $20 - 22capital expenditures) million non-recurring)

Effective Tax Rate 24.0 - 25.0%

Net Leverage Ratio Low 3x

2020/21 Free Cash Flow as a % of 21.5 - 22.0%combined 2020/21 Revenue