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Tegna, Inc. (TGNA)
Subscribers count; why this matters.
TEGNA Inc., a media company, operates a portfolio of broadcast stations and digital sites; and provides marketing service solutions for businesses. The company operates 46 television stations in 38 markets that produce local programming, such as news, sports, and entertainment. Its marketing services business provides solutions for clients on multiple channels, including broadcast, online, and OTT.
- Better than expected. The company reported fourth quarter results in line with previous guidance, exceeding our recently lowered expectations, which anticipated an impact from refunds in one of its subsidiaries. Revenues were up 31% and cash flow was up a strong 63%, above our 29% and 43% growth expectations, respectively. Revenues would have been up a stronger 33% without the revenue impact of the refunds.
subscription revenue. Total revenues of $642.1 million came in 1.2% higher
than our $634.4 million estimate, with cash flow (EBITDA) 4.3% higher, at
$273.1 million versus our $261.7 million estimate. Subscription revenue was an
unexpected surprise at $218.5 million versus our $207.3 million estimate, as
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