- Tegna Inc (NYSE:TGNA) reported a fourth-quarter FY21 revenue decline of 17% year-on-year to $774.65 million, beating the consensus of $772.6 million.
- The decline was due to the absence of political revenue.
- Subscription revenue of $336 million was up 7% Y/Y. AMS revenue was $400 million, up 14% Y/Y.
- The non-GAAP EPS of $0.57 beat the consensus of $0.55.
- The adjusted EBITDA of $245 million was down 43% Y/Y due to the absence of high-margin political revenue. The margin contracted 1,400 bps to 31.7%.
- Tegna held $57 million in cash and equivalents and generated $189 million in free cash flow.
- Recently, an affiliate of Standard General agreed to acquire Tegna. Tegna will become a private company and stop trading on the NYSE. Therefore, Tegna suspended its share buyback program.
- Price Action: TGNA shares closed higher by 0.8% at $22.71 on Friday.
