Q1 2024 Tegna Inc Earnings Call Transcript
Key Points
- Tegna Inc (TGNA) successfully achieved key guidance metrics for the first quarter of 2024.
- The company made significant progress on its $350 million capital return commitment for 2024, returning more than $100 million to shareholders through share repurchases and dividends.
- Tegna Inc (TGNA) closed the acquisition of Octillion, enhancing its OTT platform, Premion, with improved technology and market positioning.
- Political advertising trends are positive, with Tegna Inc (TGNA) well-positioned in key states for upcoming elections, potentially boosting ad revenues.
- The company announced new sports broadcasting deals, which could increase viewership and advertising revenue.
- National advertising remains challenging, impacting both core operations and the Premion platform.
- Subscription revenue was down 9% year-over-year, primarily due to net subscriber declines and a temporary service disruption.
- First quarter total company revenue decreased by 4% year-over-year, driven by lower subscription revenue.
- Advertising and Marketing Services (AMS) revenue declined by 3% year-over-year, with continued softness in national advertising.
- The company faces uncertainty in national advertising trends, which could affect future revenue growth.
Hello, and welcome to TEGNA First Quarter 2024 Earnings Conference Call. After the speaker's presentation, there will be a question-and-answer session.
(Operator Instructions)
I would now like to turn the call over to Kirk von Seelen, Vice President and Treasurer. You may begin.
Good morning, and welcome to our first quarter 2024 conference call and webcast. My name is Kirk von Seelen, and I am TEGNA's Treasurer. Today, our President and CEO, Dave Lougee; and our CFO, Julie Heskett, will review TEGNA's first quarter performance and results and provide TEGNA's full year and quarter ahead outlook. After that, we'll open the call for questions.
Hopefully, you've had the opportunity to review this morning's press release. If you have not yet seen a copy of the release, it's available at tegna.com. Before we get started, I'd like to remind you that this conference call and webcast includes forward-looking statements, and our actual results may differ.
Factors that may cause them to differ are outlined in our SEC
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