Q2 2024 Tegna Inc Earnings Call Transcript
Key Points
- Tegna Inc (TGNA) achieved key guidance metrics for Q2 2024, finishing at the midpoint of the guidance range for revenue and in line with the expense range.
- Local advertising is faring well despite national headwinds, with small and medium local businesses showing a willingness to spend.
- Premion, Tegna Inc (TGNA)'s CTV sales platform, continues to show positive momentum, delivering revenue growth in the low double-digits compared to last year.
- Tegna Inc (TGNA) is well-positioned to capture political ad dollars during the upcoming election cycle, with coverage in key competitive states.
- The company has made significant progress in returning capital to shareholders, repurchasing $72 million of common stock in Q2 and achieving 56% of its $350 million commitment for 2024.
- Total company revenue for Q2 2024 fell year-over-year due to declines in subscriber and national advertising, partially offset by political advertising.
- National advertising demand remains weak, with national AMS revenue down double-digits year-over-year.
- Subscription revenue was down 7% year-over-year, primarily due to subscriber declines.
- Auto advertising, a significant category, experienced a downturn in Q2, impacting overall AMS performance.
- The economic outlook remains uncertain, with sluggish national ad spend and mixed signals from the broader economy.
Good day and thank you for standing by. Welcome to the Q2 2024 Tegna Inc. earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Kirk von Seelen. Please go ahead.
Thank you. Good morning and welcome to our second-quarter 2024 conference call and webcast. My name is Kirk von Seelen, and I'm Tegna's Treasurer. Today, our President and CEO, Dave Lougee, and our CFO, Julie Heskett, will review Tegna's second quarter performance and results, and provide Tegna's full-year and third quarter 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've 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.
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