Letter To Shareholders

Elias Lougee

Dear Fellow Shareholders,

TEGNA’s purpose is to serve the greater good of our communities through empowering stories, impactful investigations and innovative marketing services. We have never been more certain of the importance of our role than we are today. In 2020, our country faced an unprecedented global pandemic, witnessed acts of racial injustice and related demonstrations, and participated in local and presidential elections with record turnouts. Our journalists have provided ongoing coverage during each of these events, with an unwavering commitment to delivering factual, important updates to our audiences in the markets we serve across the country.

We want to thank you for your investment in our company during this unique time, and to update you on some of the important focus areas of our Board and management team this year: Read more

Our Purpose: Serving the Greater Good of Our Communities
Our Purpose: Serving the Greater Good of Our Communities

Key Financial Metrics

2020 Results

$2.9B Total Revenue
28% growth
compared to 2019
33% growth
compared to 2018
$1.3B Subscription Revenue
28% growth
compared to 2019
53% growth
compared to 2018
$446M Political Revenue
91% growth
compared to 2018
$483M GAAP Net Income
69% growth
compared to 2019
19% growth
compared to 2018
$1B In Adjusted EBITDA*
45% growth
compared to 2019
31% growth
compared to 2018

* “Adjusted EBITDA,” a non-GAAP measure, is defined as net income attributable to the Company before (1) net loss attributable to redeemable noncontrolling interest, (2) income taxes, (3) interest expense, (4) equity income in unconsolidated investments, net, (5) other non-operating items, net, (6) workforce restructuring expense, (7) M&A due diligence costs, (8) acquisition-related costs, (9) advisory fees related to activism defense, (10) spectrum repacking reimbursements and other, net, (11) depreciation and (12) amortization.

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Superior 2- and 3-Year TSR¹ Since Becoming a Pure-Play Broadcasting Company

tsr mobile
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Five Pillars of Value Creation Driving Strong Growth

Best-in-class operator
Aggressive, yet disciplined pursuit of accretive M&A, including adjacent businesses and technologies
Growth through organic innovation, such as Premion
Maintain a strong balance sheet
Commitment to strong free cash flow generation and optimized capital allocation process
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2021 Annual Guidance

Subscription Revenue Growth +Mid to High-Teens percent
Non-GAAP Corporate Expense $44 - $48 million
Depreciation $62 - $66 million
Amortization $60 - $65 million
Interest Expense $187 - $192 million
Capital Expenditures
Including Non-Recurring Capital Expenditures
$64 - $69 million
$20 - $22 million
Effective Tax Rate 24.0 - 25.0%
Net Leverage Ratio Mid 3x
Free Cash Flow as a % of est. combined 2020/21 Revenue 20.5% - 21.5%
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Board of Directors

(a) Member of Audit Committee
(b) Member of Executive Committee
(c) Member of Leadership Development and Compensation Committee
(d) Member of Nominating and Governance Committee
(e) Member of Public Policy and Regulation Committee
(*) Member of the TEGNA Leadership Team

Company Officers

Trustworthy, Impactful Journalism

2020 Social Responsibility

Shareholder Services

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