Victoria D. Harker
for joining thank morning, everyone, us. Good you Dave. and Thanks,
our mentioned, Dave second results that growth strategy our on confidence is further us track. give As quarter
operating will streams, fuel effectiveness, value deliver diversified are that with Our shareholders. our flow and revenue to growth generating operational combined strong future cash
a I capital the items and just Before I'd quarter, our with financial to review special few you. cover consolidated like results allocation for
gain items Special the spectrum special FCC the and by partially repacking we and Foundation. and earnings of non-operating $XX.X $XX During approximately reimbursements. of reflected equity earlier CareerBuilder's comprised related $X.XX special the business funding from sale integration of early which to gains items TEGNA advisory or lease All termination $X an costs sale in charge. partially of gains of recorded in, include Houston fees a These million, share. by estate transactions impacting unit, offset the of items million, quarter, million a for quarter were totaled offset results a real from
the reminder, of to our a mind, excludes my results turning our operations services into will comments results. as today of non-GAAP quarter a performance many in second and Now advertising. insight consolidated Also, drivers political in advertising clearly marketing on provide on business. financial order category Keep to and financial from focused basis our continuing the be
section in detailed comparatives Metrics You rest there. release reported prior-period find tables of and of can text contained the and new the our the and Key all our in of data press
last As the the of end call. range X% total earnings at basis, provided guidance reported company year-over-year, up was Dave on mentioned, our high a on revenue
digital services quarter incremental over up of Excluding revenue second of marketing terminated last impact total advertising, the the year. was political and X%
revenue of reminder, of advertising the As X this by Gannett our June to impacted since unfavorably the is on final the agreement with quarter was of quarter. year, marketing services comparisons terminated these were last negative a This agreement $X.X again million XXXX. due termination and comparisons,
coupled million, to increase driven revenues grew in spending. by the primarily quarter, $XX an with and revenue of subscription primary quarter substantial due million increase Second general in election during political early advertising $XX a strong
from traditional rate from it Dave agreements. full-year for in subscription to second revenue revenue driven by XXXX. was achieve contractual XX% XX% our on increases previous MVPD growth As well the putting Subscription now up the Growth pace subscription was mentioned, growth higher of total and year-over-year, well mid-teens. forecast quarter quarter revenue of our as as new revenue, comprises OTT agreements, of in XX%
of into renewal well end to As revenue at context, trends, result our net up To a for XX% these provide grow of MVPD subscription subscription the is will of the our future. continue the is be the end nearly rates do at and math, renewal XX% XX we'll in on year, of the months. up the next of nearly for To our next this year. half resetting subs base
quarter, advertising in which retail to and to digital Cup in due of This medical, results the advertising smallest cable marking More the network services have quarter, automotive, and in X% was reported advertising sectors. this basis, which year, sporting very games services, lower point entertainment. offset X% on this by political mixed, partially revenue and was Final Fox Four, few year-over-year. growth and services specific for revenue, category NCAA we in second During events. driven than the was changes declines X The CBS restaurants, year, were excluding World revenue, decline lower a includes events aired by marketing year-over-year. markets. in marketing which from programming and were and our discontinued moved the of stations Overall, On services
Dave second quarter a XXXX in XXXX. political and came higher advertising As and mentioned, was to record the both the compared in substantially for quarter
moving total revenue substantially expect the company as we Now, and Premion quarter revenue by mid-teens both revenue subscription growth in driven outlook, increase as revenue. year-over-year, third our well political higher to to
heard we markets races, upcoming some the spending November. what general see say you now the election about Dave based for in know competitive of on largest and will our stations strongest significant As earlier,
Tennessee, as and quarter footprint for and spending Florida, in robust. this, third primaries such those from states, Beyond is Missouri, primaries key Michigan, our Arizona, benefits state the in
were a turning and Management back XX% at driven by higher up expenses. including increases look Now, Data primarily in expenses were the quarter, fees second quarter Non-GAAP with line results to quarter. the investments new operating programming in for Platform. last and Premion, Expense
contractual expenses are subscription discussed, tied As escalators. we part programming and in revenue to previously growing, increases
because flat quarter as and than in the saw well, faster expected a expenses guidance. KFMB expected will as operating quarter, our for quarter. revenues expenses Premion fourth Premion programming, increased continue Excluding the well, were than faster the in grew that trend you revenue grew from
opportunity a Dave success been As has and mentioned, see we revenue story for growth. great Premion significant
intentionally revenue profits space. and back opportunities As drive continuing the result, we on reinvest are to a the and to regional local in our into growth business capitalize to ad OTT
by Premion mentioned, XX% year-end track a on be margin. remains As to we with profitable previously
competition demand is advertisers. of high regional our by are local in We that already well and ahead an area in
to our broadcaster. During our XXXX, of the quarter, very expense, a corporate corporate $XX XX% a second excluding totaled just from the were corporate functions EBITDA, million, million pure-play strong $X business expenses less producing than $XXX reflecting ongoing in quarter, right-size Adjusted continuing as margin over effort million operations.
XX%, expect margin for and the upward to year Premion of we and revenue revision Given growth million full its $XX of outlook XX% company the year, EBITDA be between total costs. our excluding continued adjusted corporate to
Now, priorities. turning to capital allocation our
driver of is disciplined before, key a we've our for strategy shareholders. As value TEGNA's allocation discussed capital proposition
sheet, to organic attractively Our assets, of priced shareholders a to and acquiring and operating balance share form returning growth, opportunistic and repurchases. continue be in strong enabling maintaining the capital dividends strategic priorities
continuously value. we into conditions to increasingly ability a The sheet and provides opportunities we consistent very balance broad point cash at of further flow generation as the will most offers our that adjust mix cyclical, set is visibility attractive cash to capital to strong fact that return that to The strong subscription-based seek less good with allow Our create given generation. have enhances pursue us us on the time. revenue in path shareholder deployment to any shift a market ongoing capital provides
the and and reiterate I to we're EPS we to to ability future us months. paying our criteria consistently of tuck-in will broadcast San have strict continue targets this complementary technology achieved As network on always allow will to as meet that flow XX financial comfortable remains the to and including the strong cash our focus sheet portfolio. a can to given also in station hurdles. beat which acquisitions From quarter to additional to have quite potential full create ecosystem, the synergies end by against our opportunities EPS vet these want within In case and smaller Diego, XX expect to Broadcasting balance was support debt free flexibility. year, like there, I'd accretion London our KFMB, the of to also accretive down schedule; we M&A acquire to a KFMB are flow of M&A be first and cash that result, M&A emphasize ahead we that immediately accretive. assets, be our Belo demonstrated free all
capital million, over spectrum projects operating- and expect second the repacking, quarter, reflecting Turning the efficiency-related which to for fully time. on mandatory well investments as as be during $XX to were million allocation capital now we expenditures reimbursed $X.X in
of We expenditures continue $XX $XX the full line projections. in capital approximately for to million our expect recurring to prior with year, million
the including and spent in We repacking, items, mandatory relocation, amount new same nonrecurring expect upcoming be channel to headquarters on facility Houston. roughly our a
During resulting times. billion million net $XX in the X.X debt $X.X of outstanding, down leverage we debt, paid of approximately quarter, of generating
rates, minimal debt fully fixed our is into now very Given and little impact that interest from rates the XX% future. interest of us for has rising there
to June our $X.X covenants. facility also of existing by favorable three and this billion extended We credit XXXX, revolving years quarter financial terms with
approximately the we $X.X X.X repurchased in quarter. million Finally, for million shares
opportunity. measure We continue and investment believe shares our a by to represent very are attractive any undervalued
flows, sheet time. continuing commitment our M&A over any both to this in and our cash and way, deleveraging capacity balance future preclude, Given does not
term. both value, in We manner opportunities the maximizes capital to near all to analyze deploy a shareholder long and will that continue in
Now, call some for to let turn Dave back remarks. the final me
