Victoria D. Harker
Thanks thanks for and morning everyone Dave. joining us. Good
results to consolidated the our items allocation for with cover I like review and I'd capital a financial just special you. few quarter, Before
expenses ongoing by special Special related the These related tax Tax of valuation $X.X impacting million payment $X expenses During capital in severance organization. in these items were quarter. to reimbursements. we against and expenses million million repacking items FCC spectrum return pension consolidation reversal our allowance, the successful of completion were costs of driven $X.X partially related a operating third charge. income quarter, benefits loss the corporate million our $X.X tax the million, to the XXXX by of resulting offset Reform special $X.X third quarter Netting were impacting for to the due item a federal costs, timing from had non-operating
Also, quarter as from a advertising on operations results. our my revenues insight which non-GAAP mind are basis, on focused services I'll continuing Now, out provides Keep in performance into exclude a we've results. that today consolidated drivers political review which separately. comments most clear our of third marketing reminder, advertising, and financial financial and TEGNA's operational broken
section in of find reported prior tables Metrics release period details data You'll further all the comparatives of there. incorporated in with press the our text our contained and and Key
for to year-over-year, XX% total mid-teens up provided was the on reported which is range of higher Now On basis, the guidance end company the quarter third last the numbers. a quarter. revenue at
year-over-year Excluding revenue advertising, impacted total quarter of for impacts displacement. negatively despite being political impact by political the the call. X% cover those later on the was I'll up
driven $XX as Third $XX continued which Premion's revenue, million, well as quarter revenue by and was subscription million political total growth. and respectively, grew
subscription growth, provide with the as revenue-based year-over-year TEGNA's recurring we increased shift for Coupled also channels. reflecting migration ahead. what this year-over-year trend toward subscribers It's XX% to means for for Now, the advertising contribute the surprise paid of in customers strong TEGNA greater with leading the month, look just continues the paid to increase large total OTT to portfolio fifth context continued more political revenue way. that business, consecutive subscribers a no to
visibility. high-margin our through like to produce guidance and announced subscription we revenue six grow we're the seen As enhancing achieve flows previously a subs, business quarters, on increasingly annuity sticky Based high-end the financial of and over greater profile track on the result, of mid-teens of the well subscription cash past which expect into the future, trends growth. forecasting further we've to full year
up a bit touch political to Now, advertising more detail. in
As including system. American Dave the highest recorded covered, of election the energy clearly as political Presidential reflecting full within we've history, year passion level year, and of in palpable our political any the today, revenue
political XX%, higher Just XXXX. grew in you, higher the a mid-term mid-term million third context mid-term for million and $XX in XX% previous to high election record election than this prior us cycle put than for in the election is cycle. this an $XX revenue astounding quarter
historical high approximately up fourth XXXX, also set Beyond million, $XXX quarter revenues watermark. of this, XX% preliminary political a from
you As political views Dave most matter strategies, to messaging clearly remain that that on the voters. to heard broadcasting local discussed campaign earlier, validates the issues candidate fact performance central this TV
other know, period As placements. for demand political time in compressed a out you of advertising crowds advertising
political quarter, fourth points advertising third core over and for crowd significant our this quarter, X percentage even time to the out During advertising. heavy We of about points amount estimate revenue given the X period higher to volume of the be X quarter peak. to which longer third during election of political a its displaced percentage reached X
As of and X% the during a this was dynamic, advertising result services revenue marketing lower quarter.
out. the performance quarter advertising To adjusting second flat for provide categories further However, some crowd Several trending to or revenue and adjusting on up marketing crowd out, slightly, quarter. trends. the was for up political revenue upward when services were specific within color category political flat from
positive. its entertainment being delight addressed second broadcast restaurants Premion increased outside a is success in clear revenue also continues banking during guidance segment's and Business indicator showed improvement categories the the lower in products that the on but to advertising. example, retail, medical, quarter, is million, services, were excluding home as such recently demand political and the unmet with the from improvement were pace of in and its performed is automotive, Premion's market of For annual quarter. all footprint. Other $XX growth that applications and customers rapid and well both achieve quarter.
new a San this to which driven GAAP station, and were XXXX, our investments programming revenue, Diego higher in our closed now quarter expenses early by KFMB, expenses, including XX% Moving in fees. Premion primarily basis, operating on higher
guidance continues trend to expected quarter. next to the through a As of A faster than quarter, expect a revenue we for higher which XX% we discussed be revenues, Premion last growth in expenses. in year, driver drove increase see its
by growth compensation to subscription higher Additionally, in networks, the programming which include fees, paid revenues. reverse were driven
KFMB programming, a on same-store Excluding Premion, non-GAAP just X% were basis. expenses and up year-over-year
see expenses quarter our to ever. advertising higher by as also higher We to non-GAAP advertising, political expect due political driven operating fourth you'd expect, quarter largest
rightsizing On During corporate by to under the we was end expense year-over-year corporate increase $XX last charges $XX non-GAAP excluding $X the the to million were depreciation, in year-over-year million basis, ongoing million of million, related down third quarter, from expenses, driven year. year our expect our severance functions. up a The was X% $XX and corporate guidance.
the XX% a robust excluding for strong EBITDA, margin. corporate producing EBITDA quarter And adjusted result, $XXX million, expenses, a million, adjusted even As was was $XXX very an more XX% margin.
to XX% quarter, affords nature for we or free $XXX revenue, us and substantial For variety part high political the also generated was third business, flexibility cash of to of a highlights flow, which capital the of growth but avalanche This revenues, record million in the capital light ample by TEGNA. a in of deploy ways. further opportunity accelerate driven our
by XX%, quarter, Moving now revenue the driven of we performance. our to range again XX% and political company ad fourth expect the in strong both for growth outlook to total subscription
coupled a revenue fourth spending, races $XXX for year issue million of in number preliminary record of quarter has driven number year's and full Our election, political million. competitive $XXX strong footprint mid-term of with this total
the fourth and expect will the driven in by For continued well expenses volume programming advertising operating growth we mid-teens reinvestment. fees as increase non-GAAP quarter, in political Premion as year-over-year,
the to the excluding total high XX%, guided we result, year of costs. a previously XX% range and adjusted end expect toward EBITDA full margin company be As our of corporate
prior to the to million our continue year, projections. We line full expenditures of for capital $XX approximately recurring anticipate in million with $XX
next on relocation repacking, same Houston. channel the including spent to early facility projects, We a also in year, and expect upcoming our new non-recurring roughly amount headquarters be mandatory
cash our as that now a as fourth through disciplined be of maximizing capital a our M&A Capital by through to acquisitions TEGNA share long-term our dividends, free focus strategic strong decisions shareholder quarter balances commitment we capital regarding flow Building driven to our and return growth profile to to Dave's least third. to project sheet, enhance capital the are highest a framework allocate strong at shareholders allocation As returns. and a options opportunistic and value on the offers de-levering result, with current organic to comments we environment. allocation medium desire growth accretive follows consistently balance on repurchases. that
M&A these to Dave balance fully assessing and said, for our actively cash types of sheet we're intend opportunities investments. strong As flow leverage and accretive
We have substantial internal for pursue opportunities, to that capacity any are and strategic accretive both and all us. external and
the $XXX,XXX reflecting we expect including corporate in to as repacking, During investments this expenditures to million, for were as reimbursed. headquarters related well mandatory capital in projects, $X be quarter, which fully $XX the million spectrum operating-related
in paid debt has times. making there's debt, to XX% This from quarter in us quarter per the debt also in streams. so by interest $XXX revenue we now $X approximately rising and interest strong almost of X.X results $X of approximately Keep progress our down that resulted quarter, end we're that reducing outstanding million third in very million mind of year-to-date the year. the and future. in demonstrate billion In and flow our rates leverage During fixed our diversifying costs net summary, the interest cash into rates, minimal and impact at
Operator? continued enhance As to profitable the a open of With the like serve up future. to our cyclical, it ability create shareholder that, result, only I'd less in value businesses to to growth questions.
