and Thanks, us. Dave. Good for morning everyone, thanks joining
the strong on execution, quarter. allocation operational excited Dave as acquisitions well value our efficient remarks, as during impact mentioned, going update of capital the we As both and forward. the cap I’ll and cover closed In high both my about you planned our we're
just a review I’d I you. our consolidated results, special cover financial like with to Before items few
party million, related For national million. efforts $X the by onetime costs termination of operating to taking related million. quarter, Spectrum offset including of acquisition costs FCC fees these of partially $XX third repacking and These $X one-time contract our transition were included expenses, sales and reimbursement in-house,
million tax benefits. related reported in Lastly, also about onetime $X we
business financial operational newly trends base in the basis, to This owned of quarter. we financial groups drivers, consolidated time our clear are consolidated business that comments on and during period financial performance insight Now, most non-GAAP third a our quarter our mind results. of the them my today Keep focused results station on into acquired the the provides for and results. TEGNA’s of on
consolidated you'll find all prior ongoing period results our our basis, and press an of on comparatives release. Finally, reported in
company third Now, up as-reported X% third on quarter year. revenue year Total quarter revenue an over results basis. was the for our for
as continued and growth our from acquisitions, revenue, services. As this as you’ve driven seen as well was by in well marketing primarily press subscription release, advertising as
impact, year. as-reported total over an was basis, year up advertising political Excluding on XX% revenue
in revenue year the year of $XX a trends. reflects quarter fully reminder, our creating to uncommon political XXXX, results, a even includes over advertising As million revenue, year which comparison, results not high of our cyclical third
about of end of clear revenue one will with years in a distributors, producing margins XXXX, As to subscription by reached carriage renewal continued be with the as agreement of forecasting key largest off also notably for life a visibility, and our Dave trends kicks subscriber repriced flow new cycle mentioned, recently driver revenues, relatively retransmission subscribers, driver which XX% Spectrum, stable, and growth our high the serving cash the our be ahead.
and turning Now, to marketing services. advertising
basis, acquisitions increased primarily As impact to expected, on reported due year. the a year of year advertising this marketing revenue services and over XX%
services Excluding advertisers year by was the across from this impact, and stronger up categories. of range consecutive quarter, second marketing broader for driven over year revenue demand advertising the
quarter. and quarter, categories always, and such As puts growth across this advertising in a improvement, as services, our The year results. and categories tourism, insurance, home Other reflected were included media banking, utilities. stronger which bit and restaurants, over softer auto, professional the year, travel takes telecom, are there in sectors and retail,
expenses. to now Moving
were year this year a of expenses programming driven to this primarily closed year is newly by year, lower higher operating quarter and XX% year Our the by related well This partially the ad processes. political ongoing as as on offset streamlining acquisitions over basis, higher business spending over our fees. expenses lower
also networks. As include a compensation reminder, reverse to paid programming fees
acquisitions expenses expenses all incremental and X%. costs down other programming related Excluding were to this operating year,
quarter, last was During year, corporate back ongoing reflecting down our the office from expense million million, $X streamline third $XX operations. to work
two As cash in free a revenue quarter, of increased flow of recently to flow, healthy $XXX EBITDA result, revenue, basis. third free very a our million, adjusted reported of guidance On cash producing of this, XX% for margin. with XX% on $XXX XX% annual we XX.X% was generated a as roughly year line the million
stations. As our well for Dispatch acquisitions, new we investment flow including line use the billion and such to and credit, previously to products revolving of discussed, as as $X.X as free divestiture fund initiatives, cash Nexstar and continue
approximately the X.X billion billion, by Our quarter $X.X to producing leverage debt during net increased of $X.X times.
low as On we year of $X.X The note, million drawn we senior no our XXXX stations, repay billion acquisitions, with And with new extended this investments. as our capacity. have created to $XXX rate. approximately net were $XXX a XXXX nearly flexibility. its on we historically cash well in With flows notes, at X% the which strength August of maturities, and are successfully year XXXX, a our prepared of coupled this related used as XX, we’ve replenished September political, of our significant October for also with to to change financing, billion offering proceeds $XXX revolver, well completed million million as notes the $X.X interest enhance, well a organic XX XXXX of one of from
the Broadcast we've actively Nexstar the million, M&A. divestiture consolidation two now Group, radio Turning in industry in participating TV million $XXX and for the year, from stations $XXX to Dispatch as this Dave been stations during acquisition reflected stations and noted, two leading quarter. of for
million Quest Justice of multicast we quarter. networks $XX and In acquisition last the addition, successfully closed
rated Dispatch for us As in times at closed a number run with provides transaction - a reminder, X.X one synergies. Columbus stations both which including the rate and a Indianapolis TV multiple,
television The including which XX run contributed stations, EBITDA XXXX four savings. XXXX, and affiliates, of stations, Nexstar divestiture including big a multiple local we X.X synergies at rate eight tax times, acquired
well the are All accretive of these cornerstone be which cash financial transactions free the strong to flow on months, are XX are strategy. EPS already within our M&A financial both accretive, immediately of reflecting in and of investing value and strategic, opportunities track discipline, and our
XX% XX% revenues cash and a XX% now and XXXX. as on transactions, two XX% fact, completed result a revenue notable from XXXX previously XX% a the of range of of project free we to provided, basis, for In to our year of recently to flow XX% increase
long-term targets to attractive reflected Lastly, our price, exceeding we an continue or make are and have meeting purchase synergy valuation a of we'll investments operating from a that both track synergy in perspective. and record
the Now, of to year guidance ahead full several full the guidance. metrics, providing relook year, updating and help effort projections. key forecast fourth balance previous financial turning and quarter In quarter XXXX year at our an to we're a
expect to We total be quarter mid-single up fourth company revenue digits.
million However, range. up expect revenue fourth quarter, last revenue high $XXX growth we be political to the in excluding year's the XXs from
project of by expect higher to expense expense, increase Net be we operating range. mid and an the to XXs, high to in up mid-XX% expense From the expense in we programming fees. perspective, quarter fourth programming driven acquisitions
XXXX this, year we’ve Dispatch guidance the metrics, key Beyond of close of and acquisition updated our following divestiture Nexstar full now the purchase stations.
a we're year. well As say a track very on result, for I’m to pleased strong
some projections additional Here’s reflecting color for those XXXX.
revenue X We year teens. expect up full to see subscription
million in a the the lower to expected we of are from range $X of $XX $X quarter. of the million. prior million $XX be million projected million, second decrease However, the see $XX expected guidance $XX Depreciation is range to expenses to $XX of by million, from up to be to million approximately to $XX million as
million Interest be expense for to is the expected of range XXX in to million. the year $XXX
was includes CapEx to This the $XX facility million, a XXXX in which channel February. We approximately $XX in Houston, non-recurring capital expenditures including $XX of $XX station. expect our to million headquarters QX repacking, mandatory new includes million CapEx new million, of and which to completed relocation, also related
at our Finally, guidance rate, prior tax now effective our the lower we're due to the end be to XX% management XXXX of range rate expecting active to tax the XX% to of XX%. of XX%,
comments Building M&A now environment. on Dave’s regarding the current
organic regularly previously desire allocation Capital enhance a our that generate disciplined growth to long-term board all with allocation maximizing analyze allocate and return value. profile shareholders. tightly and highest strategic always a returns, with capital capital to balances to as balance of acquisitions, decisions dynamically to we aligned the are our that through and shareholder the commitment framework we’ve offer TEGNA options to we discussed, value, follows opportunities strong and our our sheet, growth As accretive capital
noted earlier, and to to capacity Dave the pursue under As cap ample us strategy fit continue execute that within current regulatory assets for actively have on industry a constraints. are we our
Our recent our of acquisitions demonstrate power. the efficiency buying
only future about are participant UHF discount, while million billion, a M&As. which acquired us on about million we the two active flexibility we year of significant cash acquisitions, of at be average of points For using the approximately revenue, are an with our provides $XXX Including to and recent EBITDA under basis, XX% headroom. annually $X.X $XXX X cap, X% and with in
and cash consolidator. increased a as creating provides further I as for rapid underway, allows free capacity already delevering, strong firepower, for Our discussed, previously flow
contributions, immediate turn strong flow Given these one the our reduce EBITDA this and of and to less free quarter, leverage cash efficiency of acquisitions flow added free subsequently being used is we than debt. cash and
of by for XXXX, result, X.X is the leverage times firepower potential expected end acquisitions. a As our to approximately decrease to creating significant net
we delever from until these As additional disclosed, no a new as share repurchases, acquisitions. plan previously we reminder, funding
full In demonstrate reaffirming outlook we long-term confidence flow strong results, XXXX, well diversifying summary, strategy. our our cash progress in quarter revenue our have streams, as the that our for and our year as third made and
result, providing less create ability shareholder with important value, to the opportunity to growth with transparency, profitable As continued a our scale and an even greater enhances cyclical businesses, offering our content of M&A enhanced leverage efficiencies. through
political laser we repricing that As due cycle. a up significant Dave value agreements, noted, execution busy creation focused we've last really on been and the and we in to remain as of XXXX to the we which you, we enter spending period our keeping since retransmission spoke ad expect
the On shareholders. various updating you and we're the benefit to our we’ll look from value and continue forward returning look at to opportunities ongoing consolidation, M&A industry to front, generating on to ways
what is with In recent combination out want pending amendment refinancing, position and The a election closing, our with stations, to I the poised unique and this year, XXXX future point the time close growth. out along for to of the investments base, TEGNA. extension XXXX and strong, revolver, XXXX of and better, for together even their us continued growth, firepower significant new for our enter
the Operator? we’d open that, now to like questions. with up And to call
