thanks Thanks, everyone, Dave. morning, Good and joining for us.
plan. for our adjusted our TEGNA’s income model, performance of highlights including and our the discussed, strategic only high second already important revenue, execution total of resilience financial historic watermarks five revenue, continued business revenue, reflects Dave our strength all but As and subscription net not of drivers, on quarter This many pillars AMS reflect EBITDA.
strong other positions plans future investments to strategy increasing allocation of ranging demand reducing M&A second and I’ll while just cashflow on is dividend quarter approach from few all applied our fuels us recent excellence first, aspects well, on extremely same well. OTT, take our as more portfolio of well look our of This reflected our financial capital not operational to traditional in stations, We’ve of increase each to the in our performing guidance. at discipline, performance let’s thoughtful trends, leverage disciplined but growth. performance. as financial a ongoing organic as free Our our ongoing capitalize of the broadcast, the in both our and and our a but minutes, touch drivers only
Turning to the results. financial consolidated quarter second
performance my TEGNA’s well to into as non-GAAP as drivers you As our on are today business financial our on focused comments a the a results. trends consolidated visibility reminder, primarily with basis of provide operational
of reported all period comparatives find and our can press in prior release. data our You
growth. by revenue. For company line well the XX% driven color during and our revenue quarter revenue up with here XX% by category. range, was previously the as AMS performance in subscription were driven newly with second year-over-year, of to second quarter, stations the as the of quarter revenues record ongoing provide announced second additional subscription up by total well compared details on revenue XXXX our guidance acquired strong quarter To contributions Total you our
year-over-year. XX% increased revenue subscription quarter Second
growth point in more in by this As his full was better part improving than months trends a ago. Dave referenced percentage subscriber five remarks, now fueled than
our have As network end providing of subscribers into affiliation which that the at revenue renewals a streams. of the agreements, approximately a occur reminder, XX% sight these line clear our of financial encompass trajectory XXXX, multi-year four big of
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to Dave’s quarter. AMS in positive continue expect these trends the heard strong you accelerating remarks, and As revenue that we into third supporting
the to now Turning for expenses quarter. second
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savings efficiencies. continued that Beyond create previously we the this, cost ongoing had to implemented initiatives
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to second driven in XX% the was EBITDA adjusted XX% margin excluding this Premion. Adjusted subscription growth was EBITDA was Our of net second profits. quarter growth and of million AMS $XXX when quarter This up the recovery year-over-year quarter, and XX% of probably by revenues XX% impacts compared in XXXX.
maximize there Premion’s As recent the to EBITDA at heard market in including we it you time. revenue invest continuing growth, remarks, in share are this partnerships, Dave’s to given trajectory not strong managing and
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for record and shareholders know, number a and dividends TEGNA organic Through investments, all a repurchases of execution. reducing of share value leverages debt. has track and create our you to tools As while inorganic
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capacity we facility, flexibility. you provides with under which As a revolving know, also credit us additional had
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As and year thoughtful stable. primarily strong BB- management Throughout outlook results, June financial ratings to of political to are leverage the sheet. quarter, strong a and continued margin, generate rating high the including durable free flow our S&P result their revenues we’ve of our by subscription credit the cash to balance reduced revising BB driven our and in
tax quarter, quarter driven we than results, for usual particularly previewed XXXX due fourth you came quarter payments As last higher strong record political this by advertising.
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end mentioned, increased is our we the free to Notably, results. at expect year driven this As by cash this Dave time this of strong year year flow close high two the guide the range. second we’ve this
the recent remain management. recovery reduction focused uncertainty platform expense on and and most period debt During of TEGNA macroeconomic investments, critical
generation. visibility is As business has annualized our we towards dividend. the with increased strong post-pandemic shareholders and This leverage increase fast into a our sustain in manifested reflection and capital normalized environment return a competence improved significant the our in of builds, to payout increased cash XX% flow
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the part as M&A want quarter year, to outlook evaluate through which our we third I remind you the of and full to I broader of turn framework. our capital allocation lens Before for
our for As business. and in the vision which enhance discussed financial always we’re past, the opportunities, reviewing actively trajectory portfolio, complement strategic our
have XXXX record we and cash flow after EPS the accretion they free in close. strong performing immediate we This be approximately in can ahead synergies track on acquired followed most stations of that producing on, the a months. accretion nine also transactions nearly strongly seen we even schedule, Importantly, in of executing realized or recently by
across to at our looking ways acquired expand build also on platforms. our OTT assets audience We’re reach customers services our innovative and to for further
assess continue inorganic opportunities We as to strong always acquisitions organic will grow enhance innovation and execution through we’ve and and to both investments to through done.
saw As quarter guidance flow release, provided on quarter other third of previously metrics key our you in second XXXX and the we all and guidance our for key free strengthening we our financial metrics financial reaffirming provided. cash
also expectation let’s XX% revenues our through We above XXXX. help guidance to few and walk reaffirmed Premion quarter near-term of metrics. To up between model other expectations, be XX% portfolio third financial
be to For growth driven third third in expect and the revenue year. significant both total subscription offset revenues last we low single-digits AMS up of the quarter, by by company revenue in quarter political
total revenue. the high in associated third XXXX, forecast political we to subscription third quarter driven quarter quarter. increased operating for revenue expenses expense expect company in We up higher third revenue, programming teens Excluding single-digits the with mid-to-high the to be to compared by increase
operating expenses digits, the up programming third the Excluding costs, project by quarter of Premion. is to driven in mid-single which majority we be
trends. up of end teens as as XXXX, renewals mid-to-high strong For at be full expect complete MVPD to revenue on XXXX, we based the subscription subscriber year well
of approximately year approximately be the we’ll XX% fourth renewing by end. we of XXXX, quarter and of in subscribers reminder, a subscribers As XX% repriced also
also come past issues the continue cost ahead cash expand to XXXX we months been continue and reduction year efficiencies. the in for more we’ll have to with flow, quarters to XX full on For significant that as free our from benefit EBITDA underway
million year of guidance $XX Turning $XX to of elements. expected in the million projected to range in range now expected reduced to $XX $XX Depreciation million. to expense $XXX million key be full be to million. is the to debt $XX to of million. be range in of of $XXX is million. projected our XXXX benefit now $XX to to be Corporate to the the Amortization Interest is million range the in reduction expense is
facility. capital approximately We million of as which of million, as well expenditures range the to be of UHF VHF includes expect mostly expenditures capital our million to in the comprised $XX transitions, continuation non-recurring $XX $XX of centralized million, to $XX streaming
XX% We of rate an effective to range XX%. forecast tax the in continue to
the de-leveraging. We XXXX to net end with greater of X in low any uses leverage times with capital than expect absent return financial
as expecting that, XX%. Finally, as XXXX of of the raised for Q&A revenue, low percentage guidance turn flow to our to take And we’ll your we achieve range previously, of questions. a range the of to our free end XXXX to I high with now now cash end mentioned to XX.X% new
