TEGNA (TGNA) 7 Aug 242024 Q2 Earnings call transcript

Good day, and thank you for standing by. Welcome to the Q2 2024 TEGNA Inc. Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Kirk von Seelen. Please go ahead.

you. Thank welcome quarter and and conference our webcast. to morning, XXXX second call Good Kirk I Seelen, name von My is and am Treasurer. TEGNA's will President year full our outlook. CFO, performance and Dave results review Heskett, and Lougee; quarter TEGNA's provide and third Today, and second and CEO, Julie TEGNA's our quarter After that, call open questions. the we'll for the review this had press release. you've Hopefully, morning's opportunity to

If at tegna.com. available the release, you it's have not yet seen a copy of

our includes in actual differ you Before may we that remind measures. forward-looking get statements also and call are filings. to that and started, Factors financial presentation this webcast results to differ. certain may our I'd conference them non-GAAP includes This like cause SEC outlined

let to have most the GAAP directly me reconciliations call comparable that, in turn to over those We the provided Dave. measures the measures release. With of press

good and everyone. morning, Kirk, you, Thank

and have what lot Steib, First, company great gone the leading me by will let and well successor, the begin as together, say privilege colleagues I'm closely through it's been forward a across years. Mike my this until a to TEGNA. My investment look him community, past worked We've a with as very X you, few week. for opening saying up transition, advise Mike proud not next started, official to for forward before eager to company but and new the get brief heights. take is during to this I'm the set watching team first day Q&A. words to I Mike's his

recent line at our in then quarter, So detail. We it by prepping strategy our and discussing the in financial in our for hold with to update our providing capital finishing performance results of I'll with questions. I'll wins. another guidance expense pass ask kindly second that range. this metrics highlight I'll morning Julie midpoint range and you on achieved begin guidance off key revenue to before second more quarter quarter an and the deployment

anticipated to uncertain and continue spend, lower as by advertising. subscriber accelerate, in proceed and ad fell echoed medium The marketplace. than as show local willingness seeing political is declines been and to quarter businesses economy national the advertising a That and pace, that to national advertising our local small headwinds company platform year-over-year considering that the that's into revenue is facing local spend. We're industry-leading we sluggish going more faring Premion, continues year. partially total serves which Second at national CTV sales offset a said, the especially well with

capitalize Premion hold continues will well positioned local true to opportunity. Our to is the hypothesis on market advertising continue CTV that this and to adopt

of been Premion CTV. We're uptick footprint customers sales there's adopt national Premion current they Olympics our has acumen, the while reaches sluggish, Our of acquisition accelerate increasingly in confident Octillion, advertising quarter which marries linear Again, coverage to recent businesses. during XX% we sales cutting-edge NBC spend further our expect almost considerable with an to technology upside our as the U.S. the Paris stations. on households third existing ad combined will and cross-selling due

broadcast as the continue which are up Tokyo. are Paris way We summer from dollars ratings tremendous for numbers add games, throughout to the producing Olympics

stations stations we are XX and NBC have dayparts, X the the Our across ratings the markets. country, all strongest top national average XX the rated outperforming the of some of of top in in

in November. Now election let's coming the to turn

the as different same. stay change, saying the just donations now more the Harris are unleashed than million the clearly unprecedented. the the top know, The campaign Democratic they in translated aisle, $XXX the for goes, more into is than weeks. very race. advertising, In X and all has pent-up change side of of ticket less at the every including the the this of enthusiasm in that's that things on you way, As events month last But more a

Michigan, one. once before, like And a good but in coming presidential Arizona, same we cover was whatever for to it the states, once Nevada, it's Specifically, those X today. all Pennsylvania, spending be going Carolina and race, X-state again Georgia, looks TEGNA. new to down the It's that's electoral news Wisconsin, college and math North again, and states

the Hampshire cover races, races, competitive X many Pennsylvania, the again, there Wisconsin. There's and of the record presidential the are a and the hottest great than the races Michigan expect presidential Ohio, Election footprint not Arizona, the most Day, and all us spending said as recent now in through fewer as X We Senate. We all races we are share midterm, from North have we've State. governors during while Bottom donors taking the cycles that come on from seats spending once are those seats so topic are political with X our the that on parties be in look dollars covering races during as times there than while to Election your now are. years forward what's control for to stations days linear several at break races to OTT Julie stake have records positioned during capture Q&A. In to I questions for competitive going before, more red well spending of Carolina, there fewer a to ever what's competitive Day. will New extremely and we of And recognize of likely XX ad line, and and than Senate, Washington of hot overall,

that wrap reported notable words sports current it it on think The what a few on. is recently I'd and I announced like about about state the adequately network say don't I been to implies of ecosystem. NBA Before the broadcasting a local milestone has up, deals

away deal Specifically, league. for signifies paid shift with cable the from a huge to NBC the broadcast

Adam about talked Silver, no came week, NBA out before, it's Commissioner, accident. And that's said about last we've reach. it and As all

ours. NBC, NBC group cable, power as in in as extraordinary With like the affiliate networks, marketing strong affiliates And important their teams and case and leagues by strong to the local continually of great TEGNA. paid broadcast and made need is declining of distribution reach of the want strong part no

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gratitude Steib serving turn serve. It's of an them doing local laws, our Mike colleagues tireless stated the because day, serving especially And I to stakeholders, position times Every our this that communities honor you these Finally, work, and are want the country, say right part leader of privilege station Mike to TEGNA. With good purpose of to are the let confident across to of journalists the our TEGNA me and opportunity has I know to for greater viewers want next we and Board is to to for words. to extend challenging a over changing hold. in to this this colleagues across that, dedication few been for TEGNA's all journalists their remarkable my such I microphone and changing use how everywhere. the deepest lives

ongoing with teams people environment, Google, our with genuinely QX. I it his work. I'll I'm look our at morning, of much. as do because and you better as then introduce back significant excited very everyone. want delight counsel and hold from their team to and last speaking questions. But in to strong combined me democracy CEO benefited communities. a week, service. are that, Artsy, in is a to to news news the thanks to beloved enormous, going TEGNA and same thank you you growth And value. and is team invaluable. I've served engaged a the to a after and brands powerful Dave. potential it of his employed first, lesson all take experiences with as exceptional drive legacy was want In local Dave. I've value XO as users, foundation numbers content that NBCUniversal my more and I'm is in informed, to more lead to roles really at active and has trusted are for industries, to a Group joined and company to turn distrusted entire fulsomely to an our profit through indispensable more success. highest journalism content, regard. In the and position The CEO. Over people and get CEO at news briefly quality industry as is executive is brands great then next leadership, again, and myself, I experience, substantial real and forward shareholder leader the broadcast digital the learned an local and of decades be all to unlock your and TEGNA the to local thank formally to join one inspiration my back today X we answer Good Dave's repeatedly It TEGNA his in polarized here I increasingly the I'll their I you,

I'll that, over with And to Mike. it Thanks, turn Julie.

financial drivers then operational focused update as visibility start our of our guidance. My our with are Thanks, morning, joining today primarily I on capital results with TEGNA's a into initiatives transformation well and financial business before you the an review consolidated provide closing everyone, performance thank non-GAAP for business To trends of us. you Good will a allocation morning, TEGNA's to this on provide basis and execution, comments our results. Dave as and cover Mike. on

our period You our release. all can prior reported find data comparatives press and in

In $XX over million approximately way quarter the the commitment on for date. shareholders period. to XX% million. In million cash and return of $XXX with $XXX since million in million adjusted We stock, second And our cash quarterly in flow XXXX million of of shares termination and was half achieving our are to great dividends, shareholders to repurchased shares. merger to over XXXX, to of between our we've dividend, XX% $XXX our representing $XXX outstanding. returned we returned year-to-date paid we our share billion in promise XXXX. to progress shareholders regular over of same year, of second making repurchased first return repurchases We've total agreement to the common quarter, by XXXX have of more Combined our dividends. the $XX our X.X we $X million May that or shareholders time, last Notably, capital XX% XX% free than have the

well May, advantage positioned announced commitment in of our value. When are or patient increase we dry grow opportunities earnings to we regarding while inorganically. discerning take our meet greatest to where to company's quarter dividend. the simultaneously We an flexibility and and organically first powder to capital, keeping preserving announced investing We business the we remain see our

was share payment per to X. at increased July on The amount shareholders first made $X.XXX the of

deliver to of our to capital as excess dividend integral proud strategy. part an are of yield We shareholders return X% a of our in

revenues, we by range. line our at to primarily of in was midpoint with range second lower key finishing the for guidance down and Dave year-over-year, expense X% second guidance offset Total due marketing in and advertising higher advertising. services quarter, the our As company political achieved for revenue the referenced, subscription our metrics revenue quarter partially

Second down contractual year-over-year, primarily offset revenue subscriber partially subscription which quarter due rate declines, was by X% increases. were to

XXXX. and this We expect XX% to in renew year XX% end of the subscribers another of at our traditional

a remained demand, advertising and and revenue advertising to revenue AMS our revenue to categories health automotive, drag momentum, services. entertainment, local due Premion offsetting advertising on down restaurants compared telecom. Premion last Moving and were experience more within of year-over-year to improvement, to second strength softness the low in within resilient. delivering home growth to resorts quarter however, marketing digits resulting the media were Premion revenue, in was quarter. remains National Categories We saw be retail, the while positive banking year. and continues national revenue year-over-year. and services, X% double in local challenging, local that finance flat growth care nonpolitical

is well on total for political year-over-year. our Premion CTV advertising up cycle. When of benefit revenues Premion the opportunity election which bodes added to Another revenue, are platform, advertising gain including political TEGNA's

to with acquisition the growth to we Premion's discussed, we Premion's be in years advertising. with on rate come XXXX. Coupled capitalize our recent growth Dave tougher of continue comps position As the bullish to revenue to increase Octillion, for CTV expect of despite

Turning now to expenses.

As have to internal our savings of transformative we in we embarked review introduced $XXX million year, million structurally cost, our developed reduce initiatives $XX annualized exit generating to by on this earlier an and as XXXX. we cost

a these free provided are cost As cash previously reductions reminder, adjusted flow in our guidance. included X-year

as you that oversight. will efforts expense corporate in expenses services, we stations. Actions as targeting XXXX will a through across for such operating high-growth far to vendor balance slated AI workforce over taken which XXXX. late of incremental and are core A information of as yield our Premion keep coming area of a of These year-over-year innovations, anticipate focus vectors they of directly is deploying in in start results XXXX. Further, transforming restructuring television revenue model informed our in our TEGNA. Consistent with year-over-year and quarters. we outside and improvements initiatives, boost of functions, actions realignment We result sports the operating Premion thus regularly sales expenses including several less reductions across and are restructure see technology, well programming technological for expenses include major of programming, progress prior for the grow the of operating as stations our to will

with the $XXX million second of non-GAAP XXXX, quarter We a is business flow operating debt expenses outlined. leverage EBITDA down billion initiatives we of of from expenses non-GAAP second to the the of million, were ended total million year-over-year. Adjusted at quarter. adjusted end $XXX $XXX the million. the and last where transformation just Net quarter generated year, X.Xx. slightly were reflecting first For quarter, and up the compared cash operating was I quarter the free sequential quarter This X% second was during $XXX $X.X of cash the of improvement

sheet industry-leading flow at to the that us free leverage business cash reward balance generation maintain the shareholders, a and below Our differentiator or ability grow gives strong is and adjusted Xx. our

turning Now outlook. to our

combined XXXX to financial flow guidance million As in our to noted now full morning, reaffirming 'XX provide metrics billion. and our 'XX free we release to $X.X we full press key guidance this press adjusted $XXX third year to are all guidance refer see release quarter cash details our our metrics. guidance. I'll Please of the of our our

company prepared compared quarter in year-over-year Olympics. to well bookings slightly the year. This the seeing We X% to third expect political We from operating quarter to be spending expenses total up flat strong today. Summer revenue as concludes down as we as are be to to ad last my third XX% forecast remarks

local tireless leadership, our all team I behalf guidance Dave Before President impact His Q&A, the his broadcast he and thank is and best for had journalism a our passion serving local colleagues, as positive him on CEO. the on we to the wish like for and that contributions We unparalleled. all communities TEGNA, employees of entire as retires would and TEGNA's begin industry. management and have

now Q&A. Let's turn to

As questions. the questions. be Dave and forward Dave open to line Q&A, I please participating not mentioned, Mike your Operator, in answering for and look will

comes of Dan the from question Kurnos first [Operator Our Benchmark Company. The Instructions] line of

since wild a Dave, days. it's ride been the Belo

Julie, knock-on upside should know of don't about be on effect start if of 'XX, incremental we out, I going has this relative balance you but want you seen thinking and maybe have we've earned anybody relative with I don't now obviously, it wish and how knows it's -- to there's I Democrat the Congratulations political break, if your thinking the enthusiasm comp going if anyone you since us year? fundraising certainly give if certainly potential be much we because brought to mean to the know how how should numbers. play the to you the forward. a best So the up. have. retirement again on just over side. But a I we'll --

Just let do to relative let of a you me couple on and of is color a commentary give the play-by-play Julie to think things kind guidance, then about. the

enthusiasm, staying I there's last That think dollars. new Biden Democratic in side. I months in fundraising the couple definitely said, new it the obviously, the of suppressed had think of race, on

and So right, it fundraising the you how is kind what will really of depends it, look at and be.

to think, it enthusiasm strong. to me the relative at place -- But numbers it's where the is important And we're there, a it's -- and over starting fundraising starting I all from. let that keep will going Senate the very to I Julie. to and think -- races are understand very, think turn the it that we I coming

political everyone. From $XX dollars, year XXXX that million to XXXX, morning, $XXX give the runoff, full excluding Good level million. comparable which Yes. set about would Senate Georgia of a for us, was

just us half, If competitive presidential. that many we talk Senate heard as down have you side as the were not were about as and with stronger the the first have now in you races fundraising strong or on footprint break of Senate we do

takes So puts of and there's both there's to those.

half you'll year, behind slightly the behind in and of XXXX. quarter, We're now for half quarter second first X% at of in actuals the we're the first the notice first year. looking The

get where we that back we need to the half million, of to it. that's back see that $XXX So but in just make up to kind here

you definitely Dan, for and as to the it's puts is looking So presidential strong us. it's but said, going depend, the takes,

affect last the X Dan, Republican have on is events on the the presidential or point we now X right clarity good -- Republican all right, don't you're side. will of weeks And the fundraising the where how one

to that's some stuff at ballot that some assume have of picked seen. in down we've this the I really measures started guys point, of the But factor you up

Yes. but on Yes. been impacted sure much, I'm those counting the the have last of all events we've not sure been not -- those month along.

You're right.

metrics put with don't And how out in on sort between the coming just what increasing of balance year, X Okay. want to I I between mean, that if think But the point look, of always guys obviously effect? next the I for lost fantastic. then Olympics of it's months the the that kind incremental core more from gets at know obviously NBA I traditional end against you have hard finer to then, guess, a that. know been balanced crowd this of should the and the we sort about, inventory. tailwind

That's right.

in those of science. there's of complications. factors, So Dan, lot an a all not art, It's a

is some me Olympics We're favorability down of the cycle. Olympics before break third quarter in of a being Yes, driving with political pleased We've which revenue. is is the mentioned extremely Let first. favorable. that audience, the

of some dollars our So, Olympics is political.

AMS that those item, political the item. recognize line fall So the not into would dollars necessarily line

We have sales. digital

have We linear sales.

is out So AMS. your that incremental I in crowd about specific question political is and/or know QX.

has incremental seeing is the What to summer. between number. end historical roughly will that depend favorable. AMS more one we're Summer X% our in is Olympic winter X%. been the X% of high this That that to of Our be X% and at would

quarter, QX seen to So advertising science, you more in to based on third AMS a total Olympic X% have crowd about in going versus that our into but tick have X%, up Olympics. fourth incremental art be of can we expect Again, political you're out. really quarter. Leaning

Second quarter AMS was weaker.

remarks, a was our heard really factor has QX. of prepared improved Dave and in big I in say, auto that. you Auto As

games the bit. say have can comment we know the deal, sure yet NBA, a from up details we season bottom and advertisers don't high they're during season as NFL NBC not not is ratings, we regular the on the quite just yet. last But games -- to, I'd audience all the be I'm the on again, say And about NBA else, tend season everything demand. line all regular

think of I at, a couple of looking that. only we're So months best, at

there, preempting was prime or -- that previous what was inventory in games be local So those news. and will

of So think at I that. driver year a much this look don't for I'd

with working And been of Great. best a pleasure you. Dave, to It's you. again, Okay. luck

you, Same you. to Thank Dan.

Huber comes Huber of Our next Partners. of from question Research the Craig line

a we've time. each Dave, long known other

going and over colleagues done think question. retirement. My you by sell But out [ side you've I a there. nitpick think the of to -- hell all Dave, I a ] ] just you're your all these job be your your personally best can decades, missed [ certainly and first in and question, investors

losses Your right, Obviously, the your down? much was all how about subscription retrans as year-over-year, please? what a quarter, the up, was in -- they your sub down subscriber revenue were loss X%, retrans were actual percentage rates but

said but slightly are net digits as high Our X. single digits down more we than mid-single before, subs towards

So...

Craig, slightly. that I would expand on

is jump QX mid-single late are So they subscribers we cyclicality being down. do digits, summer, up our subscriber then trends There in where and spring frequently they back always and QX. weaker, say winter, and in

acceleration in of of... because So, slight lag the QX

And there's is [indiscernible] some right? that

mid-single-digit But right. range. exactly comfortably down still it That's that is in

then quarter And talk national. how And advertising, your second quarter? a third about in the touch Great. Okay. also stations little performed so about bit your far Dave, the local on further on, sense maybe year-over-year? that TV What's

You I quarter. heard third got worse, trending that the is said in if you in that How right, quarter? for you the that,

macro for Yes. concern National Craig. the definitely and the us, tougher is comp

really quarter. to slightly. down Auto big was stronger, turn double national, in up Core second a us resilient, much So for digits. flat

As X first up, auto But quarter. down in quarters auto now QX, you know, double consecutive We really auto had was being of in down and XXXX. was digits. including rebounding

on linear seeing turn Tier that it the that are the which category So the on Tier in more site. really the the a a core return local. big side of business was much But national and specifically. And is than positive you positive we've here in X, X on auto seen note, QX in the

quarter, heard back accelerate I performance expecting still up versus you year of the the say? revenues the you in digits happened right, were year-over-year. think said of double low you what to Premion I the second if half Premion in Are And

Craig. I do,

some low single does So Premion include totality, in up being -- political. in digits, did second while quarter

There again nonpolitical business, another local that, national signals on the of in was Excluding side national which back the Premion the that QX comp ramp year. half flat. we is digits, double of Premion side. tougher comp definitely big expect The up up that to but up coming was on in Premion the

Sorry.

with time, in one was that ago? more say year what revenues Just Premion percent versus please, the change total, a

Yes.

digits in was QX. quarter year-over-year single low up Second

nonpolitical in Excluding year-over-year revenue was QX. political, flat

Within is double that, local up low digits.

That's up digits. correct. Local double

Got Okay. best. all it. And Dave, again, the

you, Thank Craig.

comes Our from line Steven Fargo. of next of Cahall question the Wells

quarter should we just the So us think wanted your on it's what then, about structures, variable from still cost was willingness you your retrans I like unpack are stable of attrition I retrans wanted in I'm And or I Peacock? if a more. for to sub think Dave, businesses. to wondering just to net greater like about guessing point for but subs subs number. to between XXXX? since confirm distribution that little Thank at local of a update how spend this that. And VMVPDs you could X/X streaming retrans is talked you as revenue also la digital percentage carte and a

some being business of these stronger? being Or think something big after this over happening? of if more weaker with is we I seeing seen the not what the national and any macro at economic pronounced question end has is last that's level? signs latest impact necessarily reaction the things, towards more years that local of the to whether the than that the is local you're weakness on is range. And week market's businesses any economic saw there So last of what lower couple we've kind pronounced

take I'll the and let retrans question. Julie handle I'll Steven, that then

Obviously, variable second auto quarter really, -- think to read I to it's a the think, mixed leaves. mentioned, the first I main to relative pacing. Julie We're so was tea bag. as underlying from trying

read the So auto. that in you will. to board be appears you what into can that And across

little So of the to I in certainly, know in the they're broadly distributed. Local not say, mean, good more -- I back are bellwether, quarter. I which economic indication any, would there. think even if continue definitely businesses second or not we end that which strong, maybe fairly hang which in they're spectrum, if that's a have are an I but services, local don't I of falling stronger. bit

like the think spectrum. don't the definitive Steven, we feels across it which don't we it's I have So right any -- question the board on -- answers but the data an board end now, across that of

mostly which which the look at numbers for being by you satellite, do of the down, in quarter rate. Because quarter, our And streaming we I you've on the The declines, a again, being have out double now offset line the on Steven, public reset TEGNA, is fixed, question, saw of any can the streaming. can between data a virtual line of top agreements in seen traditional What say virtual retrans. retrans net versus subscribers we publicly break you negotiations of just not cable of is first and affiliation the revenues curve for digits, subscriber the traditional bent and lower are with successful increasing, but the of variable top second that factor majority now digits. our course, mid-single top and now the that mix that's line stability in because down both our

now with So net if will, reset, retrans quarter to forward you quarter to stable. going quarter new is that

Our line next question of the Research. comes Sholl from Patrick Barrington with

This from companies, and your Belo add like on is Research. and Gannett success Dave, and at Jim good luck the to I'd Barrington particular. Goss in also congratulations my TEGNA

significant other in But dollars all just Because would those the there relative those reasonable dollars? say? -- -- share dollars you you electoral the you to can and identify pretty of states the a how of wanted you the are be they are rest races if mentioned -- taking of share been long that ask I the Is had ride any from as important X-state as the You've to those of to think it would the there. I a country, well. know states particularly important.

the Well, I think its depending of you not about -- has the ballot -- races. all say the tail long right, the every state political -- spending, to But when -- and races down go competitive. the is competitive the they least vast race-sensitive are the money races, Governor, to go dollars, PAC the Senate they right, of where majority those Presidential PACs, such on as from

quite So dollars redistricting. political -- so XX% races. part, house say of by years rates. course, share races. XX key there's And than I XX% a the going total those competitive in house I ago the other competitive, disproportionate definition, a see we're were you got races a there's actually, is would disproportionate do the I which we've that we've of the of country, it And got should individual missed right? But house house, see lot less races, And ad of are then because the a there frankly, house to of will and that also that of share, means competitive

Then on more discussing and stations you of of could distribution -- the in the or advertising, wondering was the terms talk your also traditional CTV and CTV -- Premion the the platforms I Okay. addition VMVPD in in if to about availability versions. MVPD,

our here, Tom the Premion Yes, who let Cox, I'll answer. company and is take him oversees in

sales across point see levels viewership actually primarily correctly. sufficiently related O&O question streaming continue news markets. direct The enough of good those to go there it with large we I our acceleration apps reaching to in many a your if strong where We're the viewership believe I are platforms. to was followed those is

greater see we moving well so revenues. as opportunity viewership as to drive significant for higher a us forward And that as both

inventory. that's that The other is O&O nice our piece about

other margin high, many owned products quite business the and on they're because business or again, versus digital is that the our of So operating. Premion

very broadcasters. the we've then last used the Okay. retrans Yes. it's over years, to been the rising important and net thing, gotten to And

think it look begins to True like growth? the key Is you are we should of drive driving areas Premion? the Crime As terms think key will, future you that growth? ATSC category the you initiatives? flatten, areas channel if programming others? Is to incremental Is would the to How of it it in what and X.X

industry. I stages I the driver come next take as of Look, certainly growth over the hand Yes. think retrans Jim, -- have innings relative I the will the reins to the here that, week. there net the net -- so in later the yes, as to the

lot importantly to in the space this going do is to efficient have a I that achieve of it's linear the create think the company balance going sheet. both in on forward. But and use of most smart what digital and with able basis is the think space to I strategic programming

and got We can as local said we amount new communities, that We've that's which point to not content jumping organic of nearly is To competitive times. -- source Julie are significant assets. have inorganic, business, brands local off many valuable as be branded whether strongly landscape, a strong have have in or tremendous local national valuable as asset. a is a the

also or the type the regulatory whether should Again, So how then Mike's be an some regulatory there is on as put virtual there going be MVPD relief company I depending ownership in the cap. wins, forward frankly, future. I'm at this well under leverage side of in -- be will will for leadership whether well on the looking a think that frame to that issue, not and to that's in that, team which and that opportunity time -- administration that's going the but regarding as

growth. our this Given I areas is down point. to and the company, the balance those scale positioned the sheet company be wouldn't successor we But of appropriate one my with saddle find this new area strength of particular wouldn't pinning have, that well at

we Partners. Research Huber question, Craig welcome next Huber Our Instructions] of back [Operator

you're why? a further quarter? what said third as Can in saw in about ] you bit the guess, better expand you you optimistic upon I little the I auto talk trends a in that just the little [ more, quarter. think trend

I into sorry, -- In double but also X low was QX in auto Tier was digits. Tier driven mentioned, and Tier sprinkled in that, down did X, mostly as X. That I'm QX, say I Craig.

improved. to But incremental in up QX. Moving out Olympics auto improve it factor that believe that does is part to even pacing has QX, still what believe we slightly, see we the as core auto, that substantially. we of we when flat just

you front, on Dave, the economic given you economy versus months how ago, mean, on are Okay. I markets better, And big in, spoke then the now I the X U.S. just are personally time all guess, you -- here, we picture worse... last feeling are guys the

now is, right? nationally with was saw I an I we everybody what on saw before, think what -- that it's think is of on national of you Well, but jobs seeing kind it's It's potentially stuff. it's kind precursor That like my a optimistic read. a view of everything is what this early of and it's we that public, data said, shaky, bit personal just little moments.

still low great I or dropped whether We which debate, possible. The But interest not. a it go, rates landing think Fed's that are enough could see. we'll way on dependent is soft

There definitively there's changing, view, it's advertisers definitely, job I that's a concern nobody -- but the a I other, but don't is no wait think, large get a out really clear. companies flatten holding but and negative not that worse. -- where view. the see. bit certainly market or or is think think with of a there's definitively will I are is optimistic But think And I just there's and

remember things interesting, ago, That's the you're I is negative to but on months that relative that... side, from your X describing commentary, sounds more

I Yes, about and given market spoken Julie exposed itself, what right? Yes. issue, is what talked national mean notes stations. obviously what said -- Yes. right? we're more TEGNA think to a national not my it, our I has with is large in for I This we

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back for remarks. Thank you. would I questions it showing turn now closing Dave at no further Lougee time. to to this I'm like

I stakeholders a And investment Thank once hands Steib support importantly, just But of day. have management going everyone, again, years. short. and TEGNA them team. that in thank and keep I'll is this X their community to Mike our most great with for the you, all over past great forward, and know Well, the want I great

program. for does you participation your Thank This the in conclude today's conference.

now You disconnect. may