Tegna uses record free cash flow to reduce debt to under $3 billion

By Devika Patel

Knoxville, Tenn., March 1 – Tegna Inc. used “record” free cash flow of $469 million to reduce debt to under $3 billion and plans to continue paying down debt.

“In the quarter, we deployed record free cash flows to reduce debt to under $3 billion,” president and chief executive officer Dave Lougee said on the company’s fourth quarter and year ended Dec. 31, 2018 earnings conference call on Friday.

“In continuing our commitment to maintaining a strong balance sheet, we reduced debt to $2.9 billion, ending the quarter with net leverage of approximately 3.9x,” executive vice president and chief financial officer Victoria D. Harker said on the call.

The company generated record fourth quarter free cash flow of $167 million and $469 million for the full year, which enabled the company to reduce its debt to under $3 billion.

“The strength of these cash flows will continue to allow us to pay down debt,” Harker said.

Adjusted EBITDA was a record high of $273 million for the fourth quarter and $780.8 million for the full year.

Tegna is a media and digital business based in McLean, Va.

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