Gray 1Q Revenue Up 10%

Gray Television this morning announced that total revenue for the first quarter of 2022 came in at $827 million, an increase of 10% from the first quarter of 2021, reported on a combined historical (same-station) basis.

Broadcast revenue accounted for $804 million, up 11% from a year ago. That Broadcast revenue total comprised:

• Local advertising revenue (including internet/digital/mobile) of $277 million, up 25%.
• National advertising revenue of $82 million, up 32%.
• Political advertising revenue of $26 million, up 100%.
• Retransmission consent revenue of $393 million, up 10%.

Production Companies revenue totaled $23 million, an increase of 64%.

Other revenue totaled $20 million, up 5% from a year ago.

Net income attributable to common stockholders was $49 million, or $0.52 per fully diluted share, an increase of 88% from 1Q 2021. Excluding transaction related expenses and non-cash stock compensation totaling $8 million, the net income attributable to common stockholders would have been $55 million.

Broadcast cash flow was $272 million, an increase of 8%. Adjusted EBITDA was $251 million, an increase of 64% from a year ago.

The company said: “Our total revenues of $827 million were strong as we begin an “on-year” of the two-year political advertising cycle. Importantly, our financial results exceeded our revenue and expense guidance issued for this quarter due in large part to faster than anticipated improvements in the operational performance across nearly all of our recently acquired television stations. In the first quarter of 2022 our core advertising revenue increased by 40%, our retransmission consent revenue increased by 59% and our political advertising revenue increased by 189%.”

Read the company’s report here.

Also, Gray authorized a quarterly cash dividend of $0.08 per share of its common stock and Class A common stock. The dividend is payable on June 30 to shareholders of record at the close of business on June 15.