Tegna 1Q Revenue Climbs 6%

Tegna this morning released first quarter 2022 results that included total revenue of $774 million, up 6% year-over-year driven by record first quarter AMS (advertising and marketing services) revenue and growth in political revenue. Total company revenue was up 13% percent compared to the first quarter of 2020, despite the absence of record first quarter political advertising revenue achieved in 2020.

Subscription revenue was a record $392 million, up 1% year-over-year due to rate increases, partially offset by subscriber declines as well as the interruption of service with Dish Network, which was resolved on Feb. 4, 2022.

AMS revenue was a first quarter record of $354 million, up 10% year-over-year, driven by strong growth in nearly every advertising category with the exception of auto, which continues to be impacted by supply chain disruptions. AMS revenue growth was supported by the Olympics and Super Bowl on our NBC stations, as well as Premion.

Political revenue was $18 million in the first quarter of 2022 compared to $47 million in the first quarter of 2020, a presidential election year. However, that $47 million 1Q political was up 80% compared to 1Q 2018, the last nonpresidential election year, on a pro forma basis.

Net income was $134 million in the first quarter on a GAAP basis, or $133 million on a non-GAAP basis.

Total company adjusted EBITDA was a first quarter record of $250 million, representing an increase of 8% compared to the first quarter of 2021..

Free cash flow first quarter record of $182 million, driven by continued growth in AMS and political revenues.

The company ended the quarter with total debt of $3.1 billion and net leverage of 3.03x.

On Feb. 22, Tegna and Standard General announced that Tegna will be acquired by the Standard General affiliate for $24 per share in cash. The closing of the transaction, which is expected to occur in the second half of 2022, is subject to stockholder and regulatory approvals, and other customary closing conditions.

Read the company’s report here.