Gray Television 2Q Revenue Up 15%

Gray Television this morning announced that total revenue for the second quarter of 2022 came in at $868 million, an increase of 15% from the second quarter of 2021, reported on a combined historical (same-station) basis.

Broadcast revenue accounted for $855 million, up 15% from a year ago. That Broadcast revenue total comprised:

• Core advertising revenue (excluding political) of $366 million, down 1%.
• Political advertising revenue of $90 million, up 1,025%.
• Retransmission consent revenue of $382 million, up 9%.

Production companies revenue of $13 million, up 30%.

Other revenue totaled $17 million, up 6% 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 $330 million, an increase of 25%.

The company said: “Overall, the second quarter of 2022 produced record results, including $868 million in total revenue, due to the combination of recent acquisitions, added scale, increasingly efficient integrated operations, and the ‘on-year’ of the two-year political advertising cycle. We anticipate continued strong financial results for the remainder of the year, especially political advertising revenue. Based on our current forecasts, we now anticipate that our political advertising revenue for calendar year 2022 will match the $652 million of political advertising revenue that our current portfolio of stations recorded in 2020, a presidential election year.

“Gray’s strong cash flow in the second quarter of 2022 enabled us to return $125 million of capital to our shareholders during the second quarter by, paying down $54 million of outstanding debt; repurchasing $50 million of our common stock in the open market; and paying $21 million of cash dividends to our preferred and common shareholders. Even after these actions, Gray ended the quarter with $162 million of cash on hand. Strong operating results and political advertising revenue are expected to enable Gray to fund additional de-leveraging and cash dividend payments during the remainder of the year.”

Read the company’s report here.

Also Friday morning, 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 Sept. 30 to shareholders of record at the close of business on Sept. 15.