Tegna Tops Q1 Aided By AMS, Political Revenue; Margin Expands

• TEGNA Inc (NYSE:TGNA) reported first-quarter FY22 revenue growth of 6.5% year-on-year to $774.1 million, beating the consensus of $772 million.
• A record AMS revenue and growth in political revenue drove the results.
• Subscription revenue of $391.7 million was up 1.3% Y/Y. AMS revenue was $354.5 million, up 9.8% Y/Y. Political revenue was up 90.5% Y/Y to $17.97 million.
• The non-GAAP EPS of $0.59 beat the consensus of $0.53.
• The adjusted EBITDA of $249.6 million was up 8% Y/Y, reflecting subscription and AMS revenues growth. The margin expanded 50 bps to 32.2%.
• Tegna held $43 million in cash and equivalents and generated $182 million in free cash flow.
• On February 22, Standard General and Apollo Global Management, Inc (NYSE:APO) agreed to scoop Tegna at a 39% premium.
• Price Action: TGNA shares traded lower by 2.75% at $21.20 on the last check Monday.