Q2 exceeds expectations. Total company revenues of $565.1 million, an increase of 57.5% year over year, was better than our $550.5 million estimate. Both Local Media and Networks performied better than our estimates. Adj. EBITDA of $158.7 million was better than our $132.7 million estimate, with the Local Media segment contributing to the largest upside variance. Ups free cash flow guidance. Free cash flow guidance was increased from a range of $210 million to $240 million to a range of $240 million to $260 million. Management anticipates that its debt leverage will be in the low 4s by year end 2022. We are raising our financial assessment from 3.5 checks to 4.0 checks. Q3 guidance in line with expectations. Revenue guidance was somewhat better than expected, reflecting favorable core advertising, better Retrans revenue, and strength in its Networks segment. The quarter's adj. EBITDA is expected to be somewhat subdued due to the launch of three new over the air networks. Raising full year 2021 and 2022 estimates. Given the upside Q2 variance and the current favorable revenue trends and likelihood that expenses will moderate in coming quarters, we are raising our full year 2021 and 2022 revenue and adj. EBITDA estimates. Our upward 2022 revision also reflects the increased likelihood that Political advertising will largely equate to 2020 levels. Raise price target to $32. Near current levels, the SSP shares trade at 6.1 times Enterprise Value to our upwardly revised 2022 adj. EBITDA estimate, or at the low end of its historic 10 year average trading range. Our upwardly revised target of $32 reflects a target multiple of 7.8 times EV to our 2022 adj. EBITDA estimate, or near the midpoint of the average election year multiples. Read More >>