Full-year results. The company reported total full-year 2021 revenue of $2.283 billion, modestly lower than our $2.29 billion estimate. The largest variance to our revenue estimate was in its Networks business. Full-year Adj. EBITDA was a strong $604.5 million, beating our $589 million adj. EBITDA estimate by 2.6%.Political advertising expected to be strong. Management indicated that it expects Political advertising to be $270 million in 2022, above our current $256 million estimate. Given the very high margin, management anticipates full year 2022 free cash flow to be in the range of $400 million to $450 million, which is earmarked for debt reduction.Adjusting Q1 estimates lower. Management provided lower than expected revenue and higher expense guidance for the first quarter. The biggest variance was in its National business. We are lowering our first quarter revenue assumption from $577.0 million to $558.5 million. In addition, we are lowering our Adj. EBITDA estimate from $145.0 million to $107.5 million. We are flowing through the first quarter variance to our full year estimates, lowering our full year 2022 Adj. EBITDA estimate from $793 million to $775.4 million. Significant debt pare down. As of December 31, the company had $100 million in cash and total debt of $3.2 billion. In 2021, the company paid down a total of $581 million of principal on its senior notes and term loans, with the redemption of $437 million senior notes. Notably, the company generated a significant $280 million in free cash flow, which exceeded expectations.Compelling stock valuation. Near current levels, the SSP shares trade at 6.5 times Enterprise Value to our 2022 adj. EBITDA estimate, well below the company's 10-year average trading ranges. In addition, the shares trade at 7.7 times our blended 2022/2023 Adj. EBITDA estimate. We are tweaking our price target from $32 to $30, which reflects a target multiple of 9.0 times blended 2022/2023 adj. EBITDA of $700 million. Read More >>