Release – Reminder: Direct Digital Holdings to Report Second Quarter 2022 Financial Results

Posted on August 5, 2022 by Admin

Reminder: Direct Digital Holdings to Report Second Quarter 2022 Financial Results

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August 04, 2022 9:00am EDT
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HOUSTON, Aug. 4, 2022 /PRNewswire/ — Direct Digital Holdings (Nasdaq: DRCT) (“Direct Digital”), a leading advertising and marketing technology platform and owner of operating companies Colossus SSP, Huddled Masses and Orange 142, will report financial results for the second quarter ended June 30, 2022, on Thursday, August 11, 2022 after the U.S. stock market closes. Management will host a conference call and webcast on the same day at 5:00 P.M. ET to discuss the results.

The live webcast and replay can be accessed at https://ir.directdigitalholdings.com/.

About
Direct Digital Holdings
Direct Digital Holdings (Nasdaq: DRCT), owner of operating companies Colossus SSP, Huddled Masses and Orange 142, brings state-of-the-art sell- and buy-side advertising platforms together under one umbrella company. Direct Digital Holdings’ sell-side platform, Colossus SSP, offers advertisers of all sizes extensive reach within general market and multicultural media properties. The company’s subsidiaries Huddled Masses and Orange142 deliver significant ROI for middle market advertisers by providing data-optimized programmatic solutions at scale for businesses in sectors that range from energy to healthcare to travel to financial services. Direct Digital Holdings’ sell- and buy-side solutions manage approximately 70,000 clients monthly, generating over 90 billion impressions per month across display, CTV, in-app and other media channels. The company has been named a top minority-owned business by The Houston Business Journal.

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SOURCE Direct Digital Holdings

Released August 4, 2022

Release – Motorsport Games and BTCC Announce “BTCC rFactor 2 Hot Lap Challenge” for Final Four Events of the Season

Posted on August 5, 2022 by Admin

Motorsport Games and BTCC Announce “BTCC rFactor 2 Hot Lap Challenge” for Final Four Events of the Season

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MIAMI, Aug. 05, 2022 (GLOBE NEWSWIRE) — Motorsport Games Inc. (NASDAQ:
MSGM) (“Motorsport Games” or the “Company”), a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, in conjunction with the British
Touring Car Championship (BTCC), announces today the BTCC
rFactor 2 Hot Lap Challenge. The challenge will be available for fans to participate in at the final four race weekends of the 2022 BTCC season. Visitors who also register for the Motorsport Games/BTCC mailing list will be among the first to receive exclusive news and updates on the upcoming BTCC game, slated for full release in 2024.

Ticket holders at each event are welcome to stop by the Motorsport Games x BTCC booth in order to experience official BTCC content within rFactor 2, the realistic racing simulation platform. Fans will compete to post their hot lap time (Time2Beat), with the best posted result winning the signed gear grand prize. The booth will feature four racing simulators pre-loaded with a rFactor 2 tech demo, running official BTCC cars and tracks. Free giveaways will also be available while supplies last. The BTCC rFactor 2 Hot Lap Challenge will be available to play at the following race weekends:

Snetterton (Norfolk, UK): August 13-14, 2022
Thruxton (Hampshire, UK): August 27-28, 2022
Silverstone National (Towcester, UK): September 24-25, 2022
Brands Hatch GP (Kent, UK): October 8-9, 2022

“The launch of the BTCC rFactor 2 Hot Lap Challenge is one of the many ways in which Motorsport Games is bringing this iconic motorsport series to life for fans to enjoy,” said Dmitry Kozko, CEO of Motorsport
Games. “This activation, a part of four events this season, provides a first look at the BTCC brought to life within the virtual world. By bringing the BTCC into the Motorsport Games fold, we are continuing to enhance our product differentiation within a robust racing games marketplace for fans across the globe.”

The BTCC rFactor 2 Hot Lap Challenge serves the goal for both Motorsport Games and the BTCC of refining and strengthening the future BTCC game title, scheduled to arrive in 2024. Fans who take part in the Time2Beat activations will be able to provide real time feedback that will be used in the game’s development. The hot lap challenges are a part of the larger promotional plan update previously announced by Motorsport Games, including additional activations, content releases and ‘first-play content’ tech demos through rFactor 2 containing BTCC content.

“The BTCC rFactor 2 Hot Lap Challenge being brought to our events is yet another way we are ensuring a memorable fan experience at our races,” said Alan Gow, BTCC Chief Executive. “We know that our fans are eager to get their hands on the official BTCC game and we ensure that progress and expanded development plans are continuing to be made in the here and now. We look forward to hearing the fans’ feedback directly and having another entertaining and engaging experience available during race weekends.”

Motorsport Games plans to continue adding additional BTCC branded content into rFactor 2. Motorsport Games and rFactor 2 have already added the Infiniti Q50 and Toyota Corolla BTCC cars into the simulation for fans to drive as part of a first content rollout. Daily BTCC competitions through the rFactor 2 competition system will be open to all users, allowing for statistics-driven benefits to each driver’s rating. All content released via rFactor 2 will be utilized as a technical test bed, allowing consumers and official drivers to provide feedback for the development team and help build the best experience upon full release.

To keep up with the latest Motorsport Game news, visit www.motorsportgames.com and follow on Twitter, Instagram, Facebook and LinkedIn.

About Motorsport Games:
Motorsport Games, a Motorsport Network company, is a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world. Combining innovative and engaging video games with exciting esports competitions and content for racing fans and gamers, Motorsport Games strives to make the joy of racing accessible to everyone. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series across PC, PlayStation, Xbox, Nintendo Switch and mobile, including NASCAR, INDYCAR, 24 Hours of Le Mans and the British Touring Car Championship (“BTCC”), as well as the industry leading rFactor 2 and KartKraft simulations. RFactor 2 also serves as the official sim racing platform of Formula E. Motorsport Games is an award-winning esports partner of choice for 24 Hours of Le Mans, Formula E, BTCC, the FIA World Rallycross Championship and the eNASCAR Heat Pro League, among others. Motorsport Games is building a virtual racing ecosystem where each product drives excitement, every esports event is an adventure and every story inspires.

About the British Touring Car Championship:
The British Touring Car Championship (BTCC) was formed in 1958 and is Britain’s most popular motor racing spectacle with its race season comprising ten events at top circuits across the UK. It is contested by professional racing drivers in competition versions of every day road cars, giving it tremendous public appeal. Over 380,000 watch the BTCC trackside each year and it receives widespread UK terrestrial TV exposure on the ITV network, with all ten events broadcast live across ITV, ITV4 and itv.com.

The 2022 campaign marks the start of the BTCC’s Hybrid Era, as the championship becomes the first touring car series in the world to integrate hybrid power into all of its race cars.

Forward-Looking Statements:
Certain statements in this press release which are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are provided pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements concerning the expected future impact of new or planned products, features and/or offerings and the timing of launching such products, features and/and offerings, including, without limitation Motorsport Games’ plans to continue to enhance its product differentiation within a robust racing games marketplace for fans across the globe, that the BTCC rFactor 2 Hot Lap Challenge serves the goal for both Motorsport Games and the BTCC of refining and strengthening the future BTCC game title, scheduled to arrive in 2024, Motorsport Games’ plans to continue adding additional BTCC branded content into rFactor 2 and that the daily BTCC competitions will help build the best experience upon the games’ full release. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Motorsport Games and are difficult to predict. Examples of such risks and uncertainties include, without limitation, difficulties, delays in or unanticipated events that may impact the timing and scope of new product launches, such as due to: (i) difficulties or delays in using its product development personnel in Russia due to the Russia invasion of Ukraine and the related sanctions and/or more restrictive sanctions rendering transacting in the region more difficult or costly and/or difficulties and/or delays arising out of any resurgence of the ongoing and prolonged COVID-19 pandemic; (ii) less than expected benefits from implementing the Company’s management strategies; (iii) adverse economic, market and geopolitical conditions that negatively impact industry trends, such as significant changes in the labor markets, an extended or higher than expected inflationary environment (such as the impact on consumer discretionary spending as a result of significant increases in energy and gas prices which have been increasing since early in 2020), a higher interest rate environment, tax increases impacting consumer discretionary spending and/or quantitative easing that results in higher interest rates that negatively impact consumers’ discretionary spending; and/or (iv) difficulties and/or delays in resolving our liquidity position and financial condition by obtaining additional capital to meet our liquidity needs, including without limitation, difficulties in securing funding that is on commercially acceptable terms to us or at all, such as our inability to complete in whole or in part any potential debt and/or equity financing transactions, as well as any inability to achieve cost reductions and/or less than expected availability of funds under Motorsport Games’ $12 million line of credit from Motorsport Network. Factors other than those referred to above could also cause Motorsport Games’ results to differ materially from expected results. Additional examples of such risks and uncertainties include, but are not limited to: (i) delays and higher than anticipated expenses related to the ongoing and prolonged COVID-19 pandemic and any resurgence of COVID-19; (ii) Motorsport Games’ ability (or inability) to maintain existing, and to secure additional, licenses and other agreements with various racing series; (iii) Motorsport Games’ ability to successfully manage and integrate any joint ventures, acquisitions of businesses, solutions or technologies; (iv) unanticipated operating costs, transaction costs and actual or contingent liabilities; (v) the ability to attract and retain qualified employees and key personnel; (vi) adverse effects of increased competition; (vii) Motorsport Games’ ability to protect its intellectual property; and/or (viii) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in Motorsport Games’ filings with the Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, its Quarterly Reports on Form 10-Q filed with the SEC during 2022, as well as in its subsequent filings with the SEC. Motorsport Games anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Motorsport Games assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Motorsport Games’ plans and expectations as of any subsequent date. Additionally, the business and financial materials and any other statement or disclosure on, or made available through, Motorsport Games’ website or other websites referenced or linked to this press release shall not be incorporated by reference into this press release.

Website and Social Media Disclosure:

Investors and others should note that we announce material financial information to our investors using our investor relations website (ir.motorsportgames.com), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media and blogs, to communicate with our investors and the public about our company and our products. It is possible that the information we post on our websites, social media and blogs could be deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we post on the websites, social media channels and blogs, including the following (which list we will update from time to time on our investor relations website):

Websites	Social Media
motorsportgames.com	Twitter: @msportgames & @traxiongg
traxion.gg	Instagram: msportgames & traxiongg
motorsport.com	Facebook: Motorsport Games & traxiongg
	LinkedIn: Motorsport Games
	Twitch: traxiongg
	Reddit: traxiongg

The contents of these websites and social media channels are not part of, nor will they be incorporated by reference into, this press release.

Press:
ASTRSK PR
motorsportgames@astrskpr.com

BTCC Media Office
Simon Melluish or Emma Illman
Tel. +44 (0) 1372 414120
Email.
simon.melluish@mpacreative.com or emma.illman@mpacreative.com

Release – Gray Television Delivers Solid Second Quarter Operating Results

Posted on August 5, 2022 by Admin

Gray Television Delivers Solid Second Quarter Operating Results

Research, News, and Market Data on Gray Television

ATLANTA, Aug. 05, 2022 (GLOBE NEWSWIRE) — Gray
Television, Inc. (“Gray,” “we,” “us” or “our”) (NYSE: GTN) today announced its strong financial results for the second quarter ended June 30, 2022, including a 231% increase in net income attributable to common stockholders, compared to the second quarter of 2021. 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.

Due to the significant effect that material transactions have had on our results of our operations, we present the financial information herein consistent with both U.S. Generally Accepted Accounting Principles (“GAAP” or “As Reported Basis”) and on a Combined Historical Basis (“CHB”), which incorporates certain historical results of acquired businesses, less the historical results of divested businesses. We also furnish certain other detailed non-GAAP metrics to provide more meaningful period-over-period comparisons to assist the public in its analysis and valuation of the Company. This additional information includes a summary of incremental expenses that were specific to our acquisitions, divestitures, and related financing activities (“Transaction Related Expenses”), non-cash stock-based compensation expenses and certain non-GAAP terms common in our industry. Please refer to the detailed discussion of the foregoing terms and concepts included elsewhere herein.

Summary
of Second Quarter Operating Results

As Reported Basis (the respective 2021 periods reflect the “off-year” of the two-year political advertising cycle):

Total revenue was $868 million, an increase of 59% from the second quarter of 2021.
Net income attributable to common stockholders was $86 million, or $0.91 per fully diluted share, an increase of 231% from the second quarter of 2021.
Broadcast Cash Flow was $327 million, an increase of 79% from the second quarter of 2021.
Adjusted EBITDA was $309 million, an increase of 82% from the second quarter of 2021.

Combined Historical Basis (the respective 2021 periods reflect the “off-year” of the two year political advertising cycle):

Revenue was $868 million, an increase of 15% from the second quarter of 2021.
Core Advertising Revenue decreased less than 1% from the second quarter of 2021.
Broadcast Cash Flow was $330 million, an increase of 25% from the second quarter of 2021.

Other Key Metrics

As of June 30, 2022, our Total Leverage Ratio, Net of all Cash, was 5.16 times on a trailing eight-quarter basis, netting our total cash balance of $162 million and giving effect to all Transaction Related Expenses, which is calculated as set forth in our Senior Credit Facility.
During the three and six-months ended June 30, 2022 and 2021, we incurred Transaction Related Expenses on an As Reported Basis that included but were not limited to legal and professional fees, severance and incentive compensation and contract termination fees. In addition, we recorded certain non-cash stock-based compensation expenses. These expenses are summarized as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
	(in millions)
Transaction Related Expenses:
Broadcasting	$	2	$	–	$	4	$	–
Corporate and administrative	–		7		1		8
Miscellaneous expense, net	–		7		–		7
Total Transaction Related Expenses	$	2	$	14	$	5	$	15

Total non-cash stock-based compensation	$	6	$	4	$	11	$	7

Taxes

During the six-months ended June 30, 2022 and 2021, we made income tax payments of $119 million and $38 million, respectively. During the remainder of 2022, based on our current forecasts, we anticipate making income tax payments (net of our expected $21 million refund) within a range of $70 million to $90 million.
As of June 30, 2022, we have an aggregate of $337 million of various state operating loss carryforwards, of which we expect that approximately half will be utilized.

FOX Network Affiliation Agreement Renewal

On August 4, 2022, we renewed the network affiliations for all of our FOX affiliated television stations across 27 markets, including Portland, Oregon; Cincinnati, Ohio; Greenville-Spartanburg, South Carolina; West Palm Beach, Florida; Las Vegas, Nevada; Birmingham, Alabama; and New Orleans, Louisiana.

Guidance
for the Three-Months Ending September 30, 2022

Based on our current forecasts for the quarter ending September 30, 2022, we anticipate the following key financial results, as outlined below in approximate ranges. We present revenue net of agency commissions. We exclude depreciation, amortization and gain/loss on disposal of assets from our estimates of operating expenses.

Revenue:

Core advertising revenue of $345 million to $355 million.
Retransmission revenue of $365 million to $370 million.
Political revenue of $193 million to $195 million.
Production company revenue of $20 million to $21 million.
Total revenue of $940 million to $959 million.

Operating Expenses:

Broadcasting expenses of $545 million to $550 million, including retransmission expense of approximately $225 million and transaction related expenses of approximately $1 million and non-cash stock-based compensation expense of approximately $1 million.
Production company expenses of approximately $17 million.
Corporate expenses of $30 million to $35 million, including transaction related expenses of approximately $1 million and non-cash stock-based compensation expense of approximately $5 million.

Selected Operating Data on As Reported Basis (Unaudited)

	Three Months Ended June 30,
					% Change				% Change
					2022 to				2022 to
	2022		2021		2021		2020		2020
	(dollars in millions)
Revenue (less agency commissions):
Broadcasting	$	855	$	537	59	%	$	449	90	%
Production companies	13		10		30	%	2		550	%
Total revenue	$	868	$	547	59	%	$	451	92	%

Political advertising revenue	$	90	$	6	1400	%	$	21	329	%

Operating expenses (1):
Broadcasting	$	528	$	354	49	%	$	324	63	%
Production companies	$	14	$	9	56	%	$	5	180	%
Corporate and administrative	$	25	$	25	0	%	$	17	47	%

Net income	$	99	$	39	154	%	$	11	800	%

Non-GAAP cash flow (2):
Broadcast Cash Flow	$	327	$	183	79	%	$	123	166	%
Broadcast Cash Flow Less
Cash Corporate Expenses	$	306	$	161	90	%	$	108	183	%
Free Cash Flow	$	38	$	34	12	%	$	35	9	%

	Six Months Ended June 30,
					% Change				% Change
					2022 to				2022 to
	2022		2021		2021		2020		2020
	(dollars in millions)
Revenue (less agency commissions):
Broadcasting	$	1,659	$	1,067	55	%	$	964	72	%
Production companies	36		24		50	%	21		71	%
Total revenue	$	1,695	$	1,091	55	%	$	985	72	%

Political advertising revenue	$	116	$	15	673	%	$	57	104	%

Operating expenses (1):
Broadcasting	$	1,058	$	715	48	%	$	659	61	%
Production companies	$	40	$	26	54	%	$	24	67	%
Corporate and administrative	$	53	$	43	23	%	$	32	66	%

Net income	$	161	$	78	106	%	$	64	152	%

Non-GAAP cash flow (2):
Broadcast Cash Flow	$	598	$	351	70	%	$	304	97	%
Broadcast Cash Flow Less
Cash Corporate Expenses	$	554	$	314	76	%	$	276	101	%
Free Cash Flow	$	177	$	112	58	%	$	120	48	%

(1) Excludes depreciation, amortization and gain on disposal of assets.
(2) See definition of non-GAAP terms and a reconciliation of the non-GAAP amounts to net income included elsewhere herein.

Selected Operating Data on As Reported Basis (Unaudited)

	Three Months Ended June 30,
	2022				2021				Amount		Percent
			Percent				Percent		Increase		Increase
	Amount		of Total		Amount		of Total		(Decrease)		(Decrease)
	(dollars in millions)
Revenue (less agency commissions):
Core advertising	$	366	42	%	$	279	51	%	$	87	31	%
Political	90		10	%	6		1	%	84		1400	%
Retransmission consent	382		44	%	242		44	%	140		58	%
Production companies	13		1	%	10		2	%	3		30	%
Other	17		3	%	10		2	%	7		70	%
Total	$	868	100	%	$	547	100	%	$	321	59	%

Operating expenses (before
depreciation, amortization and
gain on disposal of assets):
Broadcasting:
Station expenses	$	300	57	%	$	209	59	%	$	91		44	%
Retransmission expense	225		43	%	144		41	%	81			56	%
Transaction Related Expenses	2		0	%	–		0	%	2			100	%
Non-cash stock-based
compensation	1		0	%	1		0	%	–			0	%
Total broadcasting expense	$	528	100	%	$	354	100	%	$	174		49	%

Production companies expense	$	14			$	9			$	5		56	%

Corporate and administrative:
Corporate expenses	$	20	80	%	$	15	60	%	$	5		33	%
Transaction Related Expenses	–		0	%	7		28	%	(7		)	(100	)%
Non-cash stock-based compensation	5		20	%	3		12	%	2			67	%
Total corporate and
administrative expense	$	25	100	%	$	25	100	%	$ –			0	%

Selected Operating Data on As Reported Basis (Unaudited)

	Six Months Ended June 30,
	2022				2021				Amount		Percent
			Percent				Percent		Increase		Increase
	Amount		of Total		Amount		of Total		(Decrease)		(Decrease)
	(dollars in millions)
Revenue (less agency commissions):
Core advertising	$	731	43	%	$	539	49	%	$	192	36	%
Political	116		7	%	15		1	%	101		673	%
Retransmission consent	775		46	%	489		45	%	286		58	%
Production companies	36		2	%	24		2	%	12		50	%
Other	37		2	%	24		3	%	13		54	%
Total	$	1,695	100	%	$	1,091	100	%	$	604	55	%

Operating expenses (before
depreciation, amortization and
gain on disposal of assets):
Broadcasting:
Station expenses	$	600	57	%	$	425	60	%	$	175		41	%
Retransmission expense	452		43	%	289		40	%	163			56	%
Transaction Related Expenses	4		0	%	–		0	%	4			100	%
Non-cash stock-based
compensation	2		0	%	1		0	%	1			100	%
Total broadcasting expense	$	1,058	100	%	$	715	100	%	$	343		48	%

Production companies expense	$	40			$	26			$	14		54	%

Corporate and administrative:
Corporate expenses	$	43	81	%	$	29	67	%	$	14		48	%
Transaction Related Expenses	1		2	%	8		19	%	(7		)	(88	)%
Non-cash stock-based
compensation	9		17	%	6		14	%	3			50	%
Total corporate and
administrative expense	$	53	100	%	$	43	100	%	$	10		23	%

Detail Table of Operating Results on As Reported Basis (Unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
	(in millions, except for per share information)
Revenue (less agency commissions):
Broadcasting	$	855		$	537		$	1,659		$	1,067
Production companies	13			10			36			24
Total revenue (less agency commissions)	868			547			1,695			1,091
Operating expenses before depreciation, amortization
and gain on disposal of assets, net:
Broadcasting	528			354			1,058			715
Production companies	14			9			40			26
Corporate and administrative	25			25			53			43
Depreciation	31			25			63			50
Amortization of intangible assets	52			27			104			53
Gain on disposal of assets, net	–			(1		)	(5		)	(5		)
Operating expenses	650			439			1,313			882
Operating income	218			108			382			209
Other expense:
Miscellaneous expense, net	–			(7		)	(2		)	(6		)
Interest expense	(81		)	(47		)	(160		)	(95		)
Income before income taxes	137			54			220			108
Income tax expense	38			15			59			30
Net income	99			39			161			78
Preferred stock dividends	13			13			26			26
Net income attributable to common stockholders	$	86		$	26		$	135		$	52

Basic per share information:
Net income attributable to common stockholders	$	0.92		$	0.27		$	1.45		$	0.55
Weighted-average shares outstanding	93			95			93			94

Diluted per share information:
Net income attributable to common stockholders	$	0.91		$	0.27		$	1.44		$	0.55
Weighted-average shares outstanding	94			95			94			95

Selected Operating Data on Combined Historical Basis (Unaudited)

	Three Months Ended June 30,
					% Change				% Change
					2022 to				2022 to
	2022		2021		2021		2020		2020
	(dollars in millions)
Revenue (less agency commissions):

Broadcast	$	855	$	744	15	%	$	626	37	%
Production companies	13		10		30	%	$	2	550	%
Total	$	868	$	754	15	%	$	628	38	%

Operating expenses (1):
Broadcast	$	528	$	499	6	%	$	455	16	%
Production companies	$	14	$	9	56	%	$	5	180	%
Corporate and administrative	$	25	$	25	0	%	$	17	47	%

Non-GAAP cash flow (2):
Broadcast Cash Flow	$	330	$	264	25	%	$	186	77	%
Broadcast Cash Flow Less Cash
Corporate Expenses	$	309	$	242	28	%	$	171	81	%
Operating Cash Flow as defined in
the 2019 Senior Credit Facility	$	310	$	249	24	%	$	171	81	%
Free Cash Flow	$	43	$	75	(43	)%	$	57	(25	)%

	Six Months Ended June 30,
					% Change				% Change
					2022 to				2022 to
	2022		2021		2021		2020		2020
	(dollars in millions)
Revenue (less agency commissions):

Broadcast	$	1,659	$	1,483	12	%	$	1,351	23	%
Production companies	36		24		50	%	$	21	71	%
Total	$	1,695	$	1,507	12	%	$	1,372	24	%

Operating expenses (1):
Broadcast	$	1,058	$	1,004	5	%	$	932	14	%
Production companies	$	40	$	26	54	%	$	24	67	%
Corporate and administrative	$	53	$	44	20	%	$	32	66	%

Non-GAAP cash flow (2):
Broadcast Cash Flow	$	602	$	517	16	%	$	454	33	%
Broadcast Cash Flow Less Cash
Corporate Expenses	$	558	$	480	16	%	$	426	31	%
Operating Cash Flow as defined in
the 2019 Senior Credit Facility	$	561	$	488	15	%	$	426	32	%
Free Cash Flow	$	186	$	194	(4	)%	$	192	(3	)%

(1) Excludes depreciation, amortization and gain on disposal of assets.
(2) See definition of non-GAAP terms and a reconciliation of the non-GAAP amounts to net income included elsewhere herein.

Selected Operating Data on Combined Historical Basis (Unaudited)

	Three Months Ended June 30,
	2022				2021				Amount			Percent
			Percent				Percent		Increase			Increase
	Amount		of Total		Amount		of Total		(Decrease)			(Decrease)
	(dollars in millions)
Revenue (less agency commissions):
Core advertising	$	366	42	%	$	369	49	%	$	(3	)	(1	)%
Political	90		10	%	8		1	%	82			1025	%
Retransmission consent	382		44	%	351		47	%	31			9	%
Production companies	13		1	%	10		1	%	3			30	%
Other	17		3	%	16		2	%	1			6	%
Total	$	868	100	%	$	754	100	%	$	114		15	%

Operating expenses (before
depreciation, amortization and
gain on disposal of assets):
Broadcasting:
Station expenses	$	300	57	%	$	291	58	%	$	9		3	%
Retransmission expense	225		43	%	207		42	%	18			9	%
Transaction Related Expenses	2		0	%	–		0	%	2			100	%
Non-cash stock-based
compensation	1		0	%	1		0	%	–			0	%
Total broadcasting expense	$	528	100	%	$	499	100	%	$	29		6	%

Production companies expense	$	14			$	9			$	5		56	%

Corporate and administrative:
Corporate expenses	$	20	80	%	$	15	60	%	$	5		33	%
Transaction Related Expenses	–		0	%	7		28	%	(7		)	(100	)%
Non-cash stock-based
compensation	5		20	%	3		12	%	2			67	%
Total corporate and
administrative expense	$	25	100	%	$	25	100	%	$ –			0	%

Selected Operating Data on Combined Historical Basis (Unaudited)

	Six Months Ended June 30,
	2022				2021				Amount		Percent
			Percent				Percent		Increase		Increase
	Amount		of Total		Amount		of Total		(Decrease)		(Decrease)
	(dollars in millions)
Revenue (less agency commissions):
Core advertising	$	731	43	%	$	720	48	%	$	11	2	%
Political	116		7	%	21		1	%	95		452	%
Retransmission consent	775		46	%	707		47	%	68		10	%
Production companies	36		2	%	24		2	%	12		50	%
Other	37		2	%	35		2	%	2		6	%
Total	$	1,695	100	%	$	1,507	100	%	$	188	12	%

Operating expenses (before
depreciation, amortization and
gain on disposal of assets):
Broadcasting:
Station expenses	$	601	57	%	$	586	58	%	$	15		3	%
Retransmission expense	451		43	%	416		42	%	35			8	%
Transaction Related Expenses	4		0	%	–		0	%	4			100	%
Non-cash stock-based compensation	2		0	%	2		0	%	–			0	%
Total broadcasting expense	$	1,058	100	%	$	1,004	100	%	$	54		5	%

Production companies expense	$	40			$	26			$	14		54	%

Corporate and administrative:
Corporate expenses	$	43	81	%	$	30	68	%	$	13		43	%
Transaction Related Expenses	1		2	%	8		18	%	(7		)	(88	)%
Non-cash stock-based compensation	9		17	%	6		14	%	3			50	%
Total corporate and
administrative expense	$	53	100	%	$	44	100	%	$	9		20	%

Other Financial Data on As Reported Basis (Unaudited)

	Six Months Ended June 30,
	2022			2021
	(in millions)

Net cash provided by operating activities	$	330		$	238
Net cash used in investing activities	(201		)	(177		)
Net cash used in financing activities	(156		)	(49		)
Net (decrease) increase in cash	$	(27	)	$	12

	As of
	June 30,			December 31,
	2022			2021
	(in millions)

Cash	$	162		$	189
Long-term debt, including current portion, less deferred
financing costs	$	6,705		$	6,755
Series A Perpetual Preferred Stock	$	650		$	650
Borrowing availability under Revolving Credit Facility	$	496		$	497

The Company

We are a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets in the United States. Our television stations serve 113 television markets that collectively reach approximately 36 percent of US television households. This portfolio includes 80 markets with the top-rated television station and 100 markets with the first and/or second highest rated television station. We also own video program companies Raycom Sports, Tupelo Media Group (formerly Tupelo Honey), PowerNation Studios, as well as the studio production facilities Assembly Atlanta and Third Rail Studios.

Cautionary Statements for Purposes of the “Safe Harbor”
Provisions of the Private Securities Litigation Reform Act

This press release contains certain forward-looking statements that are based largely on our current expectations and reflect various estimates and assumptions by us. These statements are statements other than those of historical fact and may be identified by words such as “estimates,” “expect,” “anticipate,” “will,” “implied,” “assume” and similar expressions. Forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such forward-looking statements. Such risks, trends and uncertainties, which in some instances are beyond our control, include our inability to achieve expected synergies from recent transactions on a timely basis or at all, the impact of recently completed transactions, estimates of future revenue, future expenses and other future events. We are subject to additional risks and uncertainties described in our quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections contained therein, which reports are made publicly available via our website, www.gray.tv. Any forward-looking statements in this press release should be evaluated in light of these important risk factors. This press release reflects management’s views as of the date hereof. Except to the extent required by applicable law, Gray undertakes no obligation to update or revise any information contained in this press release beyond the published date, whether as a result of new information, future events or otherwise. Information about certain potential factors that could affect our business and financial results and cause actual results to differ materially from those expressed or implied in any forward-looking statements are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual Report on Form 10-K for the year ended December 31, 2021, and may be contained in reports subsequently filed with the U.S. Securities and Exchange Commission and available at www.sec.gov.

Conference Call Information

We will host a conference call to discuss our second quarter operating results on August 5, 2022. The call will begin at 11:00 AM Eastern Time. The live dial-in number is 1-800-289-0720 and the confirmation code is 7144937. The call will be webcast live and available for replay at www.gray.tv. The taped replay of the conference call will be available at 1-888-203-1112 and the confirmation code is 7144937, until September 4, 2022.

Gray Contacts

Web site: www.gray.tv

Hilton H. Howell, Jr., Executive Chairman and Chief Executive Officer, (404) 266-5513

Pat LaPlatney, President and Co-Chief Executive Officer, (334) 206-1400

Jim Ryan, Executive Vice President and Chief Financial Officer, (404) 504-9828

Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, (404) 266-8333

Effects
of Acquisitions and Divestitures on Our Results of Operations
and Non-GAAP Terms

From January 1, 2020 through December 31, 2021, we completed several acquisition and divestiture transactions. As more fully described in our Form 10-Q to be filed with the Securities and Exchange Commission today and in our prior disclosures, these transactions materially affected our operations. We refer to all television stations acquired or divested from January 1, 2020 through December 31, 2021, as the “Acquisitions”.

Due to the significant effect that the Acquisitions have had on our results of operations, and in order to provide more meaningful period over period comparisons, we present herein certain financial information on a Combined Historical Basis (or “CHB”). Combined Historical Basis financial information does not include any adjustments for other events attributable to the Acquisitions unless otherwise described. Certain of the Combined Historical Basis financial information has been derived from, and adjusted based on unaudited, unreviewed financial information prepared by other entities, which Gray cannot independently verify. We cannot assure you that such financial information would not be materially different if such information were audited or reviewed and no assurances can be provided as to the accuracy of such information, or that our actual results would not differ materially from the Combined Historical Basis financial information if the Acquisitions had been completed at the stated date. In addition, the presentation of Combined Historical Basis may not comply with United Stated Generally Accepted Accounting Principles (“GAAP”) or the requirements for proforma financial information under Regulation S-X under the Securities Act.

From time to time, we supplement our financial results prepared in accordance with GAAP by disclosing the non-GAAP financial measures Broadcast Cash Flow, Broadcast Cash Flow Less Cash Corporate Expenses, Operating Cash Flow as defined in the Senior Credit Agreement, Free Cash Flow, Adjusted EBITDA and Total Leverage Ratio, Net of All Cash. These non-GAAP amounts are used by us to approximate amounts used to calculate key financial performance covenants contained in our debt agreements and are used with our GAAP data to evaluate our results and liquidity.

We define Broadcast Cash Flow as net income or loss plus loss on early extinguishment of debt, non-cash corporate and administrative expenses, non-cash stock-based compensation, depreciation and amortization (including amortization of intangible assets and program broadcast rights), any loss on disposal of assets, any miscellaneous expense, interest expense, any income tax expense, non-cash 401(k) expense, Broadcast Transactions Related Expenses and broadcast other adjustments less any gain on disposal of assets, any miscellaneous income, any income tax benefits and payments for program broadcast rights.

We define Broadcast Cash Flow Less Cash Corporate Expenses as net income or loss plus loss on early extinguishment of debt, non-cash stock-based compensation, depreciation and amortization (including amortization of intangible assets and program broadcast rights), any loss on disposal of assets, any miscellaneous expense, interest expense, any income tax expense, non-cash 401(k) expense, Transaction Related Expenses and other adjustments less any gain on disposal of assets, any miscellaneous income, any income tax benefits and payments for program broadcast rights.

We define Operating Cash Flow as defined in our Senior Credit Agreement as net income or loss plus loss on early extinguishment of debt, non-cash stock-based compensation, depreciation and amortization (including amortization of intangible assets and program broadcast rights), any loss on disposal of assets, any miscellaneous expense, interest expense, any income tax expense, non-cash 401(k) expense, Transaction Related Expenses, other adjustments, certain pension expenses, synergies and other adjustments less any gain on disposal of assets, any miscellaneous income, any income tax benefits, payments for program broadcast rights, pension income and contributions to pension plans.

Operating Cash Flow as defined in our Senior Credit Agreement gives effect to the revenue and broadcast expenses of all completed acquisitions and divestitures as if they had been acquired or divested, respectively, on July 1, 2020. It also gives effect to certain operating synergies expected from the acquisitions and related financings and adds back professional fees incurred in completing the acquisitions. Certain of the financial information related to the acquisitions has been derived from, and adjusted based on, unaudited, un-reviewed financial information prepared by other entities, which Gray cannot independently verify. We cannot assure you that such financial information would not be materially different if such information were audited or reviewed and no assurances can be provided as to the accuracy of such information, or that our actual results would not differ materially from this financial information if the acquisitions had been completed on the stated date. In addition, the presentation of Operating Cash Flow as defined in the Senior Credit Agreement and the adjustments to such information, including expected synergies resulting from such transactions, may not comply with GAAP or the requirements for pro forma financial information under Regulation S-X under the Securities Act of 1933.

We define Free Cash Flow as net income or loss, plus loss on early extinguishment of debt, non-cash stock-based compensation, depreciation and amortization (including amortization of intangible assets and program broadcast rights), any loss on disposal of assets, any miscellaneous expense, any income tax expense, non-cash 401(k) expense, Transactions Related Expenses, broadcast other adjustments, certain pension expenses, synergies, other adjustments and amortization of deferred financing costs less any gain on disposal of assets, any miscellaneous income, any income tax benefits, payments for program broadcast rights, pension income, contributions to pension plans, preferred dividends, purchase of property and equipment (net of reimbursements and certain defined purchases) and income taxes paid (net of any refunds received and certain defined payments).

We define Adjusted EBITDA as net income or loss, plus loss on early extinguishment of debt, non-cash stock-based compensation, depreciation and amortization of intangible assets, any loss on disposal of assets, any miscellaneous expense, interest expense, any income tax expense, non-cash 401(k) expense, Transaction Related Expenses less any gain on disposal of assets, any miscellaneous income and any income tax benefits.

Our Total Leverage Ratio, Net of All Cash is determined by dividing our Adjusted Total Indebtedness, Net of All Cash, by our Operating Cash Flow as defined in our Senior Credit Agreement, divided by two. Our Adjusted Total Indebtedness, Net of All Cash, represents the total outstanding principal of our long-term debt, plus certain other obligations as defined in our Senior Credit Agreement, less all cash (excluding restricted cash). Our Operating Cash Flow, as defined in our Senior Credit Agreement, divided by two, represents our average annual Operating Cash Flow as defined in our Senior Credit Agreement for the preceding eight quarters.

We define Transaction Related Expenses as incremental expenses incurred specific to acquisitions and divestitures, including but not limited to legal and professional fees, severance and incentive compensation, and contract termination fees. We present certain line items from our selected operating data, net of Transaction Related Expenses, in order to present a more meaningful comparison between periods of our operating expenses and our results of operations.

These non-GAAP terms are not defined in GAAP and our definitions may differ from, and therefore may not be comparable to, similarly titled measures used by other companies, thereby limiting their usefulness. Such terms are used by management in addition to, and in conjunction with, results presented in accordance with GAAP and should be considered as supplements to, and not as substitutes for, net income and cash flows reported in accordance with GAAP.

Reconciliation of Non-GAAP Terms on As Reported Basis:

	Three Months Ended June 30,
	2022			2021			2020
	(in millions)

Net income	$	99		$	39		$	11
Adjustments to reconcile from net income to
Free Cash Flow:
Depreciation	31			25			21
Amortization of intangible assets	52			27			26
Non-cash stock-based compensation	6			3			3
Gain on disposal of assets, net	–			(1		)	(7		)
Miscellaneous expense, net	–			7			2
Interest expense	81			47			46
Income tax expense	38			15			6
Amortization of program broadcast rights	12			8			10
Payments for program broadcast rights	(13		)	(9		)	(10		)
Corporate and administrative expenses before
depreciation, amortization of intangible assets and
non-cash stock-based compensation	21			22			15
Broadcast Cash Flow	327			183			123
Corporate and administrative expenses before
depreciation, amortization of intangible assets and
non-cash stock-based compensation	(21		)	(22		)	(15		)
Broadcast Cash Flow Less Cash Corporate Expenses	306			161			108
Pension benefit	(1		)	–			–
Interest expense	(81		)	(47		)	(46		)
Amortization of deferred financing costs	4			3			3
Preferred stock dividends	(13		)	(13		)	(13		)
Common stock dividends	(8		)	(7		)	–
Purchases of property and equipment (1)	(50		)	(28		)	(24		)
Reimbursements of property and equipment purchases	–			3			8
Income taxes paid, net of refunds	(119		)	(38		)	(1		)
Free Cash Flow	$	38		$	34		$	35

(1) Excludes approximately $62 million and $80 million related to the Assembly Atlanta project in 2022 and 2021, respectively.

Reconciliation of Non-GAAP Terms on As Reported Basis:

	Six Months Ended June 30,
	2022			2021			2020
	(in millions)

Net income	$	161		$	78		$	64
Adjustments to reconcile from net income to
Free Cash Flow:
Depreciation	63			50			42
Amortization of intangible assets	104			53			52
Non-cash stock-based compensation	11			7			7
Non-cash 401(k) expense	–			1			–
Gain on disposal of assets, net	(5		)	(5		)	(13		)
Miscellaneous expense, net	2			6			3
Interest expense	160			95			98
Income tax expense	59			30			24
Amortization of program broadcast rights	25			17			19
Payments for program broadcast rights	(26		)	(18		)	(20		)
Corporate and administrative expenses before
depreciation, amortization of intangible assets and
non-cash stock-based compensation	44			37			28
Broadcast Cash Flow	598			351			304
Corporate and administrative expenses before
depreciation, amortization of intangible assets and
non-cash stock-based compensation	(44		)	(37		)	(28		)
Broadcast Cash Flow Less Cash Corporate Expenses	554			314			276
Pension benefit	(2		)	–			–
Interest expense	(160		)	(95		)	(98		)
Amortization of deferred financing costs	8			6			6
Preferred stock dividends	(26		)	(26		)	(26		)
Common stock dividends	(16		)	(15		)	–
Purchases of property and equipment (1)	(67		)	(41		)	(51		)
Reimbursements of property and equipment purchases	5			7			14
Income taxes paid, net of refunds	(119		)	(38		)	(1		)
Free Cash Flow	$	177		$	112		$	120

(1) Excludes approximately $92 million and $80 million related to the Assembly Atlanta project in 2022 and 2021, respectively.

Reconciliation of Non-GAAP Terms on Combined Historical Basis:

	Three Months Ended
	June 30,
	2022			2021			2020
	(in millions)

Net income	$	99		$	69		$	22
Adjustments to reconcile from net income to
Free Cash Flow:
Depreciation	31			32			30
Amortization of intangible assets	52			28			28
Non-cash stock-based compensation	6			4			4
Gain on disposals of assets, net	–			(3		)	(7		)
Miscellaneous expense, net	–			7			2
Interest expense	81			77			77
Income tax expense (benefit)	38			9			(2		)
Amortization of program broadcast rights	12			13			15
Payments for program broadcast rights	(13		)	(14		)	(15		)
Corporate and administrative expenses excluding
depreciation, amortization of intangible assets and
non-cash stock-based compensation	21			22			15
Broadcast Transaction Related Expenses	2			–			–
Broadcast other adjustments	1			20			17
Broadcast Cash Flow	330			264			186
Corporate and administrative expenses excluding
depreciation, amortization of intangible assets and
non-cash stock-based compensation	(21		)	(22		)	(15		)
Broadcast Cash Flow Less Cash Corporate Expenses	309			242			171
Pension benefit	(1		)	–			–
Adjustments for unrestricted subsidiaries	2			–			–
Corporate Transaction Related Expenses	–			7			–
Operating Cash Flow as Defined in Senior Credit Agreement	310			249			171
Interest expense	(81		)	(77		)	(77		)
Amortization of deferred financing costs	4			3			3
Preferred dividends	(13		)	(13		)	(13		)
Common stock dividends	(8		)	(7		)	–
Purchases of property and equipment (1)	(50		)	(32		)	(27		)
Reimbursements of property and equipment purchases	–			4			9
Income taxes paid, net of refunds	(119		)	(52		)	(9		)
Free Cash Flow	$	43		$	75		$	57

(1) Excludes approximately $62 million and $80 million related to the Assembly Atlanta project in 2022 and 2021, respectively.


Reconciliation of Non-GAAP Terms on Combined Historical Basis:

	Six Months Ended
	June 30,
	2022			2021			2020
	(in millions)

Net income	$	161		$	142		$	91
Adjustments to reconcile from net income to
Free Cash Flow:
Depreciation	63			64			59
Amortization of intangible assets	104			56			57
Non-cash stock-based compensation	11			8			9
Non-cash 401(k) expense	–			1			–
Gain on disposals of assets, net	(5		)	(7		)	(16		)
Miscellaneous expense, net	2			6			25
Interest expense	160			155			155
Income tax expense	59			17			12
Amortization of program broadcast rights	25			27			29
Payments for program broadcast rights	(26		)	(29		)	(30		)
Corporate and administrative expenses excluding
depreciation, amortization of intangible assets and
non-cash stock-based compensation	44			37			28
Broadcast Transaction Related Expenses	4			–			–
Broadcast other adjustments	–			40			35
Broadcast Cash Flow	602			517			454
Corporate and administrative expenses excluding
depreciation, amortization of intangible assets and
non-cash stock-based compensation	(44		)	(37		)	(28		)
Broadcast Cash Flow Less Cash Corporate Expenses	558			480			426
Pension benefit	(2		)	–			–
Adjustments for unrestricted subsidiaries	4			–			–
Corporate Transaction Related Expenses	1			8			–
Operating Cash Flow as defined in Senior Credit Agreement	561			488			426
Interest expense	(160		)	(155		)	(155		)
Amortization of deferred financing costs	8			6			6
Preferred dividends	(26		)	(26		)	(26		)
Common stock dividends	(16		)	(15		)	–
Purchases of property and equipment (1)	(67		)	(47		)	(59		)
Reimbursements of property and equipment purchases	5			9			18
Income taxes paid, net of refunds	(119		)	(66		)	(18		)
Free Cash Flow	$	186		$	194		$	192

(1) Excludes approximately $92 million and $80 million related to the Assembly Atlanta project in 2022 and 2021, respectively.

Reconciliation of Net Income to Adjusted EBITDA and the Effect of Transaction Related Expenses and Certain Non-Cash Expenses:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2022			2021			2022			2021
	(in millions, except for per share information)

Net income	$	99		$	39		$	161		$	78
Adjustments to reconcile from net income to
Adjusted EBITDA:
Depreciation	31			25			63			50
Amortization of intangible assets	52			27			104			53
Non-cash stock-based compensation	6			4			11			7
Gain on disposal of assets, net	–			(1		)	(5		)	(5		)
Miscellaneous expense, net	–			7			2			6
Interest expense	81			47			160			95
Income tax expense	38			15			59			30
Total	307			163			555			314
Add: Transaction Related Expenses (1)	2			7			5			8
Adjusted EBITDA	$	309		$	170		$	560		$	322

Net income attributable to common stockholders	$	86		$	26		$	135		$	52
Add: Transaction Related Expenses and non-cash
stock-based compensation	8			18			16			22
Less: Income tax expense related to Transaction Related
Expenses and non-cash stock-based compensation	(2		)	(5		)	(4		)	(6		)
Net income attributable to common stockholders – excluding
Transaction Related Expenses and non-cash stock-based
compensation	$	92		$	39		$	147		$	68

Net income attributable to common stockholders common per share,
diluted – excluding Transaction Related Expenses and non-cash
stock-based compensation	$	0.98		$	0.41		$	1.56		$	0.72

Diluted weighted-average common shares outstanding	94			95			94			95

(1) Excludes $7 million of Transaction Related Expenses included in miscellaneous expense, net for the three and six-month periods ended June 30, 2021, respectively.

Reconciliation of Total Leverage Ratio, Net of All Cash:

	Eight Quarters
	Ended
	June 30, 2022
	(dollars in millions)

Net income	$	595
Adjustments to reconcile from net income to Operating Cash Flow as
defined in our Senior Credit Agreement:
Depreciation	221
Amortization of intangible assets	274
Non-cash stock-based compensation	32
Gain on disposal of assets, net	21
Interest expense	457
Loss on early extinguishment of debt	12
Income tax expense	248
Amortization of program broadcast rights	81
Common stock contributed to 401(k) plan	15
Payments for program broadcast rights	(83		)
Pension benefit	(4		)
Contributions to pension plans	(7		)
Adjustments for unrestricted subsidiaries	8
Adjustments for stations acquired or divested, financings and expected
synergies during the eight quarter period	606
Transaction Related Expenses	87
Other	2
Operating Cash Flow as defined in our Senior Credit Agreement	$	2,565
Operating Cash Flow as defined in our Senior Credit Agreement,
divided by two	$	1,283

	June 30, 2022
Adjusted Total Indebtedness:
Total outstanding principal	$	6,778
Letters of credit outstanding	4
Cash		(162	)
Adjusted Total Indebtedness, Net of All Cash	$	6,620

Total Leverage Ratio, Net of All Cash	5.16

Lee Enterprises (LEE) – Its Three Pillar Strategy Is Working

Posted on August 5, 2022 by Admin

Friday, August 05, 2022

Lee Enterprises (LEE)
Its Three Pillar Strategy Is Working

Lee Enterprises, Incorporated provides local news, information, and advertising primarily in midsize markets in the United States. It publishes 49 daily newspapers, as well as offers 300 weekly newspapers and specialty publications in 23 states. The company also provides online advertising and services; and online infrastructure and online publishing services for approximately 1,500 daily and weekly newspapers and shoppers. In addition, it offers commercial printing services. The company has a strategic alliance with Yahoo!, Inc. to provide its classified employment advertising customer base the opportunity to post job listings and other employment products on Yahoo!s HotJobs national platform. Lee Enterprises, Incorporated was founded in 1890 and is based in Davenport, Iowa.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Strong fiscal Q3. Q3 revenue was $195 million, 1.7% above our forecast of $191.7 million. Adj. EBITDA of $23 million was in line with our forecast. The revenue beat was driven by strong 27% growth of Digital revenue, which now accounts for 32% of total revenues.

Digital ahead of schedule. Digital revenue growth was driven by Digital-only subscription revenue, up 50%, and Digital Ad & Marketing Services revenue, up nearly 27%. Notably, Digital only subscribers were up 49% to 501,000, achieving the year-end subscriber goal of 495,000 a full quarter early. We believe the most recent quarter demonstrates an industry-leading Digital transformation strategy, which capitalizes on Lee’s local market focus.

…

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.

Salem Media Group (SALM) – 2000 Mules Boost Quarterly Results

Posted on August 5, 2022 by Admin

Friday, August 05, 2022

Salem Media Group (SALM)
2000 Mules Boost Quarterly Results

Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the Christian and conservative media landscape.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Overachieves Q2 estimates. While total company revenues of $68.7 million were in line with our $68.8 million estimate, adj. EBITDA overachieved estimates, $11.7 million versus our $7.3 million estimate. Adj. EBITDA, which increased 33%, benefited from a $3.3 million revenue share from the successful movie launch of 2000 Mules.

Political advertising off the charts. The company generated $1.5 million in Political advertising in the latest quarter, far outpacing its highest Political year in 2020. …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Release – (Reminder) Direct Digital Holdings to Report Second Quarter 2022 Financial Results

Posted on August 4, 2022 by Admin

Reminder – Direct Digital Holdings to Report Second Quarter 2022 Financial Results

Research, News, and Market Data on Direct Digital Holdings

August 04, 2022 9:00am EDT
Download as PDF

The live webcast and replay can be accessed at https://ir.directdigitalholdings.com/.

View original content to download multimedia:https://www.prnewswire.com/news-releases/reminder-direct-digital-holdings-to-report-second-quarter-2022-financial-results-301599633.html

SOURCE Direct Digital Holdings

Released August 4, 2022

Release – Motorsport Games to Participate in the Cannacord Genuity 42nd Annual Growth Conference

Posted on August 4, 2022 by Admin

Motorsport Games to Participate in the Cannacord Genuity 42nd Annual Growth Conference

Research, News, and Market Data on Motorsport Games

MIAMI, Aug. 04, 2022 (GLOBE NEWSWIRE) — Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games”), a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, today announced that management will participate in the Cannacord Genuity 42^nd Annual Growth Conference on Thursday, August 11, 2022.

Dmitry Kozko, Chief Executive Officer of Motorsport Games, will present at 2:00 p.m. ET on August 11. Participants may access a live webcast of the presentation on the Motorsport Games Investor Relations site at https://ir.motorsportgames.com/ under “News & Events.” A replay will be archived online for one year.

About Motorsport Games:

Motorsport Games, a Motorsport Network company, is a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world. Motorsport Games combines innovative and engaging video games with exciting esports competitions and content for racing fans and gamers around the globe. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series across PC, PlayStation, Xbox, Nintendo Switch and mobile, including NASCAR, INDYCAR, 24 Hours of Le Mans and the British Touring Car Championship (“BTCC”). Motorsport Games is an award-winning esports partner of choice for 24 Hours of Le Mans, Formula E, BTCC, the FIA World Rallycross Championship and the eNASCAR Heat Pro League, among others. For more information about Motorsport Games visit: www.motorsportgames.com.

Website and Social Media Disclosure:

Investors and others should note that we announce material financial information to our investors using our investor relations website (ir.motorsportgames.com), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media and blogs, to communicate with our investors and the public about our company and our products. It is possible that the information we post on our websites, social media and blogs could be deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we post on these websites, social media channels and blogs, including the following (which list we will update from time to time on our investor relations website):

Websites	Social Media
motorsportgames.com	Twitter: @msportgames & @traxiongg
traxion.gg	Instagram: msportgames & traxiongg
motorsport.com	Facebook: Motorsport Games & traxiongg
	LinkedIn: Motorsport Games
	Twitch: traxiongg
	Reddit: traxiongg

The contents of these websites and social media channels are not part of, nor will they be incorporated by reference into, this press release.

Investors:

investors@motorsportgames.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cc1b965d-b8ea-4765-a2a9-000448983826

Entravision Communications (EVC) – Demonstrating Good Operating Momentum

Posted on August 4, 2022 by Admin

Thursday, August 04, 2022

Entravision Communications (EVC)
Demonstrating Good Operating Momentum

Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television and radio operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision owns and/or operates 53 primary television stations and is the largest affiliate group of both the top-ranked Univision television network and Univision’s TeleFutura network, with television stations in 20 of the nation’s top 50 Hispanic markets. The Company also operates one of the nation’s largest groups of primarily Spanish-language radio stations, consisting of 48 owned and operated radio stations.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

A solid Q2. The company met our upwardly revised Q2 expectations with strong 24% revenue growth and 26% adj. EBITDA growth. The adj. EBITDA growth was notable given that it was achieved in spite of the absence of $5.4 million in revenue from three TV station affiliations that it no longer has.

Digital continues its impressive growth. Digital revenues increased a strong 35% in Q2. While the company is comping against its previous acquisitions, it is expecting to reflect favorable double digit revenue growth. Management indicated that Digital is pacing up 24% in Q3, well above industry averages near 8%. …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Cumulus Media (CMLS) – Ability To Weather Uncertain Times

Posted on August 4, 2022 by Admin

Thursday, August 04, 2022

Cumulus Media (CMLS)
Ability To Weather Uncertain Times

Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 406 owned-and-operated radio stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Solid Q2 results. The company reported Q2 revenue of $236.7 million, just above our expectation of $235 million. Adj. EBITDA of $45.5 million beat our forecast of $42.8 million by 6% reflecting lower than expected corporate expenses.

Digital impact. While National advertising was weak (Network revenue down 12%), local spot advertising grew 8%, resulting in Broadcast revenue being flat year-over-year. Digital revenue, on the other hand, grew 20%, which drove the 5.4% total company revenue growth in the quarter.

…

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Release – Salem Media Group, Inc. Announces Second Quarter 2022 Total Revenue of $68.7 Million

Posted on August 4, 2022 by Admin

Salem Media Group, Inc. Announces Second Quarter 2022 Total Revenue of $68.7 Million

Research, News, and Market Data on Salem Media

August 04, 2022 4:05pm EDT

Earnings
Webcast

IRVING, Texas–(BUSINESS WIRE)– Salem Media Group, Inc. (Nasdaq: SALM) released its results for the three and six months ended June 30, 2022.

Second Quarter
2022 Results

For the quarter ended June 30, 2022 compared to the quarter ended June 30, 2021:

Consolidated

Total revenue increased 7.7% to $68.7 million from $63.8 million;
Total operating expenses increased 5.5% to $61.4 million from $58.1 million;
Operating expenses, excluding gains or losses on the disposition of assets, stock-based compensation expense, debt modification costs, impairments, depreciation expense and amortization expense (1) increased 10.7% to $60.9 million from $55.0 million;
The company’s operating income increased 29.9% to $7.3 million from $5.6 million;
The company recognized $3.9 million in film distribution income from an unconsolidated equity investment;
The company’s net income increased 303.9% to $9.1 million, or $0.33 net income per diluted share from $2.3 million, or $0.08 net income per diluted share;
EBITDA (1) increased 60.9% to $14.5 million from $9.0 million; and
Adjusted EBITDA (1) increased 33.6% to $11.7 million from $8.7 million.

Broadcast

Net broadcast revenue increased 12.1% to $52.5 million from $46.8 million;
Station Operating Income (“SOI”) (1) decreased 6.2% to $10.0 million from $10.6 million;
Same Station (1) net broadcast revenue increased 12.2% to $52.4 million from $46.7 million; and
Same Station SOI (1) decreased 5.9% to $10.0 million from $10.6 million.

Digital Media

Digital media revenue increased 4.5% to $10.8 million from $10.3 million; and
Digital Media Operating Income (1) increased 26.5% to $2.5 million from $2.0 million.

Publishing

Publishing revenue decreased 18.5% to $5.4 million from $6.7 million; and
Publishing Operating Loss (1) was $6,000 as compared to publishing operating income of $0.2 million.

Included in the results for the quarter ended June 30, 2022 are:

A $6.9 million ($5.1 million, net of tax, or $0.19 per diluted share) net gain on the disposition of assets reflects a $6.5 million pre-tax gain on the sale of land used in the company’s Denver, Colorado broadcast operations and a $0.5 million pre-tax gain on the sale of the company’s radio stations in Louisville, Kentucky that was offset with losses from various fixed asset disposals;
A $3.9 million ($2.9 million, net of tax, or $0.11 per share) impairment charge to the value of broadcast licenses in Columbus, Dallas, Greenville, Honolulu, Orlando, Portland, and Sacramento;
A $0.1 million ($0.1 million, net of tax) goodwill impairment charge; and
A $0.1 million non-cash compensation charge ($0.1 million, net of tax) related to the expensing of stock options.

Included in the results for the quarter ended June 30, 2021 are:

A $0.3 million ($0.2 million, net of tax, or $0.01 per diluted share) net gain on the disposition of assets relates to $0.5 million pre-tax gain on the sale of Singing News Magazine and Singing News Radio offset by an additional $0.1 million pre-tax loss recorded at closing on the sale of radio station WKAT-AM and FM translator in Miami, Florida; and
A $0.1 million non-cash compensation charge ($0.1 million, net of tax) related to the expensing of stock options.

Per share numbers are calculated based on 27,570,881 diluted weighted average shares for the quarter ended June 30, 2022, and 27,232,423 diluted weighted average shares for the quarter ended June 30, 2021.

Year to Date 2022
Results

For the six months ended June 30, 2022 compared to the six months ended June 30, 2021:

Consolidated

Total revenue increased 6.6% to $131.3 million from $123.1 million;
Total operating expenses increased 5.2% to $119.0 million from $113.1 million;
Operating expenses, excluding gains or losses on the disposition of assets, stock-based compensation expense, debt modification costs, changes in the estimated fair value of contingent earn-out consideration, impairments, depreciation expense and amortization expense (1) increased 9.6% to $116.7 million from $106.5 million;
The company’s operating income increased 23.1% to $12.3 million from $10.0 million;
The company recognized $3.9 million in film distribution income from an unconsolidated equity investment;
The company’s net income increased 320.8% to $10.9 million, or $0.39 net income per diluted share from $2.6 million, or $0.10 net income per diluted share;
EBITDA (1) increased 37.0% to $22.7 million from $16.5 million; and
Adjusted EBITDA (1) increased 11.2% to $18.5 million from $16.7 million.

Broadcast

Net broadcast revenue increased 11.1% to $100.9 million from $90.8 million;
SOI (1) decreased 4.9% to $20.3 million from $21.3 million;
Same station (1) net broadcast revenue increased 10.8% to $100.5 million from $90.7 million; and
Same station SOI (1) decreased 5.4% to $20.3 million from $21.5 million.

Digital media

Digital media revenue increased 5.7% to $21.1 million from $20.0 million; and
Digital media operating income (1) increased 47.9% to $4.4 million from $2.9 million.

Publishing

Publishing revenue decreased 24.6% to $9.3 million from $12.3 million; and
Publishing Operating Loss (1) was $0.6 million compared to publishing operating income of $0.7 million.

Included in the results for the six months ended June 30, 2022 are:

A $8.6 million ($6.4 million, net of tax, or $0.23 per diluted share) net gain on the disposition of assets relates primarily to the $6.5 million pre-tax gain on the sale of land used in the company’s Denver, Colorado broadcast operations, the $1.8 million pre-tax gain on sale of land used in the company’s Phoenix, Arizona broadcast operations, and $0.5 million pre-tax gain on the sale of the company’s radio stations in Louisville, Kentucky offset by various fixed asset disposals;
A $3.9 million ($2.9 million, net of tax, or $0.11 per share) impairment charge to the value of broadcast licenses in Columbus, Dallas, Greenville, Honolulu, Orlando, Portland, and Sacramento;
A $0.1 million ($0.1 million, net of tax) goodwill impairment charge;
A $0.2 million ($0.2 million, net of tax, or $0.01 per share) charge for debt modification costs; and
A $0.2 million non-cash compensation charge ($0.1 million, net of tax) related to the expensing of stock options.

Included in the results for the six months ended June 30, 2021 are:

A $0.1 million net gain on the disposition of assets relating to a $0.5 million pre-tax gain on the sale of Singing News Magazine and Singing News Radio offset by $0.4 million additional loss recorded at closing on the sale of radio station WKAT-AM and FM translator in Miami, Florida and various fixed asset disposals; and
A $0.2 million non-cash compensation charge ($0.1 million, net of tax) related to the expensing of stock options.

Per share numbers are calculated based on 27,590,644 diluted weighted average shares for the six months ended June 30, 2022, and 27,185,598 diluted weighted average shares for the six months ended June 30, 2021.

Balance Sheet

As of June 30, 2022, the company had $114.7 million outstanding on the 7.125% senior secured notes due 2028 (“2028 Notes”), $44.7 million outstanding on 6.75% senior secured notes due 2024 (“2024 Notes”), and $10,000 outstanding balance on the ABL Facility.

Acquisitions and
Divestitures

The following transactions were completed since April 1, 2022:

On June 27, 2022, the company sold 9.3 acres of land in the Denver area for $8.2 million. The land was being used as the transmitter site for radio stations KRKS-AM and KBJD-AM and was an integral part of its broadcast operations for these stations. The company will continue broadcasting both KRKS-AM and KBJD-AM from this site.
On May 25, 2022, the company sold radio stations WFIA-AM, WFIA-FM and WGTK-AM in Louisville, Kentucky for $4.0 million.
On May 2, 2022, the company acquired websites and related assets of Retirement Media for $0.2 million in cash.

Pending
transactions

On June 2, 2021, the company entered into an Asset Purchase Agreement to acquire radio station KKOL-AM in Seattle, Washington for $0.5 million. The company paid $0.1 million of cash into an escrow account and began operating the station under a Local Marketing Agreement on June 7, 2021.

Conference Call
Information

Salem will host a teleconference to discuss its results on August 4, 2022 at 4:00 p.m. Central Time. To access the teleconference, please dial (888) 770-7291, and then ask to be joined into the Salem Media Group Second Quarter 2022 call or listen via the investor relations portion of the company’s website, located at investor.salemmedia.com. A replay of the teleconference will be available through August 18, 2022 and can be heard by dialing (800) 770-2030, passcode 2413416 or on the investor relations portion of the company’s website, located at investor.salemmedia.com.

Third Quarter
2022 Outlook

For the third quarter of 2022, the company is projecting total revenue to increase between 6% and 8% from third quarter 2021 total revenue of $66.0 million. The company is also projecting operating expenses before gains or losses on the sale or disposal of assets, stock-based compensation expense, changes in the estimated fair value of contingent earn-out consideration, impairments, depreciation expense and amortization expense to increase between 11% and 14% compared to the third quarter of 2021 non-GAAP operating expenses of $55.2 million.

A
reconciliation of non-GAAP operating expenses, excluding gains or losses
on the disposition of assets, stock-based compensation expense, changes in the
estimated fair value of contingent earn-out consideration, impairments,
depreciation expense and amortization expense to the most directly
comparable GAAP measure is not available without unreasonable efforts on a
forward-looking basis due to the potential high variability, complexity and low
visibility with respect to the charges excluded from this non-GAAP financial
measure, in particular, the change in the estimated fair value of earn-out
consideration, impairments and gains or losses from the disposition of fixed
assets. The company expects the variability of the above charges may have a
significant, and potentially unpredictable, impact on its future GAAP financial
results.

About Salem Media
Group, Inc.

Forward-Looking
Statements

Statements used in this press release that relate to future plans, events, financial results, prospects or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those anticipated as a result of certain risks and uncertainties, including but not limited to the ability of Salem to close and integrate announced transactions, market acceptance of Salem’s radio station formats, competition from new technologies, adverse economic conditions, and other risks and uncertainties detailed from time to time in Salem’s reports on Forms 10-K, 10-Q, 8-K and other filings filed with or furnished to the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Salem undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.

(1) Regulation G

Management
uses certain non-GAAP financial measures defined below in communications
with investors, analysts, rating agencies, banks and others to assist such
parties in understanding the impact of various items on its financial
statements. The company uses these non-GAAP financial measures to evaluate
financial results, develop budgets, manage expenditures and as a measure of
performance under compensation programs.

The
company’s presentation of these non-GAAP financial measures should not be considered
as a substitute for or superior to the most directly comparable financial
measures as reported in accordance with GAAP.

Regulation
G defines and prescribes the conditions under which certain non-GAAP financial
information may be presented in this earnings release. The company closely
monitors EBITDA, Adjusted EBITDA, Station Operating Income (“SOI”), Same
Station net broadcast revenue, Same Station broadcast operating expenses, Same
Station Operating Income, Digital Media Operating Income, Publishing Operating
Income (Loss), and operating expenses excluding gains or losses on the
disposition of assets, stock-based compensation, changes in the estimated fair
value of contingent earn-out consideration, impairments, depreciation and
amortization, all of which are non-GAAP financial measures. The company
believes that these non-GAAP financial measures provide useful information
about its core operating results, and thus, are appropriate to enhance the
overall understanding of its financial performance. These non-GAAP financial
measures are intended to provide management and investors a more complete
understanding of its underlying operational results, trends and performance.

The
company defines Station Operating Income (“SOI”) as net broadcast revenue minus
broadcast operating expenses. The company defines Digital Media Operating
Income as net Digital Media Revenue minus Digital Media Operating Expenses. The
company defines Publishing Operating Income (Loss) as net Publishing Revenue
minus Publishing Operating Expenses. The company defines EBITDA as net income
before interest, taxes, depreciation, and amortization. The company defines
Adjusted EBITDA as EBITDA before gains or losses on the disposition of assets,
before debt modification costs, before changes in the estimated fair value of
contingent earn-out consideration, before impairments, before net miscellaneous
income and expenses, before (gain) loss on early retirement of long-term debt
and before non-cash compensation expense. SOI, Digital Media Operating Income,
Publishing Operating Income (Loss), EBITDA and Adjusted EBITDA are commonly
used by the broadcast and media industry as important measures of performance
and are used by investors and analysts who report on the industry to provide
meaningful comparisons between broadcasters. SOI, Digital Media Operating
Income, Publishing Operating Income (Loss), EBITDA and Adjusted EBITDA are not
measures of liquidity or of performance in accordance with GAAP and should be
viewed as a supplement to and not a substitute for or superior to its results
of operations and financial condition presented in accordance with GAAP. The
company’s definitions of SOI, Digital Media Operating Income, Publishing
Operating Income (Loss), EBITDA and Adjusted EBITDA are not necessarily
comparable to similarly titled measures reported by other companies.

The
company defines Same Station net broadcast revenue as broadcast revenue from
its radio stations and networks that the company owns or operates in the same
format on the first and last day of each quarter, as well as the corresponding
quarter of the prior year. The company defines Same Station broadcast operating
expenses as broadcast operating expenses from its radio stations and networks
that the company owns or operates in the same format on the first and last day
of each quarter, as well as the corresponding quarter of the prior year. The
company defines Same Station SOI as Same Station net broadcast revenue less
Same Station broadcast operating expenses. Same Station operating results
include those stations that the company owns or operates in the same format on
the first and last day of each quarter, as well as the corresponding quarter of
the prior year. Same Station operating results for a full calendar year are
calculated as the sum of the Same Station-results for each of the four quarters
of that year. The company uses Same Station operating results, a non-GAAP
financial measure, both in presenting its results to stockholders and the
investment community, and in its internal evaluations and management of the
business. The company believes that Same Station operating results provide a
meaningful comparison of period over period performance of its core broadcast
operations as this measure excludes the impact of new stations, the impact of
stations the company no longer owns or operates, and the impact of stations
operating under a new programming format. The company’s presentation of Same
Station operating results are not intended to be considered in isolation or as
a substitute for the financial information prepared and presented in accordance
with GAAP. The company’s definition of Same Station operating results is not
necessarily comparable to similarly titled measures reported by other
companies.

For
all non-GAAP financial measures, investors should consider the limitations
associated with these metrics, including the potential lack of comparability of
these measures from one company to another.

The
Supplemental Information tables that follow the condensed consolidated financial
statements provide reconciliations of the non-GAAP financial measures that the
company uses in this earnings release to the most directly comparable measures
calculated in accordance with GAAP. The company uses non-GAAP financial
measures to evaluate financial performance, develop budgets, manage
expenditures, and determine employee compensation. The company’s presentation
of this additional information is not to be considered as a substitute for or
superior to the directly comparable measures as reported in accordance with
GAAP.


Salem Media Group, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2021		2022		2021		2022
		(Unaudited)
Net broadcast revenue		$	46,783	$	52,452	$	90,831	$	100,884
Net digital media revenue			10,339		10,804		19,958		21,104
Net publishing revenue			6,660		5,426		12,346		9,303
Total revenue			63,782		68,682		123,135		131,291
Operating expenses:
	Broadcast operating expenses		36,162		42,489		69,505		80,610
	Digital media operating expenses		8,338		8,273		17,011		16,746
	Publishing operating expenses		6,426		5,432		11,631		9,899
	Unallocated corporate expenses		4,192		4,781		8,480		9,591
	Debt modification costs		—		20		—		248
	Depreciation and amortization		3,286		3,190		6,456		6,466
	Change in the estimated fair value of contingent earn-out consideration		—		—		—		(5)
	Impairment of indefinite-lived long-term assets other than goodwill		—		3,935		—		3,935
	Impairment of goodwill		—		127		—		127
	Net (gain) loss on the disposition of assets		(263)		(6,893)		55		(8,628)
Total operating expenses			58,141		61,354		113,138		118,989
Operating income			5,641		7,328		9,997		12,302
Other income (expense):
	Interest income		—		149		1		149
	Interest expense		(3,935)		(3,389)		(7,861)		(6,783)
	Gain (loss) on early retirement of long-term debt		—		35		—		(18)
	Earnings from equity method investment		—		3,913		—		3,913
	Net miscellaneous income and (expenses)		63		(1)		85		—
Net income before income taxes			1,769		8,035		2,222		9,563
Benefit from income taxes			(488)		(1,082)		(358)		(1,293)
Net income		$	2,257	$	9,117	$	2,580	$	10,856

Basic income per share Class A and Class B common stock		$	0.08	$	0.33	$	0.10	$	0.39
Diluted income per share Class A and Class B common stock		$	0.08	$	0.33	$	0.10	$	0.39

Basic weighted average Class A and Class B common stock shares outstanding			26,869,145		27,214,787		26,802,892		27,196,081
Diluted weighted average Class A and Class B common stock shares outstanding			27,232,423		27,570,881		27,185,598		27,590,644


Salem Media Group, Inc.
Condensed Consolidated Balance Sheets
(in thousands)

		December 31, 2021		June 30, 2022
				(Unaudited)
Assets
Cash	$	1,785	$	2,540
Trade accounts receivable, net		25.663		29,271
Other current assets		14,066		15,856
Property and equipment, net		79,339		79,713
Operating and financing lease right-of-use assets		43,665		44,110
Intangible assets, net		346,438		339,160
Deferred financing costs		843		774
Other assets		4,313		3,845
Total assets	$	516,112	$	515,269

Liabilities and Stockholders’ Equity
Current liabilities	$	51,455	$	56,161
Long-term debt		170,581		155,595
Operating and financing lease liabilities, less current portion		42,273		42,652
Deferred income taxes		67,012		65,808
Other liabilities		6,580		5,718
Stockholders’ Equity		178,211		189,335
Total liabilities and stockholders’ equity	$	516,112	$	515,269


SALEM MEDIA GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (in thousands, except share and per share data)

	Class A			Class B
	Common Stock			Common Stock			Additional
							Paid-In		Accumulated			Treasury
	Shares	Amount		Shares	Amount		Capital		Deficit			Stock			Total
Stockholders’ equity, December 31, 2020	23,447,317	$	227	5,553,696	$	56	$	247,025	$	(78,023	)	$	(34,006	)	$	135,279
Stock-based compensation	—		—	—		—		78		—			—			78
Options exercised	185,782		2	—		—		390		—			—			392
Net income	—		—	—		—		—		323			—			323
Stockholders’ equity, March 31, 2021	23,633,099	$	229	5,553,696	$	56	$	247,493	$	(77,700	)	$	(34,006	)	$	136,072
Stock-based compensation	—		—	—		—		84		—			—			84
Net income	—		—	—		—		—		2,257			—			2,257
Stockholders’ equity, June 30, 2021	23,633,099	$	229	5,553,696	$	56	$	247,577	$	(75,443	)	$	(34,006	)	$	138,413

	Class A			Class B
	Common Stock			Common Stock			Additional
							Paid-In		Accumulated			Treasury
	Shares	Amount		Shares	Amount		Capital		Deficit			Stock			Total
Stockholders’ equity, December 31, 2021	23,922,974	$	232	5,553,696	$	56	$	248,438	$	(36,509	)	$	(34,006	)	$	178,211
Stock-based compensation	—		—	—		—		106		—			—			106
Options exercised	40,913		—	—		—		94		—			—			94
Lapse of restricted shares	14,854		—	—		—		—		—			—			—
Net income	—		—	—		—		—		1,739			—			1,739
Stockholders’ equity, March 31, 2022	23,978,741	$	232	5,553,696	$	56	$	248,638	$	(34,770	)	$	(34,006	)	$	180,150
Stock-based compensation	—		—	—		—		68		—			—			68
Net income	—		—	—		—		—		9,117			—			9,117
Stockholders’ equity, June 30, 2022	23,978,741	$	232	5,553,696	$	56	$	248,706	$	(25,653	)	$	(34,006	)	$	189,335


Salem Media Group, Inc.
Supplemental Information
(in thousands)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2022		2021		2022
	(Unaudited)
Reconciliation of Total Operating Expenses to Operating Expenses excluding Debt Modification Costs, Depreciation and Amortization Expense, Changes in the Estimated Fair Value of Contingent Earn-out Consideration, Impairments, Gains or Losses on the Disposition of Assets and Stock-based Compensation Expense (Recurring Operating Expenses)
Operating Expenses	$	58,141	$	61,354	$	113,138	$	118,989
Less debt modification costs				(20)				(248)
Less depreciation and amortization expense		(3,286)		(3,190)		(6,456)		(6,466)
Less change in estimated fair value of contingent earn-out consideration		—		—		—		5
Less impairment of indefinite-lived long-term assets other than goodwill		—		(3,935)		—		(3,935)
Less impairment of goodwill		—		(127)		—		(127)
Less net gain (loss) on the disposition of assets		263		6,893		(55)		8,628
Less stock-based compensation expense		(84)		(68)		(162)		(174)
Total Recurring Operating Expenses	$	55,034	$	60,907	$	106,465	$	116,672

Reconciliation of Net Broadcast Revenue to Same Station Net Broadcast Revenue
Net broadcast revenue	$	46,783	$	52,452	$	90,831	$	100,884
Net broadcast revenue – acquisitions		—		(14)		—		(247)
Net broadcast revenue – dispositions		(96)		(56)		(113)		(49)
Net broadcast revenue – format change		—		—		(65)		(111)
Same Station net broadcast revenue	$	46,687	$	52,382	$	90,653	$	100,477

Reconciliation of Broadcast Operating Expenses to Same Station Broadcast Operating Expenses
Broadcast operating expenses	$	36,162	$	42,489	$	69,505	$	80,610
Broadcast operating expenses – acquisitions		—		(63)		(1)		(279)
Broadcast operating expenses – dispositions		(81)		(24)		(214)		(48)
Broadcast operating expenses – format change		—		—		(131)		(132)
Same Station broadcast operating expenses	$	36,081	$	42,402	$	69,159	$	80,151

Reconciliation of SOI to Same Station SOI
Station Operating Income	$	10,621	$	9,963	$	21,326	$	20,274
Station operating (income) loss – acquisitions		—		49		1		32
Station operating (income) loss – dispositions		(15)		(32)		101		(1)
Station operating (income) loss – format change		—		—		66		21
Same Station – Station Operating Income	$	10,606	$	9,980	$	21,494	$	20,326


Salem Media Group, Inc.
Supplemental Information
(in thousands)

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2022		2021		2022
	(Unaudited)
Calculation of Station Operating Income, Digital Media Operating Income and Publishing Operating Income (Loss)
Net broadcast revenue	$	46,783	$	52,452	$	90,831	$	100,884
Less broadcast operating expenses		(36,162)		(42,489)		(69,505)		(80,610)
Station Operating Income	$	10,621	$	9,963	$	21,326	$	20,274

Net digital media revenue	$	10,339	$	10,804	$	19,958	$	21,104
Less digital media operating expenses		(8,338)		(8,273)		(17,011)		(16,746)
Digital Media Operating Income	$	2,001	$	2,531	$	2,947	$	4,358

Net publishing revenue	$	6,660	$	5,426	$	12,346	$	9,303
Less publishing operating expenses		(6,426)		(5,432)		(11,631)		(9,899)
Publishing Operating Income (Loss)	$	234	$	(6)	$	715	$	(596)

The company defines EBITDA (1) as net income before interest, taxes, depreciation, and amortization. The table below presents a reconciliation of EBITDA (1) to Net Income (Loss), the most directly comparable GAAP measure. EBITDA (1) is a non-GAAP financial performance measure that is not to be considered a substitute for or superior to the directly comparable measures reported in accordance with GAAP. The company defines Adjusted EBITDA (1) as EBITDA (1) before gains or losses on the disposition of assets, before debt modification costs, before changes in the estimated fair value of contingent earn-out consideration, before impairments, before net miscellaneous income and expenses, before (gain) loss on early retirement of long-term debt and before non-cash compensation expense. The table below presents a reconciliation of Adjusted EBITDA (1) to Net Income (Loss), the most directly comparable GAAP measure. Adjusted EBITDA (1) is a non-GAAP financial performance measure that is not to be considered a substitute for or superior to the directly comparable measures reported in accordance with GAAP.


	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2022			2021			2022
	(Unaudited)
Net income	$	2,257		$	9,117		$	2,580		$	10,856
Plus interest expense, net of capitalized interest		3,935			3,389			7,861			6,783
Plus benefit from income taxes		(488	)		(1,082	)		(358	)		(1,293	)
Plus depreciation and amortization		3,286			3,190			6,456			6,466
Less interest income		—			(149	)		(1	)		(149	)
EBITDA	$	8,990		$	14,465		$	16,538		$	22,663
Plus net (gain) loss on the disposition of assets		(263	)		(6,893	)		55			(8,628	)
Plus change in the estimated fair value of contingent earn-out consideration		—			—			—			(5	)
Plus debt modification costs		—			20						248
Plus impairment of indefinite-lived long-term assets other than goodwill		—			3,935			—			3,935
Plus impairment of goodwill		—			127			—			127
Plus net miscellaneous (income) and expenses		(63	)		1			(85	)		—
Plus (gain) loss on early retirement of long- term debt		—			(35	)		—			18
Plus non-cash stock-based compensation		84			68			162			174
Adjusted EBITDA	$	8,748		$	11,688		$	16,670		$	18,532


	Outstanding at		Applicable
Selected Debt Data	June 30, 2022		Interest Rate
Senior Secured Notes due 2028 (1)	$	114,731,000	7.125	%
Senior Secured Notes due 2024 (2)	$	44,685,000	6.750	%
(1) $114.7 million notes with semi-annual interest payments at an annual rate of 7.125%.
(2) $44.7 million notes with semi-annual interest payments at an annual rate of 6.750%.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220802006191/en/

Company Contact:
Evan D. Masyr
Executive Vice President and Chief Financial Officer
(805) 384-4512
evan@salemmedia.com

Source: Salem Media Group, Inc.

Released August
4, 2022

Release – Entravision Announces Closing of Strategic Investment in Leading Digital Marketing Services Company Jack of Digital

Posted on August 3, 2022 by Admin

Entravision Announces Closing of Strategic Investment in Leading Digital Marketing Services Company Jack of Digital

Research, News, and Market Data on Entravision

Company expands
digital platform across Pakistan with additional opportunities throughout South
Asia

SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision (NYSE: EVC) (“Entravision” or “the Company”), a leading global advertising, media and ad-tech solutions company, announced today the closing of the previously announced strategic investment stake in Jack of Digital, a digital marketing services company that serves as the exclusive advertising sales partner of TikTok in Pakistan.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20220803005933/en/

Founded in 2020 by ad-tech and marketing industry veteran Faisal Sheikh, Jack of Digital specializes in international platform partnerships with some of the world’s top advertising, marketing and data platforms. Jack of Digital provides marketing and communication, advertising sales and relationship management services to a growing client base. The Company maintains exclusive advertising and data sales representations in Pakistan with short-form video platform TikTok, full-stack programmatic platform Eskimi, app entertainment tool SHAREit and ad fraud protection service Spider AF.

“We are delighted to officially welcome Jack of Digital into the Entravision portfolio of digital ad-tech solutions,” said Juan Saldívar, Chief Digital, Strategy and Accountability Officer of Entravision. “A core part of Entravision’s digital strategy is to expand our partnerships with leading social media platforms on a global basis. With our strategic investment in Jack of Digital, Entravision takes its exclusive partnership with TikTok in South Africa to Pakistan, bringing us access to nearly 100 million digitally connected consumers.”

Approximately 1.8 billion people, or 23% of the world’s population, live in South Asia, including the countries of Pakistan, India, Nepal, Bhutan, Bangladesh, Afghanistan and Sri Lanka. In Pakistan, where Jack of Digital is headquartered, over 98 million people are digitally connected, representing just under half of the total population. Pakistan is now amongst the over 35 countries that comprise Entravision’s digital operations.

“Partnering with Entravision is the next key step in our long-term growth trajectory,” said Faisal Sheikh, Chief Executive Officer of Jack of Digital. “We are excited to have access to Entravision’s extensive digital resources and sales expertise, that when combined with our strong foothold in Pakistan should lead to success for both companies. The growth opportunities are substantial, and we look forward to continuing to expand our efforts throughout South Asia.”

All Jack of Digital employees will remain with the company, and Faisal Sheikh will continue to serve as CEO of the business based out of its headquarters in Karachi, Pakistan.

About Entravision

Entravision is a leading global advertising, media and ad-tech solutions company connecting brands to consumers by representing top platforms and publishers. Our dynamic portfolio includes digital, television and audio offerings. Digital, our largest revenue segment, is comprised of four business units: our digital sales representation business; Smadex, our programmatic ad purchasing platform; our branding and mobile performance solutions business; and our digital audio business. Through our digital sales representation business, we connect global media companies such as Meta, Twitter, TikTok and Spotify with advertisers in primarily emerging growth markets worldwide. Smadex is our mobile-first demand side platform, enabling advertisers to execute performance campaigns using machine learning. We also offer a branding and mobile performance solutions business, which provides managed services to advertisers looking to connect with global consumers, primarily on mobile devices, and our digital audio business provides digital audio advertising solutions for advertisers in the Americas. In addition to digital, Entravision has 49 television stations and is the largest affiliate group of the Univision and UniMás television networks. Entravision also manages 45 primarily Spanish-language radio stations that feature nationally recognized, Emmy award-winning talent. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about our offerings at entravision.com or connect with us on LinkedIn and Facebook.

About Jack of Digital

Jack of Digital is a digital marketing company that specializes in international platform partnerships. Currently, Jack of Digital partners with TikTok, Eskimi, SHAREit and Spider AF and represents them in Pakistan. The primary areas of partnership include Advertising Sales, Marketing & Communications, and Relationship Management with advertisers and their media & creative agencies. Learn more about Jack of Digital’s offerings at jackofdigital.com or follow us on LinkedIn and Facebook for updates.

Forward Looking Statements

This press release contains certain forward-looking statements, including without limitation the Company’s current expectations and intentions with respect to the filing of its Form 10-K. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company’s filings with the Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220803005933/en/

Entravision:

Christopher T. Young
Chief Financial Officer
310-447-3870

Kimberly Esterkin

ADDO Investor Relations
310-829-5400

evc@addo.com

Jack of Digital:

Faisal Sheikh

Chief Executive Officer
+92 321 3770100
faisal@jackofdigital.com

Source: Entravision

Release – Entravision Communications Corporation Reports Second Quarter 2022 Results

Posted on August 3, 2022 by Admin

Entravision Communications Corporation Reports Second Quarter 2022 Results

Research, News, and Market Data on Entravision

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20220803005933/en/

All Jack of Digital employees will remain with the company, and Faisal Sheikh will continue to serve as CEO of the business based out of its headquarters in Karachi, Pakistan.

About Entravision

About Jack of Digital

Forward Looking Statements

View source version on businesswire.com: https://www.businesswire.com/news/home/20220803005933/en/

Entravision:

Christopher T. Young
Chief Financial Officer
310-447-3870

Kimberly Esterkin

ADDO Investor Relations
310-829-5400

evc@addo.com

Jack of Digital:

Faisal Sheikh

Chief Executive Officer
+92 321 3770100
faisal@jackofdigital.com

Source: Entravision

Release – Direct Digital Holdings Announces Successful Extension To Existing Non-Dilutive Debt Facility

Posted on August 3, 2022 by Admin

Direct Digital Holdings Announces Successful Extension To Existing Non-Dilutive Debt Facility

Research, News, and Market Data on Direct Digital Holdings

August 03, 2022 9:00am EDT

HOUSTON , Aug. 3, 2022 /PRNewswire/ — Direct Digital Holdings, Inc. (Nasdaq: DRCT) (“Direct Digital” or the “Company”), a leading advertising and marketing technology platform and owner of operating companies Colossus Media, LLC, Huddled Masses LLC and Orange142, LLC, today announced the successful completion of an extension to its existing debt facility.

Direct Digital upsized its existing funded credit facility with Lafayette Square, a commercially scaled investment platform. The facility now totals $26 million, and the Company intends to deploy the additional capital to simplify and solidify its balance sheet and complete the final payment owed to a former owner, USDM Holdings, Inc., which will result in a lower blended cost of capital and increased cashflow to the Company.

Mark Walker, Chairman and Chief Executive Officer of Direct Digital, commented, “We are pleased to enhance our financial flexibility utilizing our existing debt agreement with Lafayette Square. Lafayette Square has been a committed, collaborative partner and has provided us with access to supportive non-dilutive capital as we continue to grow our business and optimize our capital structure.”

Damien Dwin, Founder and Chief Executive Officer of Lafayette Square, commented, “Lafayette Square is pleased to partner with Direct Digital, fuel its growth and identify ways to support the wellbeing of its employees. We support Direct Digital’s innovative approach to enact meaningful change benefitting historically marginalized communities across the advertising landscape.”

Forward
Looking Statements
This press release may contain forward-looking statements within the meaning of federal securities laws, including the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and which are subject to certain risks, trends and uncertainties. As used below, “we,” “us,” and “our” refer to Direct Digital. We use words such as “could,” “would,” “may,” “might,” “will,” “expect,” “likely,” “believe,” “continue,” “anticipate,” “estimate,” “intend,” “plan,” “prospect,” “project” and other similar expressions to identify forward-looking statements, but not all forward-looking statements include these words. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements. All of our forward-looking statements involve estimates and uncertainties that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Our forward-looking statements are based on assumptions that we have made in light of our industry experience and our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. Although we believe that these forward-looking statements are based on reasonable assumptions, many factors could affect our actual operating and financial performance and cause our performance to differ materially from the performance expressed in or implied by the forward-looking statements, including, but not limited to: our dependence on the overall demand for advertising, which could be influenced by economic downturns; any slow-down or unanticipated development in the market for programmatic advertising campaigns; the effects of health epidemics, such as the ongoing global COVID-19 pandemic; operational and performance issues with our platform, whether real or perceived, including a failure to respond to technological changes or to upgrade our technology systems; any significant inadvertent disclosure or breach of confidential and/or personal information we hold, or of the security of our or our customers’, suppliers’ or other partners’ computer systems; any unavailability or non-performance of the non-proprietary technology, software, products and services that we use; unfavorable publicity and negative public perception about our industry, particularly concerns regarding data privacy and security relating to our industry’s technology and practices, and any perceived failure to comply with laws and industry self-regulation; restrictions on the use of third-party “cookies,” mobile device IDs or other tracking technologies, which could diminish our platform’s effectiveness; any inability to compete in our intensely competitive market; any significant fluctuations caused by our high customer concentration; our limited operating history, which could result in our past results not being indicative of future operating performance; any violation of legal and regulatory requirements or any misconduct by our employees, subcontractors, agents or business partners; any strain on our resources, diversion of our management’s attention or impact on our ability to attract and retain qualified board members as a result of being a public company; our dependence, as a holding company, on receiving distributions from Direct Digital Holdings, LLC to pay our taxes, expenses and dividends; and other factors and assumptions discussed in the “Risk Factors,” “Management’s Discussion and Analysis of Financial Conditions and Results of Operations” and other sections of our filings with the SEC that we make from time to time. Should one or more of these risks or uncertainties materialize or should any of these assumptions prove to be incorrect, our actual operating and financial performance may vary in material respects from the performance projected in or implied by these forward-looking statements. Further, any forward-looking statement speaks only as of the date on which it is made, and except as required by law, we undertake no obligation to update any forward-looking statement contained in this release to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

About
Direct Digital Holdings
Direct Digital Holdings, Inc. (Nasdaq: DRCT), owner of operating companies Colossus Media, LLC, Huddled Masses LLC and Orange142, LLC, brings state-of-the-art sell- and buy-side advertising platforms together under one umbrella company. Direct Digital Holdings, Inc.’ sell-side platform, Colossus Media, LLC, offers advertisers of all sizes extensive reach within general market and multicultural media properties. The company’s subsidiaries Huddled Masses LLC and Orange142, LLC deliver significant ROI for middle market advertisers by providing data-optimized programmatic solutions at scale for businesses in sectors that range from energy to healthcare to travel to financial services. Direct Digital Holdings Inc.’ sell- and buy-side solutions manage approximately 70,000 clients monthly, generating over 90 billion impressions per month across display, CTV, in-app and other media channels. The company has been named a top minority-owned business by The Houston Business Journal.

About
Lafayette Square
Lafayette Square is a commercially scaled investment platform built for and enhanced by our commitment to impact. The firm deploys long-term capital alongside impactful services to local communities across America through its credit, real estate, and renewables divisions. Lafayette Square’s mission is to be the leading provider of impact-driven capital working toward a more inclusive economy. For more information about Lafayette Square, please visit www.lafayettesquare.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/direct-digital-holdings-announces-successful-extension-to-existing-non-dilutive-debt-facility-301598144.html

SOURCE Direct Digital Holdings

Released August 3, 2022

Reminder: Direct Digital Holdings to Report Second Quarter 2022 Financial Results

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