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Gray Television(GTN) - 2024 Q1 - Quarterly Results
GTNGray Television(GTN)2024-05-07 11:00

Financial Performance - Total revenue for Q1 2024 was 823million,a3823 million, a 3% increase from Q1 2023[9] - Core advertising revenue reached 372 million, up 15millionor415 million or 4% compared to Q1 2023[3] - Net income attributable to common stockholders was 75 million, or 0.79perfullydilutedshare,comparedtoalossof0.79 per fully diluted share, compared to a loss of 44 million, or 0.48pershareinQ12023[9]−AdjustedEBITDAincreasedby210.48 per share in Q1 2023[9] - Adjusted EBITDA increased by 21% to 197 million in Q1 2024[9] - Total revenue for the three months ended March 31, 2024, was 823million,a3823 million, a 3% increase from 801 million in the same period of 2023[20] - Core advertising revenue increased by 4% to 372millioncomparedto372 million compared to 357 million in Q1 2023[20] - Political advertising revenue surged by 238% to 27millionfrom27 million from 8 million in the prior year[20] - Net income for Q1 2024 was 88million,asignificantrecoveryfromanetlossof88 million, a significant recovery from a net loss of 31 million in Q1 2023, representing a 384% increase[20] - Adjusted EBITDA rose by 21% to 197million,upfrom197 million, up from 163 million in the same quarter last year[20] - Net income for the three months ended March 31, 2024, was 88million,comparedtoalossof88 million, compared to a loss of 31 million in the same period of 2023[37] - Adjusted EBITDA for the same period was 197million,upfrom197 million, up from 163 million in Q1 2023, representing a 20.9% increase[37] Revenue Projections - Political advertising revenue is expected to be 55% to 72% higher in Q2 2024 compared to Q2 2020[4] - The company anticipates total revenue for Q2 2024 to range between 828millionand828 million and 846 million[13] Debt and Leverage - As of March 31, 2024, the leverage ratio was 5.63 to 1.00[14] - The company authorized a 250milliondebtrepurchaseprogramthroughDecember31,2025[7]−Therevolvingcreditfacilitywasincreasedto250 million debt repurchase program through December 31, 2025[7] - The revolving credit facility was increased to 625 million, with a new 552.5millionfacilitymaturingonDecember31,2027[6]−Long−termdebtremainedstableat552.5 million facility maturing on December 31, 2027[6] - Long-term debt remained stable at 6.154 billion, slightly down from 6.160billionattheendof2023[22]−Thetotaloutstandingprincipal,includingthecurrentportion,was6.160 billion at the end of 2023[22] - The total outstanding principal, including the current portion, was 6,206 million as of March 31, 2024[39] - The Leverage Ratio as of March 31, 2024, was 5.63, which is below the maximum permitted incurrence of 7.00 to 1.00[39] - The First Lien Leverage Ratio was 2.34, well within the maximum permitted incurrence of 4.00 to 1.00[39] - Total Adjusted Total Indebtedness was 6,078millionasofMarch31,2024[39]OperatingExpensesandCashFlow−Broadcastingoperatingexpensesincreasedby56,078 million as of March 31, 2024[39] Operating Expenses and Cash Flow - Broadcasting operating expenses increased by 5% to 583 million, compared to 555millioninQ12023[20]−Thecompanyreportedanetcashprovidedbyoperatingactivitiesof555 million in Q1 2023[20] - The company reported a net cash provided by operating activities of 68 million, down from 412millioninthesameperiodlastyear[22]−AsofMarch31,2024,cashonhandwas412 million in the same period last year[22] - As of March 31, 2024, cash on hand was 134 million, a significant increase from 21millionattheendof2023[22]−Interestexpenseincreasedto21 million at the end of 2023[22] - Interest expense increased to 115 million in Q1 2024 from 104millioninQ12023,reflectinga10.6104 million in Q1 2023, reflecting a 10.6% rise[37] - Depreciation for Q1 2024 was 36 million, slightly up from 35millioninQ12023[37]−Thecompanypaid35 million in Q1 2023[37] - The company paid 8 million in common stock dividends, an increase from 7millioninthesamequarterof2023[37]−Thecompanyreportedamiscellaneousexpenseof7 million in the same quarter of 2023[37] - The company reported a miscellaneous expense of 110 million in Q1 2024, compared to an income of $2 million in Q1 2023[37] Upcoming Events - The company plans to host a conference call on May 7, 2024, to discuss first-quarter operating results[27]