Financial Data and Key Metrics Changes - In Q1 2024, net income attributable to common shareholders was $75 million, or $0.79 per diluted share, with adjusted EBITDA increasing by 21% to $197 million compared to Q1 2023 [8][50][67] - Core advertising revenues grew by 4% year-over-year, reflecting strong performance in local advertising [7][85] - The leverage ratio was reported at 5.63 times, with a first-lien leverage ratio of 2.34 times as of March 31, 2024 [67][70] Business Line Data and Key Metrics Changes - The core advertising business showed growth in categories such as Automobile and National, which had previously been challenging [8][39] - New local direct business revenue increased by 18% compared to Q1 2023, continuing a trend of strong performance in local advertising [57] - Digital revenue experienced double-digit growth, with connected TV and fast channel offerings contributing significantly [40][41] Market Data and Key Metrics Changes - Political advertising revenue in Q1 2024 was slightly lower than in Q1 2020, attributed to the absence of a competitive presidential primary [10][30] - The company expects political advertising revenue for Q2 2024 to be 55% to 72% higher than Q2 2020 on a pro forma basis, driven by competitive races in key states [30][32] Company Strategy and Development Direction - The company is focused on debt reduction, having prepaid $50 million of term loans, and aims to leverage political advertising revenues to further reduce total debt [8][67] - Gray Television is investing in local news operations and expanding digital offerings, with a strong emphasis on maintaining leadership in core advertising [39][42] - The company is exploring strategic opportunities to unlock value from investments, particularly in the Assembly Studios project [37][88] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about sustaining growth in core advertising revenues, citing a more diverse advertiser base compared to previous years [74][79] - The company remains confident in its ability to generate free cash flow and is not considering asset sales or dividend cuts [107][80] - Management highlighted the importance of local businesses performing well and continuing to advertise, despite macroeconomic uncertainties [96][97] Other Important Information - Gray Television has completed the construction of Assembly Studios, which is expected to contribute significantly to revenue in the coming years [36][88] - The company has successfully renewed retransmission consent agreements with major operators, covering over 70% of the Big 4 traditional MVPD subscriber base [46][63] Q&A Session Summary Question: What is the outlook for core advertising growth? - Management believes that the growth is sustainable due to a more diverse basket of advertisers and improved sales organization [74][75] Question: How does the company plan to address debt and leverage? - The company is considering a balanced approach to debt repurchase, focusing on both short-term maturities and discounted debt securities [101] Question: What are the expectations for political advertising revenue? - Political advertising revenue is expected to be strong, with significant contributions anticipated later in the year due to competitive races [30][32] Question: What is the status of the Assembly Atlanta project? - Management anticipates full revenue generation from the Assembly Atlanta project by 2024, contingent on the resolution of current production delays [108] Question: How does NEXTGEN TV impact monetization efforts? - NEXTGEN TV is expected to enable targeted advertising and digital data delivery, which could significantly enhance revenue opportunities [112]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2024 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _________ to _________ . Commission file number: 1-13796 | Gray Television, Inc. | | | --- | --- | | (Exact name of registrant as specified in its charter) | ...

Financial Performance - Total revenue for Q1 2024 was $823 million, a 3% increase from Q1 2023[9] - Core advertising revenue reached $372 million, up $15 million or 4% compared to Q1 2023[3] - Net income attributable to common stockholders was $75 million, or $0.79 per fully diluted share, compared to a loss of $44 million, or $0.48 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 $823 million, a 3% increase from $801 million in the same period of 2023[20] - Core advertising revenue increased by 4% to $372 million compared to $357 million in Q1 2023[20] - Political advertising revenue surged by 238% to $27 million from $8 million in the prior year[20] - Net income for Q1 2024 was $88 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 $197 million, up from $163 million in the same quarter last year[20] - Net income for the three months ended March 31, 2024, was $88 million, compared to a loss of $31 million in the same period of 2023[37] - Adjusted EBITDA for the same period was $197 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 $828 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 $250 million debt repurchase program through December 31, 2025[7] - The revolving credit facility was increased to $625 million, with a new $552.5 million facility maturing on December 31, 2027[6] - Long-term debt remained stable at $6.154 billion, slightly down from $6.160 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 $6,078 million as of March 31, 2024[39] Operating Expenses and Cash Flow - Broadcasting operating expenses increased by 5% to $583 million, compared to $555 million in Q1 2023[20] - The company reported a net cash provided by operating activities of $68 million, down from $412 million in the same period last year[22] - As of March 31, 2024, cash on hand was $134 million, a significant increase from $21 million at the end of 2023[22] - Interest expense increased to $115 million in Q1 2024 from $104 million in Q1 2023, reflecting a 10.6% rise[37] - Depreciation for Q1 2024 was $36 million, slightly up from $35 million in Q1 2023[37] - The company paid $8 million in common stock dividends, an increase from $7 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]

ATLANTA, May 07, 2024 (GLOBE NEWSWIRE) -- Gray Television, Inc. ("Gray," "we," "us" or "our") (NYSE:GTN) today announced financial results for the first quarter ended March 31, 2024, reflecting our total revenue of $823 million and total operating expenses (before depreciation, amortization and loss on disposal of assets) of $632 million. Overall, we believe that our businesses have started 2024 in a strong position. The first quarter of 2024 produced strong core advertising results, including $372 million ...

Gray Television (GTN) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.The power of a changing ...

Investors interested in stocks from the Broadcast Radio and Television sector have probably already heard of Gray Television (GTN) and Netflix (NFLX) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank favors stocks with strong earn ...

LOUISVILLE, Ky., April 29, 2024 (GLOBE NEWSWIRE) -- With Derby Week kicking off in Louisville, Kentucky, Gray Television, Inc. (NYSE:GTN) ("Gray") is proud to announce several key initiatives to advance the NEXTGEN TV transition and bring more of the benefits of this new standard to viewers in Gray's local communities. Among many other consumer benefits, NEXTGEN allows broadcasters to deliver superior picture quality and immersive sound, and Gray is increasing its efforts to roll out these features for view ...

ATLANTA, April 16, 2024 (GLOBE NEWSWIRE) -- The National Association of Broadcasters Leadership Foundation ("NABLF") selected two television stations owned by Gray Television, Inc. (NYSE:GTN) for this year's coveted Service to America Awards. The NABLF's Service to America Awards recognize outstanding community service by local broadcasters each year for their exemplary service to their communities. The NABLF recognizes the winners in each category at an in-person gala in Washington, DC, on June 4, 2024. WA ...

ATLANTA, April 09, 2024 (GLOBE NEWSWIRE) -- Gray Television, Inc. (NYSE: GTN) today announced that it will release its earnings results for the quarter ended, March 31, 2024 on Tuesday, May 7, 2024. Earnings Conference Call Information Gray Television, Inc. will host a conference call to discuss its operating results for the quarter ended March 31, 2024, on Tuesday, May 7, 2024. The call will begin at 10:00 a.m. Eastern Time. The live dial-in number is 1-800-285-6670. The call will be webcast live and avail ...

ATLANTA, April 09, 2024 (GLOBE NEWSWIRE) -- Gray Television, Inc. (NYSE:GTN) today announced that it will release its earnings results for the quarter ended, March 31, 2024 on Tuesday, May 7, 2024. Earnings Conference Call Information Gray Television, Inc. will host a conference call to discuss its operating results for the quarter ended March 31, 2024, on Tuesday, May 7, 2024. The call will begin at 10:00 a.m. Eastern Time. The live dial-in number is 1-800-285-6670. The call will be webcast live and availa ...