Revenue 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[9] - Political advertising revenue surged by 238% to $27 million from $8 million in Q1 2023[17] - 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[17] Net Income and Earnings - 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 fully diluted share in Q1 2023[9] - 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] - Net income for the three months ended March 31, 2024, was $88 million, compared to a net loss of $31 million in the same period of 2023[37] Adjusted EBITDA - Adjusted EBITDA for Q1 2024 was $197 million, reflecting a 21% increase from Q1 2023[9] - Adjusted EBITDA rose by 21% to $197 million from $163 million in the prior year[20] - Adjusted EBITDA increased to $197 million in Q1 2024, up from $163 million in Q1 2023, reflecting a growth of 20.9%[37] Expenses and Cash Flow - Broadcasting operating expenses increased by 5% to $583 million compared to $555 million in Q1 2023[20] - Cash provided by operating activities decreased to $68 million from $412 million in Q1 2023[22] - The company reported a miscellaneous expense of $110 million in Q1 2024, compared to an income of $2 million in Q1 2023[37] - Interest expense for the three months ended March 31, 2024, was $115 million, an increase from $104 million in Q1 2023[37] - Depreciation and amortization expenses were $36 million and $31 million, respectively, for Q1 2024[37] - The amortization of intangible assets decreased to $31 million in Q1 2024 from $49 million in Q1 2023[37] Debt and Financial Position - As of March 31, 2024, the leverage ratio was 5.63 to 1.00[14] - Long-term debt remained stable at $6.154 billion as of March 31, 2024, compared to $6.160 billion at the end of 2023[22] - Total outstanding principal debt as of March 31, 2024, was $6,206 million, with a leverage ratio of 5.63, below the maximum permitted incurrence of 7.00 to 1.00[39] - The first lien leverage ratio stood at 2.34, well within the maximum limit of 4.00 to 1.00[39] - 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] Future Outlook - 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] - The company plans to host a conference call on May 7, 2024, to discuss first-quarter operating results[27] Cash and Investments - The company reported a net increase in cash of $113 million for the quarter, compared to a decrease of $5 million in Q1 2023[22] - The company received $110 million in pre-tax cash proceeds from the sale of Broadcast Music, Inc. (BMI) on February 8, 2024[5] - The company incurred $19 million in property and equipment purchases during Q1 2024, consistent with Q1 2023[37] - Preferred stock dividends remained stable at $13 million for both Q1 2024 and Q1 2023[37]

Revenue Performance - Total revenue for 2023 decreased by $395 million, or 11%, to $3.3 billion compared to 2022[203]. - Core advertising revenue increased by $18 million, while political advertising revenue decreased by $436 million due to 2023 being an "off-year" in the election cycle[204]. - Retransmission consent revenue increased by $36 million, attributed to higher rates despite a decrease in subscribers[204]. Expenses - Broadcasting expenses increased by $103 million, or 5%, to $2.3 billion in 2023 compared to 2022[203]. - Corporate and administrative expenses rose by $8 million, or 8%, to $112 million in 2023, primarily due to increased compensation and professional services costs[205]. - Depreciation of property and equipment totaled $145 million in 2023, up from $129 million in 2022[206]. - Interest expense increased by $86 million, or 24%, to $440 million in 2023 compared to 2022, with the average interest rate on outstanding debt rising to 6.5% from 5.1%[210]. Impairment and Losses - A non-cash charge of $43 million was recorded for impairment of goodwill and other intangible assets due to the bankruptcy of Diamond[207]. - The company recognized a loss on disposal of assets of $21 million in 2023, compared to a gain of $2 million in 2022[208]. - Total impairment charges for investments were $29 million in 2023, compared to $18 million in 2022[209]. - In 2023, the company recorded a non-cash charge of $43 million for impairment of goodwill and other intangible assets due to the bankruptcy of Diamond Sports Group, LLC[250]. Cash Flow and Investments - Net cash provided by operating activities decreased by $181 million to $648 million in 2023, primarily due to a decrease in net income of $531 million[216]. - Net cash used in investing activities decreased by $212 million to $291 million in 2023, attributed to reduced cash for property and equipment purchases and increased cash from the sale of a television station[217]. - Net cash used in financing activities decreased by $57 million to $397 million in 2023, with $310 million used for long-term debt pre-payments[218]. Debt and Financing - Long-term debt, including current portion, decreased to $6.16 billion in 2023 from $6.46 billion in 2022[215]. - The company entered into a second amendment to its Senior Credit Facility, increasing commitments by $125 million to a total of $625 million and extending the maturity date of a $552.5 million tranche to December 31, 2027[234]. - The recorded amount of long-term debt, including the current portion, was $6.2 billion as of December 31, 2023, down from $6.5 billion in 2022[263]. Future Expectations and Plans - Capital expenditures for 2024 are expected to range between $115 million to $120 million, including approximately $21 million related to the Assembly Atlanta project[227]. - An exchange of television stations is expected to close in the second quarter of 2024, involving no additional cash consideration[232]. - The company plans to hire Jeff Gignac as the new Chief Financial Officer, effective July 1, 2024, following the retirement of Jim Ryan[235]. Tax and Operating Losses - Effective income tax rate decreased to 7% in 2023 from 26% in 2022, with estimated income tax payments for 2024 expected to be between $190 million and $210 million[211]. - As of December 31, 2023, the company had approximately $299 million in various state operating loss carryforwards, with an expectation that about one-third will be utilized[258]. Risk Management - The company expects to manage economic risks, including interest rate, liquidity, and credit risk, primarily through the management of debt funding[260]. - The company entered into interest rate caps with a combined fixed notional value of approximately $2.6 billion, limiting annual interest on variable rate debt to a maximum one-month SOFR rate of 5 percent[261]. - A 100 basis point increase in market interest rates would have increased interest expense and decreased income before income taxes by $7 million for the year ended December 31, 2023[261]. Asset Valuation - The recorded value of broadcast licenses as of December 31, 2023, was $5.3 billion, and the recorded value of goodwill was $2.6 billion, down from $2.7 billion in 2022[248]. - The company performed qualitative assessments for 59 broadcast licenses and three reporting units in 2023, concluding that all evaluated licenses were not impaired[242]. - The company has historically used discounted cash flow and market multiple approaches to estimate the fair value of its reporting units[246].

Revenue Performance - Total revenue decreased by $106 million, or 12%, to $803 million for the three months ended September 30, 2023, compared to the same period in 2022[93]. - For the nine months ended September 30, 2023, total revenue decreased by $187 million, or 7%, to $2.4 billion from $2.6 billion in the same period in 2022[101]. - Core advertising revenue increased by $4 million, or 1%, to $1.1 billion for the nine months ended September 30, 2023[93]. - Political advertising revenue decreased by $118 million for the three months ended September 30, 2023, contributing to the overall revenue decline[93]. - Core advertising revenue increased by $9 million or 1%, with Super Bowl revenue decreasing from $13 million in 2022 to $6 million in 2023[105]. - Political advertising revenue decreased significantly by $214 million[105]. - Retransmission consent revenue increased by $10 million, or 3%, during the three months ended September 30, 2023, due to higher rates[93]. - Retransmission consent revenue rose by $24 million or 2%, despite a decrease in subscribers[105]. Expenses and Financial Charges - Broadcasting expenses increased by $69 million to $1.7 billion for the nine months ended September 30, 2023[101]. - Production company operating expenses increased by approximately $32 million to $88 million for the nine months ended September 30, 2023[101]. - Interest expense increased by $17 million, or 18%, to $111 million for the three months ended September 30, 2023, primarily due to higher average interest rates[99]. - Interest expense increased by $70 million or 28%, reaching $324 million, with the average interest rate on outstanding debt rising to 6.5% from 4.8%[107]. - The average interest rate on outstanding debt increased to 6.6% in the 2023 three-month period compared to 5.3% in the 2022 three-month period[99]. - A non-cash charge of $43 million was recorded for impairment of goodwill and other intangible assets due to the bankruptcy of a counterparty[104]. Cash Flow and Debt - Net cash provided by operating activities was $565 million in 2023, down from $596 million in 2022, primarily due to a decrease in net income[110]. - Net cash used in investing activities decreased to $259 million in 2023 from $362 million in 2022, attributed to cash received from a quasi-governmental authority[111]. - Net cash used in financing activities increased to approximately $346 million in 2023 from $279 million in 2022, with $281 million used for long-term debt pre-payments[112]. - As of September 30, 2023, long-term debt was $6.186 billion, with total commitments under the 2019 Senior Credit Facility at $3.2 billion[115]. Capital Expenditures and Transactions - The company expects routine capital expenditures to be between $35 million and $40 million for the remainder of 2023, with Assembly Atlanta construction expenditures estimated at $20 million to $25 million[116]. - A completed transaction on May 1, 2023, involved the sale of television station KNIN for $6 million and the purchase of WPGA for $6 million, resulting in a loss of approximately $14 million[117].

Revenue Performance - Total revenue decreased by $81 million, or 5%, to $1.6 billion for the six months ended June 30, 2023, compared to the same period in 2022[100]. - Core advertising revenue increased by $5 million despite a decrease in Super Bowl-related revenue from $13 million in 2022 to $6 million in 2023[101]. - Retransmission consent revenue increased by $14 million due to higher rates, partially offset by a decrease in subscribers[101]. - Political advertising revenue decreased by $96 million, reflecting the "off-year" of the two-year election cycle[101]. Expenses - Broadcasting expenses increased by $49 million, or 5%, to $1.1 billion for the six months ended June 30, 2023[102]. - Interest expense rose by $53 million to $213 million for the six months ended June 30, 2023, due to higher average interest rates[106]. - Average interest rate on outstanding debt increased to 6.5% in the 2023 six-month period from 4.5% in the 2022 period[106]. - Corporate and administrative expenses increased by $3 million, or 6%, to $56 million in the 2023 six-month period[103]. - Depreciation of property and equipment totaled $70 million for the 2023 six-month period, up from $63 million in 2022[104]. - Loss on disposal of assets was $26 million in the 2023 six-month period, primarily related to the sale of television station KNIN[105]. Cash Flow - Net cash provided by operating activities increased to $459 million in the first half of 2023, up from $330 million in the same period of 2022, representing a 39% increase[108]. - Net cash used in investing activities decreased to $187 million in the first half of 2023 from $201 million in 2022, a reduction of approximately 7%[109]. - Net cash used in financing activities rose to $297 million in the first half of 2023, compared to $156 million in 2022, marking an increase of 90%[110]. Debt and Capital Expenditures - As of June 30, 2023, long-term debt totaled $6.212 billion, down from $6.455 billion as of December 31, 2022[114]. - The company expects routine capital expenditures to be between $60 million and $65 million for the remainder of 2023, with Assembly Atlanta construction expenditures estimated at $25 million to $30 million[115]. - The company completed a transaction on May 1, 2023, selling KNIN for $6 million and acquiring WPGA for $6 million, resulting in a loss of approximately $14 million[116]. - The company estimates it will make approximately $444 million in debt interest payments over the next twelve months[111]. Tax and Impairment - The company anticipates making federal or state income tax payments between $14 million and $22 million for the remainder of 2023[117]. - The company expects to record a pre-tax non-cash charge of $33 million to $43 million for impairment of goodwill and other intangible assets in Q3 2023 due to recent agreements following Diamond's bankruptcy[118]. Credit Facility - The company has $444 million available under its revolving credit facility as of June 30, 2023[114].

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, 2023 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) (State or other jurisdic ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from __________ to __________. | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | --- | --- | --- | | Class A common stock (no par value) | GTN.A | New York Stock Exchange | | common stock (no par value) | GTN | New York Stock Exchange | Securities registered pursuant to ...