Gray Television(GTN) - 2024 Q4 - Annual Results

Financial Performance - Total revenue for the fourth quarter of 2024 was $1.0 billion, an increase of 21$1,045 million, representing a 21% increase compared to $864 million in the same period of 2023[20] - Net income attributable to common stockholders was$156 million in the fourth quarter of 2024, compared to a net loss of $22 million in the fourth quarter of 2023[8] - Net income for the year ended December 31, 2024, was$375 million, a significant recovery from a net loss of $76 million in 2023[20] - Adjusted EBITDA was$402 million in the fourth quarter of 2024, an increase of 86% from the fourth quarter of 2023[8] - Adjusted EBITDA for the year ended December 31, 2024, was $1,162 million, up 42$816 million in 2023[20] - Core advertising revenue decreased by 8% to $380 million in Q4 2024 from$415 million in Q4 2023[20] - Total broadcasting revenue for the year increased by 11% to $3,539 million from$3,195 million in 2023[20] Advertising Revenue - Political advertising revenue in the fourth quarter of 2024 was $250 million, an increase of 658$250 million, a 658% increase compared to $33 million in Q4 2023[20] Debt and Leverage - The company reduced the outstanding principal amount of its debt by$520 million during 2024[3] - Long-term debt decreased to $5,621 million as of December 31, 2024, from$6,160 million in 2023[23] - The company’s total outstanding principal debt as of December 31, 2024, was $5,690 million, with a leverage ratio of 5.49, below the maximum permitted incurrence of 7.00 to 1.00[40] - As of December 31, 2024, the First Lien Leverage Ratio was 2.97 to 1.00 and the overall Leverage Ratio was 5.49 to 1.00[8] - Gray Media's borrowing availability under its Revolving Credit Facility increased to$674 million from $494 million[26] - The company incurred$485 million in interest expense for the year ended December 31, 2024, up from $440 million in 2023[38] Operating Expenses and Cash Flow - Operating expenses for the year were$2,793 million, a decrease from $2,898 million in 2023[20] - Cash provided by operating activities for the year was$751 million, compared to $648 million in 2023[23] Future Expectations - Core advertising revenue is expected to decline approximately 7$60 million in cost containment measures during the current quarter[13] - The company has a current authorization to repurchase up to $250 million of additional debt in the open market[14] - The company expects to receive approximately$35 million from agreements related to third-party leases for space at Gray-owned tower sites[7] Other Financial Metrics - The impairment of investments for the three months ended December 31, 2024, was $25 million, compared to$21 million in the same period of 2023[37] - Gray Media's depreciation expense for the year ended December 31, 2024, was $144 million, slightly down from$145 million in 2023[38] - The company reported a loss on disposal of assets of $20 million for the year ended December 31, 2024, compared to a loss of$21 million in 2023[38] - Common stock dividends for the year ended December 31, 2024, were $32 million, an increase from$30 million in 2023[38] Conference Call - Gray Media plans to host a conference call on February 27, 2025, to discuss its fourth quarter operating results[27]