Revenue Performance - Total revenue for Q2 2024 was $826 million, a 2% increase from Q2 2023[9] - Core advertising revenue in Q2 2024 was $373 million, a decrease of $6 million or 2% from Q2 2023[9] - Political advertising revenue in Q2 2024 was $47 million, an increase of 292% from Q2 2023[9] - Total revenue for the three months ended June 30, 2024, was $826 million, a 1.6% increase from $813 million in the same period of 2023[20] - Core advertising revenue increased by 1% to $745 million compared to $736 million in 2023, while political advertising surged by 270% to $74 million from $20 million[16] - Total broadcasting revenue rose by 2% to $1,607 million from $1,580 million year-over-year[16] Net Income and Earnings - Net income for Q2 2024 was $22 million, compared to $4 million in Q2 2023[9] - Net income for the three months ended June 30, 2024, was $22 million, a significant increase of 450% from a net income of $4 million in the same period of 2023[15] - The company reported a basic net income per share of $0.09 for the three months ended June 30, 2024, compared to a loss of $0.10 per share in the same period of 2023[20] - Net income for the six months ended June 30, 2024, was $110 million, a decrease from $161 million in the same period of 2022, representing a decline of 31.7%[27] Adjusted EBITDA - Adjusted EBITDA for Q2 2024 was $225 million, essentially unchanged from Q2 2023[9] - Adjusted EBITDA for the three months ended June 30, 2024, was $225 million, down 1% from $227 million in 2023[15] - Adjusted EBITDA for the same period was $422 million, down 24% from $555 million in 2022[27] Operating Expenses - Total operating expenses for Q2 2024 were $607 million, with station expenses $8 million below the low end of guidance[5] - Total broadcasting expenses increased by 2% to $565 million from $552 million year-over-year[20] - Total operating expenses before depreciation and amortization were $674 million, down from $694 million in the same period of 2023[20] - Corporate and administrative expenses decreased by 7% to $28 million from $30 million in the same period of 2023[15] - The company incurred transaction-related expenses specific to acquisitions and divestitures, impacting the comparison of operating expenses[24] Debt and Interest - The weighted average cost of debt increased to 7.7% from 6.8%[6] - Long-term debt, including the current portion, was $6,138 million as of June 30, 2024, compared to $6,160 million as of June 30, 2023[21] - Interest expense for the three months ended June 30, 2024, was $118 million, compared to $109 million for the same period in 2023[25] - Interest expense increased to $233 million, compared to $160 million in the prior year, reflecting a rise of 45.6%[27] Cash Flow and Position - Net cash provided by operating activities for the six months ended June 30, 2024, was $86 million, compared to $459 million for the same period in 2023[21] - The company reported a net increase in cash of $54 million for the six months ended June 30, 2024, compared to a decrease of $25 million for the same period in 2023[21] - Cash on hand as of June 30, 2024, was $75 million, up from $21 million as of June 30, 2023[21] - Cash position was reported at $(75) million, indicating a negative cash balance[28] Future Guidance - Full-year 2024 core advertising revenue is now expected to be approximately $1.525 billion, down from earlier guidance of $1.6 billion[2] - Political advertising revenue for Q3 2024 is anticipated to be in the range of $180 million to $200 million[3] Conference Call - The company will host a conference call on August 8, 2024, to discuss second quarter operating results[22]
Gray Television(GTN_A) - 2024 Q2 - Quarterly Results