Revenue Performance - Total revenue for Q3 2024 was $950 million, an increase of 18% from Q3 2023[2] - Core advertising revenue in Q3 2024 was $365 million, up 1% from Q3 2023[2] - Political advertising revenue surged to $173 million in Q3 2024, a 565% increase from Q3 2023[2] - Total broadcasting revenue reached $924 million, an 18% increase from $783 million in the same quarter of 2023[22] - Core advertising revenue for full-year 2024 is anticipated to be between $1.475 billion and $1.488 billion, down approximately 3% from earlier guidance[6] - Full-year 2024 political advertising revenue is projected to be between $495 million and $500 million[7] Net Income and Earnings - Net income attributable to common stockholders was $83 million in Q3 2024, compared to a net loss of $53 million in Q3 2023[2] - Net income for the three months ended September 30, 2024, was $96 million, a 340% increase from a net loss of $40 million in Q3 2023[24] - Net income for 2024 was $206 million, a decrease from $269 million in 2022, while adjusted EBITDA increased to $760 million from $600 million in 2023[40] Operating Expenses - Total operating expenses for the three months ended September 30, 2024, were $700 million, a decrease from $719 million in Q3 2023[27] - Broadcasting operating expenses for full-year 2024 are expected to be between $2.324 billion and $2.334 billion, reflecting significant decreases from initial guidance[9] - Cost containment initiatives are expected to reduce operating expenses by at least $60 million on an annualized basis[10] Debt and Cash Management - Full-year 2024 net debt reduction is expected to be approximately $500 million[3] - Long-term debt, including the current portion, decreased to $5,893 million as of September 30, 2024, from $6,160 million at the end of 2023[28] - Total outstanding principal, including the current portion, was $5,969 million as of September 30, 2024[41] - Adjusted total indebtedness was reported at $5,906 million, with a leverage ratio of 5.67, below the maximum limit of 7.00 to 1.00[41] - Cash balance increased to $69 million as of September 30, 2024, compared to $21 million at the end of 2023[28] - The company has $674 million available under its Revolving Credit Facility as of September 30, 2024, up from $494 million at the end of 2023[28] EBITDA and Financial Metrics - Adjusted EBITDA for the three months ended September 30, 2024, was $338 million, a 61% increase from $210 million in the same period of 2023[24] - Interest expense for the three months ended September 30, 2024, was $130 million, an increase from $111 million in the same period of 2023[39] - Interest expense rose to $363 million in 2024, compared to $324 million in 2023, indicating increased borrowing costs[40] Miscellaneous Financial Information - The company reported a loss of $114 million in miscellaneous income/expense for 2024, contrasting with a gain of $13 million in 2023[40] - The impairment of goodwill and other intangible assets was recorded at $43 million in 2023, with no impairment reported in 2024[40] - The company incurred $64 million in purchases of property and equipment in 2024, down from $78 million in 2023[40] - Depreciation expenses increased slightly to $108 million in 2024 from $106 million in 2023[40] - The company paid $39 million in preferred stock dividends, consistent with the previous year[40] Market Presence - The company operates in 113 television markets, reaching approximately 36% of US television households[29] - The portfolio includes the largest Telemundo Affiliate group with 43 markets, totaling nearly 1.5 million Hispanic TV households[29] Upcoming Events - The company plans to host a conference call on November 8, 2024, to discuss third-quarter operating results[32]
Gray Television(GTN_A) - 2024 Q3 - Quarterly Results