Gray Television(GTN)2025-02-27 14:09Financial Performance - Total revenue for the fourth quarter of 2024 was $1.0 billion, an increase of 21% from the fourth quarter of 2023[8] - Total revenue for the three months ended December 31, 2024, was $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% from $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% from the fourth quarter of 2023[8] - Political advertising revenue surged to $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% to 8% in the first quarter of 2025 compared to the first quarter of 2024[12] - The company anticipates achieving or exceeding an annual run-rate of $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]