Revenue 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] - Total broadcasting revenue for the year increased by 11% to $3,539 million compared to $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] - Core advertising revenue decreased by 8% to $380 million in Q4 2024 from $415 million in Q4 2023[20] - Political advertising revenue surged to $250 million, a 658% increase from $33 million in the same quarter of the previous year[20] Net Income and Earnings - 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] - Net income for the three months ended December 31, 2024, was $169 million, compared to a net loss of $9 million in the same period of 2023, representing a significant turnaround[36] EBITDA and Operating Performance - 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] - Adjusted EBITDA for the year ended December 31, 2024, was $1,162 million, an increase of 42.4% from $816 million in 2023[38] Debt and Financial Position - The company reduced the outstanding principal amount of its debt by $520 million during 2024[3] - Long-term debt decreased to $5,621 million from $6,160 million in the previous year[23] - 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] 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, up from $648 million in 2023[23] - Interest expense for the year ended December 31, 2024, was $485 million, up from $440 million in 2023, indicating increased borrowing costs[38] Future Expectations and Plans - 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 plans to host a conference call on February 27, 2025, to discuss fourth-quarter operating results, indicating ongoing engagement with investors[27] Other Financial Metrics - The company reported a depreciation expense of $144 million for the year ended December 31, 2024, slightly down from $145 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] - The company had $674 million available under its revolving credit facility as of December 31, 2024, compared to $494 million in 2023[26] Transaction-Related Expenses - The company incurred transaction-related expenses, which are incremental costs specific to acquisitions and divestitures, impacting overall financial performance[32] Lease Agreements - The company expects to receive approximately $35 million from agreements related to third-party leases at Gray-owned tower sites[7]
Gray Television(GTN_A) - 2024 Q4 - Annual Results