Revenue Performance - Total revenue for the first quarter of 2025 was $782 million, a decrease of 5% from the first quarter of 2024, and 1% above the high end of guidance for the quarter[7]. - Core advertising revenue in the first quarter of 2025 was $344 million, an 8% decrease year-over-year, attributed to fewer selling days and the Super Bowl airing on different channels[7]. - Retransmission consent revenue was $379 million, a decrease of 1% from the first quarter of 2024, and 1% above the high end of guidance for the quarter[7]. - Political advertising revenue was $13 million, a 52% decrease from the first quarter of 2024, but 225% greater than the high end of guidance for the quarter[7]. Financial Losses and Adjusted EBITDA - Net loss attributable to common stockholders was $22 million in the first quarter of 2025, compared to net income of $75 million in the first quarter of 2024[7]. - Adjusted EBITDA for the first quarter of 2025 was $160 million, down from $197 million in the first quarter of 2024, primarily due to decreased political advertising revenue[7]. - For the three-month period ended March 31, 2025, Gray Media reported a net loss of $9 million, compared to a net income of $88 million in the same period of 2024[34]. - Adjusted EBITDA for the same period was $160 million, down from $197 million in Q1 2024, reflecting a decrease of approximately 18.8%[34]. Debt and Financial Ratios - The company reduced its outstanding debt by $17 million during the first quarter of 2025[7]. - The total outstanding principal of long-term debt was $5.673 billion as of March 31, 2025, with an Adjusted Total Indebtedness of $5.471 billion[37]. - The Leverage Ratio as of March 31, 2025, was 5.48, which is below the maximum permitted incurrence of 7.00 to 1.00[37]. - The First Lien Leverage Ratio stood at 2.92, within the maximum permitted incurrence of 3.5 to 1.00[37]. - Interest expense increased to $118 million in Q1 2025, compared to $115 million in Q1 2024, indicating a slight rise of 2.6%[34]. Cost Management and Savings - The company has implemented cost containment measures that are expected to exceed an annualized savings run-rate of $60 million[11]. - Gray Media's depreciation expense for Q1 2025 was $34 million, slightly down from $36 million in Q1 2024[34]. - The company incurred transaction-related expenses of $1 million during the period, reflecting costs associated with acquisitions and divestitures[30]. Cash Position and Future Outlook - As of March 31, 2025, the company had $692 million of borrowing availability under its undrawn Revolving Credit Facility[7]. - Gray Media's cash position was reported at $210 million as of March 31, 2025[37]. - For the quarter ending June 30, 2025, core advertising revenue is expected to decline by mid-single digits compared to the same quarter in 2024[10]. - The company plans to host a conference call on May 8, 2025, to discuss its first-quarter operating results[25].
Gray Television(GTN_A) - 2025 Q1 - Quarterly Results