Gray Television(US:GTN)2025-05-08 17:55Revenue Performance - Total revenue decreased by $41 million, or 5%, to $782 million for the three months ended March 31, 2025, compared to $823 million in the same period of 2024[94]. - Core advertising revenue decreased by $28 million, with Super Bowl advertising revenue on FOX channels increasing to $9 million in 2025 from $6 million in 2024[94]. - Political advertising revenue decreased by $14 million, primarily due to 2025 being the "off-year" of the two-year election cycle[94]. - Retransmission consent revenue decreased by $2 million, attributed to a decrease in subscriptions offset by an increase in rates[94]. Cash Flow and Liquidity - Net cash provided by operating activities increased to $132 million in the 2025 three-month period from $68 million in 2024[103]. - Cash on hand as of March 31, 2025, was $210 million, up from $135 million at the end of 2024[103]. - The company anticipates sufficient cash flows from operations and borrowing availability to meet future capital expenditures and long-term debt service obligations[106]. Debt and Financial Ratios - Long-term debt, including current portion, was $5.609 billion as of March 31, 2025, compared to $5.621 billion at the end of 2024[103]. - Interest expense increased by $3 million to $118 million for the 2025 three-month period, primarily due to higher average interest rates[99]. - The company has a Leverage Ratio of 5.48, which is below the maximum permitted incurrence of 7.00 to 1.00[113]. - The First Lien Leverage Ratio stands at 2.92, under the maximum permitted incurrence of 3.5 to 1.00[113]. - Adjusted Total Indebtedness, net of all cash, is $5.471 billion[113]. - As of March 31, 2025, the total outstanding principal of long-term debt is $5.673 billion, with various senior notes maturing between 2026 and 2031[114]. - As of March 31, 2025, the company was in compliance with all required covenants under its debt obligations[114]. Expenses and Capital Expenditures - Corporate and administrative expenses increased by $4 million to $32 million, mainly due to increases in non-cash stock-based compensation[96]. - The company expects routine capital expenditures to be in the range of $70 million to $75 million for the remainder of 2025[116]. - Anticipated reimbursements from the Doraville Community Improvement District for infrastructure projects are approximately $20 million during the remainder of 2025[116]. - The company has approximately $240 million remaining under the debt repurchase authorization, which is valid through December 31, 2025[115]. Tax Obligations - The company expects to make income tax payments between $48 million and $68 million during the remainder of 2025[117]. Leverage Ratio Calculation - The Leverage Ratio Denominator, calculated for the total eight quarters ended March 31, 2025, is $998 million[113].