Gray Television(GTN) - 2025 Q2 - Quarterly Results

Updated Guidance for Q2 2025 Gray Media updated its Q2 2025 financial guidance, projecting total revenue between $769 million and $775 million, a decrease from $826 million in Q2 2024, primarily due to a significant drop in political advertising revenue Q2 2025 Updated Guidance vs. Q2 2024 Actuals (in millions) | Financial Metric | Q2 2024 (Actual) | Q2 2025 (Guidance) | | :--- | :--- | :--- | | Revenue | | | | Core advertising | $373 | $360 - $362 | | Political | $47 | $8 - $9 | | Retransmission consent | $371 | $368 - $369 | | Total Revenue | $826 | $769 - $775 | | Operating Expenses | | | | Broadcasting | $565 | $565 - $570 | | Production companies | $14 | $19 - $20 | | Corporate and administrative | $28 | $25 - $30 | - The provided financial guidance for Q2 2025 is based on current forecasts and internal estimates and has not been finalized through normal closing processes; actual results could differ materially[3] Other Corporate Developments During the quarter, Gray Media strengthened its balance sheet through debt repurchases and advance amortization payments, alongside an expected non-cash impairment charge related to its Atlanta station, WANF Debt Repurchase and Amortization In June 2025, Gray repurchased $7.7 million of its 5.875% senior notes due 2026 and made $15 million in term loan amortization payments, satisfying all mandatory obligations through December 31, 2025 - Repurchased $7.7 million in aggregate principal amount of its outstanding 5.875% senior notes due 2026 in June 2025[4] - Made amortization payments of $11.25 million on Term Loan D and $3.75 million on Term Loan F, satisfying all mandatory amortization obligations through December 31, 2025[4] Non-Cash Impairment Charge (WANF) Gray expects to record a non-cash impairment charge of approximately $29 million in Q2 2025 related to intangible assets at its Atlanta station, WANF, which will cease its CBS network affiliation - A non-cash impairment charge of approximately $29 million is expected to be recorded in Q2 2025[5] - The charge is a result of the Atlanta station, WANF, ceasing its CBS affiliation to become an independent station, and is not expected to materially impact ongoing operations or liquidity[5] Company Information This section provides the standard forward-looking statement disclaimer and an overview of Gray Media as the largest owner of top-rated local TV stations in the U.S Forward-Looking Statements The press release includes forward-looking statements based on current estimates and assumptions, subject to various risks and uncertainties, with actual results potentially differing materially - The guidance and other statements are forward-looking and subject to risks and uncertainties that could cause actual results to differ materially from current expectations[6] - Investors should evaluate forward-looking statements in light of important risk factors described in the company's SEC filings, including the Annual Report on Form 10-K[6] About Gray Media Gray Media, headquartered in Atlanta, Georgia, is the largest owner of top-rated local television stations in the United States, serving 113 television markets and reaching about 37% of U.S. television households - Gray Media is the largest U.S. owner of top-rated local television stations and digital assets, serving 113 television markets[7] - The company's portfolio reaches approximately 37% of U.S. television households and includes the largest Telemundo Affiliate group[7]