Gray Television(US:GTN)2025-11-07 13:00Revenue Performance - Total revenue for Q3 2025 was $749 million, at the high end of the guidance range of $750 million[6]. - Core advertising revenue reached $355 million, reflecting strong performance despite the prior year's $16 million from the Summer Olympics[6]. - Retransmission consent revenue was $346 million, exceeding guidance by $1 million, with a decline attributed to WANF's transition to an independent station[6]. - Political advertising revenue was $8 million, exceeding guidance by $1 million, reflecting the off-year in the political advertising cycle[6]. - Total revenue for the three months ended September 30, 2025, was $749 million, a decrease of 21% compared to $950 million in the same period of 2024[15]. - Core advertising revenue decreased by 3% to $355 million from $365 million year-over-year for the three months ended September 30, 2025[15]. - Political advertising revenue plummeted by 95% to $8 million from $173 million in the same quarter of 2024[15]. - Total broadcasting revenue for the nine months ended September 30, 2025, was $2,233 million, a decrease of 12% from $2,531 million in the same period of 2024[18]. Financial Results - Net loss attributable to common stockholders was $23 million, compared to a net income of $83 million in Q3 2024, primarily due to decreased political advertising[6]. - Adjusted EBITDA for Q3 2025 was $162 million[6]. - Adjusted EBITDA for the three months ended September 30, 2025, was $162 million, a decrease of 52% compared to $338 million in the same period of 2024[34]. - Net loss for the three months ended September 30, 2025, was $10 million, compared to a net income of $96 million in the same quarter of 2024, representing a 110% decline[15]. - The net loss for the nine months ended September 30, 2025, was $75 million, compared to a net income of $206 million for the same period in 2024[35]. - Net cash provided by operating activities for the nine months ended September 30, 2025, was $177 million, down from $383 million in 2024[20]. - The company's interest expense for the three months ended September 30, 2025, was $120 million, down from $130 million in the same period of 2024[34]. Debt and Financing - The company completed refinancing activities, including a $900 million issuance of Senior Secured Second Lien Notes and an amendment to increase the Revolving Credit Facility by $50 million[6][11]. - The First Lien Leverage Ratio as of September 30, 2025, was 2.72 to 1.00, with a total borrowing availability of $742 million under the Revolving Credit Facility[11]. - The First Lien Leverage Ratio as of September 30, 2025, was 2.72, below the maximum permitted incurrence of 3.50 to 1.00[37]. - Total outstanding principal secured by a first lien was $2,774 million as of September 30, 2025[37]. - The Adjusted Total Indebtedness as of September 30, 2025, was $5,511 million, with a Leverage Ratio of 5.77, which is above the maximum permitted incurrence of 7.00 to 1.00[37]. - Long-term debt as of September 30, 2025, was $5,610 million, slightly down from $5,621 million at the end of 2024[20]. - The company incurred Transaction Related Expenses amounting to $4 million for the eight quarters ended September 30, 2025[37]. Operational Activities - The company entered into agreements for television station acquisitions and divestitures, expecting to enter six new markets and create 11 new full-power "duopolies"[8][9]. - The company plans to host a conference call on November 7, 2025, to discuss its operating results for the quarter[24]. Depreciation and Expenses - Depreciation for the nine months ended September 30, 2025, was $99 million, compared to $108 million in the same period of 2024[35]. - The company reported a pension expense of $3 million for the nine months ended September 30, 2025[35]. - The company’s purchases of property and equipment for the nine months ended September 30, 2025, were $43 million, down from $64 million in the same period of 2024[35].