Revenue 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, matching the high end of guidance and reflecting strong performance despite the prior year's Olympic revenue[6]. - Retransmission consent revenue was $346 million, exceeding guidance by $1 million, with a noted decline due to WANF's transition to an independent station[6]. - Political advertising revenue was $8 million, surpassing guidance by $1 million, indicative of 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% compared to $2,531 million in the same period of 2024[18]. Financial Losses - Net loss attributable to common stockholders was $23 million, a significant decrease from a net income of $83 million in Q3 2024, primarily due to reduced political advertising[6]. - Net loss for the three months ended September 30, 2025, was $10 million, a significant decline from a net income of $96 million in the same quarter of 2024[15]. - The company reported a net loss attributable to common stockholders of $23 million for the three months ended September 30, 2025, compared to a net income of $83 million in the same period of 2024[18]. - 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]. Adjusted EBITDA - 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]. - The Adjusted EBITDA for the nine months ended September 30, 2025, was $491 million, a decrease of 35.8% from $760 million in 2024[35]. Debt and Financial Position - 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 to $750 million[6][11]. - As of September 30, 2025, the First Lien Leverage Ratio was 2.72 to 1.00, indicating a stable financial position[11]. - The company's total outstanding principal secured by a first lien was $2,774 million as of September 30, 2025, resulting in a First Lien Leverage Ratio of 2.72, below the maximum permitted of 3.50[37]. - Adjusted Total Indebtedness, including cash adjustments, was reported at $5,511 million, with a Leverage Ratio of 5.77, which is within the maximum permitted of 7.00[37]. - Long-term debt as of September 30, 2025, was $5,610 million, slightly decreased from $5,621 million as of December 31, 2024[20]. - The company incurred $355 million in interest expense for the nine months ended September 30, 2025, compared to $363 million in the same period of 2024[35]. Operational Activities - The company is pursuing acquisitions that will expand into six new markets, creating 11 new full-power "duopolies" with leading local news stations[8][9]. - Guidance for Q4 2025 anticipates core advertising revenue between $380 million and $390 million, with total revenue projected between $767 million and $782 million[13]. - The company plans to host a conference call on November 7, 2025, to discuss its operating results for the quarter ended September 30, 2025[24]. Other Financial Metrics - Net cash provided by operating activities for the nine months ended September 30, 2025, was $177 million, down from $383 million in the same period of 2024[20]. - Depreciation expenses for the nine months ended September 30, 2025, were $99 million, down from $108 million in 2024[35]. - The company reported a pension expense of $3 million for the nine months ended September 30, 2025, compared to no expense in the same period of 2024[35]. - The company’s purchases of property and equipment for the nine months ended September 30, 2025, totaled $43 million, a decrease from $64 million in 2024[35]. - The company reported a miscellaneous income of $2 million for the nine months ended September 30, 2025, compared to a loss of $114 million in the same period of 2024[35].
Gray Television(GTN_A) - 2025 Q3 - Quarterly Results