Revenue Performance - Total revenue decreased by $81 million, or 5%, to $1.6 billion for the six months ended June 30, 2023, compared to the same period in 2022[100]. - Core advertising revenue increased by $5 million despite a decrease in Super Bowl-related revenue from $13 million in 2022 to $6 million in 2023[101]. - Retransmission consent revenue increased by $14 million due to higher rates, partially offset by a decrease in subscribers[101]. - Political advertising revenue decreased by $96 million, reflecting the "off-year" of the two-year election cycle[101]. Expenses - Broadcasting expenses increased by $49 million, or 5%, to $1.1 billion for the six months ended June 30, 2023[102]. - Interest expense rose by $53 million to $213 million for the six months ended June 30, 2023, due to higher average interest rates[106]. - Average interest rate on outstanding debt increased to 6.5% in the 2023 six-month period from 4.5% in the 2022 period[106]. - Corporate and administrative expenses increased by $3 million, or 6%, to $56 million in the 2023 six-month period[103]. - Depreciation of property and equipment totaled $70 million for the 2023 six-month period, up from $63 million in 2022[104]. - Loss on disposal of assets was $26 million in the 2023 six-month period, primarily related to the sale of television station KNIN[105]. Cash Flow - Net cash provided by operating activities increased to $459 million in the first half of 2023, up from $330 million in the same period of 2022, representing a 39% increase[108]. - Net cash used in investing activities decreased to $187 million in the first half of 2023 from $201 million in 2022, a reduction of approximately 7%[109]. - Net cash used in financing activities rose to $297 million in the first half of 2023, compared to $156 million in 2022, marking an increase of 90%[110]. Debt and Capital Expenditures - As of June 30, 2023, long-term debt totaled $6.212 billion, down from $6.455 billion as of December 31, 2022[114]. - The company expects routine capital expenditures to be between $60 million and $65 million for the remainder of 2023, with Assembly Atlanta construction expenditures estimated at $25 million to $30 million[115]. - The company completed a transaction on May 1, 2023, selling KNIN for $6 million and acquiring WPGA for $6 million, resulting in a loss of approximately $14 million[116]. - The company estimates it will make approximately $444 million in debt interest payments over the next twelve months[111]. Tax and Impairment - The company anticipates making federal or state income tax payments between $14 million and $22 million for the remainder of 2023[117]. - The company expects to record a pre-tax non-cash charge of $33 million to $43 million for impairment of goodwill and other intangible assets in Q3 2023 due to recent agreements following Diamond's bankruptcy[118]. Credit Facility - The company has $444 million available under its revolving credit facility as of June 30, 2023[114].
Gray Television(GTN_A) - 2023 Q2 - Quarterly Report