Revenue Performance - Total revenue decreased by $106 million, or 12%, to $803 million for the three months ended September 30, 2023, compared to the same period in 2022[93]. - For the nine months ended September 30, 2023, total revenue decreased by $187 million, or 7%, to $2.4 billion from $2.6 billion in the same period in 2022[101]. - Core advertising revenue increased by $4 million, or 1%, to $1.1 billion for the nine months ended September 30, 2023[93]. - Political advertising revenue decreased by $118 million for the three months ended September 30, 2023, contributing to the overall revenue decline[93]. - Core advertising revenue increased by $9 million or 1%, with Super Bowl revenue decreasing from $13 million in 2022 to $6 million in 2023[105]. - Political advertising revenue decreased significantly by $214 million[105]. - Retransmission consent revenue increased by $10 million, or 3%, during the three months ended September 30, 2023, due to higher rates[93]. - Retransmission consent revenue rose by $24 million or 2%, despite a decrease in subscribers[105]. Expenses and Financial Charges - Broadcasting expenses increased by $69 million to $1.7 billion for the nine months ended September 30, 2023[101]. - Production company operating expenses increased by approximately $32 million to $88 million for the nine months ended September 30, 2023[101]. - Interest expense increased by $17 million, or 18%, to $111 million for the three months ended September 30, 2023, primarily due to higher average interest rates[99]. - Interest expense increased by $70 million or 28%, reaching $324 million, with the average interest rate on outstanding debt rising to 6.5% from 4.8%[107]. - The average interest rate on outstanding debt increased to 6.6% in the 2023 three-month period compared to 5.3% in the 2022 three-month period[99]. - A non-cash charge of $43 million was recorded for impairment of goodwill and other intangible assets due to the bankruptcy of a counterparty[104]. Cash Flow and Debt - Net cash provided by operating activities was $565 million in 2023, down from $596 million in 2022, primarily due to a decrease in net income[110]. - Net cash used in investing activities decreased to $259 million in 2023 from $362 million in 2022, attributed to cash received from a quasi-governmental authority[111]. - Net cash used in financing activities increased to approximately $346 million in 2023 from $279 million in 2022, with $281 million used for long-term debt pre-payments[112]. - As of September 30, 2023, long-term debt was $6.186 billion, with total commitments under the 2019 Senior Credit Facility at $3.2 billion[115]. Capital Expenditures and Transactions - The company expects routine capital expenditures to be between $35 million and $40 million for the remainder of 2023, with Assembly Atlanta construction expenditures estimated at $20 million to $25 million[116]. - A completed transaction on May 1, 2023, involved the sale of television station KNIN for $6 million and the purchase of WPGA for $6 million, resulting in a loss of approximately $14 million[117].
Gray Television(GTN_A) - 2023 Q3 - Quarterly Report