Gray Television(GTN)2024-05-07 11:00Financial Performance - Total revenue for Q1 2024 was $823 million, a 3% increase from Q1 2023[9] - Core advertising revenue reached $372 million, up $15 million or 4% compared to Q1 2023[3] - Net income attributable to common stockholders was $75 million, or $0.79 per fully diluted share, compared to a loss of $44 million, or $0.48 per share in Q1 2023[9] - Adjusted EBITDA increased by 21% to $197 million in Q1 2024[9] - Total revenue for the three months ended March 31, 2024, was $823 million, a 3% increase from $801 million in the same period of 2023[20] - Core advertising revenue increased by 4% to $372 million compared to $357 million in Q1 2023[20] - Political advertising revenue surged by 238% to $27 million from $8 million in the prior year[20] - Net income for Q1 2024 was $88 million, a significant recovery from a net loss of $31 million in Q1 2023, representing a 384% increase[20] - Adjusted EBITDA rose by 21% to $197 million, up from $163 million in the same quarter last year[20] - Net income for the three months ended March 31, 2024, was $88 million, compared to a loss of $31 million in the same period of 2023[37] - Adjusted EBITDA for the same period was $197 million, up from $163 million in Q1 2023, representing a 20.9% increase[37] Revenue Projections - Political advertising revenue is expected to be 55% to 72% higher in Q2 2024 compared to Q2 2020[4] - The company anticipates total revenue for Q2 2024 to range between $828 million and $846 million[13] Debt and Leverage - As of March 31, 2024, the leverage ratio was 5.63 to 1.00[14] - The company authorized a $250 million debt repurchase program through December 31, 2025[7] - The revolving credit facility was increased to $625 million, with a new $552.5 million facility maturing on December 31, 2027[6] - Long-term debt remained stable at $6.154 billion, slightly down from $6.160 billion at the end of 2023[22] - The total outstanding principal, including the current portion, was $6,206 million as of March 31, 2024[39] - The Leverage Ratio as of March 31, 2024, was 5.63, which is below the maximum permitted incurrence of 7.00 to 1.00[39] - The First Lien Leverage Ratio was 2.34, well within the maximum permitted incurrence of 4.00 to 1.00[39] - Total Adjusted Total Indebtedness was $6,078 million as of March 31, 2024[39] Operating Expenses and Cash Flow - Broadcasting operating expenses increased by 5% to $583 million, compared to $555 million in Q1 2023[20] - The company reported a net cash provided by operating activities of $68 million, down from $412 million in the same period last year[22] - As of March 31, 2024, cash on hand was $134 million, a significant increase from $21 million at the end of 2023[22] - Interest expense increased to $115 million in Q1 2024 from $104 million in Q1 2023, reflecting a 10.6% rise[37] - Depreciation for Q1 2024 was $36 million, slightly up from $35 million in Q1 2023[37] - The company paid $8 million in common stock dividends, an increase from $7 million in the same quarter of 2023[37] - The company reported a miscellaneous expense of $110 million in Q1 2024, compared to an income of $2 million in Q1 2023[37] Upcoming Events - The company plans to host a conference call on May 7, 2024, to discuss first-quarter operating results[27]