Revenue 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[9] - Political advertising revenue surged by 238% to $27 million from $8 million in Q1 2023[17] - 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[17] Net Income and Earnings - 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 fully diluted share in Q1 2023[9] - 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] - Net income for the three months ended March 31, 2024, was $88 million, compared to a net loss of $31 million in the same period of 2023[37] Adjusted EBITDA - Adjusted EBITDA for Q1 2024 was $197 million, reflecting a 21% increase from Q1 2023[9] - Adjusted EBITDA rose by 21% to $197 million from $163 million in the prior year[20] - Adjusted EBITDA increased to $197 million in Q1 2024, up from $163 million in Q1 2023, reflecting a growth of 20.9%[37] Expenses and Cash Flow - Broadcasting operating expenses increased by 5% to $583 million compared to $555 million in Q1 2023[20] - Cash provided by operating activities decreased to $68 million from $412 million in Q1 2023[22] - The company reported a miscellaneous expense of $110 million in Q1 2024, compared to an income of $2 million in Q1 2023[37] - Interest expense for the three months ended March 31, 2024, was $115 million, an increase from $104 million in Q1 2023[37] - Depreciation and amortization expenses were $36 million and $31 million, respectively, for Q1 2024[37] - The amortization of intangible assets decreased to $31 million in Q1 2024 from $49 million in Q1 2023[37] Debt and Financial Position - As of March 31, 2024, the leverage ratio was 5.63 to 1.00[14] - Long-term debt remained stable at $6.154 billion as of March 31, 2024, compared to $6.160 billion at the end of 2023[22] - Total outstanding principal debt as of March 31, 2024, was $6,206 million, with a leverage ratio of 5.63, below the maximum permitted incurrence of 7.00 to 1.00[39] - The first lien leverage ratio stood at 2.34, well within the maximum limit of 4.00 to 1.00[39] - 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] Future Outlook - 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] - The company plans to host a conference call on May 7, 2024, to discuss first-quarter operating results[27] Cash and Investments - The company reported a net increase in cash of $113 million for the quarter, compared to a decrease of $5 million in Q1 2023[22] - The company received $110 million in pre-tax cash proceeds from the sale of Broadcast Music, Inc. (BMI) on February 8, 2024[5] - The company incurred $19 million in property and equipment purchases during Q1 2024, consistent with Q1 2023[37] - Preferred stock dividends remained stable at $13 million for both Q1 2024 and Q1 2023[37]
Gray Television(GTN_A) - 2024 Q1 - Quarterly Results