Revenue Performance - Total revenue increased by $22 million, or 3%, to $823 million for the three months ended March 31, 2024, compared to $801 million in the same period of 2023[96]. - Core advertising revenue rose by $15 million, with approximately $18 million earned from the Super Bowl broadcast on CBS channels in 2024, compared to $6 million from FOX channels in 2023[97]. - Political advertising revenue increased by $19 million, attributed to 2024 being the "on-year" of the two-year election cycle[97]. - Retransmission consent revenue decreased by $14 million due to a decline in subscriptions, partially offset by increased rates[97]. Cash Flow and Debt Management - Net cash provided by operating activities was $68 million in the 2024 three-month period, a decrease of $344 million from $412 million in the 2023 period[108]. - Net cash provided by investing activities was $80 million in the 2024 period, compared to net cash used of $95 million in the 2023 period[109]. - Long-term debt, including the current portion, was $6.154 billion as of March 31, 2024, compared to $6.160 billion as of December 31, 2023[108]. - Interest expense increased by $11 million to $115 million in the 2024 period, primarily due to rising interest rates on floating rate debt[104]. - The company anticipates approximately $438 million in debt interest payments over the twelve months following March 31, 2024[111]. - The company expects future cash flows from operations and borrowing availability to be sufficient to meet debt service obligations until at least January 2, 2026[112]. - As of March 31, 2024, total outstanding principal debt amounts to $6.206 billion, including $700 million due in 2026, $750 million due in 2027, $800 million due in 2030, and $1.3 billion due in 2031[120]. - The Adjusted Total Indebtedness, net of all cash, is reported at $6.078 billion as of March 31, 2024[118]. - The Leverage Ratio as of March 31, 2024, is 5.63, with a maximum permitted incurrence of indebtedness set at 7.00 to 1.00[118]. - The First Lien Leverage Ratio is 2.34, with a maximum permitted incurrence of 4.00 to 1.00[119]. - The company was in compliance with all required covenants under its debt obligations as of March 31, 2024[115]. Capital Expenditures and Tax Obligations - The company expects routine capital expenditures to be between $96 million and $101 million for the remainder of 2024, with an additional $33 million for Assembly Atlanta construction, offset by approximately $28 million in expected incentive payments[121]. - The company anticipates making income tax payments between $195 million and $215 million for the remainder of 2024[122]. - The Leverage Ratio Denominator, which is a significant metric for compliance with financial covenants, is calculated at $1.079 billion for the total eight quarters ended March 31, 2024[118]. - The company has approximately $282 million in state operating loss carryforwards, with an expected $201 million not utilized due to limitations[122]. - No material federal or state income tax payments were made during the first quarter of 2024[122].
Gray Television(GTN_A) - 2024 Q1 - Quarterly Report