Core Insights - Gray Media, Inc. reported total revenues of $782 million for Q1 2025, a decrease of 5% from Q1 2024, but 1% above the high end of guidance for the quarter [6][12] - The company experienced a decline in core advertising revenue, which was $344 million, down 8% year-over-year, attributed to the Super Bowl airing on fewer channels compared to the previous year [6][12] - Political advertising revenue saw a significant drop of 52% to $13 million, consistent with the off-year of the political advertising cycle, yet it was 225% greater than the high end of guidance for the quarter [6][12] Financial Performance - Adjusted EBITDA for Q1 2025 was $160 million, down from $197 million in Q1 2024, primarily due to the cyclical decrease in political advertising revenue [14][6] - The net loss attributable to common stockholders was $22 million in Q1 2025, compared to a net income of $75 million in Q1 2024 [6][14] - Total operating expenses were $690 million, slightly down from $699 million in Q1 2024, with broadcasting expenses decreasing year-over-year for the first time since the COVID slowdown [6][12] Debt and Financial Flexibility - The company reduced its outstanding debt by $17 million during Q1 2025 and amended its revolving accounts receivable securitization facility to increase commitments from $300 million to $400 million [6][12] - As of March 31, 2025, Gray Media had a First Lien Leverage Ratio of 2.92 to 1.00 and a total leverage ratio of 5.48 to 1.00, indicating a manageable level of debt relative to its earnings [6][12] - The company has $692 million of borrowing availability under its undrawn Revolving Credit Facility, enhancing its financial flexibility [6][12] Future Guidance - For the quarter ending June 30, 2025, the company anticipates core advertising revenue to decline by mid-single digits compared to the same quarter in 2024, influenced by macroeconomic uncertainties [8][12] - Despite the anticipated decline in core advertising revenue, the company expects strong double-digit growth in digital advertising revenue and continued growth from local customers [8][12] - The company has implemented cost containment measures that are expected to exceed an annualized savings run-rate of $60 million [9][12]

Financial Data and Key Metrics Changes - Total media revenue was in line with expectations, with adjusted EBITDA exceeding the high end of guidance by approximately $9 million [6][24][30] - Distribution revenues increased by $15 million year over year, although they came in $2 million below guidance due to subscriber churn not catching up [7][24] - First lien net leverage was 1.8 times, total first lien net leverage at 4.2 times, and total net leverage at 5.8 times as of March 31 [22][23] Business Line Data and Key Metrics Changes - Local Media segment saw core advertising down 4.5% year over year, while distribution revenues grew year over year but were slightly below expectations [24][30] - Tennis Channel reported revenues and adjusted EBITDA in line with guidance, with total revenues growing by 9% year over year [25][30] - Adjusted EBITDA declined by $27 million year over year, driven by lower core political and management fee revenues [26] Market Data and Key Metrics Changes - Core advertising revenues were within guidance range, down low single digits year over year, with expectations for growth in the upcoming political season [12][13] - Net retransmission revenues grew by mid single digits year over year, with a two-year CAGR expected through the end of the year [14] - Subscriber churn has moderated, with Charter reducing video subscriber discounts by 55% year over year [14] Company Strategy and Development Direction - The company is transforming its ventures portfolio towards more majority-owned assets and is focused on expanding its digital and streaming footprint [8][10] - Regulatory optimism exists regarding potential changes to outdated FCC regulations that could facilitate M&A activity and strengthen local journalism [19][20] - The company is committed to elevating women's sports through new podcast launches and partnerships [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding core advertising growth despite reduced visibility due to macroeconomic uncertainties [40][41] - The upcoming political season is expected to drive advertising dollars, with competitive Senate and gubernatorial races anticipated [13][24] - The company is positioned for growth with a strong balance sheet and a comprehensive refinancing completed [22][31] Other Important Information - Lucy Rutishauser, CFO, announced her upcoming retirement after over 26 years with the company, with plans for a smooth transition [21][20] - The company repurchased approximately $66 million in face value of STG's 2027 notes for $62 million in early April [23][30] Q&A Session Summary Question: Comments on FCC regulations and retransmission rates - Management noted that the FCC has the ability to regulate network-affiliate relationships and that capping retransmission rates could level the playing field [36][37] Question: Visibility on core advertising and economic uncertainties - Management indicated that while they expect core advertising to grow year over year, visibility has decreased due to uncertainties in key advertising categories [39][40] Question: Trends in automotive advertising - Management has not seen a significant bump in automotive advertising but noted that Nissan is planning an aggressive ad campaign [46] Question: Capital allocation priorities and debt repayment - The focus remains on deleveraging the local media group, with continued debt paydown expected [50] Question: Details on the Compulse acquisition - Compulse is described as a best-in-class platform delivering double-digit growth, with plans to scale it significantly [70][72]

Q1 2025 Performance - Total revenue reached $770 million, aligning with guidance[5] - Adjusted EBITDA exceeded guidance at $112 million due to lower media expenses[5, 6] - Ventures received $10 million in cash distributions[7] - Ventures made cash outflows of approximately $38 million, including $30 million for Compulse acquisition[7] Strategic Updates - Jeff Blackburn was hired as Chairman and CEO of Tennis Channel to lead strategic growth[10] - YouTube TV agreement was extended[16] Financial Position - Total Sinclair Television Group (STG) debt at the end of 1Q25 was $4.2 billion[24] - Consolidated cash at the end of 1Q25 was $631 million ($277 million at SBG, $354 million at Ventures)[24] - The company repurchased approximately $66 million in face value of STG's 2027 notes for $62 million in early April[24] Q2 2025 Guidance - Adjusted EBITDA is projected to be between $91 million and $107 million[43] - Media revenue is expected to range from $778 million to $798 million[46] Full Year 2025 Outlook - Estimated cash taxes of $121 million, including approximately $83 million in estimated forecasted cash tax payments associated with Diamond Chapter 11 emergence[49]

Financial Data and Key Metrics Changes - Total net revenue for Q1 was $48.9 million, down 10.1% year over year, but down 8.5% on a same station basis, reflecting early progress in stabilizing revenue trends amid market volatility [9][10] - Total operating expenses were $45.2 million, down nearly $4 million or 8.1% compared to the prior year, indicating effective cost management [17][19] - Adjusted EBITDA for Q1 was $1.1 million, up 28% from $900,000 in the prior year, showcasing improved profitability despite revenue decline [19][20] Business Line Data and Key Metrics Changes - Digital revenue accounted for 22% of total revenue, with digital segment operating income growing from $100,000 in Q1 2024 to $1.9 million in Q1 2025, highlighting the success of digital product margin optimization [5][24] - Consumer services remained the largest revenue category, accounting for 30% of total revenue, but declined 15% year over year, with legal services growing nearly 5% and HVAC growing 12% [10][11] - National revenue, excluding political, declined 12.7%, while local direct revenue increased by 0.3% year over year, indicating resilience in direct advertiser relationships [14][15] Market Data and Key Metrics Changes - The advertising environment remains cautious, with overall demand under pressure and year-over-year declines consistent with broader industry trends [10] - Foreign automotive revenue was up 7.5%, but domestic automotive declined 5%, reflecting market concerns and shifting inventory dynamics [12][13] - Local agency revenue declined 19.9% year over year, while local direct revenue's growth reflects the strength of local relationships [14][15] Company Strategy and Development Direction - The company aims to accelerate digital growth, improve revenue quality, and execute with discipline, focusing on high-margin digital products and advertiser relationships [4][6] - A landmark multiyear partnership with the University of Michigan Athletics was established, enhancing the company's omnichannel sports strategy [6][7] - The digital transformation is seen as a long-term engine for value creation, with ongoing investments in content, technology, and audience development [22][29] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing macroeconomic challenges but emphasized a commitment to cost management and strategic product realignment to protect margins [34] - Revenue is currently pacing down 10% in Q2, primarily due to continued macroeconomic pressure, but proactive measures are being taken to offset these headwinds [34] - The company remains focused on building sustainable advertiser relationships and optimizing its digital portfolio for future growth [17][34] Other Important Information - The company ended Q1 with $12.2 million in cash on hand, down from $13.8 million at the end of fiscal year 2024, reflecting ongoing financial management efforts [20] - Capital expenditures were $800,000 in the quarter, slightly down from $900,000 in the prior year [21] Q&A Session Summary Question: Update on cost savings initiatives - The company has realized the full amount of cost reductions implemented in 2024 in Q1, with an additional $1.3 million in cuts made in Q1, expected to impact Q2 results [35] Question: National revenue performance - National revenue is weaker in 2024 compared to the previous year, with Boston experiencing declines while Philadelphia and New Jersey showed positive growth [36] Question: M&A discussions and opportunities - There were multiple discussions earlier in the year regarding M&A, but uncertainty in the economy has softened these discussions; the company remains open to beneficial swaps [37]

Financial Data and Key Metrics Changes - Total net revenue for Q1 was $48.9 million, down 10.1% year over year, but down 8.5% on a same station basis, reflecting early progress in stabilizing revenue trends amid market volatility [9][10] - Total operating expenses were $45.2 million, down nearly $4 million or 8.1% compared to the prior year, indicating effective cost management [17][19] - Adjusted EBITDA for Q1 was $1.1 million, up 28% from $900,000 in the prior year, showcasing improved profitability despite revenue decline [19][20] Business Line Data and Key Metrics Changes - Digital revenue accounted for 22% of total revenue, with digital segment operating income growing from $100,000 in Q1 2024 to $1.9 million in Q1 2025, highlighting the success of digital product margin optimization [5][24] - Consumer services remained the largest revenue category, accounting for 30% of total revenue, but declined 15% year over year, with legal services growing nearly 5% and HVAC growing 12% [10][11] - National revenue, excluding political, declined 12.7%, while local direct revenue increased by 0.3% year over year, indicating resilience in local advertiser relationships [14][15] Market Data and Key Metrics Changes - The automotive category saw mixed results, with foreign auto up 7.5% but domestic auto down 5%, reflecting broader market concerns [12][13] - Local agency revenue declined 19.9% year over year, while local direct revenue's growth reflects the strength of direct advertiser relationships [14][15] - Overall audio cume increased by 5.6%, with significant ratings gains in key markets like Charlotte and Detroit, both up 33% [30][31] Company Strategy and Development Direction - The company aims to accelerate digital growth, improve revenue quality, and execute with discipline, focusing on high-margin digital products and advertiser relationships [4][6] - A landmark multiyear partnership with the University of Michigan Athletics was established, enhancing the company's omnichannel sports strategy [6][7] - The digital transformation is seen as a long-term engine for value creation, with ongoing investments in content, technology, and audience development [22][29] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing challenges in a cautious advertising environment, with revenue currently pacing down 10% in Q2 due to macroeconomic pressures [33][34] - The company remains committed to cost management while funding initiatives in digital, content, and technology to drive long-term shareholder value [34] - Management expressed confidence in the ability to unlock sustainable growth and margin expansion across digital platforms [29][34] Other Important Information - The company ended Q1 with $12.2 million in cash on hand, down from $13.8 million at the end of fiscal year 2024, reflecting ongoing financial management efforts [20] - Capital expenditures were $800,000 in the quarter, slightly down from $900,000 in the prior year [21] Q&A Session Summary Question: Update on cost savings initiatives - The company has realized the full amount of cost reductions implemented in 2024 in Q1, with an additional $1.3 million in cuts made in Q1, expected to impact Q2 results [35] Question: National performance in 2024 - National revenue is weaker in 2024 compared to the previous year, with Boston experiencing declines while Philadelphia and New Jersey showed positive growth [36] Question: M&A discussions and opportunities - There were multiple discussions earlier in the year regarding M&A, but uncertainty in the economy has softened these discussions; the company remains open to beneficial swaps [37]

Financial Data and Key Metrics Changes - Total net revenue for Q1 2025 was $48.9 million, down 10.1% year over year, but down 8.5% on a same station basis [4][8] - Total operating expenses were $45.2 million, a decrease of nearly $4 million or 8.1% compared to the prior year [16] - Adjusted EBITDA for Q1 2025 was $1.1 million, up 28% from $900,000 in the prior year period [19][20] - Operating income for Q1 2025 was a loss of $2 million, compared to a loss of $1.1 million in the prior year [18] Business Line Data and Key Metrics Changes - Digital revenue accounted for 22% of total revenue, with digital segment operating income growing from $100,000 in Q1 2024 to $1.9 million in Q1 2025 [4][24] - Consumer services remained the largest revenue category, accounting for 30% of total revenue, but declined 15% year over year [10] - Legal services grew nearly 5% year over year, while HVAC grew 12% year over year [11][12] - National revenue, excluding political, declined 12.7%, while local direct revenue increased by 0.3% year over year [14][15] Market Data and Key Metrics Changes - Overall demand remained under pressure, with year-over-year declines consistent with broader industry trends [10] - Foreign automotive revenue was up 7.5%, while domestic automotive revenue declined 5% [13] - Local agency revenue declined 19.9% year over year, but local direct revenue showed resilience [14][15] Company Strategy and Development Direction - The company aims to accelerate digital growth, improve revenue quality, and execute with discipline [3] - A focus on high-margin digital products and deepening advertiser relationships is central to the company's strategy [4][5] - The company is committed to disciplined execution and long-term financial performance while investing in high-impact content and digital products [6][24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing challenges in a cautious advertising environment and broader economic headwinds [10][32] - Revenue is currently pacing down 10% in Q2, primarily driven by continued macroeconomic pressure [32] - The company remains focused on cost management while funding initiatives in digital, content, and technology [33] Other Important Information - The company ended Q1 2025 with $12.2 million in cash on hand, down from $13.8 million at the end of fiscal year 2024 [20] - Capital expenditures were $800,000 in the quarter compared to $900,000 in the prior year [21] Q&A Session Summary Question: Update on cost savings initiatives - The company has realized the full amount of cost reductions implemented in 2024 in Q1, with an additional $1.3 million in cuts made in Q1 [34] Question: National performance in 2024 - National revenue is weaker in 2024 compared to the previous year, with Boston down consistent with overall declines, while Philadelphia and New Jersey saw double-digit growth [35] Question: M&A discussions and opportunities - There have been discussions regarding M&A, but uncertainty in the economy has softened some of these discussions; the company remains open to evaluating beneficial swaps [36]

Core Insights - TEGNA Inc. (TGNA) is expected to report quarterly earnings of $0.34 per share, reflecting a year-over-year decline of 24.4% [1] - Projected revenues for TEGNA are $677.17 million, down 5.2% from the same quarter last year [1] - Analysts have revised their consensus EPS estimate downward by 5.6% over the past 30 days, indicating a reassessment of initial projections [1] Revenue Breakdown - 'Revenues- Political' are estimated to reach $5.30 million, indicating a significant year-over-year decline of 81% [4] - 'Revenues- Subscription' are projected at $367.46 million, reflecting a decrease of 2.1% from the prior year [4] - 'Revenues- Advertising & Marketing Services' are expected to be $291.96 million, showing a decline of 2.3% year-over-year [4] - 'Revenues- Other' are anticipated to reach $12.45 million, suggesting a slight increase of 0.3% year-over-year [5] Market Performance - TEGNA shares have increased by 4.8% over the past month, compared to a 10.6% increase in the Zacks S&P 500 composite [6] - TEGNA holds a Zacks Rank 3 (Hold), indicating it is expected to closely follow overall market performance in the near term [6]

Wall Street analysts expect Fox (FOXA) to post quarterly earnings of $0.93 per share in its upcoming report, which indicates a year-over-year decline of 14.7%. Revenues are expected to be $4.14 billion, up 20.2% from the year-ago quarter. Over the last 30 days, there has been no revision in the consensus EPS estimate for the quarter. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe. Before a company reveals its earnings, it is vita ...

Core Viewpoint - Beasley Broadcast Group reported a decline in net revenue and an operating loss for the first quarter of 2025, primarily due to a soft advertising market and the closure of certain divisions, despite some growth in digital revenue and strategic cost management efforts [1][3][5]. Financial Performance - Net revenue for the three months ended March 31, 2025, was $48.9 million, a decrease of 10.1% from $54.4 million in the same period of 2024 [2][3]. - The operating loss increased to $2.0 million in Q1 2025 from a loss of $1.1 million in Q1 2024, driven by a $5.5 million reduction in net revenue [4]. - The net loss for the first quarter of 2025 was approximately $2.7 million, or $1.50 per diluted share, compared to a net income of $8 thousand, or $0.01 per diluted share, in Q1 2024 [5][21]. - Adjusted EBITDA for Q1 2025 was $1.1 million, up from $0.9 million in Q1 2024, reflecting the benefits of strategic streamlining initiatives [6]. Revenue Breakdown - Revenue from new business accounted for 18% of net revenue, while local revenue, including digital packages sold locally, represented 71% of total revenue [7]. - Digital revenue was $10.8 million, comparable to the first quarter of 2024, but increased by 6% year-over-year on a same-station basis, accounting for 22% of net revenue [7][8]. - The digital segment operating margin was reported at 18%, indicating a strong performance in this area [8]. Strategic Initiatives - The company emphasized its ongoing transformation and resilience in its core strategy, focusing on cost management and digital business growth to navigate macroeconomic challenges [7][8]. - Management expressed optimism about the scalability of its digital platform and the impact of strategic investments on long-term value creation for shareholders [8].

Financial Data and Key Metrics Changes - Consolidated total revenue for Q1 2025 was $274.2 million, a decrease of 13% compared to $315.2 million in the prior year period [20] - Net loss attributable to common stockholders for Q1 2025 was $24.8 million, or $1.89 per fully diluted share, compared to a net loss of $17.7 million, or $2.21 per fully diluted share in the prior year [20] - Total adjusted EBITDA was $7.2 million in Q1 2025, down from $12.8 million in the prior year period [20] Business Line Data and Key Metrics Changes - Infrastructure segment revenue decreased 14% to $264.9 million from $307.9 million in the prior year quarter, primarily due to project timing [21] - Life Sciences segment revenue increased 210% to $3.1 million from $1 million in the prior year quarter, driven by increased unit sales [23] - Spectrum segment revenues were $6.2 million, down $100,000 compared to the first quarter of 2024, with adjusted EBITDA of $1.4 million, a decrease of $200,000 [23] Market Data and Key Metrics Changes - DBM Global achieved revenues of $264.9 million and adjusted EBITDA of $16.7 million during the quarter, with a backlog now reaching $1.4 billion [6][8] - R2 tripled its year-over-year revenue to $3.1 million in Q1 2025, with significant growth in North America [12] - The company is currently serving 28 countries and continues to expand its global footprint [13] Company Strategy and Development Direction - The company is focused on leveraging valuable assets to achieve a sustainable capital structure before debt maturities [6][7] - The strategic vision emphasizes maximizing the value of assets, with ongoing exploration of strategic alternatives [18] - The company is pursuing commercial opportunities in data casting and modernizing broadcasting capabilities [16][18] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute on strategic objectives and highlighted the strong backlog and robust pipeline for DBM [6][8] - The ongoing tariff situation is being monitored, with no material impact observed on DBM's business as of now [9] - Management remains optimistic about the market opportunity for R2 and the momentum experienced year over year [15] Other Important Information - The company had $33.3 million in cash and cash equivalents as of March 31, 2025, down from $48.8 million at the end of 2024 [25] - Total principal outstanding indebtedness was $672 million, an increase from $668.3 million at the end of 2024 [26] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded with closing comments from management expressing satisfaction with the momentum to start the year [27][28]