Gray Television(GTN) - 2025 Q3 - Earnings Call Presentation

Financial Performance & Guidance - Gray Media's 3Q25 total revenue reached $749 million, hitting the high-end of guidance[12] - Core advertising revenue for 3Q25 also reached the high-end of guidance at $346 million[12] - Retransmission revenue for 3Q25 exceeded guidance at $355 million[12] - Corporate expense for 3Q25 was below the low-end of guidance at $22 million[12] - Broadcasting expense for 3Q25 was below the low-end of guidance at $542 million[12] - Production companies expense for 3Q25 was below the low-end of guidance at $28 million[12] - For the nine months ending September 30, 2025, total revenue was $2303 million, compared to $2599 million for the same period in 2024[15] - Adjusted EBITDA for the nine months ending September 30, 2025, was $491 million, compared to $760 million for the same period in 2024[15] Debt & Leverage - As of September 30, 2025, Gray Media's secured leverage ratio was 366x[16] - As of September 30, 2025, the first lien leverage ratio was 272x[16] - As of September 30, 2025, the leverage ratio was 577x[16]