Gray Television, Inc. (“Gray,” “we,” “us” or “our”) (NYSE:
GTN) today announced financial results for the first
quarter ended March 31, 2024, reflecting our total revenue of $823
million and total operating expenses (before depreciation,
amortization and loss on disposal of assets) of $632 million.
Overall, we believe that our businesses have
started 2024 in a strong position. The first quarter of 2024
produced strong core advertising results, including $372 million in
core advertising revenue, an increase of $15 million or 4% compared
to 2023. Our core advertising business has more than fully
recovered from the pandemic, with core advertising revenues 3%
higher in the first quarter of 2024 than the corresponding quarter
of the pre-pandemic year of 2019. Our first quarter results
benefited from continued strong advertiser demand for our local
content including numerous professional sporting events on our
stations, from the Super Bowl to local packages of NBA games. We
believe these solid results are attributable to real-world
confidence among advertisers and businesses in local markets who
rely on our high-quality television stations to reach local
audiences.
Our portfolio and strong local news stations is
positioned well to capitalize on competitive political races in
dozens of markets across the country, although we do not yet have
sufficient visibility to provide guidance for political advertising
revenue for the full year. We continue to anticipate strong
political advertising revenues for the full year that will
materialize later in the year than they historically have
done. Consistent with expectations, we are currently guiding
for political advertising revenue in the second quarter of 2024 to
range between 55% and 72% higher than the second quarter of
2020.
On February 8, 2024, we received $110 million in
pre-tax cash proceeds from the closing of the previously announced
sale of Broadcast Music, Inc. (“BMI”). Fifty million dollars
of the net proceeds from the sale of BMI were used to pay in full
the amount then outstanding under our Revolving Credit Facility.
Also, in addition to our required minimum principal payments that
were paid during the first quarter, on April 1, 2024, we used a
further $50 million of cash on hand to voluntarily pre-pay
additional portions of our outstanding term loans.
On February 16, 2024, we completed an extension
and upsizing of our revolving credit facility. Due to strong
demand, our banking group increased their commitments to our
revolving credit facilities to $625 million, which includes a new
$552.5 million revolving credit facility maturing on December 31,
2027, and $72.5 million facility maturing on December 1, 2026.
On May 6, 2024, our Board of Directors
authorized us to use up to $250 million of available liquidity to
repurchase our outstanding indebtedness through December 31, 2025.
The extent of such repurchases, including the amount and timing of
any repurchases, will depend on general market conditions,
regulatory requirements, alternative investment opportunities and
other considerations. This repurchase program does not require us
to repurchase a minimum amount of debt, and it may be modified,
suspended or terminated at any time without prior notice.
Summary of First Quarter Operating Results |
Operating Highlights (the
respective 2024 periods reflect the “on-year” of the two-year
political advertising cycle):
- Total revenue
was $823 million, an increase of 3% from the first quarter of
2023.
- Core Advertising
Revenue was $372 million, an increase of 4% from the first quarter
of 2023.
- In the first quarter of 2024, we
earned approximately $18 million of net revenue from the broadcast
of the Super Bowl on our 54 CBS channels compared to an aggregate
of $6 million of net revenue relating to the broadcast of the Super
Bowl on our 27 FOX channels during the first quarter of 2023.
- Net income
attributable to common stockholders was $75 million, or $0.79 per
fully diluted share, a significant improvement compared to a loss
of $44 million, or $0.48 per fully diluted share, in the first
quarter of 2023.
- Adjusted EBITDA
was $197 million, an increase of 21% from the first quarter of
2023.
Other Key Metrics
- As of March 31,
2024, our Leverage Ratio, which is calculated as set forth in our
Senior Credit Agreement, was 5.63 to 1.00.
- Non-cash stock
compensation was $6 million during the first quarter of 2024, and
$2 million in the first quarter of 2023.
Taxes
- During the first
quarter of 2024 and 2023, we did not make any material income tax
payments. During the remainder of 2024, we currently anticipate
making income tax payments within a range of $195 million to $215
million.
- As of March 31,
2024, we have an aggregate of $282 million of various state
operating loss carryforwards, of which we currently expect that
approximately $201 million will not be utilized.
- During 2020, we carried back
certain net operating losses to offset taxable income reported in
earlier years, resulting in a refund to us of $23 million,
including interest, that was collected in the second quarter of
2024.
Based on our current forecasts for the quarter
ending June 30, 2024, we anticipate the following key financial
results, as outlined below in approximate ranges and as compared to
the quarter ending March 31, 2024, as well as certain currently
anticipated full-year financial results. As always, guidance may
change in the future based on a number of factors and therefore may
not reflect actual results:
|
|
Quarter Ending |
|
|
|
|
|
March 31, 2024(Actual) |
|
June 30, 2024(Guidance) |
|
December 31, 2024Approximate
EstimatesAs of May 7,
2024(Guidance) |
|
|
|
|
Low |
|
High |
|
|
|
|
(in millions) |
|
Revenue (less agency commissions): |
|
|
|
|
|
|
|
|
|
Core advertising |
|
$ |
372 |
|
$ |
379 |
|
$ |
385 |
|
$ |
1,600 |
|
Political |
|
|
27 |
|
|
45 |
|
|
50 |
|
|
|
Retransmission consent |
|
|
381 |
|
|
370 |
|
|
375 |
|
|
1,500 |
|
Production companies |
|
|
24 |
|
|
18 |
|
|
19 |
|
|
105 |
|
Other |
|
|
19 |
|
|
16 |
|
|
17 |
|
|
70 |
|
Total revenue |
|
$ |
823 |
|
$ |
828 |
|
$ |
846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses (excluding deperciation, amortization
and loss on disposal of assets): |
|
|
|
Broadcasting: |
|
|
|
|
|
|
|
|
|
Station expenses |
|
$ |
348 |
|
$ |
339 |
|
$ |
344 |
|
$ |
1,410 |
|
Network affiliation fees |
|
|
234 |
|
|
235 |
|
|
235 |
|
|
935 |
|
Non-cash stock-based compensation |
|
|
1 |
|
|
1 |
|
|
1 |
|
|
5 |
|
Total broadcasting expense |
|
$ |
583 |
|
$ |
575 |
|
$ |
580 |
|
$ |
2,350 |
|
|
|
|
|
|
|
|
|
|
|
Production companies |
|
$ |
21 |
|
$ |
16 |
|
$ |
17 |
|
$ |
85 |
|
|
|
|
|
|
|
|
|
|
|
Corporate and administrative: |
|
|
|
|
|
|
|
|
|
Corporate expenses |
|
$ |
23 |
|
$ |
28 |
|
$ |
33 |
|
$ |
106 |
|
Non-cash stock-based compensation |
|
|
5 |
|
|
5 |
|
|
5 |
|
|
19 |
|
Total corporate and administrative expense |
|
$ |
28 |
|
$ |
33 |
|
$ |
38 |
|
$ |
125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Approximate Estimates |
|
|
|
|
|
|
|
|
|
As of May 7, 2024(Guidance) |
|
Annual 2024 estimated supplemetal
information: |
|
|
|
|
|
|
(in millions) |
|
Interest expense |
|
|
|
|
|
|
|
$ |
440 |
|
Amortization of deferred financing costs |
|
|
|
|
|
|
|
$ |
12 |
|
Preferred stock dividends |
|
|
|
|
|
|
|
$ |
52 |
|
Common stock dividends |
|
|
|
|
|
|
|
$ |
32 |
|
Total capital expenditures, excluding Assembly Atlanta |
|
|
|
|
|
$115-$120 |
|
Capital expenditures for Assembly Atlanta, net of anticipated
reimbursements |
|
|
|
$ |
15 |
|
Income tax payments |
|
|
|
|
|
|
|
$195-$215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Operating Data (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
|
|
|
|
|
|
%
Change |
|
|
|
|
%
Change |
|
|
|
|
|
|
|
2024 to |
|
|
|
|
2024 to |
|
|
2024 |
|
2023 |
|
|
2023 |
|
|
2022 |
|
2022 |
|
|
(dollars in
millions) |
|
|
|
Revenue
(less agency commissions): |
|
|
|
|
|
|
|
|
|
|
|
|
Core advertising |
$ |
372 |
|
$ |
357 |
|
|
4 |
% |
|
$ |
365 |
|
2 |
% |
Political advertising |
27 |
|
8 |
|
|
238 |
% |
|
26 |
|
4 |
% |
Retransmission consent |
381 |
|
395 |
|
|
(4 |
)% |
|
393 |
|
(3 |
)% |
Other |
19 |
|
19 |
|
|
0 |
% |
|
20 |
|
(5 |
)% |
Total broadcasting revenue |
799 |
|
779 |
|
|
3 |
% |
|
804 |
|
(1 |
)% |
Production companies |
24 |
|
22 |
|
|
9 |
% |
|
23 |
|
4 |
% |
Total revenue |
$ |
823 |
|
$ |
801 |
|
|
3 |
% |
|
$ |
827 |
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses (1): |
|
|
|
|
|
|
|
|
|
|
|
|
Broadcasting: |
|
|
|
|
|
|
|
|
|
|
|
|
Station expenses |
$ |
348 |
|
$ |
320 |
|
|
9 |
% |
|
$ |
301 |
|
16 |
% |
Network affiliation fees |
234 |
|
235 |
|
|
0 |
% |
|
227 |
|
3 |
% |
Transaction Related Expenses |
- |
|
- |
|
|
N/A |
|
|
2 |
|
(100 |
)% |
Non-cash stock-based compensation |
1 |
|
- |
|
|
N/A |
|
|
- |
|
N/A |
|
Total broadcasting expense |
$ |
583 |
|
$ |
555 |
|
|
5 |
% |
|
$ |
530 |
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Production companies |
$ |
21 |
|
$ |
59 |
|
|
(64 |
)% |
|
$ |
26 |
|
(19 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and administrative: |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate expenses |
$ |
23 |
|
$ |
24 |
|
|
(4 |
)% |
|
$ |
22 |
|
5 |
% |
Transaction Related Expenses |
- |
|
- |
|
|
N/A |
|
|
1 |
|
(100 |
)% |
Non-cash stock-based compensation |
5 |
|
2 |
|
|
150 |
% |
|
5 |
|
0 |
% |
Total corporate and administrative expense |
$ |
28 |
|
$ |
26 |
|
|
8 |
% |
|
$ |
28 |
|
0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) |
$ |
88 |
|
$ |
(31 |
) |
|
384 |
% |
|
$ |
62 |
|
42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
197 |
|
$ |
163 |
|
|
21 |
% |
|
$ |
248 |
|
(21 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excludes depreciation,
amortization and loss (gain) on disposal of assets.
|
|
|
|
|
Detail Table of Operating Results (Unaudited) |
|
|
|
|
|
Three Months
Ended |
|
|
March 31, |
|
|
2024 |
|
2023 |
|
|
(in
millions, except per share information) |
|
Revenue
(less agency commissions): |
|
|
|
|
Broadcasting |
$ |
799 |
|
|
$ |
779 |
|
|
Production companies |
|
24 |
|
|
|
22 |
|
|
Total revenue (less agency commissions) |
|
823 |
|
|
|
801 |
|
|
Operating
expenses before depreciation, amortization, |
|
|
|
|
and loss on disposal of assets, net: |
|
|
|
|
Broadcasting |
|
583 |
|
|
|
555 |
|
|
Production companies |
|
21 |
|
|
|
59 |
|
|
Corporate and administrative |
|
28 |
|
|
|
26 |
|
|
Depreciation |
|
36 |
|
|
|
35 |
|
|
Amortization
of intangible assets |
|
31 |
|
|
|
49 |
|
|
Loss on
disposal of assets, net |
|
- |
|
|
|
10 |
|
|
Operating
expenses |
|
699 |
|
|
|
734 |
|
|
Operating
income |
|
124 |
|
|
|
67 |
|
|
Other income
(expense): |
|
|
|
|
Miscellaneous income (expense), net |
|
110 |
|
|
|
(2 |
) |
|
Interest expense |
|
(115 |
) |
|
|
(104 |
) |
|
Loss on early extinguishment of debt |
|
- |
|
|
|
(3 |
) |
|
Income
(loss) before income taxes |
|
119 |
|
|
|
(42 |
) |
|
Income tax
expense (benefit) |
|
31 |
|
|
|
(11 |
) |
|
Net income
(loss) |
|
88 |
|
|
|
(31 |
) |
|
Preferred
stock dividends |
|
13 |
|
|
|
13 |
|
|
Net income
(loss) attributable to common stockholders |
$ |
75 |
|
|
$ |
(44 |
) |
|
|
|
|
|
|
Basic per
share information: |
|
|
|
|
Net income (loss) attributable to common stockholders |
$ |
0.80 |
|
|
$ |
(0.48 |
) |
|
Weighted-average common shares outstanding |
|
94 |
|
|
|
92 |
|
|
|
|
|
|
|
Diluted per
share information: |
|
|
|
|
Net income (loss) attributable to common stockholders |
$ |
0.79 |
|
|
$ |
(0.48 |
) |
|
Weighted-average common shares outstanding |
|
95 |
|
|
|
92 |
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Data (Unaudited) |
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2024 |
|
2023 |
|
|
(in millions) |
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
68 |
|
|
$ |
412 |
|
|
Net
cash provided by (used in) investing activities |
|
80 |
|
|
|
(95 |
) |
|
Net cash
used in financing activities |
|
(35 |
) |
|
|
(322 |
) |
|
Net increase
(decrease) in cash |
$ |
113 |
|
|
$ |
(5 |
) |
|
|
|
|
|
|
|
As of |
|
|
March
31, |
|
December
31, |
|
|
2024 |
|
2023 |
|
|
(in millions) |
|
|
|
|
|
|
Cash |
$ |
134 |
|
|
$ |
21 |
|
|
Long-term
debt, including current portion, less |
|
|
|
|
deferred financing costs |
$ |
6,154 |
|
|
$ |
6,160 |
|
|
Series A
perpetual preferred stock |
$ |
650 |
|
|
$ |
650 |
|
|
Borrowing
availability under Senior Credit Facility |
$ |
619 |
|
|
$ |
494 |
|
|
|
|
|
|
|
The Company
We are a multimedia company headquartered in
Atlanta, Georgia and the nation’s largest owner of top-rated local
television stations and digital assets. Our television stations
serve 114 television markets that collectively reach approximately
36 percent of US television households. This portfolio includes 79
markets with the top-rated television station and 102 markets with
the first and/or second highest rated television station. It
also owns video program companies Raycom Sports, Tupelo Media
Group, and PowerNation Studios, as well as the studio production
facilities Assembly Atlanta and Third Rail Studios. Gray owns
a majority interest in Swirl Films. For more information,
please visit www.gray.tv.
Cautionary Statements for Purposes of the
“Safe Harbor” Provisions of the Private Securities Litigation
Reform Act
This press release contains certain
forward-looking statements that are based largely on our current
expectations and reflect various estimates and assumptions by us.
These statements are statements other than those of historical fact
and may be identified by words such as “estimates,” “expect,”
“anticipate,” “will,” “implied,” “assume” and similar expressions.
Forward-looking statements are subject to certain risks, trends and
uncertainties that could cause actual results and achievements to
differ materially from those expressed in such forward-looking
statements. Such risks, trends and uncertainties, which in some
instances are beyond our control, include estimates of future
revenue, future expenses and other future events. We are subject to
additional risks and uncertainties described in our quarterly and
annual reports filed with the Securities and Exchange Commission
from time to time, including in the “Risk Factors,” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” sections contained therein, which reports
are made publicly available via our website, www.gray.tv. Any
forward-looking statements in this press release should be
evaluated in light of these important risk factors. This press
release reflects management’s views as of the date hereof. Except
to the extent required by applicable law, Gray undertakes no
obligation to update or revise any information contained in this
press release beyond the published date, whether as a result of new
information, future events or otherwise. Information about certain
potential factors that could affect our business and financial
results and cause actual results to differ materially from those
expressed or implied in any forward-looking statements are included
under the captions “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations,” in our
Annual Report on Form 10-K for the year ended December 31, 2023,
and may be contained in reports subsequently filed with the U.S.
Securities and Exchange Commission and available at
www.sec.gov.
Conference Call Information
We will host a conference call to discuss our
first quarter operating results on May 7, 2024. The call will begin
at 10:00 a.m. Eastern Time. The live dial-in number is
1-800-285-6670. The call will be webcast live and available for
replay at www.gray.tv. The replay of the conference call will also
be available at 1-888-556-3470, Confirmation Code: 898476 until
June 6, 2024.
Gray Contacts
Web site: www.gray.tv
Hilton H. Howell, Jr.,
Executive Chairman and Chief Executive Officer, 404-266-5513
Pat LaPlatney, President and
Co-Chief Executive Officer, 334-206-1400
Jim Ryan, Executive Vice
President and Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice
President, Chief Legal and Development Officer, 404-266-8333
Jeff Gignac, Executive Vice
President, Finance, 470-225-5453
In addition to results prepared in accordance
with accounting principles generally accepted in the United States
of America (“GAAP”), this earnings release discusses “Adjusted
EBITDA” a non-GAAP performance measure that management uses to
evaluate the performance of the business. Adjusted EBITDA is
calculated as net income (loss), adjusted for income tax expense
(benefit), interest expense, loss on extinguishment of debt,
non-cash stock-based compensation costs, non-cash 401(k) expense,
depreciation, amortization of intangible assets, impairment of
goodwill and other intangible assets, impairment of investments,
loss (gain) on asset disposals and certain other miscellaneous
items. We consider Adjusted EBITDA to be an indicator of our
operating performance.
In addition, “Leverage Ratio Denominator” is a
metric that management uses to calculate our compliance with our
financial covenants in our indebtedness agreements. This metric is
calculated as specified in our Senior Credit Agreement and is a
significant measure that represents the denominator of a formula
used to calculate compliance with material financial covenants
within the Senior Credit Agreement that govern our ability to incur
indebtedness, incur liens, make investments and make restricted
payments, among other limitations usual and customary for credit
agreements of this type. Accordingly, management believes this
metric is a very material metric to our debt and equity investors.
Leverage Ratio Denominator gives effect to the revenue and
broadcast expenses of all completed acquisitions and divestitures
as if they had been acquired or divested, respectively, on April 1,
2022. It also gives effect to certain operating synergies expected
from the acquisitions and related financings and adds back
professional fees incurred in completing the acquisitions. Certain
of the financial information related to the acquisitions, if
applicable, has been derived from, and adjusted based on,
unaudited, un-reviewed financial information prepared by other
entities, which Gray cannot independently verify. We cannot assure
you that such financial information would not be materially
different if such information were audited or reviewed and no
assurances can be provided as to the accuracy of such information,
or that our actual results would not differ materially from this
financial information if the acquisitions had been completed on the
stated date. In addition, the presentation of Leverage Ratio
Denominator as determined in the Senior Credit Agreement and the
adjustments to such information, including expected synergies, if
applicable, resulting from such transactions, may not comply with
GAAP or the requirements for pro forma financial information under
Regulation S-X under the Securities Act of 1933. Leverage Ratio
Denominator, as determined in the Senior Credit Agreement,
represents an average amount for the preceding eight quarters then
ended.
We define Transaction Related Expenses as
incremental expenses incurred specific to acquisitions and
divestitures, including but not limited to legal and professional
fees, severance and incentive compensation, and contract
termination fees. We present certain line items from our selected
operating data, net of Transaction Related Expenses, in order to
present a more meaningful comparison between periods of our
operating expenses and our results of operations.
Our “Adjusted Total Indebtedness”, “First Lien
Adjusted Total Indebtedness” and “Secured Adjusted Total
Indebtedness” represents the amount of outstanding principal of our
long-term debt, plus certain other obligations as defined in our
Senior Credit Agreement for the applicable amount of
indebtedness.
These non-GAAP terms are not defined in GAAP and
our definitions may differ from, and therefore may not be
comparable to, similarly titled measures used by other companies,
thereby limiting their usefulness. Such terms are used by
management in addition to, and in conjunction with, results
presented in accordance with GAAP and should be considered as
supplements to, and not as substitutes for, net income and cash
flows reported in accordance with GAAP.
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA
(Unaudited): |
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
March 31, |
|
|
2024 |
|
2023 |
|
2022 |
|
|
(in millions) |
|
Net income (loss) |
$ |
88 |
|
|
$ |
(31 |
) |
|
$ |
62 |
|
|
Adjustments to reconcile from net income (loss) to Adjusted
EBITDA |
|
|
|
|
|
|
Depreciation |
|
36 |
|
|
|
35 |
|
|
|
32 |
|
|
Amortization of intangible assets |
|
31 |
|
|
|
49 |
|
|
|
52 |
|
|
Non-cash stock-based compensation |
|
6 |
|
|
|
2 |
|
|
|
5 |
|
|
Loss (gain) on disposal of assets, net |
|
- |
|
|
|
10 |
|
|
|
(5 |
) |
|
Miscellaneous (income) expense, net |
|
(110 |
) |
|
|
2 |
|
|
|
2 |
|
|
Interest expense |
|
115 |
|
|
|
104 |
|
|
|
79 |
|
|
Loss on early extinguishment of debt |
|
- |
|
|
|
3 |
|
|
|
- |
|
|
Income tax expense (benefit) |
|
31 |
|
|
|
(11 |
) |
|
|
21 |
|
|
Adjusted EBITDA |
$ |
197 |
|
|
$ |
163 |
|
|
$ |
248 |
|
|
|
|
|
|
|
|
|
Supplemetal
Information: |
|
|
|
|
|
|
Amortization of deferred financing costs |
|
3 |
|
|
|
4 |
|
|
|
4 |
|
|
Preferred stock dividends |
|
13 |
|
|
|
13 |
|
|
|
13 |
|
|
Common stock dividends |
|
8 |
|
|
|
7 |
|
|
|
8 |
|
|
Purchases of property and equipment (1) |
|
19 |
|
|
|
19 |
|
|
|
17 |
|
|
Reimbursements of property and equipment purchases (2) |
|
- |
|
|
|
- |
|
|
|
5 |
|
|
Income taxes paid, net of refunds |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
(1) Excludes $15
million, $91 million and $30 million related to the Assembly
Atlanta project in 2024, 2023 and 2022, respectively. |
(2) Excludes $5
million and $26 million related to the Assembly Atlanta project in
2024 and 2023, respectively. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Leverage Ratio, First Lien Leverage Ratio
and Secured Leverage Ratio, as each is defined in our Senior Credit
Agreement (Unaudited): |
|
|
|
|
|
|
|
Eight
Quarters Ended |
|
|
|
March 31, 2024 |
|
|
|
(in millions) |
|
|
|
|
|
Net income |
|
$ |
405 |
|
|
Adjustments to reconcile from net income to Leverage Ratio |
|
|
|
Denominator as defined in our Senior Credit Agreement: |
|
|
|
Depreciation |
|
|
279 |
|
|
Amortization of intangible assets |
|
|
381 |
|
|
Non-cash stock-based compensation |
|
|
42 |
|
|
Non-cash 401(k) expense |
|
|
19 |
|
|
Loss on disposal of assets, net |
|
|
22 |
|
|
Gain on disposal of investment, not in the ordinary course |
|
|
(110 |
) |
|
Interest expense |
|
|
830 |
|
|
Loss on early extinguishment of debt |
|
|
3 |
|
|
Income tax expense |
|
|
163 |
|
|
Impairment of investments, goodwill and other intangible
assets |
|
|
90 |
|
|
Amortization of program broadcast rights |
|
|
79 |
|
|
Payments for program broadcast rights |
|
|
(81 |
) |
|
Pension gain |
|
|
(5 |
) |
|
Contributions to pension plans |
|
|
(7 |
) |
|
Adjustments for unrestricted subsidiaries |
|
|
42 |
|
|
Adjustments for stations acquired or divested, financings and
expected |
|
|
|
synergies during the eight quarter period |
|
|
(2 |
) |
|
Transaction Related Expenses |
|
|
6 |
|
|
Other |
|
|
1 |
|
|
Total eight quarters ended March 31, 2024 |
|
$ |
2,157 |
|
|
Leverage Ratio Denominator (total eight quarters
ended |
|
|
|
March 31, 2024, divided by 2) |
|
$ |
1,079 |
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
|
(dollars in
millions) |
|
|
|
|
|
Total
outstanding principal, including current portion |
|
$ |
6,206 |
|
|
Letters of
credit outstanding |
|
|
6 |
|
|
Cash |
|
|
(134 |
) |
|
Adjusted Total Indebtedness |
|
$ |
6,078 |
|
|
Leverage Ratio (maximum permitted incurrence is
7.00 to 1.00) |
|
|
5.63 |
|
|
|
|
|
|
Total
outstanding principal secured by a first lien |
|
$ |
2,656 |
|
|
Cash |
|
|
(134 |
) |
|
First Lien Adjusted Total Indebtedness |
|
$ |
2,522 |
|
|
First Lien Leverage Ratio (maximum permitted
incurrence is 4.00 to 1.00) (1) |
|
|
2.34 |
|
|
|
|
|
|
Total
outstanding principal secured by a liens |
|
$ |
2,656 |
|
|
Cash |
|
|
(134 |
) |
|
Secured Adjusted Total Indebtedness |
|
$ |
2,522 |
|
|
Secured Leverage Ratio (maximum permitted
incurrence is 5.50 to 1.00) |
|
|
2.34 |
|
|
|
|
|
|
(1) At any time any amounts are outstanding under our revolving
credit facility, our maximum First Lien Leverage Ratio cannot
exceed 4.25 to 1.00. |
|
|
|
|
|
Gray Television (NYSE:GTN)
過去 株価チャート
から 4 2024 まで 5 2024
Gray Television (NYSE:GTN)
過去 株価チャート
から 5 2023 まで 5 2024