Highlights as reported from Gray Media’s Q4 Earnings Release and Conference Call
SUMMARY OF FOURTH QUARTER RESULTS
OPERATING HIGHLIGHTS:
- Total revenue in the fourth quarter of 2024 was $1.0 billion, an increase of 21% from the fourth quarter of 2023.
- Core advertising revenue in the fourth quarter of 2024 was $380 million, a decrease of 8% primarily as a result of political displacement compared to the fourth quarter of 2023.
- Retransmission consent revenue in the fourth quarter of 2024 was $361 million, a decrease of 1% rom the fourth quarter of 2023.
- Political advertising revenue in the fourth quarter of 2024 was $250 million, an increase of 658% from the fourth quarter of 2023, consistent with the on-year of the two-year political advertising cycle.
- Net income attributable to common stockholders was $156 million in the fourth quarter of 2024, compared to a net loss attributable to common stockholders of $22 million in the fourth quarter of 2023.
- Adjusted EBITDA was $402 million in the fourth quarter of 2024, an increase of 86% from the fourth quarter of 2023, due primarily to the cyclical increase in political advertising revenue.
OTHER KEY METRICS:
- During the year ended December 31, 2024, we reduced the principal amount of our outstanding debt by $520 million.
- As of December 31, 2024, calculated as set forth in our Senior Credit Agreement, our First Lien Leverage Ratio and Leverage Ratio, which are net of $135 million of cash, were 2.97 to 1.00 and 5.49 to 1.00, respectively.
- As of December 31, 2024, we had $674 million of borrowing availability under our $680 million undrawn Revolving Credit Facility (availability reduced by outstanding letters of credit).
- Non-cash stock-based compensation was $5 million and $6 million during the fourth quarters ended December 31, 2024 and 2023, respectively.