Q2 2024 Gray Television Inc Earnings Call Transcript
Key Points
- Gray Television Inc (GTN) reported a 2% increase in total revenue for the second quarter of 2024, reaching $826 million.
- Net income rose significantly to $22 million in Q2 2024, compared to $4 million in the same quarter of 2023.
- The company successfully refinanced $2 billion of its 2026 debt maturities, extending them to 2029 and increasing its revolving credit facility to $680 million.
- Gray Television Inc (GTN) is expanding its content and reach with new initiatives, including live broadcasts and new network launches.
- The company reported strong political advertising revenue, with a 62% increase compared to the last presidential election year.
- Core advertising revenue in Q2 2024 was $373 million, which was below the low end of the company's guidance range.
- Gray Television Inc (GTN) lowered its full-year revenue guidance by $75 million for core ad revenue and $25 million for retransmission revenue.
- The company is experiencing subscriber declines in its traditional MVPD base, impacting retransmission revenue.
- Leverage metrics increased slightly from Q1 to Q2, partly due to refinancing-related expenses.
- The company anticipates significant political ad displacement, which could impact core advertising revenue in the coming quarters.
Welcome, ladies and gentlemen, to the Gray Media conference call. (Operator Instructions)
And without further ado, I will now turn the program over to our Chairman and CEO Hilton Howell Jr.
Thank you, operator. Good morning, everyone. As the operator mentioned, I'm Hilton Howell, the Chairman and CEO of Gray Television. Thank you all for joining our second-quarter 2024 earnings call. With me here in Atlanta, all of our executive officers Pat LaPlatney, our President and Co-CEO; Sandy Breland, our Chief Operating Officer; Kevin Latek, our Chief Legal and Development Officer; and Jeff Gignac who succeeded Jim Ryan, our Chief Financial Officer on the July 1, as usual, we will begin with the disclaimer that Kevin will provide. Kevin?
Thank you, Hilton, and good morning, everyone. Gray Television, commonly known
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