Gray Media : Q1 25 Non-GAAP Financial Statement Reconciliations

Published: 2025-05-08 06:17:19 ET GTN

Published on 05/08/2025 at 06:17

Three Months Ended

2025 2024 2023

(in millions)

Net (loss) income

Adjustments to reconcile from net (loss) income to Adjusted EBITDA

$ (9)

$ 88

$ (31)

Depreciation

34

36

35

Amortization of intangible assets

29

31

49

Non-cash stock-based compensation

7

6

2

(Gain) loss on disposal of assets, net

(2)

-

10

Miscellaneous (income) expense, net

(1)

(110)

2

Interest expense

118

115

104

(Gain) loss on early extinguishment of debt

(1)

-

3

Income tax (benefit) expense (15) 31 (11)

Adjusted EBITDA

$ 160 $

197 $

163

Supplemental Information:

Amortization of deferred financing costs

4

3

4

Preferred stock dividends

13

13

13

Common stock dividends

8

8

7

Purchases of property and equipment (1)

10

19

19

Reimbursements of property and equipment purchases (2)

-

-

-

Income taxes paid, net of refunds

-

-

-

(1) Excludes $5 million, $15 million and $91 million related to the Assembly Atlanta project in 2025, 2024 and 2023, respectively.

(2) Excludes $5 million, $5 million and $26 million related to the Assembly Atlanta project in 2025, 2024 and 2023, respectively.

Se nior Cre dit Agreeme nt (Unaudite d):

(in millions)

Net income

Adjustments to reconcile from net income to Leverage Ratio Denominator as defined in our Senior Credit Agreement:

$ 322

Depreciation 288

Amortization of intangible assets 298

Non-cash stock-based compensation 47

Non-cash 401(k) expense 10

Loss on disposal of assets, net 29

Gain on disposal of investment, not in the ordinary course (110)

Interest expense 939

Gain on early extinguishment of debt (35)

Income tax expense 106

Impairment of investments, goodwill and other intangible assets 97

Amortization of program broadcast rights 62

Payments for program broadcast rights (63)

Pension gain (4)

Contributions to pension plans (4)

Adjustments for unrestricted subsidiaries 14

Adjustments for stations acquired or divested, financings and expected

synergies during the eight quarter period (1)

Transaction Related Expenses 1

Other (1)

$ 1,995

$ 998

(dollars in millions)

Total outstanding principal, including current portion $ 5,673

Letters of credit outstanding 8

Cash (210)

Adjusted Total Indebtedness $ 5,471

Total outstanding principal secured by a first lien $ 3,126

Cash (210)

First Lien Adjusted Total Indebtedness $ 2,916

Total outstanding principal secured by a lien $ 3,126

Cash (210)

Secured Adjusted Total Indebtedness $ 2,916

(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.

Disclaimer

Gray Media Inc. published this content on May 08, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2025 at 10:16 UTC.