Gray Media : GTN Investor Deck (May 2025)
GTN
Published on 05/08/2025 at 10:09
May 8, 2025
Reflects March 2025 Quarterly and 2024 Full-Year Results
A multimedia company headquartered in Atlanta, Georgia, Gray Media, Inc. ("Gray Media," "Gray," or the "Company") owns local television stations and digital assets serving 113 television markets that collectively reach approximately 37 percent of US television households. The portfolio includes 78 markets with the top-rated television station and 99 markets with the first and/or second highest rated television station during 2024 according to Comscore, as well as the largest Telemundo Affiliate group with 44 markets.
The company also owns Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with the most advanced digital products and services. Gray's additional media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, and studio production facilities Assembly Atlanta and Third Rail Studios.
This presentation contains certain forward-looking statements that are based largely on Gray Media's current expectations and reflect various estimates and assumptions by company management. These statements may be identified by words such as "estimates," "expect," "anticipate," "will," "implied," "assume" and similar expressions. In addition, statements in this presentation relating to the value and growth opportunities for revenues are based on Gray's current expectations and beliefs and therefore constitute forward-looking statements. 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 Gray's control, including estimates of future revenue, future expenses and other future events.
Gray is subject to additional risks and uncertainties described in the company's 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. Any forward-looking statements in this presentation should be evaluated in light of these important risk factors. This
presentation 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 presentation beyond the published date, whether as a result of new information, future events or otherwise.
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Guidance
Reported Results
Issued Feb 27, 2025
First Quarter 2025
Core Revenue: In-Line with Guidance
$342 - $347
$344
Retransmission Revenue: Above High-End of Guidance
$375 - $377
$379
Total Revenue: Above High-End of Guidance
$764 - $775
$782
Broadcasting Expense: Below Low-End of Guidance
$582 - $587
$577
Production Companies Expense: Below Low-End of Guidance
$21 - $22
$20
Corporate Expense: Below Low-End of Guidance
$33 - $35
$32
Amounts shown in millions of dollars. Gray provided Guidance in our 4Q24 earnings press release issued on February 27, 2025. Consistent with that release, Expenses exclude depreciation, amortization and gain or loss on disposal of assets.
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$3.5
Billion 1Q25 L8QA Revenue
Quarter Ending Mar. 31 Year Ending Dec. 31
($ in Millions) 2025 2024 2024 2023
Revenue (less agency commissions):
$998
Million 1Q25 L8QA Leverage Ratio Denominator
Core advertising
$ 344
$ 372
$ 1,490
$ 1,514
Political advertising
13
27
497
79
Retransmission consent
379
381
1,482
1,532
$17
Million Debt Principal Reduction in 1Q25
Other 19 19 70 70 Total broadcasting revenue 755 799 3,539 3,195
5.48x Leverage Ratio at 1Q25**
Production companies 27 24 105 86 Total revenue $ 782 $ 823 $ 3,644 $ 3,281
Operating expenses:
Broadcasting
$ 577
$ 583
$ 2,317
$ 2,268
Production companies
$ 20
$ 21
$ 83
$ 115
2.92x
First Lien Leverage Ratio at 1Q25**
Corporate and administrative
$ 32
$ 28
$ 104
$ 112
Net (loss) income
$ (9)
$ 88
$ 375
$ (76)
Adjusted EBITDA*
$ 160
$ 197
$ 1,162
$ 816
Expenses exclude depreciation, amortization, impairment and loss (gain) on disposal of assets, net.
* See definition of non-GAAP terms and a reconciliation of the non-GAAP amounts to net (loss) income included herein.
** See description and calculation of Leverage Ratio Denominator, Leverage Ratio and First Lien Leverage Ratio, in each case, calculated as specified in our Senior Credit Agreement, included herein.
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$520 million of debt principal reduction in 2024, and $17 million of debt principal reduction in 1Q25.
$240 million of remaining debt
repurchase authorization as of
$15
$30
(total)
Revolver
$528
$790
$1,219
$1,344
$1,727
$20
March 31, 2025.
2025 2026 2027 2028 2029 2030 2031
Secured Unsecured Revolver
As of March 31, 2025 ($ in Millions)
Undrawn $700 million Revolver (excluding $8 million of outstanding letters of credit) 5
Excludes $400 million of AR Securitization due March 31, 2028.
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 14:08 UTC.