Gray Television Q1 net loss $44M on $801M revenue; charges hit broadcast cash flow

GRAY MEDIA, INC

2023-Q1 EPS reported -$0.48 revenue$801,000,000

Net loss $44M ($0.48 diluted EPS) vs net income $49M ($0.52) in Q1 2022; revenue down 3% to $801M.
Broadcast Cash Flow fell 31% to $186M; core ad revenue down 2% to $357M (excluding Super Bowl/Olympics flat).
Recorded $35M in unanticipated charges: $18M litigation Atlanta Assembly, $17M credit loss from Diamond Sports bankruptcy.
Repaid $295M Term Loan B using $300M securitization facility; leverage ratio 5.26x with $56M cash.
Q2 2023 guidance: total revenue $784-802M; core ad $362-374M, retransmission $390-393M.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

GRAY MEDIA, INC reported the three-months ended March 31, 2023 results: revenue $801 million, net income $44 million, EPS $0.48 per fully diluted share.

Period: the three-months ended March 31, 2023
Revenue: $801 million
Net income: $44 million
EPS: $0.48 per fully diluted share
Result: reported results

Exact text from the filing

Inc. ( “ Gray, ” “ we, ” “ us ” or “ our ” ) (NYSE: GTN) today announced financial results for the first quarter ended March 31, 2023, reflecting our total revenue of $801 million, that was above our revenue guidance and total operating expenses (before depreciation, amortization and loss on disposal of assets) of $640 million, which, after excluding $35

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Source: SEC EDGAR

accession 0001437749-23-012677

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