Gray television press release (NYSE:GTN): Q4 GAAP EPS of -$0.24 missing by $0.09.
Revenues of $864 million (-19% y/y) beats by $1.35 million.
Total revenue was $864 million, down 19% from the fourth quarter of 2022, entirely due to lower revenue from political advertising in this year outside of the two-year cycle of political advertising.
Core advertising revenue was $415 million, an increase of 2% from the fourth quarter of 2022.
Retransmission revenue was $365 million, up 3% from Q4 2022
As of December 31, 2023, our total leverage ratio, net of all cash, was 5.60x on a trailing eight quarter basis, offsetting our total cash balance of $21 million and giving effect to all transaction fees, calculated as set forth in our senior credit facility.
Non-cash equity compensation was $6 million and $5 million during the fourth quarter of 2023 and 2022, respectively.
Guidance for the quarter ending March 31, 2024
Income:
Total core revenues of $365 million to $375 million, with low to mid-single digit percentage increases.
For the three months ended March 31, 2024, we expect approximately $18 million in net revenues from broadcasting the Super Bowl on our 49 CBS channels compared to a total of $6 million in net revenues from broadcasting the Super Bowl on our 27 FOX channels over the three months ending March 31, 2023.
Retransmission revenue between $375 million and $380 million.
Political income $30 million to $33 million.
Production company revenue between $23 million and $24 million.
Total turnover between 810 and 830 million dollars.
Operating expenses:
Transmission expenses ranged from $585 million to $595 million, including retransmission expenses of approximately $235 million and stock-based non-cash compensation expenses of approximately $1 million.
Production company expenses ranged from approximately $21 million to $22 million.
Corporate expenses of $35 million to $40 million, including stock-based non-cash compensation expense of approximately $4 million.