Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
|---|
| We are happy that this long-term relationship continues |
| The advertising and the revenue generation is strong |
| One of the things that we have been so successful is growing our digital revenue |
| One of the things that I’m actually really thrilled about is that throughout 2023, Gray was the only TV company out there that consistently grew its core revenue |
| We think it’s good for to grow the viewership base on that network and good for retention |
| When these two powerful forces are proving that coming together can provide unparalleled reach and experience that benefits everyone |
| We are racking up impressive ratings for NBA games not just, and this is important to me, in their home market, but throughout the regions where we are distributing the games |
| Core revenue got off to a great start, helped by the $18 million of Super Bowl advertising revenue in February, providing for a strong year-over-year increase in core revenue in February |
| Our core advertising and retrans revenues increased over the prior year and political advertising revenue increased over 2019, the last year before a presidential cycle |
| We’re very pleased with core revenue in Q1’s growth guiding to mid-single-digit percentage increases |
| Our stations also collected more awards and recognitions from outside organization for their successful news investigations and community service |
| With these achievements in 2023, we have laid a strong foundation for 2024, which we believe will be further powered by another significant presidential election cycle |
| Again, we’re very pleased with our Q4 and year-to-date results, especially the growth in core revenue |
| It is extremely gratifying to us to now see the major content creator, NBCUniversal, leverage the sound stages and support buildings into a new major center for its class productions |
| Finally, I’m very proud that we have created the nation’s finest television and movie production facilities at our Assembly Atlanta Complex here in Atlanta |
| Sports teams are rediscovering what our local advertisers and viewers already know, which is that our local stations offer unparalleled reach and promotional opportunities for free to 100% of the viewing audience |
| As we now look ahead to 2024, I remain very bullish about our prospects and our future |
| These renewals cover a sizable portion of our subscriber base at higher rates and improved terms that recognize the enduring value of our truly unique local stations and what they continue to provide |
| Operationally, we had a tremendous fourth quarter, not only in sales and content but also in multiple initiatives to leverage our unique assets for future growth |
| Gray has begun 2024 with great momentum |
| During the fourth quarter, we grew our new local direct ad revenue by 12%, and that momentum has continued into 2024 |
| We think ATSC 3.0 is going to be a huge growth for the future |
| We are immensely proud that we have spread these sports teams to truly 100% of their fans |
| And we have always historically done better per capita than anybody in the peer space by a long shot |
| In fact, our significant focus on developing new local direct advertising business continues to be very strong |
| So I think the first thing I’d point out is that the ACC football and basketball packages that the CW is airing actually comes from Raycom Sports, which is a Gray company, and we’re very excited about that |
| Before we open up the floor to take questions, I would like to conclude our remarks on what I view as exceptionally positive note about the momentum that we are building with professional sports, particularly with the NBA |
| That was a 200% increase over our Super Bowl net revenue last year across our FOX station portfolio |
| But from our side, we’re very happy with what they’re doing, and we’re very happy to be affiliated with the CW network |
| And broadcast stations and professional sports teams are among the strongest local institutions that helped to bond our communities together |
| Statement |
|---|
| Your retrans revenue growth implied in your first quarter guidance seems to be a bit of a slowdown from what we’ve seen in recent quarters |
| Unfortunately, investments to grow and diversify our company do not always pan out, but in the fourth quarter ‘23 due in part to non-cash write-downs of certain investments, Gray posted a net loss attributable to common stockholders of $22 million |
| This past fall, the programming was not particularly strong and the sub losses continued when we expected them to slow |
| One is the reimbursements on the Assembly plant appear to be a little bit less than I was expecting |
| The company had total operating expenses of $664 million, which was below the low end of our expense guidance for the quarter |
| But we did see a continued decline in the traditional MVPD subs through last year, including through the end of last year when we were expecting to see that slow down |
| The traditional MVPDs, this is publicly reported by the public -- by the company through Jalal continue to see losses last year |
| Obviously, there is a potential strike and hopefully, it is just a potential, and it will dissipate with IATSE that, I think, comes up in May, and I think that leads to some reticence |
| My first question, your retrans subs in the fourth quarter, how much were they down year-over-year? I think you said three months ago for the third quarter, they were down mid-single digits |
| Unfortunately, an unexpected turmoil and capital markets led us to postpone that effort with regard to our term loan expiring in 2026 |
| The truth is I think people actually really stopped |
| We have been predicting for, I think, two years now that the network comp rate of increase would be slowing, if not stabilizing |
| And unfortunately, it seems like these losses actually accelerated last year, maybe due to the strikes, leading to not as much new programming or interesting programming on big broadcast networks |
| The net effect of that is that our total sub count is down a little bit |
| As you all recall, we began everybody was nervous we were going to have a recession going to be a bad year, turned it to be a fabulous year |
| The slowdown that we have in terms of leasing, I think you’ll probably hear about it in a lot of places |
| I think there are a number of issues that are holding that back |
| And then because of a market dislocation that had absolutely nothing to do with us |
| The market is expressing skepticism as to whether you’re going to be able to refinance that |
| So the traditionals have been declining, the virtuals have been growing |
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