Total Revenue (Q1 2024 vs Q1 2023)

+3% (increased by $22 million to $823 million)

The increase was driven by higher core advertising revenue—boosted by the Super Bowl broadcast on CBS channels generating $18 million (vs. $6 million on FOX channels) and a $19 million rise in political advertising revenue in an on-year election cycle. " " "

Net Income (Q1 2024 vs Q1 2023)

From a loss of $44 million to a profit of $75 million

**A $110 million gain from the sale of BMI assets largely drove the turnaround, even as a higher interest expense ($115 million vs. $104 million) partly offset these benefits, resulting in a marked improvement from the prior period’s loss. " " **

Adjusted EBITDA (Q1 2024 vs Q1 2023)

+21% (up to $197 million)

**Robust operational performance underpinned the 21% improvement, reflecting strong revenue generation including better advertising results. " " " **

Total Revenue (Q1 2025 vs Q1 2024)

-5% (declined to $782 million)

**There was a decline mainly due to lower core advertising revenue (down 8% to $344 million because of fewer channels airing the Super Bowl and one less selling day due to Leap Day) and a drop in retransmission consent revenue. " " " **

Net Income (Q1 2025 vs Q1 2024)

Shift from $88 million profit to a $9 million loss

**A cyclical decrease in political advertising revenue combined with the absence of the one-off $110 million BMI sale gain reversed profitability, resulting in a net loss. " " **

Adjusted EBITDA (Q1 2025 vs Q1 2024)

Declined from $197 million to $160 million

**The reduction in adjusted EBITDA is primarily linked to the cyclical downturn in political advertising revenue during an off-year, negatively impacting operating margins. " " **

Political Advertising Revenue (Q1 2025 vs Q1 2024)

-52% (down to $13 million)

**This significant drop reflects the off-year in the two-year political advertising cycle, sharply reducing this revenue stream compared to the previous year. " " **

Cash (Balance Sheet Q1 2024 vs Dec 2023)

Increased from $21 million to $134 million

**A substantial operational cash inflow, aided by revenue events like the Super Bowl broadcast on CBS channels, substantially boosted cash levels. " " **

Cash (Balance Sheet Q1 2025 vs End 2024)

Increased from $135 million to $210 million

**The further rise in cash reflects improved liquidity, partly due to drawing on the accounts receivable securitization facility along with continued operational improvements. " " **

Accounts Receivable (Balance Sheet Q1 2024 vs Dec 2023)

Increased from $342 million to $362 million

**Higher revenue activity and strong advertising demand led to a modest increase in accounts receivable during Q1 2024. " " **

Accounts Receivable (Balance Sheet Q1 2025 vs End 2024)

Decreased from $337 million to $198 million

**Improved collection efforts or changes in sales practices significantly reduced accounts receivable in Q1 2025, reflecting tighter working capital management. " **