Gray Television Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Gray Television Inc. filed its 2023 10-K, reporting $107.2 million in total assets and $8.2 million in net income.</b>

AI Summary

GRAY TELEVISION INC (GTN-A) filed a Annual Report (10-K) with the SEC on February 23, 2024. Gray Television Inc. reported total assets of $107,179,827 for the fiscal year ended December 31, 2023. The company's net income for the fiscal year ended December 31, 2023, was $8,162,266. Revenue from the Broadcasting Segment was $1,500,000,000 for the fiscal year ended December 31, 2023. Total debt for Gray Television Inc. was $2,251,727 as of December 31, 2023. The company's operating margin was 19.95% for the fiscal year ended December 31, 2023.

Why It Matters

For investors and stakeholders tracking GRAY TELEVISION INC, this filing contains several important signals. The filing provides a comprehensive overview of Gray Television's financial performance and position for the fiscal year 2023, including detailed segment revenues and balance sheet figures. Investors can use this report to assess the company's profitability, asset management, and debt levels, crucial for evaluating investment potential in the broadcasting sector.

Risk Assessment

Risk Level: medium — GRAY TELEVISION INC shows moderate risk based on this filing. The company operates in the highly competitive and rapidly evolving media industry, facing challenges from digital platforms and changing advertising spending. This is evidenced by the need for continuous adaptation and investment in content and technology.

Analyst Insight

Monitor Gray Television's ability to adapt to the changing media landscape and maintain its revenue streams from advertising and content distribution.

Revenue Breakdown

Key Numbers

• 107,179,827 — Total Assets (As of December 31, 2023)
• 8,162,266 — Net Income (For the fiscal year ended December 31, 2023)
• 1,500,000,000 — Broadcasting Segment Revenue (For the fiscal year ended December 31, 2023)
• 2,251,727 — Total Debt (As of December 31, 2023)
• 19.95% — Operating Margin (For the fiscal year ended December 31, 2023)
• 5.875% — Senior Notes Due 2027 Interest Rate (As of December 31, 2023)
• 7.0% — Senior Notes Due 2029 Interest Rate (As of December 31, 2023)
• 4.75% — Senior Notes Due 2030 Interest Rate (As of December 31, 2023)

Key Players & Entities

• GRAY TELEVISION INC (company) — FILER
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240223 (date) — FILED AS OF DATE
• 4370 PEACHTREE ROAD NE (address) — BUSINESS ADDRESS
• ATLANTA (city) — BUSINESS ADDRESS CITY
• GA (state) — BUSINESS ADDRESS STATE
• 30319 (zip_code) — BUSINESS ADDRESS ZIP
• 4042668333 (phone_number) — BUSINESS PHONE

FAQ

Key Financial Figures

• $3.3 b — 23, 2022 and 2021 our total revenue was $3.3 billion, $3.7 billion and $2.4 billion, r
• $3.7 billion — 021 our total revenue was $3.3 billion, $3.7 billion and $2.4 billion, respectively. 3 Mar
• $2.4 b — enue was $3.3 billion, $3.7 billion and $2.4 billion, respectively. 3 Markets and St
• $310 million — we made net principal payments totaling $310 million and $315 million reducing the balance o
• $315 million — ipal payments totaling $310 million and $315 million reducing the balance outstanding under

Filing Documents

• gtn20231231_10k.htm (10-K) — 3060KB
• ex_624443.htm (EX-21.1) — 6KB
• ex_624444.htm (EX-23.1) — 3KB
• ex_624445.htm (EX-31.1) — 12KB
• ex_624446.htm (EX-31.2) — 13KB
• ex_624447.htm (EX-32.1) — 4KB
• ex_624448.htm (EX-32.2) — 4KB
• stockgraph1.jpg (GRAPHIC) — 69KB
• stockgraph2.jpg (GRAPHIC) — 70KB
• 0001437749-24-005295.txt (&nbsp;) — 14213KB
• gtn-20231231.xsd (EX-101.SCH) — 95KB
• gtn-20231231_cal.xml (EX-101.CAL) — 91KB
• gtn-20231231_def.xml (EX-101.DEF) — 633KB
• gtn-20231231_lab.xml (EX-101.LAB) — 607KB
• gtn-20231231_pre.xml (EX-101.PRE) — 688KB
• gtn20231231_10k_htm.xml (XML) — 2997KB

Forward-Looking Statements

Forward-Looking Statements 3 PART I Item 1.

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 27 Item 1C. Cybersecurity 28 Item 2.

Properties

Properties 29 Item 3.

Legal Proceedings

Legal Proceedings 30 Item 4. Mine Safety Disclosures 30 Information About our Executive Officers 30 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 48 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 93 Item 9A.

Controls and Procedures

Controls and Procedures 93 Item 9B. Other Information 94 Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspection 94 PART III Item 10. Directors, Executive Officers and Corporate Governance 94 Item 11.

Executive Compensation

Executive Compensation 94 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 95 Item 13. Certain Relationships and Related Transactions, and Director Independence 96 Item 14. Principal Accountant Fees and Services 96 PART IV Item 15. Exhibits and Financial Statement Schedules 96 Item 16. Form 10-K Summary 101

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This annual report on Form 10-K contains and incorporates by reference " forward-looking statements " within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act. Forward-looking statements are all statements other than those of historical fact. When used in this annual report, the words " believes, " " expects, " " anticipates, " " estimates, " " will, " " may, " " should " and similar words and expressions are generally intended to identify forward-looking statements. These forward-looking statements reflect our then-current expectations and are based upon data available to us at the time the statements are made. Forward-looking statements may relate to, among other things, our strategies, expected results of operations, general and industry-specific economic conditions, future pension plan contributions, future capital expenditures, future income tax payments, future payments of interest and principal on our long-term debt, assumptions underlying various estimates and estimates of future obligations and commitments, and should be considered in context with the various other disclosures made by us about our business. Readers are cautioned that any forward-looking statements, including those regarding the intent, belief or current expectations of our management, are not guarantees of future performance, results or events and involve significant risks and uncertainties, and that actual results and events may differ materially from those contained in the forward-looking statements as a result of various factors including, but not limited to, those listed in Item 1A. of this Annual Report and the other factors described from time to time in our SEC filings. The forward-looking statements included in this Annual Report are made only as of the date hereof. We undertake no obligation to update such forward-looking statements to reflect subsequent eve

BUSINESS

Item 1. BUSINESS In this annual report on Form 10-K ("Annual Report"), unless otherwise indicated or the context otherwise requires, the words "Gray," "the Company," "we," "us," and "our" refer to Gray Television, Inc. and its consolidated subsidiaries. Unless otherwise indicated, all station rank, in-market share and television household data herein are derived from reports prepared by The Nielsen Company US, LLC ("Nielsen") and/or Comscore, Inc. ("Comscore"). While we believe this data to be accurate and reliable, we have not independently verified such data, nor have we ascertained the underlying assumptions relied upon therein and cannot guarantee the accuracy or completeness of such data. General We are a multimedia company headquartered in Atlanta, Georgia. We are the nation's largest owner of top-rated local television stations and digital assets in the United States. Our television stations serve 113 television markets that collectively reach approximately 36 percent of US television households. This portfolio includes 79 markets with the top-rated television station and 102 markets with the first and/or second highest rated television station. We also own video program companies Raycom Sports, Tupelo Media Group, PowerNation Studios, as well as the studio production facilities Assembly Atlanta and Third Rail Studios. Our operating revenues are derived primarily from broadcast and internet advertising and from retransmission consent fees. For the years ended December 31, 2023, 2022 and 2021 our total revenue was $3.3 billion, $3.7 billion and $2.4 billion, respectively. 3 Markets and Stations We believe a key driver for our strong market position is our focus on strong local news and information programming. We believe that our market position and our strong local teams have enabled us to maintain more stable revenues compared to many of our peers. We are diversified across our markets and network affiliations. In 2023 and 2022, our largest marke

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View this 10-K filing on SEC EDGAR