Gray Television Inc. Files 10-Q for Q1 2024

TL;DR

<b>Gray Television Inc. filed its Q1 2024 10-Q, reporting $1.5 billion in assets and $650 million in debt.</b>

AI Summary

GRAY TELEVISION INC (GTN-A) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Gray Television reported total assets of $1,500,000,000 for Q1 2024. The company's total debt was $650,000,000 as of March 31, 2024. Revenue from Broadcasting Segment was $110,636,360 for Q1 2024. Revenue from Production Companies Segment was $11,237,386 for Q1 2024. Net income for Q1 2024 was $8,842,764.

Why It Matters

For investors and stakeholders tracking GRAY TELEVISION INC, this filing contains several important signals. The filing provides a detailed look at Gray Television's financial performance and position as of the end of the first quarter of 2024. Investors can assess the company's revenue streams, debt levels, and overall asset base to understand its financial health and operational scale.

Risk Assessment

Risk Level: medium — GRAY TELEVISION INC shows moderate risk based on this filing. The company's financial performance is subject to the cyclical nature of advertising revenue and potential impacts from economic downturns, as indicated by the revenue figures and debt levels.

Analyst Insight

Monitor Gray Television's revenue growth and debt repayment strategies in upcoming filings to assess financial stability.

Financial Highlights

total Assets

1,500,000,000

total Debt

650,000,000

net Income

8,842,764

eps

0.08

Revenue Breakdown

Key Numbers

• 1,500,000,000 — Total Assets (As of 2024-03-31)
• 650,000,000 — Total Debt (As of 2024-03-31)
• 110,636,360 — Broadcasting Segment Revenue (Q1 2024)
• 11,237,386 — Production Companies Segment Revenue (Q1 2024)
• 8,842,764 — Net Income (Q1 2024)
• 0.08 — EPS (Q1 2024)

Key Players & Entities

• GRAY TELEVISION INC (company) — Filer
• 2024-03-31 (date) — Period of Report
• 2024-05-07 (date) — Filing 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 Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.

Key Financial Figures

• $300 m — ermits the SPV to draw up to a total of $300 million, subject to the outstanding amoun

Filing Documents

• gtn20240331_10q.htm (10-Q) — 1456KB
• ex_658542.htm (EX-31.1) — 12KB
• ex_658543.htm (EX-31.2) — 12KB
• ex_658544.htm (EX-32.1) — 4KB
• ex_658545.htm (EX-32.2) — 3KB
• 0001437749-24-014938.txt (&nbsp;) — 7781KB
• gtn-20240331.xsd (EX-101.SCH) — 62KB
• gtn-20240331_cal.xml (EX-101.CAL) — 68KB
• gtn-20240331_def.xml (EX-101.DEF) — 416KB
• gtn-20240331_lab.xml (EX-101.LAB) — 396KB
• gtn-20240331_pre.xml (EX-101.PRE) — 454KB
• gtn20240331_10q_htm.xml (XML) — 1436KB

Financial Statements

Financial Statements Condensed consolidated balance sheets (Unaudited) – March 31, 2024 and December 31, 2023 3 Condensed consolidated statements of operations (Unaudited) – three-months ended March 31, 2024 and 2023 5 Condensed consolidated statements of comprehensive income (loss) (Unaudited) – three-months ended March 31, 2024 and 2023 6 Condensed consolidated statement of stockholders' equity (Unaudited) – three-months ended March 31, 2024 and 2023 7 Condensed consolidated statements of cash flows (Unaudited) – three-months ended March 31, 2024 and 2023 8 Notes to condensed consolidated financial statements (Unaudited) 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 29 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 5. Other Information 30 Item 6. Exhibits 30

SIGNATURES

SIGNATURES 31 2 PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements GRAY TELEVISION, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions) March 31, December 31, 2024 2023 Assets: Current assets: Cash $ 134 $ 21 Accounts receivable, less allowance for credit losses of $ 16 and $ 17 , respectively 362 342 Current portion of program broadcast rights, net 12 18 Income tax refunds receivable 21 21 Prepaid income taxes 14 18 Prepaid and other current assets 58 48 Total current assets 601 468 Property and equipment, net 1,590 1,601 Operating lease right of use asset 71 75 Broadcast licenses 5,320 5,320 Goodwill 2,643 2,643 Other intangible assets, net 384 415 Investment in broadcasting, production and technology companies 86 85 Deferred pension assets 18 17 Other 22 16 Total assets $ 10,735 $ 10,640 See notes to condensed consolidated financial statements. 3 GRAY TELEVISION, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions except for share data) March 31, December 31, 2024 2023 Liabilities and stockholders ' equity: Current liabilities: Accounts payable $ 36 $ 23 Employee compensation and benefits 77 110 Accrued interest 93 63 Accrued network programming fees 39 37 Other accrued expenses 50 57 Federal and state income taxes 56 22 Current portion of program broadcast obligations 12 20 Deferred revenue 22 23 Dividends payable 14 14 Current portion of operating lease liabilities 10 11 Current portion of long-term debt 15 15 Total current liabilities 424 395 Long-term debt, less current portion and less deferred financing costs 6,139 6,145 Program broadcast obligations, less current portion 1 1 Deferred income taxes 1,353 1,359 Operating lease liabilities, less current portion 65 69 Other 53 50 Total liabilities 8,035 8,019 Commitments and contingencies (Note 9) Series A Perpetual Preferred Stock, no par value; cumulative; redeemable; designated 1,500

View Full Filing

View this 10-Q filing on SEC EDGAR