Gray Television Q2 Revenue Up Slightly, Net Income Dips

TL;DR

**GTN Q2 REVENUE UP SLIGHTLY TO $111.17M, NET INCOME DOWN TO $8.84M. EPS FLAT AT $0.08.**

AI Summary

Gray Television Inc. reported its Q2 2024 results, with total revenues of $111.17 million for the period ending June 30, 2024. This represents a slight increase from the $107.18 million reported in the same period last year. Net income for the quarter was $8.84 million, down from $8.16 million in Q2 2023, while diluted earnings per share were $0.08, consistent with the prior year's quarter.

Why It Matters

This filing provides insight into the financial performance of a major television broadcaster, impacting advertising revenue trends and the media industry.

Risk Assessment

Risk Level: medium — The company operates in the cyclical advertising market, which can be influenced by economic conditions and shifts in media consumption.

Key Numbers

• $111.17M — Total Revenues (Q2 2024 revenue, up from $107.18M in Q2 2023.)
• $8.84M — Net Income (Q2 2024 net income, slightly down from $8.16M in Q2 2023.)
• $0.08 — Diluted Earnings Per Share (Q2 2024 EPS, consistent with Q2 2023.)

Key Players & Entities

• Gray Television Inc. (company) — Filer
• 4370 Peachtree Road NE, Atlanta, GA 30319 (location) — Business and Mail Address
• 20240630 (date) — Reporting Period End Date

FAQ

Key Financial Figures

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

Filing Documents

• gtn20240630_10q.htm (10-Q) — 2005KB
• ex_702817.htm (EX-10.3) — 91KB
• ex_702554.htm (EX-31.1) — 13KB
• ex_702553.htm (EX-31.2) — 12KB
• ex_702552.htm (EX-32.1) — 3KB
• ex_702551.htm (EX-32.2) — 3KB
• 0001437749-24-025410.txt ( ) — 9340KB
• gtn-20240630.xsd (EX-101.SCH) — 66KB
• gtn-20240630_cal.xml (EX-101.CAL) — 69KB
• gtn-20240630_def.xml (EX-101.DEF) — 444KB
• gtn-20240630_lab.xml (EX-101.LAB) — 428KB
• gtn-20240630_pre.xml (EX-101.PRE) — 485KB
• gtn20240630_10q_htm.xml (XML) — 1799KB

Financial Statements

Financial Statements Condensed consolidated balance sheets (Unaudited) - June 30, 2024 and December 31, 2023 3 Condensed consolidated statements of operations (Unaudited) - three-months and six-months ended June 30, 2024 and 2023 5 Condensed consolidated statements of comprehensive income (loss) (Unaudited) – three-months and six-months ended June 30, 2024 and 2023 6 Condensed consolidated statements of stockholders' equity (Unaudited) – three-months and six-months ended June 30, 2024 and 2023 7 Condensed consolidated statements of cash flows (Unaudited) - six-months ended June 30, 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 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 34 Item 5. Other Information 34 Item 6. Exhibits 35

SIGNATURES

SIGNATURES 36 2 PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements GRAY TELEVISION, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions) June 30, December 31, 2024 2023 Assets: Current assets: Cash $ 75 $ 21 Accounts receivable, less allowance for credit losses of $ 16 and $ 17 , respectively 344 342 Current portion of program broadcast rights, net 5 18 Income tax refunds receivable - 21 Prepaid income taxes 65 18 Prepaid and other current assets 49 48 Total current assets 538 468 Property and equipment, net 1,582 1,601 Operating leases right of use asset 70 75 Broadcast licenses 5,320 5,320 Goodwill 2,643 2,643 Other intangible assets, net 352 415 Investments in broadcasting and technology companies 86 85 Deferred pension assets 19 17 Other 24 16 Total assets $ 10,634 $ 10,640 See notes to condensed consolidated financial statements. 3 GRAY TELEVISION, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions, except for share data) June 30, December 31, 2024 2023 Liabilities and stockholders ' equity: Current liabilities: Accounts payable $ 32 $ 23 Employee compensation and benefits 85 110 Accrued interest 49 63 Accrued network programming fees 39 37 Other accrued expenses 49 57 Federal and state income taxes 11 22 Current portion of program broadcast obligations 5 20 Deferred revenue 23 23 Dividends payable 15 14 Current portion of operating lease liabilities 10 11 Current portion of long-term debt 13 15 Total current liabilities 331 395 Long-term debt, less current portion and deferred financing costs 6,125 6,145 Program broadcast obligations, less current portion 1 1 Deferred income taxes 1,349 1,359 Operating lease liabilities, less current portion 64 69 Other 59 50 Total liabilities 7,929 8,019 Commitments and contingencies (Note 9) Series A Perpetual Preferred Stock, no par value; cumulative; redeemable; designated 1,500,000 shares, issued

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