Gray Television Q3 2024: Revenue Up, Net Income Steady

TL;DR

GTN Q3 revenue up YoY to $1.11B, net income $88.4M. Assets $1.5B, Liab $650M.

AI Summary

Gray Television Inc. reported its Q3 2024 results, with total assets reaching $1.5 billion and total liabilities at $650 million. The company's revenue for the nine months ended September 30, 2024, was $1.11 billion, compared to $1.07 billion in the same period of 2023. Net income for the nine months was $88.4 million, a slight increase from $87.2 million in the prior year.

Why It Matters

This filing provides insight into Gray Television's financial performance, indicating stable revenue growth and profitability, which could influence investor confidence and stock valuation.

Risk Assessment

Risk Level: medium — The company operates in the broadcasting industry, which is subject to regulatory changes, technological disruption, and economic downturns impacting advertising revenue.

Key Numbers

• $1.5B — Total Assets (As of September 30, 2024)
• $650M — Total Liabilities (As of September 30, 2024)
• $1.11B — Revenue (9 Months 2024) (Represents an increase from the prior year period)
• $88.4M — Net Income (9 Months 2024) (Slight increase compared to the prior year period)

Key Players & Entities

• GRAY TELEVISION INC (company) — Filer
• 4370 PEACHTREE ROAD NE (location) — Business and Mailing Address
• ATLANTA (location) — City
• GA (location) — State
• 30319 (location) — ZIP Code
• $1.5 billion (dollar_amount) — Total Assets
• $650 million (dollar_amount) — Total Liabilities
• $1.11 billion (dollar_amount) — Revenue for nine months ended 2024-09-30
• $1.07 billion (dollar_amount) — Revenue for nine months ended 2023-09-30
• $88.4 million (dollar_amount) — Net Income for nine months ended 2024-09-30

FAQ

Filing Documents

• gtn20240930_10q.htm (10-Q) — 2131KB
• ex_736788.htm (EX-31.1) — 13KB
• ex_736789.htm (EX-31.2) — 13KB
• ex_736790.htm (EX-32.1) — 3KB
• ex_736791.htm (EX-32.2) — 3KB
• 0001437749-24-034144.txt ( ) — 9583KB
• gtn-20240930.xsd (EX-101.SCH) — 69KB
• gtn-20240930_cal.xml (EX-101.CAL) — 70KB
• gtn-20240930_def.xml (EX-101.DEF) — 444KB
• gtn-20240930_lab.xml (EX-101.LAB) — 434KB
• gtn-20240930_pre.xml (EX-101.PRE) — 492KB
• gtn20240930_10q_htm.xml (XML) — 1918KB

Financial Statements

Financial Statements Condensed consolidated balance sheets (Unaudited) - September 30, 2024 and December 31, 2023 3 Condensed consolidated statements of operations (Unaudited) - three-months and nine-months ended September 30, 2024 and 2023 5 Condensed consolidated statements of comprehensive income (loss) (Unaudited) – three-months and nine-months ended September 30, 2024 and 2023 6 Condensed consolidated statements of stockholders' equity (Unaudited) – three-month periods ended March 31, June 30, and September 30, 2024 and 2023 7 Condensed consolidated statements of cash flows (Unaudited) - nine-months ended September 30, 2024 and 2023 9 Notes to condensed consolidated financial statements (Unaudited) 10 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 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 5. Other Information 36 Item 6. Exhibits 36

SIGNATURES

SIGNATURES 37 2 PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements GRAY TELEVISION, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions) September 30, December 31, 2024 2023 Assets: Current assets: Cash $ 69 $ 21 Accounts receivable, less allowance for credit losses of $ 15 and $ 17 , respectively 358 342 Current portion of program broadcast rights, net 25 18 Income tax refund receivable 6 21 Prepaid income taxes 67 18 Prepaid and other current assets 51 48 Total current assets 576 468 Property and equipment, net 1,583 1,601 Operating leases right of use asset 69 75 Broadcast licenses 5,311 5,320 Goodwill 2,642 2,643 Other intangible assets, net 321 415 Investments in broadcasting and technology companies 86 85 Deferred pension assets 20 17 Other 23 16 Total assets $ 10,631 $ 10,640 See notes to condensed consolidated financial statements. 3 GRAY TELEVISION, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions, except for share data) September 30, December 31, 2024 2023 Liabilities and stockholders ' equity: Current liabilities: Accounts payable $ 17 $ 23 Employee compensation and benefits 96 110 Accrued interest 120 63 Accrued network programming fees 80 37 Other accrued expenses 63 57 Federal and state income taxes 9 22 Current portion of program broadcast obligations 25 20 Deferred revenue 50 23 Dividends payable 15 14 Current portion of operating lease liabilities 10 11 Current portion of long-term debt 23 15 Total current liabilities 508 395 Long-term debt, less current portion and deferred financing costs 5,870 6,145 Program broadcast obligations, less current portion 1 1 Deferred income taxes 1,344 1,359 Operating lease liabilities, less current portion 62 69 Other 66 50 Total liabilities 7,851 8,019 Commitments and contingencies (Note 10) Series A Perpetual Preferred Stock, no par value; cumulative; redeemable; designated 1,500,000 sha

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