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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

(Mark one)

☒   Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2024 or

 

☐   Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from _________ to _________ .

 

Commission file number 1-13796

 

Gray Television, Inc.

(Exact name of registrant as specified in its charter)

 

Georgia

 

58-0285030

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification Number)

   

4370 Peachtree Road, NE, Atlanta, Georgia

 

30319

(Address of principal executive offices)

 

(Zip code)

 

(404) 504-9828

(Registrant's telephone number, including area code)

 

Not Applicable

(Former name, former address and former fiscal year, if changed since last report.)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each ClassTrading Symbol(s)Name of each exchange on which registered
Class A common stock (no par value)GTN.ANew York Stock Exchange
common stock (no par value)GTNNew York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 Large accelerated filer ☒Accelerated filer ☐ 
 Non-accelerated filer ☐Smaller reporting company ☐ 
 Emerging growth company ☐  

                                                         

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

Common Stock (No Par Value)

 

Class A Common Stock (No Par Value)

90,824,445 shares outstanding as of November 4, 2024

 

8,842,764 shares outstanding as of November 4, 2024

 

 
 
 
 

INDEX

 

GRAY TELEVISION, INC.

 

 

PART I.

FINANCIAL INFORMATION

PAGE
     

Item 1.

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

26
     

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

35
     

Item 4.

Controls and Procedures

35
     

PART II.

OTHER INFORMATION

  
     
Item 1. Legal Proceedings 35
     

Item 1A.

Risk Factors

35
     

Item 5.

Other Information

36
     

Item 6.

Exhibits

36
     

SIGNATURES

  

37

 

2
 

 

PART I.

FINANCIAL INFORMATION

 

Item 1.

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 shares, issued and outstanding 650,000 shares, at each date and $650 aggregate liquidation value, at each date

  650   650 
         

Stockholders’ equity:

        

Common stock, no par value; authorized 200,000,000 shares, issued 111,166,022 shares and 107,179,827 shares, respectively outstanding 90,824,445 shares and 87,227,481 shares, respectively

  1,195   1,174 

Class A common stock, no par value; authorized 25,000,000 shares, issued 11,237,386 shares and 10,413,993 shares, respectively outstanding 8,842,764 shares and 8,162,266 shares, respectively

  55   50 

Retained earnings

  1,227   1,084 

Accumulated other comprehensive loss, net of income tax benefit

  (30)  (23)
   2,447   2,285 

Treasury stock at cost, common stock, 20,341,577 shares and 19,952,346 shares, respectively

  (284)  (282)

Treasury stock at cost, class A common stock, 2,394,622 shares and 2,251,727 shares, respectively

  (33)  (32)

Total stockholders’ equity

  2,130   1,971 

Total liabilities and stockholders’ equity

 $10,631  $10,640 

 

See notes to condensed consolidated financial statements.

 

4
 

 

 

GRAY TELEVISION, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(in millions, except for per share data)

 

   

Three Months Ended

    

Nine Months Ended

  
   

September 30,

    

September 30,

  
   

2024

    

2023

    

2024

    

2023

  
                                 

Revenue (less agency commissions):

                                

Broadcasting

   $ 924     $ 783     $ 2,531     $ 2,363  

Production companies

     26       20       68       54  

Total revenue (less agency commissions)

     950       803       2,599       2,417  

Operating expenses before depreciation, amortization, impairment and loss (gain) on disposal of assets, net:

                                

Broadcasting

     571       557       1,719       1,664  

Production companies

     22       18       57       88  

Corporate and administrative

     24       23       80       79  

Depreciation

     36       36       108       106  

Amortization of intangible assets

     31       48       94       147  

Impairment of goodwill and other intangible assets

     -       43       -       43  

Loss (gain) on disposal of assets, net

     16       (6 )     15       20  

Operating expenses

     700       719       2,073       2,147  

Operating income

     250       84       526       270  

Other income (expense):

                                

Miscellaneous income (expense), net

     2       (10 )     114       (13 )

Interest expense

     (130 )     (111 )     (363 )     (324 )

Gain (loss) from early extinguishment of debt

     6       -       (1 )     (3 )

Income (loss) before income taxes

     128       (37 )     276       (70 )

Income tax expense (benefit)

     32       3       70       (3 )

Net income (loss)

     96       (40 )     206       (67 )

Preferred stock dividends

     13       13       39       39  

Net income (loss) attributable to common stockholders

   $ 83     $ (53 )   $ 167     $ (106 )
                                 

Basic per share information:

                                

Net income (loss) attributable to common stockholders

   $ 0.87     $ (0.57 )   $ 1.76     $ (1.15 )

Weighted-average shares outstanding

     95       93       95       92  
                                 

Diluted per share information:

                                

Net income (loss) attributable to common stockholders

   $ 0.86     $ (0.57 )   $ 1.74     $ (1.15 )

Weighted-average shares outstanding

     97       93       96       92  
                      .          

Dividends declared per common share

   $ 0.08     $ 0.08     $ 0.24     $ 0.24  

 

See notes to condensed consolidated financial statements.

 

5
 

 

 

GRAY TELEVISION, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

(in millions)

 

   

Three Months Ended

    

Nine Months Ended

  
   

September 30,

    

September 30,

  
   

2024

    

2023

    

2024

    

2023

  
                                 

Net income (loss)

   $ 96     $ (40 )   $ 206     $ (67 )
                                 

Other comprehensive loss:

                                

Adjustment - fair value of interest rate caps

     (6 )     (3 )     (9 )     (7 )

Income tax benefit

     (1 )     (1 )     (2 )     (2 )

Other comprehensive loss, net

     (5 )     (2 )     (7 )     (5 )
                                 

Comprehensive income (loss)

   $ 91     $ (42 )   $ 199     $ (72 )

 

See notes to condensed consolidated financial statements.

 

6
 

 

 

GRAY TELEVISION, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited)

(in millions, except for number of shares)

 

                                                                     

Accumulated

        
 

Class A

                        

Class A

    

Common

    

Other

        
 

Common Stock

  

Common Stock

  

Retained

    

Treasury Stock

    

Treasury Stock

    

Comprehensive

        
 

Shares

    

Amount

  

Shares

    

Amount

  

Earnings

    

Shares

    

Amount

    

Shares

    

Amount

    

Loss

  

Total

  
                                                                                 

Balance at December 31, 2022

   9,675,139     $ 45     105,104,057     $ 1,150   $ 1,242       (2,130,724 )   $ (31 )     (19,636,786 )   $ (278 )   $ (12 ) $ 2,116  
                                                                                 

Net loss

   -       -     -       -     (31 )     -       -       -       -       -     (31 )
                                                                                 

Preferred stock dividends

   -       -     -       -     (13 )     -       -       -       -       -     (13 )
                                                                                 

Common stock dividends

   -       -     -       -     (7 )     -       -       -       -       -     (7 )
                                                                                 

Adjustment to fair value of interest rate cap, net of tax

   -       -     -       -     -       -       -       -       -       (11 )   (11 )
                                                                                 

Issuance of common stock:

                                                                                

401(k) Plan

   -       -     819,898       9     -       -       -       -       -       -     9  

2017 Equity and Incentive Compensation Plan:

                                                                                

Restricted stock awards

   25,022       -     12,227       -     -       (92,196 )     (1 )     (129,636 )     (2 )     -     (3 )

Restricted stock unit awards

   -       -     247,953       -     -       -       -       (80,622 )     (1 )     -     (1 )
                                                                                 

Stock-based compensation

   -       -     -       2     -       -       -       -       -       -     2  
                                                                                 

Balance at March 31, 2023

   9,700,161     $ 45     106,184,135     $ 1,161   $ 1,191       (2,222,920 )   $ (32 )     (19,847,044 )   $ (281 )   $ (23 ) $ 2,061  
                                                                                 

Net income

   -       -     -       -     4       -       -       -       -       -     4  
                                                                                 

Preferred stock dividends

   -       -     -       -     (13 )     -       -       -       -       -     (13 )
                                                                                 

Common stock dividends

   -       -     -       -     (7 )     -       -       -       -       -     (7 )
                                                                                 

Adjustment to fair value of interest rate cap, net of tax

   -       -     -       -     -       -       -       -       -       8     8  
                                                                                 

Issuance of common stock:

                                                                                

2017 Equity and Incentive Compensation Plan:

                                                                                

Restricted stock awards

   713,832       -     995,692       -     -       -       -       (69,028 )     -       -     -  
                                                                                 

Stock-based compensation

   -       -     -       7     -       -       -       -       -       -     7  
                                                                                 

Balance at June 30, 2023

   10,413,993     $ 45     107,179,827     $ 1,168   $ 1,175       (2,222,920 )   $ (32 )     (19,916,072 )   $ (281 )   $ (15 ) $ 2,060  
                                                                                 

Net loss

   -       -     -       -     (40 )     -       -       -       -       -     (40 )
                                                                                 

Preferred stock dividends

   -       -     -       -     (13 )     -       -       -       -       -     (13 )
                                                                                 

Common stock dividends

   -       -     -       -     (8 )     -       -       -       -       -     (8 )
                                                                                 

Adjustment to fair value of interest rate cap, net of tax

   -       -     -       -     -       -       -       -       -       (2 )   (2 )
                                                                                 

Stock-based compensation

   -       1     -       4     -       -       -       -       -       -     5  
                                                                                 

Balance at September 30, 2023

   10,413,993     $ 46     107,179,827     $ 1,172   $ 1,114       (2,222,920 )   $ (32 )     (19,916,072 )   $ (281 )   $ (17 ) $ 2,002  

 

See notes to condensed consolidated financial statements.

 

7
 

 

GRAY TELEVISION, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited)

(in millions, except for number of shares)

 

                                                               

Accumulated

        
 

Class A

                      

Class A

  

Common

  

Other

        
 

Common Stock

  

Common Stock

  

Retained

  

Treasury Stock

  

Treasury Stock

  

Comprehensive

        
 

Shares

    

Amount

  

Shares

    

Amount

  

Earnings

  

Shares

    

Amount

  

Shares

    

Amount

  

Loss

  

Total

  
                                                                           

Balance at December 31, 2023

   10,413,993     $ 50     107,179,827     $ 1,174   $ 1,084     (2,251,727 )   $ (32 )   (19,952,346 )   $ (282 ) $ (23 ) $ 1,971  
                                                                           

Net income

   -       -     -       -     88     -       -     -       -     -     88  
                                                                           

Preferred stock dividends

   -       -     -       -     (13 )   -       -     -       -     -     (13 )
                                                                           

Common stock dividends

   -       -     -       -     (8 )   -       -     -       -     -     (8 )
                                                                           

Issuance of common stock:

                                                                          

401(k) Plan

   -       -     1,765,444       9     -     -       -     -       -     -     9  

2022 Equity and Incentive Compensation Plan:

                                                                          

Restricted stock awards

   823,393       -     1,126,296       -     -     (142,895 )     (1 )   (146,470 )     (1 )   -     (2 )

Restricted stock unit awards

   -       -     564,793       -     -     -       -     (188,400 )     (1 )   -     (1 )
                                                                           

Stock-based compensation

   -       2     -       4     -     -       -     -       -     -     6  
                                                                           

Balance at March 31, 2024

   11,237,386     $ 52     110,636,360     $ 1,187   $ 1,151     (2,394,622 )   $ (33 )   (20,287,216 )   $ (284 ) $ (23 ) $ 2,050  
                                                                           

Net income

   -       -     -       -     22     -       -     -       -     -     22  
                                                                           

Preferred stock dividends

   -       -     -       -     (13 )   -       -     -       -     -     (13 )
                                                                           

Common stock dividends

   -       -     -       -     (8 )   -       -     -