$GTN
GRAY TELEVISION INC

2017 Q4 Form 10-K Financial Statement

#000143774918003441 Filed on February 27, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2017 Q2
Revenue $233.6M $219.0M $226.7M
YoY Change -1.69% 7.08% 15.28%
Cost Of Revenue $150.8M $139.5M $133.7M
YoY Change 17.35% 15.58% 13.98%
Gross Profit $82.80M $79.40M $93.00M
YoY Change -24.11% -5.25% 17.28%
Gross Profit Margin 35.44% 36.26% 41.03%
Selling, General & Admin $7.100M $8.300M $8.400M
YoY Change -20.22% 15.28% -1.18%
% of Gross Profit 8.57% 10.45% 9.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.40M $13.09M $12.84M
YoY Change 21.53% 13.84% 10.54%
% of Gross Profit 30.68% 16.48% 13.81%
Operating Expenses $26.90M $169.1M $84.29M
YoY Change 8.47% 17.4% -41.04%
Operating Profit $54.97M $49.90M $142.4M
YoY Change -34.47% -17.48% 165.23%
Interest Expense -$24.10M -$24.20M -$23.80M
YoY Change 1.26% -13.26% -2.06%
% of Operating Profit -43.85% -48.5% -16.71%
Other Income/Expense, Net $300.0K $152.0K $162.0K
YoY Change 406.67% 14.89%
Pretax Income $31.10M $25.85M $118.5M
YoY Change -48.25% 4325.51% 300.74%
Income Tax $11.60M $10.53M $47.89M
% Of Pretax Income 37.3% 40.74% 40.43%
Net Earnings $165.6M $15.32M $70.56M
YoY Change 362.05% -7290.61% 299.51%
Net Earnings / Revenue 70.87% 6.99% 31.13%
Basic Earnings Per Share $2.15 $0.21 $0.98
Diluted Earnings Per Share $2.13 $0.21 $0.97
COMMON SHARES
Basic Shares Outstanding 71.64M 71.82M
Diluted Shares Outstanding 72.45M 72.50M

Balance Sheet

Concept 2017 Q4 2017 Q3 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $462.4M $172.9M $42.40M
YoY Change 42.19% -24.96% -75.95%
Cash & Equivalents $462.4M $172.9M $42.36M
Short-Term Investments
Other Short-Term Assets $33.20M $40.70M $26.30M
YoY Change -0.9% -53.38% -64.02%
Inventory
Prepaid Expenses
Receivables $171.2M $166.1M $169.8M
Other Receivables $0.00 $0.00 $90.90M
Total Short-Term Assets $666.8M $379.6M $329.4M
YoY Change 31.9% -18.82% -17.11%
LONG-TERM ASSETS
Property, Plant & Equipment $350.7M $352.0M $346.5M
YoY Change 7.53% 7.1% 8.04%
Goodwill $611.0M $611.1M $610.5M
YoY Change 25.9% 25.84% 25.72%
Intangibles $2.211B
YoY Change
Long-Term Investments $16.60M $16.60M $16.60M
YoY Change 0.0% 0.0% 0.0%
Other Assets $11.26M $12.09M $33.99M
YoY Change -49.87% -45.03% 58.37%
Total Long-Term Assets $2.594B $2.634B $2.640B
YoY Change 15.45% 16.88% 17.46%
TOTAL ASSETS
Total Short-Term Assets $666.8M $379.6M $329.4M
Total Long-Term Assets $2.594B $2.634B $2.640B
Total Assets $3.261B $3.014B $2.970B
YoY Change 18.47% 10.75% 12.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.840M $3.950M $2.736M
YoY Change 49.13% -27.75% -18.5%
Accrued Expenses $11.97M $9.285M $9.599M
YoY Change -13.27% 0.16% 19.58%
Deferred Revenue $4.004M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.417M $6.417M $6.417M
YoY Change
Total Short-Term Liabilities $131.3M $115.9M $99.24M
YoY Change 9.96% 18.67% 34.19%
LONG-TERM LIABILITIES
Long-Term Debt $1.831B $1.832B $1.832B
YoY Change 4.23% 4.32% 7.44%
Other Long-Term Liabilities $1.839M $1.422M $1.424M
YoY Change 27.97% 11.97% 13.56%
Total Long-Term Liabilities $1.833B $1.833B $1.834B
YoY Change 4.25% 4.33% 7.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $131.3M $115.9M $99.24M
Total Long-Term Liabilities $1.833B $1.833B $1.834B
Total Liabilities $2.268B $2.425B $2.398B
YoY Change 0.37% 7.14% 9.58%
SHAREHOLDERS EQUITY
Retained Earnings $161.7M -$3.876M -$19.19M
YoY Change -259.52% -97.17% -85.99%
Common Stock $902.5M $660.4M $659.6M
YoY Change 37.13% 0.44% 0.43%
Preferred Stock
YoY Change
Treasury Stock (at cost) $49.56M $49.56M $49.56M
YoY Change 10.91% 16.1% 16.1%
Treasury Stock Shares $5.535M $5.535M $5.535M
Shareholders Equity $994.0M $588.9M $572.1M
YoY Change
Total Liabilities & Shareholders Equity $3.261B $3.014B $2.970B
YoY Change 18.47% 10.75% 12.27%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2017 Q2
OPERATING ACTIVITIES
Net Income $165.6M $15.32M $70.56M
YoY Change 362.05% -7290.61% 299.51%
Depreciation, Depletion And Amortization $25.40M $13.09M $12.84M
YoY Change 21.53% 13.84% 10.54%
Cash From Operating Activities $65.70M $55.20M $59.60M
YoY Change -38.43% -4.66% 277.22%
INVESTING ACTIVITIES
Capital Expenditures -$13.10M -$11.00M -$6.400M
YoY Change 25.96% -44.16% -15.79%
Acquisitions
YoY Change
Other Investing Activities -$400.0K $87.90M -$113.4M
YoY Change -166.67% -6861.54% 445.19%
Cash From Investing Activities -$13.50M $76.90M -$119.8M
YoY Change 37.76% -464.45% 324.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 237.3M -1.500M 79.00M
YoY Change -11400.0% -108.72% 15.84%
NET CHANGE
Cash From Operating Activities 65.70M 55.20M 59.60M
Cash From Investing Activities -13.50M 76.90M -119.8M
Cash From Financing Activities 237.3M -1.500M 79.00M
Net Change In Cash 289.5M 130.6M 18.80M
YoY Change 205.38% 141.85% -66.31%
FREE CASH FLOW
Cash From Operating Activities $65.70M $55.20M $59.60M
Capital Expenditures -$13.10M -$11.00M -$6.400M
Free Cash Flow $78.80M $66.20M $66.00M
YoY Change -32.71% -14.69% 182.05%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:22.3pt;"><div style="display: inline; font-style: italic;">Concentration of Credit Risk</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic;">. </div>We sell advertising air-time on our broadcasts and advertising space on our websites to national and local advertisers within the geographic areas in which we operate. Credit is extended based on an evaluation of the customer&#x2019;s financial condition, and generally advance payment is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> required except for political advertising. Credit losses are provided for in the financial statements and consistently have been within our expectations that are based upon our prior experience.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:22.3pt;">Excluding political <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">advertising revenue, which is cyclical based on election cycles, our most significant category of customer is automotive. During the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24%,</div> respectively, of our broadcast advertising revenue was obtained from advertising sales to automotive customers. Although our revenues can be affected by changes within in our customer base, we believe this risk is in part mitigated due to the fact that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> customer accounted for in excess of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%</div> of our broadcast advertising revenue in any of these periods. Furthermore, we believe that our large geographic operating area partially mitigates the potential effect of regional economic impacts.</div></div></div></div></div></div></div></div></div>
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105691000
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363000
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CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:22.3pt;"><div style="display: inline; font-style: italic;">Use of Estimates</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-style: italic;">. </div>The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (&#x201c;U.S. GAAP&#x201d;) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Our actual results could differ materially from these estimated amounts. Our most significant estimates are our allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, amortization of program rights and intangible assets, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies. </div></div></div></div></div></div></div></div></div>
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73836000
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72764000
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
68987000
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
73061000
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71848000
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
68330000

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