$GTN
GRAY TELEVISION INC

2018 Q1 Form 10-Q Financial Statement

#000143774918008968 Filed on May 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $226.0M $203.5M
YoY Change 11.08% 17.12%
Cost Of Revenue $149.7M $133.6M
YoY Change 12.05% 23.02%
Gross Profit $76.60M $69.90M
YoY Change 9.59% 7.21%
Gross Profit Margin 33.89% 34.36%
Selling, General & Admin $8.300M $7.700M
YoY Change 7.79% -50.96%
% of Gross Profit 10.84% 11.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $14.00M $12.63M
YoY Change 10.86% 13.51%
% of Gross Profit 18.28% 18.07%
Operating Expenses $176.0M $160.0M
YoY Change 10.01% 16.26%
Operating Profit $50.00M $43.47M
YoY Change 15.02% 20.38%
Interest Expense -$24.30M -$23.20M
YoY Change 4.74% 8.92%
% of Operating Profit -48.6% -53.37%
Other Income/Expense, Net $93.00K
YoY Change -83.66%
Pretax Income $26.00M $17.83M
YoY Change 45.79% 15.77%
Income Tax $6.000M $7.329M
% Of Pretax Income 23.08% 41.1%
Net Earnings $20.00M $10.51M
YoY Change 90.39% 16.85%
Net Earnings / Revenue 8.85% 5.16%
Basic Earnings Per Share $0.22 $0.15
Diluted Earnings Per Share $0.22 $0.14
COMMON SHARES
Basic Shares Outstanding 89.00M 71.88M
Diluted Shares Outstanding 90.00M 72.52M

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $443.4M $23.50M
YoY Change 1786.81% -80.53%
Cash & Equivalents $443.4M $23.54M
Short-Term Investments
Other Short-Term Assets $38.10M $31.90M
YoY Change 19.44% -50.7%
Inventory
Prepaid Expenses
Receivables $168.2M $156.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $649.6M $212.2M
YoY Change 206.2% -34.37%
LONG-TERM ASSETS
Property, Plant & Equipment $343.2M $340.0M
YoY Change 0.94% 5.31%
Goodwill $611.1M $571.7M
YoY Change 6.89% 17.96%
Intangibles $2.135B
YoY Change
Long-Term Investments $16.60M $16.60M
YoY Change 0.0% 186.21%
Other Assets $13.17M $29.93M
YoY Change -55.99% 417.7%
Total Long-Term Assets $2.583B $2.553B
YoY Change 1.16% 14.25%
TOTAL ASSETS
Total Short-Term Assets $649.6M $212.2M
Total Long-Term Assets $2.583B $2.553B
Total Assets $3.233B $2.766B
YoY Change 16.89% 8.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.068M $3.409M
YoY Change -10.0% -43.82%
Accrued Expenses $7.651M $8.393M
YoY Change -8.84% -28.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.417M $5.564M
YoY Change 15.33% 30.92%
Total Short-Term Liabilities $100.6M $92.55M
YoY Change 8.73% 0.51%
LONG-TERM LIABILITIES
Long-Term Debt $1.830B $1.749B
YoY Change 4.67% 7.16%
Other Long-Term Liabilities $1.836M $1.431M
YoY Change 28.3% 120.83%
Total Long-Term Liabilities $1.832B $1.750B
YoY Change 4.69% 7.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $100.6M $92.55M
Total Long-Term Liabilities $1.832B $1.750B
Total Liabilities $2.242B $2.261B
YoY Change -0.88% 6.67%
SHAREHOLDERS EQUITY
Retained Earnings $181.6M -$89.75M
YoY Change -302.38% -41.96%
Common Stock $904.2M $658.9M
YoY Change 37.22% 0.42%
Preferred Stock
YoY Change
Treasury Stock (at cost) $72.27M $45.56M
YoY Change 58.62% 6.73%
Treasury Stock Shares $7.276M $5.213M
Shareholders Equity $991.0M $504.1M
YoY Change
Total Liabilities & Shareholders Equity $3.233B $2.766B
YoY Change 16.89% 8.11%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $20.00M $10.51M
YoY Change 90.39% 16.85%
Depreciation, Depletion And Amortization $14.00M $12.63M
YoY Change 10.86% 13.51%
Cash From Operating Activities $15.00M -$483.0K
YoY Change -3205.59% -101.63%
INVESTING ACTIVITIES
Capital Expenditures $6.000M $3.977M
YoY Change 50.87% -32.95%
Acquisitions $277.9M
YoY Change -34.98%
Other Investing Activities $3.034M
YoY Change -1916.77%
Cash From Investing Activities -$8.000M -$293.4M
YoY Change -97.27% -30.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $20.00M $0.00
YoY Change
Debt Paid & Issued, Net $2.000M $557.8M
YoY Change -99.64% 52376.86%
Cash From Financing Activities -26.00M -7.772M
YoY Change 234.53% -101.88%
NET CHANGE
Cash From Operating Activities 15.00M -483.0K
Cash From Investing Activities -8.000M -293.4M
Cash From Financing Activities -26.00M -7.772M
Net Change In Cash -19.00M -301.6M
YoY Change -93.7% -1392.63%
FREE CASH FLOW
Cash From Operating Activities $15.00M -$483.0K
Capital Expenditures $6.000M $3.977M
Free Cash Flow $9.000M -$4.460M
YoY Change -301.79% -118.75%

Facts In Submission

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CY2017Q4 us-gaap Liabilities
Liabilities
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CY2018Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
3232712000
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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CY2018Q1 us-gaap Liabilities Current
LiabilitiesCurrent
100630000
CY2017Q4 us-gaap Liabilities Current
LiabilitiesCurrent
131305000
CY2018Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
100000000
CY2017Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
100000000
CY2018Q1 us-gaap Long Term Debt
LongTermDebt
1836828000
CY2018Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
6417000
CY2017Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
6417000
CY2018Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1800000000
CY2017Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1900000000
CY2018Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1830411000
CY2017Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
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CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-25564000
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-7772000
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7817000
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-293393000
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
14407000
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-483000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
19945000
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
10505000
CY2018Q1 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
149654000
CY2017Q1 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
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CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
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CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
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CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
50035000
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
43472000
CY2018Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
13171000
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
11256000
CY2018Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1836000
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1839000
CY2018Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
194000
CY2017Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
761000
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
560000
CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
93000
CY2018Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
15000
CY2017Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
3034000
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
19607000
CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4353000
CY2017Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1767000
CY2018Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
2500000
CY2017Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
8525000
CY2018Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
CY2017Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
277907000
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6280000
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3977000
CY2018Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6001000
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4681000
CY2018Q1 us-gaap Prepaid Taxes
PrepaidTaxes
22251000
CY2017Q4 us-gaap Prepaid Taxes
PrepaidTaxes
13791000
CY2018Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
CY2017Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
556438000
CY2018Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
41000
CY2017Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
50000
CY2018Q1 us-gaap Program Rights Obligations Noncurrent
ProgramRightsObligationsNoncurrent
3822000
CY2017Q4 us-gaap Program Rights Obligations Noncurrent
ProgramRightsObligationsNoncurrent
4277000
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
725170000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
719260000
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
343178000
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
350658000
CY2018Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1604000
CY2017Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
557829000
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
181639000
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
161694000
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
226258000
CY2017Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
203461000
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2157000
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1338000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2900000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
274746
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
274746
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.99
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.99
CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-3009000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
991039000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
992897000
CY2018Q1 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
1088793000
CY2017Q4 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
1066691000
CY2018Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
7276443
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
5535076
CY2018Q1 us-gaap Treasury Stock Value
TreasuryStockValue
72270000
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
49562000
CY2018Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
19607000
CY2018Q1 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=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:22.5pt;">The preparation of financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and related notes. Our actual experience and accordingly, our results could differ materially from these estimates. The most significant estimates we make relate to our allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, amortization of program broadcast rights and intangible assets, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies.</div></div></div>
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
89576000
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72519000
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
89058000
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71877000

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