2021 Q4 Form 10-K Financial Statement

#000143774922004412 Filed on February 25, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $721.0M $2.413B $792.0M
YoY Change -8.96% 1.34% 36.79%
Cost Of Revenue $472.0M $1.610B $375.0M
YoY Change 25.87% 22.62% 7.45%
Gross Profit $249.0M $803.0M $417.0M
YoY Change -40.29% -24.81% 81.3%
Gross Profit Margin 34.54% 33.28% 52.65%
Selling, General & Admin $84.00M $159.0M $18.00M
YoY Change 366.67% 144.62% -14.29%
% of Gross Profit 33.73% 19.8% 4.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $76.00M $104.0M $64.00M
YoY Change 18.75% 8.33% 10.34%
% of Gross Profit 30.52% 12.95% 15.35%
Operating Expenses $148.0M $2.032B $72.00M
YoY Change 105.56% 24.74% 2.86%
Operating Profit $101.0M $381.0M $351.0M
YoY Change -71.23% -49.34% 95.0%
Interest Expense -$62.00M -$205.0M -$48.00M
YoY Change 29.17% 7.33% -11.11%
% of Operating Profit -61.39% -53.81% -13.68%
Other Income/Expense, Net -$1.000M -$8.000M $0.00
YoY Change 60.0%
Pretax Income $42.00M $168.0M $291.0M
YoY Change -85.57% -69.12% 130.95%
Income Tax $13.00M $78.00M $67.00M
% Of Pretax Income 30.95% 46.43% 23.02%
Net Earnings $29.00M $90.00M $224.0M
YoY Change -87.05% -78.05% 138.3%
Net Earnings / Revenue 4.02% 3.73% 28.28%
Basic Earnings Per Share $0.40 $2.24
Diluted Earnings Per Share $295.9K $0.40 $2.22
COMMON SHARES
Basic Shares Outstanding 95.00M
Diluted Shares Outstanding 95.00M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $189.0M $189.0M $773.0M
YoY Change -75.55% -75.55% 264.62%
Cash & Equivalents $189.0M $773.0M
Short-Term Investments
Other Short-Term Assets $129.0M $129.0M $85.00M
YoY Change 51.76% 51.76% 73.47%
Inventory
Prepaid Expenses
Receivables $624.0M $624.0M $425.0M
Other Receivables $21.00M $21.00M $21.00M
Total Short-Term Assets $963.0M $963.0M $1.304B
YoY Change -26.15% -26.15% 94.05%
LONG-TERM ASSETS
Property, Plant & Equipment $1.165B $1.235B $737.0M
YoY Change 58.07% 55.54% 1.66%
Goodwill $2.649B $1.460B
YoY Change 81.44% 0.97%
Intangibles
YoY Change
Long-Term Investments $117.0M $117.0M $72.00M
YoY Change 62.5% 62.5% 323.53%
Other Assets $16.00M $16.00M $39.00M
YoY Change -58.97% -58.97% 34.48%
Total Long-Term Assets $10.15B $10.15B $6.339B
YoY Change 60.04% 60.04% 0.62%
TOTAL ASSETS
Total Short-Term Assets $963.0M $963.0M $1.304B
Total Long-Term Assets $10.15B $10.15B $6.339B
Total Assets $11.11B $11.11B $7.643B
YoY Change 45.34% 45.34% 9.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $59.00M $59.00M $10.00M
YoY Change 490.0% 490.0% -9.09%
Accrued Expenses $44.00M $236.0M $29.00M
YoY Change 51.72% 43.03% -9.38%
Deferred Revenue $14.00M $22.00M
YoY Change -36.36% 144.44%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $15.00M $15.00M $0.00
YoY Change
Total Short-Term Liabilities $384.0M $384.0M $255.0M
YoY Change 50.59% 50.59% 3.66%
LONG-TERM LIABILITIES
Long-Term Debt $6.740B $6.740B $3.974B
YoY Change 69.6% 69.6% 7.49%
Other Long-Term Liabilities $14.00M $106.0M $27.00M
YoY Change -48.15% -15.87% 80.0%
Total Long-Term Liabilities $6.754B $6.846B $4.001B
YoY Change 68.81% 66.98% 7.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $384.0M $384.0M $255.0M
Total Long-Term Liabilities $6.754B $6.846B $4.001B
Total Liabilities $8.701B $8.701B $5.240B
YoY Change 66.05% 66.05% 7.86%
SHAREHOLDERS EQUITY
Retained Earnings $869.0M $862.0M
YoY Change 0.81% 71.03%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $223.0M $188.0M
YoY Change 18.62% 75.7%
Treasury Stock Shares $16.75M $14.96M
Shareholders Equity $1.757B $2.407B $1.753B
YoY Change
Total Liabilities & Shareholders Equity $11.11B $11.11B $7.643B
YoY Change 45.34% 45.34% 9.62%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $29.00M $90.00M $224.0M
YoY Change -87.05% -78.05% 138.3%
Depreciation, Depletion And Amortization $76.00M $104.0M $64.00M
YoY Change 18.75% 8.33% 10.34%
Cash From Operating Activities $17.00M $300.0M $164.0M
YoY Change -89.63% -53.99% 26.15%
INVESTING ACTIVITIES
Capital Expenditures -$53.00M $207.0M -$40.00M
YoY Change 32.5% 88.18% 8.11%
Acquisitions $3.765B
YoY Change 4037.36%
Other Investing Activities -$2.817B $2.000M -$42.00M
YoY Change 6607.14% -255.56%
Cash From Investing Activities -$2.870B -$3.534B -$82.00M
YoY Change 3400.0% 1574.88% 720.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $30.00M
YoY Change -60.0%
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities 2.720B $2.650B 224.0M
YoY Change 1114.29% 2108.33% -195.73%
NET CHANGE
Cash From Operating Activities 17.00M $300.0M 164.0M
Cash From Investing Activities -2.870B -$3.534B -82.00M
Cash From Financing Activities 2.720B $2.650B 224.0M
Net Change In Cash -133.0M -$584.0M 306.0M
YoY Change -143.46% -204.1% -368.42%
FREE CASH FLOW
Cash From Operating Activities $17.00M $300.0M $164.0M
Capital Expenditures -$53.00M $207.0M -$40.00M
Free Cash Flow $70.00M $93.00M $204.0M
YoY Change -65.69% -82.84% 22.16%

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CY2020 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Repayments Of Lines Of Credit
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CY2019 us-gaap Payments Of Dividends Common Stock
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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212000000 USD
CY2021Q4 gtn Number Of Television Markets
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113 pure
CY2021Q4 gtn Percent Of Us Television Households Reached
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0.36 Rate
CY2021Q4 gtn Number Of Television Markets With Toprated Stations
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80 pure
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 27pt;"><i>Use of Estimates. </i>The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“United States GAAP”, or “GAAP”) 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 credit losses 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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
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CY2019 gtn Payments To Acquire Broadcasting Equipment
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20000000 USD
CY2021 gtn Payments For Assembly Atlanta Development
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CY2019 gtn Payments For Assembly Atlanta Development
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CY2021Q4 us-gaap Asset Retirement Obligation
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CY2020Q4 us-gaap Asset Retirement Obligation
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CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 27pt;"><i>Concentration of Credit Risk. </i>We sell advertising airtime 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’s financial condition, and generally advance payment is <em style="font: inherit;">not</em> 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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 27pt;">We derived a material portion of our non-political broadcast advertising revenue from advertisers in a limited number of industries, particularly the services sector, comprising financial, legal and medical advertisers, and the automotive industry. The services sector has become an increasingly important source of advertising revenue over the past few years. During the years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2020</em> and <em style="font: inherit;">2019</em> approximately 29%, 28% and 25%, respectively, of our broadcast advertising revenue (excluding political advertising revenue) was obtained from advertising sales to the services sector. During the years ended <em style="font: inherit;"> December 31, 2021, </em><em style="font: inherit;">2020</em> and <em style="font: inherit;">2019</em> approximately 17%, 21% and 25%, respectively, of our broadcast advertising revenue (excluding political advertising revenue) was obtained from advertising sales to automotive customers. Although our revenues can be affected by changes within our customer base, we believe this risk is in part mitigated due to the fact that <em style="font: inherit;">no</em> <em style="font: inherit;">one</em> customer accounted for in excess of <em style="font: inherit;">5%</em> 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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
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0
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95000000
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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97000000
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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100000000
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4.54
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2.09
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21000000 USD
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