$1.1 B

GTN Mkt cap, 14-Jun-2018

$226.3 M

Gray Television Revenue Q1, 2018
Gray Television Net income (Q1, 2018)19.9 M
Gray Television EBIT (Q1, 2018)50 M
Gray Television Cash, 31-Mar-2018443.4 M
Gray Television EV646 M

Gray Television Financials

Gray Television Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

346.3 m508.1 m597.4 m812.5 m882.7 m

Revenue growth, %

47%18%36%

Depreciation and amortization

25.1 m

EBIT

83.9 m153.8 m140.1 m234.1 m291.2 m

EBIT margin, %

24%30%23%29%33%

Interest expense

52.4 m68.9 m74.4 m97.2 m95.3 m

Pre tax profit

31.4 m79.8 m65.7 m105.7 m193.3 m

Income tax expense

13.1 m31.7 m26.4 m43.4 m(68.7 m)

Net Income

18.3 m48.1 m39.3 m62.3 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Revenue

88.3 m91.3 m107.2 m131.7 m133.3 m143.5 m151 b173.7 m196.6 m204.5 m203.5 m226.7 m226.3 m

Depreciation and amortization

5.4 m

EBIT

24.2 m17.4 m23.2 m41.2 m28.1 m38.8 m29.3 m36.1 m53.7 m60.5 m43.6 m142.6 m50 m

EBIT margin, %

27%19%22%31%21%27%0%21%27%30%21%63%22%

Interest expense

12.7 m15.3 m15.8 m18.6 m18.5 m18.6 m18.6 m21.3 m24.3 m27.9 m23.2 m23.8 m24.3 m

Pre tax profit

11.6 m2.1 m2.5 m22.5 m9.5 m20.2 m10.7 m15.4 m29.6 m584 k17.8 m118.5 m26.3 m

Income tax expense

4.5 m859 k876 k8.6 m3.9 m8.1 m4.1 m6.4 m11.9 m797 k7.3 m47.9 m6.4 m

Net Income

7.1 m1.3 m1.6 m13.9 m5.6 m12.1 m6.6 m9 m17.7 m(213 k)10.5 m70.6 m19.9 m

Gray Television Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

13.5 m30.8 m97.3 m325.2 m462.4 m

Accounts Receivable

Inventories

Current Assets

130.6 m168.3 m285.5 m536.3 m666.8 m

PP&E

143.6 m221.8 m234.5 m326.1 m350.7 m

Goodwill

184.4 m374.4 m423.2 m485.3 m611.1 m

Total Assets

1.3 b1.9 b2.1 b2.8 b3.3 b

Accounts Payable

2.3 m4.6 m4.5 m5.3 m

Short-term debt

224 k224 k

Current Liabilities

63.1 m80 m87.6 m119.4 m

Long-term debt

Total Liabilities

2.3 b

Common Stock

483.1 m486.3 m19.3 m658.1 m

Retained Earnings

(251 m)(202.9 m)(163.6 m)(101.4 m)

Total Equity

429.3 m492.9 m

Financial Leverage

5 x5.6 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Cash

43.3 m27 m66.1 m79.8 m224.6 m222.2 m81.2 m120.7 m176.3 m230.4 m23.5 m42.4 m443.4 m

Current Assets

130.9 m147.1 m199 m233.7 m355.8 m360.4 m228.1 m323.2 m397.4 m467.6 m212.2 m329.4 m649.6 m

PP&E

135.3 m139.6 m191.4 m217.1 m213.8 m210.2 m229.4 m322.8 m320.7 m328.6 m340 m346.5 m343.2 m

Goodwill

170.5 m184.4 m320.1 m372 m375 m375 m398.2 m484.7 m485.6 m485.6 m571.7 m610.5 m611.1 m

Total Assets

1.3 b1.3 b1.7 b1.9 b2 b2 b2.1 b2.6 b2.6 b2.7 b2.8 b3 b3.2 b

Accounts Payable

1.5 m3.2 m2.8 m5.3 m6 m3.2 m4.4 m6.1 m3.4 m5.5 m3.4 m2.7 m3.1 m

Short-term debt

203 k5.5 m6.5 m4.3 m5.6 m6.4 m6.4 m

Current Liabilities

54.6 m70.4 m69.6 m113.7 m79 m55.4 m91.7 m92.1 m74 m97.6 m92.6 m99.2 m100.6 m

Long-term debt

833.1 m1.2 b1.6 b1.7 b1.8 b

Total Debt

833.1 m203 k5.5 m6.5 m1.2 b1.6 b1.7 b5.6 m1.8 b6.4 m

Total Liabilities

1.1 b1.2 b1.5 b1.7 b1.7 b1.6 b1.7 b2.1 b2.2 b2.3 b2.3 b2.4 b2.2 b

Common Stock

482.8 m484.5 m485.1 m485.7 m654.4 m654.6 m18.7 m19.9 m20.5 m21.1 m658.9 m659.6 m904.2 m

Retained Earnings

(256.2 m)(249.7 m)(248.1 m)(234.2 m)(197.3 m)(185.2 m)(178.6 m)(154.6 m)(137 m)(137.2 m)(89.8 m)(19.2 m)181.6 m

Total Equity

409.7 m417.2 m438.1 m457 m458.1 m504.1 m572.1 m991 m

Financial Leverage

5 x5 x5.8 x5.8 x5.9 x5.5 x5.2 x3.3 x

Gray Television Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

18.3 m48.1 m39.3 m62.3 m262 m

Depreciation and Amortization

336 k8.3 m12 b62.5 m52 m

Accounts Receivable

(7.4 m)(17 m)(15 m)(6.1 m)(23.7 m)

Inventories

Accounts Payable

133 k2.2 m(141 k)518 k2.1 m

Cash From Operating Activities

60.2 m134.2 m105.6 m206.6 m180 m

Purchases of PP&E

(24.1 m)(32.2 m)(24.2 m)(43.6 m)(34.5 m)

Cash From Investing Activities

(60.5 m)(501.9 m)(206.4 m)(479.3 m)(349.8 m)

Cash From Financing Activities

2.7 m385 m167.3 m500.6 m307 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q1, 2018

Net Income

7.1 m1.3 m1.6 m13.9 m5.6 m17.7 m24.3 m9 b17.7 b(213 m)10.5 m19.9 m

Depreciation and Amortization

6 m6.7 m8.2 m12.1 m11.6 m23.1 m35.6 m3.9 b4.2 b4.2 b5.6 m19.1 m

Accounts Receivable

3 m

Accounts Payable

2.8 m5.3 m6 m(1.4 m)(233 k)6.1 m3.4 m5.5 m3.4 m(4.8 m)

Cash From Operating Activities

32.5 m82.7 m14.4 m

Purchases of PP&E

(8.4 m)(15.3 m)(6.3 m)

Cash From Investing Activities

(8.4 m)(199.6 m)(7.8 m)

Cash From Financing Activities

167.4 m167.3 m(25.6 m)

Gray Television Ratios

USDY, 2018

EV/EBIT

12.9 x

EV/CFO

44.8 x

Financial Leverage

3.3 x
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Gray Television Operating Metrics

Q1, 2014Q2, 2014Q3, 2014FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017

ABC Network Affiliates

9 14 16 16 16 16 19 19 19 19 19 20

CBS Network Affiliates

24 27 26 26 26 30 35 35 35 36 36 37

FOX Network Affiliates

5 10 10 10 10 13 14 13 13 14 14 15

NBC Network Affiliates

14 24 24 24 24 22 26 26 26 27 27 29

Secondary Channels

60 80 100

Separate Programming Streams

110 139 139 140 140 150 175 180 180 185 190 200 200

Television Markets

34 42 44 44 44 45 50 50 50 51 51 57 54
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