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Gray Television, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $950 million from $803 million in the same quarter the previous year. This increase is attributed to a rise in political advertising revenue and production company revenue.
Broadcasting expenses for the quarter were $571 million, representing a 3% increase from the previous year. This increase is due to higher payroll expenses.
The company reported an operating income of $250 million for the quarter, compared to $84 million in the previous year, with the increase attributed to higher revenue.
Interest expense increased to $130 million from $111 million, primarily due to higher interest rates on floating rate debt.
Net income for the quarter was $96 million, compared to a net loss of $40 million in the previous year. After preferred dividends, net income attributable to common stockholders was $83 million, compared to a net loss of $53 million in the previous year.
Cash provided by operating activities was $383 million, while cash used in investing and financing activities was $10 million and $345 million, respectively.
Gray had a working capital of $576 million as of September 30, 2024. The company anticipates sufficient liquidity to meet future obligations.
The filing details refinancing activities, including the issuance of $1.25 billion in 2029 Notes and a $500 million term loan, used to repay existing debt.
Gray does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on reducing debt and extending debt maturities, with a goal of reducing total indebtedness by $500 million in 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Gray Television Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.