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In Q3 2023, **GTN’s cash was low at $21 million** primarily due to a **net decrease in cash of $40 million** over the first nine months of 2023. This decrease was driven by a combination of factors: **lower net income** (a decrease of **$336 million**), **increased repayments of long-term debt** (rising to **$281 million** compared to **$161 million** previously), and significant investing outflows, despite partially offsetting changes in working capital and non-cash impairments. These factors collectively led to the reduced cash balance compared to the **$61 million** at the end of 2022.  **[0001437749-23-030854_gtn20230930_10q.htm:27]** 

Why was Cash so low in Q3 2023?

The decline in Q3 2023 was primarily due to a significant reduction in current assets—with cash dropping from **$61 million to $21 million** and accounts receivable from **$650 million to $339 million**—as well as decreases in goodwill and other intangible assets and a slight reduction in broadcast licenses. In addition, **$288 million in capital expenditures** contributed to the overall decline in total assets.  **[0001437749-23-030854_gtn20230930_10q.htm:2]** **[0001437749-23-030854_gtn20230930_10q.htm:21]** 

Why did Total assets decline in Q3 2023?

The decrease in long-term debt in Q1 2023 was primarily driven by the **repayment of the 2017 Term Loan** under the 2019 Senior Credit Facility, where Gray Television repaid **$295 million**, along with minor adjustments related to deferred financing costs and other factors.  **[0001437749-23-012741_gtn20230331_10q.htm:22]** **[0001437749-23-012741_gtn20230331_10q.htm:11]** 

Why did Long-term debt decrease in Q1 2023?

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Total Revenue (less agency commissions) (USD, millions)

Operating Expenses (USD, millions)

Operating Income (USD, millions)

Miscellaneous Income (Expense), Net (USD, millions)

Interest Expense (USD, millions)

Loss from Early Extinguishment of Debt (USD, millions)

Income (Loss) before Income Taxes (USD, millions)

Income Tax Expense (Benefit) (USD, millions)

Net Income (Loss) (USD, millions)

Preferred Stock Dividends (USD, millions)

Net Income (Loss) Attributable to Common Stockholders (USD, millions)

c751664988fcf2f124730d63f44fe8e596673275962ed978a4514d134fe1a808

Net cash provided by operating activities [USD, millions]

Net cash provided by (used in) investing activities [USD, millions]

Net cash (used in) provided by financing activities [USD, millions]

Net increase (decrease) in cash [USD, millions]

189607b65e67e23ea0321f48d4cef87c08c1fbb6c2a848997e402e894da278e8

Cash (USD, millions)

Series A Perpetual Preferred Stock (USD, millions)

79be18ff634256074c512a90cf61fb7d423d0df15881ebfa0064065f129b8749

Gray Media Inc (GTN)

Financials