Cash (USD, millions)

Accounts receivable, less allowance for credit losses (USD, millions)

Current portion of program broadcast rights, net (USD, millions)

Income tax refund receivable (USD, millions)

Prepaid income taxes (USD, millions)

Prepaid and other current assets (USD, millions)

Total current assets (USD, millions)

Property and equipment, net (USD, millions)

Operating leases right of use asset (USD, millions)

Broadcast licenses (USD, millions)

Goodwill (USD, millions)

Other intangible assets, net (USD, millions)

Investments in broadcasting, production and technology companies (USD, millions)

Deferred pension asset (USD, millions)

Other Assets (USD, millions)

Total assets (USD, millions)

Accounts payable (USD, millions)

Employee compensation and benefits (USD, millions)

Accrued interest (USD, millions)

Accrued network programming fees (USD, millions)

Other accrued expenses (USD, millions)

Federal and state income taxes (USD, millions)

Current portion of program broadcast obligations (USD, millions)

Deferred revenue (USD, millions)

Dividends payable (USD, millions)

Current portion of operating lease liabilities (USD, millions)

Current portion of long-term debt (USD, millions)

Total current liabilities (USD, millions)

Long-term debt, less current portion and deferred financing costs (USD, millions)

Program broadcast obligations, less current portion (USD, millions)

Deferred income taxes (USD, millions)

Operating lease liabilities, less current portion (USD, millions)

Other Liabilities (USD, millions)

Total liabilities (USD, millions)

Series A Perpetual Preferred Stock (USD, millions)

Common stock (USD, millions)

Class A common stock (USD, millions)

Retained earnings (USD, millions)

Accumulated other comprehensive loss, net of income tax benefit (USD, millions)

Treasury stock at cost, common stock (USD, millions)

Treasury stock at cost, class A common stock (USD, millions)

Total stockholders’ equity (USD, millions)

Total liabilities and stockholders’ equity (USD, millions)

766358e707d8c321c996b7d199b5243e34ef6486495d515fa13f7cd9aa567860

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?

bd984d75595174864954ca3bf621e8c9cebf56fe4058609b51b89862d457ea6e

Gray Television Inc (GTN)

Financials