0001437749-21-025194.txt : 20211104 0001437749-21-025194.hdr.sgml : 20211104 20211104090337 ACCESSION NUMBER: 0001437749-21-025194 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20211104 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20211104 DATE AS OF CHANGE: 20211104 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GRAY TELEVISION INC CENTRAL INDEX KEY: 0000043196 STANDARD INDUSTRIAL CLASSIFICATION: TELEVISION BROADCASTING STATIONS [4833] IRS NUMBER: 580285030 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13796 FILM NUMBER: 211378416 BUSINESS ADDRESS: STREET 1: 4370 PEACHTREE ROAD NE CITY: ATLANTA STATE: GA ZIP: 30319 BUSINESS PHONE: 4042668333 MAIL ADDRESS: STREET 1: 4370 PEACHTREE ROAD NE CITY: ATLANTA STATE: GA ZIP: 30319 FORMER COMPANY: FORMER CONFORMED NAME: GRAY COMMUNICATIONS SYSTEMS INC /GA/ DATE OF NAME CHANGE: 19950612 FORMER COMPANY: FORMER CONFORMED NAME: GRAY COMMUNICATIONS CORP DATE OF NAME CHANGE: 19911011 FORMER COMPANY: FORMER CONFORMED NAME: GRAY COMMUNICATIONS SYSTEMS INC DATE OF NAME CHANGE: 19880331 8-K 1 gtn20211103_8k.htm FORM 8-K gtn20211103_8k.htm
false 0000043196 0000043196 2021-11-04 2021-11-04 0000043196 gtn:ClassACommonStockCustomMember 2021-11-04 2021-11-04 0000043196 gtn:CommonStockCustomMember 2021-11-04 2021-11-04
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported) November 4, 2021 (November 4, 2021)
 
Gray Television, Inc.
(Exact Name of Registrant as Specified in Its Charter)
 
Georgia
(State or Other Jurisdiction of Incorporation)
 
001-13796
  
58-0285030
(Commission File Number)
  
(IRS Employer Identification No.)
 
 
4370 Peachtree Road, NE, Atlanta, Georgia
  
30319
(Address of Principal Executive Offices)
  
(Zip Code)
 
404-504-9828
(Registrant’s Telephone Number, Including Area Code)
 
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the act:
 
Title of each Class
  
Trading
Symbol(s)
  
Name of each exchange
on which registered
Class A common stock (no par value)
  
GTN.A
  
New York Stock Exchange
common stock (no par value)
  
GTN
  
New York Stock Exchange
 
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 
 
 
Item 2.02 - Results of Operations and Financial Condition.
 
On November 4, 2021, Gray Television, Inc. (the “Company”) issued a press release reporting its financial results for the three and nine-months ended September 30, 2021. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.
 
The information set forth under this Item 2.02 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
 
Item 9.01 Financial Statements and Exhibits.
 
(d)
Exhibits
 
99.1
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
Gray Television, Inc.
  
     
November 4, 2021
By:  
/s/ James C. Ryan
  
   
Name:  
James C. Ryan 
  
   
Title:  
Executive Vice President and
Chief Financial Officer
  
 
 
 EX-99.1 2 ex_301861.htm EXHIBIT 99.1 ex_301861.htm

Exhibit 99.1

 

graylogo01.jpg

 

NEWS RELEASE

 

Gray Reports Third Quarter Operating Results

 

Atlanta, Georgia – November 4, 2021. . . Gray Television, Inc. (“Gray,” “we,” “us” or “our”) (NYSE: GTN) today announced financial results for the third quarter ended September 30, 2021. We experienced strong momentum in the first nine months of 2021 and we believe it will continue throughout the remainder of the year. Key financial results were as follows:

 

●

Total revenue was $601 million in the third quarter of 2021, essentially unchanged from the third quarter of 2020. The primary components of revenue were: combined local and national broadcast advertising revenue of $292 million and retransmission consent revenue of $266 million, both of which significantly exceeded our expectations and guidance.

 

●

Net loss attributable to common stockholders for the third quarter of 2021 was $30 million, or $0.32 per fully diluted share. This resulted from non-cash losses of $53 million, in the third quarter, on the regulatory divestitures of television stations in overlap markets necessary to complete our recent and pending acquisitions. In addition, related to our recently completed and pending acquisitions, in the third quarter, we have incurred $11 million of incremental Transaction Related Expenses, as defined below.

 

●

Broadcast Cash Flow for the third quarter of 2021 was $204 million, decreasing $67 million, or 25%, from the third quarter of 2020. Our Adjusted EBITDA for the third quarter of 2021 was $186 million, a decrease of $75 million, or 29%, from the third quarter of 2020.

 

●

In the third quarter of 2021, our combined local and national broadcast revenue, excluding political advertising revenue (“Total Core Revenue”), was $292 million, increasing by $55 million, or 23% compared to the third quarter of 2020. Total Core Revenue increased as advertiser demand continued to recover. Gray's Total Core Revenue in the third quarter of 2021 increased by $18 million, or 7% over the third quarter of 2019, the most recent non-political and pre-pandemic year.

 

●

As of September 30, 2021, our total leverage ratio, as defined in our senior credit facility, was 4.16 times on a trailing eight-quarter basis, netting our total cash balance of $322 million and giving effect to all Transaction Related Expenses. As of September 30, 2021, the amount available under our revolving credit facility was $299 million. We are not subject to any maintenance covenants in our credit facilities at this time.

 

●

On August 2, 2021, we acquired all outstanding shares of Quincy Media, Inc. (“Quincy”) for an adjusted purchase price of $930 million in cash (the “Quincy Transaction”). Simultaneously, we completed the divestiture to Allen Media Broadcasting (“Allen”) of certain television stations in the seven markets in which we currently operate, for an adjusted purchase price of $398 million in cash, (the “Allen Transaction”), in order to facilitate regulatory approvals for the Quincy Transaction.

 

●

In order to facilitate regulatory approvals for our pending acquisition of Meredith Corporation’s Local Media Group (the “Meredith Transaction”), on September 23, 2021, we divested our existing television station WJRT (ABC) in the Flint-Saginaw, Michigan market (DMA 64), to Allen for an adjusted purchase price of $72 million in cash.

 

●

In connection with, and contingent upon the completion of the Meredith Transaction, we have agreed to complete certain financing transactions. Related to our Senior Credit Facility, we (1) agreed to incur a $1.5 billion incremental term loan under our senior credit facility, subject to market conditions at the time of financing and (2) agreed to amend and restate our existing revolving credit facility to increase our borrowing capacity under the facility from up to $300 million to up to $500 million, which will consist of (i) a $425 million five year revolving credit facility and (ii) a $75 million revolving credit facility with commitments expiring January 2, 2026. In addition, Gray Escrow II, Inc., our special purpose wholly-owned subsidiary, has agreed to issue $1.3 billion in aggregate principal amount of 5.375% senior unsecured notes due 2031 at par, which we intend to assume upon completion of the Meredith Transaction. The proceeds of the transactions mentioned above, after deducting transaction fees and estimated expenses, will be used to pay a portion of the consideration for the Meredith Transaction. As a result of these financings and at the time of closing, our average cost of capital for the Meredith Transaction is currently estimated to be 4.15%.

 

 

4370 Peachtree Road, NE, Atlanta, GA 30319 | P 404.504.9828 F 404.261.9607 | www.gray.tv

 

 
 

 

Selected Operating Data (unaudited), dollars in millions:

 

   

Three Months Ended September 30,

  
                   

% Change

            

% Change

  
                    2021 to             2021 to  
   

2021

    

2020

    

2020

    

2019

    

2019

  

Revenue (less agency commissions):

                                        

Broadcasting

   $ 581     $ 593       (2 )%   $ 501       16 %

Production companies

     20       11       82 %     16       25 %

Total revenue

   $ 601     $ 604       0 %   $ 517       16 %
                                         

Political advertising revenue

   $ 9     $ 128       (93 )%   $ 22       (59 )%
                                         

Operating expenses (1):

                                        

Broadcasting

   $ 384     $ 326       18 %   $ 316       22 %

Production companies

   $ 13     $ 8       63 %   $ 13       0 %

Corporate and administrative

   $ 32     $ 15       113 %   $ 14       129 %
                                         

Net (loss) income attributable to common stockholders

   $ (30 )   $ 109       (128 )%   $ 46       (165 )%
                                         

Non-GAAP Cash Flow (2):

                                        

Broadcast Cash Flow

   $ 204     $ 271       (25 )%   $ 192       6 %

Broadcast Cash Flow Less Cash Corporate Expenses

   $ 175     $ 260       (33 )%   $ 180       (3 )%

Free Cash Flow (2)

   $ (5 )   $ 139       (104 )%   $ 92       (105 )%

 

   

Nine Months Ended September 30,

  
                   

% Change

            

% Change

  
                   

2021 to

            

2021 to

  
   

2021

    

2020

    

2020

    

2019

    

2019

  

Revenue (less agency commissions):

                                        

Broadcasting

   $ 1,648     $ 1,557       6 %   $ 1,481       11 %

Production companies

     44       32       38 %     62       (29 )%

Total revenue

   $ 1,692     $ 1,589       6 %   $ 1,543       10 %
                                         

Political advertising revenue

   $ 24     $ 185       (87 )%   $ 30       (20 )%
                                         

Operating expenses (1):

                                        

Broadcasting

   $ 1,099     $ 985       12 %   $ 986       11 %

Production companies

   $ 39     $ 32       22 %   $ 57       (32 )%

Corporate and administrative

   $ 75     $ 47       60 %   $ 83       (10 )%
                                         

Net income attributable to common stockholders

   $ 22     $ 147       (85 )%   $ 46       (52 )%
                                         

Non-GAAP Cash Flow (2):

                                        

Broadcast Cash Flow

   $ 555     $ 575       (3 )%   $ 500       11 %

Broadcast Cash Flow Less Cash Corporate Expenses

   $ 489     $ 536       (9 )%   $ 424       15 %

Free Cash Flow (2)

   $ 107     $ 259       (59 )%   $ 165       (35 )%

 

(1)

Excludes depreciation, amortization and loss (gain) on disposal of assets.

(2)

See definition of non-GAAP terms and a reconciliation of the non-GAAP amounts to net (loss) income included elsewhere herein.

 

 

Gray Television, Inc.  
Earnings Release for the three and nine-month periods ended September 30, 2021 Page 2 of 14
 
 

 

Results of Operations for the Third Quarter of 2021, dollars in millions:

 

   

Three Months Ended September 30,

  
   

2021

    

2020

    

Amount

    

Percent

  
           

Percent

            

Percent

    

Increase

    

Increase

  
   

Amount

   

of Total

    

Amount

   

of Total

   

(Decrease)

    

(Decrease)

  

Revenue (less agency commissions):

                                                

Local (including internet/digital/mobile)

   $ 232       39 %   $ 188       31 %   $ 44       23 %

National

     60       10 %     49       8 %     11       22 %

Political

     9       2 %     128       21 %     (119 )     (93 )%

Retransmission consent

     266       44 %     217       36 %     49       23 %

Production companies

     20       3 %     11       2 %     9       82 %

Other

     14       2 %     11       2 %     3       27 %

Total

   $ 601       100 %   $ 604       100 %   $ (3 )     0 %
                                                 

Combined local and national revenue ("Total Core Revenue")

   $ 292       49 %   $ 237       39 %   $ 55       23 %
                                                 

Operating expenses (before depreciation, amortization and loss (gain) on disposal of assets):

                                                

Broadcasting:

                                                

Station expenses

   $ 229       60 %   $ 200       62 %   $ 29       15 %

Retransmission expense

     154       40 %     125       38 %     29       23 %

Transaction Related Expenses

     -       0 %     -       0 %     -          

Non-cash stock-based compensation

     1       0 %     1       0 %     -       0 %

Total broadcasting expense

   $ 384       100 %   $ 326       100 %   $ 58       18 %
                                                 

Production companies expense

   $ 13             $ 8             $ 5       63 %
                                                 

Corporate and administrative:

                                                

Corporate expenses

   $ 19       60 %   $ 10       66 %   $ 9       90 %

Transaction Related Expenses

     11       34 %     1       7 %     10       1000 %

Non-cash stock-based compensation

     2       6 %     4       27 %     (2 )     (50 )%

Total corporate and administrative expense

   $ 32       100 %   $ 15       100 %   $ 17       113 %

 

 

Gray Television, Inc.  
Earnings Release for the three and nine-month periods ended September 30, 2021 Page 3 of 14
 
 

 

Results of Operations for the Nine-Months Ended September 30, 2021, dollars in millions:

 

 

 

   

Nine Months Ended September 30,

  
   

2021

    

2020

    

Amount

    

Percent

  
           

Percent

            

Percent

    

Increase

    

Increase

  
   

Amount

   

of Total

    

Amount

   

of Total

   

(Decrease)

    

(Decrease)

  

Revenue (less agency commissions):

                                                

Local (including internet/digital/mobile)

   $ 657       39 %   $ 549       34 %   $ 108       20 %

National

     174       10 %     136       9 %     38       28 %

Political

     24       1 %     185       12 %     (161 )     (87 )%

Retransmission consent

     755       45 %     650       41 %     105       16 %

Production companies

     44       3 %     32       2 %     12       38 %

Other

     38       2 %     37       2 %     1       3 %

Total

   $ 1,692       100 %   $ 1,589       100 %   $ 103       6 %
                                                 

Combined local and national revenue ("Total Core Revenue")

   $ 831       49 %   $ 685       43 %   $ 146       21 %
                                                 

Operating expenses (before depreciation, amortization and (gain) loss on disposal of assets):

                                                

Broadcasting:

                                                

Station expenses

   $ 654       60 %   $ 610       62 %   $ 44       7 %

Retransmission expense

     444       40 %     371       38 %     73       20 %

Transaction Related Expenses

     -       0 %     -       0 %     -          

Non-cash stock-based compensation

     1       0 %     4       0 %     (3 )     (75 )%

Total broadcasting expense

   $ 1,099       100 %   $ 985       100 %   $ 114       12 %
                                                 

Production companies expense

   $ 39             $ 32             $ 7       22 %
                                                 

Corporate and administrative:

                                                

Corporate expenses

   $ 47       63 %   $ 38       81 %   $ 9       24 %

Transaction Related Expenses

     19       25 %     1       2 %     18       1800 %

Non-cash stock-based compensation

     9       12 %     8       17 %     1       13 %

Total corporate and administrative expense

   $ 75       100 %   $ 47       100 %   $ 28       60 %

 

 

Gray Television, Inc.  
Earnings Release for the three and nine-month periods ended September 30, 2021 Page 4 of 14
 
 

 

Transaction Related Expenses:

 

From time to time, we have incurred incremental expenses (“Transaction Related Expenses”) that were specific to acquisitions, divestitures and financing activities, including but not limited to legal and professional fees, severance and incentive compensation and contract termination fees. In addition, we have recorded certain non-cash stock-based compensation expenses. These expenses are summarized as follows, in millions:

 

   

Three Months Ended

    

Nine Months Ended

  
   

September 30,

    

September 30,

  
   

2021

    

2020

    

2021

    

2020

  

Transaction Related Expenses:

                                

Broadcasting

   $ -     $ -     $ -     $ -  

Corporate and administrative

     11       1       19       1  

Miscellaneous expense

     -       -       7       -  

Total Transaction Related Expenses

   $ 11     $ 1     $ 26     $ 1  
                                 

Total non-cash stock-based compensation

   $ 3     $ 5     $ 10     $ 12  

 

Taxes:

 

During the 2021 and 2020 nine-month periods, we made aggregate federal and state income tax payments of approximately $129 million and $50 million, respectively. In the third quarter of 2021 we made income tax payments of approximately $72 million related to the Quincy Divestiture. During the remainder of 2021, we anticipate making income tax payments (net of refunds) of approximately $18 million that will include approximately $17 million related to the Flint Divestiture. We have approximately $204 million of federal operating loss carryforwards, which expire during the years 2023 through 2037. We expect to have federal taxable income in the carryforward periods. We therefore believe that these federal operating loss carryforwards will be fully utilized. Additionally, we have an aggregate of approximately $567 million of various state operating loss carryforwards, of which we expect that approximately half will be utilized.

 

 

Gray Television, Inc.  
Earnings Release for the three and nine-month periods ended September 30, 2021 Page 5 of 14
 
 

 

Detailed table of operating results:

 

Gray Television, Inc.

Selected Operating Data (Unaudited)

(in millions, except for net income per share data)

 

   

Three Months Ended

    

Nine Months Ended

  
   

September 30,

    

September 30,

  
                                 
   

2021

    

2020

    

2021

    

2020

  
                                 

Revenue (less agency commissions):

                                

Broadcasting

   $ 581     $ 593     $ 1,648     $ 1,557  

Production companies

     20       11       44       32  

Total revenue (less agency commissions)

     601       604       1,692       1,589  

Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net:

                                

Broadcasting

     384       326       1,099       985  

Production companies

     13       8       39       32  

Corporate and administrative

     32       15       75       47  

Depreciation

     26       27       76       69  

Amortization of intangible assets

     28       26       81       78  

Loss (gain) on disposals of assets, net

     51       (10 )     46       (23 )

Operating expenses

     534       392       1,416       1,188  

Operating income

     67       212       276       401  

Other (expense) income:

                                

Miscellaneous (expense), net

     (1 )     (2 )     (7 )     (5 )

Interest expense

     (48 )     (45 )     (143 )     (143 )

Income before income taxes

     18       165       126       253  

Income tax expense

     35       43       65       67  

Net (loss) income

     (17 )     122       61       186  

Preferred stock dividends

     13       13       39       39  

Net (loss) income attributable to common stockholders

   $ (30 )   $ 109     $ 22     $ 147  
                                 

Basic per share information:

                                

Net (loss) income attributable to common stockholders

   $ (0.32 )   $ 1.15     $ 0.23     $ 1.52  

Weighted-average shares outstanding

     95       95       94       97  
                                 

Diluted per share information:

                                

Net (loss) income attributable to common stockholders

   $ (0.32 )   $ 1.14     $ 0.23     $ 1.52  

Weighted-average shares outstanding

     95       96       95       97  

 

 

Gray Television, Inc.  
Earnings Release for the three and nine-month periods ended September 30, 2021 Page 6 of 14
 
 

 

Guidance for the Three-Months Ending December 31, 2021:

 

Based on our current forecasts for the fourth quarter of 2021, we anticipate changes from the fourth quarter of 2020, excluding the pending Meredith Transaction, as outlined below:

 

●

Revenue, less agency commissions:
 

o

Local revenue will increase by 8% to 9% to approximately $240 to $243 million.
 

o

National revenue will increase by 10% to 13% to approximately $68 to $70 million.
 

●

Total Core Revenue will increase by 8% to 10% to approximately $308 to $313 million.
 

o

Political revenue will decrease by 95% to 96% to approximately $10 to $12 million.
 

o

Retransmission consent revenue will increase by 20% to 21% to approximately $261 to $263 million.
 

o

Total broadcasting revenue will decrease by 21% to 22% to approximately $593 to $603 million.
 

o

Production company revenue is expected to be approximately $27 to $28 million.

 

 

●

Operating expenses (before depreciation, amortization and (gain) loss on disposal of assets, net):
 

o

Broadcasting expenses will increase by 11% to 13%, to approximately $395 to $400 million. This increase primarily reflects an increase in retransmission expense by approximately $22 million. This increase also includes Transaction Related Expenses within a range of $2 to $3 million.
 

o

Production company expenses are expected to be approximately $20 to $21 million.
 

o

Corporate and administrative expenses will be approximately $25 to $30 million. This increase primarily reflects an increase in Transaction Related Expenses within a range of $3 to $4 million.

 

 

Other Financial Data, in millions:

 

   

Nine Months Ended September 30,

  
   

2021

    

2020

  
                 

Net cash provided by operating activities

   $ 283     $ 488  

Net cash used in investing activities

     (664 )     (129 )

Net cash used in financing activities

     (70 )     (104 )

Net (decrease) increase in cash

   $ (451 )   $ 255  

 

   

As of

  
   

September 30, 2021

    

December 31, 2020

  
                 

Cash

   $ 322     $ 773  

Long-term debt, including current portion

   $ 3,981     $ 3,974  

Borrowing availability under Revolving Credit Facility

   $ 299     $ 200  

Series A Perpetual Preferred Stock

   $ 650     $ 650  

 

 

Gray Television, Inc.  
Earnings Release for the three and nine-month periods ended September 30, 2021 Page 7 of 14
 
 

 

The Company

 

Gray Television, headquartered in Atlanta, Georgia, is the largest owner of top-rated local television stations and digital assets in the United States. Upon its anticipated completion of the Meredith Transaction, Gray will become the nation’s second largest television broadcaster, with television stations serving 113 markets that reach approximately 36 percent of US television households. The pro forma portfolio includes 79 markets with the top-rated television station and 101 markets with the first and/or second highest rated television station according to Comscore’s audience measurement data. Gray also owns video program production, marketing, and digital businesses including Raycom Sports, Tupelo Honey, and RTM Studios, the producer of PowerNation programs and content and is the majority owner of Swirl Films.

 

Cautionary Statements for Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act

 

This press release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the federal securities laws. These “forward-looking statements” are not statements of historical facts, and may include, among other things, statements regarding our estimates, expectations, intentions, projections, and beliefs of operating results for future periods, macroeconomic trends, the impact of COVID-19 on our future operating results, future income tax payments, pending transactions and other future events. Actual results are subject to a number of risks and uncertainties and may differ materially from the current expectations and beliefs discussed in this press release. All information set forth in this release is as of the date hereof. We do not intend, and undertake no duty, to update this information to reflect future events or circumstances. As such, caution should be taken to not place undue reliance on forward-looking statements. Information about certain potential factors that could affect our business and financial results and cause actual results to differ materially from those expressed or implied in any forward-looking statements are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual Report on Form 10-K for the year ended December 31, 2020, and may be contained in reports subsequently filed with the U.S. Securities and Exchange Commission and available at www.sec.gov.

 

Conference Call Information:

 

We will host a conference call to discuss our third quarter operating results on November 4, 2021. The call will begin at 11:00 AM Eastern Time. The live dial-in number is 1 (855) 493-3489 and the confirmation code is 8366927. The call will be webcast live and available for replay at www.gray.tv. The taped replay of the conference call will be available at 1 (855) 859-2056, Confirmation Code: 8366927 until December 4, 2021.

 

Gray Contacts:

 

Web site: www.gray.tv

 

Hilton H. Howell, Jr., Executive Chairman and Chief Executive Officer, 404-266-5513

 

Pat LaPlatney, President and Co-Chief Executive Officer, (334) 206-1400

 

Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828

 

Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333

 

 

Gray Television, Inc.  
Earnings Release for the three and nine-month periods ended September 30, 2021 Page 8 of 14
 
 

 

Effects of Acquisitions and Divestitures on Our Results of Operations and Non-GAAP Terms

 

From time to time, we supplement our financial results prepared in accordance with GAAP by disclosing the non-GAAP financial measures Broadcast Cash Flow, Broadcast Cash Flow Less Cash Corporate Expenses, Operating Cash Flow as defined in the Senior Credit Agreement, Free Cash Flow, Adjusted EBITDA and Total Leverage Ratio, Net of All Cash. These non-GAAP amounts are used by us to approximate amounts used to calculate key financial performance covenants contained in our debt agreements and are used with our GAAP data to evaluate our results and liquidity.

 

We define Broadcast Cash Flow as net income or loss plus loss on early extinguishment of debt, non-cash corporate and administrative expenses, non-cash stock-based compensation, depreciation and amortization (including amortization of intangible assets and program broadcast rights), any loss on disposal of assets, any miscellaneous expense, interest expense, any income tax expense, non-cash 401(k) expense, Broadcast Transactions Related Expenses and broadcast other adjustments less any gain on disposal of assets, any miscellaneous income, any income tax benefits and payments for program broadcast rights.

 

We define Broadcast Cash Flow Less Cash Corporate Expenses as net income or loss plus loss on early extinguishment of debt, non-cash stock-based compensation, depreciation and amortization (including amortization of intangible assets and program broadcast rights), any loss on disposal of assets, any miscellaneous expense, interest expense, any income tax expense, non-cash 401(k) expense, Transaction Related Expenses and other adjustments less any gain on disposal of assets, any miscellaneous income, any income tax benefits and payments for program broadcast rights.

 

We define Operating Cash Flow as defined in our Senior Credit Agreement as net income or loss plus loss on early extinguishment of debt, non-cash stock-based compensation, depreciation and amortization (including amortization of intangible assets and program broadcast rights), any loss on disposal of assets, any miscellaneous expense, interest expense, any income tax expense, non-cash 401(k) expense, Transaction Related Expenses, other adjustments, certain pension expenses, synergies and other adjustments less any gain on disposal of assets, any miscellaneous income, any income tax benefits, payments for program broadcast rights, pension income and contributions to pension plans.

 

Operating Cash Flow as defined in our Senior Credit Agreement gives effect to the revenue and broadcast expenses of all completed acquisitions and divestitures as if they had been acquired or divested, respectively, on September 30, 2019. It also gives effect to certain operating synergies expected from the acquisitions and related financings and adds back professional fees incurred in completing the acquisitions. Certain of the financial information related to the acquisitions has been derived from, and adjusted based on, unaudited, un-reviewed financial information prepared by other entities, which Gray cannot independently verify. We cannot assure you that such financial information would not be materially different if such information were audited or reviewed and no assurances can be provided as to the accuracy of such information, or that our actual results would not differ materially from this financial information if the acquisitions had been completed on the stated date. In addition, the presentation of Operating Cash Flow as defined in the Senior Credit Agreement and the adjustments to such information, including expected synergies resulting from such transactions, may not comply with GAAP or the requirements for pro forma financial information under Regulation S-X under the Securities Act of 1933.

 

We define Free Cash Flow as net income or loss plus loss on early extinguishment of debt, non-cash stock-based compensation, depreciation and amortization (including amortization of intangible assets and program broadcast rights), any loss on disposal of assets, any miscellaneous expense, any income tax expense, non-cash 401(k) expense, Transactions Related Expenses, broadcast other adjustments, certain pension expenses, synergies, other adjustments and amortization of deferred financing costs less any gain on disposal of assets, any miscellaneous income, any income tax benefits, payments for program broadcast rights, pension income, contributions to pension plans, preferred dividends, purchase of property and equipment (net of reimbursements) and income taxes paid (net of any refunds received).

 

 

Gray Television, Inc.  
Earnings Release for the three and nine-month periods ended September 30, 2021 Page 9 of 14
 
 

 

We define Adjusted EBITDA as net income or loss, plus loss on early extinguishment of debt, non-cash stock-based compensation, depreciation and amortization of intangible assets, any loss on disposal of assets, any miscellaneous expense, interest expense, any income tax expense, non-cash 401(k) expense, Transaction Related Expenses less any gain on disposal of assets, any miscellaneous income and any income tax benefits.

 

Our Total Leverage Ratio, Net of All Cash is determined by dividing our Adjusted Total Indebtedness, Net of All Cash, by our Operating Cash Flow as defined in our Senior Credit Agreement, divided by two. Our Adjusted Total Indebtedness, Net of All Cash, represents the total outstanding principal of our long-term debt, plus certain other obligations as defined in our Senior Credit Agreement, less all cash (excluding restricted cash). Our Operating Cash Flow, as defined in our Senior Credit Agreement, divided by two, represents our average annual Operating Cash Flow as defined in our Senior Credit Agreement for the preceding eight quarters.

 

We define Transaction Related Expenses as incremental expenses incurred specific to acquisitions and divestitures, including, but not limited to legal and professional fees, severance and incentive compensation, and contract termination fees. We present certain line-items from our selected operating data, net of Transaction Related Expenses, in order to present a more meaningful comparison between periods of our operating expenses and our results of operations.

 

These non-GAAP terms are not defined in GAAP and our definitions may differ from, and therefore may not be comparable to, similarly titled measures used by other companies, thereby limiting their usefulness. Such terms are used by management in addition to, and in conjunction with, results presented in accordance with GAAP and should be considered as supplements to, and not as substitutes for, net income and cash flows reported in accordance with GAAP.

 

 

Gray Television, Inc.  
Earnings Release for the three and nine-month periods ended September 30, 2021 Page 10 of 14
 
 

 

Reconciliation of Non-GAAP Terms, in millions:

 

   

Three Months Ended

  
   

September 30,

  
   

2021

    

2020

    

2019

  
                         

Net (loss) income

   $ (17 )   $ 122     $ 59  

Adjustments to reconcile from net (loss) income to Free Cash Flow:

                        

Depreciation

     26       27       20  

Amortization of intangible assets

     28       26       29  

Non-cash stock-based compensation

     3       5       5  

Loss (gain) on disposal of assets, net

     51       (10 )     (14 )

Miscellaneous expense, net

     1       2       -  

Interest expense

     48       45       57  

Income tax expense

     35       43       23  

Amortization of program broadcast rights

     9       9       10  

Payments for program broadcast rights

     (9 )     (9 )     (9 )

Corporate and administrative expenses before depreciation, amortization of intangible assets and non-cash stock-based compensation

     29       11       12  

Broadcast Cash Flow

     204       271       192  

Corporate and administrative expenses before depreciation, amortization of intangible assets and non-cash stock-based compensation

     (29 )     (11 )     (12 )

Broadcast Cash Flow Less Cash Corporate Expenses

     175       260       180  

Contributions to pension plans

     (4 )     (3 )     (3 )

Interest expense

     (48 )     (45 )     (57 )

Amortization of deferred financing costs

     3       3       3  

Preferred stock dividends

     (13 )     (13 )     (13 )

Common stock dividends

     (8 )     -       -  

Purchase of property and equipment (1)

     (22 )     (19 )     (29 )

Reimbursements of property and equipment purchases

     3       5       15  

Income taxes paid, net of refunds (2)

     (91 )     (49 )     (4 )

Free Cash Flow

   $ (5 )   $ 139     $ 92  

 

 

(1)

Excludes approximately $11 million related to the purchase of land in Doraville, Georgia.
 

(2)

Includes approximately $72 million of income tax payments related to the Quincy Divestiture.

 

 

Gray Television, Inc.  
Earnings Release for the three and nine-month periods ended September 30, 2021 Page 11 of 14
 
 

 

Reconciliation of Non-GAAP Terms, in millions:

 

   

Nine Months Ended

  
   

September 30,

  
   

2021

    

2020

    

2019

  
                         

Net income

   $ 61     $ 186     $ 85  

Adjustments to reconcile from net income to Free Cash Flow:

                        

Depreciation

     76       69       60  

Amortization of intangible assets

     81       78       86  

Non-cash stock-based compensation

     10       12       10  

Non-cash 401(k) expense

     1       -       -  

Loss (gain) on disposal of assets, net

     46       (23 )     (27 )

Miscellaneous expense (income), net

     7       5       (4 )

Interest expense

     143       143       173  

Income tax expense

     65       67       44  

Amortization of program broadcast rights

     26       28       30  

Payments for program broadcast rights

     (27 )     (29 )     (33 )

Corporate and administrative expenses before depreciation, amortization of intangible assets and non-cash stock-based compensation

     66       39       76  

Broadcast Cash Flow

     555       575       500  

Corporate and administrative expenses before depreciation, amortization of intangible assets and non-cash stock-based compensation

     (66 )     (39 )     (76 )

Broadcast Cash Flow Less Cash Corporate Expenses

     489       536       424  

Contributions to pension plans

     (4 )     (3 )     (3 )

Interest expense

     (143 )     (143 )     (173 )

Amortization of deferred financing costs

     9       9       9  

Preferred stock dividends

     (39 )     (39 )     (39 )

Common stock dividends

     (23 )     -       -  

Purchase of property and equipment (1)

     (63 )     (70 )     (73 )

Reimbursements of property and equipment purchases

     10       19       32  

Income taxes paid, net of refunds (2)

     (129 )     (50 )     (12 )

Free Cash Flow

   $ 107     $ 259     $ 165  

 

 

(1)

Excludes approximately $91 million related to the purchase of land in Doraville, Georgia.
 

(2)

Includes approximately $72 million of income tax payments related to the Quincy Divestiture.

 

 

Gray Television, Inc.  
Earnings Release for the three and nine-month periods ended September 30, 2021 Page 12 of 14
 
 

 

Reconciliation of Net (Loss) Income to Adjusted EBITDA and the Effect of Transaction Related Expenses and Certain Non-cash Expenses, in millions, except for per share information:

 

   

Three Months Ended

    

Nine Months Ended

  
   

September 30,

    

September 30,

  
   

2021

    

2020

    

2021

    

2020

  
                                 

Net (loss) income

   $ (17 )   $ 122     $ 61     $ 186  

Adjustments to reconcile from net income to Adjusted EBITDA:

                                

Depreciation

     26       27       76       69  

Amortization of intangible assets

     28       26       81       78  

Non-cash stock-based compensation

     3       5       10       12  

Loss (gain) on disposal of assets, net

     51       (10 )     46       (23 )

Miscellaneous expense, net

     1       2       7       5  

Interest expense

     48       45       143       143  

Income tax expense

     35       43       65       67  

Total

     175       260       489       537  

Add: Transaction Related Expenses (1)

     11       1       19       1  

Adjusted EBITDA

   $ 186     $ 261     $ 508     $ 538  
                                 

Net (loss) income attributable to common stockholders

   $ (30 )   $ 109     $ 22     $ 147  

Add: Transaction Related Expenses and non-cash stock-based compensation

     14       6       29       13  

Less: Income tax expense related to Transaction Related Expenses and non-cash stock-based compensation

     (4 )     (2 )     (7 )     (3 )

Net (loss) income attributable to common stockholders - excluding Transaction Related Expenses and non-cash stock-based compensation

   $ (20 )   $ 113     $ 44     $ 157  
                                 

Net (loss) income attributable to common stockholders per common share, diluted - excluding Transaction Related Expenses and non-cash stock-based compensation

   $ (0.21 )   $ 1.18     $ 0.46     $ 1.62  
                                 

Diluted weighted-average shares outstanding

     95       96       95       97  

 

 

(1)

Excludes $7 million of Transaction Related Expenses included in miscellaneous (expense) income, net for the nine-month period ended September 30, 2021.

 

 

Gray Television, Inc.  
Earnings Release for the three and nine-month periods ended September 30, 2021 Page 13 of 14
 
 

 

Reconciliation of Total Leverage Ratio, Net of All Cash, dollars in millions:

 

   

Eight Quarters Ended

  
   

September 30, 2021

  
         

Net income

   $ 566  

Adjustments to reconcile from net income to operating cash flow as defined in our Senior Credit Agreement:

        

Depreciation

     192  

Amortization of intangible assets

     215  

Non-cash stock-based compensation

     32  

Gain disposals of assets, net

     (9 )

Interest expense

     387  

Loss from early extinguishment of debt

     12  

Income tax expense

     230  

Amortization of program broadcast rights

     78  

Common stock contributed to 401(k) plan

     12  

Payments for program broadcast rights

     (79 )

Pension gain

     (3 )

Contributions to pension plans

     (7 )

Adjustments for unrestricted subsidiaries

     1  

Adjustments for stations acquired or divested, financings and expected synergies during the eight quarter period

     120  

Transaction Related Expenses

     36  

Operating Cash Flow as defined in our Senior Credit Agreement

   $ 1,783  

Operating Cash Flow as defined in our Senior Credit Agreement, divided by two

   $ 892  
         

 

   

September 30, 2021

  

Adjusted Total Indebtedness:

        

Total outstanding principal, including current portion

   $ 4,035  

Cash

     (322 )

Adjusted Total Indebtedness, Net of All Cash

   $ 3,713  
         

Total Leverage Ratio, Net of All Cash

     4.16  

 

 

Gray Television, Inc.  
Earnings Release for the three and nine-month periods ended September 30, 2021 Page 14 of 14
 
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Document And Entity Information
Nov. 04, 2021
Document Information [Line Items]  
Entity, Registrant Name Gray Television, Inc.
Document, Type 8-K
Document, Period End Date Nov. 04, 2021
Entity, Incorporation, State or Country Code GA
Entity, File Number 001-13796
Entity, Tax Identification Number 58-0285030
Entity, Address, Address Line One 4370 Peachtree Road, NE
Entity, Address, City or Town Atlanta
Entity, Address, State or Province GA
Entity, Address, Postal Zip Code 30319
City Area Code 404
Local Phone Number 504-9828
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0000043196
ClassACommonStock Custom [Member]  
Document Information [Line Items]  
Title of 12(b) Security Class A common stock
Trading Symbol GTN.A
Security Exchange Name NYSE
CommonStock Custom [Member]  
Document Information [Line Items]  
Title of 12(b) Security common stock
Trading Symbol GTN
Security Exchange Name NYSE
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