GRAY TELEVISION INC GTN Cash Flow

Gray television inc (GTN)

CashFlow / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Operating activities
Net income (loss)
250,000	179,000	173,000	176,000	173,000	211,000	288,618	241,934	271,495	262,000	132,216	116,687	63,788	62,273	41,426	48,248	42,696	39,301	55,567	62,898	52,379	48,061	22,009	15,142	18,695	18,288	10,978	19,778	25,628	28,129	37,813	23,924	15,489	9,035	0	0	0
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation
81,000	80,000	73,000	67,000	60,000	54,000	54,445	53,530	53,371	52,000	50,241	48,650	47,426	45,923	44,043	41,903	39,040	36,712	35,556	34,430	32,662	30,248	27,932	25,728	24,680	24,096	23,563	23,264	23,042	23,133	23,349	24,154	25,076	26,183	0	0	0
Amortization of intangible assets
112,000	115,000	91,000	67,000	45,000	21,000	22,316	23,776	24,433	25,000	22,915	20,690	18,275	16,596	15,632	14,610	13,099	11,982	11,721	12,331	10,779	8,297	5,587	1,773	606	336	59	69	75	75	84	94	110	125	0	0	0
Amortization of deferred loan costs
12,000	12,000	11,000	9,000	7,000	5,000	4,534	4,691	4,849	5,000	4,686	4,926	4,964	4,884	4,462	3,864	3,466	3,194	3,208	3,173	3,077	2,970	2,826	2,474	2,184	1,903	1,699	2,040	2,381	2,723	3,012	3,012	2,978	2,943	0	0	0
Accretion of original issue discount and premium related to long-term debt, net
-	-	-	-	-	-	-	-	-	-1,000	-611	-652	-716	-779	-842	-863	-863	-863	-863	-863	-863	-863	-862	-579	-294	-9	318	589	858	1,127	1,353	1,353	1,353	1,353	0	0	0
Amortization of restricted stock and stock option awards
17,000	16,000	12,000	9,000	8,000	7,000	9,697	9,228	9,662	9,000	5,575	5,315	5,153	5,099	4,835	4,573	4,310	4,019	3,991	3,962	3,934	5,012	4,287	3,562	3,909	1,974	2,273	2,188	1,000	878	358	222	116	136	0	0	0
Amortization of program broadcast rights
38,000	39,000	35,000	30,000	26,000	21,000	21,556	21,765	20,778	21,000	20,419	20,027	19,827	19,001	18,149	17,009	15,749	14,960	14,481	14,113	13,565	12,871	12,102	11,622	11,443	11,367	11,323	11,267	11,160	11,081	11,046	11,547	12,409	13,484	0	0	0
Payments on program broadcast obligations
39,000	43,000	39,000	35,000	31,000	22,000	21,431	21,607	20,881	21,000	20,496	20,049	19,928	18,786	17,877	16,565	14,965	14,576	14,451	14,536	14,852	15,087	14,078	13,425	12,403	11,433	12,002	11,943	11,897	11,839	36,753	12,773	14,916	15,915	0	0	0
Common stock contributed to 401(k)
0	-	0	0	0	-	-	-	-	-	-	-	-	-	0	0	26	-	25	25	25	25	0	0	0	-	-	-	0	-	-	-	0	-	-	-	0
Deferred income taxes
61,000	55,000	13,000	24,000	20,000	23,000	-98,121	-120,732	-79,329	-78,000	87,172	77,803	42,828	41,386	28,065	31,148	27,763	25,770	36,645	41,140	33,983	30,938	13,517	9,715	12,373	13,165	9,805	15,112	18,581	19,229	23,699	14,669	8,785	5,085	0	0	0
Gain on disposal of assets, net
50,000	54,000	38,000	28,000	26,000	17,000	4,861	-799	75,527	74,000	74,744	76,050	-2,504	-329	548	654	1,550	-80	-800	-558	-274	-623	-1,206	-1,249	-1,124	-765	-367	-346	124	31	1,474	2,532	2,816	2,894	0	0	0
Loss from early extinguishment of debt
-	-	-	-	-	-	-	-	-	-3,000	-2,851	-34,838	-34,527	-31,987	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
-12,000	-11,000	9,000	11,000	5,000	5,000	3,828	3,051	3,239	3,000	3,619	3,468	2,044	1,788	1,931	1,650	5,349	2,542	497	647	-978	778	-1,257	-1,847	-3,580	-3,460	-576	1,300	2,007	1,806	-2,394	-1,536	-1,476	-1,815	0	0	0
Changes in operating assets and liabilities:
Accounts receivable
-36,000	-22,000	-26,000	-34,000	3,000	12,000	14,413	6,640	11,127	24,000	16,017	22,315	19,225	6,107	19,344	22,401	18,846	14,787	14,262	13,176	10,756	17,442	17,577	10,728	10,273	7,391	-1,781	1,218	1,208	389	5,166	4,646	-318	-2,401	0	0	0
Prepaid income taxes
-	-	-	-	-	-14,000	-9,311	10,010	6,661	-1,000	15,953	15,632	14,981	14,642	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Prepaid and other current assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other current assets
30,000	7,000	11,000	19,000	-9,000	3,000	-1,629	-2,507	-1,911	-1,000	0	0	0	-	-	-	-	3,705	-3,829	4,077	-6,628	-4,898	707	1,087	6,660	1,951	1,728	-389	-489	372	-843	-554	-408	-934	0	0	0
Accounts payable
6,000	-1,000	6,000	3,000	11,000	1,000	774	2,920	-1,153	2,000	-1,984	-1,021	-2,658	518	820	-135	-207	-141	-917	448	2,600	2,197	3,692	913	1,503	133	-642	-585	102	274	-982	-564	-855	-3,666	0	0	0
Employee compensation, benefits and pension cost
0	3,000	2,000	-5,000	-7,000	5,000	1,512	2,517	-160	-2,000	-366	-1,928	-1,314	871	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued network fees and other expenses
-13,000	-41,000	-34,000	-32,000	-14,000	7,000	2,519	3,462	555	3,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued interest
-2,000	3,000	42,000	12,000	25,000	8,000	-624	-83	-1,242	-6,000	9,519	12,510	-731	19,736	-11,816	1,309	-4,582	-4,907	-5,085	-933	4,671	4,920	13,381	2,262	9,032	2,489	-184	3,790	-1,118	2,275	-184	-173	44	108	0	0	0
Other current liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0	-	0	0	0
Income taxes payable
4,000	-6,000	31,000	-3,000	4,000	6,000	-29,763	14,420	6,952	6,000	3,189	3,745	2,033	2,145	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred revenue
-2,000	3,000	-2,000	3,000	5,000	0	8,177	-24	1,183	-1,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by operating activities
492,000	385,000	392,000	330,000	332,000	323,000	251,654	218,856	195,483	180,000	221,012	223,754	179,890	210,085	127,420	119,724	107,188	106,719	128,533	137,350	147,023	134,219	97,053	63,659	59,125	60,239	50,624	70,184	79,929	89,372	90,864	66,018	50,309	38,173	0	0	0
Investing activities
Acquisitions of television businesses and licenses, net of cash acquired
98,000	2,837,000	0	0	0	-	-	-	-	416,000	415,064	390,836	282,305	431,846	433,000	612,574	612,574	185,126	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of television stations
22,000	253,000	0	0	0	-	-	-	-	-	-	-	-	11,200	11,200	11,200	11,200	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of property and equipment
119,000	110,000	108,000	94,000	82,000	70,000	48,574	44,585	37,023	35,000	31,792	40,544	41,650	43,604	42,210	29,301	27,304	24,222	27,013	30,155	31,262	32,215	26,064	22,021	21,395	24,053	25,303	25,450	24,144	24,523	20,552	19,183	21,915	24,274	0	0	0
Proceeds from asset sales
2,000	3,000	0	0	0	-	-	-	-	0	1,202	1,195	1,179	2,979	4,929	4,924	4,918	3,115	457	612	574	1,508	1,238	1,095	1,187	236	959	949	1,592	1,586	2,019	3,072	3,331	3,324	0	0	0
Purchase of broadcast licenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-
Proceeds from FCC Repack (Note 1)
35,000	41,000	39,000	29,000	25,000	14,000	7,000	2,000	1,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition prepayments
0	-	0	0	0	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
7,000	6,000	0	0	0	-	-	-	-	-10,000	5,593	2,198	21,264	18,063	17,170	20,630	-147	149	128	141	290	0	0	0	0	-	-	-	-	240	228	28	254	332	0	0	0
Net cash used in investing activities
-118,000	-2,656,000	-2,660,000	-2,624,000	-2,601,000	-47,000	-46,666	41,217	-64,607	-350,000	-346,164	-444,114	-352,565	-479,334	-476,251	-646,381	-623,613	-206,382	-224,461	-175,007	-502,163	-501,892	-517,990	-382,181	-55,510	-60,527	-25,682	-26,130	-24,114	-23,306	-19,016	-16,515	-19,425	-21,869	0	0	0
Financing activities
Proceeds from borrowings on long-term debt
0	1,400,000	0	0	0	-	-	-	-	642,000	641,438	1,372,438	1,787,438	1,656,000	1,656,000	925,000	425,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of borrowings on long-term debt
207,000	211,000	11,000	44,000	42,000	40,000	41,963	6,567	7,171	563,000	561,037	1,234,433	1,656,766	1,100,000	1,100,000	425,000	1,063	0	69,865	71,466	249,515	249,623	0	0	0	-	-	-	-	856,292	24,323	24,323	30,323	21,323	0	0	0
Payments for the repurchase of common stock
38,000	32,000	10,000	-1,000	-1,000	19,000	20,000	20,000	24,000	4,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from issuance of common stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	167,313	0	0	0	-	-	-	-	280	0	0	0	-	-	-	-	-	-	-	-
Payment of preferred stock dividends
52,000	39,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred and other loan costs
0	50,000	0	0	0	-	-	-	-	5,000	5,026	16,361	23,841	27,926	27,881	16,559	8,699	-4	158	2,142	9,304	9,413	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Payment for taxes related to net share settlement of equity awards
6,000	4,000	5,000	5,000	3,000	5,000	4,233	4,233	4,233	2,000	1,767	1,767	1,767	1,452	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash (used in) provided by financing activities
-303,000	1,064,000	2,043,000	2,034,000	2,051,000	681,000	173,347	208,756	288,772	307,000	67,608	86,375	75,562	497,120	498,060	480,819	412,466	166,212	97,290	193,770	552,709	384,964	457,424	361,188	2,439	2,699	-27,317	-48,691	-49,936	-60,189	-35,288	-24,919	-25,545	-16,545	0	0	0
Net increase (decrease) in cash
71,000	-1,207,000	-977,000	-1,012,000	-970,000	205,000	378,335	468,829	419,648	137,000	-57,544	-133,985	-97,113	227,871	149,229	-45,838	-103,959	66,549	1,362	156,113	197,569	17,291	36,487	42,666	6,054	2,411	-2,375	-4,637	5,879	5,877	36,560	24,584	5,339	-241	0	0	0