Slide 1: Investor Presentation April 2015
Exhibit 99.1 Television Gray April NYSE:GTN Television, 2015 DigitalInc. Mobile Investor Presentation
Slide 2: Disclaimer
Television Disclaimer Certain securities different implied subsequently See expenses, 2Graythe Television, appendix statements by from laws. operating Digital any filed any forward-looking Such Inc. toMobile with future inthis cash forward-looking this the presentation flow results, presentation SEC
Slide 3: An Overview
Television Gray An Overview IndustryDigital LeadingMobile Power
Slide 4: Ranked #1 or #2 in markets, reaching approximately 8% of US households
Television Ranked Reaching Reno, Lincoln, La Madison, Rockford, Parkersburg, Harrisonburg, Lexington, Bowling Knoxville, Dothan, Waco-Temple Colorado Charlottesville, Grand Wausau Rhinelander, Charleston-Huntington, South Albany, Laredo, Cheyenne, Casper, Bismarck, Sioux North Rapid Great Flint, Top
Slide 5: Significant scale poised for long-term success
Television Significant Net 2014 140 10 FOX 76 77 channels: 26 CBS 3c44 abc 14 13 24 2NBC network (1)Pro Prior 5Gray hannels:12/31/17 markets “Big stations markets channels: Revenue program Television, to PFForma the 4” affiliations (in with Digital 8/31/19 network Scale with pending millions)(1) str
Slide 6: The price of being #1
Television The Price Network Share Dominate #1 Greater Deliver Maximize Exploit Attract Leverage Source: Gray Stations Importance Television, Leadership ofand best purchasing higher Nielsen Market and new local free Digital retain Can practices News Washington margins cash and secure of Media Ad Inc
Slide 7: Only pure-play TV broadcaster with a Washington News Bureau
Television 41 28 Only News Washington Prior Gray of Television, Dominates to pure-play 44 Bureau the markets Digital pending TVthe Inc. with Mobile broadcaster Twin Industry 7#1 stations news Falls with ranked ranking acquisition with thea #1 Highest full-time or(announced #2 Quality Washington Port
Slide 8: The long history of being #1
Television The Long 13 12 10 CBS 15 17 ‘05/‘06 11 4‘65NBC ABC Source: Gray 05/‘06 512 11 13 5Importance National Television, 5National History 11 13 5‘06/‘07 Nielsen 14Digital 5 514of Ranking Ranking ‘07/‘08 of Media Being Inc. Mobile Being 8 #1 Research 1‘08/‘09 3 1#1 2 3in22 2 4the 13 4 12 4‘09/‘1
Slide 9: Gray's stations over-index network averages
Television Gray’s 10 CBS, CBS NBC 13 The Source: Gray 14Today 26Morning vs. Gray Television, abc vs. NBC, 9Stations 1117 Nielsen Gray Gray 28 Gray Digital 12 Show and 9 Show 11 12 November November Over-Index ABC Media Inc. 95Network Mobile 711 Network 18 9perform Research, 16‘14 ‘14 News 30 Every N
Slide 10: Gray's local news dominates national averages
Television Gray +73% Amount +66% Gray’s National 25 Dominates national by Average Digital which Household Local vs. Mobile Gray’s Gray News late 6PM November Share and local newscasts average Information newscasts ’14 outperform exceeds Household outperform all Share major the national theaffiliate
Slide 11: Gray leads the industry in household ratings
5.4 Television Gray Household 5.2 LeadsDigital 4.9 3.2 4.4 4.1 4.9 Rating the Industry Mobile Analysis in Ratings – November 2014 3.9 gray3.8 3.3 2.7 2.5 Cox3.7Raycom 3.1 3.6 Media General Hearst Meredith Gannett ABC O&O Sinclair Viacom-CBS Nexstar Tribune Scripps NBC O&O Fox Source: Gray Television
Slide 12: Gray leads the industry in political ad revenues
Gray Television Digital Mobile$9.04 Gray Leads the Industry in Political Ad Revenues 2014 Political Revenue Per TV Household $4.40 $4.02 $3.63 $3.51 $3.45 $3.27 $1.75 (1)(2) (3) (4) (5) (6) (7) (8) gray Gannett Media General Meredith Scripps Nexstar Sinclair Tribune 2014 Political Revenue ($mm) $85
Slide 13: Retransmission revenue growth
Gray will Approximately Network 180.0 (1) (2) revenue. Gray 2015 re-price Television 162.8 Actual actual per “Reverse 148.0 by current data 9.6 5.0 12/31/2016 results Digital 90.0 Comp.” million per Company may 81.4 Mobile Company; Big-4 “Net vary 70.0 estimate. Gray Retransmission from Affiliate 85
Slide 14: Gray leads industry in margins
Gray 2014 (1) Source: Note: Non-GAAP General’s (4) as segment 40% Based Television EBITDA Based Company (2) Investor onprofits 37% reconciliation on consolidated Margins “as-reported” Digital (3) filings, less Presentation 36% corporate Mobile 35% Investor revenue available financials 33% Gray dated
Slide 15: Station group U.S. TV household reach
Television 44% Graham Source: Gray FCC Television, Company Weigel U.S. Digital TV Hubbard Inc. Mobile filings, Household 15 Sunbeam BIA,Cap: company Calkins 39% 38% websites Quincy 31%Note: Bahakel 23% Excludes 19%Schurz 18%Big 18% Dispatch Four 13%networks Capital 11% 11% Drewry 8% 6%General 4% 4%S
Slide 16: Investment Highlights
Television Digital Gray Investment Highlights Mobile
Slide 17: Investment Highlights
Television Investment A Improving Large Strong Successful Robust Experienced Gray Leading Television, Political Growth FreeDigital Advertising Television New Highlights Cash Management Upside inMedia Inc. Net Flow Mobile 17 Broadcaster Retransmission in Market Initiatives Generation Presidential wit
Slide 18: Highly experienced management
Association Television Gray Highly Years President James to –the Served Effinger Mid-Atlantic 1998 CBS at C. as Experienced Kevin Years Affiliates Joined Ryan and SVP Digital CEO in P. Television,since CFO &Gray Latek Name 13 Mobile Board; ofSenior Inc. since July 13 TV Atlantic 18Joined Background
Slide 19: Acquisitions significantly increased scale
Television Gray Acquisitions Significantly Summary ’13A/’14A In MillionsFinancial Digital Blended Announced Increased Mobile Metrics 2-Year Scale andAverages Closed and Margins in As 2014 Reported Pro Forma 2014 Acquisitions For All $522 $427 $215 $200 $175 $154 $67 $97 Revenue BCF OCF FCF Revenue B
Slide 20: How Gray intends to use equity proceeds
Television gray How $175.6 13.5 Intend December ($ Actual As Total $198.1 $30.8 Cash 1,231.4 Market 936.2(4) 760.5(3) Debt 2,167.6 1,991.9 (1) $1,033.3 $1,200.6 (2) (3) (4) Gray in Adjusted(2) Adjusted Total Gross Combined million millions) net Does Television, Debt to $million(1) Equity Capitalizat
Slide 21: Station mix and network affiliations
Television gray Station 140 76 26 24 16 73 12617 10 2014PF $572mm $251mm All Channels 2% FOX No 41% 37% 40% 39% NBC CBS 19% 15% abc 1% (1) (2) (3) Gray Antenna Telemundo This MOVIES! Heroes ABC Additional Big CBS NBC FOX CW MyNetwork MeTV Local Pro Certain Excludes single Secondary Total Television,
Slide 22: Stable markets: state capitals and collegiate presence
Television gray Stable Approximate Market Waco, Topeka, Lansing, Tallahassee, Madison, Lexington, Knoxville, Lincoln, Greenville, Toledo, Charlottesville, Bowling Source: Note: Gray Television, stations Shading TX Markets College(s) OH College/University KS NE Green, MI WI 75 Digital TN KY NC 53 21
Slide 23: Revenue diversification continues
Television gray Growth Revenue Diversification 2010A National Gray (1) Net in17% 2010A Mix mix net Digital Revenue continues Continues Local revenue, lowers Television, and Mobile 2014A Inc.Local Mix: 23overall driven toto2014A diversify reflect48% Diversify revenue byLocal GrayNet increases from Re
Slide 24: Gray TV is a leading political beneficiary
Television gray Gray TV is a Political Leading Digital Revenue Beneficiary Mobile in Millions of Political (1),Revenue (2) with Large Upside in Presidential Years $118 $82 $86 New $85 New Record $58 Record Non- $48 Presidential Presidential Year Year 2008 2010 2012 2014 2012PF 2014PF 2012PF Gray Tel
Slide 25: November 2016 elections
Television gray November Open IN, Source: GrayNV, Presidential Politico.com, NC,Digital 8, OH, 2016 Television, WI) Contest Mobile Elections Inc. CenterForPolitics.org. Federal 25 1 Gray State Markets & Races in427Competitive Local out of Races 9 2012Races ELECTION Swingin States Gray535Markets 5 Ba
Slide 26: Successful digital media initiatives
Television gray Successful Operate Focused All “Moms Full MomsEveryday Your MARKETING LOCALX 2009-2014 % 2014PF 2013PF 2014 2013 2012 2011 2010 2009 $11.4 $13.4 $20.1 $25.0 $25.4 $28.1 $28.2 $29.5 Revenue 50% 5.2% 5.9% 5.6% 7.3% 6.2% 6.5% 3.9% (1) Gray ofGray sites service plus Total Digital TVEvery
Slide 27: Significant opportunities from secondary channels and spectrum
Television gray Significant One 69 Opportunities Potential Growing 14 Other 17 Abc FOX CBS THE Secondary ($ Revenue 60% $18 $27 $30 $45 As (1) Gray in secondary Channels Reported Certain of 2 61% Millions) 3CW Television, 2Channels Channels first Channels BCF opportunities Secondary 15 Digital Chann
Slide 28: Financial Overview
TelevisionOverview gray Financial Digital Mobile
Slide 29: Net revenue, operating cash flow and capex
Television gray Net 2014PF 2013PF $327 $307 $308 $376 $356 $346 $427 $405 $473 $522 $514 $508 $572 2% 5% 9% 33% — -- 25% 13% 17% 14% Operating $97 $104 $114 $117 $144 $136 $155 $171 $174 $200 $195 $229 $213 L8QA LTM 41% 34% Capital 40% 36% 38% 33% 43% 32% 39% ($ Actual PF 2014 2013 2012 2011 2010 $2
Slide 30: Robust free cash flow generation
Television gray Robust Gray’s Increase Presidential ($ $67 Capex, (1) (2) Gray inGray Pro $73 millions) Television, realized will free Net Forma Free <$1 in actual also Digital FCF cash Free Election Cash <$1 record benefit interest 59.5% data as flow Cash Inc. <$1 Flow Mobile %per free Year 30 of $
Slide 31: Prudent financial balance sheet management
Television gray Prudent Gray’s ($ 8.5x 2010A Net L8QA (1) (2) (3) (4) Gray inTotal Leverage Gray Financial Debt 3.5x millions) Television, has OCF strategic 2011A Balance actual debt significantly (3) + 4.4x Digital Preferred $104 $828 shown less Leverage 2012A Secured 7.5x data investments Sheet In
Slide 32: Capitalization
Television gray Capitalization No Current ($ 12/31/2014 $Actual Cash Priority Term Floor Secured 7.5% Total Net Debt Source: (1) $200 (2) (3) (4) (5) Gray OCF(1) inTotal Based Reflects near-term Debt(3) millions) Net Television, & Debt Senior Loan ofL8QA Equivalents Capitalization Company Revolver D
Slide 33: Questions & Answers
Television & gray Questions Digital Answers Mobile
Slide 34: Appendix
Television Digital Mobile gray Appendix
Slide 35: Glossary
Television gray “Acquisitions”: Glossary “Excalibur” Falls through “Gray” were “Hoak”: “Hoak “KJCT”: “Lockwood”: “Montana”: “Operating of “Parker” 2014, “Prime “Pro beginning “Rapid “SJL”: “Twin quarter Gray non-GAAP Forma” consolidated Television, respectively Falls”: Acquisition”: Media” Two 2015
Slide 36: Pro Forma Non-GAAP Reconciliation
Television gray Pro L8QA 2012 Net Adjustments Depreciation Non-cash Gain Miscellaneous Interest Loss Income Amortization Common excluding Network affiliation Payments Corporate Broadcast Pension Other Operating Less Addback Free Gray Forma income Cash interest capital cash on Television Television,
Slide 37: Pro Forma Non-GAAP Reconciliation
Television gray Pro Net Adjustments Depreciation Non-cash Gain Miscellaneous Interest Loss Income Amortization Common excluding Network affiliation Payments Corporate Broadcast Pension Other Operating Less Addback Free Gray Forma income Cash interest capital cash on Actual Television, items expense
Slide 38: Pro Forma Non-GAAP Reconciliation
Television gray Pro Net Adjustments Depreciation Non-cash Gain Miscellaneous Interest Loss Income Amortization Common excluding Network affiliation Payments Corporate Broadcast Pension Other Operating Less Addback Free Gray Forma income Cash interest capital cash on Actual Television, items expense
Slide 39: Pro Forma Non-GAAP Reconciliation
Television gray Pro Net Adjustments Depreciation Non-cash Gain Miscellaneous Interest Loss Income Amortization Common excluding Network Payments Corporate Broadcast Pension Other Operating Add Less Addback Free GrayForma income back Cash interest capital cash on Actual Television, items expense tax
Slide 40: Investor Information
Television gray Investor Presentation Digital Mobile