Gray Media, Inc. · NYSE:GTN
Gray Media — Investor Presentation (August 2024)
20 slides from Gray Media's investor presentation, August 2024
Slide 1: Gray Television, Inc. Investor Presentation August 2024
Gray Television, Inc. (NYSE: GTN) Investor Presentation August 2024 Updated for June 30, 2024 Financial Information
Slide 2: Notes and Disclaimer
Notes and Disclaimer Gray Media, or Gray, is a multimedia company headquartered in Atlanta, Georgia, formally known as Gray Television, Inc. The company is the nation’s largest owner of top-rated local television stations and digital assets serving 113 television markets that collectively reach appr
Slide 3: Gray Media Highlights
Gray Media Highlights 1. Best-in-class broadcaster with diverse assets and national reach 2. Highly desired and relevant content that reaches mass audiences with resilient, scalable revenue streams and stable revenue base 3. Demonstrated strong cash generation driving deleveraging 4. Demonstrated st
Slide 4: Summary of Key Q2 2024 Refinancing Terms
Summary of Key Q2 2024 Refinancing Terms Redeemed and retired 2026 maturities. No meaningful debt maturities until May 1 2027, that is, after the completion of 2024 and 2026 political cycles. Weighted Average Cost of Debt increased to 7.7% from 6.8%. Weighted Average 2 Loan to Maturity increased fro
Slide 5: Capitalization Table
Capitalization Table 3/31/24 Pro Forma Refi1 6/30/2024 Actual Cumulative Cumulative ($ in millions) $ Leverage $ Leverage Cash $83 $75 Revolver due 12/31/2027 ($680MM / S + 225) $150 0.1x $200 0.2x Term Loan D due 12/1/2028 (S + 300) 1,455 1.5x 1,455 1.5x Term Loan F due 6/4/2029 (S + 525) 500 2.0x
Slide 6: Q2 2024 refinancing provides flexibility to address 2027 Notes maturity
Q2 2024 refinancing provides flexibility to address 2027 Notes No Significant Maturities until 2027 maturity. As of June 30, 2024 ($ in Millions) 1800 Through June 30, 2024, we retired approximately $50 1600 million of our outstanding 2027 $5 1400 Notes on the open market at an average price of appr
Slide 7: Well-Positioned for 2024 Political Ad Revenue
Well-Positioned for 2024 Political Ad Revenue 2024 Pacing +62% Potential Upside Similar to 2020 Political Ad Revenue from State Elections and Ballot First 3 quarters of 2024 pacing compared to 2024 Q2 v 2020 Q2 first 3 quarters of 2020 despite $31M less in Initiations issues in 2024 Presidential Pri
Slide 8: Prudent Balance Sheet Management
Prudent Balance Sheet Management Adjusted Total Indebtedness Over Time ($ in millions) ~$1.2BN of Debt Paydown in 6 Years Adjusted Total Indebtedness1 ~$600MM in Debt Paydown ~$500MM in Debt Paydown Raycom Meredith and Transaction Quincy Transactions 3 $6,649 $6,463 $6,194 $6,146 2 $3,855 $3,548 $3,
Slide 9: Q2 2024 - Financial Performance Update
Q2 2024 - Financial Performance Update Three Months Ended June 30, % Change % Change 2024 to 2024 to ($ in millions) 2024 2023 2023 2022 2022 Revenue (less agency commissions): Core advertising $ 373 $ 379 (2)% $ 366 2% Political advertising 47 12 292 % 90 (48)% Retransmission consent 371 394 (6)% 3
Slide 10: 1st Half 2024 - Financial Performance Update
1st Half 2024 - Financial Performance Update Six Months Ended June 30, % Change % Change 2024 to 2024 to ($ in millions) 2024 2023 2023 2022 2022 Revenue (less agency commissions): Core advertising $ 745 $ 736 1% $ 731 2% Political advertising 74 20 270 % 116 (36)% Retransmission consent 752 789 (5)
Slide 11: Non-GAAP Terms
Non-GAAP Terms In addition to results prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), this earnings release discusses “Adjusted EBITDA” a non-GAAP performance measure that management uses to evaluate the performance of the business. Adju
Slide 12: Selected Operating Data (Three Months Ended June 30)
Appendix Selected Operating Data (Unaudited) Three Months Ended June 30, % Change % Change 2024 to 2024 to 2024 2023 2023 2022 2022 (dollars in millions) Revenue (less agency commissions): Core advertising $ 373 $ 379 (2)% $ 366 2% Political advertising 47 12 292 % 90 (48)% Retransmission consent 37
Slide 13: Selected Operating Data (Six Months Ended June 30)
Appendix Selected Operating Data (Unaudited) Six Months Ended June 30, % Change % Change 2024 to 2024 to 2024 2023 2023 2022 2022 (dollars in millions) Revenue (less agency commissions): Core advertising $ 745 $ 736 1% $ 731 2% Political advertising 74 20 270 % 116 (36)% Retransmission consent 752 7
Slide 14: Selected Operating Data (Year Ended December 31)
Appendix Selected Operating Data (Unaudited) Year Ended Ended December 31, % Change % Change 2023 to 2023 to 2023 2022 2022 2021 2021 (dollars in millions) Revenue (less agency commissions): Core advertising $ 1,514 $ 1,496 1% $ 1,190 27 % Political advertising 79 515 (85)% 44 80 % Retransmission co
Slide 15: Reconciliation of Adjusted EBITDA (Three Months)
Appendix Reconciliation of Adjusted EBITDA (Unaudited): Three Months Ended June 30, 2024 2023 2022 (in millions) Net income (loss) $ 22 $ 4 $ 99 Adjustments to reconcile from net income (loss) to Adjusted EBITDA Depreciation 36 35 31 Amortization of intangible assets 32 50 52 Non-cash stock-based co
Slide 16: Reconciliation of Adjusted EBITDA (Six Months)
Appendix Reconciliation of Adjusted EBITDA (Unaudited): Six Months Ended June 30, 2024 2023 2022 (in millions) Net income (loss) $ 110 $ (27) $ 161 Adjustments to reconcile from net income (loss) to Adjusted EBITDA Depreciation 72 70 63 Amortization of intangible assets 63 99 104 Non-cash stock-base
Slide 17: Reconciliation of Adjusted EBITDA (Year Ended)
Appendix Reconciliation of Adjusted EBITDA (Unaudited): Ye ar Ende d De ce mbe r 31, 2023 2022 2021 Net (loss) income $ (76) $ 455 $ 90 Adjustments to reconcile from net (loss) income to Adjusted EBITDA: Depreciation 145 129 104 Amortization of intangible assets 194 207 117 Impairment of goodwill an
Slide 18: Calculation of Leverage Ratio under Senior Credit Agreement
Appendix Calculation of Le ve rage Ratio, First Lie n Le ve rage Ratio and Se cure d Le ve rage Ratio, as e ach is de fine d in our Se nior Cre dit Agre e me nt (Unaudite d): Eight Quarte rs Ende d March 31, 2024 June 30, 2024 (dollars in millions) Net income $ 405 $ 328 Adjustments to reconcile fro
Slide 19: Calculation of Leverage Ratio (Continued)
Appendix Calculation of Leverage Ratio, First Lien Leverage Ratio and Secured Leverage Ratio, as each is defined in our Senior Credit Agreement (Unaudited) (Continued): June 30, 2024 (dollars in millions) Total outstanding principal, including current portion $ 6,215 Letters of credit outstanding 6
Slide 20: Gray Television, Inc. contact details
Gray Television, Inc. 4370 Peachtree Road., NE Atlanta, Georgia 30319 www.graymedia.com