Gray Media, Inc. · NYSE:GTN
Gray Media — Gray Television — Investor Presentation (March 2021)
21 slides from Gray Media's investor presentation, Mar 2, 2021
Slide 1: Gray Television, Inc. Investor Presentation
Gray Television, Inc. Investor Presentation NYSE:GTN March 2021 Updated for December 31, 2020 Financial Information 4370 Peachtree Road, NE, Atlanta, GA 30319 | P 404.504.9828 | F 404.261.9607 | www.gray.tv Exhibit 99.1
Slide 2: Basis of presentation notes
GRAY TELEVISION, INC. Financial data reflects results “as reported” except where “Combined Historical Basis” (or “CHB”) is noted. Revenue is presented net of agency commissions. Ratings data derived from Comscore, Inc. (“Comscore”). ”Completed Transactions” includes all acquisitions or dispositions
Slide 3: Gray Television's National Footprint
Gray Television’s National Footprint Big 4 Affiliations 500+ Program Streams 160 Markets 94 As of March 1, 2021 #1 Stations 70
Slide 4: Gray to Acquire Quincy Media, Inc. for $925 Million
Gray to Acquire Quincy Media, Inc. for $925 Million Financing $925 million incremental Term Loan D commitment. Depending on market conditions, Gray may undertake other forms of debt financing to fund all or a portion of the purchase price. Pro forma net first lien and net total leverage at 12/31/21
Slide 5: Combined Company Snapshot
Combined Company Snapshot Source: Company filings and projections, Comscore and BIA Investing in Television Market Report Includes $23 million of estimated Year 1 annual EBITDA synergies Gray has existing stations in South Bend, IN and Rockford, IL Gray’s existing station in Rockford, IL is ranked #
Slide 6: Diversified Revenue
Diversified Revenue 2020 Big 4 Affiliates 2020 Revenues 2020 Broadcast Cash Flow All Others All Others 50% 9% 16%
Slide 7: Well Positioned for Political Revenue
Well Positioned for Political Revenue 2021 Gubernatorial Races (2) Gray Stations in 3 VA markets. 2022 Gubernatorial Races (37) Gray stations in 28 states: AK, AL, AR, AZ, CO, FL, GA, HI, IA, ID, IL, KS, ME, MI, MN, NE, NH, NY, NV, OH, OK, SC, SD, TN, TX, VT, WI, WY 2022 US Senate Races (34) Gray st
Slide 8: Strong Network and Distribution Positions
2021 2023 2022 Retransmission Revenue Retransmission Expense (“Reverse Comp.”) Retransmission Revenue net of Expense Strong Network and Distribution Positions MVPD Subscribers Year-End Renewal Schedule 55% - 2020 (and 2023) 25% - 2021 (and 2024) 20% - 2022 (and 2025) As Reported CHB $677 $796 $867
Slide 9: Successful Digital Ventures
OVER 1,000 CHANNELS STREAMED ACROSS ALL PLATFORMS RECORD BREAKING GROWTH FOR GRAY’S PLATFORM IN 2020 OVER 2019: Successful Digital Ventures 2020 SESSIONS: +24% 2020 VIDEO PLAYS: +13% 2020 USERS: +37% 2020 PAGE VIEWS: +13% 1.1 BILLION MONTHLY AGGREGATE USERS IN 2020 Gray’s in-house Digital Agency Ser
Slide 10: Consistent Growth (As Reported Basis)
Consistent Growth (As Reported Basis)
Slide 11: Robust Free Cash Flow Generation and Conversion
$299(2) Robust Free Cash Flow Generation and Conversion CHB interest expense for 2016, 2017, 2018 and 2019 estimated with incremental indebtedness and estimated cash interest relating to acquisition debt financing as if the acquisition debt financing had occurred on the first day of the period repor
Slide 12: Successful Integration of Acquisitions and Meaningful Deleveraging
Note: Financial leverage excludes preferred stock Secured debt netting all cash on hand as of the respective balance sheet date Operating Cash Flow (“OCF”) as defined under the existing credit agreement, which includes adjustments for all transactions completed as of the respective balance sheet dat
Slide 13: Staggered Debt Maturity Profile
Note: For illustrative purposes, excludes Incremental Term Loan B amortization Staggered Debt Maturity Profile ($ in Millions) No Maturities until 2024 Term Loan B Due Feb 2024 (L+225) $0 $500 $1,000 $1,500 $2,000 $2,500 2021 2022 2023 $595 2024 $1,190 2025 $700 $300 2026 $300 Million Revolver Due J
Slide 14: (1) Excludes depreciation, amortization and (gain) loss on disposal of assets. (2) See definition
(1) Excludes depreciation, amortization and (gain) loss on disposal of assets. (2) See definition of non-GAAP terms and a reconciliation of the non-GAAP amounts to net income included elsewhere herein. (3) Transaction Related Expenses are incremental expenses incurred specific to acquisitions and di
Slide 15: Appendix: Non-GAAP Reconciliations, Disclaimers, and Definitions
Appendix: Non-GAAP Reconciliations, Disclaimers, and Definitions
Slide 16: Reconciliation of Non-GAAP terms on As Reported Basis
Reconciliation of Non-GAAP terms on As Reported Basis, in millions Non-GAAP Reconciliation 15 (1) Amounts in 2017 have been reclassified to give effect to the implementation of ASU 2017-07.
Slide 17: Reconciliation of Non-GAAP terms on a Combined Historical Basis
Non-GAAP Reconciliation 16 Reconciliation of Non-GAAP terms on a Combined Historical Basis, in millions (1) Amounts in 2017 have been reclassified to give effect to the implementation of ASU 2017-07.
Slide 18: Reconciliation of Total Leverage Ratio
Reconciliation of Total Leverage Ratio (in millions)
Slide 19: Non-GAAP financial measures definitions
From time to time, Gray supplements its financial results prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) by disclosing the non-GAAP financial measures Broadcast Cash Flow, Broadcast Cash Flow Less Cash Corporate Expenses, Operating Cash
Slide 20: Disclaimers, Definitions, and Non-GAAP Financial Data
Disclaimers, Definitions, and Non-GAAP Financial Data This presentation contains certain forward looking statements that are based largely on Gray Television, Inc.’s (“Gray”, “Gray Television”, “GTN” or the “Company”) current expectations and reflect various estimates and assumptions by Gray. These
Slide 21: Gray Television, Inc. contact details
Gray Television, Inc. 4370 Peachtree Rd., NE Atlanta, Georgia 30319 www.gray.tv