Investor Presentaiton
Pro Forma Non-GAAP Reconciliation
Gray Television Inc. Pro Forma Non-GAAP Reconciliation
2012
2013
2014
L8QA
2013
L8QA
2014
$ 59,350
$ 29,243
$ 90,096
$ 44,297
$ 59,670
gray
Television Disital Mobile
Net income
Adjustments to reconcile from net income to
Broadcast Cash Flow Less Cash Corporate Expenses:
Depreciation
Amortization of intangible assets
Non-cash stock based compensation
Gain on disposals of assets, net
Miscellaneous income, net
Interest expense
Loss on early extinguishment of debt
Income tax expense
Amortization of program broadcast rights
Common stock contributed to 401(k) plan
excluding corporate 401(k) contributions
Network compensation revenue recognized
Network compensation per network
affiliation agreement
Payments for program broadcast rights
Other items
Broadcast Cash Flow Less Cash Corporate Expenses; a.k.a. "Adjusted EBITDA"
Corporate and administrative expenses excluding
depreciation, amortization of intangible assets
and non-cash stock based compensation
Broadcast Cash Flow
Broadcast Cash Flow Less Cash Corporate Expenses
Pension Expense
Pension Cash Funding
Other items
Operating Cash Flow as defined in the credit agreement
Less interest expense
Addback amortization of deferred financing
Less capital expenditures, net of insurance proceeds
Less cash taxes
Addback amortization of original issue discount
Free Cash Flow
Gray Television, Inc.
31,838
825
32,202
33,794
892
8,360
32,020
859
32,998
4,626
878
1,974
5,012
1,426
3,493
(69)
850
(28,854)
391
(14,002)
2,823
1,627
290
2,225
959
76,975
75,019
75,232
75,997
75,126
46,683
5,086
23,342
2,543
26,468
16,906
34,837
21,687
25,872
12,969
13,090
12,871
13,030
12,981
26
28
25
27
27
(627)
(615)
(456)
(621)
(536)
(60)
(13,727)
(30)
(13,156)
599
244,951
(550)
157,510
(15,087)
2,788
223,994
(13,442)
25
201,231
(14,122)
1,119
190,752
17,631
$ 262,582
$ 244,951
7,874
(9,402)
10,546
$ 253,969
(76,975)
2,723
(28,882)
21,073
$ 178,583
$ 157,510
8,626
(4,748)
10,128
$ 171,516
(75,019)
1,903
27,135
$251,129
$ 223,994
6,126
(6,770)
5,901
$ 229,251
(75,232)
2,970
19,352
$ 220,583
$201,231
8,250
(7,075)
10,337
$ 212,743
(75,997)
2,313
24,104
$ 214,856
$ 190,752
7,376
(5,759)
8,015
$ 200,384
(75,126)
2,437
(27,374)
(32,215)
(28,128)
(29,795)
(836)
1,127
(519)
(9)
(401)
(863)
(678)
(460)
$ 151,126
$ 70.498
$ 123,510
559
$110.812
(436)
$ 97,004
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