Investor Presentaiton
Gray TV's Financial Scale Continues to Increase
Net Revenue (1)
■LTM
■L8QA
$405
$376
$346
$356
$346
$308
$307
$327
$572
$508
$514
$522
$473
$427
2010
2011
2012
2013
2014
2013PF
2014PF
6%
14%
9%
17%
5%
13%
14%
25%
2%
3%
L8QA Growth
3%
LTM 2-Yr. Growth
6%
Operating Cash Flow (1)
($ in millions)
■LTM
$136
$117
$104
$97
■L8QA
$174
$144
$136
$114
$229
$213
$195
$200
$171
$155
Capital Expenditures (1)
($ in millions)
Actual CapEx
PF CapEx
$29
$27
$32
$19
$21
$23
$24
2010
2011
2012
2013
2014
2010
2011
2012
2013
2014
2013 PF
2014 PF
L8QA Margin
34%
36%
38%
38%
LTM Margin
39%
32%
43%
33%
36%
38%
41%
36%
38%
% of Revenue (2) 6%
7%
6%
7%
6%
40%
% of PF Revenue (3) -
5%
6%
6%
(1)
(2)
Gray actual data per Company; 2013PF and 2014PF include the Acquisitions, except the pending Twin Falls acquisition
Gray standalone Capex as a percentage of Gray standalone Revenue
(3)
PF Capex as a percentage of PF Revenue
Gray Television, Inc.
gray
Television Digital Mobile
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