Investor Presentaiton
■
Prudent Balance Sheet Management Leads to
Deleveraging
Gray has significantly reduced secured and total leverage from historical levels
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Television Digital Mobile
Gray's strategic investments have diversified its revenue base, allowing for significant free
cash flow in both political and non-political years
($ in millions)
Net Financial Leverage (1), (2)
■Secured Net Debt / OCF ■Net Debt/ OCF
J Preferred Stock / OCF
8.5x
7.5x
Adjusted for Equity
Issuance (4)
3.5x
6.1x
6.0x
5.7x
5.17x
3.2x
2.2x
3.4x
4.7x
4.4x
4.0x
3.9x
2.6x
1.0x
2010A
2011A
2012A
2013A
2014PF
Net Debt (3)
$828
$832
$824
$823
$1,201
2014PF Equity
$1,033.3
Net Debt + Preferred Stock
$881
$872
$824
$823
$1,201
$1,033.3
L8QA OCF
$104
$117
$136
$144
$200
$200
(1)
Leverage shown on a two year blended basis to account for biennial shifts in political revenues
(2)
(3)
Gray actual data per company filings; 12/31/14PF includes the Acquisitions, except the pending Twin Falls acquisition
Total debt less up to $30 million of cash on hand
Total debt less all cash on hand after adjusting for equity issuance of 13.5 million shares of GTN @ $13.00 per share on 3/31/2015
Gray Television, Inc.
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