Investor Presentaiton
Robust Free Cash Flow Generation
gray
Television Disital Mobile
◉
Gray realized record free cash flow of $95 million in 2014; $123 million pro forma FCF in 2014
Gray's free cash flow is expected to increase with the Acquisitions due to the incremental OCF
despite a moderate increase in capital and corporate expenditures
Gray will also benefit from ~$160 million in net operating loss carryforwards
Presidential Election Year
2012 OCF Buildup (1), (2)
($ in millions)
Increase in FCF as % of OCF-
59.5%
$254
Non Election Year
2013 OCF Buildup (1), (2)
($ in millions)
Increase in FCF as % of OCF
Non Presidential Election Year
2014 OCF Buildup (1), (2)
2015 and 2016 FCF
Drivers
($ in millions)
40.9%
53.7%
$229
Local
$171
Increase in FCF as % of OCF
48.7%
$195
54.6%
$174
34.2%
$151
$70
$123
$114
$95
$95
$39
$27
$32
$29
$24
$32
$23
$73
$51
$67
$73
$73
$56
<$1
<$1
<$1
<$1
<$1
2012
<$1
2012PF
2013
2013PF
2014
2014PF
☐ Taxes
☐ Interest
Capex, Net
☐ Free Cash Flow
☐ Taxes
Capex, Net
☐ Interest
Taxes
Free Cash Flow
Capex, Net
(1) Pro Forma interest expense estimated with Pro Forma incremental indebtedness and estimated cash interest
(2) Gray actual data per Company; 2012PF, 2013PF and 2014PF figures include the Acquisitions, except the pending Twin Falls acquisition
Gray Television, Inc.
Presidential
Political
Net Retransmission
NOLS
Accretive M&A
Interest
Free Cash Flow
Cost Efficiencies
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