Gray Media (GTN) Earnings Call Presentation

Financial Performance & Metrics - Gray reported $3.5 billion in Last Eight Quarters Annualized (L8QA) revenue[13] - The company's L8QA Operating Cash Flow was $1.1 billion, resulting in a 32% margin[13] - Gray's First Lien Leverage Ratio ranged from 2.4x to 2.6x between FY2021 and FY2023[67] - Total Debt was $6.21 billion in FY2023[68] Market Position & Reach - Gray Television is the nation's second-largest television broadcaster[12] - The company reaches 36% of total US television households[14] - Gray has 1 or 2 ranked local TV stations in 89% of its markets[13] - NextGen TV deployments reached nearly 24 million US TV households in early 2024, representing approximately 19% of the total[54] Revenue Streams & Growth - Big Four Network Programming contributed 30% of Gray's 2023 Television Ad Revenue[24] - Political Advertising Revenue increased by 38% in 2022 over the prior mid-term year of 2018[38, 43, 49] - Gray Digital Platforms transmitted 836 million video streams and attracted 10.7 billion page views with 1.25 billion monthly aggregate users in 2023[52] Strategic Initiatives - Gray has completed retransmission renewals representing more than 70% of its traditional MVPD subscriber footprint as of March 1, 2024[29]