Gray Television: Investor Presentation, March 2022








Gray Television, Inc. Investor Presentation

NYSE: GTN

February 2022

Updated as of December 31, 2021 Financial information

4370 Peachtree Road, NE, Atlanta, Georgia 30319 | Phone. 404.504.9828 | F 404.261.9607 | www.gray.tv

A leading multimedia company

Because of the significant effect that material transactions have had on our results of operations, we present financial information herein in accordance with United States generally accepted accounting principles (“GAAP” or “As Reported Basis”) and on a Combined Historical Basis (“CHB”), which incorporates certain historical results of the acquired businesses less the historical results of the divested businesses. We also provide certain other detailed non-GAAP measures to provide more meaningful period-to-period comparisons to assist the public in their analysis and evaluation of the Company. Operating cash flow is defined in our senior credit facility. Ratings refer to live household ratings and all-day sharing averages

in 2021 for all Comscore, Inc. (“Comscore”) U.S. television channels. Nielsen Company DMA ratings and ratings. Financial data about other companies derived from filings with the SEC by the respective companies. See glossary at end for definitions.

National footprint in 2022

In 2021, Gray Television

Acquired Meredith

$3.25

Billion Average 2020/21

Company premises

Turnover (CHB)

Media Group and

Quincy Media,

Transform Gray

In the second nation

The biggest broadcaster

2020/21 average operating cash flow (CHB) in billions

Average 2020/21 OCF/Revenue Margin (CHB)

The most qualitative and diverse group of stations

113

Markets with

owned and/or operated television stations reaching 36% HST in the United States

Owned and/or Operated

Four major affiliates

71%

88%

10.2

64 channels

Markets

Markets

Billion

29 channels

with #1

with #1

mins in

class

and/or #2

2021 dedicated to

local television

class

our digital

stations

local television

platforms

30 channels

stations

(29 million

minute/day)

32 channels

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Warning

Gray Television Inc. published this content on March 03, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on March 03, 2022 14:30:02 UTC.

Public now 2022

All the news from GRAY TELEVISION, INC.

2022 sales 3,711 million

2022 net income 571M

Net debt 2022

PER 2022 ratio 4.18x
2022 return
Capitalization 2,289 million
2,289 million
capi. / Sales 2022 0.62x
capi. / Sales 2023 0.67x
# of employees 8,801
Floating 67.9%

Chart GRAY TELEVISION, INC.


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Gray Television, Inc. Technical Analysis Chart |  MarketScreener

Trends Technical Analysis GRAY TELEVISION, INC.

Short term Middle term Long term
Tendencies Bullish Neutral Bullish



Evolution of the income statement

To sell

To buy

Medium consensus TO BUY
Number of analysts 6
Last closing price

$24.57

Average target price

$29.33

Average Spread / Target 19.4%


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