Gray Television (GTN) 8-K Gray Reports Record Operating Results

Exhibit 99.2

Gray Television, Inc.

Selected Operating Data (Unaudited)

(in thousands)

As Reported Basis

	2017
	Three Months Ended								Year To Date Ended
	March 31		June 30		September 30		December 31		June 30		September 30		December 31
Revenue (less agency commissions):
Local (including internet/digital/mobile)	$	102,597	$	117,917	$	110,033	$	120,714	$	220,514	$	330,547	$	451,261
National		24,814		30,981		31,027		31,995		55,795		86,822		118,817
Political		1,321		3,708		4,005		7,464		5,029		9,034		16,498
Retransmission consent		67,573		69,371		70,150		69,509		136,944		207,094		276,603
Other		7,156		4,704		3,762		3,927		11,860		15,622		19,549
Total revenue	$	203,461	$	226,681	$	218,977	$	233,609	$	430,142	$	649,119	$	882,728
Operating expenses before depreciation, amortization and gain or loss on disposal of assets, net:
Broadcast:
Payroll, programming and other	$	101,206	$	99,787	$	104,697	$	115,080	$	200,993	$	305,690	$	420,770
Retransmission		32,265		33,758		34,733		35,590		66,023		100,756		136,346
Total broadcast expenses	$	133,471	$	133,545	$	139,430	$	150,670	$	267,016	$	406,446	$	557,116
Corporate and administrative	$	7,709	$	8,409	$	8,318	$	7,105	$	16,118	$	24,436	$	31,541

	2016
	Three Months Ended								Year To Date Ended
	March 31		June 30		September 30		December 31		June 30		September 30		December 31
Revenue (less agency commissions):
Local (including internet/digital/mobile)	$	89,354	$	104,727	$	102,172	$	107,083	$	194,081	$	296,253	$	403,336
National		22,079		26,070		25,426		24,776		48,149		73,575		98,351
Political		9,655		9,649		22,272		48,519		19,304		41,576		90,095
Retransmission consent		47,269		50,549		51,096		51,965		97,818		148,914		200,879
Other		5,366		5,638		3,524		5,276		11,004		14,528		19,804
Total revenue	$	173,723	$	196,633	$	204,490	$	237,619	$	370,356	$	574,846	$	812,465
Operating expenses before depreciation, amortization and gain or loss on disposal of assets, net:
Broadcast:
Payroll, programming and other	$	86,230	$	93,385	$	95,659	$	102,173	$	179,615	$	275,274	$	377,447
Retransmission		22,338		23,950		25,058		26,338		46,288		71,346		97,684
Total broadcast expenses	$	108,568	$	117,335	$	120,717	$	128,511	$	225,903	$	346,620	$	475,131
Corporate and administrative	$	15,678	$	8,524	$	7,223	$	8,922	$	24,202	$	31,425	$	40,347

Page 1 of 4

Gray Television, Inc.

Selected Operating Data (Unaudited)

(in thousands)

As Reported Basis

	2015
	Three Months Ended								Year To Date Ended
	March 31		June 30		September 30		December 31		June 30		September 30		December 31
Revenue (less agency commissions):
Local (including internet/digital/mobile)	$	74,865	$	83,091	$	83,972	$	94,543	$	157,956	$	241,928	$	336,471
National		17,767		18,949		20,889		23,505		36,716		57,605		81,110
Political		1,159		2,197		4,594		9,213		3,356		7,950		17,163
Retransmission consent		36,251		36,909		39,329		39,468		73,160		112,489		151,957
Other		3,261		2,318		2,318		2,758		5,579		7,897		10,655
Total revenue	$	133,303	$	143,464	$	151,102	$	169,487	$	276,767	$	427,869	$	597,356
Operating expenses before depreciation, amortization and gain or loss on disposal of assets, net:
Broadcast:
Payroll, programming and other	$	69,898	$	69,467	$	80,949	$	83,603	$	139,365	$	220,314	$	303,917
Retransmission		16,949		16,978		17,972		18,366		33,927		51,899		70,265
Total broadcast expenses	$	86,847	$	86,445	$	98,921	$	101,969	$	173,292	$	272,213	$	374,182
Corporate and administrative	$	6,847	$	6,444	$	10,022	$	11,030	$	13,291	$	23,313	$	34,343

	2014
	Three Months Ended								Year To Date Ended
	March 31		June 30		September 30		December 31		June 30		September 30		December 31
Revenue (less agency commissions):
Local (including internet/digital/mobile)	$	57,083	$	63,884	$	69,460	$	83,586	$	120,967	$	190,427	$	274,013
National		13,348		14,826		16,158		20,626		28,174		44,332		64,958
Political		2,792		8,616		22,029		48,538		11,408		33,437		81,975
Retransmission consent		16,117		17,659		19,674		21,444		33,776		53,450		74,894
Other		1,957		2,264		4,381		3,692		4,221		8,602		12,294
Total revenue	$	91,297	$	107,249	$	131,702	$	177,886	$	198,546	$	330,248	$	508,134
Operating expenses before depreciation, amortization and gain or loss on disposal of assets, net:
Broadcast:
Payroll, programming and other	$	56,439	$	61,768	$	67,959	$	80,201	$	118,207	$	186,166	$	266,367
Retransmission		3,945		4,234		5,259		6,185		8,179		13,438		19,623
Total broadcast expenses	$	60,384	$	66,002	$	73,218	$	86,386	$	126,386	$	199,604	$	285,990
Corporate and administrative	$	6,499	$	9,848	$	5,271	$	7,585	$	16,347	$	21,618	$	29,203

Page 2 of 4

Gray Television, Inc.

Selected Operating Data (Unaudited)

(in thousands)

Combined Historical Basis⁽¹⁾

	2017
	Three Months Ended								Year To Date Ended
	March 31		June 30		September 30		December 31		June 30		September 30		December 31
Revenue (less agency commissions):
Local (including internet/digital/mobile)	$	109,096	$	119,757	$	110,033	$	120,714	$	228,853	$	338,886	$	459,600
National		27,091		31,948		31,027		31,995		59,039		90,066		122,061
Political		1,346		3,723		4,005		7,464		5,069		9,074		16,539
Retransmission consent		70,215		69,938		70,150		69,509		140,153		210,303		279,812
Other		5,435		3,947		3,762		3,927		9,382		13,143		17,069
Total revenue	$	213,183	$	229,313	$	218,977	$	233,609	$	442,496	$	661,472	$	895,081
Operating expenses before depreciation, amortization and gain or loss on disposal of assets, net:
Broadcast:
Payroll, programming and other	$	109,352	$	102,185	$	104,697	$	115,080	$	211,537	$	316,234	$	431,313
Retransmission		34,268		34,227		34,733		35,590		68,495		103,227		138,818
Total broadcast expenses	$	143,620	$	136,412	$	139,430	$	150,670	$	280,032	$	419,461	$	570,131
Corporate and administrative	$	7,709	$	8,409	$	8,318	$	7,105	$	16,118	$	24,436	$	31,541

	2016
	Three Months Ended								Year To Date Ended
	March 31		June 30		September 30		December 31		June 30		September 30		December 31
Revenue (less agency commissions):
Local (including internet/digital/mobile)	$	110,190	$	119,764	$	114,796	$	120,812	$	229,954	$	344,750	$	465,562
National		28,547		31,261		30,112		29,493		59,808		89,920		119,413
Political		14,770		11,218		28,181		63,369		25,988		54,169		117,538
Retransmission consent		55,529		56,024		56,928		58,002		111,553		168,481		226,483
Other		5,469		3,903		3,781		3,852		9,372		13,153		17,005
Total revenue	$	214,505	$	222,170	$	233,798	$	275,528	$	436,675	$	670,473	$	946,001
Operating expenses before depreciation, amortization and gain or loss on disposal of assets, net:
Broadcast:
Payroll, programming and other	$	110,304	$	106,254	$	107,845	$	116,841	$	216,558	$	324,403	$	441,244
Retransmission		27,126		27,159		27,965		29,624		54,285		82,250		111,874
Total broadcast expenses	$	137,430	$	133,413	$	135,810	$	146,465	$	270,843	$	406,653	$	553,118
Corporate and administrative	$	15,678	$	8,524	$	7,223	$	8,922	$	24,202	$	31,425	$	40,347

See following page for note

Page 3 of 4

Gray Television, Inc.

Selected Operating Data (Unaudited)

(in thousands)

Combined Historical Basis⁽¹⁾

	2015
	Three Months Ended								Year To Date Ended
	March 31		June 30		September 30		December 31		June 30		September 30		December 31
Revenue (less agency commissions):
Local (including internet/digital/mobile)	$	107,486	$	119,452	$	113,776	$	126,298	$	226,938	$	340,714	$	467,012
National		29,641		31,785		32,175		33,648		61,426		93,601		127,249
Political		1,372		2,939		5,535		12,088		4,311		9,846		21,934
Retransmission consent		45,524		46,423		47,983		48,660		91,947		139,930		188,590
Other		5,201		3,845		3,754		4,014		9,046		12,800		16,814
Total revenue	$	189,224	$	204,444	$	203,223	$	224,708	$	393,668	$	596,891	$	821,599
Operating expenses before depreciation, amortization and gain or loss on disposal of assets, net:
Broadcast:
Payroll, programming and other	$	105,627	$	105,181	$	111,961	$	115,716	$	210,808	$	322,769	$	438,485
Retransmission		20,477		20,671		21,551		23,101		41,148		62,699		85,800
Total broadcast expenses	$	126,104	$	125,852	$	133,512	$	138,817	$	251,956	$	385,468	$	524,285
Corporate and administrative	$	6,847	$	6,444	$	10,022	$	11,030	$	13,291	$	23,313	$	34,343

	2014
	Three Months Ended								Year To Date Ended
	March 31		June 30		September 30		December 31		June 30		September 30		December 31
Revenue (less agency commissions):
Local (including internet/digital/mobile)	$	104,591	$	113,891	$	105,662	$	119,303	$	218,482	$	324,144	$	443,447
National		29,117		30,926		30,013		34,658		60,043		90,056		124,714
Political		5,537		16,517		41,110		79,548		22,054		63,164		142,712
Retransmission consent		27,826		29,445		28,515		30,188		57,271		85,786		115,974
Other		7,317		5,427		6,004		5,104		12,744		18,748		23,852
Total revenue	$	174,388	$	196,206	$	211,304	$	268,801	$	370,594	$	581,898	$	850,699
Operating expenses before depreciation, amortization and gain or loss on disposal of assets, net:
Broadcast:
Payroll, programming and other	$	106,908	$	109,505	$	109,829	$	122,961	$	216,413	$	326,242	$	449,203
Retransmission		8,170		8,123		8,123		9,209		16,293		24,416		33,625
Total broadcast expenses	$	115,078	$	117,628	$	117,952	$	132,170	$	232,706	$	350,658	$	482,828
Corporate and administrative	$	6,499	$	9,848	$	5,271	$	7,585	$	16,347	$	21,618	$	29,203

(1) Due to the significant effect that our acquisitions and divestitures have had on our results of operations, and in order to provide more meaningful period over period comparisons, we present herein certain financial information on a “Combined Historical Basis.” Combined Historical Basis reflects financial results that have been compiled by adding Gray’s historical revenue and broadcast expenses to the historical revenue and broadcast expenses of stations acquired and removing the historical revenues and historical broadcast expenses of divested stations as if they had been acquired or divested, respectively, on January 1, 2014 (the beginning of the earliest period presented). Combined Historical Basis financial information reflects station acquisition and divestitures ocurring between January 1, 2014 and December 31, 2017. Combined Historical Basis financial information does not reflect all purchase accounting and other adjustments required to comply with accounting principles generally accepted in the United States of America ("GAAP"), and includes certain other amounts not included, in pro forma financial information under Regulation S-X under the Securities Act.

Page 4 of 4