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

	2018
	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)	$	105,469	$	112,921	$	106,929	$	117,409	$	218,390	$	325,319	$	442,728
National		24,512		29,873		29,199		30,608		54,385		83,584		114,192
Political		5,775		18,070		48,018		83,211		23,845		71,863		155,074
Retransmission consent		85,551		85,307		91,603		92,962		170,858		262,461		355,423
Other		4,951		4,173		3,561		4,030		9,124		12,685		16,715
Total revenue	$	226,258	$	250,344	$	279,310	$	328,220	$	476,602	$	755,912	$	1,084,132
Operating expenses before depreciation, amortization and gain or loss on disposal of assets, net:
Broadcast:
Payroll, programming and other (1)	$	107,941	$	102,748	$	103,676	$	117,004	$	210,689	$	314,365	$	431,369
Retransmission		41,713		39,171		41,415		42,735		80,884		122,299		165,034
Total broadcast expenses	$	149,654	$	141,919	$	145,091	$	159,739	$	291,573	$	436,664	$	596,403
Corporate and administrative (1)	$	8,260	$	10,833	$	11,041	$	10,776	$	19,093	$	30,134	$	40,910

	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 (1)	$	101,291	$	99,925	$	104,809	$	115,192	$	201,216	$	306,025	$	421,217
Retransmission		32,265		33,758		34,733		35,590		66,023		100,756		136,346
Total broadcast expenses	$	133,556	$	133,683	$	139,542	$	150,782	$	267,239	$	406,781	$	557,563
Corporate and administrative (1)	$	7,710	$	8,432	$	8,330	$	7,117	$	16,142	$	24,472	$	31,589
See last page of exhibit for note

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Gray Television, Inc.

Selected Operating Data (Unaudited)

(in thousands)

As Reported Basis

	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 (1)	$	86,198	$	93,349	$	95,625	$	102,138	$	179,547	$	275,172	$	377,310
Retransmission		22,338		23,950		25,058		26,338		46,288		71,346		97,684
Total broadcast expenses	$	108,536	$	117,299	$	120,683	$	128,476	$	225,835	$	346,518	$	474,994
Corporate and administrative (1)	$	15,670	$	8,520	$	7,217	$	8,912	$	24,190	$	31,407	$	40,319
See last page of exhibit for note

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Gray Television, Inc.

Selected Operating Data (Unaudited)

(in thousands)

Combined Historical Basis⁽²⁾

	2018
	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)	$	213,800	$	227,900	$	218,491	$	240,568	$	441,700	$	660,191	$	900,759
National		53,068		60,356		59,439		64,206		113,424		172,863		237,069
Political		8,858		31,049		67,199		124,695		39,908		107,107		231,801
Retransmission consent revenue		162,077		162,253		168,775		175,362		324,330		493,105		668,467
Other		10,816		11,693		10,386		9,614		22,509		32,895		42,509
Broadcast Revenue		448,619		493,252		524,290		614,444		941,871		1,466,161		2,080,605
Production Companies		35,363		9,278		18,978		22,496		44,641		63,619		86,115
Other		-		-		-		-		-		-		-
Total revenue	$	483,982	$	502,530	$	543,268	$	636,940	$	986,512	$	1,529,780	$	2,166,720
Operating expenses before depreciation, amortization and gain or loss on disposal of assets, net:
Broadcast:
Payroll, Benefits and Payroll Taxes	$	139,393	$	139,697	$	135,330	$	153,418	$	279,090	$	414,420	$	567,838
Retransmission reverse expense		85,262		83,174		87,940		89,794		168,436		256,376		346,170
Other		75,359		72,330		77,234		85,200		147,689		224,923		310,123
Total broadcast expenses		300,014		295,201		300,504		328,412		595,215		895,719		1,224,131
Production Companies		33,390		8,831		15,145		16,281		42,221		57,366		73,647
Other		-		-		-		-		-		-		-
Total expenses	$	333,404	$	304,032	$	315,649	$	344,693	$	637,436	$	953,085	$	1,297,778
Corporate and administrative	$	16,738	$	17,867	$	19,241	$	31,051	$	34,605	$	53,846	$	84,897

	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)	$	220,038	$	240,297	$	224,643	$	243,869	$	460,335	$	684,978	$	928,848
National		57,381		64,057		64,363		65,913		121,438		185,801		251,713
Political		2,006		6,435		8,454		14,322		8,440		16,894		31,216
Retransmission consent revenue		130,247		131,231		135,021		137,413		261,478		396,499		533,912
Other		13,507		11,113		9,987		9,596		24,620		34,607		44,203
Broadcast Revenue		423,179		453,132		442,468		471,113		876,311		1,318,779		1,789,892
Production Companies		35,121		7,975		16,942		24,712		43,096		60,038		84,750
Other		-		-		-		-		-		-		-
Total revenue	$	458,300	$	461,107	$	459,410	$	495,825	$	919,407	$	1,378,817	$	1,874,642
Operating expenses before depreciation, amortization and gain or loss on disposal of assets, net:
Broadcast:
Payroll, Benefits and Payroll Taxes	$	141,825	$	137,816	$	138,382	$	154,592	$	279,641	$	418,023	$	572,615
Retransmission reverse expense		68,627		68,742		69,988		70,913		137,369		207,357		278,270
Other		77,311		75,647		75,502		80,372		152,958		228,460		308,832
Total broadcast expenses		287,763		282,205		283,872		305,877		569,968		853,840		1,159,717
Production Companies		32,568		7,335		12,883		18,111		39,903		52,786		70,897
Other		-		-		-		-		-		-		-
Total expenses	$	320,331	$	289,540	$	296,755	$	323,988	$	609,871	$	906,626	$	1,230,614
Corporate and administrative	$	13,317	$	14,686	$	15,143	$	20,831	$	28,003	$	43,146	$	63,977

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Gray Television, Inc.

Selected Operating Data (Unaudited)

(in thousands)

Combined Historical Basis⁽²⁾

	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)	$	219,902	$	239,287	$	232,141	$	240,764	$	459,189	$	691,329	$	932,093
National		60,241		65,569		64,180		62,880		125,810		189,991		252,871
Political		25,628		16,810		46,071		96,326		42,438		88,509		184,835
Retransmission consent revenue		106,262		106,743		110,435		113,934		213,005		323,440		437,374
Other		12,313		9,367		9,825		10,719		21,680		31,505		42,224
Broadcast Revenue		424,346		437,776		462,652		524,623		862,122		1,324,774		1,849,397
Production Companies		34,380		8,503		16,339		23,398		42,883		59,222		82,620
Other		-		-		-		-		-		-		-
Total revenue	$	458,726	$	446,279	$	478,991	$	548,021	$	905,005	$	1,383,996	$	1,932,017
Operating expenses before depreciation, amortization and gain or loss on disposal of assets, net:
Broadcast:
Payroll, Benefits and Payroll Taxes	$	141,713	$	141,279	$	140,085	$	152,282	$	282,992	$	423,077	$	575,359
Retransmission reverse expense		49,101		49,109		50,723		53,610		98,210		148,933		202,543
Other		78,768		76,507		80,394		80,654		155,275		235,669		316,323
Total broadcast expenses		269,582		266,895		271,202		286,546		536,477		807,679		1,094,225
Production Companies		32,022		7,922		12,672		17,827		39,944		52,616		70,443
Other		-		-		-		-		-		-		-
Total expenses	$	301,604	$	274,817	$	283,874	$	304,373	$	576,421	$	860,295	$	1,164,668
Corporate and administrative	$	21,570	$	13,985	$	12,632	$	20,081	$	35,555	$	48,187	$	68,268

(1) Amounts in 2017 and 2016 have been reclassified to give effect to the implementation of Accounting Standards Update 2017-07, Compensation – Retirement Benefits (Topic 715) – Improving the Presentation of Net Periodic Pension Cost and Net Postretirement Benefit Cost (“ASU 2017-07”).

(2) 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 (or "CHB") 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 (or other businesses as applicable) acquired by Gray and acquired businesses and removing the historical revenues and historical broadcast expenses of divested by Gray and acquired businesses (or other businesses as applicable) as if they had been acquired or divested, respectively, on January 1, 2016 (the beginning of the earliest period presented). Combined Historical Basis financial information reflects station (or other businesses as applicable) acquisition and divestitures occurring between January 1, 2016 and February 28, 2019. 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.  Combined Historical Basis information also does not include expected synergies from any transaction during the periods presented.     

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