Gray Television 8K As Reported Basis | GTN 25 Feb 22

Exhibit 99.1

Gray Television, Inc.
Selected Operating Data (Unaudited)
(in millions)

As Reported Basis

	2021
	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):
Broadcast:
Local (including internet/digital/mobile)	$	203	$	222	$	232	$	277	$	425	$	657	$	934
National		57		57		60		82		114		174		256
Political		9		6		9		20		15		24		44
Retransmission consent		247		242		266		294		489		755		1,049
Other		14		10		14		19		24		38		57
Total Broadcast revenue		530		537		581		692		1,067		1,648		2,340
Production companies revenue		14		10		20		29		24		44		73
Total revenue	$	544	$	547	$	601	$	721	$	1,091	$	1,692	$	2,413

Operating expenses before depreciation, amortization and gain or loss on disposal of assets, net:
Broadcast:
Station expenses	$	215	$	209	$	229	$	274	$	425	$	654	$	928
Retransmission expenses		145		144		154		171		289		444		615
Transaction Related Expenses		-		-		-		3		-		-		3
Non-cash stock-based compensation		1		1		1		1		1		1		2
Total broadcast expenses	$	361	$	354	$	384	$	449	$	715	$	1,099	$	1,548

Production companies expense	$	17	$	9	$	13	$	23	$	26	$	39	$	62

Corporate and administrative:
Corporate expenses	$	14	$	15	$	19	$	29	$	29	$	47	$	76
Transaction Related Expenses		1		7		11		52		8		19		71
Non-cash stock-based compensation		3		3		2		3		6		9		12
Total corporate and administrative expense	$	18	$	25	$	32	$	84	$	43	$	75	$	159

Total Transaction Related Operating Expenses (1)	$	1	$	7	$	11	$	55	$	8	$	19	$	74
Total non-cash stock-based compensation	$	4	$	4	$	3	$	4	$	7	$	10	$	14

See last page of exhibit for notes

Page 1 of 9

Gray Television, Inc.
Selected Operating Data (Unaudited)
(in millions)

As Reported Basis

	2020
	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):
Broadcast:
Local (including internet/digital/mobile)	$	199	$	162	$	188	$	222	$	361	$	549	$	771
National		51		36		49		62		87		136		198
Political		36		21		128		245		57		185		430
Retransmission consent		213		220		217		217		433		650		867
Other		16		10		11		17		26		37		54
Total Broadcast revenue		515		449		593		763		964		1,557		2,320
Production companies revenue		19		2		11		29		21		32		61
Total revenue	$	534	$	451	$	604	$	792	$	985	$	1,589	$	2,381

Operating expenses before depreciation, amortization and gain or loss on disposal of assets, net:
Broadcast:
Station expenses	$	211	$	199	$	200	$	230	$	410	$	610	$	839
Retransmission expenses		122		124		125		125		246		371		496
Transaction Related Expenses		-		-		-		-		-		-		-
Non-cash stock-based compensation		2		1		1		-		3		4		5
Total broadcast expenses	$	335	$	324	$	326	$	355	$	659	$	985	$	1,340

Production companies expense	$	19	$	5	$	8	$	20	$	24	$	32	$	52

Corporate and administrative:
Corporate expenses	$	13	$	15	$	10	$	13	$	28	$	38	$	53
Transaction Related Expenses		-		-		1		1		-		1		1
Non-cash stock-based compensation		2		2		4		4		4		8		11
Total corporate and administrative expense	$	15	$	17	$	15	$	18	$	32	$	47	$	65

Total Transaction Related Operating Expenses	$	-	$	-	$	1	$	1	$	-	$	1	$	1
Total non-cash stock-based compensation	$	4	$	3	$	5	$	4	$	7	$	12	$	16

See last page of exhibit for notes

Page 2 of 9

Gray Television, Inc.
Selected Operating Data (Unaudited)
(in millions)

As Reported Basis

	2019
	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):
Broadcast:
Local (including internet/digital/mobile)	$	211	$	226	$	218	$	243	$	437	$	655	$	898
National		50		56		56		67		106		162		229
Political		3		5		22		38		8		30		68
Retransmission consent		204		201		196		195		405		601		796
Other		13		11		9		11		24		33		44
Total Broadcast revenue		481		499		501		554		980		1,481		2,035
Production companies revenue		37		9		16		25		46		62		87
Total revenue	$	518	$	508	$	517	$	579	$	1,026	$	1,543	$	2,122

Operating expenses before depreciation, amortization and gain or loss on disposal of assets, net:
Broadcast:
Station expenses	$	216	$	208	$	208	$	223	$	424	$	632	$	855
Retransmission expenses		104		104		105		107		208		313		420
Transaction Related Expenses		36		1		1		7		37		38		45
Non-cash stock-based compensation		-		1		2		2		1		3		5
Total broadcast expenses	$	356	$	314	$	316	$	339	$	670	$	986	$	1,325

Production companies expense	$	35	$	9	$	13	$	17	$	44	$	57	$	74

Corporate and administrative:
Corporate expenses	$	13	$	18	$	10	$	17	$	31	$	42	$	59
Transaction Related Expenses		32		1		1		-		33		34		34
Non-cash stock-based compensation		3		2		3		4		5		7		11
Total corporate and administrative expense	$	48	$	21	$	14	$	21	$	69	$	83	$	104

Total Transaction Related Operating Expenses	$	68	$	2	$	2	$	7	$	70	$	72	$	79
Total non-cash stock-based compensation	$	3	$	3	$	5	$	6	$	6	$	10	$	16

See last page of exhibit for notes

Page 3 of 9

Gray Television, Inc.
Selected Operating Data (Unaudited)
(in millions)

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):
Broadcast:
Local (including internet/digital/mobile)	$	105	$	113	$	106	$	117	$	219	$	325	$	443
National		24		30		29		31		54		84		114
Political		6		18		48		83		24		72		155
Retransmission consent		86		85		92		93		171		262		355
Other		5		4		4		4		9		13		17
Total Broadcast revenue		226		250		279		328		477		756		1,084
Production companies revenue		-		-		-		-		-		-		-
Total revenue	$	226	$	250	$	279	$	328	$	477	$	756	$	1,084

Operating expenses before depreciation, amortization and gain or loss on disposal of assets, net:
Broadcast:
Station expenses	$	107	$	100	$	104	$	117	$	207	$	311	$	426
Retransmission expenses		42		39		41		43		81		122		165
Transaction Related Expenses		-		3		-		-		3		3		3
Non-cash stock-based compensation		1		-		-		-		1		1		2
Total broadcast expenses	$	150	$	142	$	145	$	160	$	292	$	437	$	596

Production companies expense	$	-	$	-	$	-	$	-	$	-	$	-	$	-

Corporate and administrative:
Corporate expenses	$	7	$	6	$	7	$	7	$	13	$	20	$	28
Transaction Related Expenses		-		4		3		2		4		7		8
Non-cash stock-based compensation		1		1		1		2		2		3		5
Total corporate and administrative expense	$	8	$	11	$	11	$	11	$	19	$	30	$	41

Total Transaction Related Operating Expenses	$	-	$	7	$	3	$	2	$	7	$	10	$	11
Total non-cash stock-based compensation	$	2	$	1	$	1	$	2	$	3	$	4	$	7

See last page of exhibit for notes

Page 4 of 9

Gray Television, Inc.
Selected Operating Data (Unaudited)
(in millions)

Combined Historical Basis⁽¹⁾

	2021
	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):
Broadcast:
Local (including internet/digital/mobile)	$	267	$	287	$	287	$	317	$	554	$	841	$	1,158
National		84		82		85		105		166		251		357
Political		13		8		14		25		21		35		60
Retransmission consent		356		351		364		358		707		1,071		1,429
Other		19		16		18		23		35		53		76
Total Broadcast revenue		739		744		768		828		1,483		2,251		3,080
Production companies revenue		14		10		20		29		24		44		73
Total revenue	$	753	$	754	$	788	$	857	$	1,507	$	2,295	$	3,153

Operating expenses before depreciation, amortization and gain or loss on disposal of assets, net:
Broadcast:
Station expenses	$	295	$	291	$	303	$	321	$	586	$	889	$	1,210
Retransmission expenses		209		207		214		211		416		630		842
Transaction Related Expenses		-		-		-		3		-		-		3
Non-cash stock-based compensation		1		1		1		1		2		3		4
Total broadcast expenses	$	505	$	499	$	518	$	536	$	1,004	$	1,522	$	2,059

Production companies expense	$	17	$	9	$	13	$	23	$	26	$	39	$	62

Corporate and administrative:
Corporate expenses	$	15	$	15	$	18	$	29	$	30	$	48	$	77
Transaction Related Expenses		1		7		11		52		8		19		71
Non-cash stock-based compensation		3		3		3		3		6		9		12
Total corporate and administrative expense	$	19	$	25	$	32	$	84	$	44	$	76	$	160

Total Transaction Related Operating Expenses (2)	$	1	$	7	$	11	$	55	$	8	$	19	$	74
Total non-cash stock-based compensation	$	4	$	4	$	4	$	4	$	8	$	12	$	16

See last page of exhibit for notes

Page 5 of 9

Gray Television, Inc.
Selected Operating Data (Unaudited)
(in millions)

Combined Historical Basis⁽¹⁾

	2020
	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):
Broadcast:
Local (including internet/digital/mobile)	$	262	$	209	$	242	$	287	$	471	$	713	$	1,000
National		76		52		70		92		128		198		289
Political		50		29		190		383		79		269		652
Retransmission consent		316		322		319		319		638		957		1,276
Other		21		14		15		23		35		50		74
Total Broadcast revenue		725		626		836		1,104		1,351		2,187		3,291
Production companies revenue		19		2		11		29		21		32		61
Total revenue	$	744	$	628	$	847	$	1,133	$	1,372	$	2,219	$	3,352

Operating expenses before depreciation, amortization and gain or loss on disposal of assets, net:
Broadcast:
Station expenses	$	295	$	272	$	288	$	331	$	567	$	855	$	1,184
Retransmission expenses		180		182		184		186		362		546		732
Transaction Related Expenses		-		-		-		-		-		-		-
Non-cash stock-based compensation		2		1		1		1		3		4		7
Total broadcast expenses	$	477	$	455	$	473	$	518	$	932	$	1,405	$	1,923

Production companies expense	$	19	$	5	$	8	$	20	$	24	$	32	$	53

Corporate and administrative:
Corporate expenses	$	13	$	14	$	11	$	13	$	27	$	38	$	53
Transaction Related Expenses		-		-		1		1		-		1		1
Non-cash stock-based compensation		2		3		3		4		5		8		11
Total corporate and administrative expense	$	15	$	17	$	15	$	18	$	32	$	47	$	65

Total Transaction Related Operating Expenses	$	-	$	-	$	1	$	1	$	-	$	1	$	1
Total non-cash stock-based compensation	$	4	$	4	$	4	$	5	$	8	$	12	$	18

See last page of exhibit for notes

Page 6 of 9

Gray Television, Inc.
Selected Operating Data (Unaudited)
(in millions)

Combined Historical Basis⁽¹⁾

	2019
	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):
Broadcast:
Local (including internet/digital/mobile)	$	284	$	299	$	287	$	321	$	583	$	870	$	1,191
National		77		84		84		101		161		245		346
Political		4		6		24		45		10		34		79
Retransmission consent		301		297		286		291		598		884		1,175
Other		17		15		15		16		32		47		63
Total Broadcast revenue		683		701		696		774		1,384		2,080		2,854
Production companies revenue		37		9		16		25		46		62		87
Total revenue	$	720	$	710	$	712	$	799	$	1,430	$	2,142	$	2,941

Operating expenses before depreciation, amortization and gain or loss on disposal of assets, net:
Broadcast:
Station expenses	$	306	$	289	$	298	$	311	$	595	$	893	$	1,204
Retransmission expenses		156		156		158		161		312		470		631
Transaction Related Expenses		36		1		1		7		37		38		45
Non-cash stock-based compensation		-		1		2		2		1		3		5
Total broadcast expenses	$	498	$	447	$	459	$	481	$	945	$	1,404	$	1,885

Production companies expense	$	35	$	9	$	13	$	17	$	44	$	57	$	74

Corporate and administrative:
Corporate expenses	$	13	$	18	$	12	$	16	$	31	$	43	$	59
Transaction Related Expenses		32		1		1		-		33		34		34
Non-cash stock-based compensation		3		2		2		4		5		7		11
Total corporate and administrative expense	$	48	$	21	$	15	$	20	$	69	$	84	$	104

Total Transaction Related Operating Expenses	$	68	$	2	$	2	$	7	$	70	$	72	$	79
Total non-cash stock-based compensation	$	3	$	3	$	4	$	6	$	6	$	10	$	16

See last page of exhibit for notes

Page 7 of 9

Gray Television, Inc.
Selected Operating Data (Unaudited)
(in millions)

Combined Historical Basis⁽¹⁾

	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):
Broadcast:
Local (including internet/digital/mobile)	$	287	$	305	$	290	$	322	$	592	$	882	$	1,204
National		81		89		88		98		170		258		356
Political		13		43		111		205		56		167		372
Retransmission consent		242		247		253		261		489		742		1,003
Other		14		15		15		14		29		44		58
Total Broadcast revenue		637		699		757		900		1,336		2,093		2,993
Production companies revenue		35		9		19		22		44		63		85
Total revenue	$	672	$	708	$	776	$	922	$	1,380	$	2,156	$	3,078

Operating expenses before depreciation, amortization and gain or loss on disposal of assets, net:
Broadcast:
Station expenses	$	303	$	297	$	309	$	345	$	600	$	909	$	1,254
Retransmission expenses		128		127		133		136		255		388		524
Transaction Related Expenses		-		3		-		-		3		3		3
Non-cash stock-based compensation		1		-		1		1		1		2		3
Total broadcast expenses	$	432	$	427	$	443	$	482	$	859	$	1,302	$	1,784

Production companies expense	$	33	$	9	$	15	$	16	$	42	$	57	$	73

Corporate and administrative:
Corporate expenses	$	14	$	11	$	13	$	25	$	25	$	38	$	63
Transaction Related Expenses		-		4		3		2		4		7		9
Non-cash stock-based compensation		3		3		3		4		6		9		13
Total corporate and administrative expense	$	17	$	18	$	19	$	31	$	35	$	54	$	85

Total Transaction Related Operating Expenses	$	-	$	7	$	3	$	2	$	7	$	10	$	12
Total non-cash stock-based compensation	$	4	$	3	$	4	$	5	$	7	$	11	$	16

See last page of exhibit for notes

Page 8 of 9

(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 (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, 2018 (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, 2018 and December 31, 2021. 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.

(2) Excludes $7 million of Transaction Related Expenses recorded as "Miscellaneous income (expense), net" in the quarter ended June 30 2021.

Page 9 of 9

Gray Television (GTN) 8-KAs Reported Basis