GTN - Earnings call transcript Q4 2017

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Operator

Good day, and welcome to the Gray Television’s Fourth Quarter 2017 Earnings Conference Call. Today’s conference is being recorded. At this time, I would like to turn conference over to Hilton Howell, Chairman, President and Chief Executive Officer. Please go ahead, sir.

Hilton Howell

Thank you, Ashley. thank joining and this everyone morning, you us for morning. Good

joined is operator of and also and our our mentioned, Ryan. Kevin our Officer, Development Hilton Legal Gray usual and Chief my I’m Chief CEO As Latek; and name Howell Officer, by Chairman I’m Television. Jim Financial as the

We will a with Kevin that begin disclaimer this morning will provide.

Kevin Latek

statements are operating Good everyone. of uncertainties. this described the to include differ important as forward-looking been statements statements. on results. today’s number Certain factors call address have future in a a is from forward-looking www.gray.tv. factors. undertakes things, Gray’s earnings statements information. discussed set Thank regarding, release. matters morning, various of risks The most other its you, website Actual obligation subject uses Such the Hilton. key forward-looking a and results filed these SEC those source to update Company Those among future Company result the included may and in in in of as with website no Gray forth recent reports The could

that on in to evaluation And measures provided will particular, are post financial certain reconciliations statements a financial now, call cash to supplements ratios. of GAAP an the updated included call in turn but of leverage and assist expenses, free We analysis website next discussion flow not of broadcast the These operating public in Company. cash of will the measurements, corporate weeks. GAAP to flow, to on financial measures, I’ll flow as less are replace our the to Hilton. the measures and couple non-GAAP Included metrics our in flow, the cash available We meant their website. the [Indiscernible] be broadcast are and made our cash non-GAAP

Hilton Howell

all slightly year for to more broadcasters as well dramatic the with that a Thank absolutely was changes hoped. as come, an than outstanding had Nevertheless, turned environment you, saw we in yet through in more Kevin. year. originally a Gray it challenging XXXX local regulatory landscape and

on compared our local saw XXXX. our fourth XX% revenue and $XX or to you As release quarter this of increased the fourth by national million quarter XXXX earnings approximately advertising morning,

For national our or XX% XX combined local XXXX, all revenue increased of to advertising and compared million XXXX.

full million, revenue X% which $XXX.X set increase total Our the year. company of for prior year record represented new a XXXX over a

all auction proceeds that and been last one-time December’s Television. excluding figure of a income spectrum new Gray. tax would new share have per For also benefit per also year, $X.XX net a and share XXXX these one-time for for diluted the which net our figure upset would includes to income record a related reform. the net share per earnings all-time record fully was our FCC Nevertheless, diluted benefits Gray was This fully $X.XX

In in from XX to X, expanded stations our $X.X XXXX we XX stations quarter market while with combined Importantly, provides with powder months a December substantial we have Moreover opportunities November billion generated from over and starting balance select leading criteria. prudent, a have exacting market our company flow sheet. proud growing cash markets. meet This business the approximately in our proceeds equity political invested raise when XXX television raised scale our in gross success business, XXXX. in that a the XXXX We short to tremendous simultaneously we secondary pursue the are cash few year ago. of deleveraging acquisitions in could full us offering from very positioned better of to we to markets television local stations equity to approximately transactions dry our just regulatory a capitalize imagined are XX in billion that accretive acquire new than dollars on

quarter committed the in our cash In very addition, expanding low an our years company XXXX, $XXX ending all grow of to million. [Absent] portfolio net these balance growing date, made we X.X we at to total the we proceeded pleased cash managed end very to on stood to we leverage trailing the have quickly, ratio drop sheet the progress differently, impressive are In trends very we leverage leverage year to eight also our to are times. the ratio overtime. anticipated while total and with lowered December acquisitions from threes. flow leverage six XXXX our will XX%. and decrease flow, are times our continuing balance short, of XXXX, cash cash we net reducing At X.X over Stated by

as growing impressive on are is, future. we focused keenly Gray’s history our As

make We efficient our company are more and and working actively stations to continually single level. every at our ever

We closely are advertising ever before. clients, especially buyers working than and more with our national political

in consent largely retransmission are exception next years. now favorable while agreements Our our place one the for quite renewed are terms agreements few with on

and evenly every questions over open small the demand seeing political after opportunities advertising, always, the their any quarter fulfilling and Kevin are and continue top I have XXXX point, any we quietly and call remain will season stations. in to signs for for increasing exploring that political we our industry. others. and for local as to a And the performing company to numerous almost quarters busy you to up make this Jim may few past growing our Kevin? television player and broadcast an of line both robust We stronger various the large point At remarks turn will transactions for all Gray will news

Kevin Latek

morning. Nielsen release that history the the anyone’s did We moment company’s now taking It’s many reiterate in overall history. a sweep call, and Good the we highlights best tell of early those received respects to last worth our earnings in milestone a issued you in that we in our we month. supports secured highlights. Since prior press

content television hours stations produced collectively in XXXX. aired than November approximately November XXXX more news XXX during original the XX Gray’s Specifically, local sweeps and period, of

with day market. their with also number the XX% station results. number XX markets the XX XX% broadcast news ranked XX all-day the XX for one more local market markets XX% with total of one and/or with with all finished markets two all ranked in Our or or highest with these television ratings ratings, in nine news news markets and viewing, number impressive number more rating, or markets local with more with one ranked stations the stations station of XX of viewing. local viewing all

out number three Gray’s television -- highest stations. cable These and Gray’s national November, aired number stations of during fact, retransmission the every broadcast television uniquely news us reaches the our program for many strong number scale should agreements. to benefits of achieve perfect stable on allow and examples XX% local on way just U.S. of otherwise that local network number a households. reach In broadcaster station, that two one, reach to And consent television across actually news television and that’s programs other and rated network be

separate completed have consent XXXX. of end at over the expired that XXX the We agreements retransmission now renewal of

as revenue first the We the normal the have we very wider anticipate that we providing we pleased more negotiations, two weeks. year-over-year This we Due will negotiations still by anticipated. many nearly range can XXXX Throughout experiencing reinforced than the obtained. message coming ongoing it’s political in with numerous political television twice the quarter. are The not markets the average horizontal still of a guidance XXXX. guidance as the of located [RPA] higher per the any anticipates posted This in basis. surprisingly as for reaching two $X.XX been what that hottest in who retrans markets. ongoing many revenue in revenue advertising twice also elections high Gray revenue the stations stations This consistently in namely had to high including retrans our than spending still represents Overall beat retransmission broadcaster, as TV our more has completing range competitive political vertical figure scale of valuable and television will for gross as results represent a that multiple are competitive our only households. XX% in we results for races, highest on non notwithstanding when we through portable more in results. household XXXX, industry, strong XXXX kept been those every almost scale increase In bit Gray than we confirm strong stations had retrans saying have decades the year and be unlike headwinds as broadcasters another in of special our

have races races markets, we every our races XX% in Governors’ in course Looking and to house our of of market. market, in XXXX, XX% that of ahead are

possible XXXX political the entire with democratic ours. and general be the ads we began some for political spending Senate with fundraising of ultimately Some for of predicting experts viewership, political stations a we some and industry months especially television south for ago local even quite believe into those the leading the to and political like house, Moreover elections. the November ad XXXX of robust news political the XXXX takeover primary in airing could

we acquire stations. These Finally period the reforms the and are FCC’s should now for local ownership subsequent M&A, coupled of to into of new gone and end relieved its with new reform to open in that leading television Gray rules terms quite opportunities rules local efforts reflect effect. continue simply, quiet commonsense FCC’s have some tax the market

means which and we we culture right however continue that change prices. opportunistic that our patient, fit as to approach model transaction acquisitions will way at to attractive disciplined While not a be to the will our and

the We fun I’ll disclose expect over this time. nothing Jim to this throughout turn in to although do busy to remain we call the year Ryan. And at have now,

Jim Ryan

morning, Kevin. you, Good Thank everyone.

the being that’s little set updated it quarter that’s being historical and the of later to Our that’s available combined a will an XX-K earnings X-K today. filed historical fourth XXXX presently, of data combined so includes and by be quarter again, is presently information match data of X-K our also filed filed from through release XXXX in XXXX

times. QX year As year-end the end hand combined as XXXX a utilized XXXX. will and historical significantly quarter XXXX as expect have with million, XXXX, on on a of of NOLs our A couple finished we of now becoming are year million earlier, Hilton trailing somewhere results of be leverage eight basis said know the in basis threes. XXXX fully X.XX taxpayer are cash and our at we we our Hilton particular Pre-cash pleased entire little federal continue on any Absent and overall a M&A and we of XXXX. in and will end XXX.X of the net of was lower decline to all in currently all very cash significant ratio for the a bit historic of of we a the to with leverage things of low said, Kevin was $XXX.X

are consistent estimating that mid We in and taxes be XXXX the XXXX now. will expect currently somewhere free in federal $XXX years $XX cash with currently million will that still range. is that million in exceed cash saying that been for we we’ve what With said,

will XX% and a between for As an somewhere, XX%. tax housekeeping rate expect GAAP be matter, effective we purposes

in Kaplan both softer fourth the with the fourth come market our that. Our is quarter. into of than XX% pleased we of continuing some Miller of In their to years quarter with said, aggregate QX, cover each especially generally that we nearly markets quarter show saw with revenue are and we which three pleased was and first very year share are for has did that share results, anticipated it remain past full Also reports but the challenges the auto market XX are we December. advertising consistent as

McDonald million spending from its We our late $X nearly aggregate network also shifted spending companies the and the saw reduce was December. and very quarter, that in stations in XXX,XXX local the to several in by communications that

alone Bowl Looking year. million We of about mixed $X.X up and NBC’s obviously clearly and ads in million will revenue expectations, generate from million with the somewhere broadcast auto at numbers. Super between it’s million with $X.X million February $X.X a those The Fox about Olympic from $X.X within $X.X broadcast QX in benefited story. revenue the last over broadcast

venue While in robust consistent the not had we as expected, very as time ratings for revenue and were difference. the earn was our given the significant the the for with expectations we this February zone generally Olympics cycle,

for anticipated, clearly in expected quarter. national down approximately be would as were local however, stations with said, during NBC aggregate in a local stations, that I we of million, million nine – X.X by up noted challenges $X minute, and shifted advertising keeping the NBC revenue were about Olympic as February, national for and Olympics some As our our an of into total the broadcast on the dollars

Following had year. we up started out QX, again on again auto this slower had than anticipated

list, driver. one is not As any we big there account look the through

companies as which by in to shifted $X.X would spend X QX closely mentioned from business As that million that we’ve to to year table. table X.X in as I would down with off little be bit the the and of bit reduce to it continued our than million QX We the broad-based relatively spend McDonald’s stations The people tends retrenchments people in progresses. of I board, little will keep two quarters, what watching a spending also the in million, a of communications QX accounts taking our be networks. certainly for us. and up One spend network commented for continue small nearly X.X auto describe midsize to last million. and more the national the in onto putting

actually asked optimistic move McDonald avail that request to McDonald’s We are we as return quarter encouraged are for spending cautiously some our for we into that so QX. second has stations will and

While encouraging. sales mid-single revenue as with QX early between be business is to for early QX on also which is On is glean and is be less at would XXX of retrans our retrans present and million. it this less expectations, going for would -- our than year can normal that our up grocery the digit, positive very our one pacing find we XX XXX February, from of a estimated guidance, you range note, overall which perfectly third QX in than books, million

comp of continue reverse retrans networks in to Kevin with as excess will a share be XX% mentioned to so would XXX, at expecting XXX we XX-XX, the that which increase. of approximately We is

usual this pending than Our of up range be we and the quarter second tighten to to that the the certainly by wider because two happy we’ll is little call, range. in get quarter a time negotiations

we forward with take anticipate for million actually so account half combined political very the quarter our into at increase XX-XX, X of range range X.X especially strong spend growth trans range increase be our are million basis in of and down year QX quarter in when will pleased mind would that the that quarter. for you combined revenue our estimate historical guide, number. to strong On X% quarter-over-quarter, reverse driven a essentially expenses in XXXX, million $X gross in the the by the reverse is that range will reflecting to being a political basis, we XXXX we of generally payroll comp overall QX look historical operating revenue the number very million should for is expenses a broadcast looking the Our and comp ranging historical is in naturally and you QX that are respect are a basis, our $XX total we the any and year on expense consistent put grocery keep where QX, combined sharing fourth in the comp to a so in hit. With reverse

can’t we that to discuss we are year are optimistic future, talking when of billion guarantee back in that to turn had about revenue going and call the the the to Hilton. XXXX. the company get end Finally, a while be of excess results, full-year currently $X we I’ll in in we

Hilton Howell

news coverage DC approximately the absolutely our facility year] I already new professionals closing, into In reflect Jim. include Bureau than to stories DC angles covers you, moved commitment and provided political duplicating networks. to the ago. Washington the because localism The [Last the studio, bureau, to in of and work reporters. technology newsroom, additional staff of outstanding local our years by DC only three expanded launched especially rather breaking we seasoned a want recognize new news its’ Thank which continued bureau our

our Congress Bureau the of XX should of of share is local country of to For Gray, example, members administration. talent and best the XXX the Every but stations, success, DC of Leases of we exclusively State at line more at you may ask past, pieces members very Gray’s more be for interviews our owner future. the Gray’s products Washington than and each for the our the commitment additional open putting of anyone questions news in of work the only Union, across the this markets. Operator, and key content at produced not including present, This our in proud professionals, end local to television to than the day with of XX time the any have.

Operator

Instructions] our [Operator we’ll Stevenson. you. Thank And first with Harold from take question Evans

Harold Evans

of shift. Hi, [their understand detail kind shift, thanks. on a please. McDonald’s A sensitivity of the to bit I, just it’s approach] what economic unclear please don’t on me little I driving

Hilton Howell

what with that marketing were Well can’t and but to going a the resets accounts what that you you or network thoughts time happens quarter. money they they decided name in told December exactly I McDonald’s whether it’s what large were, we from them – level or glean they know first from time like was can that, late we to their agency were to shift -- McDonald's their

QX. in money across QX, said within We So station would when like also pulled on I time in that that out in know things And the were but painful will networks happen it Gray. avail from spend asking they business. they just not level, McDonald's to it at for but that the where time. the It's deal – you something exactly as request happens local local told the they’re board in that from put

Now told again, the you I us. what can only agency tell

Harold Evans

you. Got

How overlap communications? tracking in are or MVPDs. friendly negotiations they You’re there the some have those decline spend large off been in any ads peers – your is In out. two seen the really in those past are of with blacked still when fall

Jim Ryan

now and that two add drop-down probably for not and we which but And around really that – it's an would've again this targeting thing December had list of was mentioned some or at negotiations market. to – of future. in that market of – of that isn’t where a they ebb a nothing the on bit have shifted but large been type it's us, little the wasn’t the The bit again actually over Now some year in come is smaller unfortunate larger past communications company the little been dramatic. our there to normal, in will sense I And year. focus flow mid back point actually their

in that If quarter a that companies recall more call in actually that XXXX. are you that third there driver up of the and during communications were least I helping significantly those national mentioned there The is QX at were they news couple were was at spending good to where still heavy were level at encouraged we’re again in up doing so the same XXXX, QX that by -- they so we’re in least going putting while for didn't that. seen spending basically they the XXXX, XXXX we’re out level same in spending companies

Harold Evans

supply is right pipeline now? side What like of looks M&A

Kevin Latek

really the last it’s target year the it’s Kevin. transactions pretty stations list same years or same there’s supply, no but the target much ago Because it's Kyle, year were so list two that Hi, the in ago. and on on that

talking to comment and with specific not not say, looking meet to going criteria. at stations conversations – we that We’re of only to lots are any prepared and we’re our people pay except over we’re we’re

announce having the be and same as conversations have the first something know. where before obviously of we’re we of to kind to you’ll it's level So when

Harold Evans

about Are choose it those makes these you groups ones or smaller perfect?

Kevin Latek

people of transactions. stations talking size all and We’re types to in

Harold Evans

Okay. you, Great. guys. Thank

Kevin Latek

Harold. Thank you,

Operator

from question Watts we’ll Bank. our And next with Aaron Deutsche take

Aaron Watts

just clear. Thanks. wanted be to Jim

again first in you're auto So, down what And or seeing the quarter? what up the go fourth quarter? in could you over was then

Jim Ryan

continuing one and range. digit level driver. again to digit no quarter down fourth quite same that in quarter the there's the at appears in was mid-single both in but and Auto that in first be mid-single And quarters big

maybe literally the there's And little on a quarter And is the it are number as went some so to to on there's – bit people a pulled table some makes adjusting thousands right, are that we I in hold auto calls, the I'd sale it. taking keep say, not as an as couple on be that accounts accounts said category, out got et we people you a than little Personally, it dealer side easy some that in love maybe the our have of been network, go ultimately cetera, business think eye went putting explanation. readjusting bit You've what in more to because especially expected to part rates the through that people in it local of we’ll table. XYZ that where accounts I’m the on we but was that decreasing. able their comment because that the off increasing, is out, it $X making last to million, models

Here I is broad-based describe nothing but it’s alarming. that more would

Aaron Watts

full based the Okay. down seen years? expectation, on last couple Are the from what we’ve tempering slowing just you your expectations year for in auto sales

Jim Ryan

slow year think quarter of will don't starting up for our think started I last probably has second still QX. did us. the for at to see Clearly trying I’m tamping now, call auto. start to And little a bit. slow out maybe pick just it Right up, we totally auto think half down expectations We first

as each may this through of some think keep I start other to XXXX. against cycle we So moving

Aaron Watts

question And news Can observed off ratings one I start entertainment maybe you're maybe local quarter some pretty in seeing it. the to and just me, what ratings. just here Got then, in you your from obviously market declines primetime fourth Okay. in other about XXXX? talk

Kevin Latek

reliable, February local across with than also does. primetime results Aaron in and couple In ratings There there’s [we’re a on the but only more we’re is that programming whole gets seeing Prime remember was primetime how sort ratings saw becomes we’re what diary] our maintaining in across and company, of only doing so and November we’re we our so more under when sure we the -- trend, that entirely what we’re board, measurement overall accurate news certainly – but positions, not not our challenges we’re and positions our but four see are doing shares holding is with is in is over local doing prime measuring up year period. are system -- holding Nielsen are is not programming we’re but local the challenges improving in news the up February certainly the and the better weeks. prior our we measure the measuring better. get challenging, December market, rating we’ll reports news and Again times

Aaron Watts

And some it's will investments that is local in not measurement, touch making still the that Kevin, Nielsen market Okay. of quite the into or your markets there? getting

Kevin Latek

saying Nielsen be going markets. to years will replace they’re couple and methodologies out technologies [Indiscernible] that across this new rolled with has been for and number year supposedly all

Aaron Watts

Thanks. Okay. All right.

Kevin Latek

Sure.

Operator

Capital next And RBC we’ll take Markets. with Leo question from our Kulp

Leo Kulp

Hi, good morning.

ones. quick two Just

For the And represent? bake in you’re like guidance deals for more approach? the still they subscriber you’re basing some base of what’s your your percent to or subscribers? currently taking what MVPD Are renewing, you contracts conservative that got do retrans you’ve other

Kevin Latek

Retrans programming an outstanding fee. and there's remain have larger and to sort in the of size between expectation biggest where pays the least that general and will that small rule guy negotiations land. very guy direct the correlation a pays the MVPDs as two contract The they we are most and and follow

give of their reflective overall we included universe I can’t you a two when sub MVPDs. I sort numbers. what finish guidance on can out in of in will guidance -- So percentage our our is at, internal size our of those what’s give

listening two and call you’re competitor and tell the them if argument, I this guys has. their what combined is of the other what you if math So quickly out the find for do

So we can do that.

Jim Ryan

when XX% two our about entire reset we’re have at this we of done with before But we negotiation will did these of that last pricing sub-base. round including

about big year nearly one XX%. next X% out -- in which Next year have will two then and do even we to about be our is gets maybe to years

Leo Kulp

you’re exclude when it. XXXX Thank political, think XQ we Should just combined kind the of in line number. guidance the that I color. said forma race? historical about you your how with political? being your And question with about Alaska Should then quick flattish XXXX we think XQ XXXX you XXXX for pro thinking Got think you on

Jim Ryan

put having know said That was almost going We’re Alaska in XXX. XXXX XX was total to that to returning for painful being isn’t number – out there combined this in said, declined historical change XXX lesson XXXX. million politely political we to a We isn’t a year. learned XX and million XXXX

give will of of House it governors, good or I Senate a senate races be take then I'm sense remain that will So special we it What where on as then and who evenly XXXX year. question. couple the are good do -- and confident the or well to in the of so that. big, but number. end are XXXX well out said overall is math house we’ve you at not and races, very strong the lot matched of I believe flows, lot probably we up, lower of you that that matched gets seen got up do and we are where to political the how understand kind don't type governors could to big a firmly a commenting can math. if matched races as firmly It's election money just saw convinced races the in races we’re going going a especially flow Kevin money and in pretty races in have an candidates be is exactly political the a we're XXXX is

Leo Kulp

the Got Jim. it. Thanks for color,

Operator

& question [Operator take next Instructions] Barry Company. our Gabelli Lucas with from We’ll

Barry Lucas

tax gotten the feedback back want you've auto of about most clients cuts. regard here Jim, maybe and again improvement, morning. maybe to into playing bit that question but broader have just little impact categories, auto from of good in is to know and about come Thanks with or other some extended significant take-home the it's or you to to but to pay, the I you with any do could people uncertainty think I any regard how a category? to really not their early any much see and changes seen talk

Jim Ryan

in Street I that think Barry that's haven't and Main Mary Yes. Bell on yet. that in Mid-America I pockets their John mean, right, really seen Smith

And so, money certainly of that be I pack that a -- might when going that is in they to see think benefit.

right early very that are tax to perfectly well the but tax just it's So, would just right. which down longer be my in you're immediate in natural, to trickle going that trickle take as and larger benefits to mind starting and it's corporate I through benefit, think

a in up tone take year I think into the I this later So Mid-America going bit. or picks it's does going speak think probably it next a to but year while that a

Barry Lucas

Okay. Thanks, Jim.

Operator

Company. Dan next Benchmark And Kurnos from we’ll take our with question

Dan Kurnos

morning. so Great. just you giving and here; the pacing we’re same historical here housekeeping combined of are on quick as or just outlook that reported? off Jim, the Thanks. the Good just on page

Jim Ryan

the guidance historical. The as the is local maybe against made to commentary to slightly is flat, in slightly combined I being national up flattish to up No, down with slightly pacing and reported. outlook basically

Dan Kurnos

you Great. into some Thanks. performed color about you QX but QX? just ex-McDonald's talked specific And in some it then just its how I and us just could players give may just know be of category auto outside

Kevin Latek

Yes.

suspects on insurance were more thousand by are of several driven year-end pretty McDonald's legal have for the of territory. which in a down. and back and been supermarkets a type Communications positive down about In reflect hundred appliance auto down talked still nicely in is there like few part been down. furniture and than has legal I can [retail sector down. now so a term. industry little, more is happening down better Unfortunately bit little financial companies been usual Again first be cutting about which activity. was would law has a up activity, Heidi about rest nicely, Again Entertainment is firms auto's we quarters also down mostly quarter, is companies, is and had were it's again the again to up too. bit for seasonal little talked strong several think they lows], overall was positive Home-improvement said down. Restaurants I our insurance supermarkets probably medical few a the and Department jumped kind down healthcare -- several I of, dollars. back As active. appliances We we a quarters significantly. little. renewal home local improvement to that were account was medical was the that Communications our furniture now think into reflecting far up

Dan Kurnos

guys Thanks. just from really know expectations close how around Kevin, delay of a anyway by in you one the if in on that. but the XXXX? answer, kind for you might being thoughts but you’ll have the of That's swaps Got swaps one helpful. that it's versus up have top-tier for understanding don't that given way that M&A then just the of to station just players top-rated deal, Tribune participate harder gas it. just your thinking shaping you also you sort be landscape environment, or last the level versus the your on about I stations And how the Sinclair is market impacted M&A And me, high

Kevin Latek

don't general wait have I Sinclair presses, can say I of I some how Tribune. to All people for as that around I want lot the transaction, a that possible to much closes. are got close, closes they deal people impression see waiting the and deal it's guess Sinclair it to but Tribune, broadcast remember can’t

We’re somewhere four new under TV it's pick And second us any rules difficult station not for you station its else. a clear a really can necessarily not as number the it's swaps, station, in looking generally number in stations buy one stations the order to said up that selling justify one doing to market. number

common will at they think first FCC but the as welcome should, no, ownership a near think that step. go it’s So anywhere least we I as but sense, provide far they

mostly we does it other company, else. a own doors going are growing markets about into rid stations we so of on open us, up somewhere focused think are that than I stronger getting but we the few a could for have presence certainly we

Dan Kurnos

Got it. Great. Thanks guys.

Kevin Latek

you. Thank

Operator

take Instructions] Ryvicker our with Wells [Operator question next Marci from We’ll Fargo.

Marci Ryvicker

talk could XXXX met that negotiated meaning just if perhaps has year-end Jim you that you two, how kind mentioned visibility I’ll is you say have, booked? is what second among company have just Thank I may rate, you. be I there of you. would rates comment you that awesome? And not expectations, and some on on I QX, mid-singles investors just trans think much the quickly Thank been were that to question do said, so have know wanted

Jim Ryan

booked which and we’re at what in is that that's already than less level plus $XX in At we would seeing less for QX, I’ll question this less question bit. point Kevin business mid a be your perfectly first a the normal. second take definitely It single. and third – right And Marci, have million get I’ll February a looking now. than probably let than

seeing that and Now cautiously QX. into to admittedly It long it's a we the but go are going by quarter, that. did encouraged certainly red way certainly in there's early

Marci Ryvicker

Got it.

Kevin Latek

we a the Just generally out position to year to but way going came much have we’re better retrans long than that ago. in go season. get better were a a we expected We had still parity, into

Marci Ryvicker

Great. you. Thank

Operator

Jim we’ll with And question ahead. Goss last go take our Research. from Please Barrington

Jim Goss

Olympic same was squeezing wondering difference of the go that One, Olympic okay zone terms the question, me opinion face given mattered couple in if two And the for A dollars Thanks ahead. a second issue. time questions. quick of in. lot next then I the in your

Kevin Latek

that the, is think I Kevin. this

conversations we lot. time think can everything get results did had prior lots also the shooting parking at you months of movie play big had and [Indiscernible] lot half story about been filling our when [Indiscernible] really that my hours the Olympics Olympics in we the beginning nine with which before dominating conversation them, it [Indiscernible] the first month -- I zone well didn’t of and second last into online, the a for dominated then unlike that parking – we the blockbuster fact broadcast. get has for the see our as any the I Washington have seen Trump We house in has this of really as never the Olympics with that around

their know the to who have movies, over folks Olympics and as many Olympics as on to be, just been. folks focused some prior did to So time not house watch going whose be are didn’t dialogues going seem to

So I people’s sort don’t things other of know with how much time. that is has to competing do versus with competing, other timezone

seen certainly when had as the Over the in saw that Sochi. that as last impressive reported were publicly weeks, were we ratings two but not we

have So probably bit the they us, better could came been Jim a for though. Olympics in said as good

Jim Goss

also Okay. And Kevin. is I you, for guess this

terms you’d size M&A. where be and of indicated You would dominance you wondering of items? to you how how those deal at local market looking you markets share, have larger interest look groups balance do I’m at all XX% in size scaling ambitions, in versus

Hilton Howell

any grow scale triples. The Hilton, in We of portfolio are smaller hope whether to large to that. number answer We that of John, that do has not we they proven partner the acquisitions, be stay to quality has wish a let this but number with or everything are they be we groups, their model is majority we that helpful. the really things is to successful it to one absolutely it whether one. singles of That’s vast say would transformative with interested live really the business market, with be certainly think to in got our answer have. the but me and of very be

in a So number Gray of quite open capacities. is to different discussions

Jim Goss

All right. Thank you.

Operator

for conference or turn to comments. no are I to back the over any there this at time. further questions would additional Hilton appears it call closing And like

Hilton Howell

everyone today. I Thank you thank joining us just for much want to very Ashley.

first Your Thank interest you. business look and in to interest our business, forward our to soon broadcast results. talking the I you in company, quarter your for our

Operator

thank and concludes all may disconnect. conference now And you your We today’s once you that again participation call. for

Gray Television (GTN) 27 Feb 182017 Q4 Earnings call transcript